Evening Star Newspaper, October 23, 1928, Page 13

CABLE COMPANIES SHOWING BIG GAINS Firms Undertake New Activi- ties Following Advent of the Radio. BY J. C. ROYLE. Speclal Dispatch to The Star. NEW YORK, October 23.—Between 175,000,000 and 200,000,000 words will have been transmitted by American telegraph companies over transoceanic cables in 1928. Officials of telegraph companies cited that fact today to show that radio has not injured the telegraph and cable business. On the contrary, as has been the case in many other industries affected by new inventions and methods, it has spurred activity and increased earnings. This assumption is supported by ac- knowledgment today that negotiations have been in progress looking toward possibility of a merger between the Western Union Telegraph Co., which «does more than half of the transoceanic cable business, and the Radio Corpora- tion of America. Such a merger would combine the peculiar advantages pos- sessed by each type of communication. Further comment on the proposed merger is refused by officials of the telegraph company. Surplus Increased. Many of the uninitiated thought the telegraph companies would never lay another cable after the perfection of radio transmission. Yet one of the world’s greatest cable lines has just been completed from Bay Roberts, New- foundland, to Horta, Azores, to handle the business developed with Germany, Italy, Spain, Portugal and Africa. The leading company does not seem to have been adversely affected finan- clally, since it has increased its surplus from $51,814,706 in 1923 to $78,528,581 in 1928. ' Cable traffic since 1913 has risen 300 per cent. In addition to the Horta cable, which cost $2,000,000, this company has bullt two other cables, all of which can transmit 1,000 letters a minute as compared with 240-over the | ., the ‘old-style cables. In fact, to navi- gators there is a section of the ocean COMMODITY PRICE - AVERAGE SHOWS DROP Special Dispatch to The Star. NEW YORK, October 23.—In con- trast with the record high average gflm of stocks which has been made week to week during the past month is the decline in the same period in the average price of commodities, now lower than at any time since July. This is one of the stabilizing fea- tures of the general credit situation and accounts for the fact that the cost -of money to commercial borrowers is relatively low, while that to borrow- ers on speculative securities averages higher than for the past seven years. In the last broad period of speculative activity, commodities and stocks were rising together and the prices fixed for money to finance business were very nearly as high as those demanded for the sccomodation of Wall' street. It is the belief of those who make a close study of the situation that com- modity prices are on the decline and that during the next few years there will be witnessed a decided lowering of the average of commodities, compar- ed with that now existing, although meantime there may be movements in special groups that will keep the aver- age fairly high for a while. The state- nent of Secretary of Commerce Whiting that business in the United States, with the single exception of the tex- tile industry. is at the highest level in its history and check payments are larger than ever before, gives weight to this theory; for although demand for commodities and manufactured goods is unprecedented, average prices fail to show the effect of it. The first of the September railroad earnings do not measure uo to expec- tations. Except for the Erie, whose gross and net were both larger than a year ago, the returns elsewhere indi- cate a falling off in business in the lo- calities where the earnings were cre- ated, For instance, ‘the Soo Line a decrease in gross of €150,000 and a net loss of $85000. The Lackawanna shows the effect of a smaller move- ment of anthracite in a gross loss of about_$375,000, nearly all of which it ‘was able to absorb by reducing operat- ing expenses. The president of the Chesapeake & Ohio stated that the gross revenues of his road would be 8 per cent under those of last year and thetmrpl\u after: charges off 12 per n ‘These results represent too ‘bed between America and Europe known as the cable plateau because of the number of lines which rest on the sea floor there. Radio and submarine cable means of Communication have distinct and sepa- Tate purposes. “Radio has increased the volume of communications,” said Newcomb Carl- ton, president of the Western Union. *It has stimulated service and developed trade by radio circuits to countries where cables are less effective because of the terminal delays with connecting land wires.” Stimulation of Business. Some idea of the extent to which cable communication has been stimu- lated can be judged when it is known that one American company alone transmitted 11,000 words in one day on the arrival of the Graf Zeppelin. One company already has been notified that it must provide for transmission of at least 15,000 words on the presidential election to foreign countries. y the as holi- g7t o, g ey Sl e facilities will be taxed to the Hm.lt.p small a of the total railroad mile- age of the country to be typical and will be balanced by known gains of systems that have yet to make reports. RECORD QUARTERLY PROFITS. NEW YORK, October 23 (#).—Rec- ord quarterly earnings are reported the Commercial Credit Co. for months ended September 30. Net in- come, after Federal taxes, was $1,208,- 656. After $339,962 for preferred divi- dends, including those of affiliated com- panies, the remainder applicable to the 680000 shares of no-par common stock outstanding totals $868,604, or $1.27 per lh:dr;’. !nnlnbt: x;; the nine months ended September 30 were reported as $2.82 per share. Acquires Radio Stock. CHICAGO, October 23 (#).—An- nouncement that the Rudolph Wurlitzer Co. has acquired a substantial interes$ in the All- in Mohawk Corpora~ tion, radio manufacturers, was mede today. No changes will be made in the executive personnel of the companies. by the three | X THE EVENING STAR, WASHINGTON, D. C. TUESDAY, OCTOBER: ‘23, 1928. PUMPKIN ARRIVE FORHOLIDAY TRADE Squash, Okra and Cucum- bers Also Appear at Mar- ket Here. Local dealers today had attractive dhpl:lva of pumpkins of all sizes and varfeties for the Halloween holiday trade, prices covering a wide range of from 15 cents to $10. The most expen- sive of the supplies were first and sec- ond prize winners at county fairs, chief- ly at Prederick, Md. Pumpkins of all sizes are much higher this year than usual, due, it is stated, to weather conditions and insects. at- tacking the vines. Small pumpkins that sold at a dollar a barrel last year, deal- ers said, were bringing $3 today. Some of the show pumpkins, it was stated, weigh well on to 100 pounds. White and yellow squash, okra and cucumbers, first of the Florida Fall vegetables to appear in the local mar- ket, were offered the trade yesterday and today. Large crates of the squash were quoted at $4, $4.50 and $5 a crate. The cucumbers, of exceptionally fine quality, brought $5 and $5.50 a crate, Alabama and Texas cucumbers, not quite 8o fancy, it is stated, selling at $4 and $4.50 a crate. Bushel baskets of okra brought $4 and $4.50. Dealers on the country line had fairly heavy receipts of Fall vegetables, while across the street dealers this morning| g had their usual attractive displays of fruits and vegetables. Tomatoes from neat growers were quoted at $¢ a bushel, fancy stock from California sold had | according to size and condition. Kale, not quite so plentiful, sold at $1 a basket, the price quoted for spin- ach, Cut-off turnips were offered at $1.50 a bushel, bunch stock selling at 3 cents. Radishes were 2, beets and car- rots 4 and parsley 5 cents a bunch. - A continued firm condition of the butter and egg market was reported, price of current receipt eggs showing & slight advance. Butter prices remained unchanged, and there were but little changes in the meat and' poultry markets. Today’s Wholesale Market. Butter—One-pound prints, 48a49; tub, 47a48; store-packed, 30a32. Eggs—Fresh, selected, 45a48; hennery, 80a52; current receipts, 44 ltonge. 