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The Sun and the New York herald. [volume] (New York [N.Y.]) 1920-1920, April 20, 1920, Image 17

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THE SUN AND NEW YORK HERALD, TUESDAY, 'APRIL 20,
17
4-f
SPECIAL
OPPORTUNITY
is afforded by rising
Exchange rates to
invest in
SCANDINAVIAN AND
OTHER EUROPEAN
GOVERNMENT AND
MUNICIPAL BONDS
and to buy Foreign
Exchange for future
delivery. ,
l'or particulars apply to N
HUTH & COMPANY
30 Pine Street, New York
Telephone John C211.
DO NOT EXPECT D.S.
STEEL MELON SOON
Judge Gary, in Anminl Meet
ing: of Corporation, Is Non
committal on Extra.
STILL FOR CONSERVATION
Strike, He Says, 'Was Insti
tuted by Labor Union Lead
ers to Organize Industry.'
Earning Power of
Railroads
Under the Transportation
Act of 1920
A complimentary booklet giv
ing a digest and the complete
text of the act and the esti
mated earning power of the
roads under its provisions will
be sent on request.
BLODOETT
HART '&'CO.!N
42 Broadway, New York
U r.lllcott St 24C Oenesee 8t..
HuUalo. Uttca.
US Devonshire St..
Dostou.
Iilrrrl Private Wlrn
(onnci ting nil ofUirv
Candy Stores
This company ia on ths eve of
opening its storc-3 in New York
City and vicinity, thus inatigurat
inc what is destined to become
the largest chain ojf retail candy
stores in the world.
It promises to duplicate the great
?uccess of the Urited Cigar Stores
Company, being under practi
cally the same management.
Slack it a r Urdu (faded in on t'n
AVip York Curb
For further information
apply to
BAMBER6ER.L0EB&00.
25 Broad St New York
Thoso Who attended tho annual meet
ing of the United States Steel Corpora
tion In Hoboken yesterday came, away
with tho feellnc that therb would be
no extra cash disbursement on Steel
common In tho nenr future. Judge El
bert II. Gary, chairman of .the corpora-
tlon'a board of dlroctora, although he did
not nay that an extra dividend would or
would not bo declared, ruteiuied his oft
repeated belief In the policy of cnah con
servation. He pointed out Ihc great In
dustrial, commercial and flnanohl op
portunities to lc:ul tho world which lay
beforo tho United States, and added:
"I submit It to you, my friends. Is It
not better to bo within tho limits of
safety? If you believe In the corpora
tion and Its management It seems trt mo
you ought to bo satisfied with what tho
directors do from tlmo to tlmp with re,
Bard to dividends. You notleo I havj
not given you tho Alightest hint of what
wo might do. 1 do not know. I havo
not discussed It with nny one. I am but
one of fifteen, and even If I could tell
you Bomethlntr tho other fourteen di
rectors might not agree with me. You
can feel certain that whatever Is done
will always bo conservative, based on
conditions, ond always with a report of
our financial condition In front of us."
Judge (Jary outlined at some length
tho long court battle In which counrel
for the (lovernment sought unsuccofs
fully to pi-iivi, the corporation a combi
nation In restraint of trade. Hfl toid of
tho activities of the corporation, some of
ELECTEI0 COMPANY K&UE.
nunkem Offer fSI.OUO.OOO nuffulo
General nonda!
The Huffalo General Electric Com
pany has Issued $2,000,000 of five year
7 per cent, convertible bonds, which
have been purchased by Lee, Weglnaon
& Co. and are being offered by them.
They aro duo on April 1, 1925, and
callable, at the company's option as a
whole but not In part on any Interest
payment date after flvo weeks notice,
On October 1, 1922, they uro callable
at 103 and accrued Interest; durfn'g if 23
at 102 and accrued Interest, and during
1924 at 101 nnd nccrucd Interest. They
aro convertible at tho holders' option ai
uny time Vfter May 1, 1922, Into tho.
company's common capital Btock par for
par.
