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Lucfey Manufacturing Corporation
ia new York Corporation),
Yen "tip
$1,500,000 Ten-Year 8 Convertible
Sinking Fund Notes, Series "A"
(To be dated July 1, 1920 Due July l 1030
Interest payable January l and July l In New, York without
deduction tor normal Federal, taxes not in excess of 2
Authorised $2,600,000 To be presently issued $1,600,000
Coupon Bonds in $1,000 and $500 denominations, reiisterable
as to principal only.
Convertible into Class "A" Stock at the rate of one share of
Stock for" each $55 face amount of notes. Callable at 105 and
interest, with right of conversion to run thirty days after date
of call. Callable on any interest date at 115 and interest, with'
put right of conversion. y
NcV ISSU6
37,500 Shares
Claas "A"' Stock
Entitled, before any dividend may be paid on Class "B" stock,
to receive dividends of $5 a share for each of the three years
ending July 1, 1933, and $8 a share for each year thereafter.
Alter Class "B" stock has during any one year received divi
dends equal to the rate being paid on Class "A" stock the two
classes will participate share for share in further, dividend
declared during that year. Convertible, unless called at $80
per share, into Class "B" stock, share for share. Callable at $68
per snare, plus accrued dividends, the- right to convert run
nmg ioJ th.,rty days after date of call; or at $80 per share plus
accrued dividends, without right of conversion.
Transfer Agent:
Centsal Union Tbust Comany or New Yoik
Recistkax:
The Mechanics & Metals National Bans at N. Y
Guabaniy Trust Company of New Yosts, Trustee
CAPITALIZATION
Upon completion of the present financing, the capitalization of the Company will.be as follows t
' v r. -. . . . ..... . Authorized TobeOtiUttodln
Ten-Year 8 Sinking Fund Convertible Notes, Series "A" $2,600,000 $1,500,000
Class "A" Convertible Stock, par value $501 64,773 shares 37,500 shares
Class "B" Stock, no par value . 150,000 shares 100,000 shares
IT.S7J iharea rcaerrtd for eonreralon of Note. Addltloaal "B" Stock will -bo tuned as required for eonrerilon.
We call 'attention Jo a letter from 'J. F. Luce), Esq., President of the Corporation,
which he has briefly summarized as follows:
BUSINESS: The business of this Company
wa3 started in 1008 in California by J. F.
Lucey, and is today one of the two largest
manufacturers and distributors of oil well
drilling equipmen'- The oil well supply in
dratry does not partake of the speculative
risks conriected with oil production.
PROPERTY: Through its constituent
companies it operates manufacturing plants
in Chattanooga, Tenn., and Houston, Texas.
It has branches and warehouses in the prin
cipal .oil fields in this country and abroad.
ASSETS: Net tangible assets over 300
and net current assets over 210 of present
issue of notes. The latter must be maintained
at 150 of funded Indebtedness. Net tangible
asstis applicable to Class "A" Stock, after
new financing, amount to approximately $82
per share, of which approximately $46 per
share is in current assets.
EARNINGS: Net profits applicable to in
terest charges, after allowing 6 return on
the new capital, for the year ended Decem
ber 31, 1919, were over six times interest on
the notes ; for the three-year period 1917-1918-1919
averaged over five times, and for the
first 4 months of 1920 were over nine times
the interest requirements on the notes pres
ently to be issued. Earnings for the year
ended December 31, 1919, after allowing 6
return on the new capital and after all prior
charges, sinking fund and taxes were equiva
lent to $9.52 per share; for the three years
ended December 31, 1919, to an average of
$8.99 a share per annum; and' for four
months ended April 30, 1920, were at the
rate of $14 a share per annum on Class "A"
Stock presently to be issued.
MANAGEMENT: The management has
taken Class MB" Stock only for its entire in
terest in the business, with the exception of
$50,000 for retirement of the old Preferred
Stock, and will continue the policies which
have been successful for the past twelvo
years.
SINKING FUND : Annual sinking fund on
notes of 5 for 5 years, and iy2 thereafter,
will retire majority of notes by maturity.
