Evening Star Newspaper, February 16, 1927, Page 13

FINANCIAL.” CANADIANS OPPOSE LAKE-TO-SEA PLAN Co-operation on Peace Bridge Different Matter, However. BY J. C. ROYLE. Special Dispatch to The Star NEW YORK, opening of the February 16. peace bridge Niagara River between Buffalo and Bridgetown, Ontario, next April unquestionably will bring millions of dollars to residents on each side of the border American tourists in 6 spent over $250,000.000 in Canada nd the new bridge will surely in- crease that amount, since it will handle 30 vehicles an hour as against about 3,500 a week over the old_fer The future lated upon Canadian resiGents back from the available p bought and sold & 1 times laid out in subdivisions and dealt in on a scale reminiscent of Florida two vears ago. The Canadian authoritie: promise to do their part by building a most comprehensive system of high ways. lLarge sums will be expended on this work. Ship Channel Different. heavily specu American and 20 miles practically is being by Dboth ident from talking with Ca madians here that many of them are by no means so willing to do_their share when it comes 1o constructing a hip channel from the 1 Gulf of St. Lawrence, which is advo- cated by Secretary Hoover and a num- 1.‘ of communities, corporations and ate individuals on this side of the border. no infrequent thing to hear discuss the St. Lawrence as nd to_indi- cate they feel that the United States has enough without being assisted in building this proje Millions of American capital have gone into Canada from huge Ameri- can industrial and power companies and the Canadians call attention to how advantageous it would be for some of those concerns if tha govern- ments bullt the dams and the com panies got the power. Quebee has served notice on her sis- ter provinces that she is bitterly posed to the project. This is natural, ince instead of Montreal being the great port she now is, the main termi nal would be moved hundreds of miles west. Montreal shipping men have a score of faults to find with the ptan. They say neither lake vessels nor salt water ships could operate effect- ively in both kinds of water. A load which could comfortably be carried in salt water would sink a vessel three feet deeper in fresh water. Crews, wages and regulations in the two trades are radically different and, it is claimed, could not readily be ad- Jjusted. It is e Canada Hasn’t Money. The most potent objection to the carrying out of the project, however, according to its opponents, is that Canada has not the money to carry it out and will not have for 50 years. The mines of Ontario seem destined to have a most successful year. Pro- duction was at a high level in 1926 and the present year has shown im- provement as compared with last Feb- ruary. Additional land has been pros- pected, many new properties opened up and more capital has been made available. More important still, the science of mining is revolutionizing production methods. This fact is of utmost importance, especlally where gold is concerned, Since the price of that metal is pegged at $20.67- an ounce and cannot rise along with costs of production. There is one kind of bootlegging or smuggling which many Canadians think would prove as profitable as rum-running, but no one as yet has made a success of it.. This is getting used American automobiles into Canada. Canadians have been pay- ing high prices for automobiles by reason of tariff restrictions and look with longing eyes at the price lists of American used cars. Not only is the watch along the kes to the | MEN AND MONEY By M. S. Rukeyser. (Covyright, 19 During the dramatic period in which Wheeling & Lake Erie stock emerged from obscurity to worldwide fame, W. M. Duncan, chairman of the company, a Cleveland attorney, was enjoying a six-week vacation in Arizona. One of the directors, traveling in China, was apprised by cable of the skyrocketing of the stock. According to” apparently well authenticated re: | ports, he cabled his Cleve'and sell hix common stock holdings, bank did so, getting a far higher price than the individual had previous to | the recent flareup ever expected. After ing 1,200 shares the bank discov ered that it did have power of at | torney to act for its client, who thus { became technically short. Until the legal formalities could be | with a substantial share of the pro ceeds from the sale was eaten up by the fact that the stock lending at a premium of $7 a share. Until the Van Swerinzen brothers bought control of the Nickel Plate in 1916, they had only a local reputation. The country at large knows the bache- lor brother ailroad operators and matchmakers, but Cleveland, their [ home city, still thinks of them as | highly successful realtors. Their great | achievement was the development of | thinly populated districts in the out- skirts of the city mto the famous Shaker Heights distriet, in which mag nificent _suburban homes have been built. The Van Sweringens got into railroading as a biproduct of their | real estate ventures. Built Transit Line. built & rapid-transi line to Shaker Heights in order to make the district readily accessible. In 1916 when they were planning a termir in the heart of Cleveland, it necessary to negotiate Nickel Plate Railroad for way. At that time the N was a_subsidiary of the New Central Railroad. The Commerce Comm ion ruled that the Nickel Plate was a parallel and com- peting line of the New York Central and ordered a divol Accordingly, the kel Plate was offered for sale at a low jrice, and the Van Sweringens bought it in partly on profits from their real estate ve tures, but largely on borrowed fun In December, 1922, they got an op- portunity to extend their railroad holdings by acquiring the Huntington block of stock in the Chesapeake & Ohio. This block was the dominant interest, but subsequently the Van Sweringens and their associates bought enough additional stock in the ket to give them an actual The Van Sweringens bought the Huntington holdines above the market price, but at a level more than 60 points below current quota- tions. They with the right of 1 Plat Y Buy Erie Control. Since taking an interest in the Chesapeake & Ohio the Van Swerin- gens bought control of the Krie— largely through open market opera- tions and no doubt through agree- ment with George F. Baker, chalrman of the First National Bank of New York, and, with the Nickel Plate Rail- road, also bought control of the Pere Marquette. The Chesapeake & Ohio now controls the Hocking Valley; the board of directors are asking the In- terstate Commerce Commission for permission to acquire control of the brie and the Pere Marquette. While acting as the dominant in- terests in five railroads, the Van Swer- ingens—Orvis P. and his younger bro- ther and partner, Mantis J.—are at the forefront of the Cleveland Ter- minal construction and recently launched a large new suburban real estate development in Cleveland just beyond Shaker Village. The Van Sweringens recently an- nounced a plan for marketing 4,000 acres in parcels of from five to ten border by customs men extremely strict, however, but Canadian dealers, seeing a huge loss of trade for them- selves if motor bootlegging gets a start, are co-operating to the utmost in checking up on used automobiles. ‘The demand for used American type- writers is almost equally insistent. Those who have gone into Canada re- cently with portable typewriters for their own use have experienced diffi- culty in getting them in without put- ting up a bond or paying duty. 5 000 complied | 1 they found | Interstate | THE EVENING S acres each at wholesaie prices and with provision for ultimate subdivi- sion into homesites to supplement and extend the present Shaker Village operations. The development provides for ex- press and local automobile highways and a new right of way for extended rapid transit service. This new development, if successful, will give the Van Sweringens sub stantial additional capital which ca be used to extend their railroad hold- ings and operations. First Step in Plans in all of the Van The proposal te ies except the Sweringen props o Nickel Plate under the parentage of the Chesapeake & Lhio is only a first step in the plans of the brothers. If approved, the next move would probably be to include the Nickel Plate in the large new lastern Trunk Line system. Then additional railroz added from time to time. Resides being called upon to decide whether the new Chesapeake and Ohbio deal equitable and in the | public interest. the Inte | merce Commission s like [to be asked to place its | the even larger James {ishooriE it iniihe Noithwestiann which will be built around the Great Northern, the Northern Pacitic and the Burlington. It is evidently the intention of Ar- | thur Curttss James and his associates {to seek to achieve the dream of the [1ate James J. Hill before Congre modifies or declines to modify 1 present merger provision of the trans portation act, which other interested groups have asserted is too vague. Is might be THE BUSINESS OF GETTING AHEAD. How Teacher Should Invest. The vocations of leading children laut of the purgatory of ignorance and f pointing out to adults and childred alike the multitudinous roads to pars dise are far removed from the prac | tical wisdom of the market place Accordingly, many intelligent mem wers of the learned professions, para doxically enough, are easy prey for venders of gold bricks and hot air On_the average sucker list many D. D.s and Ph, D.’s will be found. ‘Al too many unprosperous teachers and ministers, whose Income