Tho company supplies all public nnd
commercial electrlu light and power in
Buffalo, Lackawanna, Dlalsdcll, Ken
more, Wllllamsvllle, Tonawnnda and
soma other towns. It owns tho capital
stock of tha Niagara Electric Service
Corporatjpn, which supplies tho city of
Nlagaru Pnlls, M. y.
BAR AGAINST BUS LINES.
cur
Vp
I.oars liy Ferries) Mnltes
in Tnxrs, AVhnlcn Sny.
Grover A. Whnlen, Commissioner of
Plant nnd Structures, has UBUed a state
ment charging Louis Marshall, chairman
of the liar Association's committee on
pending Stato legislation, with uslng"
the Har Arsoclatlon to light Mayor Ily
lan's bus bills In Albany because Mr.
Marshall holds traction securities nnd
represents other persons owning such se
curities.
In a bulletin to tho Legislature, made
public Sunday, tho' Bar Arsoclatlon's
committee attacked the pending bills
which would authorize the city to estnb
llsh municipal bus lines as unconstitu
tional and declared the only precedent la
that of the Staton Island and tho South
Brooklyn ferries, which, according to
tho committee, have not been self-sustaining.
Mr. Whnlen denies that, and
declares the city has made money on the
ferries by reason of Increase in revenue
from taxation in Staton Island and
South Brooklyn, which would not havo
been possible without the development
which the ferries afforded.
1
Obtains Unto Increase,
In a decision Just released by tho
California Railroad Commieaton the
which led to ths trust charge, an 1 raid ! Southern California Kdion Company Is
it. 11 t t - ..'n .nut IQIAAAAA ....tj .l t
mat uiey
OHIO SECURITIES
Cleveland
I Columbus
Youngstown
Akron
Canton
Toledo
Oiir direct private wire svstem to
toe principal cities in Ohio enables
us t j gie efficient service in quoting
r .arkeis and executing .orders in
stocks and bonds local to this State.
E. & C. Randolph
MrmbtM New York Stock Eirhango
Inlhicd Securities Department
111 Broadway New York
FTTTtT,rTrwTmri
J
rn 1 1 h f i " 1 1 fl
t
Bankers
Trust Co.
likely &Hotton
40 Wall St, few York.
Phones Cohn 6330
iiiiiiii
Nat. City Bank
8k. of Manhattan Co.
SJ.K.ftice, Jr.&Co.
ftonn moo ti 4010 John,
it Wall St.. N T.
jHuk . Nobis Theodora C. Carwln
iNOBLE & CORWIN
W Broad St. Ktir Tk
Guaranty Tr. Art Metal Cons. Co,
Gt.Amer. In3. Otis Elevator rjfd
Telephone 1111 Ttroad
jmPire Dit. El. Si, 1949
JlCitiei Service (All Issues)
Amer. Lt. & Traction
, Amer. Gas & Electric
were abandoned as sci a as
their propriety was nuesibned l y the
Government.
"Tho amount of earnings carried to
surplus," the Judgo sail, "do not de
termine the "amount whKh "ould be
spared for dividends because lh ma 'or
part of tho surplus Is n)t la nash. l.tit
invested In properties, lt Is tr-so, we
always have a large amount of cash, but
such uu amount Is needed to keep the
business going. We oli-m havr. an op
portunity to make an .ulvaiitaseous In
vestment In property. ( o recently had
such an opportunity, and except for our
strong cash poMtlon we would not havo
been able to take advantage, of It.
AVonld Increase Income Tnxe.
"Therefore If that money wo now
have should be distributed in dividends
it would be done more or less to tho
prejudice of the company and to the
prejudice of those who receive them, be
cauro they would havo to pay a large
proportion of the amount for Income
taxes. I merely say the latter to bring
out all the points. i
"Have you ever heard of so large a
corporation as ours who have borrowed
or who are in the habit of borrowing
largo sums of money to conduct their
business? Do you think it would be a
good thing for us now if we had to bor
row money, like some other corpora
tions, paying for this accommodation 7
or s'per rent? I believe If wo were
borrowing money in the same propor
tion of our business as some other cor
porations nr borrowing In proportion
to their business It would bring on a
financial tianlo within a short time. I
am not criticising outers, iney must
deoldo for themselves, but I would
rather have ou tell me that wo should
pay larger dividends than that a cor
poration as largo as ours should keep
within bounds and be in n position
whereby it is not necessary to borrow
money to conduct its business.