DIVIDENDS: It is the expectation of the
management that dividends at the rate of
$5 a share per annum will be inaugurated on
.the Class "A" Stock in the immediate future.
When, as and if issued and received by us, trust company receipts, ex
changeable for temporary or definitive notes and stock, will be delivered.
8 Notes
Price 98 and Accrued Interest, to Yield 8.30'
Class "A" Stock,
Price $45 Per Share
Potter Brothers & Company
5 Nassau Street, New York
Dominick & Dominick
115 Broadway, New York
Hallgarten & to.
5 Nassau Street, New York
Cassatt & Co.
Commercial Trust Bldg., Philadelphia
This information and these statistics are not guaranteed, but have been obtained from sources we believe to be accurate.
i- .
GREEK
Government Bonds
THE most attractive investment in Greek
Government securities is provided by the
5 Greek Government
Loan of 1914
Whereas these bonds at par and at the
normal exchange rate of the drachma would
have a value of $96.50 per 500 drachmas,
they can today be bought for about $52.50
per 500 drachmas. The yield will be about
7.80 which will increase to 9.50 when
the drachma returns to its normal value.
Ask for our Greek Circular.
Invett in Securitiet of Your Own Country.
A. B. Leach & Co., Inc.
Investment Securities
115 S. Fourth St., Philadelphia
New Vork
Minneapolis
Chicago
Baltimore
Boston
Pittsburgh
Buffalo
Cleveland
4
ST0CK EXCHANGE SERVICE
ativi iuVe PrePred a special letter showing compar-
N w Sf, Pt?E,FERRED STOCKS listed on the
ew rork Stock Exchange.
Copies sent upon request.
West & Co.
1417 CHESTNUT STREET
t.1t .
', bpruee sso - tv"....... .-.. : r,-' S
NEW
ISSUE
We recommend the purchase of
United States Treasury
S34
Certificates of Indebtedness
Due January 15 and March 15, 1921
Telephone Spruce 1480
Commercial Trust Company
Member -of Federal Reserve System
City Hall Square
, i
New York' Bonds
SALES IN 11000
Amer Smelt
It nefVr Ea
S T7V
Amarl'n Tel 4
Tel elt
S TAU
2 70U
2 7(1 U
Amerl'n Tel t
Tel cv
2;.... 77K
2 77Vi
2 77H
A t'el A Tel fti
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10 75 Vi
1 7SH
1 7SH
10 75U
1 7R
'1 7SV
A Tel & Tel
8 03
B MU
1 03 Si
1 03U
2 03
1 03H
1 MH
4 03 U
AnK'Kreneh Si
2 09 H
1 09 H
18 09 V4
1 09 ',4
Argentine n
Dubllo Si
1 71U
2 70 Vi
Arizona tut
10 72U
10 72H
Armour tUa
1 78U
1 75
3 7SU
A ten Topeki.,4
S Va
8 78H
1 78
1 78H
8 78
Atlantlci Gout
Line dt
2 82M
Atlantlo Coaat
T.ln 4a
2 72W
Atlantlo Coaat
I rota 7a
2 eau
10 08
10 0714
. t3 07'A
1 07
2S 87'i
Dalt A Obto ov
2 BTT
2 88
1 58
8 87
1 87i
Bait & O SHa
B TBtt
3 78W
1 78U
Salt & Ohio U
1 BB
2..'... BOH
2 B0V4
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Bait Ohio fi
4 B8',4
Bait & Ohio 61
2 85 '4
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1 88
4 85 ',4
B 8SU
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D 4 O Tol 4a
2 45
Braden Copp'r
M nea o
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California Has
& Eleo Ba
1 8SV4
Cen'l of Oa en
2 78V4
Cent'l Tac lit
0 70
1 70
4 70
Cent'l It B of
N J Ba
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C b Ohio 4Kb
3 70tt
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a 70
C & O cv 4 Ha
1 72
1 73
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C'k & O cv Ba
1 74H
Chlcaso AI
ton char Ba
B 7BU
ChlcaeoJVn 4
Quincy a
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Cona'd Oaa 7a
1 08H
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1....7 08H
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2.... 101H
1.... 101
1.... 100'4
Den as It O fd
1 44
2..... 44
7 48
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2 42
Den at R O 4i
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2 08H
1 63
D & B O'd 91
1 68
8 68H
1 08H
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Corp n Ba
1 70
D Canada. Oi
nt '21
10 07H
D Canada BH
of '21
3 07U
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2 84H
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B ST
Erie It Co 0a
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D 00H
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.Gov't Bwltier'
land rcti
GEO. A. HUHN & SONS
tSTOCHS ANI l..fNT1
Member of (he rhUadelphla, )
York and Chlcaro Htofk Kichanrca
v York Cotton Kxelianaa
Commliilon Ordoni Executed In
Alt ths Principal Market!
