"" IV 'V'"lf ( ' J l" V V" ! J. . . -w2 "" j.i ; " f " j" V ' " . .- rTEtflNGrCPOT WEDNESDAY, FEBBUABY 18, 1920 i f d . ? ' -ii i -i . " - ' ' ' " :,-Jft -L Thi Hta eCHAS. It. IQHM a CO, NEW YOFlK BOND TRANSACTIONS ;""U& ' w No. S fe Aforfc of Procedure Before placing a security on our Blue List we con-1 duct a thorough Investiga tion. Our experts in law, engineering, transporta tion, manufacturing and accounting examine into" the management and the financial and physical con dition of the properties forming the basis of .the security. Does not this thorough ness appeal to you? (To be continued.) Corrfnl' Jnvratmmt Offer- . lots "!" "nt noon Itrnofst. . , hunicipal ra1lr0ad5t Corporation Bonds ' SO BROAD SWEET HEWYOftK, rant errat it am junta "mitar m NEWBURGER, HENDERSON & LOEB Members New York and Philadelphia Stock Exchanges ,410 Chestnut St. ' FOREIGN INVESTMENTS Complete .information furnished regard ing Portion Government, Municipal . , and tiorporate Issues . ivkoitkr ron s lr at cuihiknt nATKS 1J AMOINTS TO Sl'IT 1 .000.000 Mnrkn Cltr ot Munich 4 Itondii J, 000,000 Mark Cltr of Hamburg 4HVo Ilondi 1 .000 000 Mnrk Cltr of Ilrrlln "llmuN OVER 8 THE SECURITY! the Flrit Preferred Stock of one of the lamest companies of its kind In the United States. A company which In lUrlf la a Urge and Importart Industry. THE PRODUCT I pis Iron, steel In. cots, wire rods and all high ,grade steel wire products. , RAW MATERIAL) the company con trols Its own ore supply. Transporta tion facilities are controlled by asso elated interests NET ASSUTSt In amount equivalent to $26? for each share of-First Pre ferred Stock, par value $100. NET EARNINGS. 4 1.3 times the an nual dividend requirement of this Stock. Circular h 220, descriptive of this offering will be sent on request. E. H. Rollins & Sons 1421 Chestnut St., Philadelphia Boston New York Wilkcs-Barre Baltimore Chicago San Francisco February Investment Suggestions Booklet P. I. on request. George H. Burr & Co., 421 Chestnut St., Philadelphia Am'Aw A CTletn Si 1000 .... T ooo .... Ba; 14000 .... 064 Am-Tfl ft Tel Co clt 0009 .... 1194 3000 .... lift 8000 .... 114 looo .... is Am Tel & Tel Co Ss sooo .... at looo .... so; Am Tel & Tel Co Ss 3000 N .-. . 1000 .... D1V4 1000 .... 91 Anglo-French- ti 6s 8000 .1.. 04U , 41000 .... 04M '4000 10OO 10000 30000 1000 J0U0O 11000 iooo sooo 10000 4000 11000 sooo 1000 jooo 10000 ' soooo 04 04. oH 04 V 04 04 04 04 ' 04 044 04V 4H 04 84 ' .04 04 A'fcK TA'STo 48 1000 1000 1000 SOOO sooo 1000 ,3000 '1000 '4000 1000 4000 sooo 10O0 1000 ?o iy 70- 70M 78 75 70 70 701 70VS 70 7J4 Atch,.T & S Ke ov s 2000 .... AS Armour & Co4,4 1000 100O .1000 13000 0000 ty 03 J3.iItlmore,&Ohlo cv 10000 .... 00 loooo .... 00 10000 .... 00 SOOO . . - 00 10000 .... fll 2000 .... 01 .tooo .... ot 2000 .... 00 11000 .... 