Evening Star Newspaper, June 9, 1922, Page 27

FIN ANCIAL. ALLIS READY FOR THE CONVENTION Offiefal List of Those Who Will Go to Hot " Springs. BY I A. FLEMING. Practically every member bank in the District of Columbia Bankers' Association will be represented in the delegation of 200 or more which will leave the city at § o'clock this even- ing en route to the fourth annual cen- vention of the association, Which holds its opening session at Hot Springs, Va. tomorrow morning. Plans have been completed for a splendid program, including addresses by Gov. Seay of the Federal Reserve Bank of Richmond, Fred N. Shepherd, executive manager of the American Bankers' Assoclation; C. H. Warring- ton, president of the’ local Automo- tive Association; John B. Larner, president of the Washington Loan and Trust Comp Joshua Evans, It who will succe: dént of the association; Victor” B. Deyber, president of the Second Na- tidnal Bank and chairman of the con- vention, and by W. J. Waller, past president Washington Chapter; A. L. 1. In addition a symposium ‘of bank toples will be conducted by Edward S. McQuade, vice president of “the Liberty National Bank, assisted by a nymbder of junior banks officigls. Plana for Good Time. Y Tomorrow evening there will be danc- ing at the Homastead, a concert and rest on Sunday, u family dinner on Mon- ich many novelties are 3 11 Spaid, chairman of the entertainment committee, cannot be given away at this time. Monday _the golf tournament in the affernoon Tfollows the second business session, the prize being the W. B. Hibbs ailver cup, which must be -won three times to assure ownership. Among the admitted” contestants for the cup are L. E. Shoemaker. ¥zra Gould. Julius I Peyser, George O. Vass and John Poole, to say. nothing of J. C. Cis- sell, Tommy Brahany and Herbert T. Shannon. Mrs. Brahany and Mrs. Shan- nop will cut some ice in”the putting contest Tennis and a wonderful dance Satur- day night and Monday night compiete the enteftainment features, ptus what Spaid has up his steeve. The following is the ol guests: Mr. mandMrfs. J. A. M. Adair, Mr. and Mrs. F. G. Addison, jr.; Mr. and C. B.'ASher, James A Baden, h P. Barnard, J. McKenney B Mrs. T.W. Braheny, Mr. and Mrs. Powell Browning, Mrs. E. B. Bebrend. J ton, James A. Berberich, ch, Mr. and_Mrs. B. A Bowles, Mr, anad Mrs. E. C. Branden- burg. John W. Brawner, Mr. and Mrs. Thomas P. Brown. Mrs: Julian Bry- lawski, Mrs. Robert E. Bucklev. Mr. and Mrs. Dious §. Burney, Harold Burnside, W. A. Cady. Mr. and Mrs. Charles -A. Camalier. A, Campbell, Mr. and Mrs. J. Frank Campbell, J. A. Cochran, r. and Mrs. E. F. Colla-, day. F. H. Cox, Floyd -E. Davis_ Em; met Davison, andrew Dent, B G Dent, Mr. and Mrs, V. B, Devber, T, . Dill, Mr. and Mre. Péter Ddrsch, B. Drown. Samuel G..Eberly, C. H. E Raiph Endi- Joshua fMctal list of a . R Evans, guson. R.. Gordon er. Mr, and Mrs. X 8 F‘lemmq. and Mrs. G. W. and Mr: ¥saac Gans, n Mr.and Mrs. A. S.'G Esther H. Gawler, M. d Mrs. W. H. Gottlieb, G 2 M. Green, B. L. Grove, Harry Gusack, B W. Gu Hgrper, e A. Harris, Harry V. Haynes, O. V. Heald, John B. Hender- 0 Mr. and M E. Herrell, H. Hevener, Mr- and Mrs. B. E. Hin- ard. Miss Ida P *1 Japan. Mr. and Mrs. F. W. Mc- K and Mrs. E. J. McQuade, William- W. Mackall, Theodore Michael, Mr. and Mrs. Leopard H. Mitchell, Miss S. L. Mitchell, Mr. and Mrk. Haward Moran, W. Nagel, Mr. and Mrs. H. L. Offutt, Maurice Otterback. Philip Pepper, G. and. Mrs. I Peyser and Miss v m M. Phelan, A. H ze, Mr. and Mrs, John Pqole, Mr. Quinter, "Mr. and Mrs. ford. 4 . Ray, Frank P. Ree- Reik, John M. Rior- i, Miss Helen Riordon, Mme. Rioux, 8t A. Sanders, Miss Gertrude San- Sanders, William F._ Sauter, cott, Governor K Sayboth, Charles Mrs, Herbert T. Shepherd, I E. ar. " and N Simon, L. A. Slaughter, Keith Mr. and Mrs. John L Smith, . W. W. Spaid, C. €. Spear, George L Starkey. H. C. Stewart, Fran Robe Charles Charles H. Tompkin 2 O..A. Thorup, Mr. and Mrs. Leon Ull- man, George s, Mr. and.Mrs. S. J. Venable, Waggaman, Mr. and Mrs. Allan E. Walker, W. J.