Evening Star Newspaper, March 2, 1928, Page 15

FINANCIAEFT STATEMEN i lomw“r«mn. OF WILWALU ! =on l',l rl -11»(' o:‘ I:v ‘mN'r Gired - under the * Distriet o Toie Amended June 0. 1802 11 Canital stock Camital stock. paid i in’cash, F THE CONDITION The. $3.000.000.00 Cash in office Cash in bank. . Real esiate 2 Redl Seatate mariiases (rsi Stock and bonds " tmarket Value) Premiuma i of agents e and adctied 1103414820 T and’ in Total assets 16 058 85 i) 30 WAL oW Wathine TINSURANC LOANS ANY AMOUNT estate 1n D €. nearbs Preva KENNETH ML 505 American B Mot 100 and 5 E RO\ GOFF e in Il s B rd Money to Loan 't flm\! of trust \\n 1va| e‘:un- mieso L& Trost | AW In Nenrby Virg ini Prudential 5 1/')% Insurance Co. 7 Loans Commonwealth Investment Co 15th St AW Phane Main WE FINANCE come-producing iy Large Loans a Specialty Carrent interest rate ana commission Higbie & Richardson, Inc. 816 15th St. N.W. —ali classes of in oroper Mortgage Money Loaned At Low Interest Rates Tyler & Rutherford Representing Mutuai Benefit Lite ins. Lo 1520 K Street Main 435 1st Trust Loans Any Amount D. C. and Montgomery County Large Construction Proiccts F RED T. NESBIT Vermont Ave. M. 9392 Mortgages Investments JAMES Y. PENNEBAKER | Member Washincton Keal Fstate Board Main 5328 1520 K St. N.W. Money Available for FIRST DEED OF TRUST LOANS 7 Reasonable Commission Prompt Replies to Applications JAMES F. SHEA 643 Louisiana Ave. N.W. LOANS ON RE.AL ESTATE Immediate Action Cmnrunu- Tre.lmznl Percy H Russell Co. 926 15th S( N.W. Buck & Company BROKEHS ablinhed 1916 Bonds Cotton seeilly markes [z Stocks Grain Write or canl fur etrer Ao Ghigutione BUCK AND COMPANY Evans Bldg 1120 New York Foanklin Grera Third of o Century+ Experience Collection o but one of meny inci ineluded wur ent Serv con every and have dentale Property Manag s with maintensnce that may on the earning power of the properties we superv 1 an Columbia and August =ax N BOND MARKET i C RLES F. SPEARE. S. A. L. Issues Again Sold. U. S. Rubber 5s Drop in Industrial List. ) Spacial Dispateh to The Star. NEW YORK, March 2.—There were | several weak spots in the bond market {today which directly reflected the con- dition of earnings. New low prices for the year were established in several railrond and Industrial fssues. Liquidation continued in the Seaboard Air Line list of bonds. The adjustments |55 broke to 48 for the first time. | This compares with a high at the end {of January of 82',. The consolidation | 6s went to about 79, against 97 earlier in the vear. New low quotations were | made for the Seaboard All-Florida 6s, lm‘nr 75. There was some resistance II«) the general movement in the first 4s land refunding 4s. It was understood {that there is only a nominal market for the recently issued 3-vear 5 per ent | notes. The original collateral under | these notes has depreciated enormously |since they were brought out. International Great Northern Seld. Further selling occurred in_Interna- tional Great Northern 6s at a decline of a point. Missouri Pacitic 4s and Chi- cago-Great Western 4s were heavy. Frisco income 6s, whica are to be called. sold up to 102. The new £t. Paul ad- ustment bonds werz listed foday and sold off more than a point, | In the industrial lis~ the weakness | of United States Rubber 5s was out- \smndmg On fairiy large transactio they declined over a point. On the (- ‘ er hand, Lorillard 55 ralied a point fio | Thursday’s low of the year. Cuba C: Sugar 8s were up 1, as were Continentil Bag & Paper 6'.s. Mariue 6s rose 3, THE EVENING STAR, WEAK SPOTS SEEN | Consew vorx_BONDS svoox sxcance] Received by Private Wire Direct to The Star Office * Quotations to 2:55 p.m.