THE BEE: OMAHA, TUESDAY, UKCEMHKK 9, itfis. 11 GRAIN MARKET Omaha, Neb.. Dee. I. drain arrival! today 'were II ran of wheat, I cara of corn, 11 cara of oata, 10 cara of rye and ( rara of barley. Wheat rant I eanu blaber to 1 etnta lower, tba market generally baring an easier tona. Corn waa 1 to I canta blb r and oats anchanied to cant up. tha bulk being cant advance. Rya waa up t canta. No l dark norther sprint wbaat sold at IJ 16. tha top price of tha aeaaon for thia market. Wheat No. i bard: 1 car, 11. It; 1 car. I!. 55 (smutty); I cara. 11.14 (amutty); 1 cara, li.it; I cars, 11.(3; t cara, (2.61; t can, (3.10; t car, 12.(0 (amutty). No. 1 hard: 1 car, f 2.4S; 1 cara, ti.it; 1 car, 11.4 (amutty). No. I hard: 1 car, $3 48; 1 car. 12.44; 1 cara, $1.4 J; 1 cara. 13.4 (amutty); 4 cara, 13.40 (amutty); 1 car, LIBBY, McNEILL and libby CHICAGO DIVIDEND NO. A3 Dltldeod of FIFTY CENTS (1.40) tor shire .! the Capital Stork of Llbby, McNeill A l,IMv. will be paid on January Sth. 1930. to MiKkholdera of record December 13. 1918. liown on the bnoke of tha Company. On accouat of annual meeting, transfer, hooss oil! be cloeed from December IS, 1918. to Jiniiitr f 11)211. Inclimlre. MARRY WILLIAMS, Secretary JtJ.lt (amutty). No. 4 hard: 1 car. 13 43; 1 car, a care. e.tv; e i-aie -. 1 car, 1.3; 1 car, 31.34 (amutty); 3 cara, I3.3& (amutty); I cara, 13 35 (yellow). No. ( hard: 1 car, 13.30; 1 car, $2 34 (yellow). Sampla hard; 1 car, 12 85. No. 1 north arn aprlnc 1 car, 13.15 (dark). No. 4 ncrtharn sprint: 1 car, tJ15: 1 car, $3 .6; 1 car, 13.30: 1 car. S3.43. No. 6 northern aprlnc 1 3-5 ran, 13.46: ( cara. $2.53. No. 1 mixed: 1 car, 32.44 (smutty): 1 car. 11.47 (amutty): l car. 13.17 (durum); I cara, I3.1S (durum). No. S mixed: 1 car, 12.13; 1 ear, 13.13. No. 4 mixed:. I car. 33.45; 1 car, 13.10 (durum). Corn No. ) white: 1 car, 11.63: t cara, 11.63. No. 4 white: I cara, 11.40 (new). No. 6 white: 1 car, 11.(0. No. 3 yellow: 1 car. 11.67. No. 4 yellow: 3 cara. $141 (naw). No. 6 yellow: t cara, 11.40 (new); 1 car, $1 31; I cara. 3134 (new). No. 4 yellow: 1 car. 11.34 (new). No. 3. mixed: 1 car. 11.45 (old and new). No. 4 mixed: 1 car. 11.41 (new): 3 cara, 11.40 (naw); ll car, 11.3 (new). No. 5 mixed: 1 car, 11.31 (new snippers' lota); I car, lin (new ahlppera' lota); t cara, 11.33 (naw); t car, 11.37 (new). Oata No. I white: 3 cara, 77 Mo. Noi 4 white: 1 car, 77c. Rye No. 4: 1 ear, 11.47. Barley No. 4: 1 car, 31,41. Sample: 1 car, 31.37. OMAHA GRAIN MOVEMENT. Receipts Toaay. ...33 ... 34 ... 11 ... 10 ... 3 Wheat Corn . Oata . Rya .. Barley Today. .... 7 .... 71 .... 13 .... i Afo. lOt 44 13 t I Ato. 4 14 ii RECEIPTS IN OTHER MARKETS. Chicago Kanaaa City St. Loula ... Mlnnaapolla Duluth Winnipeg ... Wheat. 33 413 130 (31 It 444 Corn, j 14 34 161 Oata 57 40 ' 77 PRIMART RECEIPTS AND SHIPMENTS. Recelpta-- Today. Tear Afo. Wheat 1,743,000 3,330,000 Corn 1.264, 000 , 1,044.000 Oata 484.000 4 1,(40,000 Shipments Wheat Corn Oata 1,133,000 441,000 tit, 000 Wheat Corn Oata Rye Barley Sbipmenle Week Ago. 74 47 14 11 f. Week Vear Ago. 1(9 108 41 11 11 Tear ,.. t(S,00t ,.. SSS.000 ,.. 