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"GOSSIP OF
v THE STREET
"" .., .fta) nf Mir! (lis-
S2?t. wScernini the Mexican
" 'Hm .fMltlvc rendition of the
,h St nTo dlndoBed the extreme
,rke,t; nrcvalqnt In trading circles
7tt SttiS lack of conlldcncc of the
difte Miltton. Th"e have been a
nirM.Mhle number of unftivornuic ru
rtnstderaBie nmi.y Mexico bu
"EM" fieldH In Mexico but
I?fUm f "f tlfcm were y Rormm y con;
rtdlcted
rtJl(; evidently striving to check
y'sa" dumping of that Mock
if.lrn propirin-''" . di.i,m
2Jt of .Uio..Mn e,""i'
Jr & a statement emphatic
SSCrC the nlnrmlngpre,., reports.
rtAMt nir. lu 111; 1 1 nuiw
V nen-M ptibllnhril In morning pn
J? merely a rchnoh of seinnx of nn
C 2nd discredited history. It Ik part
'I' L'-..nrfn to aid the benrs In tlicir
(F THURSDAY, JUNE 16, 1021
&L
1L
el P ,",
atc Department made the only
riflJ,l statement whlolt It could innkc.
"'.ffi or even nn oil producer. won
llWi rtiwory trip through
Mirtr i ,,,.-.... - -.. . -
. fields many montns ago.
.ll, have been nnd nre In progress otf
well? '"" ,, r them nrn omnlelpil.
it fttb "vHlYnown fact that the
tl completed on Totcco nnd Mine.
Kn three times the -I ."inure
ffl to In morning newspnper Ntonci
ind I which Mr. IMiduii reported as
largely exhausted.
.'The articles either unwittingly or
mlidouriy misquote the cstlmnje of the
iniiici"" -j .,., nt ,lrnnn!nr II i-lnliprn
'Kiting In be 4 WHUMM) barrels
I it,.d I of 1.500.000.000. which Is the
-mmint est matci to dp in mc .uniran
ffl0nl f'"'"' n,. Hli,i, ,1 rP,.trtr nf
?f"o iScologlcnl Survey of the Interior
l !! . . .,.! l,!Mi fnrrnlinrnfp.s CM-
Ii (Tmilc made hv me in the nnnunl re-
rort of Mexicaii Petroleum Co. for the
wstyfar. wnicn i nxru ui uiriiii.imiu..v.
4000.000,000 barrel.
? ''This nimntlty of oil nt the nvernge
rite of export of 1020 wowld continue
the export for fortv-flvc ycnr.s to come.
iu ...In .nrrnVinrntPS mp estimate
It jkit development nnd production Vpf oil
, mil if going on iniri.v .!"' 11- '""'
the Huasteca region of Mexico.
Cillfornla's Hlg Oil Production
California's net oil production Iji the
lut calendar year Increased ".."0S.S07
hrreis over thnt for 1010. according
to fieurcs complied for taxation pur
ports by the California State Mining
Kareau. The figures show that lOIJ.
JS4 731 barrels of oil nnd more thnn
3T 000.000.000 cubic feet of gas were
rroduced in 1020 from an nrcn of 04,
567 proved acres.
Pinre tlie passage of the Ferterni
I4nd Leasing Hill last February about
3)0,000 acres of Government land have
bfffl filed upon by more than 200 pcr
ons or companies under prospecting
permits, according to 11. K. Collum.
Bute oil and gas inspector.
Denmark's Growing Exports
The New York Trust Co.s' Scnndi
mvlin reprcNcntntlvc reports that stu
tlitlcs coverius Danish exports nnd 1m
rorts for 1030, which nro now nvailablc,
ibow an improvement of kr. 280,000,000
,1a the trade balance, ns compared with
.1010, The Imports, which In 1010 '
amounted to kr. 2,80-1,000,000, rose In
valuation to kr. 2,040,000,000 In 1020.
Exports for 1020, however, were more
thnn double those of 10107 the totnls for
v'S..,v&JrcnrH respectively, being kr.
1,C70,000,000 nnd kr. 740,000,000.
