The San Antonio Light (San Antonio, Tex.), Vol. 42, No. 347, Ed. 1 Monday, January 1, 1923 Page: 3 of 12
This newspaper is part of the collection entitled: San Antonio Light and was provided to The Portal to Texas History by the UNT Libraries.
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BUSINESSIN
18?! STAGES
A COME-BACK
All Lines on Uptrend and
Come Near to Real Pros-
perity in Year.
OUTLOOK IS EXCELLENT
Indications Point to Greater
Measure of Attain-
ment in 1923.
By HARDEN COLFAX.
Copyright 1522. by The Sau Antonio Light.
Washington I). C. Jan. 1. — Busi-
ness staged a comeback in 1922. Meas-
ured by every standard known to in-
dustry it traveled to within a stone’s
of real prosperity. Here and
there great industries swung high up
the ladder of progress with new records
of achievement. Labor shot idleness
into the discard pushed up its wage
scales and ended the twelve months with
a general shortage of workers.
All industry was on the march toward
prosperity throughout the year. The
farmer alone lagged behind the proces-
sion but be mended his pace in the
closing months and bettered his situa-
tion by increasing his income approxi-
mately $1800000000 over 1921.
The total volume of business accord-
in. to records of car loadings kept by
the American Railed Association in-
creased by approximately 11 per cent
over 1921. We failed to reach the high
record of 1920 however by about 6 per
cent.
Indications generally point to the
attainment of a still greater measure of
prosperity in 1923. The present year
closes with activity in most lines near
the peak the recessions during Novem-
ber and December from the high mark
being attributed largely to seasonal de-
elines in several major industries no-
tably building construction and the
manufacture of automobiles.
Year’s Outstanding Achievements.
Outstanding in the year's industrial
history are the following ahievements:
A labor surplus estimated by the
Labor Department at 2.000.000 workers
at the beginning of the year was wiped
oi.t and a general shortage in virtually
all lines was reported early as last
September.
One million men went out on strike
during the year. Six hundred thousand
of them in the coal industry won their
fight. Four hundred thousand railroad
employes failed to win.
The iron and steel industry ended the
year with output virtually twice the
volume at the beginning.
Automobile manufacturers recorded
production greater than ever before
ghe total number of cars turned out
reaching close to the 2.500000 mark.
. Highway construction hung up a new
eecj.nl the volume of the year approxi-
mnHng .$750000000.
Building construction was the great-
est ever recorded the total nearing the
$4000000 mark.
* AlO per cent horizontal cut in freight
rates saved shippers not less than $250-
000.000 during the last six months of
the year the period during which the
cut was effective but. notwithstanding
the railroads as a whole increased their
" net income by not less than $125000000
) over the 1921 figure.
I Deposits in the chief national banks
increased during the year by $1500-
000.000.
Issues of new capital exceeded last
year's figures by nt least $1000990000.
Prices of the chief farm products rose
' during the closing months from 10 to
40 per cent. •
The buying power of the nation in-
creased. according to data gathered by
the Labor Department upon which an
unofficial estimate was based by ap-
proximately $5000000000.
Some of the Shadows.
Such are the high lights of the pic-
ture of 1922. The darker shadings
The railroads failed by about $300.-
000.000 to earn the 5 3-4 per cent dc-
i sired upon their valuation.
Farm mortgages and other debt’ still
hang heavily over agriculture and the
farmer is virtually out of the market
except for necessities till the crops of
1023 are harvested.
♦ Shipping continued in the doldrums
with many millions of American ton-
nage tied up for la< k of business.
Exports fell short by approximately
51.000.000.000 of the 1921 dollar total
al though the volume of exports was
about the same as last year the du-
Terence in value being due largely to
tower prices. .... .. k .
Business failures reached the highest
level ever toucheri. surpassing by many
millions the total of $927000000 in to-
Sfefetbilities during 1921.
Banks Pile Up Reserves.