"I do not object to theto requests or
critici.sms. We havo officers who un
doubtedly feel as you do that they would
like dividends to bo Increased, but they
know what Is best, and, even though in
creased dividends would bo helpful to
them, thev do not consider such a plan
advisable We have betwet-n 160.000
and 170,000 stockholders to protect,
many of nhom are widows and children.
A great many of thepo rely upon our
stock for income and we must look out
for them all the time."
Judge Gary had considerable to say I
regarding the strike which threatened
for a few weeks last fall to disrupt tho
entire steel Industry In this country. "It
was instltutea," ne saw, not oy me
employees themselves, but by union labor
leaders for tho specified object of organ
izing the Iron and steel Industry.
Real Mean I ne t Strike.
"In September. 1919, a small percent
age of the employees were members of
labor unions. When they were called out
they responded and as the result of
threats and Intimidations others tem
porarily quit work, so that altogether
about 26 per cent.' ot the men were out
for a short time. The majority of the
men were steadfast and loyal, and, as
you see by tho annual report, tho total
results for tho year were good.
"We never resent unfavorable criti
cism from any source concerning our at
titude toward employees If made Irj good
faith, even though It may not be de
served. Whenever proper and practi
cable we adopt measures to Improve the
living and working conditions of our
workmen, and we pay on the average
tho highest rates paid for similar ser
vices in any basic Industry in tho world.
"Wo do not combat labor unions as
such. We of course acknowledge the
natural right of labor to organize, but
we Insist that a labor organization
should bo subjected to governmental
control and regulation like other organ
izations. Discrimination by law in favor
of or against any particular class is det
rimental to tho interests of the general
community. It contradicts tha funda
mental principles of our Government.
"We stand for the open shop, which
permits a man to work when and whero
he ploases, on terms mutually agreed
upon, whether he does or does not be-i
long to a labor union. Our men gener-!
ally do. not belong to labor unions be
cause They know by long experience It
Is to their advantago to be free from
dictation by outsiders: that they are re.
celvlng as large or larger compensa
tion and as good or better conditions
for themselves and tholr families as
would bo provided under labor union
domination."
allowed (2,100,000 of additional revenue
tills year. Tho increase Is arrived nt
by absorbing the old rate schedule and
surcharge Into now schedules, to which
27 per cent, now surcharge is added be
tween meter readings on April 20 snd
the end of this year. The increase In at
tho rate of J2.S35.000 per annum, but
new Rtandard rate schedules probably
will bJ added nnd mado effective on
January 1.
The Kind of a Bond That Is
the Only Bond of Its Kind!
0 PKUDENCE-BONDS are one
of a hundred bonds that come
under the classification of a real
' estate investment.
, ! But PRUDENCE-BONDS are one
in a hundred when you come to
scrutinize tip ironclad character
of their stability and strength.
. Tjie high grade character of the
. k q income-earning real estate behind
osf'. them, the conservative character
of the mortgages, the liberal and
rapid increasing of the margin of
safety, the solid and unqualified
guarantee of principal and in
terest, and the inlegrity-and intel
. ligenco of our Directors, are things
that no man or woman with $100
or more to invest can afford to
overlook.
PRUDENCE-BONDS ARE ISSUED IX DENOMINA
TIONS OF $100, joo and 1,000. WE PAY THE
4 NORMAL FEDERAL INCOME TAX.
GUARANTY TRUST COMPANY OF, NEW YORK, Trustee
Send for Booklet J-16
Realty Associates
Investment Corporation
"Foreign Traie Through Foreign Investments"
A' Comparison of ,
British ! French Belgian Italian
Government htaal Urn
J
Those who have faith in the ability of the great European nations io recover
from the devastation and economic difficulties caused by the war should invest
in the bonds of those nations.