317,000 EXPORT CLEARANCES. . ' Today. Tear Ago. Wheat and flour 1.337,000 Chicago drain and ProvUloaa, Chicago, Dec. 3. Notwlthatandtng bull ish eentlment due to proapectlve aettlement of the coal strike, corn weakened In price today, demoralisation of tha hog market waa chiefly responsible. Corn closed heavy. lHo lower to o advance, with January. tl.l6U5fc. and May. 31.331, 01.33. Oats finished Ho down to He gain, and provisions unchanged to 40 cents de cline. Corn at first had a decided upward tendency, moat traders assuming that tha railroads would utillie for fuel supply purposes all available rolling atock and motive power and would tbua ourtall the movement of grain. It waa also- expected that food manufacturing Induatrlea would aoon become active buyera again, miring the laat bour of tba aeaslon. hoWever, all other factora were ecllpaed by sever breaka in tta value of hogs. Aa a conse quence selling of corn waa general and last prlcea were about the lowest of the day. Arrlvala of hoge here today far ex ceeded the usual number and promised Provisions sympathised with tba eollapea of the hog market, and with tb naw low record of British exchange. Art. I Open. I High. Corn. I . Pee. 1.40H 1.41 May I 1.34 1.35 July I 1.33H ! I Oata. Pec. ,7t .11 May .10 .104, July .76 H .7 Pork. Jan May 34.00 34.00 Lard. Jan. 23.10 31.S0 May 23.15 23.30 Ribs. I Jan. 13.70 118.85 May, 1 11.80 Ilt.t5 Low. I Close. I Sat. 1 1344 t.11 111 .7T 33.70 53.47 !2.5 It 66 11.80 1.11 1.83 1.33 44 .7T .71 .75 31.00 04.15 23.15 23.37 18.30 18.15 Dry Goods. New Tork, Dec. t. Cotton goods, and yarns ware firm today. An advance of 7 per cent In finishing coata waa due to tn ,, In wires Burlap prlcea were easier whllo wide aheetlnga advanced. ltl 1.11 1.11 T7t4 11.00 31.70 33.67 32.17 lt.tt lt.lt Market and Industrial News of the Day LIVE STOCK 510,000 Shares Montgomery Ward & Co, Incorporate! (lllinoi Corporation) Common Stock (Having no Par Valve)' Dividends Exempt from Federal Normal Income Tax. Exempt from Peroonal Property Tax Whoa Held by Reoidenta of UlinoU. 1,000,000 shares Common Stock authorized. Of this amount 150,000 shares are reserved for employees of the Company; 340,000 shares are held by new 1 interests in the Company; and 510,000 shares are already applied for or are to be sold to the public. Transfer Agent , Continental and Commercial Trust and Savings Bank Chicago Banker's Trust Company, New York City Registrars First Trust and Savings Bank Chicago First National Bank of the City of New York Listed on tha Chicago Stock Exchange Application will ba made to list on New York Stock Exchange BUSINESS. Montgomery Ward & Company was established in 1372 as the first catalogue and mail order house in the United States. It was incorporated m Illinois in 1889 and reincorporated in New York in 1913. Because of the pas sage of the New Illinois Corporation Law, the company has been reincorporat ed in Illinois, thus making all of its stock exempt from personal property taxes when held by residents of Illinois. SALES TERRITORY. Since the organization of the company its volume of business and sales territory have constantly increased until now orders are re ceived from erary state and outside territory of the United States, as well as foreign countries, the sales to date for 1919 being approximately $90,000,000. Salient Features From the letter of Mr. Robert J. Thome, President of the Company, and the report of Messrs. Arthur Young & Co., Certified Public Accountants, we '.ummarize as follows: 98 OF THE COMPANY'S ORDERS are accompanied by cash in advance. MERCHANDISE IS BOUGHT directly from manufacturers and sold by mail directly to consumers, largely eliminating all in termediate profits. The company itself operates factories and is interested in many others. IN VIEW OF THE FACT that company has been in business nearly 50 years and that millions of dollars have been ex pended in advertising and distributing catalogues, and