The times. [volume] (Washington [D.C.]) 1897-1901, 1900-01-15
The American Hide and Leather
Company.

J. and W. ssligInsn 6 Co, Of New York, offer
at l0l and interest American Hide and Leather
Company, per cent first mortgage, 20-year sink
ing fund gold bonds, due September /. 1919 The
total authorized issue IL SO 600 CO., Of which ST.
j5j, 900 reserved by the company. - LAS. .D01
have been taken BY the vendors, and 81, 2O0, 900
have been sold or withdrawn Tor Investment
the balance Of s., 10000 now being offered to
the public. The mortgage provides for a sinking
fund sufficient to purchase $4,000 bonds at IFS
per cent each year. II not obtainabe, the
amount % be Invested in securities aCproycd By
the trustees Of the mortgage which hund. with
its accumulations. is stimatcd TO amount in
twenty ycaB 10 at least - so 900. The entire
issue of bonds is rcdceTnsble at ll5 and interest.
TIE total authorized capital stock il SIS 90 0JO
Of which onehaif, 81 5O0,DD9 is pr cent curnu-
latve preferred STOCK, with preference as to divi-
dends and assets. scd sl7. .J0JOc0 is common stock
OF this capitalization only Sl30O0,OO0 Of pre-
ierTed and Sil. .JJJ.bO0 OF common stock have been
issued upward OF s700,OO0 preferred. and S2JJ 600
common stock Of said issues TO be held in trust
By the company for acquiring additional proper.
ties or supplying additional working capital The
company owns over - per cent of the UpP.r
leather business Of the United States. their busi.
ness being that OF manufacturing upper leather
aud not sole leather and, accordingly, the com
psny is not = competitor Of the United states
Leather Company. All Of the plants acquired 10y
the company 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 Company, OF New York
concerns constituting the company, shows the
average annual net earnings OF the zane TO be
si,5s5,7is, being more than three times the
amount required 10 pay interest on the s., ,4i5OOJ
bonds outstanding. The upper leather industry
is largely carried on by Old-cstabished houses
in the Eastern States. and in the large cities
oi the Middle West. where most OF the plants
10 bc acquitted are situated. Experience has
shown that the industry can be established upon
reliable and paving basis only after iang cN.
pcricncc and the investment Of capts for q
considerable period. The value OF the good viii
Of the various concerns which this company
has acquired is consequently very great STATE.
mcnt OF Thomas ". Hall, President of the com
pany. says that II is estimated that the say.
ing to be effected by the combination Of the dif-
iorent firms will. in the opinion Of leading tan.
ners. increase the net earnings 10 more than
81. 600 annually. which would show per cent
on preferred, and over 10 per cent. on the com
IN n stock. Tie subscription hooks will be open.
a. at the office Of the New York bankers at 10
O'Clock a. IN, on Wednesday, January Il. and
viii close at 3 p. ~ the same day, or earlier
the right being reserved TO allOt smaller amounts
than applied for or TO reject any application.
Subscriptions in Washington will be received by
Crane, Paris & Go.