Evening Star Newspaper, August 29, 1924, Page 19

FINANCIAL. POULTRY CHERPR AT GENTER ARKET Slight Reduction Reported in Wholesale Charges—Meat Unchanged. A trifie easier was reported of the condition of the poultry market, but with not much change in prices. Live chickens were a little cheaper, prices ranging from 30 to 35. Dressed stoc was quoted at from 35 to 42, and hens 25 to 28. The egg market continues firm. Prizes have undergone no change the past few days, and higher prices are anticipated. Meat and butter prices continue the sime as early in the week, and deal- ers report no change in buying con- ditions. ‘ruits and Vegetables. The daily market report on fruits and vegetables, compiled by the Market News Service, Bureau of Agri- cultural Economics. today says: Cantaloupes—Supplies light; mand slow, market dull; Salmon Tints. jumbos. 4 standards, 45s. 1.00a1.25. f flats, 12s, fair condition, 60a7 fornia. Turlock section, standard crates, Honey Dews, 2 Onions— Supplies moderate; demand lUgbt, market dull; Massachusetts and New York. 100-pound sacks yellow va- Tleties, 1, 3.25. Peaches—Sup- plies he demand slow., market %; Virginia, 6s, B size, good color, few fair quality, rive, 1 wast: ¢ as 50; de- overripe, Belles and 00a2 poorer, 1.00a askets, Belles, large 1.50a2.00; overripe, wasty, ala small, 1.00a1.25: Maryland. 6s. various varieties, large size, §ood color, few sale: 0a42.50; poorer, 1.00a1.50. Liberal Potato Sapplies. Potatoes—Supplies liberal; demand moderate: market steady. New Je 50 pound sacks Irish cobblers, 1. 2.50 per sack ‘Watermelons—Supplies moderate; demand light; market steady. Dock sales, Virginia. bulk, per 100 melon Irish grays and Tom Watsons, mostly small to medium size culls, 5.00a8.00; Primes, 15.00a25.00: selects, 40a60. Sweet potatoes—Supplies moderat. demand slow: market weaker. I Shore Maryland, cloth top stave bar- rels vellow varieties, No. 1, 6.307.50. Apples—Supplics moderate; demand slow; market dull. Maryvland, Vir- ginia. bushel baskets, various varie- ties, 1.00a1.50. Lettuce—Supplies moderate; mand moderate; market weak. York crates. Big Boston type, wide E and condition, best. 2.00 poorly headed, 1.00a1.30. Tomato and Cabbage Prices. Cabbage—Supplies moderate: de- mand light: market dull. Virginia, barrel crates, round type, wide range quality, 1.00a2.00; New York, bulk per ton. round type, 30.00. Tomatoes—Demand moderate; mar- ket steady. Home grown, half bushel hampers, No. 1, 50a1.00. de- New Your Banker Knows. When in doubt about a security consult your banker. It is equally as much his interest as vours to pro- tect your savings. You trust him with your deposits—why not trust him with your investment problems? COMMODITY NEWS WIRED STAR FROM ENTIRE COUNTRY ATLANTA, August 29.—Seventeen Georgia warehouses sold 6,382,716 pounds of tobacco in the last week at an average price of 24.21 cents a pound. NEW ORLEANS, August 29.—The vy demand for sugar is taxing the of local refineries. Ship- but some refiners are 30 days behind in deliveries. Prices have advanced 30 cents a hun- dred pounds within the week. MONTEREY, Calif., August 29.— Packers here and at southern Calitor- nia points are canning only about 60 per cent as many lobsters as last year. PITTSBURGH. August 29.—Better activity in the steel and coal and coke industries has been reflected in healthier distribution of wholesale groceries, and the demand from ag- ricultural sections is satisfactory. ATLANTA, August 29.—Atlanta job- bers in the last week experienced the best week they have had since early Spring. Thousands of retailers were in the market. Merchants here are optimistic over the prospects for Fall, although retail trade now is in the dullest period of the year. BOSTON, August 29.