Evening Star Newspaper, September 18, 1928, Page 13

Money Available for FIRST DEED OF TRUST LOANS On Completed Properties and for Construction Use Reasonable Interest and Commission Rates JAMESF. SHEA 643 Louisiana Ave. N.W. LOOKING UP Business is looking up again. Perhaps vour equipment is inade- auate to the increased amount of business. Before you buy new OFFICE FURNITURE You owe it to your office to visit SO0 (he ot etensive dismiay of P (fom ruserd steel and oak to finest period warnut and mahogany. THE W. D. CAMPBELL COMPANY Two Entrances 1018 15th St. N.W. 1508 L St. N.W. Franklin 5660 Safe Guidance for New Investors and men and ted investment experience, find it both safe and profitable to follow the guidance of the bank president, bank di- rectors, business men and pro- fessional men who are the di- rectors of this Corporation. These men select and safegnard the first mortgages behind Guar- anty Securit and place upon each security this Corporation’s own direct and unequivocal guar- antee of princij and interes Tllustrated booklet about Guar- anty Securities mailed upon request. - REALESTATE MORTGAGE & GUARANTY CoRPORATION Capital Resources § 3,400,000 26 JACKSON PLACE Yo;lr Idle Money Invested In Our | First Mortgage Notes Will Pay You Secured on High-class Property 1A Washington and its environs You may buy the entire loan or n Denominations of {5250 and upwards Realtors 1417 K St. Main 9300 , & / Mortgage Bonds Guaranteed ";'4' Safety Insured Mortgage Bonds of the Federal Security and Mortgage Company embody all desirable safeguards for the protection of the -investor’s principal. Secured by mort servatively appraised owner- oceupied homes of the District of Columbia, they are the direct obligations of the Company with resources of over $1,000,000. Independently trusteed by a large National Bank and with underlying collateral _uncondi- tionally gmaranteed by the Cquitable Casualty and Surety Company of New York, with capital, surplus and reserves of over $3,500.000, under the super- vision of the New York State Insurance Department, they pre- sent_an unusual investment with a liberal yield of 6,% net. Maturi 2 to 10 years. Descriptive Circular on Request e cl(i “this “Coupon TODAY_'} ¥ Federal Sccurity ¢ Mortgage Co. '152.)_ K Street N.W, Please send me your circular on, Tnsured Mortgage Bonds., ame.cennnssusnen ‘CAPI' JOVER_ 75 *| hors NEW HIGHS SET IN GURB MARKET Safeway Stores and Ma- chinery Issues Reach Peak in Conflicting Trading. BY WILLIAM F. HEFFERNAN, Special Dispatch to The Star, NEW YORK, September 18.—Con- flicting price movements character- ized trading on the Curb Exchange to- day. The list, however, was not with- out its features on the side of advance and a number of the favorites were carried into new high ground. Safeway Stores made a new record at 684, compared with the previous final of 670. Buying was said to be based on prospects of increased earnings and a prospective recapitalization of the finan- cial structure. Announcement is ex- pected soon of the acquisition by the company of another important Western chain. Sunitary Grocery was another feature among the high priced issues, cqualing its previous high of 400, where it was up 15 points. , Machinery Up. New high records also were estab- lished by Consolidated Automatic Ma- chinery, which sold above the 1312 level, still responding to reports of new in- come business from chain store com- panies. Blaw-Knox at 107 was at its best and up a point from the previous final. Crocker Wheeler crossing 100 gained over 7 ponits to a new top. Wayne Pump at its best was responding o reports that the company Is negoti: ing ior acquisition of two Midwestern manufacturers of gasoline Alling station equipment. Newmont Mining led ils group, cross- ing 