—Final Quotations in 5:30 Edition. UNITED STATES. (Sales are in $1.000.) Sales. Hixh. 82 101 20 3 10229 218 10018 Lib4th 434e 61 10324 US 3% 43-4 106 10229 . 2 10727 11016 2 11617 FOREIGN. Argenting 5s.. Argentine 6s Ju §9. Argentine 6s Octb9 Argentine 6s A. Argentine6s B Australia 631 Australin 63 1957 Anstria 78 US4 1044 UStuss2 Belglum 78 1955, Belzium 78 1956... Belglum 7% Belzium 8s. Bolivia 8s.. Brazil 7s. Braz!l 8s. Bremen. Stai Buenos Alre: Buenos Airet Canada 6s 1 Canada bs 1! 10 33 17 1 12 16 Chlle 8s 1946 Christiania 6s. Con Pow Japan 7 Conenhagen bs ct Copenhagen 618 Cuba 6%s.. Czecho 7% s rets, Czecho 8s 1951 Czecho 8s 52. | Panish Munfe8s A Danish Munic 8s B Denmark 6s... ... N E15%s Novb3. teh East | 6s 47, Duteh Kast | 6= 6. Finland a f 68 ¢ There was less change in the foreign | | group than for some | States Governments | steady. time. United | were quiet and ' | Frisco’s New Financing. | The new financing by the Frisco will | release $75,000,000 from the adjustment | | and income 6s, which have been held by | ’banks and private investors, primarily for the high yield. Obviously the holder | of this type of security would not be in- | terested in the new ‘consolidated 4':s. He is more likely to reinvest in stocks or in foreign bonds in order to continue his 6 per cent return. Some dealers felt that the price of the new bonds was rather full, but it compares favor- ably with many of the 41 per cent pub- lic utilities placed around 97 last year and now selling a point or two higher. The $100,000,000 Frisco 4%:s, the $52.000,000 New York City 4s and $4. 00.000 Province of Buenos Aires 6s ac- ount for nearly 75 per cent of this | | week's high record total for the year in new bond offerings of $263,000.000. Of ‘xht nearly 60 per cent represented re- funding operations Washington Stock Exchange Sales. Wash Gas 5e—$3.000 at 1051, | Barber & Ross 6'35—8$1,000 $1.000 at 97. . gl | Cap. Traction Co.—2 at ! ng 10 at 1107, 1104, 2 at . 10 at 110%, 10 aty RIEF Natl Bk.—5 at 511, 5 at 510, 5! al “econd anl Bk.—13 at 265, Col. Sand & Gravel pfd.—10 at 105%. Dist. Nat']l Securities pfd.—10 at 103. Nat'l M. & Inv. pfd.—10 at 53, Ter. Ref. & Whrs. Corp.—50 al 50 After Call. Wash Gas Lt.—5 at 89%,, 5 at 89, 20 | at 89, Barber & Ross 6',5—$2,000 at 97. Wash. Gas 55—$300 at 105 Wash. Gas 6s "A"—$100 at 100« 1 at 10435, s Pot. Zlec 5':5 pfd—10 at 107',, 40 Sanitary Gro. Co. pfd.—10 at 10775, Cap. Traction 55—$1.000 at 104. Money—Call loans, 57, and 67, Bid and Asked Prices. UTILITY ' ol PUBLIC 1VTILITY w:m\\l 1ANK nal Bank ot W TRUST COMPANIES in woa AVINGS BANKS Friint Fonland 7s. . amerteanTlgs . rench 7s. . krench T4 i1ench 8s. . Ger Am Bank 7. Halti8s,.. .. Holland-Amer s italv Pub 78 italy Ts. lapane: Japanese Lyon 6s . Marseille 63 Muieu s 04 Mexico 48 10 usnt Milan 6%s. . Mom-vldm s Norway hlss Norway s | Norway 6s 1952 Orient Dev deb Paris Ly Mead & Paris-Ly-Med 7 Paris-Orleans 7s.. Peru 6367 w.1 Peru 7s. Peru 7% Peru 7% s 1958. Poland 6s 40. Poland 7 (rcts). Poland ks. ragne 7%n Quecnsiand 6a. Queensland 7 | Rio de Jan 88 1946, Riode Jan K= 47... Rio Gr Do Sul 8 Rome §%s. .. hl) 11113y 107% 7110 106'% 934 119 107% . 