—The Lowell plants of the Massachusetts cotton mills will be closed on vacation until September 8. Five mills of the Nelson D. White Company. maker of denims, which formerly worked six days a month, has increased operations to five days a week, but has cut wages 12 per cent to meet competition of South- ern producers. TTLE, August ight crews the lumber mills in this section, which were laid off during the Summer depression, are being put back to work and some of the larger mills are op- erating 24 hours a day. PITTSBURGH, August 29.—All mills of the Carnegie Steel Company at Homestead and Duquesne are in opera-- tlon and tonnage shows a large in- crease over that for the corresponding period of last month. The outlook is exceptionally bright, according to steel men here. SEATTLE, August 29.—Further ad- wvances in the price of wholesale coffee, which has risen 5 cents since July 1, are predicted by Northwestern roasters and wholesalers because of a shortage on the coast. VOTE BUILDING DRIVE. Board of Trade Members Want New Headquarters. CHICAGO, August 29.—Members of the Chicago Board of Trade were to vote today on a proposal for a campaign for a new building fund. The proposal is that members make l-ans to the board by a sort of fee system on the basis of % cent for eac. thousand bushels of grain traded in. 1f approved, the plan probehly wou.u be continued for five Ye.s. at the end of which time the fund ~Aaer wur.. be used for a new beitling cr returned to the lenders. ROAD’S EARNINGS GAIN. NEW YORK, August 29.—Hocking Valley, one of the roads in the Van Sweringen merger, increased net operating income in July to $416.241, ¢ompared with $311,907 in July, 1923, although gross revenues of $1,954,216 were slightly less. Economical man- ement was indicated in the in- crease in net operating income of $2,179,349 for the first seven months of the year against $1,955,555 in the same period last year, despite a drop in gross to $9,768,520 from $10,313, 443 a year ago. THE EVENING STAR, WASHINGTON, D. C., FRIDAY, AUGUST 29, 1924. — NEW YORK CURB MARKET Received by Private Wire Direct to The Star Office BY WILLIAM F. HEFFERNAN. NEW YORK, August 29.—The dull- ness which is characteristic of a market preceding a holiday prevail- ed throughout the curb market ses- sion today, with the result that the dealings were smaller than they have been in some time. There was no inclination on the part of the operators working for higher prices to attempt a further former advancing 6 points to 137 and the latter 1 to 207. The buying of these two stocks, however, failed to attract a following in the other Standard issues and the market for these stocks was duller than in sev- eral weeks. Jones Radio again fe tured the radio group, taking on an- other fraction. and Rova held firm above the 60 level. There was noth- ing new concerning these companies, however, to encourage a buying advance, while, on the other hand, nomovement in radio stocks. initiative was taken on the selling side. What offerings came upon the market were merely for the purpose of evening up accounts and losses sustained were unimportant. South Penn Oil and Prarie Oil and Gas featured the Standard Oils, the NEW YORK, August 29.—Following is an official list of bonds and stocks traded in on the New York Curb Market today: BONDS, Hich, Allied Packers 6x... Am. G o, Close, Mills 65 Am Thread Co 2 Anaconda_ 6. 0,5 i Nat Ry equip 7 ook T & 1 bige ds Co_ s Le Vai Coal fs Le Val 1 Ry Libhy MeXN & L Ts Munitoba Power 4 Penn Pow & Lt 18 Pub Ser 13 Pub & 4 Tidal Osage SUnEIL&PS Anzlo Am Oil ... Atlantic Lobos 2 ¢ Lobos al Sig Oil ....] 5 Hum Oil & Ref nw 347 Imp Oil of Can ... Inter'l Pet Co Ltd Ohio 0il new Pratrie 0il & Gas. 208 . 108 INDEPENDENT OIL STOCKS hondreds, 60 Hudson_ 0il 22 Lago Pet 110 Latin Amer 2 Mouni Prod £ utual Oil vot cfs ew Eng Fuel Oil. 8N Y 0il s 50 Penn Beaver Oil! 9 Pennock Oil . 