35. Poultty, alive—Turkeys, 35a40; Spring horns, 27a28; eats, young, 60a80; old, 30. Dressed— “Turkeys, 40a45; Spring chickens, large, 38a40; small, 38; Leghorns, 27a28; capons, large, 42a45; small, 30a35; ducks, 20a30: keats, young. 80a1.00. Meats, fresh killed—Beef, 22a27; veal, 25a26; lamb, 25a26; pork loin, 25a26; fresh hams, 24a25; fresh shoulders, 22a 23; smoked hams, 26a27; smoked shoulders, 21a22; bacon, 22a24; lard, 15%. Live stock—Calves, 15; lambs, 13. Fruit and Vegetable Review. ‘The daily market report on fruits and vegetables, compiled the Market News Service Bureau of Agricultural Economics, says: Apples—Supplies liberal; demand light, market steady; boxes, Washing- ton, extra fancy, Delicious, medium largs size; 3.50: fancy, Delicious, 3.00a 3.25; bushel baskets, d and Vir- gnls. U. 8. No. 1, 2, inches n& rimes, 1.25a1.50; 2% inches u; 1.5¢ 1.60; 3 inches Staymans, 1.25a1.50; e eppiios moderats; demand Cabbay pp! lerate; deman: light, market steady; New York, 80-100 B ey 3 261" Virginta,” barrel , fair condition, 2.00. Celery—Supplies demand light, market steady; crates, mostly 3.00; California, crates, 5.50. Grapes—Supplies * liberal; ~ demand light, market steady; California, lugs, Flame Tokays, 1.50a1.75; Eastern stock, New York, 12-quart climax baskets, Concords, 50; 2-quart climax baskets, Concords, - 15a16; few 17, Michigan, 2-quart climax baskets, Concords, 15. .25, crates, round t; Lettuce—Supplies light; demand mod- | ing erate, market steady: California, crates, Iceberg type, 4-5 dozen, 5.2585.50. Onions—Supplies moderate; demand light, market dull; Michigan, 100-pound sacks, yellows, U. 8. No. 1, medium to large size, mostly 3.75; some medium size, 3.2523.50; Ohio, 100-pound (acks ge_;;om, U. 8. No. 1, medium size?3.65a Pears—Supplies light; demand light, market dull; New York, bushel baskets, Seckels, No. 1, 2.50a2.75; Bartletts, No. 1, 2.0082.25; few 2.50. Potatoes—Supplies moderate; demand light, market steady; Pennsylvania, 150-pound sacks, round: whites, U. S. No. 1, 2.00a2.15. 4 Sweet potatoes—Supplies light: de- mand light, market steady; East Shore, Virginia, cloth-top barrels, yellows, No. 1, 2.50; bushel hampers, yellows, No. 1, 1.00. Cauliflower—Supplies moderate; de- mand light, market slightly weaker; Western Statés, pony crates, 2.00a2.15; some ordinary quality and condition, 1.50a1.75; New York Long Island crates, mostly 3.00. csmu—-Supalm moderate; demand ”%’5"3'5‘5‘“‘" steady; California, crates, .00a3.25. 4 ‘Tomatoes—Supplies moderate; de- mand light, market steady; California, lugs, ripes, wrapped, 2.25a2.50; few, 2.75; overripe, soft, 1.00a2.00. EARNINGS REPORTED. NEW YORK, October 23 (#).—Allis- Chalmers Manufacturing Co. of - New York reported today net profit for the first nine months of $2,223,631, com- pared with $1,881,406 in the corre- sponding period of 1927. Net profit for the third quarter was $743,623, against $776,709 in the same period 1927. Net income of the Electric Power & Light Corporation of New York for the year ended June 30 was equal to $2.05 a share on 1,796,726 no par common shares, against $1.91 on 1,775,844 shares in the preceding 12 months. ‘The Evans Auto Loading Co., Inc., of Detroit reports net income of $642,798 for nine months, compared to $512,430 in the corresponding 1927 period. Net income of the St. Louis, Rocky " | Mountain & Pacific Co. of Raton, N. Mex., for nine months is equal to $1.08 a common share, against $1.06 in the first nine months of 1927. Howe Sound Co.-of New York, hold- ing company for mining interests in Canada and Mexico, earned in the past nine months $3.81 a share, against $3.40 in the same 1027 period. . Illinois Northern Utilitles Co. of Dixon, I, for the year ended Septem- ber 30 reports net earnings of $883,677, against $897,422 in the preceding 12 months. Net income of the Wisconsin Power & Light Co. for the year ended Sep- tember 30 was $1,742,734, compared to $1,512,431 in the preceding year. Only 1 in every 10 communities in Hungary has a motion picture theater. WHEAT IS HIGHER IN INITIAL SALES Market Shows Firmness on Com- mission House Buying. Corn Is Easy. By the Assoclated Press.’ CHICAGO, October 23 —Despite Liv- erpool quotations lower than due, wheat prices here advanced a little higher early today. Commission house buy- of Chicago future deliveries of wheat developed on setbacks, and gave firmness to values. Opening unchanged to i4 off, Chicago wheat soon strength- ened. Corn and provisions were easy; with corn starting unchanged to. %a up, but subsequently undergoing a mod- erate general setback. Oats held steady. Falling off in the volume of domestic wheat arrivals Northwest helped to bring about ‘better demand here at times today for wheat future deliveries. Total receipts of wheat today at Min- neapolis, Duluth and were much smaller than either a week or a year ago, amounting to but 955 cars .| today, against 1,924 cars on the cor- responding day last week. In some quarters, failure of railroads to sup}aly cars was given as a reason today for curtailment of domestic wheat arrivals Northwest. Another cause as- signed was that farmers are busy with Fall work. Meanwhile, trade reports were cur- rent that increased buying sbroad was expected soon to have a steadying ef- fect upon world prices of wheat, and that in fact Germany is buying freely as native offerings are light. s LOWER MEAT PRICES IS U.'S. EXPERT’S AIM Lower meat prices to the consumer, higher returns to the live stock ucer and a profitable business to packers and tradesmen engaged in supplying meat— and “all at the same t?nu"—wu the goal which Dr. John R. Mohler of the United States Department of Agricul- ture set forward in his address on the topic “Meat for the Masses” before the convention of the Institute of American Meat Packers at Atlantic City. “This goal,” sald Dr. Mohler, who is chief of the Bureau of Animal Industry, “is not altogether unattainable. The solution lies in more vigorous action to eliminate waste.” His address was in large part an effort to point out some of the ways in which the meat business could be cond;x;ted more satisfactorily to all con- cern: In general Dr. Mohler commended the system }mvnmnz at the public stock- yards of the country, where nearly 90 miltion food animals are handled year- ly. Better records, more accurate weighing and more complete informa- tion on the necessary costs of stock- yard operation ' were . points which he considered capable of improvement. T. S. TREASURY RECEIPTS. ‘Treasury receipts October 20 were $9,131,849.09; expenditures, $18,081,- 31,51; balance, $263,107,980.78. Gomeany. Allied Inf Nat Bllngly. Ontario_ Bte 80 Got Pow Commodity Notes Packing House Products. CmCAG‘mOirchber 23.—Packers here factory at present. The lamb trade in shown activity and bemlam:ud for smoked meats at the readjusted price level. Beef demand is slack. Coal. ‘WILKES-BARRE, Pa.—Stock piles of anthracite plled up for months wait- ing a better market now are being load- ed by steamn shovels at mines . near Hazleton, Steel. 3 PITTSBURGH.—Ingot production is now proceed! at about 90 per cent of capacity in t! section. The pig iron market has grown stronger. . L Cranberries. PORTLAND, Oreg. — Washington cranberry growers and those of Oregon are selling their crop as fast as poufble :ll;l:y orders blel! connxm din hfasoer than can confirmed by growers. ‘Prices have advanced 50 b . ced 50 cents a box at RAIL FREIGHT INCREASES BALTIMORE, October 23 (Special).