UElXKVOlJ COURTPUJO.
11B tvainui oi.
NEW YOKK OlfHCH
U Broadway. Ken York
American Pr X. at r. tnnn
?LUV,buRy- Pr- & L 5b. 1940
Lansing Fuel &J3as r.s, 1927
Hoanoke GaB Lt. 5s. 1927
Syracuse Lt. & Pr. 5s, 1954
me!!can, G' & E common
Gillette Safety Razor
Hale &Jilburn preferred
B0ENNING, GARRISON SCO.
btqck EXCnANOl! HCILDINfl
2.
1....
4....
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8....
1....
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41....
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80....
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102 K
102H
102
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102i
102U
102H
102
102H
102i
102T4
102H
lO-i'J
102J,
103
103
103
103
102H
102
10271
Lake B 3V4
2 BTH
1 BT
2 87
N Y Chi Bt
LOUH 41
1 89
M York Doik
Co 4a
1 BOH
1 BOH
Mew York O a
Weel'n 4a
3 BSH
6 B6H
NTN1UI1
4s 'BO
4 48
New Y N II
Itart'd 6i
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N Y Ityi Ct 81
10 B
10 B
N X Tale 4Hi
10..... iw
10 78U
N Y Tele' a 8i
12 87H
1 87H
2 87H
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3 40
Norfk & Wn
cv 6a
10 07H
12 07H
1 97H
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Line 4a
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Paclflo Oaa A
Elect'e 6
1 74
1 7H
Pa It era 4 Ha
2 7BH
B 7Ri
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1 B3tt
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Penna It It 7a
NEW YORK BONDS (Continued)
6 01H 3 77HWeat'h Marr
1 01K 6 77 land 4a
1 01H B 77 10 48H
Utah Power 4 1 77H 8..... 48U
I.ltht Ba B 77H 2..... 48
1 73 Va Itlwy A p Wllaori Co lit'
Vlr'a Carolina Co Bi 4,i... 88H
Chem Co 6a 10 64 H Wllaon Co 'ev
8 S4U Wabaah It lai ia 8BK
Vlnlnla IUII- l giu s..... 88Ji
"V Ba
Llbrtr nn .
Liberty lt 4s
Liberty IA An .
Liberty 1st 44s
m.h
ni.os
8B.10
85.20
80.3S
85.34
Liberty 2d AVin .
Liberty 3d 44h . RR.Ra
Liberty 4th 48. 85.58
e Note 3 s .. 1)5.00
Vic Notes 4n . J)5.04
(N. TMlmO
t). m.
01.08
80.10
85.02
80.30
85.10
8S.72
85.44
05.84
05.84
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01.00
86.10
85.02
80.24
85.00
88.04
85.40
05:82
05.80
GOVERNMENT BOND8
TIM
i-anama coupon 2a, 1936. .... .100
Panama recletered 2a. 1086... .100
Panama coupon 2a. 1038 100'
Panama retlatered 2a. 1038.... 100
rnma coupon a. 1P61...... 77
Panama recletered 3i, 1981.. .. 7T
Philippine 4a, 1034 .:...!. 78
Philippine 4. J03S 78
PhlllPPlno 4a. 10JH 78
U
B Govt coupon 2e. 1930. ...lOOU
m
Aak
)y ioi
14 101H
H intH
81
81
65
85
85 ,
' 101H
101U
106H
106H
Sales Executive
Teehnttnl man. aie'89, wldo experlente
mechanltal dales . work, deelre ehanrei
now resident einineer mannfaetarer
rxrwer plant - eflolprnent, ronverlna and
peelal marhlnrrr. nest eredentUla no,
ilble. Will InTMt.