While exchange rates of the Allied Governments have fluctuated widely on
the London, Paris, Brussels and Rome markets, it is only in terms of American
dollars that themaximum depreciation has occurred. In other words, Ameri
cans are privileged to invest in European Government Loans on a basts which
offers the maximum possibilities of profit. As our foreign trade must depend
almost entirely on the speedy rehabilitation of foreign exchange rates, and as
the surest and Quickest way of improving these rates is for Americans to
purchase European Government Loans, we submit the following facts, which
indicate the speculative possibilities offered to those purchasing with dollars:
31 Nassau St., New York.
10J Ilemsen St., Hrooklyn.
Phone Rector 2181
Phone Main eS0
DIRECTORS
Ijiimlim "Wool MarUet.
London. April 19. At to-days wool
auction sales 11,000 bales were offered.
They comprised nne sorts. Bidding was
activo and prices wera firm and un
changed. Tho home trado was tha prin
cipal buyer. Medium nnd Inferior scou
reds and low crossbreds were from o to
10 per cent lower.
K rOM4 Or MVUTMtNT
A5 cid as tw mum
A.4 A3 STRONG
FRANK IIAIIXY
Vice-Pros.. Tltlo Guaran
tee and Trust Company.
ANn1iEwn.1t Ainu
I'ren.. Williamsburg Sav
ings Hank.
CIUS. S. BROWN '
Chairman of the Hoard,
Hrown-VrheelockOo.,Inr.
successors to DiuikIh
llobituon, Chas. 8. Urown
Company.
cllnton n. nrnDNJK
Second VUv-Pres., Tltli
Cliiamntce'and Trust Co.
I D1V, C. ltlX4FIKI.l
Pres., franklin Trust Co
WI1.I.MM M. KEVK
Vlee-l'rfH., Kealty Am
dates Investment Corp
rilOWEMinAHDEN
Pres., Brooklyn falngs
UanW.
I.OUISJ. HOROWITZ
Itos., Thompson-Starrett
Company.
EIWARI T. IIORWIIX
Hecty.. Williamsburg Sav
ings Uank,
CLARENCE II. KEUSET
Pres.. Title Guarantee
and Trust Company.
CLIFFORD
Vice-Pres.,
dates.
S. FELSET
P.ealty Asso-
I llKDERICK POTTER
Pres., O. U. Potter Irui
irtles. Inc.
JAMES G. WEMZe
Director, llealty Associ
ate. WM. II. WIIEEI.OCK
Pres., Urown-Wheelock
Co., Inc.. successors to
Douglas Robinson, Chas.
Ilronn Company, Man.
arer (if Real Estate,
Trinity Corp.
NEW YORK STOCK EXCHANGE PRICES.
Continuril from rrecedUxg Page.
Hid.
,iFk. .111 t 1 Sslc
77
62 V
12 M
774, 7;
Co I u
22V ..;
424 I
5Vs,40c
8ti! ..I
151 1 S'
JO
550
31
70i 73
50?' 51
40 f 42
107Vi 108
1061 jlOS
39 I 41
40?i 41
31
35tt
26 1
47'
37?,!
62 I
72 U I
9994 100
lSVil 184
ISOOiXorthem PsiltlC
50U!Nova Scotia S& C I
200i.Vunnnlly Co
1100 Ohio Cities Gas
1400'Oklahoma. I'roil& Itef....
100Ontarlo Silver Mining...!
7SH
65
22 H
42 "i
I Hlrtt-1 Low- I C103'
1 en. 1 ct. I Inc.
7i!
78Vi
65
42 I
$
77
64 ,
22 f
42 I
1 ,
64
424
Ckiili-
4
1
, 1
37
27
484
35
68
72 K
300Otlir levator
1000'Otls Steel
200.Owcns Bottlo Co !
BOOII'aclllc Development . ...
