, .,-K
?$
tf '
r'j ,'j
: "
v
K
.r
v.
v.
:f4
y,
to v ?,nA ' "v
A,
V
' ..
GEO.A.HUHN&SONS
mew ironic offich
11 nreadwar. New York
lEvfesraor
t-ti. ft- - ... ;,n .y -v.
ItiEDaSiPmLAEitPHIA, FRIBTAt, JULY 0, 1920
lfc
Northern Indians
rmsirer
A Kleelrle S. 10291
la
Oil A Kefln
ense. I-UM A Power Company 6s
lirhan fins
r.mpire tint
tlOYfrnment
)inn
Ileflnlnc Company 6, luzo
'. i
n (Ins Co. of Philadelphia 6s, 108
tins iSifl Co. I'oll. Trnst fls, 1020
ent of nWltxrrlnnd. lO-Vr-. Be. 1040
lijtndelrtila rtanld Trnn.lt
null
nil
DM
Co.... 6s, 10.17
Rwltrjr
llrond
nPaeine Rnllrond Kanlpmrn
idlnn National Railway Knnl
11
7.. (ll.
f 'nnarililti NatlAfial ttlt irj.nln . in.it
S V.cttlr" R'Jlt Co. IVitiln. 7. flerlnl
Virginia Railway Power .Company Bs, 1034
Samuel K. Phillips & Co.
Members 'rhllndelnhla Htoek Krhans
807 CIIKSTNUT ST.
New Issue
. $725,000
.v School District of the
City of Bethlehem, Pa.
$y2 Bonds
Free of Pennsylvania State Tax
Exempt From Federal Income Tax
MATURITIES
120,000, June 1. 1925
20.000. ' " 1930
120.000. " " 1935
120,000. June 1, 1940
120,000. " " 1945
125.000. " " 1950
Prices to return about 5.20
M. M. FREEMAN &
421 Chestnut St.
Philadelphia
CO. FRAZIER & CO.
Broad and Sansom SU.
Philadelphia
CS Broadway. N. Y.
MONTGOMERY & CO.
133 So. 4th St.. Phllade phla
14 Wall St., N. Y.
pr?v.ijar.n?3fa
Brokers Salesmen
To Sell on Commission
Chemicals Aluminum Waro
Perfumes Essential Oils
Tinsel Leather Waro; other
FRENCH and GERMAN
PRODUCTS
for large American importing
house. Only those experienced
and specializing in certain defi
nite lines need apply. State fully
products desired to handle, expe
rience and references.
n ltG. LEDGER OFFICE.
NEW YORK BOND SALES
GERMAN CITY BONDS
JAPANESE GOV'T BONDS
Prices and complete In
formation cheerfully given,
NEWBURGER,
HENDERSON & L0EB
ftfembers New York and
Philadelphia Slock Exchanges
1410 Chestnut St.
. f-
WILL BUY
Pacific Fruit Express
Equip. 76
AM. DATES
CHARLES FEARON & CO.
333 Chestnut St
Amer Smell
A nen-a- on
8 7TS
0 77
Amerl'n Tel
Tel'dt
1 78
a. .j.. 70
X Tel Tel Be
1
:.... 78
"1 W
A Tel Tel Ci
1...T. 03
I .... naw
4 .'... 3
1. ... 0SH
J. ..." 03
l..f. Ml
American To
bacco CojOs
2... 03
Amcr writing
r3r.r..T4
An-Krench Be
SALES IK $100n
Arizona 4a
r. 71
Atch Topeka
n re s
T
Opportunlty for parties with S1000 to
S6000 to Join syndlcnte for new IiIkIi
Itrnde motorcar (lint will Rive 40
more mileage on gasoline, 80 muni
horsepower. Approved by expert
engineer.
O. 11. 1.ANH1NOKU ft CO.
1BS4 Clieiitniit Street
00 U
no n
00 0
O0M
00 0
00 u
00 V4
00 V4
no n
00 0
onw
oo o
oo w
00 0
00 H
00 J
00 0
no o
oo p
no o
oo 14
00 u
io oo o
10 00 0
Ann Arbor n
n Co 4
1 40
Armour 4t4
10..
35..
IB..
1..
SB..
30..
1..
1..
20..
3..
It..
SB..
4..
8..
12A..
4...
8...
8...
SO....
8...
B...
1...
8...
8...
1...
12.?.
3...