The gain In export trade was nttrlb
utcij chiefly to Increnscd output of
Jgrlculturnl products. Althougli the
total value of Imports hns risen, nn
examination of details shows n favorable
'rend as compared with returns for"
1010, since there were greater Imports
of raw and nuxlllnry m'atcrlnls nnd
declines In receipts of food nnd similar
products from foreign countries.
Denmark's Imports from thet United
States in 1020 amounted to !ffi.r,074,410,
ni compared with $103,1)57,478 In 11110,
while exports to this country rose from
.f0,201,7C0 In 1010 to $20,073,740 last
year.
Manufacturers in Denmark, as in
some other countries, linve nsked for nld
in the form of protective tariffs. The
Government, iiowcvcr, has declined to
grant these nppeuls, but lias bent its
energies toward dcvcbplng new chan
nels of foreign trade. A small lonn has
nceti granted to Finland, which hns
been facing ncvorc economic depression,
and negotiations with Czecho-Slovnkin
have been followed by the founding of n
Czecho-Slovnk Chamber of Commerce
in Copenhagen to promote trade rela
tions between the two countries.
Steel Stagnation I'nbrnUen
The Iron Age says: "So pronounced
Ik Vtagnntion thnt the trade hns given
up liopp thnt anything can be tlonp to
brenk tlir accentuated summer dullness.
Continued cm cms of consumption over
production is digging into stoi-ks In
consuming hnuds nnd sonic expansion
in demand is counted on in the early
fnll. The quick deliveries asked on
much of the tun of new orders ludi
cntp that stock balances nre far from
remaining well rounded out.
"Hxeept for n further slowing down
of operations, the week lias been devidn
of developments. Gnugiug of the per
centage of producing ennncity thnt lb
active is difficult. It is doubtful If for
the Industry as n whole output is above
n 2" per cent rate. Kstinmte for Pitts
burgh region is around 20 per cent.
"I'rico ciinnges have been unimpor
tant. The recessions, ns In wire prod
ucts, sheets, chain and cnst-lron pipe,
brought no better demand.
"Railroad equipment repair woik is
expected to increase in volume in prep
nrntlon for grnin movements, seeing how
Inrge is the number or bnil order cars.
Of several thousnnd tons fabricated
work put under contract, some lt'00
tons were for tnnk work, with fre.li
projects requiting 4(100 tons. Some
fabricators uppenr to be counting on
2 cents plates and 2.10 cent slinpca
in thpir pstiinnting.
"Following the long-continued de
cline in pig iron prices, concessions nre
still being made. I'riccs on foundry
irons nre nt least fifty cents lower m
Cleveland ami Chicago, nnd basic Is a
disturbing factor in tin- Pittsburgh dis
trict." THK THADKK.
NEW YORK BOND SALES
Summary of Individual Transactions on New York Exchanit
(BALKS IX $1000)
Am 8 ft n'K &9iC & N W'n ', S
s to ',i ;,,.,. ioi u
i tou on n i ft i to,
s oiTi
8 04 Vi
'1 05
1 OS.
2 OS
cm u hu tu
i :stt
8 78'i
Clilcnto Union
Stact OVis
4.... 101U
4.... iom
Chi ft W I 4.
1 E0U
Child Cop'r IH
1
Chlneie aova't
1IU-1V IllVR o
1 4SM
1 4B11
City Ilercen 8i
s nsu
City Derne 8s
i nnu
6 no';
City Cop'n tt
1 7A
City rarld ns
2 110. 1
28 90'
1 (10
i nan
10.. .. 00'
Coin tnduat Ss
1 71'A
Colo ft So'n 4s
1 78
Conn'il Uan 7
1 00H
1.... 10"
Todny's Range In Liberty Bonds
i i .1 .-.
A. M.
nn.-i::
K7.7II
S7.H0
Liberty &,-
Liberty 1st Is
Liberty 1st -His.
Liberty 2d 4V,s..
Liberty 3d -l'is. .
Liberty 4th 4 Vis.
Vic Notes .".-V.s...
Vic Notes 4-Tis. . .