300 Pacific Oas & Electric.)
...it!.-. 1.1. . m ff. rt .. , I
ivvjiticiiiu ici lei
429001 Han Am Petrol & T..
e000!Pan Am lVtrol & T 11
10011'arrish &-Hlnghain 41
73WIvnrtsylvanla K U 1 41?g
il30'152 150 152
, 324' 32V 31 , 32
! 60i ! C0i 60 ! 60
MONTGOMERY r CO.
,'RortJt -v. CVote y.J'nferrtd Stocfa
Philadelphia Nwotll Chtcaqo
French Bonds
10,000 franc, 5 Victory Loan:
10,000 francs, 4 Loan of 1917. .
Belgian Bonds
10,000 francs, National Restoration
Loan '
Italian Bonds
10,000 lire, 5 Loan of 1918
British Bonds
100 Pound 5 Bonds-of 1922
100 Pounds 4 Victory Loan
Atinroxhnata
float Now
$570
460
640
Approx. Profit
should II o n d
price remain
Approx, Ckxt the same and Approximate
at Normal Ex- Exchange re- Percentile
change Kate, turn to normal, of Proftt.
51,700 $1,130 107
1,400 940 204
400
395
312
1,800
1,690
485
380
1,160
1,290
90
68
181
We are prepared to quote the above in any quantity.
Send for our revised booklet
"Bonds of Foreign Nations"
1
which should be in the hands of every banker, manufacturer, exporter and
investor for present and future reference. Complimentary copy sent on re-,
quest. N
A. B. Leach-& Co Inc.'
Investment Securities
62 Cedar St., New York
Chicago
Minneapolis
Philadelphia
Pittsburgh
Boston
Baltimore
Bufala'
Clevelani
92
CD4
62
89 I PI
29 JO
10SUil06i
113 1184
116?8jll7i
97 ' 30
1S! 19
83i 83
fit ! SB
66! 67
48
103
99
lOOOiPenn Seaboard Steel.,
400, Peopled Clas, Chicago..
1500Pero .Marquette
300 Pero Marquette pf
6OO1 Philadelphia Co
100Philllps-Jonex
49600 Pierce Arrow Motor....
lSOiPierce Arrow Motor pf.
1200(Pierce Oil Corp
S0O' Pierce 01! Corp pf
400lPittsburg Coal of Pa...
lOOiPlttsburg Coal of Pa pf.
100Pittsburir Steel pf
iioCPittsburs it West Va...
4300Pres.sed Steel Car 1109
37
27
4S
37
05
71
100
18
92
60
87
90
20
0 70
50! 51 I 50) 504
40 '. 40 ! 40 1 40
112Uill3107il07
41 41
41 40?4
3214 31
37! 35
27l 26
43 48
37 37
65 65
73?il 694
100 100
18! 18
92 i 92
lOOIPullman Co US
4210OlPunta Allegro Su3ar....'ll6jl20
!oo itaiiway stoei Hpnnp.
C0 60
87 i S-H
90 90
29&4I 29
109'103
US
1124 5:20 ISflOOlUoval Dutch Co N" Y....'U3
47
108
97
21
112
1504
21
2.i 1 27
73 ! 73
17 t 17'
7 S
231 240
400
17100
1000
23300
100
C5C00
300
10
HuyvConaol Copper 19
Heading ! 86
Itenilngton Typewriter...' 8S
Heplogle Steel I 70
Republic Motor Truck...! 47
Republic Iron & Steel. . .1112
iiepuDiic iron ft: sieoi pi.i ssi
lOOlRobert Rela
.1 22
16
21
39
11 1
S2 ;
I9U1
76 "l
P" '
v.
94
22?l 22l
56 1 57'
730 735 !
106107 I
47' 4774 1
100 tlOl
118 UlS.i
45
I
,1
45
11 11
195 196
II 700St Joseph Lead 1 16
2001st Louis & san i--ran...
..' 100lSt Iritis Southwest pf..
C 200lSavago Arms Corp
..' 3900Saxon Motor
..j lOOlSoaboard Air Line
8 lOOOiSears Roebuck Co
..' 100 Sliattuck Aris Cop
4o! 24700uShell Trans A Trading..