-Waller, Mrs. Mary E. Waller, John R. Waller, A. C. Waller, Mr. and Mrs. George O Walson, W. M. Ward, Warrington, James Weir, Mr. and Mrs. E. P. Wilson, Mr: and Mrs. mond J. Wise, Joseph D. Yerkes, Mr. and Mrs. O. B. Zantzinger, Coteman Jennirigs. Trustees Elected. At the annual meeting of the share holders of the East Washington Sav- ings Bank of Washington, Wedne: day, the following were elected mem- bers of the board of trustees for the ensuing year: John "C. W. Beall, James A. Donohoe, Gratz E. Dunkum, Lewis Fiemér, John Ford, W. P. C. Hazen, Michael A. bynch, Willlam A. Lynch, Morris E. Marlow, Charles A. McCarthy, Henry H. McKee, Wil- lfam N. Payne, § )amuel H." Walker, John C. Weedon, John C. Yost. “The first meeting of the.new board will be held Tuesday, June 13, when officers wiil be elected. Railway Preferred Firm. Railway preferred made a new high on today's session of thé &tockex- chapge, when it sold at'71% and 71%. Capital Traction was steady at_ 9834 Bonds were qulet but firm at 74 for Railway 4s and 9933, a slight gatn, for the general 7s of the Washington Railway Company. Mergenthaler 151%. E. was reported - at CAR LOADINGS INCREASE. NEW. YORK. -June 9.—Loading of revenue freight for week ended May 37 totaled 821,121 cars, compared with 792,459 cars the preceding wee! increase of 28,662 cars, acgo g official reports. Compar dig- tricts, increases in the loading of all commodities were reported in-all ex- cept the central western -district; but the Pocahontas, southern and north- western districts were the aply ones to report increases,over the coiTe. sponding week last year. Coal load- ings during week .of May 27 totaled 91,370 cars, an increase of 9,403 over the preceding week. -VOTED T@ CUT DIVIDEND. “FORONTO, Jiune ’ 9—Directofsi’ iof Canadian General Electric. voted-to eut’ the”“dividend o ‘the compahy's commen stotk ’from 8 to 6 per 'dent. It vwas stated “that this was considertd * tae wigest policy*to pursue 5t _the paat ix ronthe' ang the outiook Jnon the oul coming monthsa, i tor 1 Mr. Larner as presi-. | .| —Philadelphia -has luflhs'lg- oV . SUMMER . CLOTHING IS SELLING - HOT CAKES IN DETROIT Continued Increase in Production and Building Activity : Situation—Outdoor Is Lure. BY PHIL 8. HANNA. Special Dispateh to The Star, DETROIT, June 9 —Retailers here have sold more palm beach suits and hot weather clothing since June 1 than in any entire month last summer: Sales of other lines of goods, howevér, have not maintained the volume shown in May. The de- cline s attributed to the unusually hot: weather. ‘Merchants say there is no indication: of any diminution of buying power but that people are] using all their available spare time In outdodr recreations. Continued in- crease in manufacturing and bulld- ing activity Wwas an outstanding feature of the business situation thig week. The employment report for _the week shows an increase of 4,350 over last. week, making & new high total for the vear of 259,000 men engaged or within 21,000 of the 1920 peak employment record. New building permits for the week entailed an expenditure of $2,178,000. The average of new building has been about $1,000,000 a week until three weeks ago. Contractors are bidding against each other for labor and’ the time has sed when a good workman, need be out of a job. A_shortage of finished parts again Is disturbing automoblle manufac- turers. One large concern is run- ning with only a two-day suppy of bearings and a one-day supply of axlés on hand. Fruit Crops for Market Promise Cash to Growers BY ESTES DOREMUS. Special Dispatch to The Star. ATLANTA, June 9.