TIIE arORSTXG CVREGOXIAX TnUKSB VT, FEBRUARY 12, 1920
).
y
SHARP FULL IN STOCKS
LOW RECORDS ESTABLISHED
AT DISORDERLY CLOSE.
Investment Rails, as Well as Spe
cialties. Suffer From Heavy
Selling; Bonds Also Weak.
NEW YORK, Feb. 11. Tradiiut on the
lock exchanKS today nu divided Into
Uu-ee distinct phases, a heavy to weak tone
Pervading the early dealings with irregu
lar milieu during the mid season and an
other sharp reversal at the disorderly cloe.
While the decline wan In full swing vir
tually all clasws of storks established low
records. In manv instances losses rang
Ing from 2." to 100 points from highest
Quotations of the previous month were
registered.
The moit disturbing feature was the
weakness of investment rails, which ral
lied only feebly even when stocks of less
Intrinsic worth responded to short cover
ing. Some of the high-class transporta
tions, with assured dividend reputations.
were at lowest Drices In one to almost
Among high-priced specialties GeoeraJ
Motors was again in the foreground at an
extreme decline of UK points, only a small
part of which was retrieved. Other mo
tors, oils, equipments, shippings and steels
lost 2 to 8 "4 point:, Unlteo. ctaies mcti ..
Ing to. a fraction over 1)6, with virtually no
recovery.
sales amounted to 1.37.r,000 shares.
The movement or bonds was in keep.
Ing with stocks, rails losing 1 to lii
poinls. Liberty issues were irregular, in-
lernationalx steadv. Total sales, par value,
sw.ir.o.Ooo. Old United States bonds were
unchanged on call.
CLOSING STOCK QUOTATIONS.
Ble Hlch. Low?
Am Beet Sug. 'J."J'tu
American Can ll!.tIM
Am Cr i Kilry :.W
centals: beans. 1214 sacks; corn. 29S3 cen
tals; potatoes. !.. sacks: liay. -ho tons
eggs, 76.170 dozen: bides. 822 pelts; or
anges, 500 boxes v livestock. 300 bead.
Naval Stores. '
SAVANNAH. Ga.. Feb. 11. Turpentine
dull, 1.!S. Sales, none; receipts, none
shipments. 5 barrels: stock. 0003 barrels.
Rosin dull. Sales, tils barrels; receipts.
0.8 barrels; shipments, none; stock, 3ti,."U
barrels. Quote: B. J17; D, 117.10: B, P
117.2.-.. O. H. I. l7.:i.',: K. 18: M. 10
N. 20; WO, X2000: WW. X20.7D.
Metal Markets.
NKW TOKK. Feb. 11. Copper nominal
unchanged.
Iron steady, unchanged. 9
Antimony. 11.75c.
Lead firm. Spot and March. S.75c bid
9c nskert.
Zinc firm. East St. Louis delivery, spot.
8.62c bid, 8.77c asked.
SIX LODS REACH YJliS
MARKET IS STEADY IX
LIVESTOCK LIXES.
A LI.
Trade Is Fairly Active During llic
Day Willi Good Demand
for Best Offerings.
The livestock market was steady. Six
loads were received and business was fair
ly active. The former range of prices pre
vailed in all divisions.
Receipts .were 3 cattle, 371 hogs and 76
sheep.
The day's sales were as follows:
High.
71) is
44
12S
lot;
ss'4
tSOVi
124
s:!Vi
97,
16
.V'."
78
144 H
10H,
Last
Sale.
12.0O0
fi.MH)
12,01)0
401)
5.2"0
8O0
12.!0
5.S0O
o
!)0ll
r..r.oo
2.700
:t()
K MH1
2i.::no
6.7iMl
l.li'M)
1.7D0
3.OO0
l.vr.iM)
8S
2.1
:;o '
llDH
76T4
4H4
32 '4
78 ',4
24)4
:-.4
37
80
213
67 Vi
154
25014
70
3.-. ;
82.j
51
70
20 ',j
751i
14 "4
28
1O0
166 is
44 74
22 is
4
44
65 .
