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EVENING PUBLIC LEDGER-PHILADELPHIA, MONDAY, FEBEUARY
19120
Y
IELDING 5.50 to 8 .
A CONDITION INDICATIVE OF THE TIMES AND
AN EXTRAORDINARY OPPORTUNITY
The virtual agreement of the House and Senate
Conference Committee on the Railroad Bill
gives assurance of the enactment of a law which
wilKprotect the financial integrity of sound rail
road companies. Conditions may now seem
seVious but it is in such times that the great
est bargains may he obtained. We believe
thathc factors which now trouble ua so much
will in thr?3 be removed, and we are sure that
investors who buy at this time will eventually
havd reason to congratulate themselves. Prices
of high-grade Railroad Bonds are" 20 to 40
points below those of a few years ago. Not
since 1870 has there been such an opportunity
as now to
UY SOUND RAILROAD BONDS'
We have prepared a circular on railroad
bonds, a copy of which wc shall be glad to
xrnd on request.
PARSLYBROS.&GO.
BANKERS
1421 CHESTNUT STREET
PHILADELPHIA
MEMBERS PHILADELPHIA STOCK EXCHANGE
BELL SPRUCE 6170 KEYSTONE RACE 760
LOCAL MINING STOCKS
TONOPAH STOCK H
, Bid Ak
Lash Boj" 07 IK)
lim Dutler . .'1 2&
MscNamara ot ;r
Midway . . 17 20
Mlzpah Extension 07 in
Montana in ir,
N'orth stir .-." in
rtescue Kula 30 2K
Tonopah Eitr nslon IV. l,
llm Knd ... . . . IX. 2
W(at Tonjpah 10 U
DIVIDE STOCKS
Allied Divide . . 04
Alio Divide 04 n
belcher , . ' IK 20
Ben Iluf ..,.... 04 OR
Hrouuh Dlvld 23 26
Divide Kxtenslon
Divide Syndicate 02 ni
Divide Con 01 0B
Dividend .17 20
ai Dllde 01 OS
Hasbrouck Divide .... "t 0
High, Divide ..... n 01
Bevert Divide) 17 in
Iteno Divide OJ 04
Rosetta , .,..... on 0
Silver Klnit . . 04 00
Tonopah Divide '-' "
Tonopah Hasbrouck 11 17
Vlctorv Divide 11 '7
i
33
Financial Briefs
Verde Divide
Zone .
.10
.31
OOI.DFIBLD STOCKH
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Atlanta
Blue Bull
Booth , ,
COD
Comb Prac
Cracl.ertacV.
Dlamf B B
Daisy ,
ricroncn
Goldnelrt Con
Golddeld Merger
Oold IJev
Oreat Bend .
Jujnbo Extension
Ivewana
Lone Star
Oro
Red Hills
Hltver Pick
Spearhead
MISCELLANEOUS
Omparo . 1 70
I trinona- United . 11
lden . l
Mother I ode . M
Vevado, Mill 01
'eada BanJ . 20
1 Promontnrlo . . 1'
I Vevada Wotidi , .77
, 'lecopa Mining . I "a
White Caps .10'
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The average price of twenty active
industrial stocks advanced 0.3S per
cent Saturday to 1)6.13, while twenty
railroads advanced 0 57 per cent to
71.40.
The amount of monev In circulation
as of February 1, 1020. was $5,480,
086,109, against $5,726,201 .020 on
February 1, 1010, nciordiue; to figures
made public by the United States Tutas
liry Department. Circulation per capita
as of February 1, wag $54.77, as com
parW with $53.58 on Tcbruary 1,
1010. The difference Id the per capita
circulation is explained by the fait that
the population on February 1, 1020, is
estimated by the Treasury Department
at 106.735,000 and that as of Fcbruarj
1, 1010, at 106,877.000.
A special stockholders' meeting of B.
P. Goodrich Co. mill be held March
10 to ratify a proposed Issue of $3,000,
000 5-year 7 per cent convertible gold
notes convertible into common stock at
SO. Stockholders will also be asked to
hange common stock to no par value
shares and to increase number of shares
of authorized common -stock so as to
provide, among other things, for con
version of proposed notes.
The Xev York Subticnsun gained
$402,000 from the banks on batmdav.
making a cash net gain since !'iitla of
$1,52Q,000 ,
LONDON STOCK MARKET
Du Pont Chemical Preferred
REED A. MORGAN & CO.
VVEST END TRUST BUILDINO
Members of Iho Phlla Stock Eichanee
g, i m. I,.. ' 'I ' I
:r . . i
Investors Cautious Awaiting Opening
I of Parliament
Ixmdon. Feb. 0. Sentiment on the
stock 'exchange was cheerful today, but
(he markets weie spottv. investois
were cautious and awaited the leopening
of Parliament tomorrow.