Hex It 318. care of Ledger Ofllre
V 8 Oovt realetered 2. 1039.. 100'
II S 20Vi cou("n 4. 125.... 105
BS Ojvt reifetered 4i. 1925.. 16S
Dlat of Clumbla 3-63a. 1924.. 93
World's Gold Output
Vaehlnrton. July 18. Incomplete) re
turns now available Indicate that the pro
auction of gold in 1919 was botween
S346.000.000 and 1360,000.400. as com
pared with 1380,924,600 In 1918. The U. S.
Geological Survey reports that produc
tion In the United States was $63,515,
196. Canada Is reported to have pro
duced 114,687,000: India. $10,028,000;
Australia (not-Including-New Zealand or
the Islands), $29,268,000; the-Tranevaal,
$171,640,123; Rhodesia aniWeat Africa.
.B,3i,Q7u. 'mere was a pronaoiy larre
Hocking Val
ley 4Hs
2 64
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1 BOW
3 B0u
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2 B6H
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12 18H
111 Cen'l 4a 'S3
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8 75
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4 74
11 74 1;
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1 65
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1 6SH
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St P d 4a
1 B3H
Chlcaso Mil A
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2 70H
1 70H
Chlcaso MU A
StP cv 4Ha
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Chicago Mil A
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1 90
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1 73
City Hord'n 0a
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4 84
1 41
City of Copen
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2 7S
City I.yoni 6a
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Colorado A 0
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Cuban Cans
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37
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South'n 8s
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Kansas City A
Bouth'n Bs
8 67
Kansas Cy T'l
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glum 6s '25
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Peoria A E 1st
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Pere Marat Ba
1 77
2 77
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Publlo Service
Cn N J i
3 62
Reading Illi
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Lake Bhore M
S'n 4a '31
1 77
2 77
1 77
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Lehigh Vy 0
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Tob'o Co Ss
1 77
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Llg't A Myers
Tob'o Co 7s
1.... 102 1;
Lorlllard C Ba
1 77
Louis A Nash
ville 4a
3 77
Loula,A Naah-
vine rcis 7a
3.... 101
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station 4a
1 B3
2 K2
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urdln'e Bs
1...... 77
1 77 a;
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Mo Kan A Tea
uaiiw'y fd
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St i. A S till!
Series A
2 B4U
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1 34
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n n 4s
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Union Pac cv
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Mexico Bs
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1 91
decrease In the production of fold
nusaia and Siberia during me. year.
in
m
Go
SAFE
PROFITABLE
INVESTMENTS
t ,.,fiftmi
Workmen' Corapmtttintml ,
Automobile InsWMM '('" ,t
At Actus! Cost , "'V, .'
i inunTV winrtrif t Vdlna 1 tareai' i
uiUJDivi uiuiunu ai-cjywiTV'j '
lUIIIIJUl a . , .r il.fi
26 South rifleenta Street rKUadeleaite :
aw-
l! 4
S V
-'' If)
Do You Worry Over
Investments ?
V
Itrazier & Ga
ROAD AND SANSOM STaV.
PHILADELPHIA
t SOUTH tTw BALTIMORE
68 BrVOADWAY. NEW YORK
THERE ARE tens of thousands of investors wjio
do. If you are one of them, you will find it
profitable to investigate investments that will free
you from worry and anxiety, and give you the peace
of mind which every client of this House knows.
These investments are the first mortgage
bonds, safeguarded under the Straus Plan.
They combine, safety and assurance of
prompt payment of both principal and
interest in cash when due, with freedom
from market fluctuations and declines in
value.