24 )
004
70
405k
22 74
54 '4
J!)-
6
104
11
36
!)l4
ISfc
S8
171
6!)Ij
114
7t
88 14
S
J 1 0 '4
70 i
84
42
6H
814
42
125
o4
86
58
12S 14
8(1 "4
06
15 is
54 74
THMs
140V4
1074
28 i,
85
22i4
28
11 5 .;
7:i
4S'4
so
42
125
1U4
86 Vj
Am H & L ptd 4.001)
Am Loco I0.700
Am Sm & Itfg 7.80
Am Sugar Htg !0
Am Sum Tob. 4.7"0
Am Tel & Tel 6. .".no
Am Z L. & Sm l.!M)
Anaconda Cop ll.iiiN)
Atchison 4.1O0
a ; twiss 3.600
Baldwin Loco. Kl.loO
Bait & Ohio.. o.2(0
Beth Steel B. 27.500
B S Copper. 1.500
Calif Petrol . . 3.100
Canadian Pac. !.1o0
Cent Leather. 17.200
Ches tk Ohio.. 1.4D0
Chi M & St P. 4.500
Chi & N W .. I.20O
Chi R I & Pac 4.5(H)
Chino Copper. 3.:i"0
Col Fu & Iron 2.1 00
Corn Products 7.SMIO
Crucible Steel. 16.4O0
Cuba Cane Sug 6.2O0
V S Fd Prods. 2.700
Krie 3.KO0
Gen Klectric. 12.200
Gen Motors .. 47.200
Gt No pfd b.600
Gt No Ore etfs 3.400
Illinois Central 4O0
Inspir Copper, .t.ooo
lot M M pfd..
Inter Nickel..
Inter Paper..
K C Southern
Kennecott ("op
l.ouis Ac Nash.
Mexican Pet... 22.100
Miami Copper 1.1mm)
Midvale Steel.
Missouri Pac.
Montana Pow.
Nevada Cop ..
N Y Central..
N T N H & H
Norf West..
Northern Pac.
Pan-Am Pet.
Pennsylvania. .
Pitts & W Va.
Pittsburg Coal
Kay Con Cop.
I:eading
Hep lr & Steel CO.Ooo
Shat Ariz Cop. 10
Sin Oil & Rfg. 37.4IM)
Southern Pac. 30.200
Southern My.. 6.200
Studebaker Co 5i;.::i0
Texas Co 11.2CH)
Toliac Prods., R.tWMl
tnlon Pacific. 13. 100
1'ntd Rtl Strs. lil.lino
f S Ind Alco.. 8.1)00
' U S Steel 13!).5oO
do pfd 1.2O0
T'tah Copper.. 3.200
Western I'nion 200
Westing Wert 5.6O0
AVIIIys-Overlnd l:t.:'.ol)
National Lead. 1.4O0
Ohio Cits Gas. O.coi)
Itoval Dutch.. 12.7O0
BONDS.
V S I.lb 3'4s...!).70 nglo-Fr 5s 04
do 1st 4s 90.80'A Titer as. 6
do 2d 4s 0.: Atrn gen fs 1 1 v,
do 1st 4"s. . .IM.HWiD tc R G con 4s. 60i4
ri 4s...!)().82.N Y C deb 68.. '.)()
do 3d 4US...03.60IN V 4s 7SVi
Ho 4th 4'is. ..01.16'N P 3s 511.
Victory 3s .. .1)7.84: Pac T & T 5s... 83 Vj
do 4 07 84iPa con 4'-s.... Dl)
U S 2s ree MOOUlS P cv 5s 7
do coupon ..io)'yiHO kv us
U V 4S SO .
U S Steel 6s 1)3 h
23H
:i.i
SBVi
77
207 14
42 '4
55
10
13214
225
681,
34 fe,
81 '4
50
78
20
7214
14
27
OS
161
21
44
21
62
1414
65
00
40
21
53',
!
64
100
11
35 '4
SSI,
18
S3',
1661,
67
111
6SV4
S3
!)6
110
70
s::e-
40
24
'
41
03 ?4
124
80
!)6
15
55
77
144
107
28
87
22
28
117
73
4S
30
78
23
34
37
77
208
43
55
10
152
23 S
6!)