,. 23600,SfncIcir Conaol Oil
' 2000!sio9S-Shef!le!d S & r...
7' 100 SlosH-Sheffleld a & I pf.
6, OlOOlSputhern Pacific
..' 1400lSouthcrn Uailway
00, Southern Railway pf...
Standnrd Oil of NJ
Standard Oil of N J nf.
Stewnrt Warner Speed.
Stromherg Carburetor . .
Studebaker Corp 1123
Temtor Corn & Fruit A. . 45
Tcnn Cop & Chem
I
40?4
3S0
71
88
22
i
iH.F.McConneU&Co.
111 t
I rr-
V'mhen .V. v Slock Kachmiti I
war. X. Y. Tel. Bowl. Green S080-9J I
LIBERTY BONUS
A (nomin.nlon bouslit for cash.
-All . " "T"
Hand. SI Coudoih
Hand, I Coupon
Komi, No Coupons
-, .... llM tYtr 1101m, 1 oupon
"'-iltoeiifJiu-Jil, tr; iiontf. -foHpons
" PURDY & CO.,
John 3171-5-8-7. :l Tine St.. '. V.
List I" u 4',
Japan Itcatrlcts Dank I.onna.
! bee'n taken by the Japanese Govcrn-
i ment W restrict loans of banks for
Bpeculatlve purposes and place othr lim
itation on opomtions of Japan's banklnir
Instlt'ptlony. nccordlnc to official re
ports received In Washington. Al
though rot connected specifically with
tho, rumored financial difficulties of
I large banking firms in Japan, that ac
I lion was taken here as a reflex of the
nltuatlon described' In the unofficial
I despatches. Ovcr.peculation, Impaired
contracts and similar symptoms of
r.uperlnfiatlon are said to have led the
Government to Intervene. Effects of Its'
i action have not developed sufficiently to
nceurotplv appraised, tha reports
said, '
59
32
US
63
43
133
213
10
73
20
6
70
94?i
107
109
68
103
74
9
89
75
8
21
15'
53
10
27
51
10
16
63
23
r5
70
140
SOU
41
30
22 a4
60 '
33
119
64
48
133 9i
214
11
73
1 22
6
70 ?4
95
59 ?4
107
110
69
103
111
76
3
90
75
9
24 U
17"
61
10
23
51
104
18
63
23
S3
72
141 I
81
20 124
7' S00
4! 2100
4! 4600
7' 62200
4' 200
..I 1700
10! 18200
..' 100
..' 2900
..I 50
3100
100;
10000
600
1
12
Odd lota.
1200
1900
200
300
100
1400
100
8500
100
100
13500
22700
1300
29500
300
100
92500
600
1600
300:
53200
2400
COO
1000
300
100
400
900;
COO
1100
100
6200
H200
4UU
200
1000
1300
1500
21
I 25
j 17
.7
1238
! 11
40
77
94
99
22
56
753
107
49
105
11
lTer-13 Co 1206
190
-
400
72
90
23
61
33
120
64
49
139
220
10
79
21
6
74
99
Texas Co full paid
Texan & Pad He
Texas Pac Land Trust
Tobacco Products
Tobacco Products pf. .
Transcontinental OH
TransuB & Wms Steel. .
Union Oil ,
Cnion Pacific
Union Pacific nf
United Alloy Stee'i
United Drusr Co
United Fruit Company.
United Ry Investment.,
United Retail Stores...,
U S C I Plpa & Fdy....
U S Express
U S Food Prod Corp. . v
U S Ind Alcohol
U S Realty & Imp
U S Rubber
U S Rubber 1st pf
U S SmeMns, P. &
U S Steel
V S Steel pf
Utah Copper
Utah Sec Corp
Vanadium Corn
Va-Carollna Chem
Wabash
Wnhash pf A
Wabash pf 15
Wells Farso Express....
Western Maryland
Western Pacific
WesUnghouso E & M...
Whcflins ft Lake Erie...
Wheeling & Lake Erie pf.
Whlto Motor
Willys Overtand...
