f J S.'Wf ' 2 v J''" t Wl J. ., "be 7 ,' 1. EVENING PUBLrdPIiEDKri.pHtLAl)ELPHIA TUESDAY, i tft ' "JULY 13, 1920 J-i -ffm 1 lb '" i f OVER Cft REPORT Foar Expressed, However, That America May Lose Supremacy In Cotton Production "Ever? one 1 Jubilant over tho .re cent' crop reports, and they have a rlilit to feci Mint way," waltl a banker, but, lie remarked, that It neeined to him iliat there Is one very Important crop Sftt tyid been overlooked, and he be lieved It voii5 be discovered later on that thcro will bo a shortage of eotton, America, hq said, hasxpractleally the i.t(n1if nf tfila tnn tinf ti1ih,t flirt cotton spinners of the rest of the. world,-- Who nave uccn uvjiuihuuk " ' "" their supply, find that supply short, thev nrc roIub to explore other fields, rather than pay exhorbltant prices or to on short rations. And, he said. It hns been found that there arc scvernl other countries that can raise good cot ton. All they want Is n little ex perience, which always costs something, but a higher price always stimulates s trial. Our own consumption of cotton, ho remarked, has been Increasing In recent years till now it Is almost 70 per cent of our production, and this, taken in conjunction with the fact that our l ro duction hag been falling off somewhat, creates a situation worth something more than merely looking into, Timn are new uses being constantly brought out for cotton nnd ono of the more re cent has reached stupendous propor tions, ho said, namely, the manu facture of automobile tires. Then ono must remember that cotton h being substituted largely for linen alnco the war practically put a stop to the flax Industry, from which linen Is made, In those countries In IJuropo known as flax-growing countries, and which included, large tracts of Russia, Belgium nnti iireac uruaiu. Thl3 bnnker said in n recent trip Bouth, which took him into some pi the cotton-growing districts, he found that 'the cotton farmers wcro not putting so much land under cotton ns fornlUly, nnd wcro raising diversified crops nnd larger quantities of cattle. Ho .-aid his observations led him to conclude thut the government should tnkc the matter up and conduct experiments with a view of raising more cotton to the acre. A. Luther Burbank should bo aolJ, he said, to solvo the problem and icatc America In possession of this up-to-the-prcscnt undisputed field. The bond business is booming In this city, according to reports from the' various banking nnd investment bouses. Asked bow he accounted for it, a banker paid thcro is only one answer, and that 1c there must be plenty ot money In investors bands looking lor Inveatmcnt. He said his mall this morning con tained one letter after another all to tho eamo effect. Ono Bald: "I hnvo $o000: recommend some good investment. Another was for $3000 another $10, 000, etc, A house has to be in busi ness, he remarked, twenty years to have the confidence of its customers to such an extent, but he had never before ex perienced such n market for Investment. ELECTRIC STORAGE BATTERY WARRANTS' - Bought, Sold and Quoted BAUER, STARR & CO 009 Lnnd Title Dulldlnr Dell Sprue 4302. Th.V fltinvA fci ntt (I.a AH .!!. two concerns, but tho same story Is repeated over nnd over. When diSCUestnff thin pmiitltlnn. a bnnker remarked that there Is no way oi arriving at even nn approximation of the nmnunfc nf mnn At.niint.iA a in vestment in the country at present. Wo V A"jTK,liJi l. l" specuy nnsorpiion of .$60,000,000 Armour &slo, notes on ono day last week nnd $25,000,000 Swiss 8 per cent bonds in n few hours on another day. And. he ndded, those uvibh uouuh arc selling today at a premium of 2 points, and no ono knows where thev mnv trn. itii.,n k.,,i . also scciilng higher. xiicro is, of course, to be taken Into consideration tho huge sums paid by the eovernmpnt nn T.ll.nrt n,i ..r.- for which an outlet must be found. MiiPii wn nrn nnv nv lit A ..!..,.