W i-T EVENING PUBUO (LEPbERPHIi;ADELHlA TUESDAY, AUGUST 8 1022 23 yjMB - 7.1? ',J jv i:5 All the bends of this issue having been told, thU advertisement appears as a matter et record only $2,000,000 Wardman Park Hetel, Inc. Washington, D. C. First Mortgage '6 Sinking Fund Geld Bends v; Wi :. ;liV NEW ISSOt ' $4,000,000 General Refracteries Company First Mortgage 6 Sinking Fund Geld Bends Dated August 1, 1922 Series A Due August 1, 1953 Interest payable March lit and September 1st Due September 1, 1937 Te be dated September 1, 1922 Callable as e rchele or In pert, en 30 days' notice at I07H during the first 10 years (prier te August 1, 1033), and et 10S during th next 10 years (prier te August 1, 1942), the piemlum thereaftet deereaslna Vt annually te maturity. Coupon bend, in 51,000, $500, and $100 denomination, Rcgi.lr.ble ... e Principal. Re!. aw in whole or part en any 'interest a..c "7--J? """? " ": l," " ".r. " , i "" ...j... Interest refunds BOSTON Free of Pennsylvania State Tax : payable without deduction for normal Federal Income Tax up te 2. The present Maryland 42 Mill Securities Ta d te holders resident in Maryland who shall within three months alter payment make application for such retuna. COMMERCIAL TRUST COMPANY. PHILADELPHIA, TRUSTEE Capitalization (upon completion of present financing) Funded Debt: First Mortgage 6 Sinking Fund Geld Bends, Series A, (this issue, further Series issuable under restrictions of Mortgage), $4,000,000 Capital Steck: 180,000 Shares, no par value, representing (after deducting funded debt) net assets of 12,350,592 Frem his letter, Hen. William C. Sprout, President, further summarizes as fellows! BUSINESS: General Refracteries Company, incorporated in Pennsylvania, is te acquire, directly or through substantially entire stock ownership, the assets and business of , the General Refracteries Company, of West Virginia, and ether previously existing companies the earliest incorporation of which dates back te 1900. The Company will have 12 manufacturing plants, in Pennsylvania, Kentucky and Illinois, with capacity te produce 247,000,000 refractory brick a year. It will constitute one of the largest companies in its industry in the United States. Its clay and ganister lands owned in fee or through mineral rights are sufficient te provide raw material for production or clay and silica brick at present capacity for mere than 80 years. REFRACTORIES: Refractory brick constitute the chief material of which furnaces, stacks and retaining vessels used in the manufacture of iron and steel are made. With labor and material actually entering into the product itself, they constitute one of the three most important requisites for iron and steel manufacture. In addition te blast furnaces, Bessemer converters and open hearth furnaces in the iron and steel industries, refractory brick are also required for the construction of by-product coke evens; for furnaces used in the smelting and refining of zinc, lead and copper; in the production of malleable and foundry iron; for the con struction of retorts used in gas manufacture; and in the pottery manufacturing, lime manufacturing,,cement manufacturing and glass manufacturing industries. PURPOSE OF ISSUE: The proceeds of these $4,000,000 Bends will retire $1,141,000 out standing bends, reimburse the Company for expenditures made in the acquisition of properties and add te working capital. Neither the General Refracteries Company nor any of the companies whose properties it is te acquire have any floating debt shown in their December 31, 1921 consolidated balance sheet prier te this financing, and the Company will have no floating debt upon completion of this financing. ASSETS: Total net assets after deducting all liabilities ether than funded debt, amount te $16,350,592, or mere than 4 times these $4,000,C00 First Mortgage Bends, constitut ing the Company's total funded debt. SECURITY: First Mortgage en all real estate, plants and equipment, and all securities of subsidiary companies, and ether fixed assets owned by the Company at the time of the execution of the Mortgage, or thereafter acquired, (except for existing or pur chase money mortgages en after acquired property). Fixed assets te be covered by these $4,000,000 First Mortgage Bends are valued by the Company at $12,922,473. This valuation is substantially less than the value of the properties as reported by inde pendent outside appraisers. EARNINGS: Average annual net earnings, after depreciation charges and all