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.ipjIjpR MOffP&Y, JUNE- 14, iy
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""T" $2,000,000
Shaffer Oil and Refining Co.
Secured 7 Convertible Sinking Fund Gold Notes.
Dated June 1, 1920 Due June 1, 1923 ' To be Authorised and hiued $2,000,000
.-(n.u?Jit"iJ'i5L,J."-r ." .rrlnclpal In dnamlntloni nt MOO. R0o n4 11,009. Inlret prbl jfun 1
;SdiPS5v?b?,rLin..NfS J6! .Chl?. without Uftuctlen of any Normal rdrl Ineom Tx up to a. dalibt
at fooH nT mtereVt. "'" Murine the tlrat year, 101 and Intercit durlnt ths second year, and thereafter
PENNSYLVANIA FOUR MILLS TAX REFUNDED
- Note Convertible Into Bondi Negotiable Stock Warrant
Convertible at the option of the holder will accompany each Note, entitling the
at par and accrued Interest Into Flrgt purchase of Shaffer Common Stock In
Mortgage Convertible 6 Sinking Fund even share lots, any time prior to June 1,
Gold Bonds, due June 1, 1929, at aV 1923. on the basis of iy shares for each
and accrued Interest. $1,000 Note, or $66 2-3 per share.
0
ILLINOIS TRUST AND SAVINGS BANK, CHICAGO, TRUSTEE
We summarize in fart from letter of Mr. Arthur S. Huey, nee-President "of Shaffer
Oil and Refining Company, as follows:
PROPERTIES include 255,797 acres of leases With 458 producing well on 8,717 proven
acres; present daily settled production of over 4,000 barrels and over 2,000 barrels
additional production brought in June 1 ; a modern refinery 1 with a daily capacity of
6,000 barrels; 633 steel tank cars; twenty-five 55,000 bbl. steel storage tanks; over
177 miles of pipe lines and gathering lire; marketing organization including 173
retail distributing stations.
SECURITY: Notes will be secured by $3,000,000 of Company's 6 First Mortgage
Bonds which are a first lien, direct or through deposit of collateral, on the entire
system of oil properties, having a value estimated in excess of twice the total funded
debt of the Company,, including this issue of Notes.
SINKING FUND, operating semi-annually, commencing December 1, 1920, will pro
vide $1,000,000 cash for retirement of Notes before maturity. To provide this
cash pledged Bonds may be tendered to or retired by the Bond Sinking Fund.
NET EARNINGS from operations for the 12 months ended April 30, 1920,' were
$3,742,469 or nearly 4 times total annual interest charges on Bonds and these
Notes leaving $2,948,031 available for Federal Taxes, Depreciation, Dividends, etc.
When, as and if issued and received by us, and subject to approval of counsel
Price 9738 and Interest to Yield 8
'''
.?
.'
Montgomery & Co.
Philadelphia-New York-Chicago
H. M. Byllesby & Co., Inc.
New York-Chicago-Providence-Boston
Illinois Trust and Savings Bank Fort Dearborn National Bank
Chicago Chicago
The Merchants Loan and Trust Company -
Chicago 4
This information and these ttatMlen are not auarantied, but
have teen obtained from sources we believe to be accurate,
.&.
f-
m
Petroleum
.2ar
is a priceless resource, for it can never be replaced.
It has taken ages for nature to distill it in her sub
terranean laboratory. To industry, agriculture,
commerce and the pleasures of life petroleum is
now essential. (Secretary of the Interior Franklin
K. Lane, in a recent report.)
Gasoline is petroleum's richest by-product. Im
proved methods now, enable refiners to produce
three and one-third times the amount of gasoline
that was obtained in 1909 from the same quantity
of raw material. During the same period the num
ber of automobiles in use has increased fifteen times.
The three hundred or more other refined products
of petroleum have grown in demand until we have
reached the point where we are consuming more oQ
than we produce.
The premier oil companies of today stand among
the largest and most substantial corporations in the
world. They have combined production, transpor
tation, refining and marketing in a natural sequence
that is the logic of economy of operation. Their
remarkable growth is a proof of their soundness
and the opportunity they afford for
Safe
65 Broadway,
New York, N. Y.