-. x .. ,.w . i'iu, -,v iiut;iit:uil ill- vestors more than, $500,000,000 ench vpnr niiirA fltA ttnr l liinni- .i i..t dends on securities now held here, but 1U1IUCIJ.V uwiicii nuronu. Our industries, especially oils, steel nnrl rmnntnnnla nn nntHM Aii dividends in addition to the reirtilnr illvl. ueiiils nnd, nlthough there havo been strikes and other matters to Interfere with tho constant operation of our in dustries, ho said, he expects this year will show up in the matter of earnings nnd profits ns good, if not better, than some of our best years. "I wonder docs any one realize what It means to this country at the present time to have the transportation system in the tangled-up condition In which It is, said n broker when speaking of the shutting down of manufactories In whole or in part because of the lack of proper transportation facilities. Ho said it seemed to him thaf a warn ing had been sounded o long ngo that there seemed to be no occasion, for the present muddle. Tho only wonder, he said, was that business Is not in a worse condition than It is, and ho was inclined to think that, were it not for the motortruck, matters would bo much worse. Pconle nw rlnmnrtno. nnnln. tl... high cost of living, nnd rightly so, ho ?, i m " t,icy kncw to wllnt extent iiic imiuro or our transportation system Is accountable fnr If il.r. n,.i,i i, revolution. There are thousands of tons of commodities ready for consumption which cannot bo moved for want of carR. find till iIiada aa nii t. ... Which was borrowed to purchase them i-uunot oe rcpiacea, tnus tlclng up tho credit situation. Workers arc Idle be cause the material with which they work Is piled up waiting for cars, just as the finished product Is. To make matters worse, the harvests Of tllC SoutllWPat nrn rAndt? tn n.nA but a great deal of the old grain of last juui utiu over ror iacK ot transporta tion must be moved first. Meantime tho farmers who bad borrowed on their old grain need additional financing for tho new crop nnd must have it. In view of all this, he said, it is fool ish to expect cheap money this fall and winter. The world knows this, he said, nnd is paying high prices now, not trusting to what may bo a higher money market later. Alleged Liquor Dealers Arrested Paulsboro, N. J.. July 13. Charged ns being tho proprietor of two alleged speakeasies, which were raided here a few days ago, Joseph Nartasio and On tario .Grampolo were arrested here early this morning by J. Mattson, chief o'f police. They were given a hearing be foro Magistrate Vanneman, who held them each under $200, bail for their appearance beforo tho Gloucester county grand jury. CAR SHORTAGE HITS PHLA INDUSTRIES Goods Pijlng Up and Orders Bo. ing Canceled Because of Poor Transportation RAILROADS BLAME U. S. A transportation tie-up H threaten ing huge losses to Philadelphia manu facture r by preventing them from mak ing deliveries and getting materials. Home shippers say not 30 per cent of the cars needed aro'avallable. 4.ne raiironds say equipment returned thA.H t. .!. - .. C iitiii uy mo cuvcriinicni. cora- to United Gas Improvement 1 Cumulative Preferred Slock Net Assets Per Share, $784.73 Earned 1919, $3,785,340 ' Dividend Required, $427,210 Free of Penna. State Tax Free of Normal Federal Tax 50 and Accrued Dividend Circular on Itequeat Townsend Whelen & Co. SOS CHESTNUT ST. I wo&sstiA&7fotfte? Edwin J.5CH0ETTO co. EXEET3BQXESSMMLWTUDES 335Na&mii1i STREET PHIIyA.. lehlclt Coal nnd Nmlxation. ju. mil frraruh. Uaht i. I'or Co TU. 1051 J'ortlnnd Iiallwnr Co. llett On. 10SO 3Sw York Central Br. Equip 7n. Hrrlal jjrmour & Company 10. Your. ..... . 1, 1010 Connecticut Hy. & LUhtlnr. ..... 4V-. IBM Indiana hmlce Co. 1st Kris -Oa, 1030 Samuel K. Phillips & Co. Mfmbfrs rhlladelphln Block Eicbanio 007 CHESTNUT ST. (iov. of Rwltzerlund 8's 1040 Clevelanil Eleoi III. 7's 1035 Armour Company 7'a 1030 PAUL & CO. MemberK Phlln. Stock Kxchanre IA2I CHESTNUT STREET TTNANCIAIi Propoiinla HEW ENGLAND POWER COMPANY FIRST MORTGAGE 5 B0NH5 Due July 1, J951 HEALED PROPOSALS hddreiuifd to th unilralined at Ita omce. 13!j Devonahlre trft. Doston, Maaa , and endorard (on out. Ida of envelope). "Propoaala to aell New England Power Co. fi bonda" WILli 11B TIECEIVED UNTIL TEN O'CLOCK A. M THUnSDAY. JULT 15. 