.
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i
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'"sggs- Miifclf- ' ,,.. ,. '. ' ,-l-li., i-,- " i urn;".
tfeivJuM .,
' 60,000 Shares
Spicer Manufacturing Corporation
(A yirginli Corporation)
-Common Stock
(No par value)
!'
.
CAPITALIZATION
(Upon Completion of Preient Finindnt,)
Authorized
Gf0 Serial Gold Notes : $3,000,000
8 Cumulative Preferred Stock, par $100. .. . 10,000,000
Common Stock, no par value .. 600,000 shs.
Outstanding
$3,000,000
3,000,000
313,760 shs.
Tramf jinti
Guaranty Truit Company of New York
Bittimort Trust Compinj, Biltlmore, Mi.
Rflltra't
The Chile Nitlonsl llink, Kew York
Equitable Truit Company, Baltimore, M4.
Mr. C. A. Dana, President, has summarised his tetter to the Bankers as follows:
Business'. The Corporation is the largest manufacturer of universal joints and one
of ,the largest manufacturers of frames and axles. It also manufactures
springs, etc., and its product is taken by the majority of the motor car and
truck manufacturers of the United States. Plants are located at South
Plainficld, N. J., Pottstown, Reading and Wilkcs-Barre, Pa., and Detroit,
Mich.
'Management: Those who have been responsible for the success of the Spicer
Manufacturing Corporation will continue to operate the properties.
Purpose of Issue: The funds obtained from the sale of Common Stock arc for the
purpose of plant extension, working capital and general corporate needs.
Earnings: The audited profits, for the last four fiscal years, after dividends on
Preferred Stock, which would havebcen available for the 313,750 shares
ofiCommon Stock to be outstandingvcre as follows :
1916 1917 1918 1919
Net profits available for 1
Common Stock., 91,150,551.05 $1,074,877.86 $1,218,522.95 $1,373,382.43
Per share of Common Stock... $3.66 $3.42 $3.88 $4.37
Application will be made to listHhe Common Stock on the
New York Stockl Exchange.
'Legal proceedings in connection withMhis issue arc being passed upon j
. by Messrs. Bcchnan, Menken- & Griscom, New York.
A
We are receiving subscriptions for this stock, subject to allotment
Price $29 per share
Temporary Certificates willlbe reedy for dlire,ry;on or about April 7, 1910
Merrill, Lynch : Co.
120 Broadway, New York
Jr
Cassatt & Co.
Philadelphia
CHICAGO
DETROIT
LOS ANGELES
NEW YORK
PITTSBURGH
BALTIMORE
SCRANTON
AV ilattminti kt'iln art iaitJ m hftrmatitn wkici u 1 rt;arj at rtViablt, and vihiU we it ntt ruaranitt thtm tkty
lit data uptm vikuh ivt kavt relltJ in tkt purtkait eftkeit ueurititu
V
,
'4
'Foreign Trade Through Foreign Investments'
French Government
Bonds Compared
f
.
BANKERS, exporters and statesmen all realize the serious handi
cap to American business caused by the present exchange rates
on France. It is most difficult for American exporters to develop
their French business. On the other hand, manufacturers in France
seeking an American market have an unusual incentive, as they are
paid in dollars.
It is obvious that sooner or later an improvement must be effected
which will result in :
"ij 1 . A marked increase in our export business with the French.
S 2. A decided profit to Americans who have purchased French '?.
bonds at the abnormal exchange rates which have $
existed for the past six months.
While many realize that opportunities exist they have not clearly
defined in their minds the relative merits of the three principal French
loans. In order that bankers andjnvestors may have at their disposal
information which will enable them to see at a glance
The Possible Profits from
4 Loan of 1917 5 Victory Loan
5 Loan of 1920
we have prepared a chart which shows the present income in francs
and in dollars from an investment in each loan with each one cent
advance in the value of the franc from 7c to 19.3 (normal fate) and
the increased income as the franc recovers its normal value, and the
comparative profits and income at current rates for each loan. Graphics
showing the price imovements of the 5C'0 Rentes from 1798 to 1852
and the 3 Rentes from 1825 to 1920 arc included.
A copy of this chart should be in the hands of every banker, manu
facturer, exporter and investor for present and future reference.
Complimentary copy sent on request for Circular No. PL-86,
A. B. Leach & Co., Inc.
". Investment Securities
115 So. Fourth St., Philadelphia
New York
Minneapolis
Chicago
Bnltimoro
Boston
Pittsburgh
Cleveland
Buffalo
U. S. Liberty Bonds
All Issues
Bought and Sold
$50$100 $500 $1000
Graham. Parsons 3c Co.
