: .iW,
'
fTl'
r
v
. y ;, j '' ,-, ' -i V3&fflra PUBtl3l'fiBDffB-PHltiAI)Sa;HIA, WKDNESlto. JULY
- '" i . r "" - " f -' .
21, 1920
21
'
1
Investment
mny pronv
onoor-
B0-cent
yield
..... Inv
T?.a,rt:due to the
lu,,..- -
Sw.7l.nd a-hluh
over the yearn.to come.
vt. althourh PrJSsl,Jih22n1d'"
iiSn. have caused higher In-
:-.. ritS. Hie iuuiuib hi
remain unchanged;
The more prolll'.prorniH.a
?he icreater tho need for first
au"ne Pt$r of principal.
Baker, Ayling fc-'Toung
J. W. HWAIff.'Jr., Mananer
Und Title?' Building ,
Philadelphia, Pa.
American Gas Co. 6s, ,2016
Armour & Co. 7s. 1930
cSc. Elcc HI. 7s, 135
Counties Gas & Elcc. 5s, 1962
Georgia L, P..& Rwy. 5s, 1941
ler. City, Hob. & Pat'n 4s, 1949
U.S. Rubber 7s, 1930
fttCOWlt&CQ
LarasiSIRl Land TltU Bide-
h'tm Vr' r''' CenncetJoii. CokoI islf
FOB SALE ,
$25,000
Hale & Kllburn Corp.
6 Notes
Dut serially 1922-31
At 85 and interest
Charles E. Doyle & Co.
30 Brosd St., N. Y. Tel.-Broid 710.7-8-S
NEW YORK BOND SALES
mnnnrr of Tndltldiml Tmnwtlont en Jfw York Echn
' 1 . SALR8 in tsoooi
Front Openlnc Until 2 p. m. (li. Y. Time)
Cleveland Elcc. III. 7b, 1935
Hershcy Choc. 7'iS, 1930
Lehigh P. Sec. 6s,. 1927
Phila. Elcc. 6s, 1922
U. G. I. 6s, 1921
B0ENNING, GARRISON CO.-
STOCK EXriMMIR nun-niNO
Dim! rrlrste Telerhon.f'Ner York
MrmWM rnus.
Ntoek Kirlunce
Stockwcll, Wilson & Linvill
Certified Public Accountants
Land Title Bldg., Philadelphia
!
Amer Smelt's
A Tit n't Bs
ATel AT ell
l.i... 76Vi
S..t-.. 70
A TAT cv 4H
...... TTH
.3 T7U
A T1 A Tel s
1...... 75
. 1 7SH
A. Tel A Tat.'Os
1..... D2ft
1 03W
J,.... 03
A Wrt 1'ap 7
8 74
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2,.... 00 0
7 DOS
SO. 00 0
3 DO'O
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t 74K
2 74
A T A B Fe 4i
2 73U
3 73U
1 73;
1 78
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10 71V4
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1 H714
1 97
8 07
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1 7S
4 B7S
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1 B
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1 78S
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1..... 21
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1..... B1T
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st r it
1 04
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Ht r 4 '2.1
1 70
B 70
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SIP cv4i
1..... 03U
..,.. 03
Chleaae Union
Bin 4a
8 .73
Ch Cop'r Oa
. 72
Chlneaa Oovs't"
H-K niya Ss
B 43,
Cty New Torlt
4a '00
2,.... 80
Cty New York
4a '03
8 02
City fAarl Oa
4 03
20 03
1 03
8 03
Cona'd Uaa 7a
1 07
10..-.. 07
Ouhan C 8 cv
2 07
2..,.. 07
4 07
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100
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ion
100 '
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n o ra
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fd 4a
MP
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lit
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I.....' 118
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2 07
CMcako Mil &
St P cv Bs
'2..... 02
B... . 02 ii
Chi A Nwn am
1 72
Chi A Nwn 7
B-.. 100
5...... 00
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.1 A Pao M
B 04,
1 04
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Corp'n
1....