61 1000 .... fll ioooo iy sooo .... ei Unit f. Ohio cv reir sooo 00 B-Jtlniore & O 34s 3000 1000 sooo sooo sooo 3000 00 00 B0 o M 00 Baltimore & Ohio 4 s sooo 1000 1000 3000 IOOO 07 fit "va 0.1 04 Baltimore & Ohio G 1000 sooo . sooo AOOO 2000 ioooo tooo .toon 1000 ot os n: o: OIVj 02 A. Oi at Cfil"AOh!o n4M looa .... is) 7000 .... 18 1090 .... 14 1000 .... 14 ChtsAOhlocV 4 Ho 3000 .... 11 1000 .... 13 3000 .4,, 73 SOOO .... It 4000 ..'.. 13 JOOO .... II 1000 .... 13 SOOO .... 71 ches a Ohio nnii 100b .... 1000 .... 00 Chea'ft Ohio cv Sa ,100007. fv. 7851. 3000 .... 7S 1000.-. ... 70 ,100 ..f.'fnH SOOO .... 7 300 .... 71 . tMO .... 70 Chi A Alton 3 Ha .1006 ;'..;. 30 ' 1000 .... -30 IOOOO A.. 30 10000 .... 3l 1001)0 .... 31 3000 .... 11 20000 .... 11 cfirn, Quiitcrnn 0000 .... 77 tooo ,A. . 3iv Chl'S) fttlulrfcy.'-ts 18000 .... 03 . tooo .... s 1000 .... 03 11000 .... 03 28000,,... 03 3000 .... S3 20000 .... 03' SOOO .... 03 2000 .... 03 1000 .... J 11000 .... A3 SOOO .... 93 SOOO .... 04 Chi tt Ort Wet 4 SOOO .... 04 1000 .... 54 JOOO -...,- M 'IOOO ....'S CM M ft St P'3Y& 200O .... SS Chi M ft St r D 48 2000 .... S7 3000 .... 00 2000 .... SB. 2000 .... S loooo .;.. Ss C 1 ftSU'ev 4s SOOO .... A7 3AOO0 .... 7 M0,r.... 07 C M-ft-St-P-fd 4H ioooo .... so 2000O .:..'8.7 - 9000 . . .-. SB - oooo j...-. n$y, CM ft St l'tm 4 4b 2000 .... 1S 1000 . .. 7S Chi M ft St P cv 5 iooo, .... 00 1S000 ... 09 2000 .... OR ioooo '. ,,. oa Chi ft N West'3V4 1000 .... A2 1000 .... 03 3000 .... at Chi ft N Wt 5i '87 SOOO .... 00 Chi It I ft Pnc fd atYi Den ft It arandfd "irfoo '.... U ' Voire pt Canula 'S sooo .... 13 '7000 .. 03 . Dom of Canada '11 IOOOO .... 93,, SOOO .... 93 -SOOO .... 93, 19000 .... 91 1000 .'... 93 bom .of Can G '21 Dom 'of Can SVio'tf 9000 ..... DqrnJsJf.Canailp.VJl . 1000 .... 91 ' 1060 ....! ptleJl n,aenLlcn 1000' .... 40 1000 .... 40 200..... 40 ErW Bnll Hd-cv A 3000 .... 84 rJolUll ndJST D ,a 3000 . . . . 31 sooo ...'.sor " Erie. It It Co-,4b 1000 ...4D iooo' .... so. SOOO .... 80 IOOO .... BO i- Qreen B ft AV hy B jfcOOO ..'. . 7 Havana- Dice -By Sa 13 OOO 8 HMflwn & ManMfd . .. OS ... s ... sp ' Central fd ... 09 ... 70 . .. 70 -... 71 10. HI. Central 4sJDf B2 tooo .... 0S 111 Central 4s ot 'S3 IOOO .... 05 Indiana Steel Co S; ,1000 .... 90 Im Jap C3ot let SOOO .2000 1090 ' Illinois 0000 3000 -IOOOO tooo ltoop sooo tooo sooo 10000 10000 10000 1S000 sooo 70' 70V, 70 70 70 70 71 71 I Imp Jap Qovt 2nd AOOO sooo sooo 2000 tooo 4 lrooo tooo tooo 1000 1000 sooo 70 70 70 70 70 70 70 70 70 70 71 Imp Jap Gov 4 s Baltimore ft Ohio Ga 20000 . ioooo . 11000 . 10000 . tow . 4000 . 8000 . tooo . 4000 . 10000 2 H2 B2 B2 B3 B8 Bt 82 83 83 B.llto ft O P & I. K ft W Va Si 5 3000 10000 .1000 1000 JOOO 2000 , 4000 IOOO 33 83 83 S3 83 83 84 54 Bft O So West 3 a 1000 .... 70 1000 .... "i 1000 .... 71 B-lt ft Ohio Tol 4a 1000 .... 48 Beth Steel Corp fd 1000 .... 