1020, for tha Bale of above-named bonda to the Truatee, TO ADSOnD THE BUM OF EIOHTY-BIX .THOUSAND FIVE HUNDHED SEVENTY DOLLARS AND TWENTY-TWO CENTS O80.5T0.22) on ANY PAnT THEnEOF, In accordance with the mortgage dated March '-'3. 1012, but referred" to In the bonda a dated July 1, 1011, and Flrat Supplemental Mortgage thereto, dated April 37, 101U, Propoaala will be opened and aucceaaful blda declared July 15, 1020, AND INTER. EST ON ACCEPTED BONDS WILL CEASE JULY 10. 1020. The New England Trust Company TRUSTEE JAMES n, HOOPER. Prealdent. Ttrm. Maaa., July 2, 1020 ,i ruoi'OHAi.H' ron dbgdoino 1 VT iijillivvi u.w, f T IIIIIIHK X' OaJ. sld propoaala will be received m, juu to, ivxu. ana tnea until 11 wmv:&zs?y? ssri"vTr iTT "i &,hJ,j&,' " : U $ '-sifiU mnndeercd during the wnr, Is badly In need of repair nnd Hint hundreds of ears now lie Idle until tlicso repairs can be made. Orders Being Canceled Meantime jobbTS are canrcllng or ders, work In tho coal industry Is slackcnlne, the woolen nnd worsted ynrns Industry are In n critical condi tion, .with orders being canceled, nnd even cigar manufacturers are complain ing nbouL-the poor deliveries. The Federnl Itcservc Bank of Phil adelphia Issued a statement summarize mg tno situation : 'Conditions in Pennsylvania have been dcplornble," the bank says, "the car supply being ns low as 10 per cent in one vveek nnd nt present Is. not averaging bo per cent." Camden also Is affected. The Victor Talking Machine Co., of Camden, is experiencing difficulty In moving Its products. Conditions Aro Surveyed A nurvcy by tlio Philadelphia Cham ber of Commerce through its transpor tation committee gives tho following synopsis of conditions: Coal Demand active; unnble to sup- ply; Inbor situation improving; trans portatlcn very poor. Iron and steel Demand good; un nble to supply; labor situation fair; transportation poor. Cotton yarns Innetlve demand ; able to supply; labor situation satisfactory; transportation poor. Cotton goods Inactive demand; able to supply; Inbor satisfactory; trans portation poor. Wool Little demand; able to. sup ply; labor satisfactory; transportation poor. Woolen ynrns Little demand; able to supply ; labor satisfactory ; transpor tation poor. Silk Quiet demand; nblo to supply; labor satisfactory ; transportation poor. Knit goods tso demand ; able to sup ply ; transportation poor. Men's clothing Fair demand; able to. supply ; labor improving ; transporta tion poor. Shirts Active demand; able to sup ply; labor situation unsatisfactory; transportation poor. Hides Little demand; able to sup ply; labor satisfactory; transportation poor. Lcnthci- Little demnnd ; nble to sup ply ; labor satisfactory ; transportation poor. Shoe Quiet demnnd; nble to supply; labor satisfactory ; transportntlon poor. Lulnbcr Quiet demnnd; nblo to sup ply labor satisfactory; transportation poor. PaintsStrong demand; unablo to supply; labor satisfactory; transporta tion poor. Tobacco Demand very strong; un able to supply; labor fair; ttansporta tlon very poor. VIGILANTES' RULE STRICT Everybody on Haddon Heights Streets After 11 P. M. Questioned IIad,don Heights, N. J July 18. Persons found on tho streets nftcr 11 o'clock nt night and motorists driving through tho town nro to bo stopped by tho special police or members of the vigilance committee nnd mndo to give nn account of themselves. The guards nrc nrmed nnd if any resistance Is shown they have orders to nrrest sus pects. A citizen of Moorcstown wns held un at the point of a revolver Saturday night by one of the special police and ordered to tell what ho was doing In Haddon Heights. Tolling tlio nfTWr ta get out of the rond or he vtould get run over, mo moionat applied more power to his machlno and dashed away. Tho number or his IicenFo was obtained nnd action is