is to a large extent psychical and only partly financial, think that escape from a life of drudgery and economy may be found through acting on the allur- ing fairy tales of the promoters of wildcat oil companies, of mines that serve only as illustrations for stock prospectuses, and tire companies that produce naught but inflated selling talk. Men and women of these professions who are ordinarily without specialized financial or business experience should buy only securities of the higher grades, and should ordinarily not make any purchase without first seek- ing disinterested competent advice. They should make it a rule never to buy securities from strange stock salesmen. To avoid the risk of pick- ing an untrustworthy financial house, teachers and ministers would do well to buy securities only through a col mercial bank, which in turn will as- sume the risk of selecting an honest broker. Insurance and Annuities. Life insurance and annuities should form a large part of the investment program of the teacher and minister. Various beneficial organizations serve the teaching and clerical professions, sometimes at a lower figure than or- dinary commercial companies. The Carnegie Foundation provides pen- sions for certain groups of teachers after the retirement age. Some Uni- versities, such as Columbia University, onduct a co-operative investment fund for the benefit of members of the faculty, giving them the benefit of expert investment advice and manage- ment, In choosing between perferred stoccks and bonds, teachers and min- istres should bear in mind that per- ferred stocks involve a minimum of routine. Instead of having to clip the coupons from bonds and present them for collection, the holder of perferred stocks recelves his dividends in the mails. Moreover, dividends on stocks are free from the normal income tax, whereas interest on corporate bonds is subject to taxation. Although their income is compara- tively low, teachers and ministers have certain advantages over em- ployes in other flelds. For the most part, they have security of tenure, being relieved of the hazard of in- STAR. WASHINGTON, | 1 vint cloths were quoted at 7e fo terrupted earnings from unemploy- Shares COTTON IS EASIER; SOUTH 1S SELLER Liverpool Cables Relatively Steady, But Advances Meet Realizing. By the Associated Press NEW YORK, February 16. cotton market opened steady tod: an advance of 4 points, to a decline of 3 points, most months showing slight in response to relatively steady Liverpool cable: Buying w s active after the rather heavy covering of yester day, however, and the advance (o 1417 met Southern selling and realiz- ing. Prices eased, the market show- ing net losses of about 4 to 8 points at the end of the first hour, selling at 1405 and at 1 rite bl i) neve nediteen anchester buying and good trade ling in Liverpool, with a large busi- ness in cotton cloths in Manchester. RUBBER UNCHANGED. NEW YORK, ¢ 16 (Special) noked ribbed sheets, remained unchanged at s noon quotation of 38%c. This compares with 397 a month ago and 63%c. a year agi DRY G0ODS UNCHANGED. \l W YORK. February 16 (Special). zoods markets were a anged pi 605 were NEW YORK MARKETS NEW YORK. February 16 (). Barley-—easy; malting, 88a80, c.if., New York. Wheat futures—Opened barely steady; domestic, May, 1.43. Other articles unchanged. t T%e for 68x72s, Raw silks ‘hanged in a quiet market. ment. Accordingly, teachers and min- isters are justified in spending a larger portion of their total current in- come then employes in an automobile factory, for example, who must set up part of their current income as a reserve against periods of unemploy- ment, which are chronic in the in- dustry. Even during the most pros- perous years automobile companies close down for inventory late in De- cember and early in January and throw their employes temporarily out of wor Can Estimate Career. Besides freedom from fear of un employment, teachers and ministers can_estimate with greater certainty the length of their productive income- producing career than individuals in other trades and professions. Usually there is provision for automatic re- tirement at a specified age. and in the case of ministers, at least, congrega- tions frequently provide pensions at the end of the period of active service. Usually a minister has within his own flock one or more individuals who are qualified to give expert financial advice. The minister, however, fre- quently turns to strange stock sales- men because he wishes to keep his operations secret. In doing so he al- most invariably makes unwise cori- mitments and carries on activities which not only are not in keeping with the dignity of his profession, but which in practice prove unprofitable. In my own wide correspondence with newspaper and magazine