34
81
50
74
14
27
08
166 '4
21
44
21
61
14
65
23
no
6j
40
22'i
54
1t)
65
1110
11
35
80
18
83
166
61
IP.
6814
s:i
06
110
TO
s::
40
74 i!
41
06
2 steers..
1 steer. .
1 steer. .
1 cow. . .
1 cow . . .
1 cow. . .
2 cows. .
1 cow . . .
1 cow. ..
1 cow . . .
1 cow . . .
1 cow . . .
1 cow
1 cow .
1 cow. . .
1 calf...
1 bull. ..
4 lambs.
14 lambs.
1 ewe. . .
8 ewes. .
ewes. .
1 yearl..
5 yearl ..
3 bucks.
16 lambs.
1 Iamb..
38 lambs.
14 hogs. ..
52 hogs. ..
8 nogs. ..
1 hog
57 hogs. ..
16 hogs.
d hogs. ..
8 hogs. ..
3 hogs. ..
20 hogs. ..
3 hogs. ..
8 hogs. ..
1 hog. . ..
Catth
Wt. Price1
465 f 7.0)),
84)1 8001
678
740
1110
1060
in 5
1140
!)50
1610
040
880
850
880
810
100
11)80
110
1)5
100
125
115
140
118
166
00
00
57
130
185
335
170
21!)
212
556
218
216
254
206
130
200
8.00 i
3 hogs. .
1 hog. ..
4 hoirs. .
304 hogs. .
8.75,1 4 hogs. .
Wt. Trice
212 J 1 6.00
8.50
7.23,
6.
8.00 1
8.151
6. 50
6.00
1 hog..
I hog. . . .
4 hogs. . ,
3 hogs...
1 hog. . . .
8 bogs. ..
2 hogs...
2 hogs. . .
7.00) 6 hogs. ..
6.50,
10.00
8
17.00
16.50
17.00
11.50
1 hog.
8 hogs. .
4 hogs. .
5 hogs. .
5 hogs. .
3 hogs. .
3 hogs. .
12.001 5 hogs. .
14.00 11 hogs. .
14.001S hogs..
7.00 1 hog...
16.751 1 liog. ..
16.00:13 hogs..
14.t)0 0 hogs. .
14.50,91 hogs. .
1 6.00
14.00
16.00
16.00
13.85
12.))0
15.75
15.75
6 hogs.
1 hog. ..
1 hog. ..
0 hogs. .
5 hogs. .
1 hog
1 hog.-..
8 hogs. .
15.75 2 hogs. .
D.73! I hog...
14.501 3 hogs. .
14.50 7 hogs. .
3D0
. 367
. 223
. 2D!)
. 3O0'
. 130
, 115
. 243
. 1!0
. 122
, 265
. 150
. 206
, 160
, 342
! 2::5
, 160
172
173
168
2D!)
238
320
370
301
258
232
1S2
280
240
156
178
510
310
180
165
750
143
211
15.00
14.00
16.00
13.50
14.50
14.50
14.00
14.50
15.00
14.50
14.50
16.00
16.1)0
18.00
14. ou
16.00
16.00
16.00
16.00
16.1)0
16.00
15.50
16.00
15.75
13.50
13.50
15.50
16.10
15.75
18.75
16.00
15.65
15.75
14.00
14.00
16.00
16.00
11.00
14.50
16.00
Price.
Best grain and pulp fed steers $12.5013.00
Choice steers
Good' to choice steers
Medium to good steers...
fair to good steers
Common to fair steers
cnotee cows and heirers
Good to choice cows, heifers..
Medium to good cows, heifers.
Fair to medium cows, heifers.
Canners
Bulls "
Prime light calves
Heavy calves
Stoekers and feeders
Hogs
Prime mixed
Medium and mixed ..........
Rough heavv
pigs
Sheen
Eastern lambs
,lght vallev lambs
Heavy valley lambs
feeder lambs
Wethers
Yearlings
Ewes
II. 50 ! 12.00
11.00 tjv 11.50
II.. ".( 10
8.50to 0.50
7.50W 8.30
9.50411)1
8.50(r(i 9.