1 Pierce Pet 40 Sumstar Ofl. .15 7 Superior Oil B ‘wts. 400 1 Turman Oil........ 2 1 Union Oil of Cal D 132 1 Ventura Con -2y 3 Wilcox Ol & H 11 Woodley Pet D SHORT-TERM SECURITIES. (Quotations furnished by Redmond & Co.) Aluminum Co. of Amer. 7s 1925. Aluminum Co. of Amer. 7s 1933. American Sugar 6s 1637. American Tel. & Tel. 88 ‘Anaconda Copper 6s 1929, Anglo-American Oil 73%s 1 Canadian Nortbern 5is 1924. Central of Georgia s 1929. Central Leather 55 1925. Chl., Mil, & St Paul 66 1654 Du_Pont 7 Federal Sug: X Fisher Rody Corp. s Fisher Rody Corp. 6s 1928 Goodyear T. & R. 8x 1031...000 Great Northern 7s 1936, 2 Gulf 0il Corp. of Pa. 5% 1928, Humble Oil 5i4s 1932, 5 Penna. R. R. 7s 1930. Tidewater Oil 6358 193] T'nion Tank Tar 7s 1930 Western Union 6158 1938, Westinghouse E. & M. Wheeling Steel 6s 1926. —_— TREASURY CERTIFICATES. (Quotations furnished by Redmond & Co.) 1081, 101 ——Noon.—— Bid. Ofter. s September 15 100332 To yield s December 1009-16 10011-16 43 March 13, 21 32 438 March 6 4325 June 15 1l 101532 10153 4Xs December 15, 1925... 101 7-16 10164 4%s March 15, 1 101 15-16 10215 410s September 1: 101516 1014 4%s March 15, 1927. 102% 102 4348 December ' 15, 1 102% —_— FOREIGN EXCHANGE. (Quotations furnished by W. B. Hibbs & Co.) Nominal Selling checks gold value. today. 4.49 10815 1028 London. pound Montreat.” dolier Paris, franc . Rrussels, fran Rerlin, mark Rome,’ lira Zurich, franc Athens, drachma Madrid, peseta Vienna. crown Tudapest, crown. Prague, crown Warsaw, mark Copenhagen, cro By the Associated Press. NEW YORK, August 29.—Foreign exchange firm. Quotations (in United States dollars): ~Great Britain, de- man, 4.49%; cables, 4.50%; 60-day bills on banks, 4.47%. France, de. mand, .0547; cables, .0547%. Italy, de- mand, .04443%: cables, .0445. Belgium, demand, .0504%; cables, .0505. Ger- many, demand (per trillion), .28%. Holland, .3732, Norway, .1385. Swe- den, .2657. Denmark, .1642. Switzer- land, .1883. Spain, .1333. Greece, .0182. Poland, .0019%. Czechoslo- vakia, .0300%. Jugoslavia, .01261. Austria, .000013%. Rumania, .0049%. Argentine, .3450. Brazll, .1000. Tokio, 41%. Montreal, 1.00, National Tea new among the spe- cialty favorites attracted attention when it reached 232, Buying in this stock followed the report that chain store organizations had shown sub- stantial improvement in earnings over P & Lnew wi Fan I Atlant 4 Tturroughs A M new Burrot : wl : & Radio Mot Penn. Ele G R & Shar ptd.. Pre Foundation Co ptd. Hazeltine Corp wi. 3 w87 Jonex Radio Mfx Kesstone Solether. Gen’ Motors new wi h Sig pt Y Tel Co pfd .. Omb Co vt tref wi Pinex Win Fr Co A adio Corp . 5 Radio new A Sierra Pac Elee 1 8il Gel Pnvt¢wi 8o C & 1 n nited Bakeries .. nited G & F Uni_ Retail Candy.. ona Globe Cop . Oak Gold Mines nario Copper . “op Mines nw Cortez Nilver ... Crown King Cons | Diam_ Black Dutte E: Ltd Ind Fla D W wi Green Monster Hardshell Min . worne Min_ Ine Independe; Jib_ Cons Kuy Copp Tone Star ... Lor Sily Synd Mason Val . Tono Belmont. . 20 Tonopah Di 14 Tonopali F. 50 Trinity C 301 8 Contl n 1 Unity Gold 1 Walker Mining 1 Wenden Copper. 80 West End Ext P JULY POOR MONTH FOR PENNSY LINES By the Associated Press. NEW YORK, August 29.—July was a poor month for the Pennsylvania Railroad system. Gross revenues fell nearly $11,000,000 to $58,897,283 com- pared with July 1923. Net operating income declined more than $2,000,000 to $6.362,137. In the first seven months of 1924, gross decrease, $51,298,969 in comparison with the same period of 1923, and net operating income drop- Dped $6,139,996 to $44,866,556. i e FORD SURPLUS, $27,000,000. NEW YORK, August 28.