6XWB vm ..'. PTC r W" W T" ( --'"' i ' f ' t EVENING PUBLIC LEDGER-PHILADELPHIA, TUESDAY, FEBRUARY 10, 1920 ft x9 Number Three of Series California Packing EARNINGS T7ARNINGS of the California Packing Corporation for the year ending Feb ruary 28th, 1920, after deduction of expenses and taxes, Will be substantially in excess of the best previous year, when $16. a share was earned on the Common Stock. Irfdica tions for the current fiscal year point to billings in excess of $75,000,000. Most conservative indeed is the present dividend rate, recently increased from $4. to $6. a share. To capitalize the Good Will valuation of such a brand name as "Del Monte" would be above criticism. Yet so conservative is the Corporation's policy, that all such in tangible factors ds good-will, trade marks etc., have never been capitalized for even a single cent. In recommending California Packing Com mon, we believe that this stock possesbes inherent value, assured earning power, and an attractive opportunity for price appreci ation. All essentials regarding the issue are set forth in our detailed analysis. ', Send foiCirculav 12 D A. A. Housman & Co. tJIIcmber New York Stock Bxchanfo N. E. Cor. Broad and Chestnut Sts. SO nronil Street m:w iokic offices! 2S Went 3M Rlrerf The ititemcntt contained herein, while not uirin:ecd are bated open Information antf adylee which we believe accurate and reliable. LONDON STOCK MARKET Profit-Taking In Oil Group Price Changes Irregular London, JFeb. 10, Dealings in sc curltlca on the stock exchange were tighter today and the markets were confused. Chnngcs In prices were Ir regular. Profit-taking occurred in the oil group, which was reactionary. Shell Transport being 12 and Mexican Eagle 10 13-10. There were some cheerful spots In tho industrial section. Home roils were mixed, but Grand Trunks and the Bhnrcs of Argentine roudH were purchased. Refined Sugar Market Unchanged New York, Teb. 10, The refined sugar market rcmnins unchanged, with the American nnd the National com panies quoting 15c, less 2 per cent for cash, for fine granulated, und Arhuckle llros. quoting nt 10c, less 2 per cent for cash. The Federal nnd the Warner companies remain withdrawn. ltefinern arc experiencing fomc difficulty in mak ing deliveries, owing to the traffic con ditions resulting from the recent utorm. United Fruit Increase Dividend Hoston, l'eb, 10. United Fruit Co. declared a quarterly dividend of $3, thereby placing the stock on a $12 divi dend basis ugainst the $10 rate hereto fore. The dividend Is payable April 15 to fctock of lecord March 20. DO YOU KNOW ABOUT CREDIT INSURANCE? UNLESS you conduct yourbus iness on a cash-in-advance basis, you need credit insurance. It is even more vital to you than fire insur ance. Dad accounts are more frequent than fires and an uncollectable account is as much a loss as if the goods were utterly 'destroyed. No amount of precaution on your part can absolutely prevent credit losses, but the "Lon don" can and docs pay them and "loss" in this connection, is construed to mean any account covered under the Policy" that the debtor does not pay at maturity, if you comply with the terms or your policy. It won't obligate you to ask for particulars. OUR SUPER-SERVICE AT -YOUR SERVICE itablished r Eihtecnsixtyninc- LONDON GUARANTEE AND ACCIDENT COMPANY LTD. R. A. IRVING, General Agenr Phone, Lonbar I01C 8"0 LaFvette BU PHILADELPHIA. PA. "rYK Bid iaaiaLtf"'u-wMj.u?MMJ.J,..v, ...., ...... .,.., i.-..H JSTJI 11 SAFE PROFITABLE INVESTMENTS AND A SAFE PLACE TO KEEP THEM J-KB MSB!! mid THIS SERVICE WE OFFER FREE TO CUSTOMERS RiAzmR&Ch BROAD AND SANSOM STS. PHILADELPHIA 19 SOUTH ST.. BALTIMORE 65 BROADWAY, NEW YORK STRAIGHT LINK MKTHOO Corporation Officials Interested in . Re-adjustlng Plant Values for . FEDERAL TAXATION And Amortization of Special War Facilities will find the latest, most author itative suggestion and helpful information in our booklet cover ing the subjects. It is just off the press and will be sent free, on re quest, to officials of corporations. Kindly address the nearest office