Tu the realm of banking and finance
twe federal reserve system continued to
Mecord strength almost to th? point of
Ikccumulating ton great reserves. This
liras attributed largely to the continu-
ILncc of the gold movement to America.
|*ur total store of money gold rising to
■Jbout $3900000000. This is more than
Co per cent of nil the gold in the world
5200000000 in gold was added
■ onr store during the year the
BJeserve percentage fixed by law nt not
Kps than 40 per cent almost to SO per
■Mit at one period and keeping it wed
Hkive 70 per cent throughout the year.
Il Money Goes luto Securities.
11 The immense stock of idle money thus
Ik'a ted found outlet in the security mar-
Ilts. For months virtually every issue
■Tnounced was oversubscribed on the
■Jiy the books were thrown open. I not-
BTial estimates place th? volume of for-
■ kn securities absorbed in the Amen-
■ T money markets during th? at
■’loin $BOO 000.009 to $1000000000.
■*bnds totaling $4500000000 par value
F ire sold on the New York Stick Ex-
Bjange during the first ten months of
m s year indicating the year « sales to
■ approximately $5.400.000.000 or more
■' in double last year's record.
■' During the greater portion of the
■ ' ar the stock market was extremely
■ ' live million-sin re days being report-
■' consecutively for many weeks. The
■ [ ume of trading based on return’ for
■J i first ten months was 70 per cent
W ater than in last year.
■’ giving costs rose in response to the
■ reused industrial and commercial ac-
-JThe bureau of lajjor statistics
■'F’ the increase during the year at
■'jut 14 points for all commodities.
■ j'inr prices on an average at about
■ [per cent above the 1913 level. Dun's 1
- MONDAY.
index places the rise at nearly 20 points
and the level above 1913 prices at
about 80 per cent.
Commodity Prices Soar.
In the field of basic commodities iron
and steel production staged a spectacu-
lar return to high figures a.'d high
prices. The average daily production of
pig iron rose from 53000 tons in Jan-
uary to sie high point of 85000 tons in
October and the estimated daily produc-
tion of steel ingots from 70000 in Jan-
uary to 120009 in October. Unfilled
orders on the books of the United States
Steel Corporation climbed upward stead-
ily from February with 4141000 tons
to November with nearly 7000000 tons.
Prices of these two products shot sky-
ward during the year rising 'a tbs case
of pig iron from an average of $15.14 to
s3l.7t> per ton and in the case of steel
from a composite average of 2.09 to 2.57
cents a pound. Consumption of iron
and steel was greatly increased by rail-
road equipment orders. The American
Railway Association which compiles
such statistics figures that the total
number freight cars installed and on
order from the first of the year to the
middle of November was 121205 as com-
pared with only 48737 during the en-
tire year of 1921.
Virtually every steel car company in
the country worked overtime from early
in the year till its close. So did the
locomotive works. Up to November 15
the railroads had installed and ordered
during the year 2249 locomotives as
compared with 1382 during the previous
year.
Coal Production High.
The coal industry was wrecked by a
strike which extended into its fifth
' month. Notwithstanding production
of bituminous coal during the present
year according to all indications will
surpass last year's output by a few mil-
lion tons. Anthracite production was
limited by mine capacity and slumped
about 25000000 tons under the pre-
vious year's output.
Coal prices also soared but the estab-
lisbment of limits by the government
curtailed somewhat the rising tendency.
Estimates based on data obtained by
the geological survey and the coal dis-
tributer indicate that coal consumers
will have to pay about $.>00000000
more this year for their fuel than they
paid last year the tonnage being about
the same. ...
The labor situation in the coal indus-
try remains unsettled. Resumption of
work last August left the issue between
miners and operators undecided and with
fair prospect of another national strike
when the present agreement expires on
the first of April next.
In the group of non-ferrous metals
the copper mines showed toward the
end of the year a tendency to increase
production under the stimulus of in-
creased demand; fine worked off its
stocks and increased its production to
about 70 per cent of the 1920 record:
aluminum prices hovered around the le
cent level but rose at the end of the
rear; and lead prices spurted upward
more Ilyin 30 per cent in eight months
due to betterment of general conditions.
Record Demand for Antos.
The National Automobile Chamber
of Commerce forecast in the early
months a fair average year's business.