—Surplus of the Ford Motor Company in the year ending June 30 was increased 327,911,923, accordigg to a report made public today. This compares with a gain of $124,192,862 in the preceding year and $133,248,624 In_the twelve months ended June 30, 1922. Paper Making in China. The only modern type paper mill in China failed. Four special papers made by old methods are: Bark pa- per, from the paper mulberry; so- called rice paper, sliced from a pith; coarse paper from rice straw and bamboo paper. EE A BUTTER PRICES HIGHER. NEW YORK. August 29. firm; receipts, 13,3% packages; cream- ery higher than extras, 391cad extras (92 proof) 33%a39; creamery firsts (88 to 91 score), 36%a38i; Packing stock current make, No. 27%. Eggs, irregular; receipts, 12,811 cases. Pacific coast whites, extras, un- quoted. | put are higher than at any time since 1922, and are being added to at the rate of 2,000,000 barrels a day. Heavier consumption of petroleum and its products offers the only relief in sight for oil producers. DLE L. VESSELS MAY SEE SERVEE New Engine Tests Increase Possibility of Ships Again Plowing Seas. I s e S INDUSTRY IMPROVED. NEW YORK, August 29.—The French cotton industry increased pro- duction considerably in.the year 1923- 24, according to figures received by the Bankers Trust Company of New York showing that the amount turn- ed out per spindle and per loom rose respectively by 34.8 per cent for spun cotton and 244 per cent for woven goods compared with the 1921 pro- duction, BY. J. C. ROYLE. Special Dispatel to The Star. BUFFALO, August 29.—The | ghosts of that part of the American | merchant marine which has been shackled in the Hudson, the James and other estuaries along the coasts may be made not only to walk, but to plow the stems of a That po: the results of tests of the new Diesel engine developed here at the plant of | the Worthington Pump & Machinery | Company here. The developments will have a wide bearing on scores of industries owing to Diesel fuel . This engine is the first two-cycle double-acting Diesel engine | ever built in the United States. Big Fuel Saving Claimed. The Diesel engine is no new thing The principle involved, discovered by Dr. Diesel, simply is that heavy fuel | oil fed into a cylinder by a spray and under 500 pounds’ pressure de- velops tremendous heat. This pro- duces combustion of the fucl with consequent expansion of g and exertion of motive force on a piston. The older designs of 1 engine are of the four-cycle acting or the two-cycle single-acting type: The former delivers a driving impuls on every other down stroke of the piston, while the latter delivers its power on every down stroke. The newly developed Worthington engine, however, delivers its drive on every upstroke and every down- stroke. Efforts to sell the larger portion of the United States Shipping | Board fleet have been largely un-| availing, owing to the fact that since they were equipped with steam engines they could not compete profitably with those of foreign na- tions which had internal combus- tion engines and were operated un- | der more favorable regulations than | those imposed by American shipping | laws. It is estimated that the Diesel | engine will produce from two to three times as much energy as the steam engine from the same amount | of fuel oil burned by each. Will Convert 12 United States Shipw. The Shipping Board has recognized this fact and is now preparing to| least 12 of the idle ves- | to motor ships immediately. It| been authorized to expend $25. 00,000 in this program. The trouble heretofore with the older types of Diesel engine was that they were . heavy and expensive. In some cases Diesel engines large enough to furnish the required power would not go in the engine room space of the old ships, and cargo space, which | means earning capacity, had to ve| sacrificed. The enormous weight involved also lessened cargo capacity. Bulk was unavoidable, for although it has been possible to ‘build small, light inter- nal-combustion engines, provided they were operated at high speed, ma- rine engines for freighters running from 10 to 12 knots an hour have to | run slow, since the most effective