7.5))ia 8.
6.50W 7.30
3.r.0"fi 6;:
6.25i s.r
15.00 17.00
7.001 12.50
B. 00 & 11.50
15.75rral8.
15.25 15.75
n.uotoia
13.0015.00
17.00 18.00
15.0(i 16.50
14.00(g14.50
12.00 lip 15.00
13.0O4J 13.50
13.51)1014.00
10.00 a 12.00
U S 4s reg 106
do coupon ..106
Pan 3s reg '88
do coupon . . . 88
Bid.
Mining; Stocks at Boston
BOSTON, Feb. 11. Closing quotations:
Allouez 32 Old Dom 3(
Aris Com 10 Osceola 4i
Cain Aril 60 Ouiney 57
Calu & Ilecla. .35. I.Superior
Cop Range
Kast Hlltle ..
Franklin
Isle Rovalle .
I .a ke Copper
Mohawk ....
Vrth Butte ,
42i4Slip & Boston...
12 Shannon
3!rtah Con
30 : Winona
31 Wolverine
60 "if Greene Can . . . .
131
414
4
1
8
1
181,.
31
Money. Exchange, Etc.
NEW YORK. Feb. 11. Mercantile paper,
6?i 61i per cent.
Sterling, demand 3.87, cables 13.37.
Francs, demand 14.40, cables 14.4i: Bel-
fian francs, demand 13.67, cables 33.65;
friilders, demand 37, cables 37: lires,
femand 18.04. cables 18.02; marks, de.
Aland 1.04. cables 1.03.
Sterling advanced further In the late
de..itng. Stealing 60-day hills. 3.34;
commercial 60-day bills on banks, $3.34;
commercial 6t)-day bills. $3.33; demand,
$3.351.; cables, $3.38.
TiniM loans, strong; OO days. 00 days and
six montns. 84 per cent.
Call money, easy. High. 8 per cent: low.
per cei-t; ruling rate. 8 per cent: closing
bid. 6 pe. cent; offered at 7 per cent; last
loan, 8 pr cenr.
.tar silver. $1.34.
Mexican dollars, $1.03.
LONDON. Feb. 11. Bar silver. 80d per
ounce. ioney ann discount unchanged.
Chicago livestock Market.
.wv.uu, reo. 11. nogs; receints.
13,000; mostly 25630c higher; bulk, $14.o
Wia.au; lop, $15.50; heavy, $14.4015
medium. $14,756)13.30; light, $14.85015.60
"' "Km, n. (a W ia.00: heavv i,..l,ln.
rn.TJh lV ' "'-'i PD-KlUg SOW.
. ... i.,..!v, puts, 1.-1. 1 oar 13.
v.aLtie, iuuo: ateaciv: heer ,t.r.
"" "")' xeigni, cnoice and prime, $154
r,ledlum and '""d- Ufe l5; common.
iiBni welglit, good and choice 117
uiiuiuuu aiiu men im. in hi n, i 'i ak.
butcher cattle heifers $6.50lj 12.50; cows'
$8 50411.25; cannera and cutters, $5 25
6.50: veal calves tiu'nirr..,. .
steers, $7.S5toll.7S; stocker steers, itk.
Sheep Receipts. 6000: hiphee- 1 b m k.
" pounua aown. $lBr2I.Tj3: cu lis and
common, SI 5.25 If 18.50: ewes, medium nri
good and choice, $11.254il4.25: culls and
lummon, IQ.OUU iu.7.
Omaha Livestock Market.
Ull A11A, reo. II. IV. S. Bureau rJ
Aiaraets. nogs ttecelpts. V500; 10&25C
i.iBiicr. mp, n.tw; DU1K, $14.30 14.55
neavy welgtit. $14.3314.60; medium
weignt. $14.40014.65; light weight. $14.41)
rrii-Dii iiari ngnt. si4.2..in' 14.51).- hv.
packing bow's, snioQt n, $14.1.3f''14-3ii purk
ing sows, rougli, 91414.26; pigs,
Cattle Receipts. 50U0: steadv to itrAnr
Beef steers, medium nnd heavv weis-ht.
choiie and prime, 13.7r15; medium and
groou. iiiffpin.t; common, fitll; light
weight, good and choire, S11.75fiv 14.R0:
common and medium. $H.60(J1.75; butuher
came neirers, . o. n 1 1.7a; rows, $0.50
ll.rt; canners and cutters, $5.56.50; veal
calves, light and handyweluht- &14foir:
feeder steers, $7.7 12.'2o; atocker ateers.
