tii r9C -rtM'l"
rsriif
5EjW
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wi. '
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i
23
VMlNG PUBLIC LEbqK-PHILAAELPHlA, ' MONDAY, DfeOEMBJSR 18, 3,022
U.
lsv-r rr 3vw,w
BUSINESS ON CURB
i ACTIVE IN SPOTS
National Supply, When Issued,
Ranges Frem 56 y2 te 57.
Durant Steady
Xew Yerk. Dec. 18. The curb mnr
Trt continued Irregular nftrr Hie open
ing with trading fnlrly ncllvp In spots.
NntlennI Supply, wlir-n Iwnnl, which
a nilmltteii te trailliiR this morning,
Sold from 15014 te fi7
Stutz Moterfl nttvnnced 1 & Te
Wee Preilticta Experts was down j.
Durnnt ruled Rtendy, while the In
dlnna Klmres moved tip n sharp fraction.
Jtnrnrnlbe jlelded OJ. Angle Minded off
unnlt fnietlen. nnd Htnnilnrtl Oil
at Imllnnn wns mederntelv itetlvr with
in narrow limitH. Cities Hervlcp yielded,
point.
Hl-h
ia .. r.irht nf 0(1
r,nn nklyn Cy Hy .... 8ll
Lew 1 r.M.
inn rtiwlriv flints
lOOfsmp 8n 7 t a Pf.lOjH
lenriptelnnii auie:.
100" I'elutn Kmer . . .
4innCent C?n vl ....
100 fox's Ch Hter ..
Jen Durant Mm.....
iann Pur MM of !ml .
tnn Vlflh Av tills L'n.
COnfloedy.sr Tlrepf
inn M A Hannn pf
100 Heucm unm
r4tf
SQH
Mr
I2'i
H
78
Mi
J I
tin
4tTi
R
721.
18V.
8H
..102 102
ine Hudsen Mn n
loe Hudsen .-nun pi
.1(1
481
J
I12S
i tuck . . i
,uy .... 2K
!:;.".: i
1.1H Inland Hteel
;oe Inter nubbcr . . .
10O Kuppcnh.lmer .
100 t.upten F M ...
100 .Merer Met . . . .
no Mer M V T C .
poe Nnt Hupply Ce.
100 Nnt Moter
eon New Fiction Tub
In New Jer Zinc...
2H N Y Tel nf ....
WOXir Am I'uip rap. nc
100 ratten Typewriter, n
ene Peerlens Met .... 70
tee Perfection Tires.. I
.von Phillip Merris . ... in
1000 Itnrtle Cem 3i
yue uee .me! jrucK... is
S00 Itepettl Candy
'.'(Mi Mann ,mei
.10(1 SlUtJ! .Met
11S1II S. WO ....10.1
1J(I0 Tub I'rnil BK
SO Tedd Ship SS
100 t'n Prof nh n ,,, R
100 m Het Candy ... i r.4
tee V H H Can Ktr. . 7
.100 t; 8 I.luht pf IK
1100 r H I.latit com .. 1,V
noe West Knd Ch .... 40c
O0 Wlllr Cp 2d pf . . 2.V
500 Willy Cp 1st pf .. te',4
STANDARD OILS
110O Annle-Am Oil 17
400 Atlantic I.obej .... OH
R0 lluekeye T I. ' HII
J.V font Oil 1A2
10 nureka P I. f8
31 Galena Signal .... BR
1.10 Illinois r I. mnvi
180 Imp Oil Canada ..112
"en International I'et.. SOM
100 Nat Trail STH
10 New Yerk Trans.. 182
30 l'ralrl O A CI.... 010
lOPralrle l'lpe ai'JU
40 smith Penn Oil.,. ine
MRnutl P I ".104
Me Stand Oil Cal w 1.. eft'i
100 Stand Oil Ky 118H
l.ien stand Oil tnd....llfi
1100 St-and Oil N V w 1. 4(li
"00 Vacuum Oil w I... 40U
n
.10
43'4
new
l',4
i.i
112H
HOe
r.