.SM.r.O
87.70
87.11(1
8I1.8S
01.511
87.01!
0S.3S
08.3S
1
l.IIV
SS. 12
S7.70
87.110
M1.S0
oi.ro
87.00
08.30
08.31
S0.80
oi.no
87.00
08.311
;is.3ti
Atnn T ft T elt
8 78U
1 T8'4
Amn T ft T Ri
1 83
B '(Vale) B2U
2 82
Armour 4U
1 77i
n 771
A T ft B r4s
i in
1 74H
A Coaat Ij clt
1 07
!.... 00'i
Atl'o Fruit 7i
1 42
0 42
4 42
6 42tt
a at n. ALL
B ... 100
Halt ft Ohio cv
1 07U
II ft Ohio :!!
2 .... MU
Ball ft Ohlo,4
2 OftH
i.... fl5y4
IUlt ft Ohio Bi
2 08V4
1 OS'.i
II 1 O P Ii B
ft W Vft 4
2 0ti
tl ft O own 3Vt
1. ... 77V
ndl Telephone
of Pa 7s
2.... 103
I.... 102i
Ilkn Kdl C! 7
r..... oo
Ilkn IM1 D 7f
1 .... 0fl'4
rtrUyn ItTTi
2 40H
llrKn llapia T
ct 7s sta
1 414
14 41 'A
Canadian N 7a
1.... 101U
1. .. 101
2.... 101
Ctl l.enther Be
1 87W
C ft O CV -Hi'
1.... 72V4
els & o cv ri
2 ROii
1... . MV,
B... 80
Chi ft Alt 3'4tt
1 3.1
an II ft q Em
1 7l"i
C 11 ft Q-4s r
1.... 00.
c n ft Q nn
2... . OO'A
B. . . Oll'j
Chi ft a W 4
2... . 40
1.. . 4R4
1 . .. 48U
2 .... 48i
Chlcaco Mil A
St P 4a '2.1
1 71
Crlcao Mil ft
StP cv 4'ts
2 05
Crlcns-o Mil ft
StP fd 4 '4 a
a., . ns
2.. . BRT4
l . . . . no
Ci.Nnml '33
j gg
C fc"NW OUa
1 I7;
B 08
41
Fort Worth ft
D City lit
2 08i
G-en'i Eleo 0a
1.... 100T4
Ooodyeur T ft
nub 8a.
0 00
2 00 U
2... . 00
2 00',;
Cove't French
II 7',i rcta
4.
.15
B0...'..
8B0
10 ....
2... .
1
2
B
1
B.. .
8... .
1.. .
4... .
11.. .
rjoe't 1'
1... .
1... .
i'.'.'..'
i. . .
12....
Cuban
1....
Cuban
11....
1....
,E:
4
1....
14....
a...".
B
00'i
H 8a
08
3 cv
00 4
00 '4
00 '4
00 i
00 '4
00 '4
00 V
00
no'i
oo
oo
oo ',i
Donmnrk Con
ct A 8a
1 07;
1 07'4
Denmark Con
ct U 8a
1 08
1 07i
Den ft II O fd
43
Den ft II O 4a
1 03
riet i:dl Co fls
B 80i
Do Canada '21
2 00".
Do Canada '20
2 0014
1 00'4
2 nos
Do Canada '01
1 80".
1 8fl4
Dom ltep'c Ba
3 804
Dul Mia Alftb
New Orl Bs
2 02'4
D Do Nemours
Pwd 7 '.4
r oo'i
B 004
2 0BN
Dui Light (is
1 00
s no 14
2.. .. 0OV4
Erie Oenl I.Ien
3 10i
0B
0B
0B
0B
08
08
0B
05
05
05
OS
05
03
05
or,
n 8a
07 i
07 'i
07 H
07 '4
08 i
ii7 ;
Od Trunl;'rct
2.... 1004
2 . 100i
b. . innu
2. . . 10014
s moi
O Hay ft u B
1 . . . . r,
Hud ft Man M
1. . . 0't
1.. .. OO'I
1.. . 00'4
Hud ft Man In
1..