— The Western Maryland Rlnrm thus far in October has handled a larger }rolume d?; Irel.l‘x:d,‘.tluflt it did in the cors "espon per ast year, and earn- !nnm &;‘ulfllmfi:‘h&mmwk e for b4 ; any mon! year up to Receipts from tonnage other than coal were $63,370 larger than for the first half of October, but due to loss in coal shipments amounting to $44,853 Iul:: shrinkage in other classes of traffic, anaf in total earnings was only 'flw'flrop in coal shipments was smaller than in any. corresponding pe- riod this year, amounting to not more than 11 per cent, against an average of 26 per cent from January 1 to Octo- ber 14. The gain in total earnings for the first two weeks in October was"1. per = RIS SILVER QUOTATIONS. NEW YORK, October 23 (#)—Bar sllver, 577. Mexican dollars, 43%. COTTON IS STEADY IN EARLY TRADING Slight Declines Follow Selling Due to Warmer Weather, Forecast. By the Assoclated Press. NEW YORK, October 23.—The cot- ton market opened steady at an ad- vance of 7 to 14 ts in response to relatively steady Liverpool cables, re- rts of frost at two or three points the Southwest and rains in some Eastern and central belt sections. The demand appeared to be quite readily supg}led b{ realizing and Southern selling at-the advance of 19.81 for De- cember, however, and the market later eased on the forecast for warmer weather in the Southwest and talk of an easy spot basis in the South, - De- cember sold off to 19.66, with the general market showing net de- clines of about 6 to 8 points at -the end of the first half hour.. The fore- cast was for colder weather in the Eastern belt, with probable light frosi in North a and North Missis- sippi, but local map readers said they saw no threat of killing temperatures In the belt. Liverpool reported London buying and covering on.the frost tore- cast in the market there and said busi- ness in cotton cloth was improving. P TR AN 5 Buys Motor Lamp Firm. CLEVELAND, October 23 (#).—Gen- eral Motors Corporation has uired the Guide Motor Lamp Co. of Cleve- land, a ploneer in the automobile lamp industry, doing a business of $3,000,000 a year, it was snnounced yesterday. Stockholders of the l]amp company vot- ed to accept an offer of $913,600 for their holdings. They are to receive $175 a share for the common and $110 for the preferred, plus accrued divi- dend for 30 days. ;i General’ Motors plans to operate the cflmj:my with its é)ruenz Tsonnel, H.. J.. Monson, president of Guide company, sald. NEW YORK BANK CLEARINGS. NEW YORK, October 23 (Special).— New York bank clearings, $1,720,000, 13 NEW ALLOY OF STEEL 1S BEING DEVELOPED! NEW YORK, October 23 (#.—The International Nickel Co. controls the bulk of the world’s nickel supply.- Une of its important products is monel metal, a nlckzlr—mpu alloy. The company is repot to be developing a steel-nickel llfl which may be pro- duced at a cost adequately low to makd! it available for railroad rails and struc- tural steel. This has been 8 factor in recent activity of the stock on the New York Stock !.’xl:al‘l‘nle‘ Mining, smel and refin! tions are largely in the Sudbury of Ontario, while nickel and monel metal are converted into semi-finished gnoducu in a' rolling ‘mill ‘at Hunting- . W. Va. Capital stock consists of: e L ative pre: £ par- T share, and rhore than $50,000,000 in common stock, par “$25; funded debt is but about $2,000,000 in motes of & subsidiary. ‘Dividends have been paid regularly - on the preferred. Dividends on the’ comnion were renewed on a $2 annual : basis in 1925, after six years' omissiom,~ and raised to $3 annual basis a few weeks ago. Earnings per share of com<~ mon rose “to' $3.30 last year $3 - the previous year. for the’ first three-quarters of this year have: been substani4llly ahead of the period of last year. NEW BUILDING CONTRACTS. NEW YORK, Oétober 23 (P)—New' building ~and ‘engineering _contracts awarded fn the week erided October 20 _ amounted to $130,677,100 in the 3’ :m,‘ev- east of the muon Mountains, today. This is an increase of neatly $23,000,000 over the preceding week and brings the total of new construction. started in these States since the firsf . of the year to $5,516,452,200, a gain of 3 per cent over the first 10 months.. of last year. o R Demand for Machine Tools." NEW YORK, Octeber - 23 (#).