70
1
;i-4
ia4
M
18
10.1
n.i
r
r.'i
.1".
vt
37r
2.1c
10
17
OS
85 U
140
OR
R714
1110
112
20Vi
27 V,
132
nie
3I2!S
1A0
103
r.H
118
1104
401,
40
INDRrKNDKNT OIUS
, SOOArk Nat Oa H ri;
i 1000 Husten Wyemlm . . nSc (I2e
I 800 Carlb Synd OS ft'.
j 00 Cities Service ....177 174
, lOO Cities Serv pf .... (17S 0744
BOO Cities Serv II clfa 17i ITS
J ion Cities Serv II pf.. OS "
j BOO Creele Syn -"I! 14
i 1000 nnulneers Te .... no 17r
I JDOO Federal Oil 81c 80c
lOOOIenreck Oil l i
110
i A
107'i
23
3Tc
42
8
T2!
18'f
8i
2T
1(12
fi
30
434
4Vi
20
22".
31
3U
.1I1S
til
1T2
I12i
80c
n
"n
in
iv,
1RU
10S
3Tc
2.1c
10
.1T'4
mi
1.10
ns
r7
ine
112
20U
27H
132
(110
.112'J
1.111
tOI
R
UH'l
40S
40',;
8i
ORe
'U
174
07
17,
nb
tie
80c
1
-15$ 0rnada Oil . , , , , . t i
asoeouif en p ...;. rjw
1000 Hudsen Oil ..'.'.... 10?
100 K rbv Pn. ' ail
iaiin-Amer . . .
800 Livingston rt .
1400 Lyens Pete ....
210V Mammoth
400 Maracalbe Oil
200 Mnrlnnd Mcx . ,
juu aicxiie oil .
2800 Mountain Pred
muu .Mutual oil ...
8000 New Mex Land
2000 Nahl mi
1800 Omar O.I t
4ilii l'cnneck Oil e'i
iuuu ikq jjanks izc
i-.'ue ityar. cons ...
,200 Hapulpa nef . .
4.100 Savey Oil
120O Shell Union ...
34(10 Hlmms Pei , , .
I1U00 IViulb P II...
1500 Seuth States Oil
iwuu Texan u & I..
1800 Tlilnl flniA n
IteOTuiman I,1.
1 1
M si
lue 10c
28e 28c
euc noe bee
ORff ,05e 0.1c
72n 7c 72p
43 42i 424
1.14 K.U ll)!
34 84 4
l 1 1
.... 17U ie low
114 1IU HH
4 24 84
'Jin ' In "I f i
4 i4
12c 12c
I . 4
a, a;.
124 124
44
ml
1.1U
10000 Mexico Onct it, i
13000 Itusslan M4 rtt.
liiuu mvn uevi eyt .
384
1024
2.1c
18000 French Oivt ns.n .'8.
10 OOOO Berlin 4a
124 1024
98
II
102
2ec
01
38V
n?
102t
200
DS
in
. . . . anc
et 10
1000 Wllcnr
7000 V en
en
14
0c
n
2 'ie
4
lOr
MINIMI
200 Alaa-Ur Coul , , ...
2000 helcher Kxt
I0UO ill fr Lcdte
SHOO lleit Munt Cutis...
4(iii Can.iru Cep
200 Cent Mine
21100 Cerk Prev
WOO Certc. Sll 14
1000 Dean Cens 71
1000 Uryden Oeld new 3Tu
.11)00 i:i Sulvadur 2u
IOiiii Kureka Urnesuj
UuOO l-ertuna
2000 Held Cem , , . .
r.OOU Ueld Deep
THOd Meldnel'l Fler ,
1CO0 Ureen Monster
inn llccla Mln ....
2400 Hill Tep Nev. . ,
200 llewa Sound . . ,
2000 Indepen I Lead
3000 Jim iiutler ....
2000 Marsh Mln
TOO Masen Valley ,
(1000 Natl Tin
10O0 Nev HII Hern ..
100 New.CVrnellR ..
7ne w Dominion
Niptililn
ile
.me :
2000 (Dili
Cup
2Hc
23u
l!
Ida
2.V
Tc
r
30c
Ce
'"
74
2U!
2c
17
24
. II
.11)
1'i
It..
::ic
2u
:ic
34
He
1,'.
12c
"Oc
4
BSc
We"
7c
r.c
inu
810
10
I
(i
7c
14
(It!
.1(1
2IIC
84
44
1.1c
14
lc
2NC
22c
lie
Klc
23c
'".