that hundreds of thousands of customers have dealt with it con tinuously, it is clear that the Good Will, catalogues and lists are of immense value. It is believed that the Good Will is equal to entire net assets of company, although neither these nor other intangible values are carried on its books as assets. SALES FOR 1918 were over $76,000,000, an increase of over 100 in the past six years; and the estimated sales for 1919 show an increase of almost 150 during that period. NET PROFITS have shown an increase from $1,653,481 in 1913 v to $6,390,181, before taxes, in 1918. THE ASSOCIATION with men who have already become large holders of this new stock will greatly benefit the company in broadening its merchandising field, and the company, con- tinuing under the same management, will be greatly strengthened. THE COMPANY has specific plans for large developments, which will balance its facilities for new warehouses and dis tribution covering the entire United States in the most econom ical and efficient manner. I v THE FINANCING of the company is ample to carry out these projects and to maintain a generous cash reserve, the balance sheets showing cash on hand, $29,701,495.16 ; Liberty Bonds, $1,609,443.25. . The legality of this issue has been approved by Messrs. Winston Strawn & Shaw of Chicago ; Messrs. White & Case of New York City, and Mr. Henry L. Moses of New York City. For subscription, subject to allotment, we offer this stock At $45.00 per Share When, as and il Uiued and ractlvtd by u a . John Burnham & Co.' H. P. Goldschmidt & Co. 41 S. La Salle Street, Chicago 37 Wall Street, New York The statements in thia advertisement, while not guaranteed, are based upon information and advice which we believe to be accurate and reliable. Omaha, December t, lilt., Receipts were Cattle Hois. Sheen Eatlmatea Monday .. 4,300 4.300 30,000 name aa last weeK.is.sfe 5,030 14,770 Same two weeka aro.22,617 1,574 14.440 tame three was. ago. 20,336 6.788 33,468 same a ays vear ago.i4.420 11,073 19,021 Receipts and disposition of live stock at the Union Stock Yards. rmh Kh for 34 hours endlnf at 1 p. ra., December a, iriw. RECEIPTS CARS. Hrs 4 . Cattle Has Shp Mis v.. . at, m oi. .,...t 8 10 ... Union Faclflo 146 It 21 C. N. W;, eaat 11 1 6 CAN. W.. west.... 14 10 10 C, 8t. P., M. 0 40 1 C., B. A Q., east 1 i J C.. B. d. west 16 18 C . R. P., east t 3 21 Illlnola Central S t 1 Chi. Ot. West............. i . Total 167 it 13 DISPOSITION HEAD. . i ! MORS Mcrrla A Co 8wlft A Co Cudahy Paok. Co.... Armour aV Pa J. W. Murphy Lincoln Pack. Co.... MlKglna Pack. Co. ... John Rnth A- Ann. Mayerowlch A Vail!! P. O Dea Wlson A Co W. R. Vin Rant A rA W. W. Hill A Co.... F. P. Lewie J. B. Root & Co.... J. H. Bulla Rorenatork Bros F. G. Kellogg WArthelmi A Elite A Co Mo. -Kan f!. r f E. O.v Christie Bilker John Harvey Jensen & Lundgren.. Dennis & Francis. . . . Check Krebs Omaha Pack. Co.... Midwest Pack. Co.. Cud'y From gloujc Cy Morris. Sioux Falls.. Other Buyers Cattle 861 , 1,406 , 1.211 . - 1,316 11 28 24 6 1 75 34 47 353 71 22 227 97 274 141 8 (2 134 447 83 161 ' 8 6 2.412 1.667 1.706 t.388 1,814 481 Sheep 1,10 1,048 4,001 1,681 126 262 . Y.Hi Total , 10,120 7,111 11,324 Cattle There was a very light run of cattle here for a Monday, estimated re ceipts being 8,100 head, which Is less than half of the alze of receipts, the same as last week, and very small Indeed as com pared with 22,600 the same day two weeks ago. There was quite a sprinkling of native beef In the pena, aome of which waa