Sheep Receipt- 10,000; ateadv to s.ir
higher. LaYnbs, 84 pounds down. S18.5UA
'JO. 25; ctrlia and common, $1517.75; year
ling wethers, $14.70 to-17. TiO; ewes, medium
and choice, $1U.50 12.50; culls and com
mon ti&10.ja
Coffe Fntoren IrregnlBC
NKW YORK. Feb. 11. The market for
coffee futures was easier during today's
early tmding, owing to lower Rio cables
nti re.iewed liquidation. After opening
10 pomes lower, active months sold
About to .lb points below lat night's
closing ngures. aiay sold oir to S13.70, or
within 141 points of the lowest level
riiehed on th break of last week and 90
points b-low the best price touched on tho
raity or raiuraay. .May closed at 14.04c,
with the gen"-ai list closing net 3 points
niefner 10 pomis lower. March l;t.70c,
amy it. wit. uiy ocptemoer 14 18c
October 14.1Sc DecemlHT 14.18c,
Spot coffee, oominal; Klo 7s, 14c: 6aji
tos 4s, 24c.
SAN FRANCISCO PRODUCE MARKET
Seattle Livestock Market.
SEATTLE, Feb. 11. Hog Receipts, 79;
easy. Prime, tl6'lb.50; medium to choice,
tingle; rough heavies, 14 14.50: pigs.
Cattle Receipts, 47; weak. Beat steers.
$12.2.) 12.75; medium to choice $1011.70;
common to good, $7.50(&i 10; cows and
heifers, $10. SO; common to good, $G.50ty
9.25; bulls, $7&H2.-: calves, 7&15.
Kansaa Vity Live-stock Market.
KANSAS CITY, Mo., Feb. 11 . (U. S.
Bureau of Markets.') Sheep, 80O0; steady
to 30c higher; lambs, l7.roft i;o.23: culls
and common, $12 17.25; yearl in pa weth
ers. $15.50 18; ewes.- $10.5ur 13.25; culls
and common, $5.2510.25: breeding ewes,
$84F 14.25; feedVr lamba, $15 17.50.
DEMAND FOR CORN 6RH
PRICK ADVAXCKS RAPIDLY
WITH GOOD BUYING.
rricea Current on Vegetables. Fresh Fruits, I Supplies Expected to Remain Llg,
Ktc. at Bay City,
SA.V FKANCISCO. Feh. 11. Rutter ex
tra grade. o'tc; prime firsts, 6;ic. '
Kggs Fresh extras. 47c; firsts, 43c; ,g.
tra pullets, 45c; undersized. 40c.
Cheese Old-style California fiats, fancy
31c. firsts. iSVjc.
VegetablL-s Eggplant, southern, 710c
per lb.; bell peppers, southern. 10Drl21,c;
squash, large lug. cream squash, 75c3?$l;
hubhard, $1.256 1.75 per sack; tomatoes,'
southern, $1W1.73 per crate; Florida to
matoes. $78 per crate; potatoes. Rivers
$4.50rS per cental; sweet. 4b5c per
pound; Oregon Burbanks. $5 5.5; Oregon
American Wonders, $5.5-5.50; onions,
'ellow and white, $4.50 per cental on
ire-t; Australian brown, $fi5.25 on the
street; cucumbers, hothouse, $4&4.50 per
box for No. 1 English, $J.75t3; garlic. 10&
"5c per patund; beans, lofttlc; coiery.
$7iJS per crate; artichokes. 75c&$1.25
turnips. $1.50S1.75: beets. $1.75 J; car
rels. l.J5fl.50; cauliflower. l.l'5m.7S
per dozen; lettuce, southern, 75c$1.23;
pess, 10&14c; asnaragus. D070c per lb.';
spinach. ( crate, $J.i:5; green onions. 2Q
2.-5 per "box.