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. 45
. 4B
. 4R
. "I
. 43
. 43
It (1 4n
. 01
. 02
Secur'y
Bs
70
108
103
103
103 f
103
103
103
101
103
103
D Can
1...
Aa '21
07
07
07
1) Canada '20
1 80
D Canada '20
. B 00
7 00
1 00
Dominion Re
public fia
2 87
KnBt Tenn Va
A U en
1 70
Erie Gent Men
1 30
2... 30
i:rle It n cv A
1 M ',
Kris It Co 4a
8 48
Onl Hlec U
08
Oov't Bwltxer-
Innd rets
1.... 103
2.... 103
0.... 103
2.... 13
'0. .. 103
1 . 103
Frederick Peirce
BONDS O f INVKSf
WOK Ot V0 MEM
1411 Ckeataat Street, Philadelphia
Duquesnc Light Co.
(riTTKiimmi)
lira Jltae. A C'ollat. Trust
30-Yrur 0 (lold Honda
One of the largett ami strongest com
pnntea In a field of enterprise noted
for stability.
I'rlre, 15rr Lower .Thnn t Yrnr'Aca,
to Yield About 7V
"Tax Free" in Penrta.
Welsh Brothers
028 Chestnut STunrT
Philadelphia
Lombard 1548 . ,
1....
4....
2....
1....
2....
( (
0....
1....
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Hud A Man fd
1....C B0
11 6.1 ;
4B.,.., BS
1 B3
Hud A Man In
8 18
1 18
2 18
3 18
III Bteel 4a
1 71
1 74
Intboro M 4a
10 12
4...... 12
1 12
Intboro n T fU
1 41
B 41
2
15 44
Int'l Merchant
Marina 0a
1.-... 84
1 84
1 81
Jap Gov't let
6.... .78
6..... 74
.11,.... 74
4.,... 74
2 74
Jap dov't 2nd
4,.... 72
0 72
2 73
Jap Gov't 4s
B BB
0 5.1
1 0.1.
Kan C Ft B A
M ltT 4s
2 U
Kansas City A
South n 8s
2 B3
4 B2
1..,.. B2
Kansas City A
South'n Bs
1 07
1 07
Kingdom Bel
alum 0s '21
1 08
B 08
mniraom Hrl
alum 0s '2.1
2 IM
1...... 04
Kinr.iom iiti
Blum 7a
8.
2..
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100
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100
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Lske Phnro M
S'n 3s
.1 . . (10
1 . . Cll
Lake Hhnro M
S'n 4s '28
1... .70
Lake Shore M
S'n 4s '31
2... . 77
Lou A N si lis
10 .... 48
I. S. Nash 4s
30.. ., ?7
I .. . 77 A
1 77
N
Loulsvl'e A
Mono 4a
1 CO
Ho Kan A Tel
Hallway 4a
1 63
lln Pao cm 4 a
I . . i . . nz
1 B2
Uonlana Pow
Co Bs
a... to ii
New d 'Tex A
Mexico 4a
B 58
1..... 58
N Y O A It it
H It 0a
1 80
J 80
80
1 80
1 KnC
New York CM
L S 3a
1 50
1 Bfl
N V Chi A Ht
Louis d 4s
1 (11 U
N Y Chi A SI
Louis 4a
1 Oft'i
New Y N It A
Hart'd 0a
2.... 70
N T W C A II
nit 4a
2 40
4,.... 40
Norfk A IV 4a
1 71
3 71
2 72
Nk A V cv 0
i..... in
1... 00
B-. ... 00
5 00
N'k AW Po
Coal Co 4a
1 73 li
N'n PaclOc 3s
1,.... 51
B 54
N'n PaclOc 4si
2.1 73
raeltlo Gas A
Ultc Bs
1 7B
B 74
Pa It It 4s '4
1 70
Pa nit en 4
2 87u
Pa It cm 4
1..... 75
Penna It It Bs
B 83
renna It It 7s
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Berle A I
1
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i.
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102
102
102',
102
102
102
102
102
Pero Marqt Bs
Public Sqrvlce
C-n N J 8s.