7i
1
."OC
lie
Or
l
2lk!
II
Hii
81c
10
(14
7e
300 nay Hercules
4000 Ilex Cens
1000 lllchmeltd Cep ...
1000 San Tey
2000 HII Klnir Hears...
.100 Se Am P & tl
3000 Spearhead Oeld...
HOii Tnnnp Udment ...
201) Tnnnp Cash Bey . .
11)00 Tnnen Dhlde ....
r.Tne Tnnnp Kxt
1000 Tuolumne
81)00 Unit P.aslern
2100 II H Continental...
40(1 Weil Knd Cen
10O0 West i;nd 13x . ..
neNns
K00 Allied Pack Os etfs TRi
30OO Aluminum 7-33..10.14
1000 Am (1 & n (Is 074
3000 Am I. A T Oa v W.1004
neon Am H A it .is 084
1000 Am Tel Us '24.... 101
8000 Anaconda 7s '20... 1031;
2000 Anaconda Os 1014
1000 Angle-Am Oil 74 s. 1034
2000 Armour t, Ce 7s...l014
8000 Atl O A W 1 f... WW
1000 Heth Steel Ea 'Jl.'i..l024
2O00 Can Nat Jv eq 7s. 1004
eOOO CenH Oaa Unit .14" nl
2000 Cena Textile Rs . . 084
RIIOO Cenner Km 8 "1.102
2000Cubnn Tel 74a.. .m.Vt
:ione net city das n.
rjoeo l)f t Kd (la w I . .
30000 Dunlap T A It 7s
1000 C.alcna S O 7- .
1000 (Jen Asphalt 81
1000 (lulf Oil .Is ....
7000 Heed Hub 7x . . .
11000 Kan (las lis. ..
3HO0 Laclede Una 7a.
IT
7
14
:c
23c
2r
lie
34
rc
12c
70c
311
u.lC
in
lTr
ll't
7c
14
de
de
2.1c
1
44
IDc
4
71c
."c
lc
2Sc
2Sc
Me
10c
'.'8c
7c
7i
-24
30c
6a
'ic
14
211-
'k
Oc
::i
2c
3c
3'i
.
ii'i
12e
70e
4
D.V
Mi
17c
W,
c
7ri
7r
ier. 10.14
117
101
. 102
. nn"
.1084
ion
. n4
. 0R4
.. 07
.inl'i
1000 LI see tt IV IV 7s. 1014
mrn i.nilla a A IT Os.
IIT'-J
100J
1134
101
103
tot
10.14
1044
.154
1024
1004
no' 4
nsu
102
10.14
1004
1014
1)04
1034
105
004
084
004
ini'I
1014
ls
074
OR
115
1014
lit.
4000 Minllbba Pew Ts.. HT'4
.1(100 .Mlsa Pac 04a I).. OR
2000 Nnt Acme T4a... 1)5
10OO Shaw sheen 7s 1044
12000 Shef Farms (l4a..l(IOS 101)
lu(Ki Heivay et rie Ns.in.i ier
10000 Seuth Cal Kd 5s.. DStt 1)24
2O0O Seulh Hell 7s.... 1024 1024
4000 S Oil N Y 7a 55.. 1044 104
200OH C'll M Y 7a 20.. 1074 1074
5000 S Oil N Y 7a .10. .108 10R
1000 8 Oil N Y 7a 31. ..100 1011
neon h oil n y 04(..ieni ion
2000 Sun Oil 7s 1011? 1011$
1 iiiiii nwiii af 1 .it 1 pi .11 . inz -a
UOOO Swift A Ce lis 31. 08
1000 Vn e Pred 8s..in)
18000 Vacuum Oil 7s ...107
FORKIGV 1IONDS
2000 Argentine. 7s '. ...100 100
11)00(1 Kins cf Neth (In.. 08U 1174
10l).