inventory and ether adjustments, for the six years ended December 31, 1921, were $1,452,719, or mere than 6 times the $240,000 annual interest requirement en this total fun !ed debt. Fer the year ended December 31, 1921 there was a net less of $421,152, after de preciation charges and all inventory and ether adjustments. Current net eari.ingi are at the rate of mere than 4 times the interest requirement en this issue. FINANCIAL CONDITION: Total current assets, including $941,152 cash, upon comple tion of this financing, amount te $3,091,244, or mere than ,23 times total current liabilities of $134,050. SINKING FUND: Cumulative sinking fund, payable semi-annually, at the rate of VA per annum, first payment December 1, 1922, te be used for purchase or call and re tirement of Series A Bends, is sufficient te retire the entire $4,000,000 Series A Bends at or before maturity. We Recommend these Bends for Investment PRICE 95V2 AND ACCRUED INTEREST, YIELDING OVER 6.30 LEE, HIGGINSON & CO. FINANCE BUILDING, PHILADELPHIA ' or before March 1, 1323, and thereaiter ai V et ec less for each six months until maturity. Will any The Pennsylvania Company for Insurance en Lives and Granting Annuities, Philadelphia, Trustee On these bends, the Corporation will assume the 2 normal Federal Ince me Tax, and ,t..rA r.nnnmHnn nnv ncrsenal or intangible taxes assessed against the holder ey State, or political subdivision, or by the District of Columbia, up te five mills. Application will be made te have these bends declared Legal Investment for Trust Funds in the District of Columbia We summarise as fellows from a letter from Mr. Harry Wardman, President: Location and Character: The Wardman Park Hetel, built and operated by the Harry Wardman interests, is one of the best known apartment and hotel properties in the United States. The site of the property at Connecticut Avenue, Woodley Read and Calvert Street, and adjoining Reck Creek Park, is within a short distance of the center of Washington. Because of its location and its facilities, it has gained the permanent patronage of many persons prominent in the diplomatic and official life of the Capitel, and a wide transient patronage from all sections of the United Slates. Land and Buildings: The land en which the hotel is built covers approximately 14 acres. The building i3 of modern fireproof construction and amply in sured. It contains, in addition te extensive public lobbies, dining rooms, perches, etc., ever 1,100 rooms and 595 baths. Eighty percent of the ac commodations are housekeeping apartments under yearly lease, and at no time has an apartment been unoccupied, nor has the number available ever been sufficient te meet the demand. In connection with the hotel, there is also operated a garage for 300 cars, a drug store, a grocery store, a florist shop, tennis courts, an outdoor swimming peel, and turkish baths. Valuatien: Mr. J. Willison Smith of Philadelphia has recently appraised the land, buildings and equip ment at $4,000,000. This valuation is fully sustained as conservative by an appraisal of $4,250,000 by Mr. Hareld E. Deyle, and one of $4,500,000, by Mr. Jehn L. Weaver, both of Washington. Security: These bend w'U be secured by a first and closed mortgage en all the land, buildings and equipment owned by the Corporation. They will be followed by $1,000,000 le Preferred Stock, which has paid regular dividends since issued, and by $1,730,800 Common Stock, issued at par, making a total equity of $2,730,800 for these bends. Earnings: Fer the calendar year 1921, gross earn ings were $1,518,573 and net profit after deducting all expenses, depreciation and taxes was $332,306, or 2.75 times the annual interest requirements of this issue. Fer the first six months of 1922, net profit was $173,881. Sinking Fund: A Sinking Fund will retire a mini mum of $60,000 per annum, and at least $885,000 by maturity. Management: The continuation of the successful Wardman control and management is assured by a supplemental agreement. All matters pertaining te the legality of this issue have been approved by Messrs. Dicksen, Beitter SM McCeuch of Philadelphia, and Messrs. Hamilton Hamilton of Washington, for the bankers, and by Judge Daniel Thi w Wright, for the Corporation. An appraisal ofthe property has been made by Mr. J. Willison Smith of Philadelphia end by Mr. Hareld E. Deyle and Mr. Jehn L. Weaver et Washington. The accounts of the Corporation havm been audited by Stoy 2? Burnham Company, Washington, D. C. Price, 