1084 101% 10018 101 Sao Panlo 1950 Saxon (PW) 7s.. Seine 7942 . Serhs Crot Slo 8 Swirs 5% 1946 Swins Confed 8 Toho El Pow 78 Toklo b Tokin 6%s 1 Utd Kingm b5 29 Utd Kinem 58 37 Utd Steam Conen 6» | Urnzusy 8s.... Yokohama ks w | Am AgriChem T%s 5 106% AmSmit & R st b 15 Am Smit & R 0 Am Suear Ref fix.. 23 AmT&Toltrds., 44 Am T & T el tr bs, ¥ Am T & T =f bs Am Tel & Tel bl Am Water Wka bs Anaconda 1st 68 Anaconda ev ab 78 Andes Copper 8. Armour&Co 4 %% 39 Armour Del flon Axsociated Ol 6x. . Harnsasil fx 1940 Rell Tel I’a 68 B el Tel Pa b O Bath Steel hion 53 1021, 108%; 104% 997 105% 108 109 10014 106% Rkiyn (Inion *nile Covler o8 0l GaskEl deb ba Con Coa! Md 1sf by Con Gax N ¥ 6% Consumers Pow 68 Cuba Canecy Tn. . Cuba Cane s ne 8n | Datroi Kdison 6x. . Dodee fy en Mot Ac Cor 68 2 Toodrich A%w ... finodyenr hinrets Vo 2 1000 106% r Paper 10 6n 14 Telex 4% 8 | I Kavmer & Coflys Kun G & K1 6302 Kelly-Spring ¥s .. Loclede () A4 b2 ) Ligeatt & Myers 1a Ly boritiara bn L Lortliard Py S Lowtev G & e b2 e FIRE, INSURANCY e MISCELLANKOL S LL 1S PROMOTED Mareh 2 (A% Bl Sent of e B Beathoua it bon et been elected presh James Mo Jiwrq late iy | 100% 101 1047, 1010 With (TN MIA Con 61,8 40, Midve s Hieel :,. 1065 [ Phile i Pierca Atrow am ron e A Hoh 6 bl Hervice s ReminuinnAr fs 42 A o i Sup Te hweat Vel be Fenniie i e s B ©OR N e o) he A s [T ' Wik us & Lt be | 6 M i i ) 9 | " " 1 i " I R TI 5 10116 2 29 102 29 10014 102 20 10227 107 23 110 15 11515 100 18 103 20 102 29 107259 11517 » 100% 1004 4 1007% 100% 101% % 107 1017 A 1011 110°x 10115 99 971y 100% 103% 1054 3t 110% 110% 110% 1053 103% 104% 110% 110% 110% 106 1031 104% 1041, 8 101 1001 100 104 97k 98 93t 102% 1011n Wl o 103% 104 100% 105% 1071 113% 107 1mo 110 1064% ] 'H'm' 19 | 1074 108% 107 106! 100% 99 104 103% 1040 mn 0% 9% [ 118 18 | 106 | MISCELLANEOUS. = e w0 10815 108 | 1045 9974 1053 100% 1051, 110% 100 1058, 1 I3 106 1047, B o1 107 101% 100 1004 105 105 10, 100% 100% 1065 10K 105 12y " 116 104% 1061 0 (IR () P 0% [ 1 10 100 1010 1041, 101 | itaadin Warner Sug 78 39., Willys-Ov 6% s 33 Wilson & Co WinRepeat Ar T8 Sales. High, Low. Bk 110 16 §| Yngstn S&T 68 w.i. 23 100% RAILROAD Atchison adj 4s. Atchison gen 4s... Atlantic C Licl 45, AtlanticC L 1st 4s At] & Dan 2d 43 48. Ann Arhor 4s. Bang & Aroos 43 51 Brooklyn Elec 6% BkiynElevated 6% Bklvn Manhat fs. . Buff R& Pitt 4138, Can Nat 4% 30, Can Nat 4%s 67... Can Nor 4151935, Canad North 6%s. Canad North 7s. . | Canad Pac deb 4s. Can Pac 4%348... Car Clinch&O 6= 52 10 3 5 6 7 15 3 5 Central Pacifio 4. . Cent Pac 1st 58 90, Chesa Corp bs wi. Ches & Ocv 4%s.. Ches & O gn 4%5s. Chi & Alton 3 s Chi& Alt 33gs ctfs. CB&Q4%STTR.. Ch! 5 & Q 1st rf fs. Ch&E Il en 68 61, Chi Gt West 4359, C M&StP 48 26 ofs. CM&StP deb 4s cfs CM&StPgn89,. CM&SPeva 1 882cts CM&SPrfd4lsecf.. CMA&StP cv hacfs. CM&StPés. Chi NW 4555037, Chi Rys5s.. ... ChIRT&Prf 4s. cRri I‘m‘lxqswl. ChTHES Chl Unlon Sta 3 3 CCC & StL5s D, Clev Term 51 Cuba R R bs Den & Rio G en 4n. Den&RioG 41 36. D Rio G West 5s. . Erla 1st cone 4s Frieconv 43 A Frfeconv 45D, Erie zen 4s. Frie cvt 6s 87 Erle conv ext 7s Fla EChs 74, Grand Trunk 7s... Gt Nor 41876 D, . Great North 6s.... l‘rlfl North 6% t Nor ean 7 Gre nB& Wdb Hav El Ry 6%s51. HuA & Man ref 6. Hud & Man aiSs.. ::l(?onl 4863 | Int