—The first of the watermelon and peach crops be- gan to move this week and cash will begin to flow. into the growers from now on, allowing them to settle ac- counts for fertilizers and farm im- plements. While rains have retarded | crops to some extent in this section, the continued advance in the price of cotton -has kept up the spirits of merchants and farmers. Even higher prices are expected by July; as the prevailing opinion is that the yleld will be 0o small to meet Increasing demand. Cotton dealers lhroulhnul‘ the southeast are predictlng a famine as a result of weather damage to the srowing plants. ‘Wholesalers and jobbers report a better demand and orders for fall de- livery are coming in in good volume. Retail trade is at a normal level and generous.advertising of bargains are |flll|ng the stores with purchasers. The,_ butlding doom has lost none of its activity and dealings in_the real estate market reflect the sharp re- vival of the purchasing power of the individual. e Banks are in a strong position and plenty of money is available at rea. sonable rates for legitimate purposes. Mississippi May Tonnage Is Greater Than Since 1918 BY J. N. FINING. Special Dispatch to The Star. ST. LOUIS, June 9.—The federal barge line handling water freight on | the Mississippl river carried a greater | tonnage in May than In any month since 1918. The total tonnage was 87,374 of which 32500 tons went up stream. The northbound tonnage con- | sisted malinly of sugar and coftee, while the guifbound freight was com- posed to @ great extent of iron and steel products. from the Iilinois and Ohlo mills bound for India, China and | | Commerce {s not only holdlng the gains of thé past month, but is im- roving steadily in this section. The | ormally- dull period of the summer, which usually lasts until the middle cf August, is here, yet there is every prospect. that trade will be more | active than under normal conditions of other years, for resumption of .in- | ! dustrial and mining-activity is bound to augment the momentum of com- merce. b The demand for coal is growing, but the most important effects of the strike are In the reduced trade of the i mining communities and.in restraint of industrial production. “It-is hoped the idleness at the mines will not be prolonged into the autumn. Con- struction -and manufacture are afford- ing employment to some of the idle miners and the harvest fields are ex- pected to absorb additional idle labor. Commodity Reports From Various Sections Stk SEATTLE, June 9 (Special).—Im- portations through this .port of raw gilk in May a;gre(aled 14,186 bales, valued at $12,751,087. The first nlne days of June imports of raw sill have totaled about 8,900 balés. Lumber. CLEVELAND, June 9 (Speclal).— Lumber prices have increased from §1 to $5 a thousand feet here. Yellow pine was advanced §1 per tigotisand, while oak and maple flooring jumped $6 to $145 and $132 per thousand feet respectively. Yellow pine flooring and ceiling advanced $3 per thousand, and sidings.are up a similar amount. Hides. NEW YORK, June 9 (Bpecial).— Packer hides are very strong -in this market and packers believe that next offerings will result in substantial in- creases in price. Country hides are in good demdnd, although business is somewhat restricted by smallness of supplies. Flour. : KANSAS CITY, June 9 (Special).— Association of Operative Millers and American Assoclation af Cereal Chem- ists are in session here to develop plans for establishing wheat stand- ard and to encourage growing better grades of grain. Radto. SEATTLE, June 9 (Special). ers are expressing doubt as to en- during . popularity of wireles crase, but well finance eqtipment manufacturers. continue:to plan large production for future. ye E Rubber. B AKRON, Ohio, June 9 .