Kmll- Oranges, navels, M.5He.'): lemons
4.5mi!I50; grapefruit, $:l.50&.1.73 box;
tangerines. Yl'ttZ per half orange box.'
bananas, $7Q10; pineapples, $.l4.50 per
dozen; p-are, cooking. $ljl.50 per lug;
ditto Winter Nellis, $3?4: apples, Rhode
Island Greenings, $1.75 & 2 lor four-tier
and $1.50&1.7o for 4V4 tier; Newtowns,
$'.25tr -'.50; Orgon Spitxenberg, $2,500
3.25. Baldwin, $262.23; Oregon Newtown
pippins. $2.506 3; rhubarb, hay stock, $2.50
6 3 per box; southern. $2 2.50 per .box.
Receipts Flour. 607O quarters; wheat.
800 cental; barley, 706 centals; oats, 1780
Kven With Plenty of Cars
Available.
CHICAGO. Feb. 11. Rapid upturns In
the value of corn today followed a broad
commission house demand based largely
on belief that supplies here would remain
light even -though cars were furnished in
plenty. The close was unsettled. 2Hc to
4Vic net higher, with May $1.30 to $1.31
and July $1.28 to $1.28. Oats gained
mTtc to la3lc, and provisions 10c
to Stic.
Oats, like com. jumped upward after
showing temporary weakness. .Domestic
demand was reported ken and country
offerings meager.
Provisions were ruled by the action of
grain. . ' ' . ...
Leading lutures ranged as loilows: '
May
luly
Sept.
May
July
May
July
May
July
May
July
In accordance with the announcement of Mr. J. Ogden
Armour, President of Armour and Company, made in
this paper yesterday, the Armour Leather Company is
offering: its stock for public subscription. Allotments
will be made in the order of receipt of subscriptions, 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
.7 Cumulative Preferred' Stock
. $10,000,000
(Par Value $100 per Share)
Common Stock
$10,500,000
(Par Value $15 per Share)
Dividend on. Preferred Stock payable quarterly, January 1, April 1, July I, and October 1.
First dividend payable April 1, 1920, will be for month of March dnly. Callable, as a whole
or in part, at the option of the Company, at 115 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, 111.
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.
Abraham Lincoln
The world pays honor to Abraham Lincoln the
great American: From obscure surroundinjrs and
with meager circumstances Abraham Lincoln rose
from the "back woods" from the frontier into
the presidency of the country.
Lincoln's thrift, his perseverance, his devotion to the
work in hand gave him an understanding of big problems
which stands unparalleled in 'the nation's history. I In
looked beyond the bounds of the present, he looked beyond
Abraham Lincoln himself. He taw the cause before he
saw himself the exponent of that cause, but, when he once
saw his duty he did it without hesitation and without the
idea of personal benefits.
Today we pay honor to Abraham Lincoln an Americnn
through whose veins coursed the blood of America in the
essence an American whose life stands as a great ex
ample. '
MORRIS BROTHERS, Inc.
The Premier Municipal Bond House Capital $1,000,000
Morris Bldg, 309-11 Stark St, Bet Fifth and Sixth
Phone Broadway 2151 Established Over a Quarter Century
CAPITALIZATION
Authorized
7CumuIative 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
$15,00O,000
100,000
$4,50O,0O0 Common Stock is reserved to be offered to employes and customers of .
the Company.
The 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 com
panies 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 $235
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 Pif erred 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 $4,485,213.
Thus, net earnings for the last fiscal year were over eight 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 equal aggregate amounts. For a perjod
of three vears 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 the 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.
The officers and directors of the Company will be principally those who have been en
gaged in the. operation 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 CHICAGO STOCK EXCHANGE
All legal proceedings approved by Messrs. Mayer? Meyer, Austrian and Plait, Attorneys, Chicago; Balance
Sheet and Earnings certified to by Price, Waterhouse & Co., Chicago; Appraisals made by American Appraisal
Co., Milwaukee. ... .