US CHESTNUT STREET
Philadelphia
Commonwealth P. R. & L. Co.
Pfd. Div. Scrip
Portland R. L. & P. Co.
1st & Ref. Si, 1042
e-(U.eiarK0o..
JUNKERS
321 Chestnut St., Philadelphia
fltmbcri .Yeio York and rhitadthMa
Block Exchange
NEW-YORK BOND SALES
Snmmgty of InAMctaal Transaction on New York Exdianr
tSAf.EB IN II00O
From Oprntnc Until 2 V. )i (N Y. Time)
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Mexico 4a
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2 B2H
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1 734
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2.... 1004
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18 864
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''' ..-. i,,i.'L n i ' ;i" i1' "' j
Today's Range In
Liberty Bonds
N.r,
Lib Ilonds 3V2B. . . 07.00
Mb Bonds 1st 4a.. 01.20
I.lb Ilond 2d 4s. . . 80.C0
Mb Ilonds 1st 4 Us 01.40
Mb Ilonds 2d 4Mb. 80.78
Mb Ilonds 3d 4Us. 03.00
Lib Bonds 4th A 80.02
Victory Notes .l-lis 07.00
Victory Notes 4s 07.00
Low
0(1.02
01.00
80.50
01.20
80.70
02.80
80.80
07.81
07.80
time
i:is
p. m.
00.00
01.02
80.50
01.40
70.74
02.02
80.00
07.80
07.82
a. .
10 .
20.
13 .
i .
3 .
Imp
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in
4 .
in .
in.
in.
b .
4.
8 .
10 .
B. .
IB..
10 .
70 4
.. 704,
.. 704
.. 704
.. 704
.. 704
.. 704
.. 704
.. 704
. 70V
Uv 2nd
.. 704
.. 70
.. 704
.. 704
.. 704
.. 704
.. 70
.. 78J
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.. HB4
.. 0A
. 6B 4
., AS",
.. 8A
.. 034
.. HB
... 0AI,
.. (IB 4
.. 0A4
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.. 054
1 854
4.. .. 65l
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4 P04
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In Mat ct 44a
1 in
Inter Met 44.
2 in
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Inter Rap T fd
1 ASK
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10 B6
1 .... A64
1 .... A34
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A 424
a.. .. 42
Kan C Ft 8 A
Memp 4a
1. ... 08
K City So 3t
I A4
Kan C A 8 Si
6.. .. BO
Kan C T'm 4a
A 70S
3 . . 704
I. 8 M 8 4.31
1 824
I. Gaa Co of
St Loula Aa
1 .... 77
I.ehl(h Val 4i
1 71
Uhleh V 4 4a
I . ....80
Uhlsti Val Ol
1.... 100
1. 100
Lex A Kaat 6a
3 83
3.. ,. 834
Llxt A M Bi
0.. .. 804
L A Myera 7
1 ... 1074
1 .. 10T
Lorlllard C Ba
B... . 84
1 834
Umle A N 4i
3.. .. 804
I. A N Mono 4i
1 63
Manhat'n IS 4a
2 60S
2. . .. Ba,
1 67
M 8 Tel Co 6
1 .. . 854
Mid 8 A O 6i
1 814
B 82
1.. .. 82
1 . ... 82
8 82
1 82
Minn A Stt. fd
1 A0
M 81 P A Saull
Maria Ry 4a
B 77i
4. ... 774
Mo Pao Ba '23
3 87
Mo Pao Ba '66
1 .. . 704
1 70
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N J Ba
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. . 85
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02
034
R 4a
2 784
3.. .. 784
3 78S
2 784
3 784
2... . 784
Rep I A 8 6a
2... . 884
Rep'o of Cuba
6a of '04
1 004
R Gd W clt 4a
1 404
2... . 404
R I A A U 44
024
024
024
024
024
024
024
024
A P
1..
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li".