number of propeller revolutions range from 90 to 120 a minute. Th bulk and weight of the low-speed en- gines made them expensive because of the tremendous amount of high- st steel which went into their con- struction. Claims Drawbacks Obviated. The Worthington engineers, how- el PARIS MARKET HEAVY. RIS, August Prices _were on the Bour. Three per<ent rente centimes. Exchange on London, franes s centimes ve per cent loan, 67 franc centimes. The dollar was quoted at 1S fr 47 centim gra WE FINANCE Apartment Housex Business Property Rexldence Property Hotels, Ete. Higbie & Richardson, Inc. 816 15th St. N.W. Rea.wn?blz Rents ol Suites or Single Rooms High Ceilingx—Ample Light Day and Night Elevator Service IN MODERNIZED Federal-American National Bank Bldg. 1317 F Street N.W. Apply Room 505 M. 256—PHONES—M. 700 Our First Mortgage Notes Are the type of investments that appeal to conservative investors. Banks Recommend Them Insurance Companies Prefer Them Courts Advise Them (the three most conservative imstita- tions one can go to for adrice.) Buy them and the thought of worry can be dismissed from your mind. We have on hand a limited amount in denominations of §100 and up. Bearing 7% Interest Chas. D. Sager Loan Department 924 14th St. N.W. 36 Main Arnold Guaranteed Certificates Arnold Guaranteed Certificate; ever, including O. E. Jorgenson, who is responsible for many of the details of the new engine, and Dr. C. E. Lucks, professor of mechanical en- gineering at Columbia, declare their product has obviated or lessened these disadvantages. They say that with the pistons exerting power on every up and down stroke, the horse- power developed is nearly twice that of an old-style engine of the same | weight and bulk, while at the same time fuel economy and other operat- ing advantages are retained, and sim- | plicity of design, low first cost, short- n. and case of maneuvering are | added The importance of the development does not apply alone to the old steamships, for practically all cargo long-distance carriers now being | built are utilizing the Diesel type of en- gine propulsion. Fuel economy has led to wide use of the engine on land, especially for driving electric genera- tors. The Government is now consid- ering bids on a Diesel-run power plant at the Canal Zone, which will consist of six units of 3,750 horse- power each. May Draw on Idle Ships. The bearing of the recent tests on every line of business throughout the country may be realized by a review of the shipping situation. The Inter- state Commerce Commission has sus- pended operation of that section of the merchant marine act which pro- des preferential rail rates on Amer- ican goods for shipment abroad, pro- vided they are carried in American vessels. It is believed the doubt as to whether enough American ships were in commission to handle these shipments had a bearing on the de- cision of the commission. With the idle merchant fleet re-equipped this objection would be nullified. Any increase in the use of internal combustion engine naturally will have an immediate effect on the oil industry. Stocks of crude petroleum afford a safe and profitable in- vestment for surplus funds. They are secured by first mort- gages on imgroved income real entate and homes, and are a di- rect obligation of Armold and Company. Issued in amounts of $100, $500 and $1,000, to run for term of 2 to 10 years. Send for Dooklet K-1 ARNOLD AND COMPANY Incorporated Capital and Surplus, $1.250,000 1416 Eye Street N.W. Telephone Main 2434 Bank, Trustee. INCOME based Main 2100 Helps to fix the value of an in- vestment—but only after the complete safety of the principal has been assured. OUR FIRST MORTGAGES pay 619 interest and their safety is assured. They are estate, servatively appraised. B. F. SAUL CO. RETURN quarters for workers. Cuban estates.” many years. upon Washington real