175 for a gain of 7 points. It was announced that the regular quarterly dividend had been declared on the stock today. Golden Center was again active, but met profit-taking. The oils failed to follow through with Monday's rally, but absorbed profit-tak- ing fairly well. Among the motors Stutz was in urgent demand at a new high for the year and Durant worked frac- tionally higher. Specialties were fea- tured by a mew top for McKesson & Robbins common, a gain of almost & point in Raybestos, which went to a fresh high, and an active demand for Bastian Blessing. Stutz Hits Peak. Mixed price changes characterized the curb opening, although the upward movement ruled. A new high for the year in Stutz Motors featured the motors group, while Safeway Stores, responding to reports of another important acquisition, we) to a new top at 675. Curtiss Ael rights reached their best in sympathy with the strength in the stock on the big board. Consolidated Automatic l!:‘{nfihmery, crossing 13z, reached a new igh. The ofls again were active, although improvement was confined to small fractions in most instances. Interna- tional Petroleum, Standard of Ken- tucky, Prairie Oil & Gas and Vacuum were the features. Newmont and Golden Center led the mining issues. NOSE DIVE KILLS FLYER. Student Pilot Injured When Plane Crashes Into Tree. OLEAN, N. Y., September .18 (P).— Earl Miller. of Olean. was killed and Kenneth M. Guinnip, a student pilot, was seriously injured Sunday night when their plane crashed into ~the top of a tree on the bank of the Allegheny River, about a mile east of here. Spectators said the plane had been flying at a height of about 1,000 feet, when it nosed down, apparently with the intention of landing on a private air fleld. When within about 200 feet of the ground the plane went into & nose dive. The engine is believed to have crushed Miller, who was found dead. Guinnip's fall apparently was broken by the tree branches. He was brought to a hospital here. NEW YORK PRODUCE. NEW YORK, September 18.—Hudson Valley six-basket carriers of tomatoes wholesaled at 3.00a3.50, occasionally 3.75 on the finest, 1.50a2.50 on the ordinary and fair quality. Tomatoes from Colo- rado wrapped in tissue paper and in lugs holding approximately 30 pounds commanded 1.75a2.00 for the best, while California’s best offerings realized 1.25. Upstate New York Copenhagen cab- bage in bulk brought chiefly 35.00 per ton for the best and around 30.00 on unattractive stock. Elberta peaches in bushel baskets from the western part of the State ped- dled out at mainly 1.75a2.25. Hudson River consignments sold within the price range of 1.25a2.50.. Twelve-quart baskets of Moore early grapes jobbed out at 60a75. Cauliflower from the Catskill Moun- tains brought chiefly 2.00a3.00 per crate. Occasionally some extra fancy large reached 3.50, while some poor small lots sold down to 1.00. Colorado cauliffower cha'nged hands at mostly 2.00a2.50 per crate. Crates of 24 heads of big Boston let- tuce wholesaled mainly at 75a1.25. In few instances sales were reported as high as 1.75. Some inferior lettuce, how- ever, worked out as low as 25. ———— Raw Sugar Qui'et. NEW YORK, September 18 (#).—The raw sugar market was quieter early today, with no sales reported. Sugars were offered at last paid prices of 4.02 for spots, duty paid. Raw sugar futures opened 1 to 3 points off under liquida- tion prompted by the disappointing showing of London and increased offer- ings in the spot market. Race Horse Owner Dies. FRANKFORT, Ky. September 18 (/). —Col. J. Swigert Taylor, 74, owner of “Scotlant stock farm and of “Scot- land Belle,” and a number of other race and for years associated with his her in the manufacture of “Old Taylor” whisky, died here yesterday. "DIVIDENDS. Regular, Rate riod. able, BRI Hidrs. of Assoc Gas & Fl Conde Nast Pul Dan A Corp st Bf. Do. 2d pf... Wsteht (W Pla Lion Oil_Refin Mount_ Gulf _Oil N Bradford Ol N Mex Pur & Dev...d 0. b Novadel ~ Proces: Phila Rap Trans. 