E&NST& ERNST AUDITS - SYSTEMS TAX SERVICE MARINE EQUIPMENT SECURITIES .America aa a shipping nation Is aga'n comlhg rapidly into her own SI a r I n e Equipment Securities are taking a position of extreme Importance with the Investing public There are many good reasom for thlB. Wo would like to show them to you Investment Bankers Members Phlla. Stock Kxchange Real Estate Truit Building Philadelphia Penna. Water & Pr. 5s, 1940 Harrisburg Gas 5 s, 1 928 Phila. Electric 6s, 1 922 United Ry. Investment 5s, 1926 NiwYonn. jHlUOIlfHI Boitori WMHW9T0M CHICAGO MlNNIAPOU St. Louis Kjmu Citt CitVfuno DUFFAkO PlTTKUKOH DlTBOIT Cincinnati ihdianapolii TOltOO Atlanta Daiui Four Worth Houston TAAIOMT LINK METHODS Locust 511M Land Title Bids. a" Stock Exchange house requires man in cashier's department ex perienced in bookkeeping. C 316, Ledger Office Philadelphia Marlccls GRAIN AND FLOUR WHEAT Receipts, 47 B05 buthels, Ths martlet raw unchanged. Quotations! Car lot In export elevator, arovernment etandard Inspection, standard prlcea, No. 1, red winter, 2 80j No. 1, northern spring-, IZ.3DS'No i hard winter, 12.39s No. 1. red winter, rar llcky, $2,371 No. 1, red smutty, 12 88: No. t. red, rarltckr and smutty, (2 M. The United States Grain Corporation' purchases ot wheat aro based on the following- schedule of discounts: No '1 wheat 3c under No 1; No. u wheat 6c under No. 1: No 4 wheat lOo under No 1 No B wheat 14a under No 1, COItN Receipts, 49 251) bushels. The market was du,l and easier. We quole new, as to quality and location, at Il.ttO 01.70, the latter for No. 2 yellow. OATH Receipts 28,781 bushels. Supplies wro small and tho market ruled steady, but unlet Quotations: rar lots ns to location. No. 2 white. ll.02fM.03VU, No 3 white, 1 'Hunt 01 j No. t white. itWIOOVi. l'l)imfl.rflnl 884 bbls. and l.SnO.RSt lbs In sacks. Tho market wan quiet but leniiy Quotations: l'er J9I) lb , packfrt In 140-pounds Jutn sacks (toft winter straight western, 10.7011.2T, do do. near? 110 fltlCSll' hard winter, straight. VJ'i. 2 7n do r-hort nntont 138ll!l ISO' sprlnj first, clear. 10.30(310: do, patent, $12 DOW ! short patent. f li.0($M B5i fancy eprliii nnd city mtlli patent, family brands, $14.60 H nin PI.OUIl sold slowly at former rates Quotations JOWU.OO per bbl . In sacks, as to quality PROVISIONS Trado was quiet and largely of a Jobbing character, but prlcea wore steadily held Quotations lleef, In sets, smoked and air dried 61c, beef knuckles and tenders, smoked and alr-drled, 62e: pork, family, B2c, hams, a, P. cured, loese, 272tf do, skinned loose, 28V4 (oJSWe: do. do, smoked, '-4 i'J7HiC, hams, boiled boneless 8Hc; Slcnlo shoulders, S P. cured, loose, 25c: reakfast bacon, 32c, lard, 27c. DAIRY PRODUCT8 UUTTER Supplies wero small and tho market ruled steady but quiet. Quota tions, bolld.paclced creamery fancy, high scorlns nooda, tlrHs, 0HlC71c. extras, 68c; extra firsts 04fifB7c, firsts, r!Kii2c. sec onds, fi4ffirer, sweet creamer, choice to fanc, 70M72o, fair to pood, ri7f09c: prints Jobblnsr at 7HK7Kc for funcy. and at 'J5W "Be for fair to choice i:aci8 I lne fresh eggs were In small sup ply and steady with demond moderate. Quotations are Free cases, nearby firsts. $10 20 per crate: nearby current receipts, $18 bo, western extra tints, $18 00. western firsts $18 30, selected fresh esgs jqbblng at 70r)72c tier rioren. rnlri storage circs as to quality, $1J12 00 per case CHUESK There wan little tradinc and prices favored buyers Quotations: New York, whole-mllk tints, held, fancy, Al )Je, fancy held specials higher, held, fair to good, 301DOhc, rurrcnt make nomi nal, Wisconsin whole-mllk, flats. held. fancy, 11fg(32i;, fancy held specials higher, held fair to good 3'H?M0Wc. jobbing sales of fancy held goods. C435c. POULTRY L1VK Was In small supply and quiet with little change In prlcos Wc quote tho following range of prices: Towls, fine, fat. weighing D lbs and over uplece, 42044c: fowls medium size, good quality, 3U40c: do poor !l3&)37s, broiling chickens fancy, soft raeattd weighing 1V4 2 lbs uplece, 4fi(8riOc: wrrlnir chickens, average soft meated, 3738c do, Inferior. 