2 .... 08 i
K Uelg'm rcta
1 07 i
Klnrdom Den
mark ct 6a
90S
0H
00 4
otus
00 Si
00 ",
00 .
1... .-.on
3.. 37
1..1 . 37'1
111 Cen 1 4 s '53
1.. .. OR
III C St T. ft N
O Jt Hils Ba
2... . 70
3.. 78'i
Inlb Met V4a
B... . 14'4
Int Met ct 4V4
1... 124
Inttoro U T fd
.12 V4
B2W
B2V4
.12 V4
B2'4
B2i
B2H
.12 H
52
B..
0..
8."
8.
I..
:..
1 .
1
1 M Mnrlne 0
1 . . . . HU '4
1... 80
tow a CVnt'l 4a
1 10
Jap Goe't 4s
1... . (!8'4
1.. . 08i
Kan C ft H 6s
1 .. 7.H4
.. 74
K O T HU- 4a
1.. 0C.H
Kelly SprlnsM
T Co Ss wl
2... 00
IC DelKlum Oa
1..' . 02'i
IC Delii'm 74a
1..'.. 08'4
2 0R
4... . OS'H
2 08V4
6... . 084
,2...
1..'
2...
1...
1...
1...
Kin Italy 0'i,
1 80'4
1 80S
1 R0'4
Klnrdom Nor
way rt 8a
1.... 1004
2.... 100 v.
Lalca Shore M
B'n 4a '81
1 70S,
1 70
I.ehlah Val 0a
1 00
1 00
Ii Ial H Ss '37
1 88"!
I.ou ft Naah 4 a
2 70'A
2 70'4
tj ft N Mob ft
Mont 4 Ha
1 80
Mex Potr'm 8'
1 03'A
1 03H
1 (aalc) 04
Mid 3 ft Or 5
1 7BS
Mo K ft T 4a
1 BT
Mo PaclOc 4a
2 nas
3 52
i r.3'4
Mo Pac Bs '23
1 Ol'i
Mont'a l'wr Ba
1 B.V4
New Orleans ft
N Uaat'n 3'4
1 0
N Y Cent 3'4
2 03
B 04
N Y Centr'l la
2 88
New Yk Ctl 0s
8 HS
2 88
New Yk Ctl 7a
4.... 100
1 100
New Y N II ft
Hart'd 0s
1 00i
1 C0U
N YU Tele Os
1... . 00
Nfk So'n II B
1 ' 4t'i
North IVe'n II
Telephone 7s
.. . ...
08V4.Orir.W'n n Co Btand'a yu "
Navl Co 4a tan . .,
2 ... 08 1.... JOIJ
Pao O A li 8a Swltz'd ton o
i. in l..., ju-7i
1 75
P M Car C 8a
3... . 05
a. .. 04 S
13. ... 014
Pan Amer Pet
ft Tr Co 7
1 80
Penna It R Si
1 82T4
1 8274
Penna lift 0'4
1. .
3 ...
1
1
(I
1.. ,
Penna
1. .,
1.
1.
00
00
00
. 00
. 0574
. 0574
. on
,. 0374
It n 7a
, 10U4
. ioi u
. 101 14
Iteadlne ny 4a
3.. .. 0374
3 .. . 73V4
B ..74
B. .. 74
nep Chile rcta
1... . 04 i
. . 04 i
I ... 0.1
nio O ft W 4a
B . . 02'4
St I. ft S 1' aj
. 04
St U ft 8 F In
1.... 108
Tenn Cop'r os
1 80i
Tidewater on
C ct an ,
a nnI
2 01
2 01
1 01
Union Poo e
B 81H
Union Pao M
1 78V4
B 78H
Union Pao 4 s
2 7',4
8 784
. 6 78
l 784
'B 78H
Union Pac 0a
l 08
U K of OOlrlt
ft I'd 1021
1 0014
1 004
U K of O Brit
ft I'd 1022
2 0714
40 07i
U K of O llrlt
ft I'd 1020
Sup.
1.
0.
1.