0. pf o P Sound PAL'p or pt Spg Val Water 315 Web ‘Holding " Corp. . .8 Can Dry Ging Al G Rap Metalcraft Peduc W W 6% bl Gas & Flec Sec..... *Bavable in cash or 510Cke . NEW YORK CURB MARKET Received by Private Wire Direct to The Star Office Following is a list of stocks and bonds traded in on the new York Curb Market today: Sales in INDUSTRIALS hundreds. High, Low. Close. 2 Acciol Prod . a8z 28" 28 2 Amer Chain ... 2Am Cyanamid B! 11 Amer 7 Amer 24 Amer 1 Amer 1y Amer L 1 Amer Fence. .. Nitra 0 3 Com 34 Cons rovie.. 3 Cons Auto Mer. pfd.. § Consol_Laund 38 Copel Prod A 1 Courtaulds Ltd ! 1 Guneo 69 Cartiss 10 Forkan Co : 4 Foundation For A 333 Fox Theaters A 7 Gobel A ne 22 Gold Dust rts. . 3 Gold ygrade 8 Imperial Tob ... 1Imp Tob Can xd. Strs 51 Ital Superpow deb Fis St 3 1Kaynee .. 8 Kemsley Milib 4 Marmon Mot.. 2 Massey Harris . 80 Mavis Bottling. 1May Drug Str .. 1 May Hostery pfd 11 McKesson & Ro W Steel.." N ¥ Hamburz 1New York Merc 14N Y Tel Co_pf 5 Nichols & Shep.. [, 5 Nichol & Shep War. 39 Niles' Bem Pnd 1Nova Pro pt pid 1 Parafine Co_ . 14 Penney A pfd’ Penn Ohio Ed. ... «Pern O Ed 65 p «Penn O Ed p pfd.. i Penn O P 65 pi. o H L pid 7 Rainbow Luminous.', 61 Ray Bestos.... 3 Repetti~ Caxdy 3 Revnold pfd 4 Riverside P &M i 4 Ross Gear & Tool Xd 3474 5 28 ver T & Bres. 1Singer Mfg Ltd &L outhern lee & thern Stores ... Bro 1 5 38 10 (] 3 i ’ e | 05 41 1; Stand P & L pfd 18tix Baer & Co. 1 Stroock. 10 Toddy vtc . 10 Transcon Air Tr: X Fict 5 Tung Sol L'A 8Uni Biscuit B S For & Sec' ! S Freight 8 7'd § Gypsum .. 7 8 Gypsum s . irs B i niv 8 Ut 18 Uil 2W Prof ... 72 P & LVic B Shar ... t & Bond B, cen . ire Woodworth Tnc 2Yel Taxi CN ¥'nil 7 Youns Spr & Wire. 12 Zonite ... Sales in MINING STOCKS. hundreds 1 Runker Hill 128 12 22 20 8 Cresson Gold 95 20 Divide Extens ! 1 Dolores Esper . 9 Eng Gold M Ltd 1 10 fd opper.... . :.. Il Por M Ltd.. rrior. s h 22 Columbia Syn 1 Cons Reyalt: 90 Creole Synd . 2 Crys ¥ _Pete . A G & F 7s pf xd Pa xd...... 12 23 Pantepec Oil." 13 Relter-Foster d 2 Woodiey Pet. Sales in units. Am_Oil 19% 19 3 [ Ol - ocrsoahe 103 land P I 8 O pfd old 00 O 500 Sou W Penn PL xd 80 380085 O Ind . 60 S O Kansas 6008 O Ky ... 050 8 O Ohio 2400 Vacuum Ofi.. BONDS. Sales in thousands. 20 Abitihi P&P 55 A. 10 Ala Pow 4! , 1Cinn G 1 Cincin 8iis 98 Houston Gulf G 65 A 9615 58 Ind Oll & Gas 65 10470 30 Indlan P & L 55 A 4 Intl Pow Sec s B 7Infl Sec Amer. 5 8 Intersta Pow .55 22 Kelvin Corp 6s .. 2 Kendall Co 5148 Wi 13 Kov Gas & Coke 5 3 Solvay Amer 55 A 18ou Cal Ed 5 '4d 10 Sou Cal Ed 5s 7 8ou Cal Ed 2 2 South Cal G 85 ‘37 18au Asbestos 6s.." 1 Southw P ¢ L 65 A 4 Western 1 Wheeling Sales FOREIGN BONDS. in thousands. 1 Adviatic Elec 78 ... 1 Agrl Mor Ba 7s 'é6.] 1 1 Pr Co 6% n Tel 70 4 Danish Col Danzlg Fort 6.5, Estonla T8 ..l Eur Mtg & nv Frankfort 6'.s Free St Prus 6s Gelcen Min 65 STANDARD OIL ISSUES AND FOR- MER SUBSIDIARIES - STOCKS. 19% 19 Ger Cons Mu Ger Cons Mun 6 6015 36 Ger Pr & Com 6 893 100 : 93 Hal Suerpow 6s 8 3 Leon Tietz C 735 ww 103'% 5 Lombard EI 7s A ww 93 5 Lombard EI 75 A ww. 0t 8 Mansfeld M&S 7a '41. 102 2 Mendozs_ 728 'S1..... 12 Minas Geraes 6133 . 12 112 942 91'% When issued. n—New ww—With warrants. WHEAT TRADE QUIET, WITH PRICES LOWER Chicago Selling Based on Liver- pool Weakness—Corn Under Pressure. Special Dispatch to The Star. CHICAGO. September 18.