1
1
2
1
San A t
Rly 4
1..... B74
20 684
Saxon M Car
Corp Ba
3.. .. 844
Seab'd A 1. aj
1. ... 874
22. ... 37 4
10 .. . 374
2 . 374
Seabd A I. fd
1. ... 40
St L A S H aj
2 00 4
1 . 60S
8 ... 01
3 . .. 01
2 . .. 014
SI U 8 K In
LOCAL MINING 8TOCKS
TONOPAH STOCKS
ma
Caah Boy 00
Jim Iiutler 22
MarNamara, 4
Mlduay , 14
Mlzpah Extension 12
Montana. II
North Star 08
lieacue Etiln 21
Tonopah Extenalon 2
vttit r.na 14
'ft eit Tonopah 00
DIVIDB STOCKS
Allied Divide 02
Alto Divide 07
Helcher , 09
Ben Hur '. 03
IlrouEh Divide 4
rll1e Extenalon 4
DIvlda Syndicate 02
Divide Con .-. 03
DUIdend 10
Eait Dlvldi (13
llaabrouok Dhlde 03
Hlxh D'vlde 02
Revert Divide 13
Reno Divide 02
Roaetta 08
Silver Kln o
Tonopah DUlde 24
Tonopah Hoabrouck 10
Victory Divide n .08
Verde Dlvld 07
Zone 17
OOLDFIELD STOCKS
Atlanta 02
Blue Bull 02
Booth 04
cod :.;..:;;;: .02
Combination Traction 03
Crnckcrjack in
piamondfleld B B Ol
Dalay 02
Florence jjj
Golddeld Cona i"
Ooldfleld Merser 03
Gold Development On
Oreat Rend 02
Jumbo Eftenalon OS
ivewanaa 03
Lone Star no
.01
Oro
Red Ttllla
SlUer Pick
.04
2.
4.
1 .
3..
10..
18..
10..
20..
1..
2 .
10.. .
Stt. A
Sarlea A
1
404
464
404
484
4ft
4A4
40
484
84
404
404
464
San P
1...,
3 ..
t...
5
1
1 . .
1
1 . .
Stt. A
Serlea C
1
1.. ..
A74
A74
B8
A8
A7j
AS
AS
AS
68
San F
Aik
.11
.2
..H
.1.1
.13
.on
.23
24
2
.08
.04
.00
.11
It
.01
.01
.in
.05
.05
.04
.20
.04
.05
.00
.IB
.00
.10
.20
.04
.03
.0(1
.04
.04
.17
.02
.03
.811
.14
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.11
.03
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.06
.0
.02
.01
.20
.07
1 Ti
.20
.A.,"4
.(!
.2.1
. .20
14
.12
.18
NEW YORK COFFEE MARKET
. New York, April O.-Tbe coffee mar
ket opened unchanged, with business
virtually conBned to n couple lots of
December, which sold at 14.4Rc.
Hlsht nfter the call July sold at 14.70c.
or 2 points nbovc last night's closing
quotation, rose to 14.81c and then drop
ped back to 14.70c by midday.
Trading was dull and featureless and,
whilp there wns a moderate trade de
mand for July, nthar positions were
more or less neglected.
The local spot market was reported
quiet. Trade firms state that cofTee
sold to tho country remains on the docks
or in warehouses, it being impossible
to make shipments.
. . .11 m.
Teat clone Opn (N. T. time)
May 14.BAA8 14.B3W70 .....
Julv . . . 14.77070 14.764970 14.70
Sept 14.6B?Bfl 14.60B60 14.60053
Dec 14,48040 14.46060
DIVIDENDS DECLARED
Consolidated Coal Co , quarterly tl.BO
pavable April 30 to atock of record April 20
Miami Copper Co,, quarterly 50 centa a
ahare payable May 13 to atock of record
May 1. '
8anta Cecelia Susar Co . quarterly 25
ccnte a ihare on common and quarterly 14
per cent on preferred, both pttble May 1
to atork of record April 25,
FarJardo Sugar Co.. quarterlv cf $2 B0,
rayable May t to itnck of record April 20
Atchlaon. Topeka and Sante Fo Railway,
quarterly of $1,60 on rommon, payable June
1 to atock ot record April 30.
Spearhead ;o3
MISCELLANEOUS
Amparo 14
Arizona United 15
Edn t
Mother Lode 50 '
Nevada Hill 02
Nevada Rand 20
Nevada Wonder 1.1
Promontarlo 14
Tecopa M'nlnc on
White Capa 14
83 4
8.1 4
2 . S34
Stl, A S W cu
1 . BB
St L 3 W tit
3 .. 62 S
So Pao Term
1 ... 70S
1 .. 70-.
3'n Pac cv 4a
0 78
1 . 78
S'n Pao cv Bi
3 1014
4 ... 1014
1 . 1014
Sou'n Rlya 4a
1 . .67 4
1 . A7 4
Sou'n Rlya Aa
1 .... 884
roxaa Co 6a
4.. . 104 4
Third Av R 4i
2 . .. 474
0 KO BI '21
0 .... S34
4 . r. 0.14 I
1 034 I ?