threatened. One citizen, refusing to Inform a no- llcemnn why he wns out Into, gazed Into a loaaea revoivor and was ordered to go to his home if ho hnd ono In tho bor ough. Tho policeman accompanied him to his homo. Similar incidents nre now nightly oc currences, as tho borough nuthorltlcs nrc trying to free the plncc from nn un precedented epidemic ot robberies, bur glaries nnd petty thieving. The 100 cit izens who hnvo been sworn in ns specinl officers arc determined to mak Haddon Heights d safe plncc to live In nnd say they will remain on duty until the rob beries nrc stopped. BIBLE SCHOOLS TO PICNIC Fine Program Arranged for Gather ing at Pitman Tomorrow Pitman. N. J.. July 13. Fnrtv Sun- day schools from all parts of tho county nre expected here tomorrow for the nnnunl outing of the Gloucester County Sundny School Association. Officers of the State Sunday School Association will attend tho outing and speak nt n mnss-mcctine durine the nftcrnoon. Teams representing tho various Sun day schools will compete for honors in n big program of water and field spprts. The wntcr sports will be In the morn ing in Alcyon lake and will include swimming races, diving, tub races nnd other sports. In the nftcrnoon there will bo foot rnccs, obstacle races, tugs of wnr nnd other events. Silver loving cups will be awarded to the schools with winning teams. To Seek Bryan for "Drys' " Ticket Omaha, July 13. Elmer E. Thomas, of Omaha, a strong Bryan llcutcnnnt of years' standing nnd nn nltcruntc delcgnto-nt-lnrgo from Nebraska to the Democratic National Convention, yes terday bolted the Democratic ticket nnd announced thnt he would do his utmost to Induce William Jennings Bryan to accept tho nomination of the Prohibitionists. FURS PLANNING SPECULATION CURB American Fedoratlon to Con sidor Establishment of' Soiling Agoncios , TO DEAL WITH CONSUMERS Boy Hurt by Auto While riding a tricycle In front of his home, llt'28 North Garnet street, yes terday afternoon, ten-yeur-old Mnrtln McCormlck rnn into nn nutomobllc. Suffering from cuts nnd bruises, the boy wns taken to tho Women's Homeo pathic Hospital. ' i 1, Chicago, July 13. Plans for farm ers' natlonnl selling ngcncles for grnln nnd livestock, with n view townrd. curb ing speculation nnd violent mnrbet fluc tuations, will be considered at n meeting hero July 23 nnd 24 of the American Fnmi Bureau Federation, ft farmers organization, with upward of 1,250,000 members In thirty-two states. According to J. W. Covcrdale, secre tary of the federation, this meeting promises td"be the greatest conference on co-operative marketing of farm prod ucts ever held in the United States. Grain nnd livestock Interests nre to moor in Ronarntn MORRtonn. ' "If uniform plnns of co-operative ronrKcting result irom this conicrcncc nnd nro generally ndopted by farmers, n mntcrlnl reduction in the cost of living, together with a stnblllzntlon of prlceB, should ensue," snys the Fnrm Bureau Federation, in a statement on tho con ference. "Starting with the organization of co operative grain elevators by farmers some twenty yenrs ago, the Idea of co operative marketing hns spread rnpldly nmong fnnners, pnrtlculnrly during re cent yenrs, nnd with notable success in many 6thcr farm products. It is esti mated that during tho fiscal year ending Juno 30, 1010, farm products to tne valuo of more than $1,500,000,000 were marketed through farmers' co-operative associations. "Thero nre now more than 4000 co operative elevators In tho grain-growing regions of the country, nnd last year more than half tho nation's grnln wnt handled by them. Illinois nlono hns 540 farmers' elevator organizations oper ating 700 clevntors nt; COO different rail road stations. Last year they hnndlcd approximately 70 per cent ot nil tne Illi nois grnln, or nbout 150,000,000 bushels, nt nn estimated saving ot more tnan $3,000,000. In Minnesota by far the greater portion of tho livestock is mar keted co-operatively, and this is nlso done extensively In many other