A record demand however gave the
automotive industries such great momen-
tum that to their own surprise they ex-
celled the banner year of 1920 The
movement has carried forward through
tho earlv winter with such force that
another high record may be established
next year. Ford is planning still larger
production and his nearest competitor
has quit taking orders for 1923 claim-
ing that the entire factory output of
231.000 cars already has been sold.
From lowly levels of 10 years ago
gasoline production has climbed up-
ward with the growing use of the auto-
mobile toll it ranks now well among the
major industries. A new record for
consumption was created during the
present year according to data obtained
bv the Bureau of Mines the total bc.ng
estimated at 5.1100.000.000 gallons as
Xared with 4.500000.050 ttoUon’
last vear. According to this estimate
every automobile in thf country con-
sumed on the average ten gallons of
gasoline a week.
With the pick-un in demand for other
petroleum products retail gasoline prices
dropped during the rear approximately
five cents a gallon. The end of the ।
movement however aparently has been
reached. Higher prices are expected
during the early part of next year.
Production of automobile tires kept
pace with the increase in cars rising
from 2.000.000 new tires in January to
nearly 3.000.000 monthly toward the
close of the year. Price’ fluctuat'd
during the year a substantial drop>be-
ing succeeded by an advance of about
10 per cent.
Great Building Boom.
Building operations in the 27 states
covered by the Dodge <'omp-uy
reflected throughout the wildness of the
£om on which the building trades were
launched. In that area the value «
operations * W
will approximate $....>00.000.000. a >9
per cent increase over last year. Labor
aid material costs.rose sharply— in th.
aggregate as much as 30 per cent in
some localities—but apparently did not
check the rv.sli for homes. Brick prices
soared to dizzy heights; lumber mill*
booked more orders than they could
fill; cement manufacturers worked over-
time and increased prices about la
cent: and labor reaped a rich harvest
in rising wage scales and bonuses.
In New York City accordmg to one
authority skilled workmen in the build-
tog trades such as carpenters.
plasterers and painter’ commanded to
to $3O a day. while wages of $1- »n<>
$l5 a dav were the rule.
More than 10.000 "i'f? during the
highways were completed during tne
year. according to the bureau of pubhc
roads This is a new record maiking
measurable progress on the 15-ye.r• pto-
gram which call’ for the cot**™* l ”" "J
180.000 miles. Estimates to the
from the various states place the total
cost of new construction to WK.
th-onghout the United States at not
tor from $750000000. Thu’about
50 per cent in excess of work done in
any previous year.
A feature Of the year s progress was
ti e small volume of immigration. In-
der the cheek of the 3 per cent law the
human tides flowed ’lowly- g firet
are incomplete bnt during the first
nine months of 1922. the immigre tion
bureau reports total alien
dropped to 243.000. as compared with
473.000 during the same period last
vear It is doubtful if more than half
of the number of last year's I®™*™"'"
wa« admitted in 1922. As theyear
e .ded. large employers of labor ini con-
cert with banking and agricultural nn-
terests. had started a movement looking
to lowering the immigration bars.
Taking business as a whole its vol-
ume is accurately ganred by Hie num-
her of railroad cars loaded wit! freight
dnring a given period. The American
Railway Association's figures show that
notwithstanding the miners and shop-
men's strikes the railroads moved car-
ing the first eleven months of the year.
40 358000 loaded freight cars as com-
pared with 39.978.090 dnring the same
period last year. During tho fire! cloven
months of 1920. however the number
was 42.973.000.
Trend in Bonds Is Upward
The Year Closes With Money Rates Stabilized and
Bonds Firm and Showing Some Tendency
Toward Higher Levels.
By GEORGE T. HUGHES.
Special Correspondent of The San An'cnlo
Urht.
Copyrlght. 1922 hy Tho San Antonio LiRhU
New York Jan. J. —As the year
closes the conditions whlvti face the
investment market and on which the
trend of quotations depends present
both points of contrast and point? of
similarity with those prevailing «
year ago. Nincteeen twenty-two open-
ed with money rates declining and
bonds advancing. It closed with money
rates stabiliaed and bonds while firm
and showing some tendency toward
higher levels giving no indication of
a renewal of the rapid advance which
marked the first half of the year and
reached its climax about mid-summer.
