The Wall Street Journal from New York, New York • Page 5

Carefully Selected Bonds For Investment LEE, IIIGGiriSON CO VvwYatk TaL 3a Bvaaa 008T0N BANKERS raw TORK. 27 Ptoo tract, N.w York BANKERS W7ES7MEN7 SEClHiHIES at i Tack gtea Chicago 91,000,000 Alabama Great Southern K. Co. Equipment Trust Bonds, -Serlci US TO MB DATWD ABOUT J1TLY 1IT, ISO. IU JULY 1ST, 1S1.

Wntaw la Tmr eml-AaBaai (lainhi a SOoe wet DITEMJDST JANIART AJfD JULT ftamrraq by flrat 11 on eguUMnent epatlag of which amount ovar 16 la to be paid In aaeh by tot rtlliMd company, th balaaoa Mine tap- mmuM by the above obligations. Thl company hu paid during the paat tan yar dlrtdenda on Ita preferred atook amounting ta T8, and li now paying 2 dividends on IU common atook 7m tha yaar endod June 80. 1008, tha eorapany earned after payment of all expense, var two and tlmaa Ua interest chargea. -Special circular may be had upon application. Yielding About 44 poller.

Choato ProtTco hera Haw TarK atMK nmmmmgm Wall Bteee Mason City Fort Dodge 4s, 1935 reoria Ewy. Terminal 4s, 1937 Galveston, Houston Henderson 5s, 1913 Detroit, Toledo Ironton 4s, 1955 TomilnDl fW ftL lQikR JUSU A mw v. If ew Mexico Rwy. Coal 5s, 1947 DEALT IN F. J.

LISMAN Members Saw Tork Sbook Exchange. SO BROAD STREET, NEW YORK rmaaalanla 1 RHOADES COMPANY Memb.ra Naw Yark Stoo Esohanaa BONDS 45 WALL STREET NEW YORK New York City Bonds, All Issues 4 nlfl.i nnnrorflhla -In 1QQQ Atchison New Convertible 4s and Rights Mexican central uons. 4s, jwia Broadway Seven th Ave, Cons. 5s, 1943 Minneapolis St. Louis Cons.

5s, 1934 NEWB0RG Member Now Tork Btook Exchange. Tolephona 4390 Rector BROADWAY rflvato Wtra to tt. I iaU INew York Stock' Etohanat New York Product Exchingt Chicago Board of Trado WALL ITtER HEW YORK ana BAIT OBKXAJI IT. BALTTJfOBE raa nolo BT. rbwabuk, A rupT TARPOLEUM.

TBXJDPHOKE 1S10-U-11 RECTOR. CRAM. MULLIKEN CO. BANKERS We Finance Railroads, Electric Railways, Gas and Electric Companies of Established Value. 0 Con area.

St. BOSTON US Broadway NEW YORK ROBERT G00DB0DY CO. MEMBERS OK TUB NEW TORK, STOCK EXCHANGE Stock and Bond Broers Orders ezacuttd on tha LONDON AND DUBLIN STOCK EXCHANGE. BROADWAY. Schmidt Gallatin Investment Accounts Solicited IKTERE8T tfAIC OK BKKWlTa.

Mmaara mt tha UlBreerfwa law Yark MMk Esakaage Varfc ATLANTIC MUTUAL SCRIP Bank, Trnst, Insurance and St. Railway Stocks, ets. JOHN T. KIRBY, aaeeaaaa al.fi Wlatrtaatl BONDS SUSOAO ST. B.

TaL fisa-l Baaaira DENISOW CO. BOSTON AND CLEVELAND THE WALL STREET JOtMAL. THE BOND MARKET. FOREIGN GOVERNMENT ISSUES WHICH ENJOY COMPARATIVELY ACTIVE MARKET IN UNITED STATES. A Review llade Interesting by Effort of American Banker to Secure Participation in Chin Rati-i toay Loan and to Broaden Connection in South Amorioa Moot Recent lnue Floated Hon That of Sao Paulo, BratU and Ar gtnti.no Government On.

of tha most Interesting: financial derdoDtnanta at tha present tima is tha effort which ii being mad. by tha yndicato of American bankers, laid to be beaded by J. P. morgan a Co Knhn, Loeb A the National City Bank and tha Firit National Bank, to secure participation in the loan ol $27,500,000 which Is about to be floated by the Chines. Government on the Hankow-Shechnen Railway, or at least to arrive at some understanding whereby they may be assured of becoming participants in any farther loan mat may oe arranged.