states. Last year -n largo portion of tho wool clip was marketed co-operatively through 'wool pools,' which collected nnd graded the wool and sold it directly to the mills. "Whnt tho fnrmers now propose to do is to strengthen their locnl organiza tions so ns to be nble to market their products gradually throughout tho year, nnd to follow these products nT little further down the' devious rond which leads to the consumer. In the case of grnln it is proposed to ship much of tho crop direct from tho country ele vators to the consumers nnd distributors, thus eliminating full one-third of the present railroad bundling of grain." Woman Scalded by Coffee While prparing breakfast today iu her home, 80 Moore street, Mnry Grubb, forty yenrs old, wns scnldcd nbout the neck, face nnd body by hot coffee. Sho wns tnken to the Methodist Hospital nnd is reported in a serious condition. David Work Griffith producer and director of the world's greatest ntotibn pictures whose inventive genius has advanced motion pictures to an art admittedly thelargest single factor in the development of the industry dis coverer and developer of th'e most prominent screen favorites and stars has incorporated the Griffith organisation, of which he becomes President and Director in Chief. " " iVc offer for subscription 125,000 Class A Shares D. W. GRIFFITH INCORPORATED v . Capital Authorized and Presently to be Outafa ruling! 125,000 Class A Shares, no par value 373,000 Class B Shares, to par rafna 'From the letter of D. W. Griffith, dated June 28, 1920, and on file in our office, we summarise as follows Purpose of Issue The proceeds received by the Company from its sale of Class A Shares will be used as additional working capital required by its rapidly expanding business, under the direction of D. W. Grif fith, who occupies a preeminent position in the industry, being known as the creator and producer of the worlds greatest motion pictures, including The Birth of a Nation;' "Hearts ot the World;" "Broken Blossoms" and many others. -. ' Tangible Assets-The assets acquired by the Company will comprise the studio headquarters and equip ment at Mamaroneck, N. Y., ownership of a large number of completed productions, and those in process, rights to future productions and contracts with distributing companies and with the prominent members o . the Griffith organization. The Company acquires a one-fifth interest in the United Artists Corporation which releases star pictures including those by D. W. Griffith, Mary Pickford, Douglas Fairbanks and Charlie Chaplin, each' owning a one-fifth interest. As shown by the audit of Price, Waterhouse & Co. and the appraisal of the Coats & Burchard Com pany and after giving effect to the present financing, but without giving consideration to value of contracts, equities in films, etc., the Company's net tangible assets are $2,944,053.62 or equal to over $23.00 per share, and net current assets equal to over $14.00 per share of Class A Stock. Earnings The gross receipts from pictures produced by the Griffith organization during the past twenty-seven months and upon completion of their runs, are estimated to exceed $9,000,000 and net earnings ,will approximate $3,000,000. The management estimates net earnings for the next 12 months, after, Federal taxes, will exceed $1,500,000, equal to over 8 times the Class A preferential dividend. Dividends It is the intention of the Company to pay dividends of at least $1.50 per share per annum on Class A Stock commencing with the first semi-annual dividend on or about January 1, 1921. Protective Provisions Class A Shares which are fully participating and are preferentially protected, 6hall in any fiscal year, first receive dividends up to $1.50 per share; then Class B Shares receive a like amount after which both classes of stock will participate, share and share alike, in any additional dividends. In voluntary liquidation Class A Shares receive $25.00 per share and in involuntary liquidation $20.00 per