1 01
Rradlnc It 4s
8 78
1 77
Republic of
Cuba 4s
8 72
mo Grand &
Wn clt 4a
2 A0
San Antonla A
A Pas Illy 4s
2 50
St 1. I'n Ml A
S Ilwy 4 s
1 NU
tit L A 8 I'' aj
1 00
5. . , 00
3 00
3 00
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F'ln
47
8
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47 u
47
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54
84 U
54
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B4.
84
B4
64
64
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54
54
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84
64
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0...
2...
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1...
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1...
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1...
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Serlea D
-1 OBtf
4 07
I..... "
3 00
Bt L A 8 Fran
Serla C
1 88
8tb A Swn en
l.T... 01
StI. A Swn lat
1 01
St L A Swn Sa
1 81
0 61
to 81
34 Bl .
Ff nb d A 1. ft)
1... . 83
4 ... 33
1 33
Bo'n Belt, T S
1 85
E'n Pacific cv
'3 75
S'n Pacific 4a
10 ... 04
1. .. 03
1..... 03
S'n Pac cv 4a
5 .... 75
S'n Pac cv 5
8 05
8 0.11
3 11.1
1 0.1
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S'n Itttllw'H 4,
1 B1
1. ... 67
H'rtllws sMa
1.. .. 01
S'n Itillw'
1 R0
2 80
Third Ave Is
... 30
Union Tac cv
... SO
Union Pac fd
2 70
1 70
Union Pac it
1 70
2 70
Union Pac Us
2... . 00Vj
1 00
U K of O Brit
A I'd' 1021
1 06
1 00 7
0 00
4 00
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A I'd 102'.'
2 02
1 02
!.... 02
U IC of O Brit
A I'd 1DZO
iVetr lutte
$3,500,000 ,
Louisville Gas & Electric Company
Bond Secured 8 Gold Note
Dated July 15, 1920
Due January 15, 1923
Business
Purpose
of Issue
Security
The Company will agr'ee to pay tntereat without deduction for any Federal
Income Tax not in exceas of 2rc, which it may lawfully pay at the source.
Pennsylvania State Tax of4 Mills Refunded.
The following information is summarized from a letter signed by Donald McDonald,
Esquire, Vice-President and General Manager of the Company:
The Louisville Gas & Electric Company and affiliated Com
panies ftwn and operate without competition the entire gat
andelectric business in the city of Louisville, Kentucky,
together with a steam heating business in certain districts of
the city.
To provide funds for,the retirement of $2,959,000 Bond
Secured 7 Gold Notes, due September 1, 1920, and
for extensions and improvements to the properties.
These Notes will be a direct obligation of the Company,
secured by a Trust Agreement, djtted as of July 15,' 1920.
in which the Company will pledge with the Trustee
$5,250,000 General Mortgage Bonds of the Company,
due January 15, 1923, as collateral. The reproduction
value of the physical property is estimated to be largely in
excess of the par value of the total funded debt outstanding,
including these Notes.
The authorized amount of this issue of Notes will be ,
$5,000,000. Additional notes up to the authorized
amount rrtay be issued only by the deposit of General
Mortgage Bonds in the ratio of a principal amount of 1 50
of Notes, and only when net earnings, after deduction of all
prior annual charge, are equal to at least 3 Y times tho
annual interest charge on all Notes outstanding, including
those about to be issued.
A semi-annual sinking fund of $175,000 during the first
two y.ears commencing January 15, 1921, will be pro
vided in the Trust Agreement for retirement of the Notes.
NEW YORK BONDS (fcontlnued)
2j.. 88
1.... 87
1...I. 87
U IC of G Brlf
A I'd 1037
.1 8B
2 85
3 85
1 85
V 8 Mexico Bs
7 87
6 87
Und It of B Fe
un ct 4a
IT..... 21
U. 8 Itub'r Bs
1 77
V 6
2.
3.
a.
8.
1
77
77-
Heel 6s
01
00
01
00
00
Vlrclnla (Is
Broa ctfa
8.
1..
B..
1..
2...
1...
4...
10...