This effort, as well aa the reported intention of the same interests to still further broaden their connection with the commercial and financial development of South America may De said to be due to a Urge extent to the favorable reception which inverters in this country have been according to foreign securities of various kinds during the past few years. Since 1900 it has been possible for banking interests each Tear to rain a firmer foothold in profitable foreign Holds, taking an increasing share of the business from English, French and Canadian financiers. it is pertinent to recall that there are now listed on the New York Stock Exchange several issues of foreign government bonds, which arc more or less prominent in the daily and weekly trading, the most important ones be- uuiwu sum ox jnexico as ana os, AepuDiK 01 lilies 5s, Imperial Japanese Governments 4 Vis and ts, United States of Brsxil Sao Psulo 6s and Argentine Government 6s. Most of these bonds are, moreover, fairly well distributed among individual investors. Second Section.

NEW YORK, MONDAY MORNING, JUNE 14, 1009. PAGE FIVE. Tne Mexican Government 6s of which there are about 21,000,000 were brought out in this coun try in 1899 by J. P. Morgan ft who were reported to have taken one portion of the bonds at 96, lew a commission of one per cent, and another at 97, less one per cent, commission.

The Mexican 4s, the original issue of which was 140,000,000, were brought out in 1904 at 93 by a syndicate composed of Speyer ft the Mutual and Equitable life insurance companies, the Guaranty, Union and Central trust companies, the National City Bank. Harvey Fink ft Sons. Lazard Freres and others in New York, the First National Bank of Chicago, the Trust Co. of Philadelphia and the Old Colony Trust Co. of Boston.

A considerable portion of each of these issues was taken by the insurance companies, but they were distributed to some extent among private investors. The 5s are now selling at 98Vi and interest and the 4s at 94 and interest The issue of Cuban 5s, made under the terms of the treaty between the United States and Cuba, commonly known aa the "Piatt to the amount of 000,000, was brought out also in 1904 by Speyer ft Cx who paid about for the bonds. The bonds were bought largely by Jife insurance companies, but also by private investors in New Tork, Philadelphia and Chicago. They are now quoted at 103 Vi and interest The years 1904 and 1906 are memorable also for the remarkable interest taken in this country In the flotation of the Japanese was loans which were managed by Kuhii, Loeb ft Co. The 4Vk bonds, first and second series were brought out at 90, 10s.

'and 90 respectively in 1904 and the 4a at 90 in 1905. They are now quoted, for the first 4 Vis, 6834, for the second 4 Vis, 98, and for the 4s, 88. The more recent foreign loans floated here are those of the United States of Brazil Sao Paulo 6s, and the Argentine Government 6s, both issues of which were handled by a syndicate headed by J. P. Morgan ft the National City Bank and the First National Bank.

Out of a total of 15,000,000 of the Sao Paulo bonds, 2,000,000 were offered for subscription in the United States at 92 Vi, the demand for them having been so large that only from 10 to per cent, of the amounts subscribed for were allotted. They are now 94Vi. The Argentine internal loan 5s. out of a total of 10,000,000 of which, 2,000,000 were offered for subscription here at 99 were also in such demand that it was necessary to cut down the large subscriptions about 60 per cent These bonds are now selling at 97. ST.

PAUL BOND ISSUE. for an ltrut of About Said to Eav Been CompUUd. Banters state that arrangements for an issue of St Paul bonds are nearly completed, and the plans may be an nouneed early next week. While the amount of the issue bas not been fixed, it is believed that will exceed X20 000,000 and may aggregate (26,000,000. Arrangements are rapidly being perfected for psrtici nation in the issue by the banking members of the synd1 csta.

Bond Notes. Harvey Fisk ft Sons offer to Investors at 89V4 and ac crued interest, yielding 6, $2,000,000 E. I. duPont de Nemours Powder Co. 4Vi 80-year gold bonds.

The total amount of bonds authorized is $16,000,000, and the amount issued, including the present offering is All of these bonds, or any part of the issue, are redeemable at 110 and accrued interest on any interest date. The Marquette Cement Manufacturing Co. of La Salle Til UrM mannfartnmtra nf Pnirtniul Ctmartt. will An JnS 1 retire the entire balance of their bonded indebtednets, taxing xne lunas zrom accumuisrea net -earnings. Newburger, Henderson ft Loeb- and John Farsofl, Son ft Co.

have been awarded the $300,000 Westmoreland coun ty, i 12 Vi -year average serial bonds, bids for which were opened naay. SHENANGO FURNACE CO. Plans for a Stack Cotting $1,000,000 and Adding Greatly to Production. Sharon It is stated that plans for a new blast fur pace at Sharpsville have been prepared by the Shenango Furnace of which W. P.