Profitable
Send for Farther Information
Frazier&G).
Broad and Sansom Streets,
Philadelphia, Pa.
Investments
a)
19' South Street,
Baltimore, Md.
PltUburgh, Pa.
Wilkei-Barre, Pa..
Waihinrton, D. C.
Lebanon, Pa.
Activity Daforred Until the Chi
cago Convention Decided on
Standard-Bearer
The return of confidence in the
flnanclai dUtrlct) rupfclally in broker'
offices, wh'rh mnt h anlil a linvfl hud
Itn beiclnninx on Krldsy lat, Continued
throughout the hlf RMflon on flatur
nay, but the event In Chicago which
are no uncertain at this writing-, pre
clude the possibility of anrprophecy an
to what mar or may not happen at
the opening thin morning.
A broker Raid he looked for a con
tinuation of condition a they are for
the last few days, with a marked up
ward trend, on the afinumptlon that no
radical will be nominated by the con
vention, but he added, no one knows
what conventions may do.
It is Mirprlilng. remarked a broker
that railroad (docks don't show mors
Ktrcngth than they are doing now.
Kvery one, he said, is convinced that at
last the railroads are going to have a
square deal at the hands of the Inter
state Commerce Commission. He said
thn onlv war hi poulil account for
their heaviness at prejientl the reflex
effect of thn cuttlns of the Chicago,
Northwestern dividends by the directors
a few days ago. Then, he said, people
have viewed the Industrial stocks gal
vanized into life during the last week,
while the rails did not respond and
the result was several Investors dumped
their holdings on the market. This
broker said that in the face of all that
he Is bullish on rails and will continue
to be so till something not now evident
changes his opinion.
Below are opinions of financiers and
financial institutions on current events
which have a bearing on present finan
cial conditions:
Com Exchange National Bank,
Philadelphia "Suppose you were
studying In a strange land. V ould not
your impression of that country be
derived from your contact with them
as individuals? As a rule Americans
are very provincial. Wc lack con
sideration for the foreigner's point of
view. The proposition Is not by any
means an altruistic one. We should
make these foreign students feel at
home. That Is a Christian duty, but
It is also good business. In many cases
foreign students have returned home
with a rather bitter and false impres
sion of Americans and American Ideals.
AnH hA fnrolirn ktniTrnts. moreover.
are usually men of Influence in their
own countries. Their countrymen learn
of America through them. It behooves
us to see to it that they have nothing
but good to say about us,
Here is an illustration of the ma
terial benefits. A wealthy, Japanese
student, who attended the University
of I'ennsyvanla years ago. only recently
5P I
placed an order of .$2,000,000 In the
Pittsburgh 'district. 'Morp than that,
the Ideals that Japanese absorbed have
led to his endowment of a college in
.Topan M-hleh is a regular distributing
Center for American Ideas, methods and
,1 ...111 'IT,., I.tmntu WAS thrOWU
into contact with the right people. But
unrortunately his case wan i
tlonal."
auimnly Trust Co., N. Y. The
mark(J decline foreign trade values
for AprlU with a relative gain for Im
ports, the strlngenev In domestic rreilit
due to transportation difficulties, tlie
....i .1.. ...l- f toll rvrlCPS in
clothing und in a limited number of
. itn.. it.. ..MAAUln ntlil .
commodities nni ine uhwi
. 4t.. nji,. .n.,nPta nf rrnno
mlc, hocIuI and military disturbances
throughout parts of Europe nave oil
combined to cause n certain ncsitoncj
among ImsinesH men to commit n
--I..-.. .. . ... 1 .Imm..a rtartlPlllHrlV
oversea, t'nfortunately, this tendency
is at timeH carried so iar a i "
the constructive forces acting ;inder
the surface and accomplishing ajiun
damcntal improvement.