78 U
7BH
7BH
78 U
1KU
78H
78 Vi
78 u
7BW
10..
1..
2..
3..
1..
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J..
1.
72
71
71
72
71
72
72
72
71T4
Atch Topeka A
8 Fe aja
2 0i
3 04
2 04
B 04
Atlantic Coait
Line clt
8 024
3 02U
2 02
2 02U
3 02
Atlantic Coait
L. rcta 7a
07 K
0JV4
07
07N
07 ,
07
07
OS
IIS
08
a
s
10...
s...
3...
3.
::
0...
10...
uat b unio cv
8 88
1 88
1 B8
1 88
2 68 V.
Halt & O 3i
u 78 H
1 78
1 7HU
Dalt L Ohio 4..
1 R8,
1 B8
1 B8
2 8M
1 r,8'4
Dalt & Ohio Us
IB.
0.
0..
2..
2..
4..
2..
84
84
8.1
88
85
85
85
85
80
UlOFIlQ
1WV18II
8 B8u
8 B3U
Dethla'm Oteel
Corp'n fa
1 78
Dethle'm Steel
Corp'n let
2 78V4
Dethle'm Bteel
Cn Si '80
3 78
Uric nap Tran
7 ct ata
6 83
Buffalo n'r tc
I'lttab'h 4 Ha
2 72
Canada B'n 8s
1 77
Cent ot Qa 6a
2 88
Cent'l Pac lt
1 . . . 00
2...:l 0874
Cent'l n n of
New J Bi
3 03
Chea'k & O cv
8 7B
C & Ohio 4a
4 74
C & O CV 4
0..... 71
1 72
IB 72
2..... 72
2 71
7..... 70
3 71'4
C'k i O CV 6
1 78
1 7B
4 78
1 78
2 78
0 74U
Chicago & Al
ton 3V4 a
2 32
1 82
1..... 82
Chicago U'n to
Qulncy sm
1 72
2 72
1 71
Chlcaito U'n tt
Qulncy 4a
2 03
6 03
2 04
$60,000,000
ARMOUR AND COMPANY
7 Ten-Year Convertible Gold Notes
Dated July 15, 1920
-Due July 15, 1930
Interest payable January 15 and July 15. Principal and Interest payablo in United States Gold Coin at the Continental and
Commercial Trust and Savings Bank, Chicago, or at the Trustee's Agent, The Chase National Bank of the City of New York.
Coupon notes in interchangeable denominations of $1000, $500 and $100, rcgistcrable as to principal only. Redeem
able at 105 and accrued interest at the option of the Campany, in whole or in part, upon sixty days' notice.
Interest Payable Without Deduction for Normal Federal Income Tax Not in Excess of 2
CONTINENTAL AND COMMERCIAL TRUST AND SAVINGS BANK, CHICAGO, TRUSTEE
Convertible on and after Jqnuary 3, 1921, and prior to maturity or redemption date, par
for par, into Armour and Company Class "A"" Common Stock, to be presently
authorized, which under present laws will be exempt from
personal property taxes in the State of Illinois
Further information in regard to this issue is given in a letter of Mr. J. Ogden
Armour, President of Armour and Company, from which we summarize as follows:
The proceeds as derived from the sale of this
Issue will be devoted to the reduction of current
liabilities, thereby not increasing present indebt
edness. These Notes will be the direct obligations of
Armour and Company. Total assets as of
November 1, 1919 (the close of the Company's
fiscal year), were $490,809,643.34. There is
no lien of any kind upon the property of the
Company, except its First Closed Mortgage
(dated June 1, 1909, due June 1, 1939) for
$50,000,000, which is a lien upon approximately
$57,500,000 out of a total of $147,811,885.52
Capital Assets. The Net Current Assets of the
Company, after giving effect to the proceeds of
the sale of $60,000,000 of these Notes, will be
approximately $230,000,000.
During the four years ended November 1,
1919, the average annual earnings of the Com
pany were $26,139,245 available for interest
charges after Federal taxes. These figures do
not include any earnings of South American sub
sidiaries, which for the same period averaged
approximately $6,003,500 per annum and which
latter sum has been retained by the subsidiaries
to finance their development, and for this reason
has not been taken on the books of Armour and
Company. These combined earnings would total
$32,142,745. The average annual interest
charges (including interest on Bonds, not exclud
ing interest on Debentures heretofore converted
into Preferred Stock) have been approximately
$7,540,000. During this period over $85,761,000
net earnings have been retained in the business,
after paying cash dividends amounting to
$8,993,000.'