83 Beth Steel Corp' lat 2000 .. . . 0S x Brook Rap Trana 7 . 4000 .... 4t I SOOO .... 43 BrK II Trans ct 7s 12000 .... 42 4000 .... 42 Mi Cal Gas ft E-Co Ss SOOO .... 85 tOOO ,...'85 Cent of Grorgla Ss 1000 .... 80 Cent of Georglfa.cn IOOOO .... 83 Cent Iather Co 5a JOOO .... 0.4 Central Pacific 1st tOOO .... 70' 1000 .... 70 AOOO .... 70 tOOO .... 70 JOOO .... 70 3S00O AOOO 10000 1000 I sooo , ioooo I 11000 51 57 57 S8 88 87 87 MUnouri P 6a of 2 J 'SOOO .... 8g n.t cftimnsH tOOO .... 5- 8000 .... (5 N T C & II h, R 1000 ..... 15 iooo .... ii 1000, .... 18 tpOO .... 15 3000 .... 15 NYC A II n n en 4 19000 .... s 5000 .... M ,Y'C ft II Tt.R 6 1000 .... 91 tOOO ....-81 300O .... 91 lO00 .... 91 .10000 .... 91 8OO0 ....'01 NYH&Hcv 3M - SOOO- ,... 40 4000 ....'48 N'Y-N II ft Hart a iooo .... 10 til? Ont ft West 4a . looo .:.. ao N Y-W.Cft B 4Ws 4000 .... 37 SOOO .... 38 Ncw"Orteans 4 T 4s "looo ..". 01 N-Y Telephones 44 1000 .... 78 4600 .... 70 000 .... 1 N Y Telephones (s 2660 .... 93 2000 .... 93 3000 ....'83 2000 .... 03 New Orleans Texas ft fltex-niy 6s tOOO .... 8t Norf So R R Co Co 4000 .... 50 Norf ft Wost cv Cs sooo ....100 10000 ....100 looo ....100 '6000 ....100 7000 ....100 20000 ....100' aooo ....100 sooo ....100 8000 ....100 60000 ....100 Northern Pacific 3s 2000 .1.. 81 2000 .... 81 3000 ... 51 1000 .... 82 8000 .... 81 Northern Pacific 4s 2000 .... 73 SOOO .... 73 2000 -. .:. 73 SOOO .... 73 Ont, Power N P Ss 1000 .... 84. 4000 .... 83 O-Wash R R-Co & Navl Co 4s 3000 .... 07 Pac Tel ft Tel Bs 1000 .... 83 , Penna R It irm 4Hs 3000 .... 00 Pcnna R R Co 5s IOOO . .1000 . 3000 . 14000 . Sooo . IOOO . 2000 . 10000 . 2000 . 4000 . 1000 . 1000 . sooo . 10000 . IOOO . Chi R I 2000 . 8000 In Mer Marine 6s IOOO .... 88 Inter Mt Co 4s 2000 17 4000 .... 18 Inter Rap Trans fd .03 . 02 . 83 . 01 . 03 . 02 . 1 . 02' . AS . A2 . 02 . 03 . 01 . Al Tad 4a . 71 ...71 IOOOO ' 18000 47000 I 13000 I SOOO 1000 4100O I 9000 3.-.000 2000 itowa Central 521 .52 52 St' ' 82. 82 52 53 52 4s Chi ft W Ind nit 4s 4000 .... 87 8000 .... 87 Chile Coper 61 AOOO .... 77 AOOO .... 77 IOOOO .... 78ii IOOOO .... 79 Chile Copper 7a AOOO ...103 C Go Hu.K Hy Ss 3000 .... 4 City of Slarseltl's Os 10000 .... 00 sooo .... 00 C of N Y 4s of. '57 1000 . ::. 88 City of Paris B 61 1000 .... 90 IOOO .... 90 2000 .... 00 City" of Toklo B 6s 0000 .... 53' C C C SI L pn Is ' IOOO .... 03 Colo ft Southern 44 sooo .... 76 2000 .... 71 Com Tab ft R Co 6s 1000 .... 85 Con Gas Co 7s 8000 . 5000 . 5000 . 5000 . IOOOO . 2000 . 7000 . 42000 . 1000 . , 2000 . Del ft Hud Canal cv tOOO .... 71 IOOO .... 81 10000 .... 30 K C P S ft M Ry 4s 1000 .... S Kan pity ft 8 R 3s IOOO .... 88 Kan City ft S Ry 5s looo .... flltVi 3000 .... 08 Kan City T Ry 4s tOOO .... 88 LS' Mich So 3s iuuu .... aa L S 11 la of, '31 : tOOO .... 80 I Lehle-h Val R Co 4s I 1000 .... 