readers on investment subjects I have received many letters from ministers who had placed their meager thrift funds in fantastic securities. The main characteristics about the earnings of both teachers and minis- ters is their stability, with a gradual upward tendency. Accordingly, it is the part of wisdom for them to de- velop regular saving habits and rely on the co-operation of the principle of compound interest to build up a com- petence for them. Their economic status is entirely different from that of the business man who has his ffll vears and his lean years, (Copyright, 1927, by Current News rm tures, Inc.) THE DISTRICT NATIONAL SECURITIES CORPORATION 7% Cumulative Preferred Stock (Par Value $100 a Share) Dividends Payable Quarterly j January 1, April 1, July 1 and October 1 Are offered to-the public at par, redeemable at the option of the Corporation on any Dividend Period, after three years from date of issue, at $110.00 a share and accrued dividend. CAPITALIZATION OFFICERS Robert N. Harper President Horace G. Smithy Joshua Evanms, Jr. C. J. Gockeler Hilleary L. Offutt, Jr, ce Presidents Wharton E. Len Raiph P. Bar Attorneys B. L. Colton Secretary DIRECTORS Raiph P. Barnard ey 1. Beasellevre A. P. Crenshaw John W. Childress Chas. W. Darr Joshua Evans, Jr. Atwood M. Fisher C. J. Gockeler Robert N. Harper W. Chas. Heltmuller W. S. Hoge, Jr. 3. Miller Kenyon Marshall L. King Wharton E. Lester Robert Lee O'Brien ‘Wm. P. Lipscom W. H. Martin Jobn F. Maury offatt, Ir. Rogers H. L. Thornton J. S. Tyree Ulm Stdney West Richard H. Wilmer 7% Cumulative Preferred Stock (Preferred as to Assets and Dividends) Authorized ......... To be issued at this time. Unissued Common Stock, 10,000 shares, without par value, held for the benefit of the stockholders of the District National Bank of Washington. Directors of the corporation are the same as the directors of the District National Bank 500,000 500,000 BUSINESS—This corporation is organized for the purpose of purchasing notes secured by Deeds of Trust on real estate, builders’ loans, underwritings and such other legitimate financing as is authorized by the charter. This stock will be tax free as to District of Colum- bia intangible tax not to exceed 5-10 of 1 per cent. More than fifty per cent of the preferred stock has been subscribed by stockholders of the DIS'{;RtICT NATIONAL BANK, and the unsold portion is now offered to the public, subject to allotment. Stock allotted may be paid for in full or 26% upon request and 25% each month there- after until fully paid. Application will be made to list the preferred stock on the Washington Stock Exchange. / Price $100 a Share (Interest at 7% to be allowed on all payments from date of payment) Subscriptions Received at DISTRICT NATIONAL BANK OF WASHINGTON 1 A 406 G Street Northwe: AR R R R R AR R R AR R AR D. C. WEDNESDAY, “|a share on the common “| turing Co. here, for sale, FEBRUARY 16, 1927. FINANCIALDL. EGGS DROP AGAIN INCENTER MARKET Veal Advances While Lamb Prices Slough Off About Two Cents Today. 13 STEEL CONSUMPTION UP. Per Capita Use 930 Pounds in 1926, Inland Company Head Says. CHICAGO, February 16 (#).—Steel consumption in the United States is many times greater per head of pop- ulation than in any other land and is steadily increasing, W. Sykes, con- sulting engineer of the Inland Steel Co., told the Midwest Power Confer- ence here today. In 1900 the consumption per head was approximately 360 pounds, while it leaped to 930 in 1926, he said. Last year the United States produced more than 39,000,000 tons of pig iron out of a world production of 76,000,000 tons. Production of steel ingots and cast- ings totaled approximately 48,000,000 tons, compared with a total world production of 91,000,000 tons. Mr. Sykes said 470,000 persons are employed In the steel industry in this country, their wages totaling between $780,000,000 and ssuu 000,000, RUBBER IMI’OR‘IS UP. NEW YORK, February 16 () TImportations of crude rubber into the United States in January amounted to 45,736 tons, compared with 88,697 tons in’ January, 1926, the Rubber Asso cfation of America reports. - ACT TO CUT OIL WASTES. NEW YORK, February 16 (# Operators in the Seminole Pool, Okla homa, are taking measures to prevent the waste of ofl as production is ex- ceeding pipe line and other transpor- tation facllities by 50,000 barrels daily. A committeo has been appoint- ed to survey the situation. It is ex- pected an umplre will be named to establish a basis for prorating runs, as was done In the early days of the Seminole development. BUTTER IS HIGHER. February 16 (). —But receipts, 5,191 tubs: eream- ery extras, 5015: standards, 50; extra 12491, firsts, 47a48; seconds, lower: receipts, 13,328 ordinary firsts, 27. mand moderate, market about steady: new stock