The Indenture under which these Notes are
to be issued will provide, among other things, that
no additional mortgage shall be placed on the
properties and assets of the Company, which does
not equally secure these Notes by the lien of such
mortgage.
The Indenture will furthermore contain a
covenant that current assets of the Company
Bhall be maintained in an aggregate amount equal
to at least one and one-half times all current
liabilities, including these Notes, any mortgage
indebtedness (except purchase money mort
gages) maturing prior to the maturity of these
Notes, and any other issue of notes or debentures
at any time outstanding.
The Company proposes to reclassify its capi
tal stock and authorize $150,000,000 Class "A"
Common Stock, of which $50,000,000 will be
immediately issued, and $150,000,000 Class "B"
Common Stock, all to be immediately issued.
Of the unissued Class "A" Stock, $60,000,000
will be reserved to be available for exchange for
the 7$ Ten-Year Convertible Gold Notes. Class
"A" Common Stock will have preference as to
cash dividends up to 8 over Class "B" Common
Stock, and after 8 has been paid on Class "B"
Common Stock in any year, both classes of Com
mon Stock wiU share alike in percentage of addi
tional dividends paid during such year. Each
share of Class "A" Common Stock shall be en
titled to all the rights of any share of the Com
mon Stock of "the Company.
PRICE 94.84 AND INTEREST, YIELDING 7.75
All legal matters will be approved by Messrs. Mayer, Meyer, Austrian & Piatt, Chicago, and Iiushmore, Bisbee & Stern New York
City. Temporary negotiable certificates, exchangeable for definUivs notes, ivill be delivered when, as and if issued and received btus.
Continental and Commercial Trust and Savings Bank
Chicago
Guaranty Trust Company
of New York
Harris, Forbes & Company
New York Boston
Kidder, Peabody & Co.
Boston New York
The, National City Company
New York
Blair & Co., Inc.
New York
The Union Trust Company
of Pittsburgh .
Halsey, Stuart & Co., Inc.
Chicago New York
Tho aboTo statement r not guaranteed, but are baaed upon Information which wo belief
to be accurate and reliable, and upon which we have acted In tho purchase of these notoa.
l.i.
I.e.
18...
IB...
Chicago
04
03
04
03
03
03
03
u o;t
West'n 4a,
3 61
Chluaao Mil
Bt 4 4a
4 01
1 04
Chicago Mil A
Bt P 4 '28
1 71
1 71
1 71
Chlcaito Mil
Bt P a 4a
1 88
8 88
Chicago Mil
StP CV 4s
2 03
2 03
8 03
i 2 03
3 03
Chicago Mil
BtP fd 4a
1 83
2 88
1 84
Chicago Mil t
StP cm 4Ua
2 08
1 08
1...:. 08
Chicago Mil
Bt P cv B
1 03
Chicago & Nth
West'n am
1 72
Chicago Hock
I & Pao ia
Imp Jap O 2d
2 73
1 73
4 73
2 73
Imp Jap U 4s
1.
10..
2..
10..
2..
2..
13..
2..
87
80
80
B0
60
60
60
87
Interborough
Met 4i
4..... 13
Interborough
Met ct 4a
B.... 13
4 121A
1 12
8 13
Interborough
nap T fd
04
04
04
08
05
05
0B
04
OS
10.
1.
1.
2.
1.
Chicago nock
I t Pao 4s
3 07
3 00'
8 00
1 T17
1 OS
Chicago Union
Sta ct 0s
1.... 102
2.... 102
IB,
8..
30..
1..
8..
6..
47
47
47
47
47
47
47
47
47
47
47
47
47
8 04
1 03
N'k A W l'o'a
Coal Co 4 s
2..... 73
Ont Trans Bs
2 78
Paelfla 0
Kl.ct's os
1,.... 74 vi
Ha U cn 4a
1 nn
i an
Fa n am 4"
2 .. . '6
2...:: ?b
Po It 4 '"
2 l
S 00
n 07
penna n R B
1 ntn
1 83
3 83
8 RS'i
1 83
rennu 11 H 1
V If. O D It I
rcta '22 ,
10 02
20..... 08
1 02
1 02
2..,.. 02
4.... 02 13
UKOD41
rets '20
8 88
1 88
S 88
U K O II I '3.