8 . . U34 1 Jg
I' . I'U'l
3
1 03S
U K O B A 1
rcta '22
1.. .03
1 .. 034
3. . aa
a . 024
1 . 03
1 024
10 . fi4
0 . . 034
tiKonti
French
Victory
Loan 5s
A purchase of these
bonds would cost
American investors
about $62.50 per 1000
francs. If they should
sell at par and ex
change return to nor
mal a profit of over
200 would be realised.
Circular E-70 on request
3handler& Company
Franklin Bank Bldg.
Philadelphia
New York
New Han
Boiton
Baltimore
WHY no investor has, ever
lost a dollm of principal
or interest on any security
bought of S W. Straus &Cp.
1 H
.
'f
" Pay-as-you-go
99
Every first mortgage bond issue, safeguarded under , the Strata
Plan must be paid from the current earnings of the mortgaged
property on a ''pay-as-you-go" basis. Every year, from its earn
ings, the borrowing corporation must make twelve equal monthly
deposits amounting to enough 'to pay off about one-twentieth of the
bonds and also to meet both semi-annual interest payments. For
example
A $1,000,000 6 bond issue, maturing serially in two to twenty
' years, about $50,000 of the bonds being paid on each year. In
1921 will be due $50,000 ih principal and $60,000 interest, a total
of $110,000. To meet this annual prior Hen on its earnings, the
borrowing corporation must deposit each month one-twelfth
of this sum, or $9,166.66.
This provision makes it the first business of the borrowing cor
poration to pay off the bonded debt, assures the prompt application
of the earnings to the payment of the bonds, prevents the diversion
of the profits to other uses, and keeps us in closest touch with tho
affairs of the borrowing corporation month by month.
Every first mortgage 6 bond issue in our current offerings is
safeguarded by trie system of serial payments and monthly de
posits. Write for descriptive booklet covering these bonds. Ask for
CIRCULAR NO. Q-313
S.WSTRAUS J& GO.
ESTABLISHED 1882 INCORPORATED
f STOCK EXCHANGE BUILDING, PHILADELPHIA
Joseph H. Rubin, Resident Manager.
NEW TOKK CLEVELAND BUFFALO SAN FRANCISCO
CHICAGO BOSTON MINNEAPOLIS MILWAUKEE
DETB.OIT WASHINGTON PITTSBURGH INDIANAPOLIS
Thirty-eight years without loss to any investor
United Hosiery Mills Corporation
7 Cumulative Preferred Stock
(Par Value of Shares $100)
.. Authorized and Outstanding $1,000,000
Preferred at to Assets and Dividends
Dividend! payahl quarterly. Starch. Jane. September and December lit. Redeemable at a whale, er In part,
at the option of the Company, at 105 and accrued dividend, on thirty day' notice, -
FREE FROM PRESENT NORMAL FEDERAL INCOME TAX
For information concerning thii if urn iv prmunt tho following wumrnarixod from tho
Utter of Mr. C. H. Miller, Preiident of the Corporation t
Property and Business The Company, which manufactures the well-known "BUS-
TER BROWN" hosiery, has been In successful operation for over fifteen years and
its hosiery mills arc now among the largest and most complete in the South.
Security With the exception of $110,000 bonds, against which" collateral security has
been deposited, the Company has no mortgages or lien outstanding and none can
be placed upon its properties, nor can any additional preferred stock be issued
without the consent of the holders of 75 per cent of the preferred stock.
Assets After giving effect to the present financing, the balance sheet will show nejt
current nssots of $338 per share and net tangible assets of $476 per share for the
Preferred Stock. Fixed assets have been appraised at $1,9761490.00, or about $200
a share for the Preferred Stock, and the Company agrees to maintain net quick
assets of $125.00 per share, in effect a total of $325.00 per share to be maintained.
Earnings The average earnings of the Corporation for the past ten years were
$269,924.00, or three and one-half times the dividend requirements on the Preferred
Stock. The net earnings for the year 1919 were $773,356.99 (before paying Fed
eral Income Tax) or ten times dividend requirements on Preferred Stock. The
Corporation has from its inception maintained a very liberal policy in the matter
of depreciation, maintenance and allowances for new construction.
Sinking Fund A Sinking Fund is provided amounting to $20,000 in 1921 and 1922
and $40,000 in each year thereafter, which should retire the entire issue in twenty
six years. ' " "
; A substantial amount of this imsue hncinn
plated, ue otter the unsold balance.
been
Price $97.00 and Accrued Dividends to Net 7.22
HARRISON COMPANY
BANKERS
106 SOUTH FOURTH STREET
PHILADELPHIA
TRUST COMPANY OF
GEORGIA
ATLANTA, GEORGIA
In the purchase of the securities offered here.