Price in blocks
$100 par value, Preferred, 1 Share
$105 par value, Common, 7 Shares
$200 per block
(This is equivalent to price of $95 per share on Preferred Stock and $15 per share on Common Stock)
" Subscriptions, accompanied by initial payment of 10, will bjp received
' ' on behalf of the Company by
Continental and Commercial Trust and Savings Bank, Chicago
or
Bankers Trust' Company, New York
" : Fiscal Agents
who will on request furnish copies of a letter from the Company giving detailed information, which can also be
obtained at the various offices of Armour and Company.
CORN. ' ' ,
Opcir. Hiph. I.ow. Close.
1.-'S $1.81 U.27 t.3v4
1.1'S l.L'Sa, l.i'4'4 1.28 '
.... 1.2314 l.Mli 1.21 1.26 K
. OATS. :
.T J .78 .714 .7SH
6Vi .711 . .BSti ; .70
MESS PORK.
....84.37 3.-.10 34.3.1 34.85
34.75 34.50 34.75
LARD.
....21.25 21.55 21.10 21 45
....21.77 21.87 21.57 21.95
SHORT RIBS.
18.45 1853 18.10 1847
....19.00 19.00 18.8U 19.00
Cash prices -were as follows:
Corn No. 2 mixed, not quoted; No. 3
mixed. 1.39; No. 2 yellow, not quoiea,
No. -3 yellow. n -01.41.
Oats No. 2 wtme, r
white, 8SH85c. - t
Rye No. 2.v I1.WB1.B.
Barley $1.26 1.4S.
Timothy seed $12 14.
Clover seed $4559. . .1
Pork Nominal.
Lard $20.55.
Riba $17.5018.2S.
SAN
Whent,
barley,
yellow.
ft. I. so;
Grain at San Francktco. ' '
FRAXCISCO. Feb. 11. Grain
$2.20; oats, red feed. $3.2013.25;
feed. $3.3593.45; corn, California
$3 20?rS.25; white Egyption, $3.7j
red mllo, $3.25163.30.
Hay Wheat or wheat and oats, $27
31 ton; tame oats, $2932; wild oats,
$2528; barley, $2528; alfalfa, $27e32:
stock hay, $2226; barley straw, 50 80c
per bale. '
. Minneapolis Grain Market.
MINNEAPOLIS. Feb. 11. Barley, $1.13
1.34. - i
Flax. $j.97r..02. ,
Seattle Feed and Hay.
SEATTLE. Feb. 11. City delivery: Feed
wheat. $87: all-grain chop, $75; oats, $70
6 72; sprouting oats, $74; rolled oats, $72:
whole corn, $72; cracked corn, $74; rolled
barley, $78; clipped barley. $82.
Hay Eastern Washington timothy
mixed, $:i8fa 3"per ton; double compressed,
$42; alfalfa. $35; straw. $1718; Pugel
sound, $33. ' . .
' Jfew Work Sugar Market."
NEW YORK, Feb. 11. Raw sugar un
settled. Centrifugal, 12.04c; fine, granu
lated. 156 16c.
Cotton Market.
NEW YORK, Feb. 11.
qulet. Middling. 35.75c.
-Spot cotton
Dried Fruit at New York.
'NEW YORK. Feb. 11. Evaporated ap
ples, dull; prunes, quiet; peaches, steady.
Eastern Dairy Produce.
NEW YORK, Feb. 11. Butter steady, un
changed. Egs steady, unchanged.
Cheese weak. State, whole milk flats,
held specials, Z0 31 Vic; ditto, average
run, 2930c; state, whole milk twins, held
specials, 30630c.
CHICAGO, Feb. 11. Butter unchanged.
Eggs easier. Receipts, 956S cases. Firsts,
mark, cases Included, 4 S 6 300 per dozen.
Poultry alive, unchanged.
Omaha Will Own Gas Plant.
OMAHA, Neb. Feb. 11. Mayor
Smith announced today the gas com
pany has accepted Ti court award of
$47500.000 for" the plant and that the
city probably will get possession of
tne property in May.
