It is the largest telephone manufacturing concern in the world and the largest elec
trical jobbing house. In 1921 the total sales were $189,765,000, with unfilled orders
at the end of the year of $75,525,000.
THE PLANTS of the Company have cost $45,569,836, yet they now stand on the
books at only $17,645,423. The ultra-conservative policy of the Company is further
illustrated by the fact that during the last five years the additions to plant actually
cost $24,727,014. whereas in that period depreciation reserves increased $14,604,270.
Similarly, merchandise has been marked down to the lowest current prices, and a
liberal reserve for contingencies has been provided. Yet the net assets of the Com
pany, after depreciation and deduction of the First Mortpage bonds, are approxi
mately three and a quarter times the outstanding Convertible bonds or the equiva
lent Preferred stock.
DIVIDENDS on the Common stock have been ppid regularly for many decades?
at not less than 8% since 1886 and from 1917 at 10r,'c. The earnings applicable to
dividends on the new Preferred stock were, in 1921 (and for many years prior),
well over three times the required 7%.
THE INDEPENDENT financial strength of tlii^ Company and the advantages
accruing from its relations with the American Telephone &? Telegraph Company
commend this Preferred stock to conservative investors.
We offer all or part of 25,000 shares
at 109, returning 6.42%
Wood, Struthers & Co.
Members New York Stock Exchange
5 Nassau Street New York
Statements and figures presented above are not guaranteed, although drawn from sources deemed trustworthy.
OFFER WESTERN ELECTRIC.