084
101
10.1
1014
10.14
104 ,
554
1024
1004
(104
D84
102
1054
1004
101
004
1034
105
004
OR'1.
ne4
lei'l
1014
1)1 n
HT4
OR
0.1
1044
ineu
10.1
034
1024
M,.
hit's
104 V
ins
ion
mn;
1014
4 1024 1024
4 1)84 11.14
10(ia; 1004
4 10T4 1074
100
084
FOREIGN EXCHANGE
New Yerk. Dee. 18. At the opening
of the foreign exchange mnrkct today,
francs were Vj point lower, while nil
the ether pxrlinngcH Rhewcd Htreng nd
vnnres, many te new high llgures for
the year. The dominating influence
was the revived hope of Important
worldwide fiivo'tyble developments.
Sterling nnd Hclghnm opened tip ', !
lire, O'j! Svlii. 2: Hpnnlah, 4: Dun
Inh. 8; Norway. 4: Mweden fl, nnd
RiillderH. 10. MnrkH were 8 points
higher. At .01K.1, n gain of .13 points
from, the recent -low.
Sterling cables were l.li.'ly. deinnml
franc cnliles (.OH. checks
IIcIkIiiii cablei (1.07. checks
lire cables t",17. checks n.lO'j :
Hvlf.s rnblPH ih.O'J. ciiecka in.D'.i; in
set 11 cables 15.81. checks 15.70; Dn11lr.l1
cnbles L'0.02. (hecks 20.S7; Nertvny
cables 10.12, checks 10.07; HnedlRh
cables 20.05, checks 2)1.00; guilder cn
bles 40.10, checks 40.05 ; marks, .010.1.
In the Centrril Kureprnii exehnnges
today Greek showed n rally of 7 points
while O.ccho-Hlevnklnn declined 20 nnd
Iltilgarian and Pelit-h murks left :i.
Finnish declined 2 points. (uotntlens
were; Uiilgarinn, .75 j Htimanlnn, .01:
Serbian, 1.12: Greek. l.nO; Czecho
Slovakian. 2.75; .luge-Hlnt-inn, .23:
Polish. .53; Finnish. 2.50; Aiwlrlun,
.(lOHVi: Htingariiui. .000438.
The premltlin en New Yerk ex-
Mtcriui
4.05U ;
7.57U ;
(l.ne',4 ; !
change In Montreal today rose te 0-10
per cent. The discount en Canadian
funds In New Yerk was Ipcrcased te
0-10 per cent. '
SATURDAY'S CLOSING QUOTATIONS
Sterllnv Franca I.Ira Guilders
Demand .... 4.05,, 7.024 5.104' 4p,n,ft
Cables, 4.85U 7.634 5.11 40.01
TODAY'S OPENINO QUOTATIONS
SterlltiK Franca Lire. Uullders
Demand .... 4.1104 7.r7",4 n.idw i.n
.V1
Cables
4.0.1"'
7.ns
5.17
40.10
Raw 8ugr Market Steady
New Yerk. Dec. 18. The raw euirar mar
ket continues steady, wlth.Cubns for Decem
ber shipments quoted nt 34 tents, cert iind
freleht, nnd for January slilnment at a li-IO
cents te 34 cents, cost and freluht. Miire
tluili ordinary activity developed in the mar
ket late Saturday. Halca Just reported In'
elude 4000 tens Cubas for February ship
ment te Havre. France, at ITa 3d. c. I. f..
and 500 tens Venezuela afloat nt 3i rents,
e. I. f., te a local refiner. Lecal reflners
nlse purchased 2000 hags Perte lllcns for
prompt shipment nt 5.38, c. I. f., noeo hm
Cubaa for prompt shipment te New Yerk
at 34 tents, cost and frelxht. and small
sales Louisiana raws at 3.25 cents. dlleerd
In New Orleans. There nre nuw. It Is nald,
30 centrals srlnrilnn In Cuba.
Reierve Banks' Dlaceunt Rates
Offl-lat rediscount rates nt the twelve
Federal Hesei Hanks
Treas,
ctfs.
Hosten 4
New Yerk 4..
Philadelphia .
Cleveland . . ,
niclimend . ...
Atlanta
Chlcne
St. Leuis ....
Minneapolis ..
Kansas City
Dalla
Han Frenclsca
are ua fellows
Lib. C'em'l Ilkr..
Bends Hates Accept.
4
4
44
44
44
1
4
4
3
4
44
4 4 44
4
ft
Wc Recommend for Investment
tffrC-
lS
Chesapeake & Ohie Railway Company
Secured 5 Convertible Geld Bends
Due 1946
Secured by collateral first lien en important mile
age and by general lien en balance of property.