(Special).— Goodrich. Rubber has establishéd an eight-hour shift in place of previdus ten-hour shift and is paving em- ployes at ten-hour rate. Miller Com- pany also has adjusted wages up- ward in various departments. —_— NEW ORLEANS, June 9 (Special).— Wholesale dry goods merchants port in llos. orders for future livery. to protect themselves. against price advances in textiles which they are re will come later as a result of s .| unfavorable cotton crop outlook. Non-Ferrous Metals. JOPLIN; :Mo:,.June 9 (Special).—D mand for-lead and sinc ores s in ex: cess of’ production. Prices for: thase metals in tri-state fleld continue to climb. During week both lead and sipe ores' have advanced §1° 2 . _Fire Echipments. ... . : PHILADELPHIA, June 9-(Special) -available about $500,000, which” wjll chase additional fir ment. - <L ‘SEATTLE, June 9 (Special).sHoli~ tocks of canned salmon at time bout -] Pt ot uthern retailers are trying| Features Business and good demand in the early months of this year have cut down unsold ack to $1,350,000 cases of Alaska red, Ings pinks and ohums. Prices are holding” steady and are not expected to’soften before August 1. On August 1,.1921, there were unsold here 2,175,~ 000* cases. Fruit. KANSAS CITY, June 9 (Special).— The peak of strawberry shipping sea- son 'has’passed in Missouri. Growers in this state have shipped strawber- ries ta every state in the Union and to Canada. The value of the crop is estimated at $3,000,000 . Leather. PHILADELPHIA, June 9 (Spectal) —Large glazed-kid manufacturers are' inclined to teduce production to & scale more closely in accord with volume of recent sales. Demand for bigh shoes for women, in which glazed kid s extensively used for| uppers, is very small. Market for sole leather is strong and active, which ulpeakl well “for the shoe trade generally, borhood of nearly 3,000 ) e barrels over prece: KANSAS CITY, george N. Moore, apper Oil and Refinery Company of ' Chicago, and associates have pur- Chased the refinery of Milliken OIl at rkensas City, Kan., and will put re- finery in operation at once. — | Steel 41 June 9 (Sg:c[a]).—-«]n-} or “bars, shi lAndd plates in this district bnth‘pfif leading interests and independents has not checkad demand the slightest. eliveries are promised only in sixty and ninety days. Large orders for | ral ;:::l‘d cars are again in the market CLEVELAND, June 9 (Spegial Although “the coal Strike B Conding | o hold down steel operations fn this, ber, 1920, been blown in, enlargin s in. enlarging. Briar Hill's' operations to, ORANGE, Texas, June 9 (S, Southern Drydock ~ and Shipbuilding l‘x::a”t’»;e‘nuadwargedx a contract for re nd rebuildi 2 Gulf Coast Line. g‘l’:‘glc?;:x‘e" "r:f June 9 (Special). president of the! CHICAGO, crease of J i ecial).— signment of curs for reconstruction | has arrived and 20 put to work. 0 men have beed Coat. HIA, June 9 (Special). cceo‘;l"? ln;:‘rlella in price n this dl 1 rewil dealers - Dealers abparently ?,'n'ces""‘]\}fil”rh"‘m policy of holding ey are there'is coal in sight to meet demande. PHILADELP! —There has b of anthracite CHIC. A "HICAGO, June-9 (Special).—R. agents here predict a Beeny P femtals. Chicago Is having its greatest | building boom. " All previous records for | lome building ‘were shattered in May. | Permits were {ssued in that month for 635 residences and 371 flat bulldings involving a total expenditure of ower $27,000, This is an increase of $1 200,000 over April and of §24,000,000 ay, . and shatters th, established n August, 1933, 5" 70T "PITTSBURGH, June 9 increets T 5o (Speclal—An ay, or from $8 to'$9 for eight h. has’ gone into. eff 't affec has sone effect here. It affects MONROE, La., June 9 (Special).