11 LehlKh Val R Cp s AOOO .... 99 Lone .Island JUl fd 10000 .... 85 ' SOOO .... 83 8000 .... 83 Ixmls. A Nash SI Cs soon .... as Mid Steel ft O'rd, Ss 3000 .... 83 4000 ... 83 Minn ft St I R R 4s 1 5000 .... 38' tOOO .... 89 M"Kan C ft Tex 4s I -IOOO .... 87 tOOO .... 57 Mon Cent IT. If 6s tOOO ....103 'Missouri Pac trrrt 4s 5000 .... so . IOOOO .... 88 1000 .... SO? 1000 .... 88 2000 .... 58 IOOO .... 59, 1000 .... 88 5000 . ...S IOOOO ....' 5O0Q ...."8f tOOO .... 80 24000 .... SO Missouri Pac-6s" '23 IOOO .... 881 4000 .... 87 15000 ...'. 87 South Rallwy .SI 4s 4000 .... 88 SOOO .-.. 88 Bt L I Mt ft B R la 4000 .... 71 Bt V Iron Mt ft So n ft G Dlv 4s v100 .,.. 08 StL. A San Fran a 40000 .... 80 SOOO .... 00 10000 .... AO 1000 .... 80 1000 .... 80 10000 .... 80 11000 .... Sfl 0000 .t.. 59 . 38000 .... 59 10000 .... 80 1 9000 . . . .' 80 ,2000 .... 80 1000 .... 89 St,;L ft. Eon Fran In 2000 1..., 48 1000 .... 4t 5000 .... 43 3000 .... 43 SOOO .... 44 1000 .... 41 3000 .... 48 f 1000 .... 48 tOOO .... 43 , 4000 .... 44 SOOO .... 48 4000 43 4000 .... 48 SOOO .... 43 2000 .... 43 18000 .... 43 1000 .... 43 15000 ...'. 44' 5000 .... 44 IOOOO .... 43 St L & San Fran A 10000 .... 60 4000 .... 81 2000 .... 51 SOOO .... 57 10000 .... 87 1000 .... 67 St L. ft San Fran B 2000 .... (18 1000 .... 08 IOOO .... 08 10000 .... A7 50000 .... OB SOOOO .... 88 9000 .... 01 St L ft San Fran C 3000 .... 84 1000 .... 84 St L. ft 8 West R en 11000 .... 50 tOOO .... 61 St L, ft West R SB AOOO .... 51 14000 .... 57 Third Ave R R a 24000 .... 27 Third Ave It R 4 1000 .... 40 tOOO .... 40 T St t, & W Ry 4s 5000 .... 43 Union Pacific RR cv 1000 .... 84 1000 ...."84 2000 3000 2000 3000 1000 5000 1000 80 .,88 . 88 . 89 . 89 . 80 . 89 AOOO .... 81 Union' Paclllo RR fd 4000 .... 74 Union Pacific RR 4a 1000 . ... 81 Union Pacific nR s 1000 ....101 6000 ....101 1000 ....100 U K'of o n I '1 IOOO .... 93 tOOO .... 93 tOOO .... 93 1000 ... 91 1000 ....'98 28000 .... 91 9 IOOO .... 93 U K of O B -I rcta or sj , sooo .... BH 18000 .'" H U K of, O B ft 1 rets of '29 1000 .... 91 UKofOBAI'3" SOOO .. . 88 1000.... 88 10000 .... 88 8000 .... 80 3000 .... 88 SOOO .... 88. '18000 .... 88 tOOO .... 88 200OO .... 86 f IOOOO .... 88 SOOOO .... 88 IOOO .... 88 U S Real ft Imp 5s - 9000 .... 78 11000 .... 78 0000 .... 78 5000 .'... 78 2000 .... 70 4000 .... 78 6000 .... 78 United R of S F 4s a-ct ' ( 10000 .... 24 6000 .... 23 U S Rubber Co Ss 2000 .... 84 ,2000 ...'. 88 2000 .... 84 1000 .1.. 83 U'S Rubber Co 7a 8000 ....100 2000 ....100 U S Steel Co Ss 6000 .... 98 U S S M ft Rcf 6s 1000 ....100 Vlr Car ft Chem 1st 1000 .... 98 Wabash R R Co 1st 1000 .... 81 West Electric Co 4 s 5000 .... 81 West Maryland' 4s 7000 .... 81 50000 .... 50 West Shore R R 4s IOOO .... 71 5000 .... 71 Wllk-B ft East 5a 1000 .... 53 Wilson Co CV 3000 .... 02 , IOOO .... 