Estimated value or this property $310,000,000
Funded Debt $186,119,000
Preferred Stock 12,558,500
Common Stock 62,792,600
Total Capitalization
Equity ever par value of stock (18.5)
Earned en Common Stock ($100 par) 1921..
Average earned 1914-1921
Earnings for 1922 as reported for 8 months'
actual results show an annual rate en
Common Stock
261,470,100
48,529,900
6.67
7.32
Present market price about 95 and interest, te yield
about 5.38
At current prices, the convertible feature repre
sents a call en the Common stock at about $76.00 a
share until April 1, 1923, and thereafter at some
what higher prices until 1936.
Circular wpert request.
Harrison. Smith & Ce.
INVESTMENT SECURITIES
121 SOUTH 5TH STREET
PHILADELPHIA-
LOMBARD 6100
NEW ISSUE
All of this Stock having been sold, this advertisement appears as a matter of record only.
75,000 Shares
The National Supply Company
OF DELAWARE
Common Stock (Par Valve $50)
Dividends exempt from present Nermal Federal Income Tax
Vpen the completion of the Company $ plans, it will, in due course, make application te list its stock upon
the New Yerk Stock Exchanee.
CAPITALIZATION
T Cumulative Preferred Stock (Par Value Jioe)
Common Stock (Par Value J50)
futhartzti
f8,0OO,O00
17,000,000
Tt pretenly
Outittniini
$7,265,000
12,125,000
: The Company has been organized under the laws of Delaware 'te acquire the capital
continue the business of The National Supply Company of Ohie, which in 1917
The National Supply Company of West Virginia, incorporated in 1894.
The following information is based upon a letter from Mr. J. H. Barr, President:
HISTORY:
stock and te
succeeded te
BUSINESS: The Company, with its subsidiaries, is engaged in the manufacture and sale of
equipment, machinery and supplies for all branches of the oil industry. The items handled include
drilling machinery, engines, pipe, tools, etc. It is one of the largest factors in this line of business.
It enjoys a close relationship with many oil producing corporations in this country, including the
largest, and has a growing foreign business.,
PLANTS: Plants of the Company and its subsidiaries are located at Teledo and Dayton, O., Fert
Werth, Tex., Teltance, Cal., West Chicago, 111., and Carnegie, Pa. The Company has exclusive
selling arrangements with various producers of gas and steam engines, boilers, etc. The Company
maintains approximately 90 stores and well stocked warehouses in important oil fields.
ASSETS: Upen the acquisition of all of the stock of the old Company, the Common Stock
of the new Company will have a book value (exclusive of geed will) of approximately $75 for
each share of $50 par value, and of this book value approximately $50 per share which equals the
par value) will be represented by Net Quick fssets.
EARNINGS: Net Profits of (thc old Company and affiliated companies from 19 13 te 1922 in
clusive (with 1922 partly estimated), after deducting all charges,, depreciation, taxes and also
annual dividends of $508,5 50 en the new Preferred Stock, show the following averages applicable
te the new Common Stock of $50 par value:
lW Atera't "t Ernii n Earned prrSHsrt
Common Sleck Common Stetk tj fje par velui
$2,023,116 16.68 $ 8.34
3,190,124 22.12 .$11.06
3,6eO,OOC 25.50 $12.75
10-year average
5-year average
1922 (partly estimated)
The stability of the Company's earnings is indicated by the fact that even in 1921, a year
when many industrial corporations showed heavy losses, earnings, after the above deductions,
were $1,304,656, equal te 10.76 or $5.38 per share of 'the new $50 Common Stock.
Earnings in above table are after taxes as actually paid. If the 1922 Federal tax rate of I2
were applied, instead of the higher rates actually paid, these Earnings would be even larger.
Wt offer tht above stock when, as and if issued and received h us, subject te approval of counsel.