of very good quality. The market was slow and prices ranged from steady to a quar ter higher than laat week's olose. Butcher atock was only In fair demand, but after low prices of last week values were fully steady to 15 and 25 cents higher in spots. tin rmmnu. em lAUO Send for this Useful Primer for Investors To help inexperienced In vestors we have prepared a little booklet "What You Should Know About Invest ment." It is easy to read, easy to understand. It con tains answers to many im portant questions about Be-' curities. It will be sent to you free on reques for OB-269. JheNationalCity Company 1 i'nrrerpondent Offinae oral SO Cltta Omaha First National Bank Building Telephone 33U Dons! as Trader buyera carried off quite a iupply of feeders and as a result were not buying aa actively this morning. With small country demand prices were about ateady on the fleshy feeders and some of the light kinds were weak. Western beef was very scarce and prlcea ateady to atrong. BEEF STEERS. No. Av. Pr. No. Av. Pr. 14 182 til 1 15 846 tit 00 IT 1316 II 00 10 1011 It 60 10 1362 t 60 8TEERS AND HEIFERS. 33 688 11 15 23 lit 11 50 19 1081 12 00 Quotations on cattle: Choice to prime beeves, 114. 60414. 00; Good to choice beeves, 412.60014.00; fair to good beeves, tl0.609i12.60u. common to fair beeves, t9.00&10.6t; choice to prime yearlings, 114. "6f 16.25; good to choice yearlings, 1:2.50414.60; fair to good yearlings, 111.00 4713.60; common toi fair yearlings, $4. 004) 11.00; choice to prime helferM, tlOOOw til. 75; good to choice heifers. 19 O04MO.76: good to choice cows. 47.75 Ji 9.00; fair to good cows, 44. 25 7. 60; common to fair cows, $5.UH(ft 6.26; choice to prime heavy fetderB, 110. 60(6 12.60; good to choice feed err, 19.2510.50; medium to good feeders, 17.75fcJi.2S; common to fair feeders. $6.75 7.76; good to choice stockers, $9 0081 1 1. 2 r. ; fair to good stockern. 17.50(9.00; common to fair grades, $8.00$ 7.:;; stock helfors. $6.007.25; stock cows. $5.25 6.50: slock calves, 16. 26 10.36: veal calves, $60014.50; bulls, stagx, etc., $6.25(ii 9.15; choice to prime grass beeves, $12.60 f(! 13.60; good to cholco grass beeves, tlO.5Orpl2.0O; fair to good grass heevm, tS.75(tPl0.50; common to fair Kraes beeves, !7.25g8.?5: Mexican beeves. 16 60.0. Hogs There was a fairly good run of hogs here today, estimates calling for acme 4,300 head, over M. 000 more tt-sn Monday laat week. There waa a good de mand and trade fairly active at generally atrong prices compared with Saturday. There did not Seem so very much differ ence in prices of good medium and liaht weight hogs, but there were spots were heavy to packers were around 104jl5c liltrher. Comparatively few hogs nnld down to 112.75. Bulk of today's sales be ing t!2 90(S18. 25. with tops for full lne at til. 35. piece selling at 113.40. Qua lit of receipts waa not as good as last week. 110(18. Short Term Notes Quotations Furnished by Peters Company. Bid. American Tel. eV Tel. ta 1934.. 96 American Tel. A Tel. 4s 1915.. 18 American Tobacco 7a 1921. . . .1004 American Tobacco la 1 921. . . .101 V Anaconda Copper ts 1939 97 Anglo-French Ext. 6a 1920.... 16 Armour Co. con. deb. 6a 1930.103 Armour Co. conv. deb. 6s 1921 103 Armour Co. conv. deb. 6a 1931.101 Armour Co. conv. deb. 6a 1924.101 Bethlehem Steel 7s 1921 100 Bethlehem Steel 7a 1923 100 British 1921 17 Canada 6s 1921 98 C. B. A Q. 4s 1921 VS. Cudahy Packing Co. 7a 1933.. 100 Lehigh Valley 6s 1923 100 Liggett A Myers 6a 1921 98 Proctor & Uambln 7a 1922. . ..V403 Proctor A Gamble 7s 1923... 