For a time early in file year the
bond market rivaled the stock market
in speculative activity. The rise began
in May. 1920 long before there were
any signs of Iminess revival and
continued irrcgu’arly throughout 1921
and at an accelerated rate for more
than half of 1922. Whatever the
future may have in store it does not
seem likely that this movement will
continue except in a very small way.
This is not to predict any decline.
It is merely to say that the outlook
is that investment securities will be
maintained aronnd present levels.
Capital Converted Into Securities.
The rise in the bond market began
while business was still in the depths
of depression. As has been invariably
the case capital which was not needed
in commerce sought employment in
the highest grade of securities bonds
ns to which there was no question
about payment of interest and divi-
dends. This demand naturally ad-
vanced quotations and the improve-
ment spread to the second grade and
then to the semi-speculative issues.
Finally interest centered in stocks
instead of bonds. Meanwhile as busi-
ness slowly revived the demand for
funds became stronger and banks
which had invested their surplus
money in securities offered them for
sale. Prices declined correspondingly
but the level at the end of the year
was fsr above that at'the beginning
and this pressure on the market from
selling by institutions had largely
abated.
It was in 1922 that Liberty Bonds
reached par after their long decline
and oven sold a point or n point au.i
a half above par in July oniy to fall
below that point again in Octobei
after the government had issued its
refunding loan.
Effect of Bonus Agitation.
Fluctuations in Liberty’ were dec
therefore not only to the changes in
the money market but to tue opera-
tions of the government. Anotiur
factor which influenced prices more or
less was the persistent agitation in
favor of a so-called bonus for veterans
of the world war. In this respect the
situation at the opening of 1923 is not
very different from that of a year
ago. Both houses of Congress passed
the bonus bill. President Ilarding
vetoed it an<l the attempt to pass it
over his veto failed in tho Senate. But
advocates of this legislatin'! gathered
now courage from the result of the
election and assert they intend to nrcss
their advantage at the next session <t
the national legislative bodies. The
Liberty bond market therefore still
faces the prospect of competition in
some form of government reenritv- is-
sued to recompense the former ' sol-
diers.
Railroad Securities Guin.
Railroad securities advanced with the
rest of the bond market for th’ first
half of the year reaching their jiigh
points in July and August and thin
receding with a subsequent recovery
which still left them above the pt ices
prevailing last January. Here too
however other considerations than the
current rates for money influenced the
market. First came the strike with
its disastrous effect on earnings then
camo the election over-turn which
enormously added to the power and
prestige of those representatives of the
agricultural west who insist on lower
rates on products of the farm. Thev
also demand the repeal of the Trans-
portation. Act nr at least of that
Hause which appears to guarantee to
tn? railroads a fair return on their
invested capital.
Whether die agricultural bloc suc-
ceeds or does not succeed in its < ffor s
its activities cannot be helpful to iail-
road securities. Stocks of course suf-
fer the most but bonds are not ex-
*niPt- ’ Even if the recommendations of
i resident Harding prevail an I th' li-
terstate Commerce Commission i< ~n .
trusted with -the authority to fix
both rates and wages it will bo but
nivn T further to government
ownership and operation.
Movement of Foreign Bonds.
The movement of foreign bonds dur-
ing the year just closing has been one
of striking contrasts. The position of
Great Britain as evidenced by the
course of sterling exchange is greatly
improved and next to that of Canada
the credit of Hiq United Kingdom in
our markets isj higher than of any
other foreign cvfntry.
It is fur diif.Cent in the case of
France. French bonds at the dore of
the year nrc if anything lower than
at its beginning. They reached their
high puces in March and April and
then fluctuated with the news from
abroad as to the outcome of the repara-
tions tangle. They reach'd their low
in Nov?mb?r and earri?«l with
time the obligations of
Belgium. About the panic period
American investors developed a sudden
timidity about South American bonds
notably those o f Brazil. Jt was not
until Funport from powerful interests
earn? into the market that confidence
"as in a measure restored.