1 80
- 1 80
12 80
' 1 85
8 80
1 86
1 88
Ut'd Jtds Ban
K unct 4s
1 22
8 22
8 21
8 22
U B Mexico 4.
0 20
U B Mexico A.
10 87
1 37
U S neaity A
Itnp't Co Bs
10 80
B 80
2 80
V 8 Itub'r 8s
8.
1..
6..
2,.
3..
1..
1..
8..
3..
1..
1..
12..
U
1..
80
... 70
... 80
... 80
.I! 80
... "i
.I. 70
... 70
... 80
... 70
. .. 70
... 70
Itub'r 7i
... 00
U a Bteel 8s
4
B..
6..
4..
2..
1..
1..
2..
7..
l.i
1..
11..
1..
8.
01
01
01
ni
01
01
01
01
m H
01
. .
01
01
01
1..
2..
6..
1..
1..
3..
3. ..
01
01
01
01
..01
01
01
Utah Power ft
I.lght,6s
1 74
Virginia Hall-
01l ways 6a
1..-.. 70
Wea'n i'Ate m
2 04
Western Tad-
no 1st
1 80
3 70
West Shorn 4s
3 37
West'n U 4s
4..... 70
Wilson Co cv
2 86
1 88
10 87
Wilson Co 1st
2 87
10 87
Total. $8,612,000. compared with Ml. 421,
P00 yesterday. Thus far this nrrk, tin,.
BOtf.OIIO. Sum. pTloi) last Wefk, SU4.421f.tHlO.
Today's' Range In Liberty Bonrf
Liberty Jls .
J.llprty iKt 4s
Jilbrrty I !
Liberty
Liberty
Liberty
2,1 4An . 8.".
,'ttl 41iH . 8!).
Liberty 4th 4Us . 80.0$
Vic Notes .iy,n.. ll.'.lll
Vic Nptcs 4$in . 1)5.1)!:
itiaii
M.H0
80.W)
85.H0
ro
8rt
80
08
t
1)8
Ixiiv
01.20
85.00
85.50
80.10
85.74
80.00
85.01
05.88
05.00
t'lftaSB"
Cubans Refuse 18c for SUgar,''' I
llnrann, Ciilm, July 0. The CubeMf
ntiffar union commltten lula rofllserl M
offer of 18 cents n pound for nusSRi
Tno committee wns recently nppoint
at n. meotinc or tna sugar interests i
has exclusive authority to Hell, or iv
hold from tho market, nil augur ow
by those roprenenled on the commit
ifl
B1MMM1
w mfmRmnniii ma nnjiinauinmiinnumjnranfnniinii
102
102
102
102
102
102
102
102
A W'n
3....
1....
1....
l'.'..',
3...,
2...,
2....
Chlago
Ind'u 4s
1 6!
Chile Cop'r 0s
4 73
Chile Cop'r 7a
10 07
2 07
11 07
Chlneso Gove't
IMC niys 6s
2 43
CIn W A M 4s
1 67
City Lyons 0s
1 83':
1 88
City N T 4s
May '87
1 02
Cty Now York
4a '04
1 80
1 80
City Paris 0s
03
1
8
4
1
1
8
8.
8.
7.
8.
4.
1.
Int'l Merchant
Marine 0s
2 88
Iowa Cent'l 4s
8 37
1 37
8 37
Kan C Ft 8 A
Memp a 4s
8 01
Kansas City A
South'n OS
2 00
1 07
1 08
Kansas Cy Tl
Itallway 4a
8 03
2 03
2 03 u
Kingdom of 1)
0a of '21
10 08
1 08
1 08
Kingdom ot U
0s of '23
8...
10...
8...
1...
8...
2...
10...
1...
14...
1...
6...
4...
2...
1...
8...
B...
Kingdom
00
00
00
07
00
00
07
07
,00
00
00
00
00
00
00
00
Bel-
1.
1...
3...
2...
1...
1...
3...
8...
8...
2. .
1...
B...
2...
2...
2...
1...
8...
6...
1...
1...
1...
1...
2...
6...
2...
18...
6...
Per. Marnt As
1 7T
Publlo Service
C'n N J 6a
8 00
1 0t
2 01
2 01
rteadlnc II 4s
102
102
102
102
102
102
102
102
102'
102
102
102
102
102
102
102
102
102
102
102
102
102
102
102
102
102
102 I
Earnings 5.83 Times the Annual Interest
The stability ofvell-secured convertible short-term notes has long made
this form of investment a favorite with conservative investors. The five
year secured 7V1 gold notes described below occupy 'a very favorable
pdsition both as regards assets and earnings, the audited earnings for
1919, as stated by the Company, being equal to 5.83 times the annual
interest on these notes.