B...
1...
87
88
67
68
67
6R
.00
50
00
01
02
Vlr'a Carolina
Chem Co lat
1 00
Vlrclnla A So
8 02
West'n en
1 03
West'n Md 4s
11,.. ..-14
2 48
West Shore 4a
1 08
1 00
West'n U 4s
1 72
3 74
Wilson Co cv
1 .... 85
Wilson Co lat
88
DECISION
BY LABOR
BOARD DEEMED FAIR
Railroad Workers Will Show
Wisdom by Accepting Award,-
Says Banker
For ninny days, snid n bnnkor, the
stock market" hns brln virtually mark
Injf tlmr- wnltlnu for two important de
cisions which. It was expected, would
have a telling effect on rnllrnnd ntncks
in particular, and In a gcnernl way on
the whole list. Yesterday one of these
declnions, namely, the nwnrd of the
labor board appointed to fix the wnccq
of railroad labor, wos announced, ond
to all appearances the market took no
notice of it. There is disappointment,
he said, among the railroad workers,
nnd that had been nlrendv anticipated,
but there wjll bo .no immediate strike.
There mny bo trouble later on, hn re
marked, but not now.
To the man in tho street, the aunrd
of tho labor board will appeal an emi
nently fair, he said, nnd with unsettled
conditions generally, with signs of mo
mentous changes In the labor status nil
over the country, the leaders of the rail
road workers will show wisdom if they
enjoin their followers to nhide by the
decision. That, ho said, however, judg
ing by tho past, is hnrdly to he ex
pected. The fnet thnt the stock market
shows no indicntion of trouble follow
ing this wage nnnoiincement Is n gnml
indicntion there, will he none. The
stock market is ttsunily prophetic of
such events. If there were going to he,
as some nnticipntcd. the greatest strike
In the history 'of tile rnlronds of the
United HtntAt, the -news would linve
leaked out in some form nnd the stock
ninrkef would have been the first to
show .the drift.
Among .financiers generally the award
of the board granting 00 per cent of the
amount demanded by the men is con
sidered very fair and many, when
speaking of it. said thut the railroad
workers should consider themselves for
tunate if they can 'retain their posi
tions nt the advanced rate of wage.
.Meantime, the market still nwnits tho
Interstate Commerce Commission's de
cision on freight rutc. There was some
activity in rail stocks 'yesterday pend
ing thnt announcement.
A broker ventured the opiniop that
sqmebody is profiteering in money. Thorn
enn be no nctivity in the stock market
with rates for money as they are. The
moment tho constructive side of the
market is adopted, repressive measures
npprar. He said he believed money con
ditions arise froin making too great
haste in ilcllutinn.
ire would not be surprised, he said,
if there should be little or no change
in money conditions till after the close
of the jenr.
CHURCHMEN TO CONFER
Restrictions
of Issue
Sinking
Fund
harmngs
Net Earnings excluding depreciation for the year ended
.May 31st, 1920, after deducting all prior annual charges.
are nearly JVi times me annual nn"i icuircmcnu
Notes. "Net Earnings tor the same period are
the total
r,n inMr!
equal to over I z times the annual charges on
funded debt, including interest on these Notes.
All Utal matters In connection with the lasua of these Notea will by paaaaij upon by M.nra. Curhmlna.
Roam", Fly"n i McKenna if Chlreco and Mesara. Wlnthrop A Stlmaon of New York. The aecounta
ef the Company have bSn regularly audited by Measra. Arthur Anderson A Company. C.rtlB.d
Public Accountants.
The above Notes are offered, when, a and if isaued and received by ua
Price 05 and accrued interest, to yield over 8.45
Temporary ractlpta ef tha New Tork Trust Company will be I""; clarn.bl (or Dannltlr Notea,
shea,
and If received from the Company.