Florida, 1z-bushel ham- pers, round type and pointed type. 1.5081.75, few higher; Texas, barrel crates approximately 100-pounds net, round type, 2.50a3.00; old stock, New York, sacked per hundredweight, Danish type. 1.40a1.50. Celery — Supplies light:. demand moderate, market firm: Florida, 10- inch crates, 2.00a California, crates, 4.76a5.00, few 5.50. Lettuce—Supplies 1 al; demand moderate, market fairly steady; Cal- ifornia, crates iceberg type, 4 dozen, 2.75a3.00. Onions—Supplies moderate; demand moderate, market fairly steady; Ohio and Indiana, 100-pound sacks yellow, U. 8. No. 1, large size, 3.00. Potato Market Steady. Potatoes—Supplies moderate; demand WILL SIMPLIFY CAPIT Conversion of Second Preferred Is Western Maryland Project. Sperial Dispatch to The Star. BALTIMORE, February 16.—Plans of the controlling interests of the Western Maryland Railway are to change the capital set-up of the com- pany eventually so there will be only two i{ssues of stock instead of three, as at present. This will be brought about through conversion of the sec- ond preferred into common par for par. To accomplish such a result it would be necessary to advance the price of the common above the level of the second preferred. Recently the com- mon has sold higher than the second preferred. CAR LOADINGS GAIN. Coal Traffic on Railroads Shows Substantial Increase. Revenue freight loadings on the railroads aggregated 970,892 cars for the week ended February 5, with coal loadings showing a heavy increase, the American Railway Association an- nounced today. Compared with the corresponding week last year, loadings for the week ended Februa 5 showed an increase of Coal loadings totaled 219,1 an fincrease of 43,149 me week last year. MACKAY COMPANIES. NEW YORK, February 16 (#).—Net income of $4,626,171 for 1926, equal to $6.34 a share on the common stock, after preferred dividends, is reported by the Mackay companies, which con- trol the postal telegraph system and the commercial cable system. The ear before net was $4,616,270, or $6.32 Eggs took another drop at wholesale stands in Center Market today, cur- rent receipts going down to 20 cents|moderate, market steady: from a 30-31 cent level. Continuance |150-pound sacks, round, white: of moderate weather was expected to [ Ne keep the supply of eggs plentiful.. Veal advanced about 3 cents a pound today, while lamb sloughed off about 2 cents from 25227 to a flat level. Other meats were generally reen Mountains, U, ; mostly 2.50; New | ks, round, whites, upplies liberal; demand moderate, market firm for good stock; Texas, bushel baskets, Savoy type, 95a1.10; South Carolina, cloth-top barrels, 8avoy type, best, 1.75; some yellow, 1.00a1.25 Strawberries— demand Florida, poultry market was firm, and butter held steady. Today’s Wholesale Prices. Butter—Fresh, 1-pound print, b6; tub, 53a54; store packed, 30 Eggs—Fresh, selected, 32; hennery, 33; current receipts, 29. Poultry — Alive, chickens, 30232 25; fowls, 20a25; Dressed, turkey fowls, 28a30; capons, fanc !mld]?r 30a32; fowls, young, 60a7 chickens, Meats—Beef, 15al7; lambs, 25; fresh hams, ders, 31a23; 28a30; smoked sh()uldm Live stock—Calve dium, 11a13; thin, 7a8; 13. Fruit and Vegetable Review. 55a Supplies very moderate, market pony refrigerators, Se, few The per quart. omatoes—Supplies moderate; de mand lll(l(]#‘nlli‘ market steady; Florida, ipes, wrapped, fancy count, few, 8.00; choice count, Asparagus Carolina, grass, i | bunch. light; steady; Mission- bunches, arrived, sold, South 2.50 REPORT NOT CONFIRMED. BALTIMORE, February 16 (Special). - Raports that the Baltimore & Ohio Railroad seeks control of the Hudson & Manbhattan Railroad in order to se cure a more convenient entrance to New York cannot he confirmed here. Stock of the Hudson & Manhattan has displayed marked strength re- cently, and this fact no doubl gave rise to the report that the Baltimore & Ohio is after the former proverty. lambs, Today's market report on fruits and vegetables (compiled by the Market News Service, Bureau of Agricultural Economics) says: Apples—Supplies liheral; demand moderate, market steady: barrels, Vir- ginia, No. 1, Staymans. 213 inches up, . 2.50a3.00; No. 1, Yorks, 2!z inches, LOANS TO FARMERS. 2% inches up, 3.00; few higher; PAUL, February 16 (Special). boxes, Washington, medium to large| ST size, extra fancy Delicious, 3.75a4.00; | Loans of §45.448.800 have been made some ripe, 3.25a8.50: extra fancy|to 8,973 Minnesota farmers under the Winesaps, 2.7583.00; bushel baskets, | Minnesota rural credits act. In the Virginia, No. 1, Yorks, inches | past 18 months there have been 1,758 loans, totaling $7,408,000, of which up. 90. Cabbage — Supplies only 38 are delinquent. HAVE OPTION ON PLANT. GREENVILLE, 8. C.,. February 16 (#).