With such earnings, the 8 yield made possible by present conditions
is decidedly unusual and the privilege of conversion into the preferred
and common stock adds an opportunity for enhancement in the value
of the principal-as well.
glum 7s
3.
3.
2..
10..
6..
1..
8..
38..
4..
2..
1..
4..
10..
1..
1..
1..
03
04
04
03
04
04
03
3 04
1 04
3 04
Cl'd CIn Cht A
Bt L sm 4s
2 03
Cl'd CIn Chi A
St h 4a
2 71
Cl'd CIn Chi A
Bt I. gm 4s
1 70
Colorado A 8
Itailw'y 4s
8...., 67
8 07
B 07
8 07
Contt'd Gum 7
1 00
2 00
1 00
l..... on
8 00
Copenh'n 8a
1 76
1 78
2 78
Cuban Cane
Sugar cv
2 07
10..... 07
B 07
Del A Hud fd
81...,. Oil
Del A Hud 7a
100
7..
1..
4..
4..
7..
IB..
8..
6..
1.
100
100
100
100
100
100
100
100
100
100
100
Den A It O M
1 48
1 48
Den A II G 4s
2 02
8 02
D A II Q'd 3s
1 07
D Canuda '21
2 00
D'n ot Can in
ot '21
10 07
18 1)7
20 07
10 7u
1 07
D Canada 6
of '21
1 08
D Canada '20
1 00
D Canada '20
t 00
8 00
1..... 00
3 00
8 110
D Canada '31
3 80
Dominion Ito
imblio Bs
3 80
Urle Genl Lien
1 30
1 30
10 30
Krlo lUcvli
1 34
I Erie II It cv D
. 1..... 38
Uri It Co 4s
8 47
.2 48
a 48
I It 48
iGen'l Klec 3
i 1 03
Gen'l Klec Bs
I 1 08
Gen'l Klec As
1..... 08
B 08
1 08
1 08
1 08
2 00
Hocking Val
ley 4 s
1..... 02
LHud A Man fd
1 .... . B7
1 B7
1 68
B B7
1 87
Hud A Man In
1 10
2 10
111 Central fd
3 70
III Cent 4s '83
3 04
1 04
111 Bteel 4s
1 70
1.. .. 77
Imp Jap a 1st
2 78
.. TBU
00
00
00
00
00
00
00
00
no
tm
no
oo
00
00
00
no
00
00
00 Mi
00
00
00
1)0
oo u.
00
on
00
00
00
2 D0,
Lack Steel '60
1..... 87
18 87
4 87
Lako Shore M
B'n 4s '31
1 70
Lehigh Vy 4a
1 01
Lehigh Vy 0s
3 OS
2 03
2 114
Louis A Nash
ville 4s
0 77
Louis A Nash
ville rets 7s
1.... lOt
4.... 101
8.... 100
2.... 100
Mich C'l (1 4s
1 73
Mldv'e Bteel A
Urd'e Bs
1 70
"... 7B!
Min A t L 4s
1 37
Mo Kan A Tex
Ilatlw'y 1st
1 B3u.
Mo Kan A Tex
Itallway 4s
1 63
Mo Pac gm 4s
1 62
1 82
1 62
0 62V
Mn Pno Bs '2
3 88
Mo Pac Es '08
1 78
Montana 1'ow
Co 6s
1 77
Mor A Esx 3
iu 0B
Nassau Klect
Itallway 4s
1 23
New O Tex A
Mexico Bs
3.... 81
N Y C A II It
lilt cv
8 07
N Y C A II It
II It 3s
4..... 034!
0..... 62
6 02
n 03
1 03
N Y C A It II
It It 4s
2 71
1 70
N Y C A II It
It It 0s
10
Itepublle Cuba I
Bs of '04 i
n. no..
i "-: i
U UU t '
Hock Isl'd Mk
i L 4s
2.t... 63
1 03
1 03
St L A 8 V a)
1..
3.
1..
87
87
86
80
80
80
80
87
87
80
Dock
88
68
3... 7.