Chandler Uros. Co. Tbe "pad
fler" was applied two or .three times
the past week uhen there seemed to be
a "budding" instinct in the market
which, unless Immediately checked,
might lead forth toward an advance
movement Then 10 per cent was bid
for call money and prices naturally de
cllned. after which money dropped
quietly, with 0 per cent puld and with
warning signals attached to the mone
post. One of tile old standard bearer"
of the stock market which for fifty
jears 1ms utorxl for all that was up
right and honorable In their manage
ment, had to reduce their dividend rates,
thus causing a 10 per cent decline In
Dotn the common ana prciurjvu "
of Chicago and Northwestern. Thev
could stand practically every grievance
and still weather the gale until gov
ernment railroad control and govern
ment supported labor and government
..H..n..i .tM mni n..rA nnnilen over
ruilliuimi laiu tavjio . .. --..- --
for them to carry and this was too much
so that the market nas iosi -sra P"
cent to 10 per cent of whatever gains ll
made last week.
Jbncn A Baker With investors and
traders displaying to much interest In
the course of events at Chicago nnd
with the future market trend depending
so largely on tho presidential choice,
nothing but dullness was to be expected.
Recalling the spectacular bull markets
of other election years, nnd particularly
the one of 1010, It Is easy to understand
why so many students of security
trends foresee another bulge once the
nominees arc known nnd the presiden
tial campaign gets under way.
Henrv L,. Doherty Co. Within the
last week or so there bus been some
what noticeable improvement in the
trend of prices of corporation bonds.
While there have been no sharp ad
vAnces, the general bond list, including
bonds and industrials, has shown a dis
tinct upward tendency which lends cloe
students of the Investment market to pre
diet that the lowest prices In fixed in
come bearing securities have been seen
and while there may be for some time n
rather irregular mnrket in this class of
securities there should be a gradual re
turn to much higher prices. The change
Is attributed to the lowering of com
modlty prices and the consequent in
creased purchasing power of the dollar
While this movement has not been ex
tensive ns yet, It is Itio opinion of many
leading financiers that the peuk 'of, high
commodity prices was reached some
weeks ngc and that conditions will not
again change to reverse the trend
toward more normal commodity prices
and n progressive increase in the pur
chasing power of the dollar.
WANTS A' MODERN MOSES
High School Speaker Appeals to
Graduates to "Make Good"
nA,..A...M fn .Intin 1.1 - Till
alumni chapel nt the Hill School wits
crowded yesterday' 'Hie liacciiliiureiue
sermon was preached to the elaas u
11)20 bv Bishop IMwin II Hughes, of
the Methodist Episcopal Church.
HimIioii l.,ighes pointed out mat ixhi
when lie has a great tak for a iniin'
picks out a, learned man Moses. In
the Old Testament, nud Ht. Paul, ill
the New Testament, were both learned
men, but they were nlso (iod-fcuring
men (ieorge Washington und Abra
ham Lincoln were nlo lenincd men and
thev were chosen of !od to do n great
wink' The world tmluj. the bishop
Hftld. needs n man of the Moses type to
lead it out of the wildernisx of unrest
and uncertnlntj The graduates were
urged to lead lives of -ervlcc directed
by the teachings of Almighty (5od
The baicnluureute sermon to the
Pottstowu High School graduates was
preached jesterda bv the Itev. J H
Smith in TrinlJ Kefoiined Church
"fti
DETECTIVE IS BETTER ,
Man Found With Bullet Wound May
Have Shot Himself ,
Albert Neltx, twentj two jears ol,
of. 41 Mnple street, a vice squad lift
tectlve, found early Sunday morning'
unconscious In front of a drug store at
Eleventh and Vine streets, with n but- .
let wound In the nhdomru, In reported
lo be much liettet' todnv at the IlahtlS-
I matin Hospital i y
Seitr. declared lit- lind lieen sliot trotn
across the street, but Detective BelslutV
found hums on the abdomen, one cart
ridge short In the detective's nutnmntlc
and the empt shell near where he AVa
It Itn' ll lu tlimltrlit lui skltlm, vlint Mm.
self by accident or intciitlouall.t
CANARD, SAYS COOUDGE
Afraid. His Landlord Will See' $35
Rental Report
Boston, .lull" t I Covcriior Coolldge,
as he was greeti il hj newspapermen
ycHtcttln.t morning mnde u whimsical''
complaint of n "l.itrincnl published In
a local paper flint lie paid S.'l." u month
rent for his half house In Northamp
ton, where as he Hi-t Hill K pins .ri2.