Willys Overland rts.
Willys Overland pf.
Wilson & Co
Woolworth F W....
Worthlnston Pumpj
M..
110
U0
68
105
111
9
94
78
8
25
16
53
10
29
52
10
16
65
23!
85
72
140
80
102
19
86
88
70
47
112
98
22
114
16
21
25
73
17
7
238
11
84
40
78
94
99
22?4
56
753
107
49
105
123
45
11
206
190
43
400
72
90
23
61
-33
120
49
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-"s
New Issue
550,000
The Atlantic Coast Fisheries Company
Equipment Trust 7 Gold Bonds
Issued under Philadelphia Plan
hated April f, IQ20 bilcrcst April 1st and October 1st
Denominations, $1,000 and $500
Maturities: $55,000 on April 1, 1921, and the same amount each six
months thereafter. Redeemable at 104 on any interest date upon sixty days'
notice. Interest payable without deduction for Federal Normal Income Tax
up to 2. Tax refund in Massachusetts and Pennsylvania at present rates.
NEW YORK NATIONAL IRVING BANK, 7Vj
12
JDi
We summarize from the letter of Mr. John W. Ellard, President of; the
Company, addressed to us:
USINESS: The Company is the largest
distributor of fresh fish in the New York and sur
rounding markets. It operates its own fleet of
fishing ships and its own cold storage plants.
E,
EQUIPMENT: Consists of eight fishing
vessels, of which four are completed and four
well advanced under construction. Two of the
completed boats and the four urider construction
are steel steam trawlers of the latest design and
highest type. The proceeds of this issue are to
be deposited with the Trustee, to be released
only as construction advances and the J)oats;arc
delivered. '
rARNINGS: Earnings ot these boats, bassd
on actual operation of similar vessels in 1919
by this Company, are estimated at $250,000.00
annually after depreciation, or sufficient to retire
the principal of these bonds in a little more than
two years, without taking into "account the earn
ings of the Company from other sources.
The vessels are used solely for the catch stud
conveyance of sea-food products owned and dis
tributed by the Company, and therefore fluctua
tions in general cargo rates have no influence on
their caunings.
A,
Va
ALUATION: The entire equipment has
been appraised (1920) by F. S. Martin, Esq., of
New York, at $1,273,000.00, or more than two
and one-quarter times the amount of this issue.
SSETS: Total assets, after eivinff effect to
the appraised value of the new boats, and deduct
ing all liabilities except this issue, will be about
$2,370,000.00, or more than four times the
amount of this issue. The Company agrees not
to pay any dividends n sucn payment will re-
Amounn
555,000
55,000
55,000
55,000
55,000
Maturities
Apr. 1, 1921
Oct. 1, 1921
Apr. 1, 1922
Oct. 1, 1922
Apr. 1, 1923
I'ricei
99.76
99.44
98.91
98.66
98.16
MATURITIES
vitwr
7.25
7.40
7.60f.
7.60TJ
7.70
1 . .1 . . 1 it
uuce tne net quicic assets Delow
principal of the outstanding bonds,
AND PRICES:
110
of the
Amount! Miturititi Pricn YieUt
555,000 Oct. 1, 1923 97.89 7.70
55,000 Apr. 1, 1924 S7.30 7.80
55,000 Oct. 1. 1924 97.01 7.80
55,000 Apr. 1, 1925 95.94 8.00?.
55,000 Oct. 1, 1925 95.62 8.00
Leg. detail, pused upon by Meuri. Gifford, Hobbi & Beard, of New York, for the Company,
nd Menr. Harrington, Bigham & Englar, of New York, for ounelrei.
fFE RECOMMEND THESE BONDS FOR INVESTMENT
TnffV mitts nSl it aVivrri mU,t"il t Wnba, BiUj, ttkn, tstniij vnti ,i r,,W iy w.
COBE, JOHNSTON PRATT
82 Beaver Street, New York
nit guaranUtd, an baud upon informatitn htiieved tx us u It reliable
The statements herein ctntained, while
S
t:
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i;
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