—Wheat trade was quiet today with prices a trifie lower on local selling, based on weakness in Liverpool. After the first half hour September was 1.08%, De- cember 1.13'; and March 1.17%. Corn was lower under local pressure, September 1.021;, December 763 and March 78'4. Oats sold off, Septermber 413, De- cember 41% and March 435, Lard was 5 cents lower. At midaay September was 1.08!5, De- cember 1.13%; and Mu 1.17%. Liverpool closed 5y to %3 lower, af- fected by the increased Canadian move- ment. Winnipeg receipts today were 2,045 cars. Likewise the movement in our Northwest was heavy, with Duluth getting 1,660 cars and Minneapolis 352. Minneapolis stocks increased 1,125,000 bushels for three days. September corn trade was light and the market erratic. At midday Septem- ber was 101'y, December 7534 and March 77%. Cash-corn basis was steady owing to light receipts of 88 cars. Oats were ecasier in sympathy with other grains. Shipping demand was slow. At midday September was 41%, December 4153 and March 43%. CHICAGO, September 18 (A).— WHEAT— . Low. September ....ovees 100 CORN- September December March September December March May September October 1B September . October .. Newton Co. l-[ike; Dividend. YOUNGSTOWN, Ohio, September 18 ().—Directors of Newton Steel Co. to- day increased the quarterly dividend on its no par value common stock from 62! cents to 75 cents. Robert C. Wil- son of Pittsburgh was elected a direc- tor. “The common dividend is payable September 30 to stockholders of record September 20. NEW ISSUE Dated August 1, 1928 Redeemable on the first day of any month on thirty d: accrued interest in each case. Coupon bonds in denominations of $1,000 and $500 with privilege of regis SOUTHERN STORM AFFECTS COTTON Prices Fluctuate With Conflicting Reports of Damage to Crop. Special Dispatch to The Star. NEW YORK, September 18.—Cotton prices recorded a further advance of iy during early trading today, as a result of the Southeastern storm dam- age, but lost the gain by midday. Fears that the storm might damage cotton open in the fields inspired more general covering operations, so that December sold at 17.80, which was 45 points from low levels of the movement. This advance, however, brought the market under aggressive pressure from hedging operations, and the greater part of the quarter-of-a-cen gain made this morning was lost by midday. As weather continued extremely favorable for picking and the rapid marketing of the crop in other sections of the belt, a steady stream of Southern hedging orders poured into the New Orleans and New York exchanges and operations of this character supplied tens of thousands of Wles of contracts. Every upturn met blocks of contracts, spot interests distributing October con- tracts steadily only a few points over December, while houses with Southern connections were persistent sellers of distant deliveries, MERIDIAN HILL PARK CONTRACT AWARDED $75,000 Allotted for Construction of Proposed Improvements, In- cluding Reflecting Pool. A $75,800 award for construction work in the lower terrace of Meridian Hill Park was made today by the Office of Public Buildings and Public Parks to the Charles H. Tompkins Co. Col. U. S. Grant, 3d, explained that the work, which will entail the construc- tion of a reflecting pool and a large amount of pavement and walk, will take about nine months. In conjunction with this work it is expected that the foundation for the Buchanan Memorial, which will face the reflecting pool, will be set in place some time during the Winter. The awarding of this® con3truction work marks another big step forward in the program for beautifying the park which serves a densely populated area north of W_street and east of Sixteenth street. Later on a beautiful cascade will be constructed and when fully completed water will tumble down from the upper gardén near the Joan of Arc statue into the lower terrace garden. SAVINGS REACH PEAK. Deposits in Baltimore Mutual Ac- counts Total $183,584,146. BALTIMORE, Septembér 18.