—Mis- souri Pacific shops at verimss womme o Arkansas and Loulsian roe, have ingreased the number of at workito a larger total ‘than at T:; i tinie in the last two vears. All of the ! men previously laid off have been taken back and: additional- workers- have been er a, including Mon- | hired. KANSAS CITY, June 9 (Special).—La- borers affiliated ‘with the Kanses L!]:y Buliding Trades Council have accepted | on in_wages from | Hour to 62% cents, Spacziteran PHILADELPHIA, June 9 (Spe —The “Philadelphia. " mint. hag bock rushed. to supply demand for gold ccins, “especially double eagles. © Of ges of carpenters of $1 a i K | \ “Assistant Cashier Must have and experienc ularg ___Address Box 38—H Star Office. experience. |, | State e. WE PAY ON FUNDS LEFT WITH THE COMPANY || WE EARN: —the highest fnterest | Amerle; 7002 Life pany. INSURANCE COSTS Union Central. Wh Asxets, /000,000, £S5 BRASHEARS, 710 14th »S(reet New York The Edmonds ‘Washington, : Notice to Stoc! At o meeting_of Directors of Corporation held M; the fourth semi-annual dividend at the rate of eight apnum on preferred stock and two per cent per an: k was de 3 292 next to all stockholders of rec Florida Finance V. W. Helm, Available —for first mortga; Northwest residen: Applications given prompt attention. F. H. Smith Company 1414 Eye St. N.W. 1n: ‘Washington, D. €. E. A. Campbell & Co. Public Accountants 91115th St. N.W, Florida Finance . Corporation Of Tampa, Florida Florida payable June By W. F. Miller, Pres. Sec'y-Treas. LESS in the more ofxanised 1561 Gen. Agent Building D.C. Co-Operative Building " Money to Loan "Sechred by first deed of trust Joseph'I. Weller (& FINANCIAL. Association o 1970 | 434 YEAR COMPL TED Assots . . $4/408,439.00 Swrplus .... - §1,144,404.69 Excellent "Results From Systematic Savings e up your 'mind to save Estates and Family Quarrels AMILY ‘ties have often been broken over * the division of an estate when some mem- T hccompish more than ever fsancial way. ber of the family has been appointed to act Subseriptions for the 83d Issue of Stock Belag Recelved Shares, $2.50 Per Month EQUITABLE BUILDING .915 F St. N.W. JOHN JOY EDSON, President FRANK P. REESIDE, Secy. as executor and trustee.” No matter how care- fully, impartially and legally the brother, sister or mother may act, hurt feelings and even bit- ter estrangement are liable to follow. ‘Thc impersonal, unbiased and businesslike manner in which this company acts in the capac?ty of executor and trustee conveys no sting of favoritism, and is an ample protectforns against the efforts of designing persons. on_real estate, commival ash. L. & Trest Wi e 98 Prevalliog interest and Every Financial Service COMMERCIAL 3% ON SAVINGS kholders the Board of Finance ay 31st, 1922, per cent per num on com- clared as of fully paid ord. Corporation ge loans on ce property. 't HarriMAN & Co.| MEMBERS: New\firkStock 111 Broadway. New York R Exchange Washington 000 ‘of twenty-dollar coins minted | & month, the Philadelphi i turned out’ 120,000, or psz‘.lu&:v‘unol Total coinage in May was the heaviest lof ul.nylr;mnlth uh‘wce the. war. The ocal mint also coined 5; e 200,000 silver NEW ORLEANS, June 8 (Special). —Imports and exports through this port have increased o rapidly in re- | cent weeks that the government has been forced to add twenty new cus- toms collectors to local force. The large "amount of new building going on is steadily reducing number of unemployed. PITTSBURGH, June 9 ecial). — ‘W. D.. Benedict, agent of (A leshgfly Caunty Farm Bureau, after a survey, predicts the following crops in thi; county: Apples, 40 per cent of nor- mai; peaches, .25 per cent; plums, 25 per cent; grapes, 100 per cent; - pears, 40 to 50 per cent. It had been fear: that frosts had killed fruit crops. Home-grown berries will be in the market by June 15. Cherries will be ready before that date. ST. PAUL, June 9 (Special):—Plan have been announced for a new $500, 000 printing, lithographing and sta. tionery plant for the Louis F. Dowe Company of this city. The plant will be located in the district between St. Paul and Minneapolis and will house a factory, general offices and sales- rooms. The new plant will require o force of 600 men and women. —_— TREASURY CERTIFICATES., (Reported by Redmond & Co.) N . —— Rate. Maturlty. Ba % Offer. 