103 ' Russian Rubles. 6H 1936.... 38 I'll lop Pacific 6s 1938 101 1s Wilson conv. 6s 1921.. 4Vi First Liberty 3 V, a 99.70 Liberty 1st 4s..,.. 94.00 Liberty 2d in... 91.23 Liberty 1st 4s 94.16 Liberty 2.1 U, s 93.63 Liberty 3d 4Va 94.46 Liberty 4th 4s 92.68 Liberty 6th 4s 99.03 Liberty Sth 3s 99.02 Trust Aakad. 64 9m 101 103H 97 4 95 104 100H 100H 974 98 94 ioih loon 99 V, 103 IMVa n 102 94 cows and heifers, 18.0013.00; canners. $5.00(8 7.00: veal calves, 18. OOff 15.00; Blockers, t6.004J'8.00; feeders. $8.0040 11.00; feeding cows and heifers, t5O08.00. Hogs Receipts, 1,000 head: market 15 f25c lower; light, tll.504)'13.00; mixed. tl2.7611.36: heavy, tlt.75jj 13.10; bulk of sales, $12,754) 13.10. Sheep and Lambs Receipts. 7,000 head; market steady. Ing sows, roach. tll eOtf IJ.00; pigs, llt.10 OH 35. Mheep and Lambs Receipts. 1,100 head; market ateady. Lamha, tlt.t091t.00; culls and common, 17.004)19.00: yearling wethers, tlO. 60411.60; ewa, medium and choice, $. 609.0O; eulla and common, tl.10 t6.09. Minneapolis drain. Minneapolis, Pec. I. Flour Vnchanfed. Harley $1.2441. 48. Rye No. 2. tl.67UI. Brag 441.00, No. A v. 41. .184 43. .868 61. .197 66. .290 64. .249 81. .208 78. .213 Sh. Pr. 160 $3 25 70 12 80 70 12 90 70 13 05 ... 13 15 13 25 13 35 40 No. Av. 4. .859 44. .419 57. .293 37. .214 62. .197 74. .238 Sh. Pr. 180 $12 75 140 12 85 ... 13 00 ... 13 10 ... 13 20 ... 13 30 Sheep The week opened out with a good sized run of sheep and lambs, about 20,000 head showing up. Demand was reasonably active from the start and de sirable fat lambs sold freely at figures 1026o higher than last week's close. Beat fat lambs brought 115.25 with good klntis selling around 1 1 4. 7 5 1 6.00. Steady prices bought most of the sheep offerings, best ewea landed at $9.00 with good klnda around $1.5-0. Wethera and yearlings con tinue scarce. There waa vary little demand Tor feed- lnr classes and this branch of the trade presented a quiet appearance with -values unchanged. Fleahy feeders are atlll quot able around f 18.50 dt 13.7B with good strong grades at 113.00l912.50. FAT EWES. 11 fed.. .111 18 65 41 fed.. .107 It 00 77CU110.. 90 6 60 . FAT LA MRS. 82 14 50 14 fed... 10 16 10 70 13 60 FEEDING LAMBS. 64 13 00 5 fed... 76 13 00 Quotations on Sheep Lamba, good to choice, $14.604()i5.26; lambs, fair to good, $14.00 14 60; fleshy feeders. $13.5ot 14.00; good to choice feeders, $13.25 13.60; fair to good feeders, $12.76 13.26; cull lamba, tl0.0012.00; yenrlmgs, $12.00 8)13.00; wethers, $10.5081' 1.;.; ewes, goon to choice, $8.609.00: fair to good ewes, IS. 008.60: good feeding ewes, $6.006.76; culls and canners, $,",.00 6.00. 14 fed. . 47 fed.. It fed. Kansas 4'lty Live Mock. Kansas City, Mo., Dec. 8. Cattle Re- criotK. 33.000 head: market steady to weak; heavy beef steers, choice and prime. $I6.15C18.50; mediuui ann goon, jni.za'qj 16.15: common, $8.2578)10.25: light weight. good and choice, tl2.6017.76; common, and medium, SY.ioKpia.ev: Duicner came, heifers, 16.2513.75; cows; 16.1512.00: cannera and cutters, 5.no4je.oo; veal calves. $13.25016.60; .feeder steers, 17.60 13.00; stocker steer, $5.5041 10.00. Hogs Receipts, zo.uoo neaa; sieany 10 50 cents lower; bulk. $12.86S 13 26; heavies, 1 3. 00 ffi 1 3.45 ; mediums, $12. so 13.90: lights, !12.7513.25; light lights, $12. 251 13 00; packing sows. $12.25012.75; pigs, $U.0012.25. Sheep and Lambs Receipts, 7,000 head; market 10 to 16c higher; lambs, 114 .00 19 15.86: culls awl common, . 0041,13. 