Investigate. A "letter or postcard or a telephone call
will bring you literature describing these securities in
full and telling why and how they will free you from
investment cares. Ask for our July Investment Guide,
which lists a well, diversified variety of sound bonds
in $1,000 and $500 amounts, yielding 6 with ft
Federal Income Tax paid. Specify
BOOKLET 418-Q
S.WeSTBAUS r GO.
ESTABLISHED 1M2 INCORPORATED
STOCK EXCHANGE BUILDING, PHILADELPHIA
Joseph H. Rubin, Resident Manager.
rr,
'
4
8!
4
NEW TOnK
CHICAGO
DETROIT
BUFFALO
CLEVELAND
BOSTON
"WASHINGTON
INDIANAPOLIS
riTTSBUIlGH
SAN FRANCISCO,
MILWAUKEE ,
MINNEAPOLIS.
Thirty-ight years without loss to any investor.
Cotton Yarns
Warps
of all
Descriptions
George Bulterworth & Sons
DIAMOND 8603
191fi-20-22 Germantown Are.
laVAiSJ
-J ,.'4
i in P
1 "ail u
We recommend and offer
Subject to sale, when, as and if issued
Armour and Company
. 7 Ten Year Convertible Gold Notes v
Dub Jul? IS, 1920 , Denominations t $1,000, S500,41M
Price at the market, Yielding about 7
Exchangeable after January 3, 1921, if note-holder
wishes, into a like face amount of Armour and Com
pany Class "A" Common Stock which will be entitled
.to 8 cash dividends before Class "B" Common Stock
receives 8 after which both classes will share alike.
A complete description of these notes will bo supplied upon
request for Cixcular PA'ZQ.
HALSEY, STUART & CO.
Incorporated Successors to N. W. Halseg & Co Chicago
LAND TITLE ILDG., PHILADELPHIA
Telephone Locust 4820
CHICAGO
ST. LOUIS
NEW YORK BOSTON DETROIT
MINNEAPOLIS MILWAUKEE
$1,700,000
Utica Gas & Electric Company
, 72 Fivc-Year General Mortgage Gold Bonds
Series "A"
DUE MARCH I, I92S
ConverdMs at the option ef the holder an any Into rest date to and Including ma
turlty r redsmation date into an equal ameunt star value af 7 Fltteen-yesr
General Mertgage field Bands (Series "B") dated March 1, 1920 (none af which
are outstanding).
TAX PROVISIONS: The Company agrees to piy interest without deduction for any
Normal Federal Income Tax to an amount not exceeding 2 which it may lawfully
pay at the source. The Company also agrees to refund the present Pennsylvania Four
Mill Tax to holders of -these bonds resident in Pennsylvania, upon request, as set forth
in the Trust Indenture.
The following information is taken from a letter of Mr. F. M. Tait, President of the
Company, copier of which will be furnished upon request':
The Utica Gas & Electric Company conducts all the commercial electric light
and power business and the entire gas business in Utica, Little Falls and
numerous other communities located in the Mohawk Valley, the total popu
lation served being estimated to exceed 200,000.
For the year ended May 31st, 1920, net earnings were more than twice the
interest charges on all bonds outstanding, including the present issue. Ap
proximately 70 of the Company's gross operating income and 91 of its net
earnings forthe above period were derived fVom its electric light and power
business. Gross earnings from this source have increased over 121 since 1914.
During the year ended May 31st, 1920, mora than 80 af the total amount of
electricity said by the Company was generated at its hydro-electric plants.
Dividends have been paid on the Company's $2,000,000 capital stock at the
rate of not less than 7 per annum for the last eleven years, the rate since
April 15, 1913, having been 10 per annum.
These bonds are offered for delivery when, as and If issued and received by us, and
subject to the approval of counsel as to legal details. It is anticipated that definitive
bonds will be available for delivery on or before July 19, 1020.
We have been Identified with the bend financing ef this Company for
aver twenty years and recommend these bonds for Investment.
Price 98 and Interest Yielding; 8
Harris. Forbes & Company
Pine Street, Corner William. New York
Widener Building. Philadelphia
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