353c: stnirgy young roosteri, 20030c) old roosters, 23iFnJ6o' ducks white I'ekln, 4440c, do. Indian Runner 40 12c, do, Muscovy, 280i 30c, geese, fat. 42H3c; do, average, SOW SBc. turkevs. fiOOnSo; pigeons old. peri pair BT,c; do voung per pair. 45fl0c. DRBSSCn Fine desirable-slied stock waa well cloaned up Wo quote! Kowls, fresh killed, dry-picked In boxes weighing 4 lbs and otr uplce 40c, welghlnc 0'i lbs . 3BC87o welshing J lbs.. 33W34c, fowls, fresh-killed In bbli , dry picked weighing 4 lbs and over apiece SO'Ac, weighing 3W lbs., 35S36c, weighing 3 lbs. 3lf33c, old roosters, dry-picked, 27c, broilers. Jersey, dry-picked, r;flOc, do ordinary nesrby, dry-picked r,0B",c. broilers, western dry pfeked. welffhlni- IV, iron lhs anlpee 48!inoct roasting rhickens, western, dry-picked. In udih , weigning i ins na ocr apiece, iit, w 37c, weighing R4 lbs. aplcco 34SJ3Rc; weighing 3 lbs apiece, 3t3Bc; weighing 2lt lbs apiece. Il4Ic; western corn-fed chick ens, 12 to box. 17 lbs. -and under to doz . per II, 4,"i4Sc 18 to 24 lbs to doz., per in H-icfv-ioc, jo to su ins to aoz , per m . 4042r; 31 to 30 lbs to doz . per lb 3S Jilc. 37 to 42 lbs tcvdoz , per lb . SBfflSfic: 41 to 47 lbs to dnx . mr lb . HXtaSflc; 48 lbs and oer to doz 81 40c: capons, west ern, weighing 8)10 lbs apiece B46SBBc: welshing 7 lbs apiece. Il2o! welghlnir ft lbs apiece. "0c, weighing S lbs apiece. 48c, iurkes uiawae anc Maryland, rancy, oo: do, Virginia, and other nearby fancy, 88 Bile- do, nearby fair to good. r3B3c: do, western spring, fancv, 08 60c; fair to good. ,.AKr.n l,t nn. .oA. .1..,.,.., n .. .Ok, ,,,iuu.v u,u tunic, id , uutn.i .cDvQtii, ua 40o: geese western, fancy, 3032c; do, fair FRESH FRUIT8 The market was generally steady. The quotations were as follows- Apples, per bbl , as to quality, $40, do. per box. $1.608.SO. Cranberries, per bbl., $68,30,do, per crate, Sl,503. Oranges Florida, per box, $2n Targerlnes, Florida, per Vi-box, $1.B04 65. (Jrapctrult. I'iorlda. per box, $1.60 3 BO, VEGETABLES Trade was quiet at revised figures. Quo. tatlons: White potatoes, Pennsylvania, per ewt . $404 40, do. New York, per cwt , 14 4 2,1 Hwect potatoes, southern per hamp . S102 2G, do, Jersey, per basket, $1,50 1 75 Cabbage New York, Danish, per ton. SG0fe0: do, Florida, per hamper. $l.7B 2. Onions per 100-Ib sacks Yellow, No. 1, $!.B05 50. BUTTER, EGGS AND CHEESE New York. Feb 10 DUTTCR steady. Receipts, 8091 tubs: creamery, higher than extras, 07' 08c, creamery, extras. 02 score 67c: firsts 83 to 81 score, C2M WfSUc; parking stock current make. No 2, 42c. BGOH irregular. Receipts 11 177 cases; fresh gathered, extra firsts, 6060ci firsts, B'ivi WGbc state Pennsylvania and nearby western hennery whites firsts to extras 67 ,2o- state. Pennsylvania and nearby hen nery browns, extras, 363Ho, do, leathered browns and mixed colors, firsts to extras, CHKHSE weal: Receipts. 310 boxes: state whole milk, flats, held specials, 313"c do a erase run 29VaflS0V4o state whole milk twins held specials. 30W 31c. do average run, 29'4 31c Insurance Co. Increases Capital III netion of the directors of the Insurance Company of North America at their meeting today now stock of the company will be offered to stockholders of record February 14 nt $20 per share. Pnj ment may be made in full or in two installments of $10 each. First pay ment Is due March 21 and second pay. ment May 24. Stockholders may sub scribe to extent of 25 per cent of their holdings. Privilege of subscribing ex pires March 21. New stock will be ishucd on or after July 10, but not to participate in the dividend of July. 1020. Capital stock will be Increased from $1,000,000 to .