He said if the landlord slmuld happen
to see the storj the lent might be
raised to oriespond and that, the gov
ernor declared he did not want o
happen
wmwmwMM rair:
iwrpnaiiT-Hsyig
aEE3SaLS3LX22XX3H
What's Canada
Doihg
industrially and financially?
An indication of how sound and pros
perous things are in the Dominion
and how attractive the Canadian In
vestment market is to Americans is
given in our latest issue of Investment
Items. .
It's well worth your reading if you have,
or expect to have, Canadian businesstor
financial interests. Write and get a
copy now. Address: M
AGENCY OF
Royal Securities
CORPORATION
(CANADA)
LIMITED
NEW YORK
.
E 165 BROADWAY
ElmjiJuJrM.ii..xuujAU.jt.Lmu,uujLiaM
V tf "';
The
ear Tire & Rubber Co.
of Akron, Ohio
$20,000,000 Par Value
7 Cumulative Preferred Stock
Par Value $100
$10,000,000 Par Value
Common Stock
Par Value $100
Offered in blocks ( 2 shares Preferred )
of three shares ( 1 share Common
for $300
OuUttndlnc
$46,844,100
51,890,000
Stock exempt from the General Property Tax under the Laws of Ohio
Dividends exempt from the Normal Federal Income Tax
CAPITALIZATION
Reflecting capitalization of-a portion of the surplus on recent declaration
of stock dividend of 150, but without giving effect to present financing
Authorized
Seven Per Cent Cumulative Preferred Stock (this issue) . $100,000,000
Common Stock . . ' 100,000,000
NO BONDS
A letter from Mr. F, A. Seiberling.
President, is summarized as follows:
ASSETS AND BUSINESS: The total net assets of the company from the balance sheet as of April 30,
1920,amounted to more than $1 15,000,000. The Good Will, Patents, Trade Rights and Trade-names are capi
talized at $1.00 although the Management believe that this is the most valuable asset of the Company. In
addition to having o sound value of $122 back of each share of common stock, purchasers will have also
their pro rata share of the Company's Good Will. Business for the six months to May J, 1920, exceeded
that of the preceding fiscal year for the same period by 59 3. An estimate based on six months'
operation indicates net earnings for fiscal year ending Oct. 30. 1920. approximating.$30,000,000. Total busi
ness forthifl year will approximate $2 25,00p,000 as compared with $168,000,000 in the preceding fiscal year.
PREFERRED RESTRICTIONS: The Preferred Stock is safeguarded by restrictions which include pro
visions for the maintenance of assets, for the annual retirement of a portion of the issue and against the
creatidn of a mortgage or lien on the assets.
RECORD OF COMMON STOCK: Earnings for past twelve years applicable to common stock after payment
of preferred dividends have exceeded an average of 54 per annum on common stock outstanding. Since
1908 cash dividends of 12 have been paid each year on the common stock and in addition stock dividends
have been paid as follows: 1908, 100; 1909, 100; 1911, 100; 1913, 20; 1915, 100, 1920, 150.
POSITION OF COMPANY: (1) Producing approximately 20 of total automobile tire business of
country. (2) Producing largest single volume of pneumatic truck tires, also one of the largest outputs of solid
truck tires, both in extensive demand in industrial and agricultural fields. '3; Producing mechanical goods,
such as power transmission belts, also packing, hose nnd valves' now in rapidly increasing demand in the
fields mentioned. (4) Producing Neohn soles and Wingfoot rubber heels, widely distributed by the shoe trade.
A
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We are offering the unsold portion of this stock
m blocks of J 2 shares Preferred ) d?Off
three shares 1 share Common f IvJl pjJj
BORTON & BORTON
Investment Securities
Leader Building, CLEVELAND
Orders may be placed through your own bank or dealer
TbtMormttion contained in thie advertisement obtained from loureaa
w beliert) to be reliable, etthough wo rfo not iuosAnteet it eccurecr
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