Evening Star Newspaper, July 26, 1929, Page 15

FINANCIAL, HIGH MONEY RATES AFFECTBOND LIST Convertibles Feature Trading Again—U. S. Issues Show Strong Tone. BY CHARLES F. SPEARE. Bpecial Dispatch to The Star. NEW YORK, July 26.—Early move- ments in the bond market today were influenced by the spectacular rise in American Telephone convertibles and greater breadth in the operations in foreign stock option issues. Later the market came under the influence of irregular stock prices and higher rates Zfor_money. ‘Telephone 4!2s had a quiet opening, with a galn of a point, following one of about 9 points Thursday. They quickly started out to dupiicate the performance of the previous session and had reached 191 when the announce- ment came over the tickers that the Telephone management denied rumors of a split-up of the company's shares or new financing. This caused a drop of 4 points, with a later recovery. Since the first of this month the bonds have advanced over 40 points. International Telephone 412s met the rise of 7> points in the American Tel- ephone bonds with one of 4 points. An expansion in the demand for the Kreuger & Toll convertible 5s and in Lautaro convertible 6s added consid- erably to the day's bond total. The former reached a new high, about 6 points abov. the level at which pool accumulation began two weeks ago, with very active trading this afternoon in them. The Lautaro syndicate dissolved ‘Wednesday. All of the unsold bonds, of which there was a large amount after the initial offering, have been ab- sorbed, and the market was in a posi- tion to benefit by this. Instead, there- fore, of selling under the issue price when the “peg” was removed, as has been the case with most issues this | g, year, the bonds went to a premium of a point. ‘Treasury issues were conspicuously strong. Gains averaged over 1, point. The Federal Reserve statement this week shows that the banks are holding $16,000,000 less treasury notes than the week previous, but have bought quite heavily of certificates of indebtedness. Washinglori_s.tock Exchange SALES. Washington Gas 55—$500 at 10013. ‘Washington Gas 65 A—$500 at 102'4. ‘Washington Rwy. & Elec. 45—$1,000 at 1 861a. Capll;l Traction Co.—10 at 95, 20 at 95. Potomac Electric 6% pfd.—4 at 1117 Potomac Elec. 512 % pfd.—-10 at 10815, Merchants Bank & Trust Co.—15 at 150. Federal-American Co. com.—25 at 46, 10 at 46. Mergenthaler Linotype—10 at 104%, 5 at 10434, AFTER CALL. Merchants’ Bank & Trust Co—10 at 150. Potomac Electric 6% pfd.—10 at 11214, Capital Tracticn 55—$6,000 at 99%;. ‘Washington Rwy. & Elec. 45—$1,000 861g, $1,000 at 8674. Capital Traction 55—$500 at 99. Wasl;ljngwn Rwy. & Elec. 45—$1,000 at mggs‘iuuoml Bank—1 at 575. Bid and Asked Prices. BONDS. PUBLIC UTILITY. UHLIO Bid. offer. Wash. 65, series A Wash. Gas 6s, reries B ‘Wash. Rwy. & Elec. 4s. MISCELLANEOUS. STOCKS. PUBLIC UTILITY. Amer. Tel. & Telga Wash. Rw; Wash,, Balfo. & Annap. com. Wash., Balto. & Annap pfd... NATIONAL BANK. National Capital. Columb Second National Bank of Washington. TRUST COMPANY. American Security & Trust Co. Continental Trust Merchants' Bank ngs Union Trust ... Washington Loan & Trust SAVINGS BANK. Bank of Bethesda.. Commerce & Bavil East Washington. Potomac .. United States. . Washington Mechanies::1ll FIRE INSURANCE. Barber & Ross, Inc.. Chevy_Chase Dairy b D. C. Pi Dist. N Fede Received by Private Wire UNITED STATES. (Sales are in $1.000.) Sales. High. Low. 4 9826 Y524 ® 209 991 . 9826 5 £9630 9620 9630 9630 100 16 100 12 100 12 10310 103 103 10716 1076 1076 Argentine 63 A. Argentine 6s B. Australia 4%s 56 Australia 63 1956 Australia 68 1957 106 100% 100 100 99% 101% 101 91% 9% Ylla 91t 100% Chinese Gov Ry 6 36 Colombla s Jan's1. Copenhagen 4%s 53 Czecho 83 1952..... Denmark 4%48...... Denmark 5 Denmark 6s. DE15%s N E » . Dutch Eust | 63 1021 K| Salvador 83 ‘43 108 8 94 8% 590n 199% 110 Finland b%s 163 Norway 6148 1952 Orlent Dev 5% 5! 