1,
B,
1
0
St Ii
"Bi;
... B1'4
.. Bt74
. .. Bl'4
. . BIS
.. B114
. . 51 4
ft S Fran
JAIL CAMDEN FATHER
Man Unable to Give Bond to
port Three Children
Clifton Mellon, twenty -two yenrs old,
Gloucester CItv. Wns nrilnr..! hi. Io.
rorder Stackhouse, in Cnmden. 'todnv.
to pay f a week toward the support
of his three children, and wns eom
mlttcd to jnll In default of .$500 bond.
Jj'iy 1,e,,on l'l wife, who lives
at 010 cwton avenue, testified he hod
jrlvcn her only $1B in six months. They
have been separated for several years
Economic Conditions
At present prevailing, make It
possible to Invest funds for a
lengthy or sbort period In funda
mentally Round nnd thoroughly
seasoned bonds nffordlnff nn In
come yield of from 8U to 81,4.
IB..
25..
IB..
1..
4 .
1..
1.
88 V.
88 14
88'4
R8H
8814
8814
88
Serlis A
2 B0'4
St I. ft S Fran
Series C
0 8B
St I, Sow'n Ba
2 .... 0BV4
St I' I ft Sioux
City 7
7. ..02
l I. a)
31
l 1. 0a
47
47
47
40',
40
4074
c on
7'4
0
Seab'il 1
0. ..,
Seab'il .
3... ,
:
4. ' .
1.. .
Sinclair
C'orp'n
08 ,
08 4
08 4
OSS
08'4
OSS
08
08S
08 4
0RS
N Pacific H 4a
1 73
N'n P Tcrm'l
1 103V4
Nth S Prr 3a
S 77
Oreiton 8 I di
2 00
1..
1..
I..
1..
B..
4..
O
1..
1..
U K of O llrlt
ft I'd 1037
1 84 '.4
23 R'l
B 84
1 844
a a'4
2 81
U 8 Brazil 8a
15 07'a
1 07S
1 07.74
U 8-Mexico 4a
2 87
8 37
2 87
U 3 Mexico Ba
1 .
B. .. 18
U S Hub 7la
1 OS'i
T. ... 0874
U'd 8 Steel Bs
B 04
20 01.
25... . 0414
2... . 04 '4
Va C Ch 7 4a
R .... 004
1 . 02'l'lVaah'n Water
3 . . . Ol'i Power 0
S-n Pacific fd 2 87'i
1. .. 731. Weat'n nil ss
1. ... 73. 1 B3
R-n PaclOo 4a Weat Bhoro 4a
1 08 1 08'i
S-n Puc cv la W ft C MfB
B 77'i 2..'.. 08S
So'n Pacflc 3a
2 8S
S'n Pao Term
2 .... OR',
South n Rly 4a
I BOS
5 . .. SOS
2 ..BO
South' n My Ba
1. ... 81 ',;
1..
1..
1..
1..
1..
1..
1.
08S
08 Vi
ORVj
0RS
0RS
0RS
OS74
Wllaon Co cv
B 7074
Wilson Co lat
1 R3S
1. .. 8374
BAR SILVER
IiONDON. June 10. Bar silver
lower here today at 31Sd.
New Issue
$3,000,000
The Van Camp Packing Company, Inc.
First Mortgage 8 Twenty Year Sinking Fund Gold Bonds
Dated April I, 1921. Due April I. 1941.. Redeemable at 107 J2 and accrued interest. Semi-annual
interest payable April 1 and October 1, without deduction for any normal Federal income tax not exceeding
2 which the Company or the Trustee may be required or permitted to pay at the source. $100, $500 and
$1,000 coupon bonds, with privilege of registration as to principal. Indiana Trust Company, Indianapolis,
Trustee.
From a letter of Mr. Cortland J an Camp, Chairman of the Board, ue summarize as folloivs:
CAPITALIZATION
' Authorized Itaued
First Mortgage Bonds $6,000,000 $3,000,000
First Preferred Stock, 7 Cumulative 4,750,000 4,730,000
Common Stock (without par value) 100,000 shs. 60,000 shs.
The remaining bonds may only be issued under conservative restrictions.