Rapld Tran 5s. ! Int Ran Tr s stnd . Int Rapld Tran €s. Int Ran Tran 7s. . Int & G Nor ad s Tnt Ry C A 834w ret Towa Cent 1st hx, Kan City Term 4n. Lake-Shore s 8. lake Shore 4w 11.. Lehigh Valen 4. . TLehizhVal eon 41458 Long Island s 17, , | Lone Inrf 4549, .. Louls&Nash un! 43 i Lonis & Nash 7s | Man Ry 13t 90 Market St s 40 6 T4 81% 9614 100% 104 104'% 11y 105 87 98% 91 100% 100 100% 122 1 9015 100 109 5% 104'% 9915 10015 2 1024 1 16 1 15 202 5 1 8 9 [ 17 49 11 Mil EI Ry & L fs 61 | M St P& SSMends M St P&SSM en fis MStP&SSM 5% M St P& SSM6les MEK&T isr4s. M K & T adi 5s. ME&TorinseA. Mo Pucitio cen 4 Mo Pac fin ¥ 17 N Y Cen zen 113 Y Cent 4y 98 Crfimates. . Cent r1 Cent deh 6a Centl. hi N NY NY NY N NY YC&SIL Y NHEH ah 1n a? NY NH&H cv dh 6 Y H Hav&H et Y Ont Woist 4n NY O&W cen 48 55 Y ) INY Rva6e 6 N Y State Rty 414n. NY W& Bonatya Vorfolk & W en 4 Vor Pae in 2047 ., Northern Mae 4w Northern Pac r 1 s Ore Short L. rfa ¢n Ore Wash In1 4n Pennuyl zen 41y Pennsvi cen 5y Pannay! hx 64 Pennsyl sy, Port R L& P fnan Port RL&P 7158 48 ven at4n Reading 1€ 4x WAk & Lav, StL) M&S SUL IM&S 1R&( 40 SUL&SFoldnA, StL&SF printe SUL&AB K bW D [ 81 L& S ©ady6n, St L &S K ino SUL&SEprin SUL S W eon HIEALLIla B 4 A SH AN Eln #in 35 1 Sou Pac an 2y ., Son Ity gen 4n e ref Son Mty | Hou Ity ds Southern Ity Algs xns & Pacinc Int X & 1700 hn 1T 1 In FoxArk 108 oy n bo Ihica Ave rer 4s 60 Fhicd Avecad) be Tol T AL higen 30 Union 1'ac Int 48 [En Ity 1l ba Vi Ity & 1° 6w Waliauh 4 16 1 Wubanh ftys 'h Weet Maty bt 45 Wi We Wihs Cenn e 4n 6 1" " 1 1 1 " 60 5915 1015 108% 8% 107 103% 112 mzv 107 100% 0214 6% 10% 98 100 964 o1y ante a1 101% 1064 1040, 9% 1010, [N 00, FAn TR oy 17 TN, Tt [N 0y iin (1IN [ 100 [REin 1200, S 1o T, T iy IO Wit I e, Tt 1o e, i " v 101 1o WASHINGTON, D. C. 100% Lo 10175 108% 1055 104 W | —Governors of Kentucky, 104 101 FRIDAY, M EARNINGS OFA. T. & T. SHOW BIG INCREASE Net Rises From $116,990,409 in 1926 to $128,614,910, According to the Annual Report. By the Associated Press. NEW YORK, March 2.—The annual report of the American Telephone & ‘Telegraph Co. today revealed that net income in 1927 rose to $128,614,910 from $116,990,409 in 1926. Gross carnings were $216,524,000, excluding a special non-recurring_dividend from the West- ern Electric Co. of $47,938,865 which represented profits accumulated over a {wrind of years from activities other han with the Bell system. Earnings were equivalent to $11.76 a share on 10,932,420 shares, the average number outstanding during the year, compared with $11.95 a share on 9,790~ 262 in 1926. Dividends paid at the rate of $9 a share amounted to $97,- 379,000. There was transferred to sur- plus, Including the special dividend from Western Electric, $79,173,000. The company’s investments in stock and other securities of associated com- panies amounted to $1,550.272,000 at the close of the year, an increase of $158,717,000. Cash and temporary cash investments were $79.277,000. Total funded debt was $384,097,000, a de- crease of $1,092.000. Reserves for de- preciation and contingencies were $99,- 558,000 and surplus $272,435,000. LAD FINDS $771 CASH IN BOX: MAY GET ALL No One Claims Contents, ered in Play—Painter Gets $1,500 Reward. By the Asso ed Press. NEW YORK, March 2—Only two| days after a Brooklyn painter, out nfl work, found a sack containing $52.000 |in cash, the 13-year-old son of another | painter. out of work, did his bit yester- | day by stumbling across a metal box containing $771 in cash. Max Snyder. the youthful finder. was | playing in Highbridge Park when he! | accidentally kicked the box from behind two stones. He gave it to a policeman. | After it was opened it was forwarded | to the police property clerk. If the owner is not found it will become Max's. | Alexander Lubowsky, who found a/ sack containing $52.000 that had fallen | from a truck making a delivery to a bank. received a reward of $1,500. Max | thinks he will get the entire amount of his find. as there seems to be no clue to its owner. GOVERNORS 7O MEET. Discov- | = ,’S"‘" ExPcut(ve! Plan Coal Rate Parley. CHARLESTON, W. Va., March 2 (#). | Virginia and Tennessce, and others interested in lake cargo coal rates, will be called Mto| conference soon to take concerted ac- | tion “in righting the injustice that has | been imposed upon us,” according to | announcement today Gov. Howard M. Gore of West Virginia. Representa- tives of railroads and coal operators in the Southern fields will be asked io meet with the governors, the West Virginia executive added. The recent decision of the Interstate Commerce Commission refusing the proposal of Southern roads to reduce | lake cargo rates caused Gov. Gore to | call the conference, the date and plare of which will be announced later. — . — “Snuffies,” one of the deadliest dis- | enses of rabbits, s now treated by cod lver oli ARCH 2, 1928. FIRST CONOWINGO POWER SENT INTO PHILADELPHIA Two Turbines Go Into Operation, Entire Plant, When Completed, to Be Second Only to Niagara. Special Dispatch to The Star. BALTIMORE, March 2—The first two turbines of the Conowingo power plant went into operation yesterday and current began to flow through trans- formers to Philadelphia. ‘The two turbines are designed to de- liver 108,000 horsepower of hydro-elec- tricity. When five other units are com- pleted and begin to respond to the flow of water they will produce 378,000 horsepower. The Conowingo plant, when put into full operation, will be second only to Niagara Falls in the power produced. ‘The_dam was built by the Philadel- phia Electric Co. at a cost of $52.- 000,000, and most of the current will be used in that city, none being sold in Baltimore. One of the things that will be facili- tated by the new plant, it is said, will be the electrification of the Pennsyl- vania_Rallroad between Philadelphia and Washington. Main 409 FINANCIAL.) ¥ 15 BUILDING PROJECTS. NEW YORK, March 2 (#).—Heavy construction operations that reached she proposed stage the last week showed a higher money value than a year ago, the total for the entire country being $122,200.000 against $121,950,000, Mc- Graw-Hill Construction Daily reports. Contemplated work in the heavy con- struction field is well distributed, which is regarded as a healthy situation. ICE MERGER PLANNED. NEW YORK, March 2 (#)—Merger of a group of manufactured ice proper- ties in New Jersey with a group in Vir- ginia, to be known as the Central At- lantic States Service Corporation, is being financed by E. R. Diggs & Co. Properties in New Jersey are at Pater- son, South Orange, Summit and New- ark and in Virginia at Harrisonburg, Radford, Pulaski, boro, chlngv.o nnd Bedford. PRICES ON PARIS BOURSE. PARIS, March 2 (#).—Prices moved irregularly on the Bourse today. per cent rentes, 66 francs 75 centimes; 5 per cent loan, 87 francs 45 centimes exchange on London, 124 francs 2 cen. times. The dollar was quoted at 27 francs 427 centimes. Staunton, Waynes- e 9,000,000 feet GERMAN STEEL TRUST. Profit of About $12,700,000 Report- ed for Year Ended September 30. BERLIN, March 2 (#).—The Germa Steel Trust report for its second- busi- ness year, which ended September 30, 1927, shows a net profit of 52,900,000 marks (approximately $12,700,000). This rate of profit was about the same as that made during the first business year, comprising only six months, when a profit of 26,000,000 marks was reported The balance sheet shows stock to the value of 203,600,000 marks and loans raised by the trust of 523,568,000 marks LUMBER OUTPUT GAINS. NEW YORK, March 2 (#).—Heavy orders and continued production char~ | acterize the lumber industry of the | country, figures from 675 mills and | units to the National Lumber Manufac- {turers’ Association showing for the week ended February 25 a gal in production. ments feli off and orders incr slightly. Unfilled orders of 219 Sou {emn pine and West Coast mills 672,910,806 feet, against 663,878,130 ' for 220 mills the week before. Main 410 HOWARD & HOFFMAI General Insurance Agents 303 7th Street N.\'/.---2d Floor STATEMENT OF THE OF THE FIREMEN’S INSURANCE COMPANY OF CONDITION WASH- INGTON AND GEORGE- TOWN. On the Bet da anired under th mended 1011 Camtal capital <t ot December. June 30 1007, ke K Cash in offiee Cash in hank Real estate Real et bonds vied and ¥ Taxes A1 her assets Total Awscte . Net unpaid claims Reserve f during the $iir M M WILLIA ALBERT W. HOWARD. ¢ District of Colum® and xes Bought 1927 1 Canital Sto Camal Sto A (market Net Re- HOFEMAN. P wrihed and swormn 1o before me this "% of March (Seal ) EVERETT I Notary Publ Albert W. Howard PARSLEY D.C ONDITION BUFFALO INSURANCE COMPANY OF BUFFALO, T clar e as r and Tornado assumed AR William M. Hoffman Interest in denor paya previous notic March 1, 1028, writes in A material improve Railway Company wil these $100,000.000 4' ¢ Mortgage and thro Stock (1o be offered t you have underwritte $26.292,000 and will he against ahout 42 tim interest charges will annum, The proceeds of 1l $126,202000 Bouds and mterest at the rate o %), provide about $9.000 (4 N. Brown, Esq., $100,000,000 St. Louis-San Francisco Railway Company Consolidated Mortgage 4/2% Gold Bonds Series A due hle March 1 and September 1 of $1.000 and $300, with e, an of follows Chatrm nd of Direc i part as the Bo. ment in the capital structure of the 1 be accomplished through the sale ot © Bonds under the new Consolidated the issue of $49,157,400 0% Preferred o the Common Stockholders), which 1. Funded debt will be reduced by about 2.4 times the capital stock as es at present; fixed and contingent be reduced by over $2500,000 per is will be wsed to Notes (o1 which 103,073,000 0% and §17,175,000 at the rate of (0,000 6% Preferred Stock, and to ) for corporate purposes financing pay The Consolidated Mortgage Bonds will be secured (a) by deposit of @, Cnmpmy $19.000,000 Kai Railway Comy directly, or securities, St. (b) Louis-San 630,000 St Prior through pledge of on over $66.630,000 underlying Bonds Louis-San Francisco Railway Lien Mortgage Bonds and over nsas City, Fort Scott and Memphis pany Refunding Mortgage Bonds): all outstanding 4.292 miles of road of the Francisco system proper, together with equipment, terminals, shops, etc.; (<) Kansas City, Company, miles of road; (d) by all prope: The Bonds will be Bonds in the hands of not he ncreased), obligations and to an Mortgage Bonds will be The Consolidated M an Indentine to Inter a John A A, bisg be presently issued n 1he ance are subvect 1o 1o, 1o AUTO OFFICIAL CHANGES. AND), L annned e Edwird 8 dordun o 10N, [UES 4 Ahin wcton tolla Ohin Linden. foni s Motor Car Corporation 1 chubimnn of the ex Mure Jurdun Wi Limpending consolidution Mot gt t A v preatdent of han Ony U sl and Jordun cancerns, bl ment made o mention of a aenger W I annoi We reserve the right to« Amannts doe on allotment will he pavable at the oites of Spever & abont March 20, 1928, as calied tor, against delivery of luterim Receipts exchangeable tor Lemporacy or Defuitive applied o coutive | by | LYRTRE I A U The underlying Bonds can ot be extended and of the Nt by substantially all the stock or properties of the Fort Scott and Memphis Railway owning or controlling 1,331 additional rties hereafter acquired with the proceeds of Consolidated Mortgage Bonds. wibject o $162420520 underlving the public (the wmount of which can to S17438000 Fqupment Trust v liens on alter-acquired property and Consolidated tesenved to retund them ortgage Bonds will be issued under state Trust Company, New Yark 1, St Lows, Trustees. ‘There will ot exceeding $1TO00000 Series A and sale of these Ronde ave cubrect s bhaliers of the Company the approcai Messre, < Messre, Cracath f o Principal B 1 privilege of reg Company resrr\n the right to call these Bonds for redemption, on any mterest date, at 105% up to and incl tore of St March 1, 1978, interest ation, and pavah as provide s'a whole or in s March 1, 193 Lo s-San Francisco Bonds, of w m the treasury. -\Idmuxul Bond with such provisions as to intere etc, as may be determ d by the restrictions to be set torth in the sha pal amou outstar ' h'\flhfl' with three times the then Railway Company. Earnings December 31, of the 1927 Svystem Kevenies o~ Year 1923 1924, 105 I'he above total income tor t ver 1.9 times the annual mlelt\l \! in New York. Bo s may be st, matu Board g Indent o time sage B vear 1927 was eq 1 to harges (about $12.345. wo\ on the funded debt after completion of this mummg ¢ average for the past five year ~=uh interest charges I'he Ralway Company Pretetred Stock on w rate of 8% (7% regular Ihe St. Louis-San l-\.\mmn Rai total ot 3707 nules ot 10 and Kansas Gy through Arhansas and into Texa the Missisaippi River at A Misstssippi and Alibama to b Of an extension now un of Pensacela, Florida, tho-thirds of the Systew's Both road and equipment ate 1 Duting the past ten improver and new equipn atter deducting the cost ot prop wilt Stock h d-\ d. Line Ao | an n der constr on the years of the In sotion vtk & Tait 1 for e Compamy the approca, terstare (Con the fsvvan for the We offer the above Bonds for subscrintion, if, as and when issued and received by s Was equa RS G ra) pe ilway Sy e\t impo! asses tl Application will be made to list these Bonds on the New York Stock Exchange. 18, at 97¢, and accrued interest, to yield about 4.65¢. ove the subscnption at any time without GUARANTY Comp. notice. to reiect any 11-!! fcation and to al & X Pine Sireet, 1. & \Y OF NEW YORK New } S Bonds when tea W.SELIGMAN & Co.