18-Ly-Med Paris-Ly-Med 7. Peru 6s 1960. Peru 631961, Queensland 6s. Rhinelbe Un 7 Rio Gr Do Sul 8s Rome 6%4s.. San Paulo City 8 Sao Paulo 1950. Saxon (PW) Shinyetsu 6% s Sotssons 6s. Sweden 5% 6 Warsaw 78’58 3 Abram&Straus6%s 5 Alleghany Cp 68 44124 Alleghany bs 49 wi 142 AmAgriChem 7%s. 3 Am Chem 5%scv'49104 Am IntCor 6%8°49 85 Am NatGas 6%s'43 | Amn Sugar Ref . Am T&T cv 4 %439 Armour&Co4%s Armour Del 63%s. At Guif S s, Atlantic Refin 53, Bell Tel Pa 65 B. Bell Tel Pa 65 C. Bethlehm Sti pm b8 Beth Steel rf 63. ... Beth Steel 5% 63.., 1 Chile Copper. Colon Ofl Col G&EL Com Invi Com Invest 6s *4i Con Cotl}l‘(fl 1st bs.. Cuban Am Sug 3s.. Denver Gas 6. .« 3 DetroitEdison5s40., 2 Detroit Edison 4 Gen Asphalt 63 Gen Cable 6% Gen Mot Ac Cor Goodyear bs rets... 23 [ndiana S| Natl. Mt & Inv. Peoilu Drug Stores pfd. Real Est. M & Guar. pi Becurity Store e e Wash. Medical lgfldl. Co d d_& Lothrop pfd. W dividend- Unlisted Department. BONDS. Bid. Asked. A o i g sz munE os,yEls.) = Munsey Trust Co. North Capital Sav Northeast Savings ey ‘Washington Co. i ‘Bail Club. Woodridre-Lansdon Sev. By NEW FINANCING. NEW YORK, July 26 (#).—New financing for the Sloss-Sheffield Steel & Iron Co. will comprise a $6,500,000 bond issue, to be marketed soon. The com- pany has $8,577,000 in 10-year 6 per cent notes and $2,203,000 in 5-year 6 per cent purchase money notes maturing B August 1. R fA=ht sary Inland St1 4% Intl Cement 68 43. Intl Match 6s 47 Int Mer Marine 7 Int Tel&Teleg 43%s. 7 Iat Tel&Tel 4343 cv 751 Nor States Pow 6 Pacific Gas & E 0 7% MISCELLANEOUS. 110% 110'% 110 109 102% 104 99 100 102% 104% k( 1 100% 102%,102% 103% 103% 90 89% 105 104 9% 94% 100% 100 % | Seab A L ref ¢s. THE EVENING STAR, 'WASHII\"GTON, B Direct to The Star Office i . Low. Close. 1% 101w 101% sia 96 : 489, Stand OIIN X 4% Stand O NJ TennElecPow ‘Transcontl Ol 6%s United Drug 68 63.. —a eatoSNumatore = Sa US Steelsr Utah Pow & Lt 58 Utilities Powr 6 %8 Vertientes Sug 78 w. West Elec o8 Westn Uniol White Eagls . Willys-Ov Wiison & Co \st 5 Youngstn S & T bs. 44 RAILROAD. Ann Arbor 4s. 2 13 Atchison ad) 4 Atcnison gen 48 Atch deb 4%s 48. Atlantic C L 1st 4 Atlantic C L 4%s TR T 94% 90's 9748 100t 100% B & O Toledo Bang & Aroo Brookivn Elev Bkiyn Mannat - Bkiyn Un EI 5 sta. Can Nat 4%s 64 Canada Natl4 % “anad North 6%8 anad North 7. Car Clinch & O b Cent of Ga b Central Pacific Cent F'ac 1st bs ! Ches&Ogn 4% Ches& O 4%3'93 A, Chi B&Q gen 4 CM&StPgnsy. Chi M&SLP 4%8 E. ChiMiISP&Pac CMSPé&Paca ChiStPM&O Chi& NW gen 4s Cni Kys 68.. Chi T H inc 65 60... Chi Union Sta §s 4 Chi& W indcn 4 Cé W 15%s62. Del & Hud 78 30.. Den & Rio G en 4. Den&RioG 4%s 36 P ® xChcoarmnrr® Gr Trunk stdb 8s. Grand Trunk i Great North 6% Great Nor gen Hav El Ry 6% Hud & Man a3 Hud & Man ref L1 Cent 45 53 Ll Cent1et 1l Cent 4% s . 111 Central rf 5s 65. Broloeariin-Romars » Int&GLNor adj 68 63 Int Ry C Am 6s41.. Int Ry CA 6%srct. Kansas City S 3 Kan City Ft S 48 Lal » Market St 78 4U. ... MILElI Ry & L 6s 61 9 M K & T adj bs. MK & T pr In bi Mo Pacific gen Mo Pac 53 A 65 Mo Fac ké - PR mmCoer-SNrw ao ’—QN” Mo Pacific 68 . 1 Mo Pac 6%3'49 cvt 105 Nassau El 4s 61.... NYChi&StL 6%~ B, NYC&SLLG6sA.. New Haven 3%s 64, NYNH&H%s., NY NH&H db 43 57, NY NH&H cv db N Y Ont W 1stés.., NY Kys 6s 65 N Y State Ry 4% NYStateRy 6%s ET TS T o Northern Pac b Northern Pacri6s. Ogden&Lake Ch ¢s. Ore Shoft L . Ore Wash 1st Pennsyl con 4% Pennsyl geu 4 % Pennsyl Pennsyl e ORI = SR S o = Reading gen 4%8 A Reading J C4sb61.. R1Ark & L 4% San A & Arn P 4s. » - ERanoe-aEEEun Grane St L&S F gen 68 31. StLS W 1st 4 St P & KCShL 4%s. St P Un Dep b . Seaboard AL 4s sta. Third Ave adj 6 Ulstr&Del 55’28 sta. 4 Centgn4s'43.. 