share and after Class B Shares have received a like amount both classes of stock will participate, share and share alike in any additional assets. Consent of a majority of the Class A Shares is required for voluntary, liquidation. The Motion Picture Industry Motion pictures are recognized as the most powerful single medium for reaching all classes. The industry is the fifth largest in the United Slates. Average daily attendance amounts to eleven million people. Motion picture theatres now total 18,000 and 1,200 additional houses aro being built in 1920. Box office receipts during 1919, were $800,000,000 and estimated receipts for 1920 are $1,000,000,000. This reflects the accomplishment of a 20-year period. Legality to be approved by Messrs. Cravath & Henderson, 'Attorneys, of New York City for the bankers, and Banshaf & Pembleton for the Company. Accounts audited by Messrs. Price, Waterhouse & Co. Properties ap praised by Messrs. Loots & Burchard Lompany. JVe offer the above Class A Shares for subscription, if, when and as isstim and deliverable, and subject-to allotment. PRICE 15 PEfc S. M9 'Subscriptions may be wired direct to us at our expense or may be placed through your local dealer or broker, t Complete Circular on request Counselman 8C Co. 112 W. Adams St. Chicago 425 East Water St,, Milwaukee Bertron, Griscom 8C Co., Inc 40 Wall St., New Vork Land Title Bldg., Philadelphia Th Informatioij herein contained U taken from aourcea which w consider truetworlhy. "While (not guaranteed It la accepted by ua ai accurate. M MUl Ml ii "HI I I aa I J--C tr.," SK $1,000,000 Rainey-Wood Coke Co. 7V2 Per Cent Equipment Trust Gold Notes Guaranteed jointly and severally as to both principal and interest by Alan Wood Iron & Steel Company and W. J. Raincy, Inc. Dated August 1, 1920; due $100,000 annually, August 1, 1921 to 1930, inclusive. Redeemable at ttfo option of the Company in whole or in part on any interest date at a premium of 1 per cent for each year or fraction thereof of the unexpired life. Not less tlvan all of any ono maturity sluill be called at any one time and if less than the whole issue is called tho Notes of tho last maturity shall be first called. Interest payable semi-annually, August 1 and Feb ruary 1. Principal and semiannual interest payable in United, States Gold Coin at the New York Trust Co., New York. Coupon notes in denomination of $1,000. Registrable as to principal. New York Trust Co., New York, Trustee. The Company agrees to pay the Penniylvanla State Four Millt Tax and any Federal Income Tax deductible at the source up to 2' per cent. SECURITY. These equipment Trust Notes will be secured by 400 new all-steel coal cars, Pennsylvania R. R. standard design, of 70 tons' capacity, costing approximately $1,410,000, In addition to this primary security, they will be guar anteed jointly and severally as to both principal and interest by Alan Wood Iron & Steel Company and by W. J. Raincy, Inc. PURPOSE OF ISSUE. The Rainey-Wood Coke Company, Inc., a Pennsylvania corporation, owns and operates an efficient by-product coke plant situated at Swedeland, adjoining the blast furnace department, of the Alan Wood Iron and Steel Company on the Schuylkill River, about sixteen miles from Philadelphia. The plant consists of two batteries, 55 each, Koppcrs by-product ovens with all by-product recovery plants. The Coke Company is purchasing these cars so as to enable it to run sdljd trains of coal from mines in the Connellsville region con trolled by W. J. Raincy, Inc., to its plant in order to assure the Company an ample supply of coal for constant operation. ASSETS. The combined net tangible assets of the Company and the two guar antor companies as of July 1, 1920, were officially reported to be in excess of $24,500,000. EARNINGS. Combined average annual net earnings from the properties of the two guarantor companies for the past six years were in excess of $3,300,000, according to official reports. Net earnings of the Rainey-Wood Coke Company, Inc., for the first five months of 1920 averaged approximately $70,000 per month. MATURITIES AND PRICES Amount $100,000 100,000 100,000 100,000 100,000 Maturity August 1, August August August August 1, 1. 