$5,000,000. Prices Heavy on Paris Bourse Tarls. Feb. 10. Prices were heavy on the Bourbc today. Three per cent rentes, 58 francs 10 centimes ; exchange on London, 4S francs CG centimes; 5 per cent loan, SS francs 60 centimes. The dollar was quoted at 14 francs 11 centimes. CHICAGO BUTTER AND EGGS Chicago. leb. 10 HUTTUR Lower. Creamery, !HIS8hc KOQB Higher Receipts, 001M cases. Firsts Blc, ordinary firsts, 4248c, at mark, cases Included 48B0c ' i"""""1 1 1 I J 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 J 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 f We Issue $10 and $50 American Relief Administration Food Drafts darTi!?808 uro ?rdcrs on American Relief Absq iiaiion Warehouses In Europe payable In food. vatlnn JiTP-Ie 9,entraI a,nd Eastern Europe face 8tar un,,.,?:. rhe,r relatives and friends are here afforded an Sal d??Wty t0, daLd, th,emi 0tlera my M n tho ,? l distributlon of this food. . . A"? transmission of the food is under the efficient administration of Mr. Herbert Hoover. donated. BerVl?e8 ,n connection wlth theso drafts are West & Co. 1417 CHESTNUT STREET rillLADIXrillA. VA, miDiIlitiiiiiiiifin nin.-.n, iiiinininuiiUiiiim.il iiiiiniiiiiiiirJ We WANT the Small Accounts Certainly we want them. Just because you are a young business man with a. small capital is moro reason why you should open an account with us. Establishing a credit with a bank is tho first step to business growth. You'll find a connection with our bank helpful in many ways. The success of our depos itors means success for us. We Pay 2 on Daily Balance OFFICERS A. Meluneld. PreWf -J3Jj r SSfl A. H. Aurrbach, -Ictiva Vice rntiitut William r. Krlebel. CoaMei- Jon 6. Dalalme'r, Kaln rills. llarr Irgrnrtn. IUn7 IJnsk and Kdunrd ()l, Vice VrciUmtj Wolf lladek. Chairman Hoard 0 Directors In accordance with the announcement of Mr. J. Ogden Armour, President of Armour and Company, made in this paper yesterday, the Armour Leather Company is offer ing its stock for public subscription. Allotments will be made in the order of receipt of subscriptions, and as promptly as possible after February 25th, 1920, after which date no subscriptions will be accepted. The stock is offered subject to the privilege of subscription to the holders of tho preferred stock of Armour and Company now outstanding in the hands of the public. Armour Leather Company (OF DELAWARE) $10,000,000 7 Cumulative Preferred Stock (Par Value $100 per Share) $10,500,000 Common Stock (Par Value $15 per Share) Dividend on Preferred Stock payable quarterly, January V, April 1, July 1 and October 1. First djvidend payable April 1, 1920, will be for month of March only. Callable, as a wholo or in part, at the option of the Company, at 115 and accrued dividends. i DIVIDENDS EXEMPT FROM NORMAL FEDERAL INCOME TAX TRANSFER AGENT: (Both Preferred and Common Stock) Continental and Commercial Trust and Savings Bank, Chicago, HI. REGISTRAR t (Both Preferred and Common Stock) First Trust and Savings Bank, Chicago, 111. TiSft Armour Leather Comnanv has been oreranized under the laws of the State of Delaware, and will acquire all of the tanning companies and leather assets now owned by Armour and Company at figures which do not include any value for good will. The gros volume of business in 1919 was approximately $90,000,000. J 111' tin HO ol A- iblil -wijiI' " lV& rav MatfeiVA tl v-, ,il '1 m a Dii CAPITALIZATION To be immediately issued and out standing $10,000,000 $1 5,000,000 j-100,000 w Autliorized 7 Cumulative Preferred Stock ($100 par) . $25,000,000 Common Stock ($15 par) $15,000,000 Founders' Stock (no par value) shares 100,000 $4,500,000 Common Stock is reserved to be offered to employes and customers of the Company. " fThe Founders' Stock will be subscribed for and acquired by Armour and Company, who will pay ?5 a share for same. The Company will have no bonds outstanding and covenants not to permit the creation of any mortgages or liens upon the present property of either the Company or the companies whose stock the Company is about to acquire, without the consent of the holders of two-thirds in par value of the Preferred Stock outstanding at the time. N Net assets, based on valuations of November 1, 1919, will be $25,500,000, equal to $255 per share of Preferred Stock outstanding. Net quick assets will be $16,043,564, which is equal to $160 per share of Preferred Stock outstanding. Additional Preferred Stock can only be issued to an amount equal to 75 of the cost of extensions, additions, betterments