The Portland daily press. [volume] (Portland, Me.) 1862-1921, 1900-01-12
THE AMERICAN HIDE AND
LEATHER COMPANY.

J. & W. Seligman 81 Co. Of New York,
and k. II. Gay g. Co. Of Boston, offer at
l0l and interest American Hide and
Leather company 8 per cant first mort
gage 2o-year sinking fund gold bonds due
September LIST, 1919. The total authorized
issue 10 $40, 900, 600 of which 81, 555, GOO are
reserved by the company, g. 445, 900 have
been taken by tho vendors and $500 900
have been sold or Withdrawn for invest
ment. thu balance Of s2 COO, 900 now being
offered to the public. The mortgage pro-
vides for a sinking fund sufficient to pur-
chase $3.50, 900 bonds at lib per cent each
year. II not SO obtainable the amount to
be invested in securities approved by the
trustee Of the mortgage, which fund.
with its denominations IL estimated to
amount In twenty years to at least "a
500, 900. The entire issue Of bonds Ia re-
deemabls at lis and interest. The total
auth orized capital stock is sa5, oc0, 900 of
which one-half, sl7, 500, 900 is per cent
mulativs preferred stock with prefer
ence ss to dividends and assets and ST..
500, 600 IL common stock. OF this capitali-
cation only Sl3, 0O0, 900 of preferred and
81, 500, 600 of common stock have been Is
sued: upwards Of S70Q COO preferred and
$3.50, coo common stock Of said Issues to be
held In trust by the company for acquir-
ing additional properties or supplying adj
ditional working capital. The company
owns over rs per cent Of the upper leather
7siness Of the United States. their bust.
ness being that Of manufacturing upper
leather and not sole leather and accord
ingly the company Ia not q compstitor Of
the United States Leather company. All
of the plants acquired BY tbs company
are now working at their full capacity
and the entire output Ia sold for at least
sixty days In advance at satisfactory
prices. The report Of tine Audit COM
pany of New York. which has examined
the books Of the different concerns CON-
stituting the company shows the average
annual net earnings of the same to he ST.,
5s5, 74s, being more than three times the
amount required to pay interest on the
s., 445, 600 bonds outstanding. The upper
leather industry Is largely carried on by
old established houses In the Eastern
States and In the large cities OF the Mid
dle West, where most OF the plants to be
acquired are Situated. Experience has
show that tie INDUSTRY can he estnt-
lished upon a reliable and paying basis
only aaiter long experience and the invest
ment of capital for a considerable period.
The value Of the gOod will OF the various
concerns which this company has ar-
uirsd is consequently very great. A
statement OF Thomas W. Hall. president
of thu company says that IL Is estimated
that the saving to be effected by the com-
bination or the different firms will, In
the opinion OF Isnding tsnnsrs increase
the net earnings to more than az. 100 QUO
annually, which would show Per cent
on preferred and over 10 per cent ON ths
common stock. The subscription books
will be opened at the office OF the bankers
ct ten O'Clock a. III. on Wednesday. jan
uars ~ and will oloss at 3 p. m. on the
same day or earlier, the right being re-
ssrvsd to sllot smaller amounts than ap-
piled for or to n jet any applications.