The Van Camp Packing Company, Inc., has recently been organized under the laws of Virginia to
succeed the Van Camp Packing Company and to'acquire the property and assets of the Louisville Food
Products Company.
The Van Camp business was established in 1.861. The products command a national market, being
distributed through 95 c'r of the wholesale grocers in the United States under trade names which arc house
hold words throughout the country. The business constitutes an essential industry in that .three-fourths of
the total volume is in the primary necessities of life. With the new lines acquired over fifty varieties of staple
products arc made, including soups, pork and beans, evaporated milk, catsup, spaghetti, chili sauce, chocolate,
peanut butter, hominy, lard compounds, soaps, and r efined salad and cooking oils.
This issue, secured in the opinion of counsel, by mortgage on all the fixed assets of the Company, in
cluding lands, buildings, machinery and equipment and also its formulas, trademarks, brands and good will
nnd by the pledge of 99 of the common stock of the Van Camp Products Company, the merchandising
organization, constitutes the only mortgage or funded debt of the Company.
The fixed assets of the Company covered by the mortgage recently appraised by the American
Appraisal Company, with allowance for subsequent depreciation, show a sound value of $6,684,868, or over
$2,200 for each $1,000 bond. The total net assets, excluding good will and similar intangible assets, amount
to $9,050,141.07, or over $3,000 for each $1,000 bond.
The Company and its merchandising subsidiary, the Van Camp Products Company, according to the
balance sheet, certified by Messrs. Marwick, Mitchell & Company as of March 31, 1921, with adjustments
for present financing, have current assets of $6,238,365, as against current liabilities of $2,271,135, leaving
net working capital for the business of about $4,000,000.
The average net earnings of the combined companies, after deducting depreciation, for the four years
commencing 1916, as certified by Messrs. Marwick, Mitchell ot Company, amounted to $1,137,330, or
about 4 times'the interest on these bonds, which constitute the total funded debt. The business for 1920.
while not profitable, due to substantial inventory adjustments which have been fully written off, amounted
to over $27,000,000, The business has since shown rapid increases in volume, and in view of the present
lower level of costs, and the introduction of a substantial amount of new capital in addition to the proceeds
of these bonds, the Company is expected to show considerably larger profits in the future.
The Deed of Trust provides a cumulative semi-annual sinking fund, commencing October 1, 1923, at
the rate of 3 per annum of all bonds that have been certified, to be applied to the purchase or call of
these bonds. The sinking fund is estimated to retire the entire present issue before maturity.
WE RECOMMEND THESE BONDS FOR INVESTMENT
Price 99 and interest, to yield 8.10
E. H. ROLLINS & SONS
' 1421 Chestnut Street, Philadelphia
Telephone Spruce S460
Boston Nctv York Chichgo Denver San Francisco Los Angeles
The statement! contained In the above are not guaranteed, but are based upon information which we believe to be accurate and reliable.
Selected list X 7'
on request
Fairman & Company
Dresel Building. Phils..
IXuhlUlird HW1
A. H. Bickmore & Co.
Ill Broadway, New York
TRAINING CAMP OPENS
National Guardsmen Will Have Four
Days of Instruction
Sir hundred offiocrs, non-commls-Hioncd
officers nnd selected privates nre
reporting for duty at the four -day
enmp of Instruction which opens today
at Mount Gretna.
Colonel Charles II. Payne, U. S. A.,
senior Instructor on duty Jn Pcnnsyl-1 quartermaster
vnnln. rmnmnmlnnt of tlio rnmn. hns I Rtuiuo,
......... .. - -- r
outlined a courao for the stude'nts that
will take them through progressive
Mages of training In nil arms of the
Kcrvlce nnd fit tlicm for work at the
coming encampment of the Twenty
eighth Division.
The curriculum in graded for field
officer)!, line officers, enlisted men, sup
ply officers, supply sergeants, tcclinlcnl
K'rgcants, quartermaster corporals,
clerks and mesa
.)
.