6 99% West Shore 4s'61 99% Wis ¢ [on sew von BONDS oo exuaver] - |ARINE PRODUCTS DEMAND IS LARGE Soft Crabs Continue Scarce. Fruit and Vegetable Sup- plies Are Heavy. Marine products were in demand at Municipal Fish Market this morning for the Fridey dinner trade, retailers | being on hand early to escape the heat later in the day, and wholesalers were able to fully meet demands. Most attractive displays of fish were received from Boston shippers, accord- ing to dealers, fillet of sole and fillet of haddock being among the offering attracting attention. Boston mackerel, salmon, halibut and other fish from Boston shippers were in good demand, as was swordfish, looked upon by dealers as the leader in today's market. Soft Crabs Scarce. Soft crabs continued scarce and high, while hard crabs were plentiful and cheap, the latter selling around $250 and $3 a barrel, or 50 and €0 cents a dozen. Eggs also were in demand for the Friday trade. The market continued firm, prices having advanced earlier in the 'week. Dealers this morning re- ported continued losses in candling and current receipts not being up to the standard. Retallers also were on hand this morning to get supplies of meats for their week end trade, early closing of the Government departments and many stores tomorrow requiring them to be | ready to supply early morning demands of many who are going to leave the | city for the weck end. Fruit and vegetable supplies con- tinued heavy, prices being reported rea- sonable to cheap. Additional quanti- ties of peaches and cantaloupes came from North Carolina yesterday after- noon and this morning, drivers of the trucks finding an already glutted and cheap market. “Too bad,” commented a young driver of a truck filled with cantaloupes. “I drove all the way from Raleigh,” he added, “stopping over in Richmond for a brief rest.” His cantaloupes were not even crated and they appeared to be tae ripe fo be held over a day or two. Honey- dews and Honeyballs continued in plentiful supplies, prices being cheap. Tomato prices again took & jump, primes this morning bringing $2 a basket or $4 a bushel. There were very few of the No. 2 stock to be had. Today’s Wholesale Prices—Jobbers” Prices Slightly Higher. Butter—One-pound prints, 43a44; tub; 42a43; store packed, 28a30. Eggs—Hennery, 37a38; fresh selected, 36a3§; current receipts, 32. alive—Turkeys, hens, 35; toms, 33; Spring chickens, large, 34a35; medium, 33; small, 30; Leghorns, 28a30; fowls, 32a33; roosters, 22; ducks, 15; keats, young, 60a65; old, 35a40. Dressed —Turkeys, 38a40; Spring chickens, large, 40a42: medium, 37a38; smal, 35a36; Leghorns, 35a36; fowls, 36a37; ll'o‘;)os'trs, 26; ducks, 28a30; keats, 90] Meats, fresh killed—Beef, 241 23; lamb, 28a30; pork loins, 3 hams, 30a32; fresh shoulders, 22; smoked hams, 32; smoked shoulders, 22; bacon, 28a30; lard in bulk, 15; in packages, 16. Live stock—Calves, 15;; lambs, 1215, Fruit and Vegetable Review. ‘The daily market report on fruits and vegetables (compiled by the Market News Service Bureau of Agricultural Economics) says: Sales to jobbers except where other- e noted. Cantaloupes—Arizona, supplies mod- erate; demand light, market about steady; juml 36s and 45s, Salmon Tints, 3.00a3.50; standards, 36s and 45s, Salmon Tints, 2.50a3.00; jumbo flats, 9s and 12s, Salmon Tints, some ripe, 1.00a 3 veal, fresh The Mutual Investment Trust Offers advantages to the Investor in addition to Substantial Profits 52% net earnings so far this year Write for Booklet Marlow Beech Corp. 1732 Conn. Ave. Potomac 6167 6% NOTES Secured by First Mortgages Safe—Conservative 42 Years’ Experience i tinaneing homes and 1n the o of these se- curittes. Make your savings