Bonbright & Company H. M. ByllesBy & Company
437 Chestnut St.
Philadelphia
Incorporated
111 Broadway, New York
Federal Securities Corporation
38 South. Dearborn Street, Chicago
Thla Information and theae statletlea are, not guaranteed, but
i believe to be 'accurate,
have been obtained from-sources we
Missionary Conference to Be Held
at Collegevllle Next Month
Collecevllle. Ia.. July 21. This
borough has been selected for tho mi
nimi summer missionary conference of
the Reformed Church In the United
Ftntes. from -August 0 to Ifi, to take
place on the campus of Urslmis College.
This is the fourth large religious ami
educational 'conference to be held hcie
this summer. Others arc the College
vllle Summer Assembly, interdenom
inational, August 2 to 1): Epworth In
stitute of the Methodist Episcopal
Lauren, August iu to .i, ana I'cnn
sjlvunia Baptists' Summer Assembly.
August 2.T to .'in.
Several hundred delegates from ovcr
section of the United States will at
tend the missionary conference of the
Reformed Church. Dr. -Joseph S.
Peters, of Allentown, is chairman of the
conference. He will be nsslsted hv Dr.
H. W. Hright. of Norristown ; the Ilev.
(Jeorgo I.. Until j, of Itoyersford ; I'nul
T. I.ehr, of Allentown ; Mrs. J. SV.
Fillman. of Philadelphia; and Miss
Alice M. Knauss. of Nazareth.
Among the persons to address the
conference will be Dr. E. E. Kresge,
of Allentown; Dr. Howard It. Oinwakc,
donii oi rrnnKiin ana .iiursnall Col
lege, I.nncnster, Pa.; tho Itev. Alfred
M. Ankeney, of Aomori. Japan; Dr.
Ernest N- Evans, of Indianapolis; Dr.
Daniel H'irgholter, of Tiffin. O. ; Dr.
Allen R. Ilnrtholomew, of Philadelphia ;
Dr. Cyrus J. Musser, of Philadelphia;
Dr. Paul S. Lclnbdch, editor of Re
formed Church Messenger, Philadel
phia, and Dr. Thomas Dickert, of Read
ing, Pa-
TOLEDO TO BUILD PIERS
Extensive System, of Municipal Con
struction Already Under Way
Toledo, O., .July 21. The munici
pality is to purchase tho wharves of
one of the laki navigation companies
nu the first Stenv 111 n n.mrnm Kiilllntv
for future development of an extensive
municipal pier system. The first pier
section to bo acquired hns railway con
nection. Tho city now owns much of
the land along tho mouth of tho Mau
mee river, entering Maumco bay, which
provides u mrge natural harbor for
Great i.okcs snipping.
Another step in industrial develop
ment of the city la the hulldlng of an
electric belt-line freight system, cir
cling the city, by tho Toledo Railways
and Light Co.. at a cost of approxi
mately $1 .000,000.
Injunction proceedings hnvo been in
stituted to prevent the proposed refer
endum on a bond issue for acquiring
and constructing n municipal electric
railway stcm. A $7,000,000 bond
issue has been proposed. Tho suit Is
by bondholders of the Toledo Rallwavs
and Mght Co., which provides the
transportation service of the city.
Army "8eek Warrant Officers
Waalilnstan, July 21. Applications
for appointments to tho new posts of
warrant officers In tho army creafed by
the army reorganization net will h r..
reived by department commanders until
August 31. The warrant officers will
rank next bolow second llcuteuauts, rb.
celve a base' pay of $1820 and. the al
lowances of a second lieutenant. They
will be .used largely in the work that
lias Drvn aopy W clerks.
. $20,000,000
United States Rubber Company
Ten-Year Seven and One-half Per Cent Secured Gold Notes
i Due August 1, 1930
Interest payable February; 1 nnd August 1. Coupon notes in denominations of $1,000 and $500 with privilege of registration as to principal.'
.Principal and Interest payable in Gold without deduction for any taxes wnicn tnc company, or tho xrustco may do rcquirca to
, pay, or retain therefrom, other thnn Federal Income Taxes in excess of 2 per annum.
t - -
Samuel P. Colt, Esq., Chairman of the Board" of the United States Rubber Company, in a letter dated July 16,
1920, writes, in part, as follows:
, The Notes are to be secured by the deposit and pledge with the United States Mortgage & Trust Company, as Trustee of
the Trust Indenture under which the Notes will be issued, of $25,000,000, face value, United States Rubber Company First and'
Refunding Mortgage 6 Gold Bonds, due January 1, 1947.