Outlook Still Discouraging.
Even now the outlook of placing
foreign obligations in this market under
any advantageous terms to the borrower
is not encouraging.
It is also to b? noted that London
bankers are actively comiieting for
European business in the way of gov-
ernment and municipal loans’ ami timt
the British investor perhaps because
of his greater familiarity with condi-
tions outside his own country is much
more courageous than the American.
Brazilian bonds for instance are bet-
ter taken in London than in New
York an<| th? same is true to a greater
or lesser degree of French securities.
If the coming year should witness a
settling of the reparations problem on
a reasonable ba*is and a definite
understanding could be reached as to
the international debt a tremendous
impetus would be imparted to the
market for foreign bonds which ar»*
now selling to give returns that would
laiX re t ar^c ' l 18 fantastic in
to.
One of the most intere«ting develop-
ments of the year may be found in
THE SAN ANTONIO LIGHT.
the changing fashions in investments. !
For many years there were only two ;
classes of bonds in which there was |
any wide distribution—railroads and ■
industrials. Under the head of indus- !
trials public utilities wore included. ;
Railroad issues however wore regard-
ed ns entitled to at least. 50 per cent 1
of attention. There is still large in- ■
terest in rail bonds and railroad financ- ;
ing and railroad offerings were promi- j
nent topics all through the past twelve ■
months.
.It was not rail issues nevertheless. I
that mado the greatest advances nor I
was it industrials but rather the utili-
ties. Part of the favor i hown to the
utilities was due to fundamental causes '
and part to the fact that during the :
war and post-war period of high costs |
utility bonds had been depressed out ।
of proportion to other securities. There j
was a complete reversal both in opin- '
ion and in quotations during 1922. j
With the exception of the fractions j
all the utilities shared the improve-
ment but the gains were greater in !
the electric light and power and the '
telephone issues.
Hit By Wage Increases.
Taking up the case of the tractions !
first the street car companies were ■
especially hard hit by the rapidly J
mounting labor costs. Corresponding i
increases in fares were very difficult J
to obtain. For some reason or other •
public service commissions were more j
reluctant to giant relief to traction
companies than to any other of the
utilities. The five cent fare had be- |
come n tradition. In the public mind ;
it had merit" not possessed by four j
cents or six cents.
When rates were finally raised as
they wore in most cases outside the
larger cities great inroads had already
been made into surpluses and some of
the weaker companies had gone into
bankruptcy. Practically all of them
had suspended dividends on their stock.
Investors Fought Shy.
It became impossible for street car
companies to do any new financing
except in cases such as that of Mon-
treal Tramways where there is a con-
tract with the city which insures the
payment o' interest on the company's
bonds. Investors even fought shy of
the bonds of holding companies any
large part of the income of which was
derived from street railroad earnings.
Aside from the political factors the
growing competition of the private pas-
senger ear and the public motor 'bus
frightened capital away from tractions.
Even the very recent influx of taxi-
cabs charging lower rates than ever
before was not without its effect.
The street railroads made a good
fight against all these obstacles. They
introduced the one-man car and
economized in operation in every pos-
sible wav. They also adopted the
motor bus as a feeder and in conse-
quence it is probably true that their
credit at tho end of the year was bet-
tor than at the beginning. Traction
securities still sell to give high yields
compared with other utilities.
Favor Shown Gas Issues.
Gas companies fared much better
than the tractions. Increasing favor
was shown toward their securities all
through the year although they too.
suffered from the attitude of the pub-
lic authorities in insisting that rates
be reduced fully as fast if not faster
than costs.
Electric light and power and tele-
phone issues have boon eagerly bought
nt advancing prices. Expansion in
both these fields has been steady. The
electric light companies find difficulty
in keeping up with the demand for
additional service. Tbero.seems to he
no limit to the increase in the number
of telephones. Tho result is that good
first mortgage bonds of cither of those
utilities cannot be secured to give
much better than a 5 per rent return.
