Ligonier Banner., Volume 54, Number 6B, Ligonier, Noble County, 16 April 1920 — Page 2

T A 0 T RARCNGRAR TR TEE L ¢ us wim “ L il 'THIS IS YOUR OPPORTUNITY Many of our friends ha;re from time to time desireolthe opportunity of investing their money with us—or of starting a savings investment account. The opportunity is now yours—open to one and all.

We have decided to offer $700,000 of 7 pergau Cumulative Preferred Stock in the Indiana and Michigan Electric Company—on cash or time payments. _ ~ ' We are sure that such a partnership will be to our g;nutml advantage. On our part we want as many of our friends as possible, financially interested in the company. On your part you will be securing an investment in one of St. Joseph Valley’s strongest " institutions—a public utility that has a record of growth and soundness unequalled _i; this territory—an ahsolutely safe investment. . o e ‘Save and Invest: . This Preferred Stock is one of the best opportunities for systematic saving and sound investing that you can find—be1. 1t is issued by and old established Coppany with well demonstrated and an increasing earning capacity, with which most of the people to whom this offering is made are familiar. t 2. Net revenues of the company available for dividends after deducting interest, amortization, taxes, operation, maintenance and making further provision for depreciation or replacement reserve, have at no time during the past ten years been less than three and one-fourth times the interest on the Preferred Stock aod has with the increasing business of the company been as great as six times the amount required for these dividends. 3. Replacement value of the physical property is several million dollars in excess of the.bonded indebtedness and this issue of Preferred Stock. % o 4 . A Exompt from all state, county and municipal tuu in the the state of Indiana.” Dividends not subject to federal normal income {ax. i S : 5. Stock is non-assessable andis authorized by the Public Service _Coinmission of Indiana, and the Michigan Public Utility Commission after investigation of the operations of the Company. 6. The stock is callable at any dividénd period after 1923 at 105 and accrued dividends. | 7. No. additional mortgage can be placed upon the property to take precedence over this preferred stock without the written consent of the preferred stockholders, as provided by law. 8. Dividends are cumulative and take precedence over those of the common stock. sd A -

Indiana & Michigan Electric COY s.

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- As you doubtless well .k\now. our company does an electric lighting and power business either distributing directly of by wholesale through other companies in the following cities and town in Indiana and Michigan: | South Bend ” Elkhart - Mishawaka : » 5 Ligonier = , ‘ . _ . Rolling Prairie ' - .. » . Lydick o . , Lakeville ; - e : Osceola — : v Benton Harbor e St. Joseph e Nies : i . : ‘Buch’anag : 2 o i : Berrien Springs ' » s : Eau Claire P 1 et Lakeside il b ' , Constantine . """ e " Three Oaks ‘ ’ New Buffalo e : : : - Galien -~ . Our company serves a _population directly or indirectly of approximately 175,000. It has four developed water powers on the St. Joseph River located at Elkhart, Twin Branch, Buchanan and Berrien Springs, from which two-third of the power is obtained, and a steam plant in South Bengi. In addition to the above, the company has several undeveloped water powers. It now has the ability to supply a demand of approximately 37,000 horse power. Our plants are electrically Acom'\ected with duplicate trans’ mission lines so that an accident at one plant,, or on one transmission line, does not interrupt the service in the locality in which the plant is located. e g : - Our preferred stock possesses the esseqtial features of a sound and desirable investment (not speculation). Its securities are upon property of great value serving an everyday necessity to a large population in a diversified and continually growing territory. Back of the Equity of the preferred stockholder is the common stock to the amount of $3,401,300.00 over which the preferred stock takes precedence both as to dividends and assets. » The company operates in Indmna. under an indeterminate permit granted by the State which protects the company against competition in its business in the territory which it - While by law public utiliti ities are not permitted to earn excessive profits, which are regulated by the state through the supervision of a public service commission, they are on the other hand permitted to earn reasonable returns on their invested capital and are by reason of such supervision of said public service commis- ' sion permitted such rates as will render a fair return upon their investment. - = ' N The state, through this commission inquires into the management of theb‘u’h_q of public Ifi!ifiu.mlbu the um.mmunymmmhmennmm ‘ giving to such securities a saftey which the securities of ordinary

. Test the strength of the Indiana & Michigan by the most exacting analysis and you will want to become a shareholder. When you purchase our cumulative preferred stock you are making a “gilt edge” investment because it does not consist of plunging’Lor taking chances. As § partner in this company _you are a part owner of power plants, pipe lines, conduits, pole lines, transformers, meters—in brief, costly plants anchored to and built into the soil. . ° ' The Indiana & Michigan Electric Co. van not be picked up and moved awa}:. Furthermore, the business can not be devoted to any other purpose—but must continue to serve electric engery to the thousands of homes and hundreds of factories located in the territory in which we operate. ' _ : . When times are good, many investments pay; when times are not so good, only the best can be relied on. Be sure your investments are selected for the lean years as well as for the years of plenty The wise, discriminating investor does not invest for today only, but for tomorrow and for the’days to come. The time payment plan makes it easy and convenient for every one of our friends to become part owner in this business and to share in the profits by receiving dividend checks four times a year. i : - This is YOUR OPPORTUNITY—the investment you have been looking for. Sign the coupon which is attached for your convenience. : : : | ; You can Pay Cash or Buy i : y e ; : y - on Installments Remember you can buy for cash or on installments. $lOO per share on the payment plan; $lO per share to accompany subscription and $lO per share payable monthly. Accrued dividends from the last preceding dividend date to be added to the final payment. Not more than 10 shares may be purchased by any person under the TIME OFFERING. Interest at the rate of 6% per annum will be allowed on all partial payments. Payments by the purchaser may be made in full at any time. A stock certificate will be delivered to purchaser when final payment for Just sign and mail the coupon to the Indian & Michigan Electric Company—glady will we answer any further questions you may have. = e b T

This Coupon Makes

MAIL THIS TO THE INDIANA & MICHIGAN ! lI.BCTIIC CO. x ; Pluso,glnmo‘eohplqto dehnlo!yoar‘l per cent Cumulative Preferred Stock offer. It is my understanding that this inguiry ‘does. not bind me in any way. . ; ; s N.m e N L