100 and interest Graham. Parsons & Ce. NEW YORK HIGGINSON & CO., Lendor. CHICAGO The above statements, while net guaranteed, are based upon information and advice which we believe accurate and reliable. A3B CHESTNUT STREET PHILADELPHIA 30 PINE STREET NEW YORK This information and these statistics are net guaranteed, but have been obtained from sources we bellev te be accurate Province of Ontario 1 Uends Due March 1, 1926 Principal nnil Interest tmy tmy able In celli in New Yerk. This comparatively early maturity, the substantial discount in price and the bread and active market for Province of Ontario securities make these bends an exceptionally attractive short-term in vestment. Price te Yield 5.30 Full Particulars P-SS en request. YVoeu, GunayeiLO. TnrorperntPil 11 Wall Street, New Yerk Terente Londen, En?, Montreal Winnipeg '''"" yu t II II ' II II ' New Issues II II ' GIMBEL BROTHERS 1 ii ii ' II II 7 Preferred Stock and Cemnvpn Stock Bought, Sold and Quoted NEWBURGER, HENDERSON & LOEB Bankers j Members of t'cw Yerk and Philadelphia Stock Excluingca III 1K19 Welniif GfrfiAf Bends for Investment Liberty Bends Bought, Sold, Cashed F. P. RISTINE& COMPANY rxaiiiMicci inns Widcncr Buildin;, Philadelphia New Yerk Elizabeth, N. J. Members New Yerk nnil riillmlclulila Sterk livclniimrn Standard (Jas & Ehc. fid, 1U2G Ohie Power 7s, 1951 Empire Gas & Furl fin, 192G New Jersey Pew. & Lt. 5s, 1936 Pa.-Ohie Pew. & Lt. 7'iH, 1940 BAUER, STARR & CO. Land Title Ilnllillnx. I'lilUdelnhU New Yerk Oilier. ? Keeter Street Plrrct I'rivntf Trlrphenn bet Offim KS9ftft?3B23 BiiiiiuiiiTrjjt SPECIALISTS We make a dependable market in all issues of UNlTIiO STATES GOVERNMENT SECURITIES COMMERCIAL TRUST COMPANY Member Federal Reserve Syitcei City Hal! Square' 1875 9fcg' A Business That Inspires Confidence THE Leng-Bell Lumber Company was founded in 1875 by Mr. R. A. Leng, its present head. The business, with present assets of about $95,000,000, was started en borrowed capital of $5000. Its growth has been almost exclusively out of earnings. Today the business is a complete industrial unit.cemprising the owner ship of raw material which it manufactures, wholesales and retails. The Company ships 27,597 cars of lumber and lumber products per year 3-year average and averages 6500 persons upon its pay-roll. In the states of Missouri, Kentucky, Kansas, Texas, Louisiana, Okla homa, California, Arkansas, Mississippi, Oregon, New Mexico and Washington the Company ewns: HARPER &TURNER Invetment Bankers tftm6trt rnlattcyylh Stock Enchini STOCK EXCHANGE BUILDING .Scmn(en Philadelphia Heading HIGH-GRADE BONDS Helman, Watsen & Rapp Land Till Uld. Me,mm BANKERS S21 Chestnut St., Philadelphia r I Established 1837 ' I Members New Yerk and Philadelphia Stock Exchanges PENNA. TAX-FREE BONDS PAUL & CO. Member I'hlU. ftleek I'.iehnns 1421 CHESTNUT STREET C. S. PATTON & CO. 81 CIIKsTVI'T KT8. BANKERS Sneeeiwers tn P.MT.i:it & HTI'.VItNSON Benn mid trka neught nil cold. Member Pb4ta. Sterk Kehnm:r. 127 retail lumber yards sellirtfj 78,000,000 feet of lumber per annum. 31 modern saw mills with a capneityet 2,000,000 feet per dav, or 570,000,000 feet per annum. 12 planinjj mills, 61 dry kilns. 8 sash nnd deer, box, veneer and ether weed products plants; windows and doers manufac tured (average per ennutuj, 875,000. 22 general merchandise (retail) stores used in connection with its manufacturing enterprises. 1 wholesale grocery. 2100 dwelling houses in connection withits mills. 363 miles of railroad and equipment, including 77 locomotives and 1131 leg and freight cars. 1 1,672,882,622 feet leg scale of standing timber et highest commercial quality. 1,003,407 acres of land a large part, particu larly in the Seuth, suitable for farming. All luiemcnti herein ate kjteJ en inermarwnuhlih ue rejjrd Ui ithabU.and mini u Ce net ujjunies ehtm, ueeunelie Ivjir relieJ upon (hem in the purcKaie of tlu ccunrj. We recommend te investors and will be glad te supply full information concerning TTig Tpne-ReuL lumber r.empanu First Mortgage 6 Sinking Fund Geld Bends, Series "A" Due July I, 1942 $1000, $500, $100 Amounts Price 06 and interest yielding about 6.35 Halsey, Stuart & Ce. IncnrperiU'U Land Title Bids., Philadelphia Geerge H. Burr 8C Ce. 421 Chestnut St., Philadelphia Lacey Securities Corporation 332 S. Michigan Ave., Chicago m ', II III1 II III II III ,. - .,....,. , , .. ,.'f . . . XT. .. . . . Afc --.. W Pa Net Carry MargtaatAtceuaU ' T- 7i .rt-
Significant historical Pennsylvania newspapers