One of the first medical schools for
women was the New England Female
Medical college, incorporated in I860,
but really founded in 1S48H when a
class of 12 women began a course of
lectures.
Arthur Berridge & Company
Certified Public Accountants and Auditor
Income Tax Specialists and Advisers
619 Worcester Block Main 8621
Can you answer these questions:
What does it cost me to do business?
Which departments are earning the largest profits?
Which departments are being carried by others?
How many cents Net Profit do I make on eyery Dollar of Sale?
LIBERTY AND VICTORY BONDS
Tf you mtiftt nHI your Liberty or Victory bond. -tl 1 u.
If u ran buy more Liberty or Victory bond, buy from u.
On February II. litjo. Ui cloln N-w iork murk-t pri.
bftlow. They are the governing prlcea for Liberty ami Victory bonds all ovrr
the world, and the highest. We advertNe the." pri-a dnily In onl-r that you
may always know the New York market and the exact alue of our J4brty
and Victory bond:
lt 1st Id 1st 5d M fh Victory
r. 'tf 4.i 4n 4V 4V '
Market... $ie.7n fflo 0 $!0 SO $tl.TH $nu Hn ita.i $!. $17 7 fi'7 7
Interest... .55 . .tT .7 1 03 l.7;l i.:tn .i .7.
TotHl. . 7MZ 101.43 $t 'J7 $92 7 lI.(t;l H'. ( $!'2 44 3T :h .VI
When buy In we deduct 37o on a fl bond and 92. AO on a finny bond. Wa
ell at the New York market, plue the accruM Intirea.
Burg 1 and Fireproof Hafe le,olt linxre for Kent
Open Cnlil F. M. on KalurtUja
MORRIS BROTHERS, Inc.
The Premier Municipal Bond House. Capital One Million Italian.
Morris Uulldlnr. SOO-oll Stark St.. ii.-lwrea Slh and ih.
Telephone Broadway Ulil. Kstsbllihed over a auxrtsr century.
1'
7
Food Drafts
For. Foreign Relief
It is now possible for friends and
relatives to send food drafts to for
eign countries in order that unneces
sary suffering may be obviated.
These drafts, sent through the Amer
ican Relief Administration, may be
drawn as follows:
Hamburg for Germany
Vienna " Austria ,
Warsaw " Poland
Budapest " Hungary
Prague " Czechoslovakia
i
Without permission of the American
Relief Administration drafts cannot
be drawn for more than $500, but one
or more drafts of the same denom
ination in smaller sums may be se
cured. No commission charged on the sale of
these drafts.
LADD & TILTON
BANK
Oldest in the N orthwest
Washington and Third.
iillllllllllllllHIIlllllllllllllJ
Mill, $4V per ton; scratcn feed, $S4; teea 50'dlc; ordinary (irsts, iztHic; at
We have available a por
tion of oirr allotment and
offer subject to prior sale
Sherwin-Williams Co.
7
Preferred
Stock
Iarnest paint and varnleh
manufacturers in the world.
No bonded debt. C.rom eale 191
$.14 1100.000. Dividend record of
common during last 34 years
minimum of 8; Inst 21 years
minimum of 1C. Market value
of common stock about $226 per
share.
1 100 to yield 7
Free from Normal Income Tax.
V
Mire order 'ce-Heef
Full details Bent on request.
Freeman
Smith
a
CAMP
. CO.
acoMO noam
alualMtulIN Bmc Blm
.C.MILLEH COMPANV
1 -'-...J ME
BONDS AND INVESTMENTS
Diversified Investments
INSURE
STABILITY of INCOME
Let us assist you in obtaining thn
desired protection for your funds.
With Our
GOVERNMENT .
MUNICIPAL
CORPORATION
BONDS
Your correspondence is solicitrd.
G.E.MILLER
cx COMPANY
coupouation U wl 1 LJ
TELEPHONE. MAIN -4-1 )i
Z04 5 6 Northwest "rnrVmK Buildup
- ' r., ij , tj M t. riM
2
INSURANCE
AVE WRITE ALL LINES
C. De Young & Co.
Main 73."il 810 Spaldine Bldf.