J
" '1
Lost Watoh Watohlna Show WlndoW
II. Uittlngham. 5700 Haltimoro ate
nue, wns watching n moving window
display in a store on Market ntreet
west of Twelfth Inst night, but failed
to watch hh watch also. He missed
it when ho moved out of the crowd, and
reported its 1oh to the police, He
valued the watch at JJlfiO.
Service and Stability
LIBERTY BONDS
Bouoht and t0d for cash
at Stock Exchange Prices.
ISAAC STARR, Jr. & CO.
16th A Sansom Sts., Phlla.
Members I'hila Mod: Exchange
and .V. V. Cotton Exchange
C. S. PATTON & CO.
8D & GIIKSTNUT HT3.
BANKERS
. .. i!iHnr In
SAILKtl A stiivi:nson
Bond, nnd Ntnck bought and gold
t Member. rhll. Otnrlc Kxrhnn
A Safe and
Profitable Investment
Wo have for sale some
. First Mortgage Vf iier
cent bonds of a local in
dustrial company of the
best reputation.
The security is conserva
tively appraised in ex
cess of four times the
amount of the mortgage,
and the business is es
sential and non-speculative.
Wc will be glad to fur
nish particulars upon
request.
Integrity
Trust Company
Fourth and Green Streets
Capital ..........
Surptut and Profit . .
. $800,000
.$1,760,000
Cities Service
Company
Common Bankers
Preferred Debentures
I10UGIIT SOLD QUOTED
Latest Information Sent on Request
A. R. SMITH & COMPANY
Stocks and Bonds
42 Broadway C. A. C. BIdg.
New York City Cleveland, Ohio
P. J. VAN BILLIARD
ACCOUNTANT.AUDITOK
fiprcialUtnp ,n
rEDKUAI. INCOME TAXES
formerly uHth Incoma Tax Vntt
Bureau ol Internal Itevenu
-.SPJlJsV' ESTATE TKUSr LDO..
Filbert BSt n.r. tBIT
U. S. or Brazil 4s, 4'jb & 5s
Argentine Govt, is & 5s
Trench Govt. 4s & 5s
Buenos Aires 5s & 6s
Kingdom of Italy'Ss
Land Title BIdg., Phila- Pa.
Members J'hilnilcliiMa Stock l'xcheuj
Lawrence E. Brown & Co.
CERTIFIED PUBLIC ACCOUNTANTS
1650 IlKAI. KSTATK THUST IIT.UO.
JnieMlxnl unci inljiint (ornorntlnn nnil
iMirtnertihli) uocouiu.i nnd prepare Inronie
Tux Hi turn.
H.L. SMITH & Co.
INVESTMENT SECURITIES
1009 Land Title Bldj. Spruce 6721-2
CREW LEVICK COMPANY
lut flu line 111.11
nenoinlnntlunn of Sinn. SMtn A $1000
SAMUEL K. PHILLIPS & CO.
Membera Hilliulelpliln Stork Dtrlmnie
fi07 CIIKhTM T STUKIVr
STOCK SALES
Oruanlintlnn ir nalmati with client! to
eell J100W0 of common co-k for Kolntf
rorponUlnn, unlets two for ojie. capital to
I be uel to lncreac urniliictlon. product aold
1 Internutlonally; dlBtrlbuiors from roast to
roani III answering Bli full Information
ot organization nnil crMpntla'.
I c 013. i.EDGntt orricn
ll
3
it
II
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MimM;
United States of Brazil
External S Coupon Bonds
istorllntr)
A direct Government Obligation.
Income at present rate of Sterling 8.38.
Income with Sterling at normal 10.45.
Ponible profit if told at normal par S507.
Coupon cashed on tight at our office.
Detail and price on application.
Itaine, Wtbbti: & Compani
IMahllfthrd M0
1422 SO. PENN SQ.
Philadelphia
Members ol Uoilon. Chicago and yew York Slock Kxchangca
IMireiMMiHffiM
NEW ISSUE
S ff'l 13'ilTOJ
$3,500,000
Consolidated Textile Corporation
First Mortgage Twenty-Year 8 Sinking Fund Convertible Gold Bonds
To be dated June 1, 1921
Authorized $5,000,000.