N York
Co 4s
1
3
New Y N II A
Ifart'd 0s
1 00
I eo
N Y IllwyB Ss
! Bu.
N Y Tele 4o
1 70
N Y Tele's lis
1 88
1 88
6 88
N Y V C A 11
nit 4s
3 40
3 40
6 40
3 401
Norfk A W U
: 7i
Norfk A W'n
cv 0s
5... . 08
N'n Paclfta .H
1 82
1 52
1 B2
2 62
4 82
3 82
N'n Pacific 4s
!.. 7Hi
0 71
0 .... 71
Org.Waah'n n
1..
0..
1..
10..
H.
78
7B
70
70
7B
70
711
70
70
70'
1...
7...
1...
7...
IB...
1...
4...
6...
0...
1.
oi ;
ot
01
01
01 I
01 ,
01
01
01
01
1 01 I
St I, 1'n Mt A
B Illy 6s
4 82
8 82
Bt L A 8 F In
12
1..
20..
8..
2..
11..
0..
10..
B..
47
48
48
48
47
48
47
47
47
2 48
1 47
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Series D
4 07
B 07
3 00
8 117
2 07
2 07'.
St L A 3 Fran
Scries C
2..'... 83
St 1. i: South
West'n cn
2. . . 82
3 .12
St I, & South
West'n 8s
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1 00
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1 33
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8 70
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B'n Pao cv Bs
A Complete Unit
in an
Essential Industry
(Facts and figures as
compiled by the Com
pany) Produces, transports, refines
and markets petroleum
products. '
About 1900 producing wells.
Approximately 2800 "miles
of pipe lines.
64 pumping stations.
Over 4000 tank cars.
10 modern refineries with
total daily capacity of about
45,000 barrels.
10 casinghead gasoline
plants.
400 distributing stations in
20 states.
About 6,000,000 barrels
crude oil in storage.
Marine fleet of 50,000 tons
in service.
1919 net earnings before
interest and reserves
$21,890,898
Total similar net earnings
for last 3 years $56,666,582.
Pennsylvania personal property tax of four milU refunded
To yield 8
Five-year Secured
7!2 Convertible Gold Notes
of the
Sinclair Consolidated Oil
Corporation
which has furnished us with the following information:
These $50,000,000 Secured Notes are the solo
funded debt of the enterprise, excepting equipment
notes and other items aggregating about $5,275,800,
and against this there are total net assets of over
$250,000,000, including the proceeds of the notes.
The consolidated net earnings over a series of years
make a consistent and convincing record, the
audited statements showing an amount available
for interest, depletion, etc., equal to 5.8C times the
annual interest on these notes for the year 1919,
and averaging over 5 times such interest for tho
past three years.
The notes have the benefit of a sinking fund provi
sion at the rate of $2,000,000 every six months for
the purchase of the notes at or below 100 and
interest.
A feature is the noteholder's privilege of converting
each $1,000 note into $1,000 par value (ten shares)
87o Cumulative Sinking Fund Preferred Stock and
2i2 shares Common Stock of the Company.
These secured notes may be purchased in denominations
of $1,000, $500 and $100. Interest payablo without deduc
tion for the Federal Income Tax up to 2.
Write for illustrated booklet
We offer and recommend these notes for investment
at 08 and interest, to yield Sro
Montgomery & Co.
133 S. Fourth St
J "'fi
New York
Philadelphia
Chicago
The statements presented In this tidrrtlrinrnt, while not guaranteed,
ure obtulnrd from sourer wlilili ue hrlleie to be reliable.
illlBlll
PHil
Al
w
Bifstness? tfillgo oril
S'n Pac
0
1
2
WHETHER costs go up or down,
whether labor conditions get
better or worse, whether interest
rates work higher or lower
Business will go pit, and those who are
worthy will be the ones to do it. For people
must be fed; clothed and sheltered, and
there will always be something to exchange
for entertainment and luxuries.
And through it all, the business that b worthy, that
serves legitimate requirements persistently and con
sistently, will continue.
There will always be men to do the world's
work. They will be business men of clear vision,
who not only talk service but give it give it every
day and who never lose faith for a minute.
They .will be neither price-cutters nor profiteers, neither
moon-eyed optimists nor tcjuint-eyed pessimists. They
will think straight and stride eternally forward.
Such men are responsible for the world's prosperity.
They will continue in their success as surely as modem
civilization shall endure.
It is such men that in times of prosperity or of adversity
we want to do business with.
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