91 1000 .... 91 Peoria ft E Rly 1st 2000 .... Sl Pere Marquette Ss 2000 .... 83 JOOO ..... 83 Reading R R Co Is '1000 .... 70 Rep of Cuba, 6s '04 2000 .... 01 Repub of Cuba 4 Us 2000 .... 75 Rio O ft West R clt 5000 .... 60 R I Ark ft Lo 4Ua 1000 .... 61 1000 .... 02 5000 .... S9 7000 .... 01 San An ft Aransas Pass Ry 4 s 2000 .... 56 Seaboard Air u,a' iooo .... 34 Southern Pacific fd 2000 .... 7S 1000 f... 74 Southern Pacflc 4 s 6000 .... 00 Southern Pac cv 4 s 3000 .... 77 1000 .... 77 2000 .... 77 2000 .... 78 3000 .... 78 5000 .... 07 Southern Pac, cv 5s 5000 ....100 sooo ....too iooo .,..100 sooo ..'..100 1000 ....100 2000 ..,.100 2000 ....100 1000 ....101 1000 ....101 8000 .... 100 Liberty Liberty Liberty Liberty Liberty f.iberty -iberty Victory Vlctor. B 3s . . . n 1st 4g . . n 2d 4- . . n 1st 44s It 2d 4US n 3d 4U II 4th 4s N 3g ... N 4s .. HlKh Ixiw . Ufl.80 00.50 . 00.40 00.30 . 00.30 00.10 . 01.20 01.10 . 00.00 00.52 . 03.10 03.00 . 00.00 00.80 . 07.70 07.70 . 07.80 07.74 1:15 t m. 00.00 00.30 00.10 01.14 00.58 03.08 00.80 07.74 07.70 LONDON STOCK MARKET Uncertainty Over Money Outlook Made Gilt-Edged Section Dull -London, Feb. 18. Uncertainty over the outlook for money made the irilt- oiIkocI section dull in the stock market today, ForeI(tn bond held well. The oil croup moved upward. Mexican Uasles were htrons on pool support, touching 11 and Shell Transport was quoted at'itt. The industrial section displayed strength in spots. Grand Trunk and Argentine rails were firm. Trading throughout the house vns not brisk. Southern Pacific T 3000 .... 71 South Rallwajs 4s ' Reserve Banks' Discount Rates Thi first column gives rates for all I periods up to and includinc a fifteen duy maturity, the second for a period of sixteen to ninety days. The third and fourth columns give the rates for discounts for collateral loons secured by government bonds or notes. I Com'l paper Oot. pap-r I lAtyOO 10 to 00 I II days Jays llSdnja rlas lloMon ii 11 New Tork 8 n 1'hlla'flphU .... 0 n Rlchmonl A A Cleveland ...... A 0 Atlanta A C ChlcHKO O A St Louts A I! Innpapolls n A KsnsamClty .... 0 A Dallas r. . San Francisco ... A 0 Ilates on outstandlnz certlflr.itM nr in. dehte'nesa continue unchanged nt 4" per ceni. oh m" lit" til bh -s4 .. -SV4 R4 -SH 5V4 nu "H4 511 .J4 "4 -. 1U 'Mi 1000 9009 3000 10000 6000 SOOO SOOO 1000 tooo tooo I Oooo 13000 1000 67 87 50 57 57 57 57 51 57 58 57 57 57 Arkansas Natural Gas Dividends New York, Feb. 18. The Arkansas Natural Has-(Jo. has declared all ac crued back dividends on preferred stock , amounting to $28 a share of 7'per'eeut 1 on iuu par, tor lour years on follow ing basis: Fourteen per cent is "pay- I able March 2"i to holders of record March 15, 7 per cent payable April 1 24 to holder- of record April 15 and 1 7 per cent May 25 to holders of record May 15. rrai I J8TT T"l Investment Bargains at Today's Prices Baker, Ayling & Youag 3. W. HWAIN, Jr.. Manager Land Title Dldg. Boston Philadelphia WE ANNOUNCE our removal to larsrr qunrtera In.!! 7"wHMi ITIoor of the aome bulldlni, 14tl Clieatnut fitreet. ' where our bualnras ha been 12?'