5%s August 1, 1922, . 1007-32 1003-16 4148 B 58 S 1007-32 100518 10013-32 1003 8348 October 1 1001 4348 Decembér 100 15-32 100 9- 4 * 10015-32 100 9-16 3 5 s D108y 108 Bi4s September 15, 1924. 48,5 March 15, 4 h 15, 192 Bis December’ 15, 108 1ostg 1019-16 101 11.16 202116 1023-16 100 1-16 000 Life Policy, $57.35 Send_ date of birth for illustration. tablished . _Assers over 000, M. LE ROY. GOFF, Insurance Adviser All brapehen. Rdom 610, Woodward buiiding. M. 340, Wecv:ln_:tthiz‘ Loans You.are invited. to .confer, with our officers in all matters- financial, First Mortgage e =9 COLORADO BUILDING Telephone Main 1603 G.B.Chipman Manager Office 1st 4% 24 4% 3d 4% . 4th 4% Victory 4% NO DEDUCTIONS MADE. Bonds Bought in All Denomisations, BOND LIBERTY 604 14th St. ARB 1419 G ST, N.W. MAIN 4481. . INVEST Your Money in* Our Safe First Trust Notes _No investor has dollar of princi- al or interest. ecured by high - class im- proved real estate. handle all details. Consult Our L. SHANNON 713 14th St Deny Self LIBERTY BOND PRICES For $100 Bonds Today. Hours, 9 a.m. to 5 p.m, PROPERTY OWNERS GARAGES ARE EXCELLENT INVESTMENTS WE PREPARED TO ESTIMATE O AND BUILD ALL TYPES, PUBLIC' AND PRIVATE. GENERAL GARAGE CO. We collect and remit interest the day it is due,-and Franklin’ Said:” Self’s Sake - o x We Spectalize i Savings., ... Washingtow's Great National Savings Bank. ™% FRANKLIN NATIONAL = ; "E‘J’fi':.‘.”h&'&:‘ Vice Pres. £ a $101.10 .100.00 . 99.64 .102.02 EXCHANGE N.W. Main 2997, | ox CASH OR TERMS. ever lost a oan Depl; LUCH for &Cashier vesting your savings. —and get the added protection of our past record of not ever having a client lose as much as a single penny in either principal or interest. as mitting interest on the day due, is part of our service. nominations of Don't take chances when in- Buy First Mortgage Notes 15th and Penna. Ave. The attending to details, such insurance, taxes' and re- Capital and Surplus, $5,400,000.00 HOME SAVINGS BRANCHES 7th and Mass. Ave. 8th and H Sts. N.E. Notes now on hand ‘in de- $250.00 up to $5,000.00 436 7th St. S.W. CHAS. D. SAGER 923 Fifteenth Street NW, Loan Department, M-36 Orders having been received in excess of the amount of stock offered, this edvertisement appears as a matter of record only $5,000,000 The American Metal Company, Limited Incorporated under the laws of the State of New York SEVEN PER CENT. CUMULATIVE PREFERRED STOCK Convertible into common stock (6 par value), at the holder’s option, on or before June 1, 1927, at the rate of two shares of commion stock for one share of preferred stock. The conversion basis is subject to change in case of future issues.of common stock or securities convertible into common stock, but in no event shall be less than two shares of common stock for each share of preferred stock converted Preferred as to Dividends and Assets ) Redeemable in whole or in part, at the option of the Company, at $110 per share and accrued dividend Stock for redemption during the period that the conversion privilege exists, the conversion right may be exercised up: to and including the date fixed for redemption * . Par Value of Shares, $100 _ Dividends payable quarterly, March 1, June 1, September 1 and December 1 In case of call of Preferred CAPITALIZATION leti { present financin (nsainppetion st T To Be Presently SEVEN PER CENT CUMULATIVE PREFERRED STOCK Auttior s Tasued Dividends cumulative from June I, 1922 .. $5,000,000 $5,000.000 COMMON STOCK (no par value)........ . 1,000,000 shs 536,000 shs We summarize in part as follows from a letter of Mr. C. M. Loeb, President of the Company, copies of which may be had from the undersigned upon request. BUSINESS The American Metal Company, Limited, was organized in 1887 under the Laws of the State of New York, as an international trading concern, and gradually took an active interest in the mining and metallurgical industries of this country and South America. Its fixed property is now almost entirely represented by shares of its subsidiary and affiliated corporations. During the thirty-five years of its existence, the Company has achieved a comma.nd- ing position in the international non-ferrous metals trade. It maintains several offices of its own in the United States, Mexico and several South American countries, and has intimate and extensive business connections throughout Europe, Asia and Australia. EARNINGS *Net earnings, as certified by Messrs. Lybrand, Ross Bros. & Montgomery, after including earnings of sub- sidiary companies, including for the entire penoc{ earnings of subsidiary companies acquired by The American Metai Company, Limited, subsequent to the year 1909 (but only to the extent of the present proportion:,e stock interest of The American Metal Company, Limited) and after giving effect in each year to the estimatcy wavin in interes (assumed to be at the rate of 6%) that would have been made if the stock now proposed to bu msue had been.outstanding: during the entire period, amounted to an average per year of $4,064,351.38 for the 13 years, 1909 to 1921, both inclusive, being equivalent to over 11 times the annual dividend re- - quirement on the proposed issue of preferred stock; $2,062,304.36 for the 6 years, 1909 to 1914, both inclusive, being equivalent to almost 6 times such dividend require- ment; $5,780,891.69 for the 7 years, 1915 to 1921, both inclusive, being equivalent to over 16 times such dividend requirement. These earnings are arrived at before deducting amounts disbursed for tantiemes (profit sharing) distributed to officers and employes. Earnings of the Mexican companies have been included anly to t\}e extent of d:vldequ teceived from them by The American Metal Company, Limited. The income of L. Vogelstein & Co., Inc., and its predecessor, the business of which was acquired in 1920, has not been included for the years prior to 1915, as the figures were not available. . ! : . Since its incorporation in 1887, the Company, except for the year 1920, has paid dividends annually on all its outstanding stock of not less than $6.00 per share. ; A“u legal details in connection with this issue will be subject to the approv:al of Messrs. Sullivan & Cromwell, Messrs. Moses & Singer, Joseph B. Cotton, Esq., and Julius ddldman, Esq., and this offering is in all respects sub- ject to the approval of our counsel. ¥ i . Price $100 per share and accrued dividend Delivery of thie stock will be made (when, & and if issied and accepted ty us) on or about June 30 192, on two days’:previeus notice, at the office of Goldman, Sachs & Co., 36 Pide- et, New’ York, N. Y., in the form of temporary stock certificates (or interim. receipts) exchangeable for definitive stock certificates when prepared. . right to reject any subscription, and to allot less than the amount applied for. ‘. GOLDMAN, SACHS & CO. ' LEHMAN BROTHERS ~CHAS.'D. BARNEY & CO. HALLGARTEN & CO. ! 5 ~9a shove ififo:r:lultim, while not gusranteedhas been obtained from sources which we believe to be reliable.