Oil shores were buoyant. Mexican
Eagles selling at 11 and Shell Trans
port at 13 7-16. Industrials, while
checkered, generally were strong on
numerous amalgamations. Home rails
were hard and the shares of Aigentine
roads- also improved.
The gilt-edged section was film.
$1,500,000
ROSEMARY MANFG COMPANY
. t ROANOKE RAPIDS, N. C.
7 V2 Cumulative Sinking Fund Preferred Stock
' - Preferred as to Dividends and Assets.
,'" . (Par Value, $100.00 Per Share)
i , - '.
( Dividends Payable Semi-Annually February 15th and August 15th.
u.
; Callable at $110.00 and Accrued Dividends.
Transfer Agent: Old Dominion Trust Company, Richmond, Va.
The Company Has No Funded Debt.
CAPITALIZATION I
Authorized. Outstanding.
Pieferred Stock, 7 'aft cumulative . $1,500,000.00 $l,50,00t.00
(When duly authorized and issued)
Common Slock .' 4,000,000.00 4,000,000.00
Surplus : 279,074.23
$5,779,074.23
The information given herewith is summarized from a letter from Mr. Samuel F. Patterson, Presi
dent of the company, a copy of which we have in our files.
Net Assets of the Company, After Giving Effect to the Sale of This Pre
ferred Stock, Will Be Over $385.00 Per Share. Net Quick Assets
Will Be $126,00' Per Share
Purpose The proceeds fiom the sale. of preferred stock, will be used to liquidate current liabilities
of Issue. and will furnish additional working -capital and funds to carry on the increased business
of the Company.
Business. The manufacture of damask covering. Organized in 1902. J. E. Sirrine, mill architect
and engineer, reports that the plant as a whole is the most modern and complete damask
mill in this country, if not in the world. The plant has 44,528 spindles and 1,166 Jacquard
looms.
Earnings. Net earnings lor the past four years, ending December 31, 1919, after making liberal
allowance for depreciation and after deducting all fixed charges and taxes, have averaged
$287,12G.00 per year, or two and one-half-times the dividend requirements of this issue.
Net earnings for the year 1920, based on the present cost of cotton and the cost of manu
facturing, are conservatively estimated to be over $1,000,000 per annum, or over eight
times the dividend requirements.
Had the Company had the benefit of the new capital now going into the treasury
($1,500,000.00) the earnings would have averaged $375,000 for the past four years, or
, over three times the dividend requirements.
Security. Net assets of the company are not to be reduced below
$5,500,000.00.
Net quick assets shall not be reduced below 100 of outstanding
shares of Preferred Stock.
--
No dividends shall be paid on Common Stock until there shall have been set up out of
annual earnings each year $75,000 as a reserve for depreciation.
No other or additional Preferred Stock having priority pver or equality with this issue
of Preferred Stock shall be issued without the consent of holders of 80 of the Preferred
' Stock now proposed to be issued.
No mortgage or lien shall be placed on any property, machinery of the corporation or
on real estate or machinery of any corporation controlled by this company, without the
written consent of the holders of 90 of the preferred Stock at the time outstanding.
The preferred stock is to have sole voting power in event of default of payment of two
f semi-annual dividends, in the maintenance of assets or sinking fund payments.
Sinking Fund Beginning August 15, 1921, the Company shall retire out of the earnings at least 4
($60,000) of the amount of this issue of Preferred Stock, to be purchased in the open
market or called by lot, at $110.00 and accrued dividend.
Management. The management of the company, is under the direction of Samuel F. Patterson, who has
proved himself to be one of the most successful Cotton Mill Operators in the country.
All legal details will be approved by Mr. Robert E. Henley, attorney for Old Dominion Trust Com
pany, Richmond, Va., for the purchasers of this stock, and approved by W. L. Long, attorney for the
company.
We offer this Preferred Stock subject to prior sale and change in price when, as and if issued
and accepted by us.
Price, $100 and Accrued Dividend
The accounts have been audited by Price, Waterhouse & Co., certified public. accountants, and the
properties appraised by J. E. Sirrine, mill architect and engineer.
TAX EXEMPT IN NORTH CAROLINA. EXEMPT FROM NORMAL FEDERAL INCOME TAX
x Desorlptle Circular Sent on Request
OLD DOMINION TRUST COMPANY
Scolt & Stringfellow Thomas Branch & Co. Frederick E. Nolting & Co.
RICHMOND, VIRGINIA
, While the statements abqvo hae been obtained from reliable souices, e do not guarantee them,
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CONSUMERS
POWER COMPANY
February 3rd, 1920.
V4
?
NEW ISSUES
The National City Company,
New York City.
Gentlemen:
The Consumers Power Company, operating in lower
Michigan, serves one of the most important and rapidly
growing industrial sections of the entire' country in
cluding many nationally known concerns. v
The electric light and power business contributes mora
than 85 of aggregate net earnings.