Even the preferred stock of these com-
nanies finds a ready market among
investors and in one notable instance
thnt of the American Telephone & Tele-
graph company financing was done by
the sale of common stock. In fact
the distribution of stock to tho amount-
of $115000909 by this company with-
out any underwriting was one of the
most significant investments develop-
ments of the year. American Telephone
& Telegraph has now the largest num-
ber of stockholders of any American
cornoration.
Among- the electric light companies
the Brooklyn Edison successfully
financed its needs by the sale of adili-
tioaal stock to its shareholders. There
are many other instances in the case
of smaller corporations scattered all
over tho country. All this had a very
favorable effect on the market price of
telephone and electric light bonds.
Customer Ownership Popular.
Along the same line was the develop-
ment of the customer ownership plan.
Many utilities especially in tho middle
re' utilized this method of financing
to n great extent during 1922. The idea
is to sell small lots of preferred stool;
to the people the utility serves thus
making'them partners and securing
their moral as well as their financial
sunnort for tho corporation.
The story is told of a western utility
which had a onso pending involving
tales before the local municipal authori-
ties. At the public hearing the rep-
resentatives of the company were
astonished when n prominent attorney
who bad never been connected with
the utility in any way. made an elo-
quent plea for fair treatment speak-
ing simply as a citizen.
After the hearing was over the at-
torney for the corporation expressed
his gratitude and asked why this gen-
tleman had come to their assistance.
The answer was that the speaker's
daughter bad bought one share of the
company's preferred stock. To protect
that $lOO investment this attorney
tnad" a plea for which he would have
charge; any client st least $5OO.
RECOVERY IS LIMITED
Business Shows a Gain But Purchasing
Power May Decline.
BY GEORGE W. NORRIS
Gov. Federal Reserve Bank of Phila.
I am inclined to think that “the
recovery in general business now in
progress" is largely due to certain
temporary conditions. It is partly
seasonal; partly doe to the tem-
porarily stimulating effect of an ad-
vance in duties on imports; partly
due to a reaction from the very lim-
ited buying by retailers and consum-
ers on the falling market which pre-
vailed from the spring of 1920 to the
summer of 1922. and partly due to
the settlement of the coal and railroad
strikes. ।
INVESTORS
UNION SECURITIES COMPANY
INCORPORATED UNDER THE LAWS
OF THE STATE OF TEXAS
Capital Surplus and Reserves Over $ 400000.00
Resources Over $100000000
OFFICERS:
W. M. Ratcliffe. President and Treasurer Robert D. Barclay Vice President
R. M. Worley Vice President J. B. Andrews Secretary
DIRECTORS:
J. E. Jarratt Robert D. Barclay C. L. Kerr
J. M. Bennett R- M. Worley Dr. F. J. Combe
Isaac Bledsoe G. A. C. Halff W. M. Ratcliffe
J. G. Webster
EXECUTIVE BOARD;
G. A. C. Halff Dr. F. J. Combe Robert D. Barclay
J. E. Jarratt Isaac Bledsoe W. M. Ratcliffe
A PARTIAL LIST OF STOCKHOLDERS
R I. BALL. Ball & S’.digson At- F. W. COOK Chairman of Board JNO. L. and Gcn-
t'l' i.cjs Sail Antonio Texas. San Antonio Drug Co. Sau An- oral Manager E. L. Wilson Hard-
tonio Texas. ware Co. Beaumont Texas.
1 F lAS. A. HALL. Manager Texas Car- A. KRONKOSKY Vice-President
al Bank of Commerce ban An Association Houston. San Antonio Drug Company San
tomo Texas. Texas. Antonio. Texas. >
I M BENNETT. President. Stand i: x. C. HALFF. President. South- WALTER REIFFERT. H. Runge 4
ard Trust Co. San Antonio Texas. orn Equipment Co.; President. A. Co.. Bankers Cuero. Texas.
ISAAC BLEDSOE. Capitalist. San B. Frank Co.; Vice-Pres.. Alamo \y. M. RATCLIFFE President
Antonio Texas. National Bank. San Antonio Tex. Union Securities Company San An-
RAWLE BUCKNER. Manager. Be HENRY L. HALFF. Vice-President. tonio Texas
mis Bros. Bag Co.. Houston. Tcxn-. A. B. Frank Co.. San Anonio. Tex. SHERIDAN. President. Buehel
DR F. J. COMBE Capitalist San I E. JARRATT. Investment Banker. National Bank. Cuero. Texas.