1, 1, 1921 1922 1923 1924 1925 Price 99.53 99.09 98.69 99.15 98.98 Yield 8.00 8.00 8.00 7.75 7.75 $100,000 100,000 100,000 100,000 100,000 August August August August August 1. 1, 1, 1. 1, 1926 1927 1928 1929 1930 98.82 98.67 98.53 98.40 98.28 7.75 7.75 7.75 7.75 7.75 (Accrued interest to be added) We offer thene Note subject to prior sale, when, as and if issued and delivered to u and subject to approval of counsel Descriptive Circular Furnished Upon Request A. G. Becker & Co. Ames, Emerich & Co. Chicago St. Louis New York New York Chicago San Francisco Elkins, Morris & Co. Philadelphia Milwaukee Graham. Parsons & Co. Philadelphia The Information contained above la obtained from ojjtefal sources, and consti tutes the data on which too have based our purchase of the securities offered. li liiiiiliiiiiiiiiiiiiiiiiiiiiiiiitiiiiiiiiiiittiiiiinniiiiiw Ratio: 5 to 1 The total net assets behind the note issue described below are stated by the Company to be over $250,000,000 including the proceeds of the notes. This is more than five times these notes. These assets in clude, among others, oil-producingproperties, pipelines refineriesand distributing facilities, each of which has an independent earning power. In the opinion of the Company's management, these valuations are conservative and the properties could not be duplicated to-day ex cept at much higher figures. 1 A Complete Unit in an Essential Industry Facts and figures compiled by the Sinclair Company 4 Produces, transports, refines and markets petroleum prod ucts. About 1900 producingwells. Approximately 2800 miles of pipe lines, (5 4 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. 1010 net earnings before interest nnd reserves $21,890,898 Total similar net earnings for last S years $50,0GG,-582. Pennsylvania personal property tax of four mills refunded To yield 8 o?L u Five-Year Secured TA Convertible Gold Notes of the Sinclair Consolidated Oil Corporation which hat furnished us with the following iiformation: These $50,000,000 Secured Notes are the sole funded debt of the enterprise, excepting equipment notes and other items aggregating about $5,275,800, and against this the audited statement shows total net assets, including the proceeds of this note issue, of over five times the amount of the note issue. The consolidated net earnings over a series of years make a consistent and convincing record, the audited statements showing an amount available for in terest, depletion, etc., equal to 5. S3 times the annual interest on these notes for the year 1919, and averaging over 5 times such interest for the past three years.' The notes have the benefit of a sinking fund provi-1 sion at the rate of $2,000,000 every six months for the '" purchase of the notes at or below 100 and interest, j A feature is the noteholder's privilege of converting' each $1,000 note into $1,000 par value (ten shares) 8 Cumulative Sinking Fund Preferred Stock and. 24 shares Common Stock of the Company.. These secured notes may be purchased in denominations of-$1,000, $500 and $100. Interest payable without deduction for the Federal Income Ta"x up to Q, Write for illustrated booklet We offer and recommend these notes for investment at 98 and Interest, to yield 8 Blair & Co. West & Co. iNConr" Tiir 1518 Walnut St. Philadelphia 1417 Chestnut Street Philadelphia TA. itattmtati prtttntid Inthlt advtrthtmtnt, whllt not muarantd, ar obtaintd from tauttttphich w btlltvtlo be rtllabl: ' im'll llaaaaBrHlaaMHffln iHHIaaf PBpHMlB IlllWlWlt' mnmmi ' 'vZrMm,1 r 'JiM uktMitiW.iiMitL " a L,m A&j&.prLtib.!&'h-i)rt'fr. . A -ft., .rfBV ,..ftMr4.jL.4Wfo .fc&JhH, rUiAAjfl -, t . i i . i $i "TS i fM IT' M . t-jMl M r :m 4 m - Vl fl i . M t I'SM st vi 5. v J, ;i
Significant historical Pennsylvania newspapers