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EVENING PUBLrdPIiEDKri.pHtLAl)ELPHIA TUESDAY, i
tft '
"JULY 13, 1920
J-i
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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.
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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
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