Antonio. Texas. ’ San Antonio. Texas. e. A. TOEBELMAN Bond Banker
JAS. A. CROCKER. Member. Fow MRS. E. R. RAPHAEL Capitalist Galveston Texas.
ler 4 McVttie Galveston Texas. New York N. Y. j G. WEBSTER. President. Web-
D. EDWARD GREER. Counsel T'. C. L. KERR. District Manager. Gulf ster Wholesale Grocery Co. Dai-
Texas Co Houston. Texas. Refining Company Houston Texas. las Texa«.
Offers to Investors
$250000.00
of the
$2750000.00 Authorized 7% Cumulative Non-Assessable Preferred Stock —Divi-
dends Payable Quarterly January April July and October 10th.
Par Value of Shares $lOO.OO.
Preferred as to Principal and Dividends.
Exempt From Normal Federal Income Tax.
No Bonded Indebtedness Exists.
Loans for Monies Borrowed negotiated on self-liquidating basis for Current
Requirements self-liquidate twice annually.
ASSETS
Consist of Cash and Selected two-name Paper only—amply margined for safety
—Secured by Mortgage and additionally protected by Insurance against Fire and
Theft.
No fixed investments hence no depreciation —no deterioration —no obsoles-
cence and no maintenance.
EARNINGS
Since the date of organization after allowing for all expenses charging off
Federal and Local taxes all losses realized or anticipated all furniture and fixtures
the net earnings have averaged 21/0 times the required amount necessary for pay-
ment of dividends on this proposed Offering of Preferred Stock.
CHARTER PROVISION CLAUSE E.
(e) Within one vear after the tenth dav of October 1922 and within one year
after the tenth day of October in each year thereafter the Company shall out of
surplus or net profits acquire or redeem at not to exceed $llO.OO per share plus
accrued dividends an amount of Preferred Stock at least equal to 3 per cent of the
largest amount in par value of Preferred Stock issued and outstanding.
SECURITY
Investors have the maximum assurance of safety of Principal. Where princi-
pal is safe regularity of income naturally follows.
The reliability of the men who compose the Company.
Established business profitably operated.
Non-speculative. just the assurance that your investment will be safe and pay
7U annually in quarterly dividends.
Price Par Value $lOO.OO to yield 7%.
WE RECOMMEND THIS INVESTMENT
J. E. JARRATT & COMPANY W. C. MANLOVE 4 COMPANY
Frost National Bank Bldg. City Nat’l Bank Bldg. Alamo Nat 1 Bank Bldg.
Without obligation literature will be mailed to those furnishing name and
address.
DEPOPSITORY BANKS Cut-out and Mail for Literature.
Alamo National Bank—San Antonio. Texas.
Brotherhood of Locomotive Engineers Co-Operative National Bank — Name
Cleveland Ohio.
City National Bank —San Antonio. Texas. ...
Commercial National Bank—San Antonio. Texas. • •
Frost National Bank—San Antonio Texas.
First National Bank—Chicago. - _ .
First National Bank—St. Louis. Remarks •••••
Groos National Bank—San Antonio Texas.
Guaranty State Bank—San Antonio. Texas.
UNION SECURITIES COMPANY
San Antonio National Bank—San Antonio. Texas. Floor National Bank of Commerce
Security State Bank & Trust Company—San Antonio. Texas. . . _ • T
Texas State Bank & Trust Company—San Antonio Texas. Bldg. san Antonio I Ils
No fixed
cence and no
JANUARY 1 1923.
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The San Antonio Light (San Antonio, Tex.), Vol. 42, No. 347, Ed. 1 Monday, January 1, 1923, newspaper, January 1, 1923; (https://texashistory.unt.edu/ark:/67531/metapth1592264/m1/3/?q=central+place+railroads: accessed July 17, 2024), University of North Texas Libraries, The Portal to Texas History, https://texashistory.unt.edu; .