TJhc United States Rubber Company directly or through its Subsidiaries is engaged in the manufacture of Rubber Footwear
of all kinds, Pneumatic and Solid Rubber Tires and Tubes for automobiles, trucks and other vehicles," mechanical Goods and
Druggist Sundries, Insulated Wire and practically all other goods that arc made from India Rubber, there .being over 50 mills in
operation, situated in the United States and Canada. "" ' ,
The business of the United States Rubber Company is well balanced, the product of footwear and' of tires being about
equal, while the mechanical goods, druggists' sundries and other miscellaneous products, moke up substantially another third.
The Company owns the largest Rubber Plantations in the world from which it obtains direct a substantial part of its crude
rubber requirements. The product of such plantations is rapidly increasing.
In order to provide for the constant and rapidly increasing demand for its product of automobile truck and passenger car
tires, the Company commenced in the early part of 1919 asubstantial expansion of its tire manufacturing plants both. in the
United States and in Canada. This expansion includes important developments at each of the Company's five tire plants, and it
is confidently expected that these improvements will more than double the productive capacity of the tire plants by the middle of
next year. The demancf for the Company's tires vastly exceeds not on,ly the existing capacity but even the enlarged capacity after
the proposed increase in production. All expansions and improvements have been mado with a view to effecting every economy
in manufacture and at the same time maintaining the, highest possible quality of the product.
The proceeds of this sale of Notes, with the current surplus earnings, will give the Company sufficient funds for the com
pletion of the plant extensions now in progress at Detroit, Hartford, Providence and Indianapolis for the increase of the Com
pany's tire production. - '
The total sales of the Company and its Subsidiary Companies for the lost three years have been
1917 $176,159,694
1918 $215,398,425
1919 j $225,589,465
The total sales for the six months ending June 30, 1920, amounted to over $129,000,000 or an increase of over
$29,000,000 equivalent to 30 over the same period last year.
The net income of the Company and tits Subsidiary Companies for the year ended December 31, 1919, applicable to
interest charges, amounted to $21,396,099, or more than five and one-half times such charges, which amounted to $3,665,862.
The net income for the six months ended June 30, 1920, after provision for all taxes and reserves, shows an increase of more than
$3,000,000 over the same period of lost year.
The current assets of the United States Rubber Company as of May 31, 1920, the latest date for which balance sheet
figures are available, amounted at conservative valuations to $197,773,471.30, while the current indebtedness of the Company
amounted to $65,035,333.75. - s
The United States Rubber Company has at present outstanding $65,000,000 First Preferred Stock and $81,000,000 Com-.-mon
Stock, on both classes of which dividends arc being paid at the rate of 8 per annum.
The form of the Notes and the terms of the Indenture securing the same shall be subject to your approval and all the pro-
tnc same snail dc sttbjec
ew York Stock Exchange.
ceedings in relation to the issue thereof and to the issue and pledge of the bonds securing the same shall be subject to the
approval of your counsel. .Application will uc made m due course to list these Wotes on the i
The undersigned will receive subscriptions for the above Notes, subject to allotment, at 98 and accrued
interest to delivery, at which price the Notes will yield over 7 on the investment if held to maturity. "
i
Payment for Notes allotted is to be made at the offices of the undersigned against delivery of temporary Notes, deliverable
if. when and as issued and received by us.
KUHN, LOEB & CO.
New York, July 20, 1920.
All the above notes having been allotted and sold this advertisement appears as a matter of record only.
Cities Service
Company
7
Series C Debentures
Interest requirements be
. ing earned 11 times over.
Convertible into Cities
Service Company Com
mon and Preferred stocks
on attractive basis.
Market value of stocks,,
Junior to the Debentures
more than five times prin
cipal amount ofNjutstand
ing debentures.