To mature June 1, 1941
Now to be issued $3,500,000
Interest payable June 1st and December 1st in New York. Coupon bonds in denominations of $100, $500 and $1000 register
able as to principal only. Redeemable in whole or in part at the option of the Company on sixty days notice on
any interest date at 110 and interest on or before June 1, 1922, and thereafter at 110 and interest
less Yt of 1 for each twelve months or part thereof elapsed after June 1, 1922.
Convertible prior to maturity at the option of the holder at any time after November 1, 1921, into no par value
common stock of the Company as constituted at the time of conversion on the basis of par for the bonds and
535 per share for the stock. If called for redemption bonds may nevertheless be converted if presented at least
thirty days before redemption date.
Pennsylvania Peronal Property Tax of 4 mill refunded.
Interest payable without deduction for any Federal Income Tax up to 2r"e per annum, which the Company or
Trustee may be required to withhold.
THE CHASE NATIONAL BANK OF THE CITY OF NEW YORK, TRUSTEE
Mr. F. A. Rupprechi, President of the Company, has summarized his letter of June 10, 1921, as follows;
BUSINESS AND PROPERTIES: These properties constitute one of the largest manufacturing
units of cotton cloth in the world. The mills of the Company including the Windsor Print Works
arc ten in number and arc located in the states of Virginia, North Carolina, Georgia, Kentucky.
Texas and Massachusetts. In addition the Company owns all the common capital stock of B. B.
& R. Knight, Inc., with 17 mills located in Massachusetts and Rhode Island and also a large
interest in the Exposition Cotton Mills, of Atlanta, Georgia. The products consist of a wide
variety of cotton goods bold under well known trade marks including the famous "Fruit of the
Loom" brand owned by B. B. & R. Knight, Inc.
Practically all the mills of the Company and of B. B. & R. Knight. Inc.. including the
Windsor Print Works and the Pontaic Blcachery arc running full or over time, the total actual
operation of the mills being approximately 98 r of full time capacity.
i7IRST MORTGAGE: The bonds arc to be secured in the opinion of counsel by a first mortgage
onthe real estate, plants and equipment directly owned by the Company including the Windsor
Print Works.- These properties are carried on the Company's books at approximately $10,000,000.
ASSETS: The consolidated balance sheet of this Company and its subsidiaries prepared by Messrs.
Price. Waterhouse & Co. as of December 31. 1920. excluding the debenture notes to be retired by
this issue, shows total net tangible assets of over $28,000,000.
EARNINGS: Net earnings of the plants now owned by the Company and on which these bonds are
a first mortgage have averaged, before Federal taxes, but after interest and depreciation, for the
four years ended December 31, 1920, $2,305,571 per annum. These figures do not include any earn
ings of B. B. & R. Knight, Inc. or of the Exposition Cotton Mills. The annual interest on this
issue is $280,000.
PURPOSE: The proceeds of this issue will be used to retire the outstanding Three-year 7r.'
Sinking Fund Convertible Debenture Notes of the Company and for other corporate purposes.
SINKING FUND: Payable semi-annually beginning March 1, 1922, sufficient to retire annually 5','
of the maximum amount of bonds issued if obtainable at not exceeding 105 and interest. If
not so obtainable the sinking fund will operate as described in the above mentioned President's
letter, hc Company is to be credited on sinking fund obligation with bonds acquired in advance
and tendered to the trustee for retirement as well as bonds retired by conversion.
All legal details will be passed upon by Messrs. Rushmore. Bisbee & Stern of New York for the Bankers and Henry B
Stimson, Esq., of New York, for the Company.
Interim receipts will be deliverable in the first instance. The bonds are offered for delivery when, as and if issued and
received and subject to approval of counsel.
Price 99 and interest yielding 8.10r;
Bond Department
Central Trust Company of Illinois
Chicago
Hambleton & Company Federal Securities Corporation
Baltimore, New York, Philadelphia, Washington Chicago
I 'Hie Inform.t.on contained In tin. adtorthenxnt I. d.med l.om .outer i. U . t.e..ee tob. rtl.ab.. inuBh w. d no nu.rante. tb-. Inrornullon
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