—De- mand for machine tools, especially onm: the part of the sutemotive industry, 4s- so insistent -that several manuface:« turers are operating day and night to = rush deliveries, American Machinist »~ reports. ‘This is due, in part, to & short= age-of skilled workers. In the Easterm -~ 000; New York bank-balances, $133,000,: 000; -New -York Federal Reserve bal- ances, $115,000,000. 2 district aeronautical -activities are ata! Lt.r.ctlns much- attention. -Ch! ports-good orders from tractor makers. Washington Stock Exchange SALES. Georgetown Gas 55—$500 at 102. Capital Traction Co.—2 at 105%. Potomac Electric 6% pfd—5 at 114, 2 at 114, 4 at 113%. -~ * Washington Rwy. & Elec. pfd.—12 at 100%4, 20 at 100%4. 3 Sccond National Bank-—10 at 270, 34 &t 53 Bt o 270 Columbia Sand & G 91%, 5 at 913. 3 > Mergenthaler Linotype—10 at 1021, 10 at 102Y, 10 at 102%, 5at 1 Drug Stores pfd.—5 at 120, 10 at 121%, 10 at 123, 5.at 122%5, AFTER CALL. Mergenthaler Line 0 at 102%. - Col is Sand & Ve pid—10-at 9134, 4 Mergenthaler Linotype—20 at 102, 10 at 102%,. ‘ashington Gas 6s W—$100 at 10415, Federal-, National Bank—20 at 336, 30 at 336. ital Traction Co.—10 at 105%, 10 at 105%. Bid and Asked Prices. NEW ISSUE 60,000 Shares 6% Cumulative Preferred Stock, Series A “ 60,000 Shares Class A Stock -~ - o g e gy Capital Administration Company, Ltd. (A Maryland Corporation) The price you pay for a Graham Brothers Truck is always a low price . . . . low, on any basis of comparison . . . . lowest, if you consider actual value built into the truck and actual return on your invested purchase price in miles run, work done and dollars earned. . . 6% CUMULATIVE PREFERRED STOCK, SERIES A: $50 Par Value. Preferred as to assets in liquidation up to $50 per share (or nrn certain conditions up to 855 per share) and accrued dividends, and as to cumulative dividends at the rate of 675 per annum payable quarterly on the first days of f:m..ry, April, July and October. Redeemable in whole or in part at 855 per share and accrued dividends at any time on 30 days’ notice by mail, . A STOCK: No Par Value. Non-Redeemable. Entitled to receive as a Class, 70% of the total dividends declared .on the CLASS Class A and Class B Stock, Class B Stock recei l:: the remaining 30%. After Preferred St ock, has preference as to assets up to $20 per share over the Class B Stock and is entitled as a Class to 70% of remaining assets. Transfer Agents Registrars ‘The New York Trust Company Central Union Trust Company of New York The National Shawmut Bank of Boston Old Colony Trust Company, Boston CHASSIS PRICES 665 MERCHANTS EXPRESS 110" wheelbase Low price applies to every truck in’the com- plete line of Graham Brothers Trucks, built by Dodge Brothers—from the Merchants Express to the 3-Ton....It applies to repair parts It applies to operation and maintenance . . .. And Price is important. It is close kin to profit. Answering for themselves—“how much fast, de- pendable transportation can I get and how litte need I pay for it?”—business men in all lines and in steadily increasing numbers are buying Graham Brothers Trucks . . . . All sixes . . . . All with 4-wheel brakes . .. . All money-makers’ « « « « We invite your trial of the chassis size . and body type that exactly fits your business. PUBLIC 1 & Telgs. 4% Capitalization L & 'rm.' 48 & 'Tel. et tr. 5. & Pot. R. R. 6s. (Upon completion of the present financing) Authorized 230,000 Shares . 60,000 Shares Tel. 3775 COMMERCIAL TRUCK —120" wheslbase Outstanding Preferred Stock, Cumulative, $50 Par Value— 6%, Series A (this issue) Class A Stock, No Par Value (including this issue) *280,000 Shares 60,000 Shares Class B Stock, No Par Value 240,000 Shares. - 240,000 Shares *Includes 50,000 Shares which may be issued for not less than $22.50 a share upon the exercise of option warrants which the Directors may authorize in connection with securities senior to the Preferred Stock. 1%TON—130" wheslbase 1065 1% TON=140" wheelbase ‘134 1% TON~150" wheslbase 1418 1%TON—165" wheslbase ‘1545 3TON—150" whealbase ‘1618 2TON~165" wheelbese 1745 3 TON=—135" wheelbase ‘1775 3TON~165" whealbase ‘1848 : o : STON-185"whestbess Only great volume production enables Dodge Chassia . 