The Ward County independent. [volume] (Minot, Ward County, N.D.) 1902-1965, 1906-11-01
SEARS ROEBUCK & co.
HAvElS0LD OUT
Mr.. Sears, who is yet a Young
Man Retires from Business
Ka,o.h a Snug Fortune that he
~ Weasled out OF Farmers
S,Others. An Attempt to
Arse OF Watered Stock.

The daily papers in Chicago as
we'll as in other cities have been
carrying big ads OF the stock OF
the Mail Order Trust of late and
a most strenuous effort is being
put forth to unload the watered
stock on the farmers and work
ing people of the country.
When r. w. Sears retired with
his snug fortune OF $lO,0O0,O00
and attempted to dump the
Sears Roebuck Co, on Wall street
he dreamed OF a Utopia where he
would have little else to do but
clip coupons and draw dividends
on the big business he built up,
take auto tours and enjoy life to
the full, while he was yet a young
man.
Things do not always come
out as they are planned, and
even if it is the head of a giant
Mail Order Trust plans are like
~ to go amiss.
Wall street looked at a deal
all right. They look at any
thing that appears good on the
surface, but when it came to as
similation their digestion refus-
ed to take the soup and now the
pot is boiling for all it is worth
while the promoters are vainly
endeavoring to get somebody to
take the surplus and keep the
pot from boiling over
ADVERTISING COSTS MONEY.
1t costs thousands OF dollars
to advertise in the big dalies.
In fact it is worth close to a
thousand dollars to get a page
for one insertion for a single day
in a Chicago daily, but these
facts have apparently not both
cred the Mail Order Trust pro-
meters, for the Chicago dailies
are running big ads, not one
day, but every day, and the
same thing is being repeated in
most Of the big dailies through
out the country, and still the
stock refuses to move.
The balance sheets printed in
the ads makes some interesting
revelations. 1t shows liabilities
outside of the stock issue of
$11,0S9,61S.47, while on the
other hand it shows $685.
677.1O, in merchandise and ST.
2S7, 924.3l in the bank, making
a total of less than $4,000 900.
Add to this something over 3d.
100000 OF money due in various
ways that is intangible, so that
it will be seen that the actual
merchandise on hand and cash
in the bank does not cover the
actual amount OF the current
liabilities.
VALUATIONS ARE TOO HIGH.
To offset their $4O,OUO,OOO
bond issue they show buildings
and real estate valued at $685.
100000 or about $2,OOO,OOO
less than the bond issue. They
fail to state how they arrived at
the figures for the valuation of
their real estate holdings and
their buildings, but even grant
ing that it is a conservative es-
innate, it does not seem to war
rant the insurance Of $40,OOO,-
900 worth OF stock.
The money that they claim to
be due added to their cash on
hand is less than their current
liabilities and although taking
the whole thing together, that
of real estate, buildings, mer-
chandise, investment and bills
receivable, as against the bond
issue, and current liabilities,
shows an apparently healty con-
dition OF affairs, an analysis of
the statement permits of the
raising of many questions as to
what the statement really stands
for.
They just bought a square
block of ground next to their
holdings for $4,000 and grant
ing that the rest Of the plant
covers six times this their real
estate would appear to be worth
only $18O,OO0 and 100000
worth OF buildings added does
not reach anywhere the $685.
100000 mark they have set in
the valuation.
Capital never let's the common
people get in on the good things.
They are all snapped up ia La
Sale street, Chicago, or in Wall
street, New York, before the
common people even get a
chance to know that there IL
anything doing and it is strange,
indeed, that this business should
ho.1o hoov, <voresor,od RI Wall