Delivery ej temporary tleck certificates is expected 'about December 22, 1922,
Price $56 per Share
DOMINICK & DOMINICK HAYDEN, STONE & CO.
faV mftrnuiit. thill net futrtnl ni, n etumij rtm learai vhttk ttlittt It it rttitek
E
$1,750,000
American Belt Corporation
First (Closed) Mortgage 15-Year 7 Sinking Fund Geld Bends
Convertible into Seven Per Cent Cumulative Participating Preferred Stock)
Dated December 1, 1922 Due December 1, 1937
Authorized and te be Issued, $1,750,000. Denominations, $1,000, $500 and $100. Rcr-lstcrablc as te principal
only. Principal and semiannual interest (June 1 and December 1) payablcln Reldat BnnkersTrustCempan)
. New Yerk City, Trustee. Redeemable as a whole or In part en any interest date upon thirty days' published
notice, at 107 and interest up te and Including December 1, 1932, and thereafter at 107 and interest less 1
for each full year or fraction thereof remaining between December 1, 1932, and date of redemption.
FREE FROM NORMAL FEDERAL INCOME TAX NOT EXCEEDING 2
TAX OF ANY STATE OR U. S. POSSESSION REFUNDED, NOT IN EXCESS OF 4V& MILLS
BANKERS TRUST COMPANY, New Yerk, N. Y Trustee
The American Belt Corporation is a Consolidation of four of the leading belt and nut manufacturers in the industry:
Bayonne Belt & Nut Company, Bayonne, N.J. Established in 1908.
Bess Nut Company, Chicago, Illinois. Established in 1911.
Michigan Belt & Nut Works, Detroit, Michigan. Established in 1863.
The Standard Belt Corporation, Columbus, Ohie. Established in 1912.
Through this consolidation the American Belt Corporation takes rank as one of the largest factors in the basic belt and nut
industry. Its operations will net only embrace every phase of the industry, but it will also control, through patents, the majority
of the lock-nut business of the United States. The Companies constituting this consolidation have for a number of years been
recognized as leaders in their respective fields, and through this consolidation .substantial economics will be effected both in
manufacturing operations and in the cost of marketing products.
PURPOSE OF ISSUE: The proceeds of this bend
issue, which constitutes the only funded debt of the
Corporation, will be used te complete the acquis!
tien of the above-mentioned companies including
refunding higher interest rate obligations and
te provide additional working capital.
SECURITY: A direct closed first mortgage upon all
of the fixed properties of the Corporation new
owned or hereafter acquired. These properties have
been appraised by the Coats & Burchard Company,
Public Appraisers and Engineers, at a replacement
value of $4,534,263.28, and at a net sound depreci
ated value of $3,683,335.97, or substantially in ex
cess of twice the total bend issue. Of this valuation
ever $ 1,000,000 is in real estate. The plants are very
favorably located, these at Detroit and Bayonne
having deep water frontage and their own decks.
ASSETS: Net tangible assets after deducting all lia
bilities ether than these bends are $4,757,642.74,or
evcr$27 18fer each $1,000 bend of this issue. These
figures give no consideration te the ownership and
control of valuable patents, nor te the Corporation's
very valuable goodwill. The Corporation's balance
sheet evidences a strong current asset position with
cash alone in the amount of $385,000.00.
MANAGEMENT: The management consists of
experienced and capable officials who have been
individually responsible for the growth and success
of each of the constituent companies.
SINKING FUND: An annual sinkingund will
be provided, commencing December 1, 1924, con
sisting of 25 of net earnings, with minimum
sinking fund payments of $50,000 per annum for
the years 1924, 1925 and 1926, and $100,000 per
annum for each year thereafter. This sinking fund
must be used te retire bends by purchase or re
demption and will operate te retire 70 fe of the
bend issue before maturity.
CAPITALIZATION: Upen completion of present
financing:
, . BONDS
First Closed Mortgage Tfe Fifteen-Year Sink
ing Fund Geld Bends (this issue) $1,750,000
STOCK
Tfe Cumulative Pre- Autherised ImusJ
ferred Stock .... $5,000,000 $2,450,000
Common Stock, Ne
EARNINGS: The audit of Messrs. Ernst and
Ernst shows that during the five years from 1917
te 1921 inclusive net earnings of the constituent
companies available for interest, depreciation and
taxes (after deducting a less of $295,253.03 in
1921) averaged $362,000 per annum. These earn
ings were after extraordinary charges for mainte
nance and repairs totaling $482,378.19. The largest
annual bend interest requirement is $122,500. A
substantial improvement in the belt and nut indus
try has taken place since the period of wide spread
business depression which prevailed during 1921
and the early months of 1922. With the four plants
running at only about 60 of capacity net earnings
of the constituent companies for the three months
from July 1st te September 30th, 1922 totaled
$115,246.63 or at the rate of $461,000 per annum
considerably mere than the annual average of
earnings during the previous 5-year period when
all of the plants were operating at capacity. Of the
total net tangible assets of $3,007,643.74 left after
deducting these bends mere than $1,000,000 is
represented by earnings put back into the business.