Snyder, of Pittsburg, is president The new stack will be one of the largest of the group and will be as modern as any in the valley. Th cost of the stack will be close to $1,000,000. The new stack will make the fourth owned by tbe company at Sharpsville, and its combined production of pig iron at these furnaces will be greater than at any point in the district excepting Pittsburg. Construction may not be started-for several months. With the improvements that are to be' made at the South Sharon works of the Ameri can Steel ft Win amounting to $100,000, and pros nects of extension of the north works of the Carnegie Steel the outlook for the iron and steel business in this valley seems brighter than at any time within the last two years.

Publishing house of national reputation offers food opening; to young; man of ability and means, who can mrest several thousand dollars. Address M. V'79 Milk SW Boston, Mass. NEW ISSUE $3,500,000 National Enameling and Stamping Company REFUNDING FIRST MORTGAGE REAL ESTATE SIN ION FUND 20-YEAR 5 PER CENT. GOLD BONDS Due June 1st, 1929.

Interest Payable June 1st and December 1st. Coupon and Registered Bonds, Interchangeable. Authorized Issue, $3,500,000. Application will be made to list these Bonds on the New York Stock Exchange. For full information regarding thi ieeue of Bond and the teeurity upon which they are bated we refer you to a letter printed below from F.

A. W. Kieckhefer, Eeq Prteident of the Company. The ttatement which accompanied the aid letter are on file at our office, together with the Certificate we have received from the Public Accountant, 'Meter. DelciUe, Plender, Griffith A Co.

Predicated upon these statements, we recommend these bonds for the following reasons: 1. A First Mortgage on the Company's properties as Itemized In the President's Letter hereto attached. 2. Conservative value of Real Estate and Tlants subject to this Mortgage about $8,000,000. 3.

Quick Assets in excess of $5,000,000. 4. The value of the actual Assets ($13,000,000) is nearly four times this Issue of Bonds. 5. Cumulative Sinking Fund of $100,000 per provides for amortization of the entire issue at ma turity.

Bonds for Sinking Fund to be drawn at 105 and Interest, unless they can be purchased cheaper In the open market. 6. Net earnings covering a period of nine years (since the organization of the Company) averaged 219,649.09 per annum, or about 7 times the interest charges, on these bonds. 7. The Company pays off its entire floating debt out of the proceeds of these Bonds.

8. The Mortgage provides that the liquid assets of the Company shall at all times be of an amount at least equal to the then aggregate debts of the Company, Including the outstanding bonds of this Issue. Temporary negotiable receipt will be ittued pending the delivery of Bond. Having sold a large part of these bonds, we offer the unsold balance, subject to prior sale, at 983 and accrued interest to delivery. Yielding about 5 i LEH5IAN BROTHERS GOLD3IAN, SACHS CO.

16 William Street 60 Wall Street, New York New Tork 206 La Salle Street, Chicago, IU. 50 Congress Street, Boston, Mass. THE NATIONAL ENA3IELING STAMPING Executive Offices, 81-83 FULTON STREET, NEW YORK. New York, June 5th, 1909. Messrs.

GOLDMAN, SACHS ft CO. and Messrs. LEHMAN BROTHERS: New York City. Dear Sirs: Referring to the $3,500,000 Refunding First Mortgage Real Estate Sinking Fund Twenty-Year 6 Gold Bonds of National Enameling ft Stamping purchased by you, I beg to present the following statement of the terms of the issue and the condition of the Company's finances. The total authorized issue is to be $3,500,000 par value of bonds, to be secured by a first mortgage on the real estate and buildings, machinery, tools, fixtures and other appurtenances at Berlin, Long Island; Baltimore, Maryland; Milwaukee, Wisconsin; Chicago, Illinois; Granite City, Illinois, and St.

Louis, Missouri. These properties, upon which tbe mortgage will constitute a first Hen, arc conservatively valued nt $8,000,000. The bonds are to be dated June 1st, 190P, and are to mature over(a period of 20 years, bearing inU rest at the rate of 5 per annum, payable emi-annually on the first day of June and on the first day of December. They are to be of $1,000 denominations and will be in both coupon and regis- tered form, interchangeable. Principal and interest will be payabje in the City of New York, in United States gold coin of or equal to the present standard of weight and fineness, without deduction for any tax or Taxes which the Company may be required to pay thereon or retain therefrom under any present or future law.

The Company has now outstanding $760,000 bonds secured by a mortgage made originally to secure an issue of bonds to an amount of $2,500,000. These bonds are redeemable as to $250,000 on September 1st, 1909; as to $250,000 on September 1st, 1910, and as to the remaining $250,000 on September 1st, 1911. They bear interest at the rate ot 6 per annum. I It is understood, and the mortgage will provide, that out of the proceeds of the bonds which you have purchased the Company shall set aside and deposit with the Columbia Trust New York City Bonds of the value of $750,000 to provide for the payment of the above-mentioned $750,000 outstanding bonds as they mature. The new mortgage will accordingly be a ilrnt mortgage r.n ail the above-enumerated properties of tbe Company.

The bslance of the proceeds of the bonds sold to you will be used to satisfy and discharge the floating indebtedness of the Company, so that the "Company will be free from all debt except the bonds to be sold to you. The Company has at present quick assets consisting of merchandise, book accounts, bills receivable and cash in excess of $5,000,000. The mortgage Is to provide that the liquid assets of the Company shall nt all times be of an amount at least equal to the then aggregate debts of the Company, including the outstanding bonds of this Issue. Accompanying you will please find the annual reports of Messrs. Deloitte, Plender, Griffiths ft English chartered accountants, from which you will note that the net earnings of the Company extending over a period of nine years, since its organization, have averaged $1,219,619.09 per annum.

Under the provisions of the mortgage the bonds will be redeemable at 105 by annual drawings by the TTuetee over a period of twenty years by means of an annual sinking fund of $100,000, tc which will be added the interest to be paid from time to time on the redeemed bonds. This sinking fund will be sufficient to redeem all the bonds at the expiration of twenty years at a premium of 57c, but with the privilege to the Company to purchase and surrender bonds annually into the sinking fund, provided the same can be purchased at less than 105. Pending the engraving of the bonds, interim certificates will be issued, which will be exchangeable for enjrravcd bonds as soon as the same are ready for delivery. 1 Application will be made in due course to list the bonds on the New York Stock Exchange. Yours very truly, (Signed) F.

A. W. KIECKHEFER, President. GUARANTEED STOCKS EXEMPT FROM TAX Suitable lor Investment ot Trust Funds Special List oa application eAJJUCSb Co TEL. 2780 RECTOR.

18 WALL N. Y. St. Paul, Minn. Manitoba Con.

6s, J. 1933 Erie 6s, J. 1920 Omaha Con. 6s, J. 1930 W.

LANGLEY CO. IO WALL NEW YORK u.mb-r. I Consolidate Mock Ssshaace. MAIN OFFICE SO Mcafcaaa 1848 SUoW STOCKS. BONDS.

GRAIN Boucht and sold tor eaah aad aa saarfla. INVESTMENT SECURITIK9 ina broaxway. wa moktaofb st, aitLTm. tS "muni rr. sua ulto jaIlaica, m.

y. Equipment Bonds SWARTWOUT APPENZEIXAR T.l.pbona to John. 44 Wae 'treat, Maw Yark. Wyoming is tba torc.noat wool producing stau in th. union.

Montana Is close second, MUNICIPAL 4 RAILROAD CORPORATION 6 BONDS UBTS MAILED UPON APPUCaTIOX LAWRENCE BARNDM CO. Philadelphia BANKERS XBW YOBK aa4 at rtae ft mat Washing laa Geo. A. Fernald Co. NEW TORK WALL STREET Bosroa 67 1ULK.

61KKET Superior Duluth Divison 4s or TUB Wisconsin Central Railway Dm 121 Price oa application. ytlIloo aooal 4v New York and Brooklyn Bank and Trust Co STOCKS OB ALT III A. NORTON BROAD ST, N. Yt TaL am Braad opriaicarvBlnario: INVESTMENT OOND8 UM oa nqunu PLYMPT0H, GARDINER CO. aara'll.

Y. Stack ssaaaaaga. 87 William St, N. Y. Consul ft.

Alb.rt Johnaon report, that tti. Important Balglan ataal works of tha Cockartll Co In Liege. hav just atarUd aa aloctris luroaca. June Bond Circular describing various RAILWAY AND INDUSTRIAL SECURITIES will be sent upon request. Moffat White' NaaMa St.

M.w Yark Th Rook.ry Caleace Cincinnati, Hamilton Dayton 1908 A. A. LISMAN CO. 25 BROAD STREET NEW YORK TBLKPHONB COSO-l-t BROAD RiIhi Caaaty Baa, UalU4 Klactrla Co. at N.

Pabll. g.rvlco Corporatloa, North Jcraey Street Rallnraft Jenar Cltrt Hob. Pat. Strut Railway. P.

W. IPELSEIR, Ttlephona 6060 Hanovor. a-4 EXCHANUB PLACE. Armour Co. 1939 Kansas City Southern 5s, 1950 Western Pacific 1st 5s.

1933 CURTJS SANGER Mraacra Xr Yark aa Baataa Stack Bxthaaa. TaL MSB Tt Jaka WALL STRUCT, M. RUDOLPH KLEYBOLTE INC. nn.A MS Broadway ewem ClkCllHATI YORK wavw.