which has been con- 1412 Eye St. N.W. FINANCIAL. FEDERAL-AMERICAN NATIONAL BANK RESOURCES $13.000.000 1315 F ST g FOR SALE FIRST MORTGAGE NOTES Consult Us 1f sou have funds for investments THOS. E. JARRELL Member Washington Keal Estate Board. Wood:vard Bldg. Main 766-3370, GERMAN BONDS Bought and Quoted Your Holdings Gladly Analyzed Consultation Service 435 Star Bldg. All These Bonds Have Been Sold—This Advertisement Appears Only as a Matter of Record Dated September 1, 1924 Coupon bonds in denominations of $1,000 and $500, registerable as to pri ] n payable at the office of J. & W. Seligman & Co., Fiscal Agents, New York City, in United States gold coin without deduction fm" any Cuban taxes, or (or‘ United States Federal Normal Income Tax not in excess of 2% per annum. Redeemable as a whole, or in part by lot, on any interest date on 60 days notice at 105 and interest. Provision for refund of Pennsylvania and Connecticut four-mill personal property taxes. The American Exchange National Jonw POOLE Paesmesr munnnnmg Main 2867 Continental Trust Company Capital One Million Dollars 14th & H Streets LA Caution Is Commendable Every man or woman about to invest money should excr- cise every CAUTION in the selection of the security, but it is equally important that a proper choice be made of the firm which is to handle the funds. Our record forms the basis for soliciting patronage, as we have always placed the interests of our patrons para- mount. We are offering to- day some excellent FIRST MORTGAG NOTES, pay- ing 6%, which are abso- lutely safeguarded. Mortgage Investment Department ISHKNNON & LUCHS 713 and 715 14th St. N.W. Main 2345 LT avvreD TAKE ADVANTAGE of LABOR DAY VISIT BAY RIDGE On Chesapeake Bay Inspect Our Homes and bungalows we offer for sale or select a water front lot and build your own Summer home where your family may enjoy the Summer months with city conveniences. Money to Loan Becured by first deed of trust on real estats Prevailing interest and_commission Joseph 1. Weller 450 Wen, L & 7ot EQUITABLE Co-Operative Building Association Organized 1879 44th YEAR COMPLETED Assets . $4,755,170.52 Surplus $1,248,320.98 It’s Easy to Save Through Our Systematic Plan. —and you will eventually be financially strong. Let us tell you more. Subscription for the 87th Issue of Stock Being Recelved Shares, $2.50 Per Month EQUITABLE BUILDING 915 F ST. N.W. JOHN JOY EDSON, President FRANK P. REESIDE, Sec’y. We offer a limited number of Trust Mortgage Notes secured on high-ciass north- west property close to Six- teenth Street. These notes, in de- nominations of $250, $500 and $1,000 bear 7% interest per annum. 1f you are seeking a sound conservative investment for your surplus funds, vielding an unusually good return, this offering. Moore & Hill Inc. 730 17th St. N.W. (Member Washington Real Estate Board) Our Sane Restrictions are attracting the best people of Washington and Baltimore to Bay Ridge where they are building their Summer homes fronting the broad expanse of the Chesapeake Bay and where their families are spending the Summer months surrounded by good people. $150,000 in New Homes Built Within the Past 18 Months. Do Not Miss This Splendid Opportunity to secure a site for your Summer home at this beautiful Summer home colony. You owe it to your family to give them the best. You will find the best at Bay Ridge. Lots 50 by 200 Feet. Reasonable Prices. Easy Terms. Drive Down Sunday or Labor Day. Call at Our Office on the grounds and let us show you over this splendid property. We have two miles of Bay front and only a few of our front lots are left unsold. Select yours now. Bay Ridge offers you the ideal site for your Summer home, wonderful shade trees, wide sandy beach and the best bathing on the Bay. We Are Building at Bay Ridge a high-class Summer home colony for the people of Washington, where their