—An option has been secured on the plant of the I. W. Poe Manufac- it is under- £tood, to Kastern interests. The plant has 70,000 spindles and makes brown goods. Tt is capitalized at $2,000,000. N. C. Poe is l)resldenl POULTEY MAB.KET STEADY CHICAGO, February 16 (#).—Poul- try, alive—Steady; receipts, two cars; ices unchanged. PRICES ON PARIS BOURSE. PARIS, February 16 (P)—Prices were irregular on the Bourse today. Three per cent rentes, 62 francs 65 centimes; exchange on London, 128 francs 65 centimes; five per cent loan, 67 francs 10 centimes. The dollar was quoted at 25 france 49% centimes. 2% w1oderate; de- New Issue $300,000.00 Chevy Chase Dairy (Wise Brothers) (INCORPORATED UNDER THE LAWS OF THE DISTRICT OF COLUMBIA 7% CUMULATIVE PREFERRED STOCK PAR VALUE $100 PER SHARE Exempt from Present Normal Federal Income and D. C. Personal Property Taxes Cumulative dividends payable quarterly on March 1, June 1, September 1, and December 1 (first dividend payable June 1, 1927). Preferred up to $100 a share and accrued dividends, in liquidation. Redeemable as a whole or in part on any dividend date upon thirty days’ notice at 107 and accrued dividend. Non-voting unless four quarterly dividends are in arrears Registrar Riggs National Bank Transfer Agent American Security & Trust Co, CAPITALIZATION To be Authorized and Outstanding % Cumulative Preferred (this issue).....ceciemectccesevecsces Common Stock, Par - Value $100. sivicosnsoccsccssssssssnnsssas $300,000 350,000 The Company has no Funded Debt . A letter from Mr. Joseph A. Wise, President, is summarized below : HISTORY OF BUSINESS Wise Bros. have been engaged in supplying milk, cream and other dairy products to Washington fami- lies for more than forty years, during which time the business has developed from selling to a few families the milk produced on two farms until today it supplies over 13,000 customers daily with the product of 200 farms. STABILITY Because of the fundamental nature of the dairy industry, securities of well managed dairy companies in the larger communities are entitled to a high investment rating. Since milk is so essential to life and good health, constant demand is assured. Because the entire output is sold each day, the business is free from inventory losses, and is conducted on virtually a cash basis. A striking illustration of stability is found in the fact that Wise Brothers’ business has shown a profit during every one of the forty years of its existence. EARNINGS The net earnings shown below are after giving effect to economies resulting from this financing and eliminating certain non-recurring expenses. Deductions have been made for adequate depreciation and local taxes, but not for Federal Income Taxes. 1921 1922 Gross Sales....... $987,249 $1,095,011 $1,321,827 $1,450400 $1,539435 $1,754,698 Net Earnings..... 91,025 65,493 29,066 08,199 57,427 60,762 The net earnings for the above six-year period averaged $62,095.00, which is virtually 3 times dividend .requirements on this issue. It is estimated that, as a result of economies effected through this financing, net earnings for the current year will be in excess of $75,000, or more than 31; times interest requirements on this issue. PURPOSE OF ISSUE The proceeds of this issue of 7% Cumulative Preferred Stock will be used to retire $150,000 of com- mon stock, reducing the outstanding common stock from $500,000 to $350,000 to pay off all existing mort- gages amounting to $25,500, and to provide additional working capital. EQUITY The Company owns, free of mortgage, real estate and plants (exclusive of its Martinsburg plant which represents an investment of $30,000) appraised by the Washington Real Estate Board at $205,000.00 and by Messrs. Farley D. Veale and J. McKenney Berry at $268867.11. The Company also owns machinery, equipment, furniture and fixtures which cost $269,678.22, and which aiter adequate depreciation, is valued at $146,058.81. Net current assets are $111,583.26. MANAGEMENT All of the common stock is owned by the Wise Family and Mr. Raymond J. Wise will continue as Gen- eral Manager. 1923 1924 1925 1926 G. Rankin & Co. and, The accounts have been audited, for the bankers, by M essrs. R. this issue have been approved, for the bankers, by Mr. G. B owdoin Craighill, Brandenburg. Legal details in connection with for the Company, by Mr. Edwin C. It is expected that permanent certificates will be ready for delivery on or about March 1, 1927, Application will be made to list this Stock on the Washington Stock Exchange Price $100 per share to yield 77 Y. E. BOOKER & COMPANY Investment Bankers 1508 H STREET TELEPHONES FRANKLIN 260-261 The information contained in this circular has been obtained from sources which we guaranteed, it is accepted by us as accurate. WASHINGTON, D. C. consider reliable. While not