BALANCE SHEET, as of October 1, 1922 as
prepared by Messrs. Ernst &. Ernst.
ASSETS
Cash $385,000.00
ac &. Notes Receivable 185,995.41
Inventory 953,311.36
$1,524,306.77
Fixed Assets 3,683,335.97
Patents controlling manufacture of lock
nuts 750,000.00
Geed Will 1.00
Total Assets $5,957,643.74
Far Value
55,000 shares 55,000 shares
LIABILITIES
Accounts payable
First Mortgage, 15 year Tfe S.F.Geld Bends
Leng Term Notes
Tfe Cumulative Preferred Stock
Surplus, represented by 55,000 shares
Common Stock of no par value
Total Liabilities
$ 175,000.00
1,750,000.00
275,000.00
2,450,000.00
1,307,643.74
$5,957,643.74
LEGALITY: All legal proceedings in connection with the issuance of these Bends will be
under the supervision of Messrs. Chapman, Cutler & Parker, Chicago, Illinois, and
Messrs. Henry, Pepper. Bedine St Stokes, Philadelphia, Pennsylvania.
Price 100 and Interest te Yield 7
Bends sre offered for delivery whtn, is and if issued and receded by us and approved by our counsel.
Temporary bend, or Interim receipt, of the Truitee will be ready for delivery about January 2, 1923.
Breeke, Stokes & Ce.
15th and Walnut Streets
PHILADELPHIA
Hyney, Emersen & Ce.
39 Seuth La Salle Street
CHICAGO
Thc.i'?l?"c?J3 and MrmaHen contained in this advertisement hac been obtained from sources which
tve consider accurate and reliable and constitute the basis of our purchase of this issue of bends.
Te Helders of
Alten, Granitp & St. Leuis Traction Ce.
Fiipt Consolidated Mortgage 5 Bends
Due August 1, 1944
. AhCr5 H7ing -ejn ;rehan ty Per cent (60( t ) of the above mem mem
tiened bends deposited with the undersigned committee, notice is hTreby
given that no additional bends will be received for deposit after Januarv 1 f)
1923, upon the terms of the Deposit Agreement dated August 21 fST and
after that date bends will be received for deposit only in X disSn of
the Committee and upon such terms as it may see fit te impose
Protective
Committee i
D.R. Francis, Jr., Francis, Bre. & Ce., Chairman
J. H. Grever, Vice Pres. St. Leuis Union Trust Ce
J. Sheppard Smith, Vice. Prcs. Mississippi Valley Trust Cc
E. J. Costigan, Whitaker & Ce. V " Cc
James Duncan, Pres. Duncan Foundry Ce.
Depesitary:
Mississippi Valley Trust Ce
, St. Leuis.
Charles M. Polk, Counsel.
J. E. Riley, Secretary,
214 N. Fourth St., St. Leuis, Me.
man
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ESTABLISHED 1865
BIOREN & CO.
I BANKERS
g 410 Chestnut St., Philadelphia
Government,
Municipal. Railroad
and Corporation
Securities
.Wriubrii .ew Yerk mul
I'htladelphm Steik Exchanges
Philadelphia Traction Ce.
Capital Stock
PRICE TO YIELD OVER 6
Earsev: Bres. & Ce.
1421 Chestnut St. Philadelphia
Investments
Baker, Yeung & Company
ju.-i.ru , ,s iv, ,r M.uiitcr
Land Title Bldg.
Boen Philadelphia
NEWBURGER,
HENDERSON & LOEB
Members New Yerk and
Phufdelphia Stock Exchanges
1512 Walnut St.
dl
JANNEY&CO. I
INVESTMENTS !
133-135 Se. 4th St.
Philadelphia I
MACK1E, Investment
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C. S. PATTON & CO.
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