The capacity of electric generating stations is 202,000
horsepower. The hydro-electric stations produce over
57 of the electrical output.
Upon completion of the present financing, the Bonds
and Debentures will stand ahead of $27,298,600 par
value dividend paying capital stock.
The Bonds will be secured by a mortgage containing
exceptionallyconservative provisions with respect to
the issuance of bonds in the future, maintenance of the
properties, sinking fund, etc.
Net earnings arc over twice annual interest charges
on outstanding funded debt including the present issues
of Bonds and Debentures.
Sales of electric current are well diversified; 16 to
motor car and allied industries ; 8 to machine shops ;
6 to food product and furniture concerns; 21 to
other manufacturers; 10 to electric railways, and
39 to residential and other lighting.
Yours very truly,
"WUf
Vice-President.
Company
Serves
BATTLE CREEK
BAY CITY
FLINT
GRAND RAPIDS
JACKSON
KALAMAZOO
MANISTEE
MUSKEGON
PONTIAC
SAGINAW
AND OTHER
COMMUNITIES
J4 IN ALL.
CONSUMERS POWER COMPANY
$5,000,000
General and Refunding Mortgage Ten-Year
7 Gold Bonds, Scries "A"
D.t.H Jan. 1, 1910
Du Jan. 1, 1930
Intercit payable January 1 and July 1 in New York without de
duction of the Normal Federal Income Tax of !',. Coupon Bondi
in denominations of $100. SS0O and SI. 000 each, reenterable as to
principal only. Reentered Bonds in denominations of $1,000, $5,000
and $10,000 each.
Redeemable as a whole or in part at the option of the Company on
ny interest payment date upon sixty days' prior notice at face value
and accrued interest plus a premium of y,,'t for each year or
portion of a year between the date of redemption and maturity.
Price 98 and interest to yield 7.28
$3,000,000
Seven Per Cent Serial Gold Debentures
Dazed as of Feb 1. 1920
-Maturing J500.000 each Feb. 1 from 1322 to 1927 InclusUo
Interest parable February 1 tad Ancust 1 in New York without
deduction for the Normal Federal Income Tax of 2. Coupon
Debentures in denominations of $500 and $1,000 each (also $100
in the case of Debentures auturint February 1, 1927), registerabla
as to principal only.
Callable on the first day of any month it 103', and interest for
Debentures maturing three years or more from the redemption date:
at 102, and interest for Debentures maturing two or more but
less than three years from the redemption date, and at 101". and
interest for Debentures raatuiint; less than two years from the re
demption date.
Prices of all Debentures to yield about 7.75
Securities are offered if, as and when issued and received by us
Th tUmnUte imtttr. efahieh the above Uajummaru, Kill be fauni In the circular iacrtbina thetc U.uu ahlch mil r trnt unn rnnt
The National City Company
Correspondent Offices in oier 50 Cilxct
Philadelphia 1421 Chestnut St.
Atlantic City Chalfonte Block, 1225 Boardwalk
N
Why the Mortgage Guaranteed
by This Company Is Different
1 . Mortgages guaranteed by this company
are placed solely on improved Philadel
phia real estate none elsewhere.
2. Mortgages secured on completed prop
erties only are guaranteed. Builders' ad
vances and building operations are not
a part of this company's business.
3. Only properties that are occupied, with
s proved revenue income, are accepted as
safe security by this company.
Send for our list.
PHILADELPHIA COMPANY
fa? ,
GUARANTEEING MORTGAGES
.........
"m rr,iHlnt Land Title Building, Philadelphia 7
I 1 ESTABLISHED 1865 H
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BiOREN & CO.
BANKERS
410 Chestnut St., Philadelphia
Government,
"Wunicinal. Ruilrrmrl
I Corporation and Utility
securities
Utmbeie btw Torfc nnd Philadelphia
Stock Exchangee
Boston Sales Agent
for Staple Product
NEW YORK STOCK
EXCHANGE FIRM
lumntr southern wir unUn
Philadelphia correspondent Sat
isfactory atandinc required
ddress "ai-e J I S Hoom 61.
6 Wall st Nw Tork
Win contract with tabllshfd manufactUMr
to wnoUaal htsWirmM morchanlliin In th
district AutomrjJ service morale facill
tics Commtslrtr or brnkuraae ArMroaa
all communications to ni;iO SAN'DKn"
P O Qox S6M IVnton Mann
Syracuse Gas 5s, 1946
Syracuse Rapid Transit 5s, 1946
American Pipe & Fdy. 6s, 1928
North Jersey St. Ry. 4s, 1948,
MCown&Co.
txort am Und Title! Bid, Hin tt
'
"tckwe.1, Wilson & Linvil!
Jailed Public Accountants
V-lJ Tlrf HUa. IX.;i..1.Lt. ''
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