85; yearling wethers, $10.75j12.60j ewes. $6.60gi9.00; culls ana common, d.ztw $0.25; breeding ewea, $7.5011.60; feeder lambs, $11.00013.25. Sioux City live Stock. Sioux City, la., Dec. S. Cattle Re ceipts, 7,600 head; market weak, 25c low er; beef Hteers, rharred fed, $Jr2.60618.00; short fed. tl3.00fffll4.60; rainy good Deer. !7.no$8.00; warmed up, 9.6O12.60; fat St. Louis Htock Market. Kast St Loula. Ill I lee a I'mi. Receipts, 13,000 head; market steady. Beef etecrs. medium and heavy weight, choice and prime, $18.0O19.35; medium and giod, heavy, tll.7t17.75; common. $9.00 (S1 1176; light weight, good and choice, $14.60(819.25; common and medium, $8.60 $14.25; butcher cattle and heifers, $6.76 &il6.00; cows, $6.76(&11 60: canners and cutters, $5.00if 6.60; veal calves, light and handy weights. $10.60 15.60; feeders teers, t6.5Qm' 12.00; stockers steers, $6.25 10.60. ' Uogs-Recelpts, 21.000 hoad, 35181600 lower; tup. $13.76: bulk. $13.0018.6O; heavy wolght, tll.164J13.60; medium we. ant. $13 no 13.45; light weight, 11160 &13.45; light light, tll.7512.60; heavq packing sows, smooth. 112.00 13.25; pack- lir Buy' ( TEN A an IpaykentJ rmi PLM t Mobf j Month 1 sT w ' a Buy ing at the Bottom Now is the time, with stocks selling considerably below their recent high . point, for the small Investor to study more closely than ever general market condi tions, with a view to pick- ' ing up those securities that through technical circum stances alone are carried well under their real value. Let us keep you in touch with the numerous favor able opportunities pre sented. Write Dept. OB-15 for sample copy of the Current Market Review and copy of The Ten Payment Plan. E. M. Fuller & Co. Members of Consolidated Stock Exch. of N. Y. 50 Brond St., New York A 6 First Mortgage Bonds DENOMINATIONS $ 250 $ 500 . $1000 They bear Interest 6, semi-annually. Tax free in Nebraska. If you have been looking for a safe investment, this one will please you. Descriptive literature ready. Your order received by mail, or in person. American Security Company N. W. Corner 18th and Dodge. Douglas 5013 ML 7 THE NUNNALLY COMPANY New Issue Transfer Agents! Bankers Trust Co., New "iork, K. T. Citiiens Southern Bank, Atlanta, Qa (FOUNDED 1888) CAPITALIZATION 160,000 SHARES (no par value) COMMON STOCK No Bonds, Notes or Preferred Stock ; Beeristrars: Chase National Bank, New York, N. T. Trust Company of Georgia, Atlanta, Oa. BUSINESS i. ITie Nunnally Company, manufacturers of high-grade candies, is being incorporated under the laws of Delaware as a reorganization of the Nunnally Company (of Georgia). The business was founded in 1885 in Atlanta and since its formation has shown continuous and substantial growth. The Company is the largest manufacturer of high-grade candies in the. Southern States, with a distribution national in character. James H. Nunnally, the founder of the business, will remain in active management of the Company's affairs as Chairman of the Board of Directors. k PURPOSE OF REORGANIZATION The purpose of this reorganization is tt enable the Company to increase the national distribution of Nunnally products, and to expand its facilities for carrying on business. ,The increased capitalization will result in a number of additions to the Company's plant, located in Atlanta, as well as an increase in the number of retail stores in operation throughout the tountry. PLANT FACILITIES AND STORES The Company's candy manufacturing plants are modern and completely equipped in every respect. About five million pounds of high-grade candies are turned out annually and with the augmented facilities , this output will be greatly increased. . Nine retail stores, advantageously located in various cities, are being operated at the present time. A further expansion along this line is contemplated. There are approximately one thousand employees on the Company's payjroll. SALES AND EARNINGS Tha remarkable progress made by the Nunnally Company is indicated by the steady and consistent annual in crease in tha volume of sales since the foundation of the Company, thirty-five years ago. In the 1917 fiscal year, net sales stood at SI, 436,7 15.00. In 1918, net sales crossed the $2,000,000.00 mark, while in 1919 the total is placed at 83,326,000.00 (two months estimated). Sales for the 1920 fiscal year are conservatively estimated at 84,500,000.00. Tor the current fiscal year (two months estimated), the Company will show net earnings, before Federal taxes equiva lent to 84.00 per share on the new issue of stock, while in 1920 it is estimated that earnings, before taxes, will amount to at least $4.50 per share on the common stock now being offered at $23.00. Tha Company haa regularly paid dividends from its inception. In view of the consistent growth in tha past and tha excellent prospects for the future, and considering the conservatively estimated increased earnings for 1920, In our opinion $2.00 per share can be paid annually on this stock, accruing from January 1, 1920. We look forward ta the same steady growth and feel reasonably sure that conservative Increases In the dividend rate will be made from time to time. At the offering price of $23.00 per share, an annual dividend of $2.00 will yield a return of 8.60& and an annual dividend of $2.50 will yield 10.85. , . PROSPERITY OF CANDY INDUSTRY Tha constant and increasing demand for confectionery is well In excess of production. Tha stability and eon 'tinned growth of the industry is assured. Prohibition and the Increasing consumption of sweets ia the United States have brought the candy business to a position of permanent prosperity. The old and well established candy manufacturers, with wide experience and progressive management, are in the best position to take advantage of thia increasing demand. - The Nunnally Company, with its reputation for a high-grade product, and the wide distribution for its output, is in an unusually strong position to profit by this situation. Lafta2 dutaiU pertaining to thu issue havt hetn passed upon and approved by Messrs, Brown, Randolph Parker of Atlanta, G. Messrs. Anderson, Rountrem & Crenshaw of Atlanta, Ga., and Messrs. Morion, Carr Baiter of Ue York, if. Y.; audits by Haskins ef" Stile; appraisals by American Appraisal Co. We offer these shares for subscription, subject to allotment, when, aa and if issued and reeeived by us. Wt ra-i serve the right to reject any and all subscriptions or to allot a smaller number of shares than subscribed for. t Application will he made in due course to list these shares on the New York Stock Exchange. PRICE, $23 PER SHARE BABCOCK, RUSHTON & CO. SECURITIES SALES COMPANY TEUBPHONtl IVY SSOO GRANT BLDO). ATLANTA, OEORGIA . ijmutrm motbl bld. HaLOTTB. N. e. is aviaa. sr. HIHOLS HOTCL BILOe). jaCKSOttVILLt. VIA. 1ST a. LA (ALLS ST. CHICAM til. cwthal aaeo MCMBIR8 TOSK STOCK ucMAnae CHICAaO STOCK HaMAMen aoerron stock xcmani chicabo aoARp or tsiabi wala. avatorr . Mcroai The abowe information, while not guaranteed is obtained from sources we consider reliable, and we have depended upon the jpvrchesing this stock. . 1