and improvements and of new property acquired) and then only provided earnings for a period of twelve months have been at least three times the amount required for dividends on all Preferred Stock outstanding , and the new stock to be issued. ' The Company agrees to maintain at all times, net assets equal to at least 200, and net quick assets equal to at least 125 of the par value of all Preferred Stock out standing. Earnings available for dividends, after Federal taxes, during the last fiscal year were $6,195,824; average annual net earnings during the last four-year period were $4,485,215. Thus, net earnings for the last fiscal year were over eight times, and average earnings of the last four years were in excess of six times dividend requirements on present issue of Preferred Stock. After preferred dividends, the remaining surplus earnings shall be available for dividends on the Common and Founders' Stock, in equal aggregate amounts. For a period of three years dividends on the Founders' Stock shall be limited if earnings are less than $4,000,000. After providing for dividends on the Preferred Stock, the earnings for the last fiscal year were equivalent to 18.37c on the Common Stock (this after deducting an equal aggregate amount on the Founders' Stock), and the average annual net earnings during the four-year period were 12.6 on the Common Stock on the same basis. The officers and directors of the Company will be principally those who have been engaged in the operation of the companies now being acquired, and who have in a :V large measure been responsible for their growth and development. APPLICATION WILL BE MADE TO LIST BOTH THE PREFERRED AND COMMON STOCK ON THE CHICAGO STOCK EXCHANGE All legal proceedings approved by Messrs. Mayer, Meyer, Austrian and Piatt, Attorneys, Chicago; Balance Sheet and Earnings certified to by Price, Waterhouse & Co., Chicago; Appraisals made by American Appraisal Co., Milwaukee. , Price in blocks $100 par value, Preferred, 1 Share LT $105 par value, Common, 7 Shares $200 per block (This is equivalent to price of $95 per share on Preferred Stock and $15 per share on the Common Stock) V Subscriptions, accompanied by initial payment of 10, will be received on behalf of the 'Company by Continental and Commercial Trust and Savings Bank, Chicago or Bankers Trust Company, New York Fiscal Agents who will on request furnish copies of a letter from the Company giving detailed information, which can alio be obtained at the various offices of Armour and Company. Managing Money A remarkable booklet outlining the fundamental principles of successful investment ana outlin ing the Babaon Course of Invest' ment is just off the press. This new course by Roger Babson and his staff of investment spe cialists has already been endorsed ns standard by America's leading industrial bankers. In twenty four concise lessons it gives you a complete and organized knowl edge of the Investment field that will enable you to increase tho average return on your funds by 60. If you atra an Invmtor. or expect tn hat funds tor tnvtitmtnl. write, today for tn now Usbaon booklet, "Maxoslng Monty." Atk for Booklet 34M Babson Institute WelUsUy Hills, Mass. German City Bonds 4 4'2 5 Owlnc to th present low rat of Gtnnnn Ktchanso thas bonds can now tw purchSHKl for leas than one-twelfth their normal vrUue, Opportunity tor exceptional profit are presented with the upward, movement of the mark. Send or Current Msf of Offerings. Foreign Exchange Raabe, Glissman & Co. 20 Droad St., New York Telephone Hector 4319-1330 Ms- U. S. Liberty Bonds All Issues Bought and Sold $50 $100 $500 $1000 Graham, Parsons &Co. Mb CHESTNUT STREET Philadelphia Lawrunce E. Brown & Co. CERTIFIED PUBLIC ACCOUNTANTS laMK Rirtl irainreini -!.) n "m - awniwr- muni iiv&ju Inventlfuto anil dJuB Drtnchlb anil """" uuai.prwiciiip ana STATE OF LOUISIANA Serial S Bonds Price 100. Free of all Income tax, PAUL & CO. Members Phil, BUk MriVura 1421 CHEkTHUT STrTct s- (li ,4 'jl i 4 I fw 4 It' 1 ' I )! J 'ffl S I M VI il
Significant historical Pennsylvania newspapers