families may spend the Summer months and 3o near Washington that you may spend every evening with your family. Bay Ridge is only 3 miles from Annapolis ard will be but 30 miles from Washington when the new De- fense Highway (now under construction) completed, a new concrete road the entire dis tance. Select Your Lot Now and Have Your Home Ready for Next Summer BAY RIDGE REALTY CORP., Owner LANHAM & HILL Washington Representatives 1400 H Street N.W. Main 366 August 28,1924 $3,000,000 Cespedes Sugar Company (Compaiiia Azucarera Cespedes) First Mortgage 7/2% Sinking Fund Gold Bonds (CLOSED ISSUE) Due September 1, 1939 principal. Interest payable March 1 and September 1. Principal and interest The Mortgage will provide for a semi-annual Sinking Fund sufficient to retire by maturity 75% of this issue, by call by lot at 105 and interest. Bonds outstanding at maturity will be payable at 105 and interest. The following information is summarized by Mr. Antonio Perez, President of the company, from his letter: BUSINESS Cespedes Sugar Company, a Cuban corporation, has acquired developed sugar producing properties which formerly were owned by Central Cespedes under the control and operation of Mr. Antonio Perez and associates. These properties, con- stituting a self-contained low cost producing unit, are located in Camaguey, one of the eastern provinces of Cuba and in the center of the Island’s most fertile sugar producing lands. SECURITY This issue of bonds will be secured by a closed direct first mortgage lien upon the company’s entire fixed property and equipment, appraised by Messrs. Smith 8 Ames, independent engineers, as of March 15, 1924 at over $6,370,000, and the company will covenant to place under the mortgage all fixed property hereafter acquired. The company’s property to be mortgaged includes more than 34,500 acres of excellent cane land owned in fee, an electrically driven sugar mill of the most modern type with a present capacity of 300,000 bags per annum, 37 miles of standard gauge private _raflway lines having direct connection with two public railway systems, rolling stock of a value of over $400,000, telephone lines, warehouses and In their letter Messrs. Smith & Ames say, “Fertility of soil, a modern factory, good transportation, an ample reserve of land and efficient management combine to assure a profit at a price for sugar which would involve a loss to the majority of CANE SUPPLY In addition to lands owned in fee the company holds about 7,500 acres’under favorable leases, and oong:rols about 20,000 acres through the strategic location of its mill and private railroads. The company has followed the policy of obtaining a large part of its cane from independent cane producers, and now has more than 4‘0% of its own cane lands of excellent quality in reserve. These reserves should insure an ample supply of cane for capacity production of its mill for a period of EARNINGS The company’s sugar mill was completed during the 1922-23 grinding season. In each o_f the two fiscal years ending May 31, 1923 and May 31, 1924 the properties earned net income, available for interest, fiepreuatlon and taxes, of approxi- mately $1,000,000, and the average of earnings in these two years was more than 4; times the maximum annual interest charge of $225,000 on these bonds. Temporary bondsor interim receipts of Central Union Trust Company of New York will be ready for delivery about September 12, 1924. These bonds are offered if, when and as issued and received by us, subject to prior sale and to the approval of our counsel. Price 99 and Interest. Minimum yield (to maturity) 7.80% Further information is contained in a circular which may be had upon request. Dillon, Read & Co. J. & W. Seligman & Co. The statements herein have been accepted by us as accurate but arc in no event to be construed asrepresentations by us.