0. b. Detrolt Brothers to produce trucks so good at prices so low. SEMMES MOTOR COMPANY 8 Dupont Circle Maia i Prune, Siem 190 - - 613 G St. N.W. Edward B. Semmes, Inc., Alexandria, Va. H. C. Fleming Motor Co., Hyattsville, Md. LEONARDTOWN MOTOR & HARDWARE CO. LEONARDTOWN. MD. LUSBY MOTOR CO. PRINCE FREDERICK, MD. RAHA ROTHERS TRUCKS BUILT BY DDDGE BROTHERS For information regarding this issue, we refer to the le:ter of Mr. Melvin E. Sawin, President, from which he summarizes as follows: Business: Capital Administration Company, Ltd., has been organized under the laws of the State of Maryland to conduct a general investment trust business of the management type. Under the super- vision of its Board of Directors, the resources of the Company will be invested and reinvested in domestic and foreign securities, providing sound investment through broad diversification and constant super- vision of the securities held. Management: Security Management Company, formed in January, 1927, which is'at present administer- ing two successful investment funds, will manage the assets of the Company for a'fixed fee, subject to the control of the Board of Directors of the Company, which consists of: ‘Wash. RWY. Bar Ross, Tnc.. 6% Bhembertin Vandersiit 5 Farms Dairy 6% WiLriam S. Gray, Jr. Vice-President, Central Union Trust Company of New York, Rec Havrapay, Halladay & Company Epwin P. MAYNARD, Chairman of the Board, Brooklyn Trust Company, AmBrose BENKERT, Vice-President, Ames, Emerich & Co., Inc. Linpsay Braprorp, Vice-President, The Farmers’ Loan and Trust Company IrvinG FIsHER, Economist, Yale University. Artemus L. Gates, MeLvin E, Sawix, Vice-President, The New York Trust Company. Maynard, Oakley & Lawrence. All of the Class B Stock has been purchased for cash by Security Management Company and its Directors, the Bankers and their associates. The Certificate of Incorporation provides that in buying or selling securities for investment, the Company shall not deal with any Director or any Corporation or firm in which a Director is interested as a principal. . PRINCE GEORGE MOTOR CO. YE MOTOR CO. Assets: The Company will receive, as the proceeds of all the stocks presently to be issued, approximately LEESBURG, VA. $4,295,000. In order to increase the available funds of the Company, it is the present intention to create and sell an issue of $5,000,000 Debentures in the near future. A portion of this offering has been withdrawn for sale in London by Helbert, Wufl &Co., Limited, who will act as correspondents for the Company in the United Kingdom. We offer these shares in the form of Allotment Certificates representing Units of one Preferred and one Class A Share, “when, as and if issued and received by us and subject to the approval of counsel, Messrs. Satterlee & Canfield, for the Company, and Messrs. Van Vorst, Siegel & Smith, for the g-nkeu. Itis expected that delivery will be made about November 2,1928 in the form of Allotment Certificatesexchangeable for definitive Preferred Stock certificates and Class A Stock certificates on February 1, 1930, or earlier at the Company’s option. Application will be made to list these Allotment Certificates on the Boston Stock Exchange : Price $72 Per Unit Srps g Plus accrued dividend on the Preferred Stock ?:g -American Ce aitiie f 1l Ames, Emerich & Co., Inc. Bauer, Pogue, Pond & Vivian - Stein Bros. & Boyce Rt T, Bid e The above information is taken from sources which we believe to be trustworthy, and while not guar- anteed by us, it constitutes data on which we have based our purchase of the securities offered. NATIONAL BANK. Natfonal Capits Columbia Sansce 3 ond National Bank ‘of Wash TRUST COMPANY. t TEs 5388 mbnuxu MoTOR co. - WARRENTON SALES, INC. 28 t U. 8. Savings Bank. Washington Mechani o E"x"e Co.- of nv. Co of M. WashCons Rl oid:. o™ T M Bist-Nath col d d & W aividend. A “Cathedral of Commerce,” opened in Prague, is the largest Sess bullding én Gzechoslovakia, Just busi: