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About Omaha daily bee. (Omaha [Neb.]) 187?-1922 | View Entire Issue (Feb. 10, 1920)
THE BEE: OMAHA, TUESDAY, fEMKUAKY IU, FINANCIAL Mw York, Frb. I. -Nrvousns wss ttit dcmlnsnt not aoundnd by today's spa thic mock msrkst, price recordln pro triv reaction after the firm opening", but rallying Irregularly when money eaied In the lat hour. Market osiip and latter circulated by broker and commlnalnn houaea over the week-end dwell upon the uncertainties un derlylnir the general financial situation and euch oplnlona aa were vouchsafed be lief In liquidation. ' Kurelg-n exchange and local money con dition wer unmistakably better, the Lon don rat retaining most of U recent re actions, white cell money was freely of fered at I per cent after opening at l.46cy Lant week's clearing house statement showed further material reduction of loans and discounts, but reports submitted by th reserve of the country disclosed ad ditional Impairment of cash hogs. . Efforts made In certain quarters to translate prospective legislation In the sen ate on tha peace treaty to a doll argument met wllh scant success. Trader evinced little interest ill a market which seemed in devoid of leadership or recuperative powers. Some clocks were carried under last week lowest quotations. Shippings dls- ?Jayed conspicuous weakness as a result f selling end are likely to uffer severely In any further curtailment of foreign trade. " Motor, oils, leathers. toVacco and an admixture of unclassified Issues embraced the other heavy storks, but covering by shorts lu equipments led th final reac tion, - Sale amounted to 7TB, 000 shares. Th general bond market was hesitant, minor reactions predominating In Invest ment Issues, the liberty group and Inter national sub sales (par value) aggregated i;.1,50.000. Old I'nlted States coupons and registered 2, and 4s advanced hi on call. Sales. High. Low. Close. Am. Beet Sugar.. 1.100 - 2V4 1.700 ir,3Vi UlVi 1331 2.900 110 W HO 3.100 92 90 2,1100 tZi tihi Am. Tan Am. Car ft V. .... Am. H. A I., Pfd. Am. Locqmotlva . Am, S. & I"-' Am. Supar K(g.., Am, Sum. Tob. ., Am. Tel. t Tel. , Am. Z.. 1. & s..r. Anaconda Oojipcr Atchison .: At. i!. ft W. I. S. S. Ouldwin Loco. .. H. A I 62 100 l.SH 127 127 1,000 84 Si1 16i 67 81 3 700 1631; 14 47,100 112 109 1.700 21 20 800 300 8.400 l.SOO 7 lli 7:-V loth. Steel "B . . 12,400 1 Butte ft Sup. Cop I'ul. I'ctroleum . Canandlan lac I'm. Leather C & O C, M. it St. P. C. & N. W. ... C R. I. ft P... Clilno Copper . 8Vi 200 23', 23H 1,100 32 32 1.300 U'l 120 1,400 83 81 53 34 80i 26 35i 900 3,000 , . .300 4.400 300 60'4 32' 80 35 744 16i (17 81 lafl 112-i .OH 1 ' 23 32 121 82 62 33 80 26 33 The Lion Bonding and Surety Go. Last week an Omaha contractor had a chance to take on a hundred thousand dollar paving job out in the state, provided he could furnish a bond. The Lion wrote the bond. A month ago another Omaha contractor desired to take on a two hundred thousand dollar job over in Iowa. The work looks very profitable. The Lion wrote the bond. Two months ago an Omaha man entered into a con tract in a western state, involving three hundred thou sand dollars. The Loin wrote the bond. And all three bonds are good, safe business. Now the circumstances in all three cases were quite similar. In each case the securing of the work probably means profit and success for an Omaha firm, and more payrdlls and prosperity for Omaha. And the three cases were alike in this: The statements of the wealth of these con tractors looked good and the records were creditable, but the jobs were a little larger than the parties had ever tackled before. The Wiseheimers said : "These men are good, but " Did you ever notice the deadly pall thrown by that word "but?"' How many hopes have been blighted, how many reputations torn to tat ters by the fellow who says: "Jim is a good fellow, but " or "I would be tickled to death to help you, but !" So the ritualists in surety might have talked about these cases, and debated, and tied on amendments and reservations until the business would be lost to Omaha. In every case the jobs were larger than the parties had performed before. Terrible, isn't it, to let young men do a thing like that! But don't forget this that every real business man of Omaha is today doing big ger things than he dreamed of five years ago, and the men of Omaha worth while now, as always in the past, are the men who are not afraid to do larger things, in a larger way, than was the rule of yesterday. The Lion Bonding Company may not be in this class of doers of things, but we hope that our hearts are tuned to the key of Omaha, and that we may be found joining in with the chorus. We always try to help. i We suspect that thereare a number of you very excellent business men in Omaha who do not know much about the Lion, and have never stopped to think of the service the Lion renders to the community.' Why not look at your automobile policy, your plate glass protec tion, your accident and health assurance, your fidelity or contract bonds, today, ancf make note that when they expire your favorite broker is to be instructed, and he can readily comply "Write the new ones in the Lion." The Lion Bonding and Surety Co. Assets One and One-Half Million 19th and Douglas E. R. Gurney, Pres. f'olo. f. ft Iron.. Corn Product.... Crucible Steel . . Cuba Cane Sugar i)ls. Seo Corp... Kris (itn. Klectrlo ... (Ion. Motji'fc Ot. Nor., pfd Cit. Nor. Ore. ctfs Illinois) Central., ln.iplr. Copper .. Int. M M pfd.. Intor. Nickel ... Inter. Paper .... K. C. Southern . Kenne. Copper .. M.ouix. & Nash... Mex. Petroleum . .13,10" if 700 39 S3 hi It 2.200 81 80 80ii 1.400 214 209 212 90i) 4ii 45 2.000 69 2,300 12 ' 12 1.600 151 1 53 27,400 267 Sf 200 75 s; 62 8r 21 '4 78 1,700 300 3,400 7.700 2,700 6.400 400 2,500 28 74 3S4 86 61 80 21 75 14t : 171 2-: 46 14 67 1 4H (.9 '4 12 K 261V 74 Jil 8ft 62 811 21 ' 77 15 2S'i 100 174 45 Z2 14', S 25 91 74 70 40 26 63 2ft ' no . .32,000 107?i 105 11 38 fiOO . .34. BOO . .12,900 95 . . 3,900 211 ..41.100 98 4.600 ISO 4,300 7 lV 89 M in nil Cupper .... 8"0 Mldvnle Steel .... 4.100 Mo. Pacific 2,700 Nvaiia Copper .. 700 N. Y. Central 5.200 N. Y.. N. II. ft H. 2.900 N'or. ft Western., 400 92 Nonh. riicific ... 2,400 75 Pan-Amer. Pet, , .10,100 81 l'i nnsylvanla 3.700 41 Pitts. & W. Va... 1,000 26 Pitta. Coal 00 63 r.ny Con. Copper.. 1,200 - 20 Rcallnif 4,000 72 Kep. I. ft Steel. , Shnt. Art. Cop, Sin. Oil ft Kef.., Sou. Pacific Sou. Hallway .. Stude. Corp Texas Co 4.600 ISO 17 Tobacco Products. 4,300 76 74' Union Pacific 3, MO 118 116 117V U. Cigar Stores... 6.200 76 73", 75 V. S. Ind. Alcohol 4.400 9 3 i 90 93 U. S, Sleel 80,000 100 9H 100 17. SI. Steel, pfd.. 2,800 111 110, 110 Utah Copper 1.600 73 71 72 Western Union ... 400 85 85 85 West. Klectrlc .. 3.400 61 60 Wlllys-Ovirlund . 6.800 20 25 Notional Lead ... 6,000 78 77 Ohio Citiia 4,900 44 41 Itoyal Dutch 6,600 100 99 Vi Bid. New York Slocks. U. S. is reg.l02tfrle gen. 4s 40 tlo coup 1 02 , I 'den. Klet. 5s. S9 U. S. 4s reg.,106 U. N. 1st 481 do cv. coup. .. IOC 111. C. ref. 4s. 70', Puna. 3.i reg. 88 lint. M. At. Cs. S9- do coup 88 IK. C. W ref. 6s. 70 Amer. T. & T. M,. ft N. ,- in 79 cv. 6s 97', !.',! K & T 1st . 67 A. -French 6s.. 9SM. P. gen. 4s. i Ar. & Co. 4s. k.i I.Mont. Vow. in. 8 Atch. sen. 4s.. 76'ilN. Y. C. deb. 6s 9 2 . ft O. cV. 4s 60:N. Pac. 4s 74 H. Steel ref. 5s. 84 I Nor. Pac. 3s.. 61 94 0. S. U ref. 4s. 81 71 P. T. ft T. 5s.. 76 77 "Pa. con. 4s. 90 Pa. gen. 5s ffd Vi 93! Keud. R"n. 4s. . 79 1st. h. & San. JT. 68 I ail.l. 6s 58 !S. I'nc. cv. 6s. 100 63'. South. Ry. 6s. . 83 Tox. Co. CV. fis.I'lls 40 2.! 11 67 2a4 91. 74 SI 41 ! 2li 65 ' 20 7 107 11 374 94 20 91 178 74 50i 20 78 44 100 f. I.cath. 5s Cen. J'ac. 1st.. C. ft O. cv. 6s. Chi.. I). & Q., Joint 4a Chi., M. ft St. P. cv. 4s.. Chi., It. I. & P. Ry. ref. 4s. . . Chill Cop. col. trust 6s C. of P. 6s Colo. & South. ref. 4s Den. ft Rio G. consol. 4s ... . Dom. of Can. 6s (1931) 78 U 90 70 T. and P. 1st. Un. Pac. 4s. . . L'.K.of O B. ft I. 5s 1 1937).. IT. S, H. 6s.. 61?4!n. S. Steel as. I Wabash. 1st... 91 ! ' 82 81 86 Vi 84, 87 Bid. New York Money. New York. Feb. 9. Mercantile Paper 6jt6 per cent. Sterling Sixty-day bills, $3.33 ! com mercial 60-day Mils on banks, 3.33 ; commercial 60-day bills, $3.33 '.4; demand. 23.37; cables! 23.374. Francs Demand. 1452; cables. 14.50. Belgian Francs Demand, 14.07; cables, 14-05. fiullders Demand. 37.80c; cables, 37.90c. l.lr Demand, 18.52; cables. 18.50. MH'rks Di'inand, 1.01c; cables, 1.02c- Time Loans Strong; 60 days, 90 days and six months, 8 per cent. Call .Money Easy: high, 14; low. 8, ruling rate, 14; closing bid, 8; offered at 9; last loan, 8. Drafts or. London and several continen tal centers ruled higher In the late deal ings. Sterling 60-day bills, $3.34; com mercial 60-day bills on banks, $:1.31; comm-rcial 60-dav bills, $3.34; demand. $3.374; cables. $3.38; lire, demand, 18.42c; cables. 18.40c. Liberty liond Prices. New Yorlt, Fib. 9. Prices of Liberty bonds at 11:30 '. m. today were: 3s, 96.92: fiitt 4s, 90.90; second 4s. 90.0; first 4",s, 91.20; second 4V4s, 90.32: third 4'js, 93.12; fourth 4'is, 90.40; Victory 3s. 97.94: Victory' 44s. 97.86. l'rlcos of Liberty bonds at 2:55 p. rn. today were: 3s. 96.88; first 4s, 90.90; second 4s. 90.18; first 4s. 91.50; second 4s, 90.30; third 4s, 93.44; fourth 48. 90.60: Victory, 38, 97.9o; Victory 4fts, 97.90.1 Evaporated Apples and Dried Fruits, New York, Ftb. 9. fivaporafert Apples Dull; western, 20i23c; state, 20iy23c. Prunes Quiet; California. 10?,631c; Oregnns. 16??22VC. Apricots Inactive; choice, 33c; extra, choice 34c; fancy, 37c. Peaches Inactive: standard, 2121c; choice. 2122c; fancy, $4 25c. Raisins IC.nsy; loose Muscatels. 23$) 25c; choice to fancy seeded, 2125c; seedless, 23p'29c. Cotton Future"!. New Yorlt. Feb. 9. Cotton futures closed steady; March, 34.99c; Mav. 32.65c; July, 30.71c; October, 28.70c; December, 28.15c. SEVER LEATHER INTERESTS FROM PACTO TRADE Armour and Company An nounce Segregation Plan Under Agreement With Attorney General. Chicago, Feb. 9. Armour & Co., meat packers, tonight announced plans for the segregation of its leather interests from its general packing business as part of the separation of the concern's affaXs, in conformance with an agreement .made with the attorney general some ago. The Armour Leather Co., in corporated in Deleware last week, will have $25,000,000 of 7 per cent cumulative preferred stock, $10,000, 000 to be issued now, $15,000,000 common (par value $15) and 100,000 shares of founder's stock with no par value, the latter classes to be issued in full now. The founder's stock, having 10 votes for each share, will be held by Armour & Co., to bind the new company to the present concern. It will be taken by Armour & Co. at $5 a share, but will not draw dividends in 1920. unless earnings I available for dividends equal $4,000, ! 000 and its income is restricted in succeeding years. Will Share Equally. On earnings above $4,000,000 founder's stock and common stock will share equally in earnings and the income on the founder's stock will go iiito the surplus of Armour & Co. Earnings of the leather interests of the company, after the federal tax had been paid was $6,195,894 in 1919; $3,707,145 in 1918; $3,565,188 in 1917 and $4,472,701 in 1916. The stock of the leather company will be offered to the preferred stockholders of Armour & company and the general public until February 25, in blocks of one share of pre ferred and seven shares of common at $200 a block. This is equivalent to $95 for each share of leather pre ferred and $15 a share for each of the seven shares of common stock. The public will be offered the same opportunity of subscribing to the leather company stock as Armour preferred shnrehclders, subject to preference allotments to preferred stockholders. Companies Controlled. ' - The properties controlled by the company include the Badger State Tanning company, Wisconsin;' Cap pon & Bertsch Leather company, Michigan; Empire Tanning com pany, New York; J. K. Mosser com pany. Pennsylvania; J. K. Mosser company. West Virginia; Sylva Taiir r.ing company, Delaware; a cut sole factory, sales stores and nearly 70 per cent of the common stock of the Eastern Leather company, which, in turn, owns various subsidiaries. Frank G. Allen, president of the Eastern Leather company of Boston, is chairman of the board of directors, and Henry W. Boyd of Chicago is president. Other board members are M. C. Weimer, Chicago; F. C, Von derheinde, Boston; M. P. Brennan, Olcan, N. Y.; Philip L. Reed, Bos ton, and three vice presidents of Armour & company: F. W. Croll, R. J. Dunham and F. Edson White, all of Chicago. Bar Silver. New York, Feb. 9. Bar Silver $1.33. Mexican Dollars $1.02. Mexican Robbed of $800 Intended for His Mother While on his way to the Western Union Telegraph company to wire ?800 to his mother in Mexico City, Mexico, Joe Rico, Mexican, was "strong-armed" by three unidentified Mexicans at Tenth and Douglas streets and robbed of the money. Detectives arrested Mat Ramus, 209 South Twentieth street, shortly after in connection with the case. 4,000 NEW CARS . WILL MAKE FRUIT CHEAP IN OMAHA U. P. Orders $16,000,000 Worth For Refrigerator Serv ice to the Pacific Coast s Union Pacific railroad officials yes terday announced the placing cf an order for 4,000 refrigerator cars, cost ing approximately $16,000,000, by ti e Pacfic Fruit Express Co., which serves the Union and Southern Pa cific railroads. Commenting on the order, which is one of the largest jever placed, J. Van Rensselaer, superintendent of the Union Pacific district of the ex press company, declared that Oma ha fruit jobbers would benefit ma terially by this car increase. 'We will construct 1,000 of these cars in our own shops in San Fran cisco," he said, "and the other 3,000 cars will be constructed by other car manufacturers. The cars should be ready for use by July 1, in time to meet the heavy demands by fruit growers on the west coast. "With the acquisition of these cars the Pacific Fruit Express company will have about 19,000 refrigerator cars in its service. The new cars wfll be of latest design " C. E. Childe, manager of the Cham ber of commerce traffic bureau, ex pressed great satisfaction when told of the order. "Omaha is the most important fruit jobbing center in the country," he said, "and should benefit greatly by this increase in hauling facilities, provided the cars are ready for use early this fall. "There has been an acute shortage of refrigerating cars to haul fruit here from the west coast in vcars past. With 4,000 new cars in serv ice much of this difficulty should eb overcome, and prices on fruit here should show some decline." Chamber of Commerce Lists Articles Needed In Omaha Chamber of Commerce bureau of publicity has compiled a list of 48 articles not manufactured in Omaha at all or in insufficient quantities to meet local demand. The list in cludes clothing, gasoline engines, bank fixtures, tile plants, paving brick, bolts, silks, light fixtures, glue and pottery. These and other ar ticles mentioned on the list could be manufactured here with profit, according to Harvey Milliken, chair man of the bureau. 800 Flu Cases In Budapest Budapest, Feb. 9. Eight hundred new cases of influenza arc reported daily and statistics would indicate that the malady is fatal to 10 per cent of those stricken. Two Hurt In Truck Accidents; One Driver Fails to Stop Miss Opal Baker, 3416 Avenue A, Council Bluffs, refused to allow a police surgeon to attend a slight in jury to her right ankle yesterday morning, when an automobile struck her at Fourteenth and Douglas streets, as she was alighting from a street car. The driver of the truck failed to stop. Miss Baker was able to go to her work in the Brandeis stores. Thomas Kejly, 77 years old, 1706 Fourth avenue. Council Bluffs, was slightly injured this noon when a Sprague Tire and Rubber company truck struck him. The accident oc curred at Tenth and Douglas streets. Mr. Kelly was taken to Central po lice station, where his injuries were dressed. The truck was driven by Clarence Love, 2019 California street. Bee Wan Ads are the Best Busi ness Roosters. South Side 1 Judge Fines Two Men , For Not Letting Flu Medicine Go to Waste Requiem Mass This Morning For Mrs. Harry Burkley Funeral services for Mrs. Harry Vincent Burklcy; w,ho died of double pneumonia at her Home, 3177 Daven port street, Sunday, will be held Wednesday morning at 10 from St. Ccclia cathedral. Requiem mass will he said to Mrs. Berkley at rather I Flanagan's Bovs' home at 7 a. m. to day. Burial will be in Holy Sepulchre cemetery. We Own and Recommend for Investment Detailed Circular on Request PAXTON & GALLAGHER CO. Wholesale Groceries Hardware ' Omaha 7 Pfd. Stock at Par and Accrued Dividend . TRADE MARKS Capitalization is not carried against good wiy or against the very valuable Trade Marks that have been developed at an enormous cost. Some of the best known brands on the market are : Canped Goodi Coffee Cigari , Kamo Butter Nut , 1 Paxo Grand Canon Paxton 1864 Yellowstone Dutch Boy Princess Mercedes Windmill ' Grand Canon P. & G. Handmades Turtle Kamo Chas. Denby Insurance Insurance is carried, both Fire and Tornado, fully protecting the stock of merchandise and warehouses. Tax Exemptions and Legality In the opinion of "Kennedy, Holland, DeLacy & Horan, Attorneys, Omaha, the stock has been issued in accordance with the Com pany's Articles of Incorporation, and is tax exempt to the Nebraska Holder, and exempt from the Normal Federal Income Tax. "''' v BURNS, BRINKER & COMPANY S. W. Cor. 17th and Douglas Streets, ' ' Omaha v li m UNITED STATES TRUST COMPANY Affiliated with United States National Bank ' Omaha . , FIRST TRUST COMPANY Affiliated with. First National Bank . Omaha - Earl Piper, Fiftieth and S streets, was fined $10 and costs on a charge of drunkenness and resisting an of ficer, and his brother, Sam Piper, 512 North Twentieth street, was adjudged guilty of the same offen ses and fined $15 and costs in South Side police court Monday. Frank Schlitz, 1121; Dominion street, accused of attempting to pre vent the arrest of the Piper brothers, was fined $5 and costs for interfer ing with an officer. The Pipers said they had been visiting a friend who had influenza and were on their way home when arrested by Officer Zurek, Friday night, on South Twenty-fourth street. "How did you expect your friend to get well of the 'flu', when you draik up all of his medicine?" said Judge Fitzgerald to the Pipers, who answered their friend was too sick to even notice "flu medicine" and that they did not want to see it wasted. South Side Brevities APPI-ES FOR SALE. , John Novak, 39th and L, Sts. Tell So. 440S. Amiour.cement to Frlende end Customer! Now taklnB ordiTs for next spring, aum rr.er ird fall. I5 to $35 below uptown prices No cheap woolens. Largs stock. Oscar Mefcrhcr, custom tall:r. The funeral of Mrs. Frank C.irlson, 1642 T street, who died Thursday of pneu monia, was held at 2 p. in. Sunday, from Icfler Memorial church, Rev. Clyde C. Cisse! officiating. Burial was made In Oraceland Fark cemtory. Preparations aro belnir made by the congregation of the South Side Christian church, Twenty-third and I streets, for a snrles of evangelical meetings commencing March 8. by Robert F. Whiston, who served with the Red Cross in France. Joseph Sedlacek, rancher of Aberdeen, Minn., sat down to rest beside the steam radiator at police station Sunday, and col lapsed. He was removed to a cell In the jail and booked on a charge of being drunk. Monday he paid a fine of 110 and costs. Thurman Eversole, 2-year-old son of wr. ana Mrs. 1 nurman Kversole. died Monday at his home. 2215 U street, of ttiflutnzn. Funeral services will be held Wednesday at 1(1 a. m., from Korisko jiromers cnapei. burial will be In Grace land l'ark cemetery. This Is the second 1''&tli In fr.ur days of influenza In the 'J nurman ramlly, a daughter. Jeanette, died Friday and was burled Sunday. Haiel Brown, 2410 1 street, 10 years old. who was injured six weeks ago In a col lision with an automobile while coasting, has been returned from the hospital to hr home where she Is reported to be slowly recovering, although not yet being able to talk. We Offer 6 FlrstB'0r05tsga8e On nm Omaha business property. , DrnominatW'im: $250.00 to $5,000.00. Owned sod reconimeoded by Hams Builders, I as. Descriptive literature. . A arnicas Security Co., Omaha. In accordance with the announcement of Mr. J. Ogden Armour, President of. Armour and Company, made in this paper yesterday, the Armour Leather Com pany is offering its stock for public subscription. Allot ments will be made in the order of receipt of subscrip tions, and as promptly as possible after February 25th, 1920, after which date no subscriptions will be accepted. The stock is offered subject to the privilege of subscription to the holders of the preferred stock of Armour and Company now outstanding in the hands of the public. Armour Leather Company (OF DELAWARE) $10,000,000 7 Cumulative Preferred Stock (Par Value $100 per Share) $10,500,000 Common Stock (Par Value $15 per Share) Dividend on Preferred Stock payable quarterly, January 1, April 1, July 1, and October . First dividend payable April 1, 1920, will be for month of March only. Callable, as a whole or in part, at the option of the Company, at 1 15 and accrued dividends. DIVIDENDS EXEMPT FROM NORMAL FEDERAL INCOME TAX TRANSFER AGENT: (Both Preferred and Common Stock) Continental and Commercial Trust and Savings Bank, Chicago, III. REGISTRAR: (Both Preferred and Common Stock) First Trust and Savings Bank, Chicago, 111. The Armour Leather Company has been organized under the Laws of the State of Delaware, and will acquire all of the tanning companies and leather assets now owned by Armour and Company at figures which do not include any value for good will. The gross volume of business in 1919 was approximately $90,000,000. CAPITALIZATION Authorized 7 Cumulative Preferred Stock ($100 par) . . .