Yield 7.45
Plus common stock
dividend accumulation!
Circular "C" 'on Request
Henry L. Doherty
& Company
604 Morris Bldg.
Philadelphia, Pa.
Fhone Locnst !0
Opportunities for
a Large Income
Good bonds now yield
more than preferred
stocks o f recognized
merit: did ten years
ago. Even external
loans of strong govern
ments are selling to
yield from 7 to 8.
The. present genera
tion has never had
such opportunities to
buy long term bonds
at such attractive
prices.
JrVitc for our recommendation
Hemphill. Noyes & Co.
.Vembrra .Vc"' 1'orfc Kfocfc Kxehanpe
Franklin Bk. Bldg., Philadelphia
New York Boston Bcrunton
1
'New Istug
$3,000,000
S.S. Kresge Company
7 Serial Gold Notes
Dated July 1, 1920. Due Serially, January 1, 1922 to 1926, Inclusive.
Interest payable without deduction for Federal income tax now
or hereafter deductible at the source, not in excess of 2.
Information regarding this issue and the business of the Company, as set forth in a let-
Kresge, President of the Company, has been summarized by him
loss
ss, isto
Armour & Co., 10-Year la, 1D30
rJrt IKHlse, Ufa MMnr Ho. Sa.
Waterloo. rianii c
?'..... li.iitiH. Ilv. An. 1
nSwVaV uht a., low
,'rs:tW.K?io.o
F.lrnIolir lTrfrrred
lllrby I.urnhr
Morton Lachenbruch & Co.
lAND T1YLE IILDO.. 1'IIILA.
Tal. Spruce .881. Ilaca C030
Nw York Chicag-o Batroh Pittsburgh
Jill conntottd v prtuai. wlrtt
ter from Mr. S. S.
as follows
Business : The S. S. Kresge Company operates one of the largest chain store
systems in the United States. The business was started in 1897, and
the Company has built its activities from a small beginning to 18 1
stores. The gross business of the Company in 1919 was $42,668,061.
Assets : The Company's financial statement as of December 31, 1919, after
introducing the proceeds of the present financing, shows net current
assets of $8,378,302, or 279 of the amount of this issue, and net
tangible assets applicable to these notes ii $131584,526, or 452
of the amount of this issue.
Earnings: The following tabulation indicates the growth in earnings of the
Company during the past eleven years : .
Groat
Sales
$5,116,099
7,923,064
13,258,227
'20,943,300
30,090,700
42,668,061
The maximum interest! requirements of this issue are $210,000 per annum.
Warrants : These notes upon issuance will carry detachable warrants whichi
will entitlethe holder thereof to purchase within the maturities of
the respective series, common stock of the company in the ratio of
two-thirds of one share for each $100 principal amount of notes at
$150 per share:
Dec. j 1 Stores
1909 42
1911 64
1913 101
1915 140
1917 164
1919 176
Profits Times Interest
Avultbai Earned oni
for Intereit This liius
I 310,993 1.47
470,866 2.23
869,686 4.13
1,293,219 6.15
2,360,988 11.24
3,505,201 16.69
Maturities and Prices
Stock Exchange House
requires an assistant book
keeper. Address Box B 529,
ledger Office.
$500,000 due January 1, 1922....
$500,000 due January 1, 1923....
$500,000 due January 1, 1924....
$750,000 due January 1, 1925....
$750,000 due January 1, 1926....
With Common
Stock Warrants
Attached
100.00
100.00
100.00
100.00
100.00
Approximate
Yield
2.00 ft
7.00
i.
)
7.00
m nk. yW
.uu'o
7.00
Without
C.mmon Stock
Warrants
98.61
97.77
97.00
96.28
95.62
Approximate
Yield.
8.00'
8.00'
8.00'
8.00'
8.00'
These notes are offered, if and when issued, subject to prior subscription by the stock
nolders and to opinion of counsel as to the legality of the issue and the propriety and
sufficiency of corporate action with respect thereto.
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Merrill, Lynch & Co. George H. Burr & Co.
New York Chicago New York Philadelphia
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