VTe regard It as reliable, and all statements In
HAMILTON TRUST &
SAVINGS BANK
CHATTANOOOA, TENNESSEE
we have apU upon information offlolally furnished n
this advertisement: are based on this information.
otaoc
30EIOE
II
German Marks and Securities
Hpeelal Mrctlnnn
A Hr-ECIAI. MKKTINO OK TUB
fltnrWhflMAra nt l'nlnn Tatlj.n ft.-
II 'i 7l.. V.Zl. :'m"V."r:,,"-.vv?'"
Mil pany oi -niiBanpnii win p neia ei me
Pny. S10 Dtuphln utreet, Philadelphia, on
Monday, April 26, 10:0. at 12 o'clock noon,
to conalder and take action upon the foU
lowln matter:
I. The Question of srantlnt tnla Com
pany's asiant to the consolidation and ex
tanalen of the Philadelphia Hapld Transit
Company Equipment Trust Itaaej, serlea A.
aeries U and serial C, ae nsll as the en-
larccment thertnt by brlnitlnr under the
conaouaaiea
ret of S9
1
10 ..
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S...
1...
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3. .'
1. .
ft. .
ft .
TS
00',
T8'i
00',
B0,
no'-i
(ioh
nnu
no;
oo ,
to
00'.
trma at the nropoaed conaolldatrf !-.
certain rollinc stock which la not now under
any laase,
s. ine question oi araniin ini company'
aaaent to th sale and delivery of the rolling-1
atock which is to be the subject-matter of
inn prupusru iajiiuuu.itu iraaw, ana me ilk
Inr nf a lease of all of the Bald rollinc atock
by Philadelphia Itapld Transit Company aa
the bails for an Ijsua of not more than
it.000 000 EqUlpmsnt Trust Cartlncatea.
S, The question ot the release by Union
Traction Company of Philadelphia of any
Hen or Intrreat In all the above-mentioned
rolllnr stock which Union Traction Com
pany nf Phlltdilphla may have,
4, Such other and further mattera In any
way Incidental to or connected with thom
above mentioned as may be brought before
in" aaiu nnfiina.
By order of th
he Board of nlrertnr
J
ARTICLES
in the April
SPECIAL
appearing
3rd issue:
Which la the beet Cane-
Sui-ar Stock?
The pisltlon . of rhlcato.
Milwaukee A Ht. Paul.
What to do with D. A O.
Railroad BtockT
An Interview with President
of naldwln Uocomottv.
What la th Truth about
Italy?
Regular Features in
Erery Issue.
Securities not recommended
and why. ,
Current Htock offerings.
Some Dividend Paer.
Interaatlns Market Statistics.
The Trade Outlook.
Mow to tnvesi.
Home Bulldlnp.
quiries.
Answer to Investment In-
poaltlon ot Chins
The position or rhlraco.
The Bolutton of Credit HtrTn-
cency.
3oeaoc in opoa ,0001 -o
n
o
as an Investment
For tho first time in any American publication there appears an
article comprehensively describing the most important German Munici
pal, Banking and Industrial Stocks and Bonds. x
This timely article appears in the April 3rd Number of
THE MAGAZINE OF WALL STREET
Published for a Nation of Intelligent Investors
how what affan -n
answer many question
"", in ueruian
ad
or
Marki
.fkWasaass! ,o ',,ryon who h" in","d- o?uflu:8sxBs
n
invest, in Ueruian S".
I. I an Vetltution wW.7 'on."dVnnlU 'puVpoT.". W?,!ft PI '"!"
and Investment condition, of the whole coSSiry it'nW.V. bfu,'"". etonoinia Tkt
estln- and easily understood form, It ilm.To -fjLpfM"i" .? Jn an Inttr- u... .L
"''Sffnfcr-r'ffi.
FREE SPECIAL OFFER-?;
. . e.v:?'.?' "ft. coupon and
A &'A subscription to the i
19.00 for a j tar is Issues.
free
ror
or
nlll avnrf thU
April 8rd number
mall la us With II nv
next S Isiucs followlar.
tnm fret
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I... -rMI !'! IIMMIfira,
nrlna tl Ca m .i
ubacrliufon,
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Uo Pao cm 4
0lTJt t t t m t f
1...1. 664
i
li. IIAI.I.MAN,
Assistant Secretary,
IE
301
lonoi
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