The evening times. [volume] (Washington, D.C.) 1895-1902, 1900-01-15
The American Hide and Leather
COmpany.

J. and ". SeligmIn & Co OF New York. offer
az lOl and interest American Hide aud Leather
Company, per cent hrst mortgage, 20-yesr sink
ing fund gold bonds, due September l. 1913 The
total authorized issue is SIOG00c00 of which ST.
5jj. 900 reserved by the COmnanv - 445 600
have been taken by the vendors and 50, POO, 900
have been sold or Withdrawn for investment.
the balance Of s.. so. 900 now being offered 10
the public The mortgage provides for a sinking
fund sufficient TO purchase $50. 900 bonds at Us
per cent each year. II not 50 obtainablc. the
amount 10 be invested in securities approved by
the trustees Of the mortgage. which fund with
it, accommodations Is stimated TO amount in
twenty years 10 at least 400. 600. The entire
issue OF bonds l. redecmablc st ll5 AMI interest
The total authorized capital stock Is SIS 900 600
Of which one-haf, 81 500 900 Is pr cent curnu-
latIve preferred stock with preference as n dyi-
bends ana assets, and Sl',50O0o0 Is common stock.
vi THIS capitalization only SI8.000. 600 Of pre-
ferred and Sll 500 900 Of common stock zaye been
issued; upward Of 500 900 preferred and SO OO0
common stock OF said issues to be held in tr1Isf
by the company for acquiring additional prorer-
ties or supplying additional working capital The
company over - per cent OF the unDor
leather business OF the United States their bust
ness being that OF manufacturing uDDcr lea rher
and not sole leather. and, accordingly the COM
pany IS not Z competitor Of the United states
Leather Company. All Of the plants ACQUIRED bv
the company are now working az 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
which has examined the books Of the different
toutttlL5 tol1tiNullu- the company. shows the
average annual net earnings OF the same to be
si,5o5,s4s, being more than three times the
amount required 10 pay interest on the IS 445 900
bonds outstanding. The upper leather industry
IS largely carried on by Old-esta blished houses
in the Eastern states ana in the large cities
Of the Middle West, where most of the plants
70 ne acquired are situated. Experience has
shown that the industry be established Inon
a reliable and paying basis only after long ex-
perience and the investment OF capital for a
considerable period The value Of the goodwill
Of the various concerns uhich this COMPANY
has acquired Is consequently ve-v --eat. state
ment OF Thomas W. Hall, President OF the COM
pany, says that il is estimated that the saw
ing 20 be effected by the combination Of the DIFF
ferent Arms viii, in the opinion o. leading tan
ners. increase the net earnings e. more than
-, 80 900 annually which would shaw Z Der cent
IN preferred, and 10 Ter GEM on the COM
mon stock. The subscription u.s. VIII be open
ed at the Office of the New York bankers at 10
o'clock a. m, Wednesday, January IL and
will close at p. IN. on the saIle day. or earlier
the right being reserved to allot smaller amounts
than applied for or TO reject any application,
Subscriptions in Washington viii be received by
Crane Paris & Co.