The daily morning journal and courier. [volume] (New Haven, Conn.) 1894-1907, 1900-01-11
THE AMERICAN HIDE AND
LEATHER co.

j. & W. Seligman & Co, cf New
York and e. H. Gay & Co. OF .3oston,
offer at 101 and interest American Hide
IL Leather Co, 6 per cent. first mort
gage 20-year sinking gold bonds due
September list, 1919. The total author
ICED issue is $4,000, 900, of which 1555,-
600 are reserved by the company, $2,445,-
900 have been taken by the vendors and
$3,200000 have been sold or withdrawn
for investment. the balance of $500 900
now being offered to the public The
mortgage provides for a sinking fund
sufficient to purchase $150,000 bonds at
lis per cent. each year If not so obtain
able, the amount to be invested in Sc
curities approved by the trustee of the
mortgage which fund, with its accu-
mutations is estimated to amount In 20
years to at least $4,500,000. The entire
issue of bonds is redeemable ct lis
and interest. The total authorized capt.
tai stock Of 1876 900, 900 of which ne-half,
$17,500,000 is per cent, cumulative pre-
ferred stock with preference as to livi-
dends and assets and ST., 100000 is COM
mon stock. OF this capitalization only
$l3,O00,000 of preferred and $11 500, 900 of
common stock have been issued; up
wards Of 100000 preferred and $350,000
common stock of said issues to be held
in trust by the company for acquiring
additional properties or supplying addi-
tional working capital \ The company
owns over rs per cent Of the upper
leather business of the u. s., their bust
ness being that of manufacturing UP
u I A I'M
and accordingly the company is not
competitor of the u. S. Leather COM
pany. All of the plants acquired by
the company are now working at their
full capacity and the entire output is
sold for at least sixty days in advance
at satisfactory prices. The report of
the Audit Co, of New York, which has
examined the books of the different con-
Germs constituting the company shows
the average annual net earnings of the
same to be $1,5S5,74 being more than
three times the amount required to pay
the interest on the $8,445, 900 bonds out
standing. The Upper Leather industry
is largely carried on by old established
houses in the Eastern states and In
the large cities of the Middle West,
NilelS IloSl VI the pldIllS lU De dCUull-
ed are situated. Experience has shown
that the industry can be established
upon a reliable and paying basis only
after long experience and the invest
ment of capital for a considerable peri
cd, The value of the goodwill of the
various concerns which this company
has acquired is consequently very great.
A statement of Thomas w. Hall, Presi-
dent of the company says that 1t is esti-
mated that the saving to be effected
by the combination of the different
firms WILL in the opinion of leading tam
ners increase the net earnings to more
than S2,750,000 annually, which would
show 7 per cent on preferred and over
10 per cent on the sommon stock The
books will be opened |
at the Office of the bankers at 10 O'Clock |
A. NJ, Wednesday, January II and will |
close at 3 P. M, on the same day, or |
earlier the right being reserved to al |
lot smaller amounts than applied for |
" to reject any application