—Sav- ings deposits at Baltimore mutual banks at the end of July were at the highest level on record. Totaling $183.584,146, they were $16,005,673 ahead of the same date last year and approximately $22,- 000,000 above January, 1927. Such deposits have increased each consecutive month for more than two years with only one exception, that of last June. In that instance the decline was ascribed by bank officials chiefly to the withdrawal of money for specu- lative purposes, the decrease occurring FINANCIANY Commodity News Packing House Goods. CHICAGO, September 18 —Bacon, ham and picnics are leading the pack- ing house trade, with demand reported by packers to be very active and prices firm. ‘There is also reported to be a widespread ordering of dry salt meats. Ore. CLEVELAND, September 18.—Orders have just been closed for 100,000 tons of ore, which makes about 700,000 tons contracted for the past six weeks. The additional orders mean 'about 11 big cargoes for the fleet and with the 600.000 tons previously booked, give the ship- pers a considerable backlog of business for this period of the year. Cleveland docks lead in ore received in August and the season. In August the carriers un- loaded 1,744,600 tons here, which brought the total for the season to 5,212,482 tons. Conneaut ranks second and Ashtabula third in the amount of ore received. ‘Wool. FORT WORTH. September 18.—The first car of this Fall's mohair has left Lampasas for Eastern mills. The 1928 clip will exceed iast year's by a large percentage. Prices continue satisfactory. Shearing is general everywhere in the Mohalr districts. ? Steel. YOUNGSTOWN, Ohio, September 18. —Setting in of Fall has failed to bring any falling off in orders to local steel fabricators, who are continuing on firm operating schedules. Truscon Steel Co. and Youngstown Boller & Tank Co. are at full capacity. while General Fire- proofing is on a 99 per cent schedule. Rubber. AKRON. Ohio, September 18.—Oper- ations-of tire and ruhper factories in the Akron district are continuing on a sat- isfactory basis, with predictions of excel- lent Fall weather brighiening the out- look. Chicago Produce CHICAGO, September 18 (#).—But- ter lower; receipts, 11,875 tubs; cream- ery, extras, 46; standards, 45%; extra flrs"s, 45a45'; firsts, 43a44; seconds, 41 24215, Eggs unchanged; receipts, 12,231 cases. Poultry alive—Easy; receipts, fowls, 27; Springs, 28; broilers, roosters, 18; ducks, 23; geese, 18. BOSTON WOOL. BOSTON, September 18 (Special).— Some houses advanced their asking prices in the Boston wool market today as a result of a broadening of demand on some grades, but most dealers main- tained last week's prices. Fine territory was quoted at 1.12al.15, clean basis: French combing at 1.05a1.08, half blood at 1.08a1.10, three-eighths blood at 1.05 a1.07 and quarter blood at 97a1.00. Fine Ohio fleeces were quoted at 47ad9, grease basis: half blood at 50a55, three- eighths blood at 55a56 and quarter blood at 55. — Ford Seeks Rails. NEW YORK, September 18 (#).— The Ford Motor Co. is in the market for 13,000 tons of rails for the Detroit, Toledo & Ironton. The Chesapeake & Ohio is Inquiring for 45500 tons and the Hocking Valley for 6,500 tons. Gulf 0il Buys Terminal. NEW YORK, September 18 (#).— Gulf Oil Onryont!on has bought the Keene & Wolf refinery on the Houston Ship Canal for a bulk terminal. The at a time when the Spring bull market in stocks was at its crest. plant covers. 37 acres and has 650 feet RAISIN MEN BLAMED FOR GRAPE CRISIS: Three-Day Shutdown Due to Over~ production and Car Shortage Traced to Dry Law. BY BEN G. KLINE. Special Dispatch to The Star. SAN FRANCISCO, September 18— The raisin growers are being blamed by the wine grape vineyardists for the crisis that has hit the juice grape in- dustry of this State as the peak of production was being reached, caus- ing an unprecedented three-day shut- down on out-of-State fresh grape ship- ments, when those shipments were nearing 2,000 carloads a day. The present situation in the industry involves the complicated conditions of Volsteadism and overproduction of at least some varieties. It vitally affects the State's pros- perity because of the huge acreage in- volved in the $60.000,000 crop, and it exhibits a scramble for markets which ultimately end in the houscholder’s wine cellar. H. F. Stoll, editor of the California Grape Grower, in an editorial which has caused wide comment, pointed out that the raisin growers, then experienc- ing_war-time prosperity, did all they could to help bring about prohibition and “wipe out the juice grape vine- yard.” ¢ Later, according to Stoll, the raisin industry went o & tailspin and the growers climbed on the juice grape band wagon, shipping great gquantities East and selling them at low prices, to }”I made into “non-intoxicating fruit uice.” “Naturally,” states the Grape Grower editor, “the wine and table grape grow- ers of California cannot be blamed for being peeved at these dry raisin grape growers for shipping their grapes in fresh form, instead of drying them, and monovpolizing a large quota of refrig- erator cars.” Mr. Stoll cites New Orleans, which, he says, before prohibition, used over 3,000,000 gallons of California wines, but which now takes only a few car- loads of juice grapes and makes its various beverages from raisins and col- ors it red with anliine dye. The raisin industry, despite its con- tributions to the cellars of the Nation. is in difficulty now because of apparent overproduction, but it gets no sympi- thy from the growers of wine grapes. PRI FLOWER BULBS. Baltimore Receives 2,000,000 Frem Holland in Week. BALTIMORE, September 18.—More than 2,000,000 flower bulbs from Hol- land arrived in Baltimore last week, bbreaking all previous records for weekly arrivals of this article, according to Charles E. Prince, inspector in charge of the plant quarantine and control office here. Baltimore is the port of entry for practically all of the United States for flower bulbs, Mr. Prince said. Of the 715 cases only 53 are for use in Mary- land. The balance will be transhipped by rail to every State in the Union, ex- cept to California and Washington, his records show. Some also will go to Cuba and Porto Rico. Spring Valley Water Co. Gains. NEW YORK, September 18 (#).— Surplus of Spring Valley Water Co., for 8 months this year, after dividends, was $181.273, against $127,964 in the same period of 1927. SILVER QUOTATIONS. NEW YORK, September 18 (#).—Bar of water front. $5,000,000 The Utilities Service Company First Lien 6% Gold Bonds, Series “A” * notice at 105 through August 1, 1933 and thereafter decre Interest payable February 1 and August 1 tion as to p 8 1% each five-year period, ncipal. Interest payable silver, 567:. Mexican dollars, 43. Due August 1, 1953 plus hout deduction for Normal Federal Income Tax not to excecd % per annum. The Company will efund toresident holders, upon proper and timely application, Minnesota 3 mills Nebraska, Kansa Connecticut, Vermont and Rhode Island 4 ls taxes; Maryland 434 mills tax; District of Colum Kentucky, California and Virginia § mills taxes; New Hampshire State Income Tax up to 3% of interest per annum; Michigan § mills Mortgage Exemption tax and Massachusetts Income Tax not exceeding 6% per annum on the interest thereon. THE SEABOARD NATIONAL BANK OF NEW YORK, TRUSTEE Mr. Everett W. Sweezy, President of the Company, summarizes from his letter describing these bonds as follows: BUSINESS AND PROPERTY: The Utilities Service Company, incorporated under the laws of the State of Ohio, has acquired substantially all of the capital stock and obligations, except current indebtedness, of twenty Ohio telephone companies and four ice companies. In addition, it has acquired a controlling interest in The Lima Telephone & Telegraph Company. It also has a quired substantially all of the capital stock of The Stark Electric Railroad Company which in turn holds all of the outstanding common stock (except Directors’ qual- ifying shares) of The Alliance Power Company. The ag- gregate population of the territories served, all situated Jn prosperous and populous districts of Ohio is approx- imately 800,000. CAPITALIZATION:: First Lien 67, Gold Bonds, Series “A” (this issue) ¢ Authorized Outstanding $5,000,000 Ten-Year 6149 Converti- ble Bonds, Series ‘‘A” Unpledged . Bonds Gold Debenture 3,000,000 and Minority Stocks of Oper- ating Companies Preferred Stock, No $7 Cumulative ........... Common Stock (no value)... ...100,000 shs.t - 1,994,000 Par 10,000 shs. par .100,000 shs. 100,000 shs. *Limited by restrictive conditions of the Trust Agreement. 133,000 shares reserved for conversion of $3,000,000 of Ten- Year 6%% Convertible Gold Debenture Bonds, due August 1, 1938, Series “A", SECURITY: The First Lien Bonds of the Company, in the opinion of counsel, are secured by a first lien on the capital stock of the underlying companies pledged under the Trust Indenture. Upon the completion of this financing, $1,121,600 of divisional bonds, $513,800 of preferred stock, and $358,600 of common stock of two operating companies will be the only underlying securities outstanding with the public. Price: 99%. and accrued interest, to yield over 6% ‘We recommend these bonds. Call or write for Circular. olorado, VALUATION: The depreciated value of the properties of the operating companies as estimated by independent engineers is reported in excess of $12,500,000. Such valuation, after deducting underlying securities together with minority stock interest in The Lima Telephone & Telegraph Company, indicates a property valuation available to the stocks more than $10,000,000. pledged under the Indenture of CONSOLIDATED EARNINGS: (As prepared by Messrs. Haskins & Sells, Certified Public Accountants, for the 12 months ended May 31, 1928, and after giving effect to acquisition and present financing.) Gross Earnings. . $3,361,206 Operating Expenses, including Mainten- ance and Taxes other than Income Taxes, but excluding Depreciation.. NOOBASDNGE....cisiaiicisccciamosionssiiiin 2,392,286 $ 968,920 Interest on unpledged Bonds of operating Companies and minority stock charges Net Income.... Annual Interest Requirements: $5,000,000 First Lien 69, Gold Series ‘‘A” (this issue)........... 140,354 $ 828,566 Bonds, 300,000 $ 528,566 Consolidated Net Income as above is equal to over 2.75 times the annual interest requirements on these First Lien Bonds, without eliminating non-recurring charges or giving effect to savings to be effected by the combined management of the properties acquired. RESTRICTIONS: These bonds are issued in accor- dance with the terms of the Trust Indenture which contains adequate clauses, approved by counsel, for the protection of the bondholders the offering circular). (more fully described in PURPOSE OF ISSUE: The proceeds from the sale of these bonds and junior securities have been or will be used for the acquisition or retirement of the securities of the operating companies acquired and for other cor- porate purposes. S. W. STRAUS & CoO. LbVE, MACOMBER & CO. Washington INCORPORATED statistics herein con! New York itained have been obtained from sources which we regard as. ‘representations. ‘The information and reliable,but in no event are the statements herein coatained to be regarded as our