$25,000,000 Common Stock ($15 par) $15,000,000 Founders' Stock (no par value) shares 100,000 To be immediately issued and out standing $10,000,000 $15,000,000 xl 00,000 $4,500,000 Common Stock is reserved to be offered to employees and customers of tha Company. xThe Founders' Stock will be subscribed for and acquired by Armour and Company, who will pay $5 a share for same. ' ' The Company will have no bonds outstanding and covenants not to permit the creation of any mortgages or liens upon the present property of either the Company or the companies whose stock the Company is about to acquire, without the consent of the holders of two-thirds in par value of the Preferred Stock outstanding at the time Net assets, based on valuations of November 1, 1919, will be $25,500,000, equal to $255 per share of Preferred Stock outstanding. Net quick assets will be $16,043,564, which is equal to $160 per share of Preferred Stock outstanding. , Additional Preferred Stock can only be issued to an amount equal to 75 of the cost of extensions, additions, betterments and improvements and of new property acquired, and then only provided earnings for a period of twelve months have been at least three times the amount required for dividends on all Preferred Stock outstanding and the new stock to be issued. The Company agrees to maintain at all times net assets equal to at least 200 and net quick assets equal to at least 125 of the par value of all Preferred Stock outstanding. Earnings available for dividends, after Federal taxes, during the last fiscal year were $6,195,824; average annual net earnings during the last four-year period were $4,485,215. Thus, net earnings for the last fiscal year were over eisrht times, and average earnings of the last four years were in excess of six times dividend requirements on present issue of Preferred Stock. After preferred dividends, the remaining surplus, earnings shall be available for divi dends on the Common and Founders' Stock in equaj aggregate amounts. For a period of three years dividends on the Founders' Stock shall be limited if earnings are less than $4,000,000. After providing for dividends on the Preferred Stock, the earnings for. Ihe last fiscal year were equivalent to 18.3 on the Common Stock (this after deducting an equal aggre- -gate amount on the Founders' Stock), and the average annual net earnings during the four year period were 12.6 on the Common Stock on the same basis. Jhe officers and directors of the Company will be principally those who have been en gaged in the oDeration of the companies now being acquired, and who have in a large measure been responsible for their growth and development. APPLICATION WILL BE MADE TO LIST BOTH THE PREFERRED AND COMMON STOCK ON THE 4 CHICAGO STOCK EXCHANGE All legal proceedings approved by Messrs,' Mayer, Meyer, Austrian and Piatt, Attorneys, Chi cago; Balance Sheet and Earnings certified to by Price, IValerhouse cr Co., Chicago; Appraisals made by American Appraisal Co., Milwaukee. Pri rice in I tinn d r i ci blocks J T '' "wreVrre $200 per block f i VJ frc venue, vuilliuuil, I JliarCB (This is equivalent to price of $95 per share on Preferred Stock and $15 per share on the Common Stock) - - 1 Subscriptions, accompanied by initial payment of 10, will be received on behalf, of the Company by Continental and Commercial Trust and Savings Bank, Chicago or t Bankers Trust Company, New York K Fiscal Agents who will on request furnish copies of a letter from the Company giving detailed information, which .can also b obtained at the various offices of Armour and Company. J I