?1 lnc II. eatahllslimetit. e shall be pleaaed to weleome or friend and eustomer at or new ofllre.. Frederick Peirce& Co 1421 Cho.tnut St., Phlla. Safe Investing U merc'lo matter of snowing inhere to buy your bonds. Citi 1CS OPrVlr Prt.i-1 All la an Ae Harwood Elec. 6s, 1942 Wild. Pr. Sec. 6s. 1927 Wayne Coal 6s, 1937 - wl Jfcjarf Tith BUg. Making Your Dollar Buy More Your dollar today buys less food, "clothes or shelter, but it .buys more bonds and more income. It would be necessary to go hack nearly fifty years to find an investment opportunity as remarkable as ; that offered investors today. In buying sound bonds at, present prices for lonjj time investment the investor uviil receive an unusually hign return for a period of years, arid he will benefit through the increasing purchasing power of 'his income as commodity prices decline. Wc own a large list of government, municipal, railroad and corporation bonds, which, at present market prices yield from Vz7, to s- These bonds have been subjected to our usual careful investigation and are offered to investors with our recommendation. We shall be pleased to submit circulars describing a few of these issues if you are interested. We suggeit you ask fdr Circular F-lll Harris, Forbes & Company Pins Street, Cerner William, New York Wiclener Building, Philadelphia . 1 Karri., Forbes ft Company InrrjKir.U HlM Harris Trust and Savings Bank rtond Department Chisai , ' -Ma f4 t ( Information In answer to many inquiries we have received concern ing the method of subscription for the preferred and com mon stocks of Armour Leather Company, we republish for the convenience of. "the public the following infor mation: Orders should be sent to the Continental and Commer cial Trust and Savings Bank, Chicago, or to the Bankers Trust Company, New York. State on your order the number of shares of stock you desire'(iu blocks). Initial payment of 10 is required with each order. As the books of the Company close February 25, 1920, your subscription must be received before that date. Allotments will-.be made in order of receipt of sub scription as promptly as possible after above date. The atock l offered lubject to the privilege of lubfcription to the holder of the preferred ttock of Armour and Company now outstanding; in the hand of the public. ' i 'A ' Armour Leather Company (OF DELAWARE $10,000,000 7 Cumulative Preferred Stock (Pair Value $100 per Share) $10,500,000 Common Stock (Par Value $15 per Share) Dividend on Preferred Stock payable quarterly, January 1, April 1, July 1, and October 1. Fint dividend payable April 1, 1920, will be for month of March only. Callable, a whole or in part, at the option of the Company, at 115 and accrued dividend. DIVIDENDS EXEMPT FROM NORMAL FEDERAL INCOME TAX TRANSFER AGENT: (Both Preferred' and Common Stock) Continental and Commercial Trust and Saving Bank, Chicago, 111. REGISTRAR: (Both Preferred and Common Stock) Firt Trust and Saving Bank, Chicago, III. ' The Armour Leather Company has been organized 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 gross volume of business in 1919 was approximately $90,000,900. , , CAPITALIZATION 4 " To be immediately issued and out standing $10,000,000 $1 5,000,000 tioo.ooo Authorized 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 employees and customers of the Company. -j-The 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 Hens upon the present property of either the Company or the companies whose stock the Company is about to acquire, vithout the consent of the holders of two-thirds in par value of the Preferred Stock outstanding at the time. 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. t ' 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 outstanding. 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 divi dends 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 18.3 on the Common Stock (this after deducting an equal aggre gate amoun 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 en gaged in the operation of the companies now being acquired, and who have in a large meas ure 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 Messsrs. Mayer, Meyer, Austrian and Piatt, Attorneys Chicago; Balance Sheet and Earnings certified to by Price, Waterhonse & Co., Chicago; Apprais als made by American Appraisal Co., Milwaukee. . . , , , j $100 par value, Preferred, 1 Share ( .nnn , , , Pnce-in blocks j $1Q5 par value Common ? shares J $200 per block (This is equivalent to price of $95 per share on Preferred Stock and $15 per share on the Common Stock 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 also be obtained at the various offices of Armour and Company, The Sherwin-Williams Co. Tfe CamaUtiT Firtt Preferred Slock Price 100 and Accrued Dividend WURTS, DULLES & CO. 1416 CHESTNUT STREET For jrrnrrnl englnrrrlnr work with lurxe I'uhlto Nertlro Corporation! younir man, not ovrr 30 rollrne or trchalral arlion. cruilnate irefrrrd rrry rnnil opportunity 'or nlnnc mrnt. Write, ntHlln rxprrlrnce nml approximate nalnrj ilrstrrtl. Hoi T 30, 1'ulillo I'xtr OUIce. Inter view will be arranged. Bond Salesman for Local Issue. Apply A. L. TAXIS 130 S. 15th St. I'hfla, Pa. Send for "Bond TeW P.WBKvvKSg'ftt U4COCKATB9 115 Bro4war Stock Jtieh, MKW TOK nuLxtmi V. It X e k 5 ft S 91 i v t ex : Kit I v. Hiuwinmi: h v 1 t fe A --t1--! frets' '. If, Jr , I U C i , k - "3 , r
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