and surplus funds work for you at the highest-inter- est rate consistent h absolute safety. Wm. H. Saunders Co., Inc. REALTORS Main 1016 1433 K Continental Trust Co. 14th and H Streets Capital, $1,000,000.00 Checking Accounts Savings Accounts Acceptance Credits Time Deposits Foreign Exchanges Commercial Credits Travelers’ Credits Travelers’ Cheques Collections Real Estate Loans Collateral Loans Investment Securities Corporate Trusts Individual Trusts Administrator, Executor Safe Deposit Boxes Continental Trust Co. 14th and H Streets WADE H. COOPER, President Capital, $1,000,000.00 1.25; North Carolina, supplies heavy; demand moderate, market weak; mostly fair quality; Ridgeway section, stand- ards, 36s, Salmon Tints, 1.50a1.75, few 2.00; ordinary quality, 1.25; standards, 46s; Selmon Tints, 1.25a1.50; crdinary quality, 75a1.00. - Miscellaneous melons: Supplies moderate; demand light, mar- ket steady; Honey Dews, Californfa, Imperial Valley, standard crates, 8s to 12s, 1.26a1.75, mostly around 1.5 jumbo flats, 12s and 11s, mostly 1.25 Jumbos, 36s and 45s, Honey Balls, 3.0 3.50, mostly 3.26a3.50; standards, 45s, Honey Balls, mostly 2.75. Lettuce—Supplies moderate; demand moderate, Western market steady; Cali- fornia, crates, Iceberg type, 4-5 dozen, 4.5024.75; New York, market firm, dozen crates, Big Boston type, 50a1.00. Onions—Supplies light: demand mod- erate, market steady; Virginia, bushel hampers, Yellows, No. 1, 1.50a1.75; Spain, crates, Valencias, 505 and 72s, 2.25a2.4¢ ‘Washington, no sales re- ported, Peaches—Supplies liberal; demand moderate, market about steady; Norin Carolina, 6s, Belles, U. 8. No. 1, medium size, 2.00a2.50; small size, 1.50a2.00; bushel baskets, Belles, U. 8. No. 1, large size, 3.00a3.25; bushel baskets, Elbertas, unclassified, large size, 2.00; some fair quality, ripe, 1.50; South Carolina, bushel baskets, Elbertas, fair quality, some ordinary condition, 75a1.50; poor quality and condition, 25a50; Virginia, bushel baskets, Slappey, unclassified, jsmall siz¢, good quality and condition 1.75; bushel baskets, Carmans, U. 8. large size, 1.5021.75: small size, ripe, soft, 50a1.00; Maryland, Vi and Delaware, bushel baskets, ys, unclassified, small to very small size, 1.00a1.50; medium size, 2.00. Potatoes—Supplies moderate; demand moderate, market steady: cloth-top stave barrels, Cobblers, U. 8. No. 1; W. S. Virginia, mostly 4.50; E. S. Virginia, 4.50a4.75; nearby Maryland, bushel baskets, Cobblers, U. 8. No. 1, 1.25a1.50. Tomatoes—Supplies moderate; de- mend moderate, market firm; nearby { Maryland, }5-bushel hampers, Bonnie | Best, 1.50a1.75; Earlianas, 1.00a1.25, ‘Watermelons—Supplies light; demand | good, market firm; South Carolina, Ex- |cells, 32-pound average, 65a75; 26- | pound average, mostly 50 each: Nortn {Carolina, Tom Watsons, 35-40-pound average, 90a1.00 each. String beans—Supplies moderate; de- mand moderate, market slightly weaker; nearby Maryland, bushel baskets, green, stringless, 1.50a2.00. Lima beans—Supplies liberal; demand moderate, market slightly weaker; North Carolina, bushel hampers, wide range in prices, 3.00a4.00; Eastern Shore, Md., bushel hampers, 4.00a4.50. Corn—Supplies liberal; demand mod- erate, market slightly weaker; nearby Maryland, 5-dozen bags, 1.75a2.00; few high as 2.25. Peas—Supplies liberal; demand mod- erate, market slightly weaker: Oregon and Washington, 50-pound crates, 5.75a 6.00; New York, bushel baskets, Tele- FRIDAY. JULY 26, 1929. llk; , Highballs, 1.15a1.25; few low as 1.00. Apples—Supflies moderate; demand moderate, m'“k‘:{ § and Virginia, " baskets, River, unclassified, 2'; inches up, 1.5 early various varieties, U, 8. Ne. 1, 2} inches up, 1.75a2.00. Additional cantaloupes—North Caro- lina, other sections, standard crates, pink meats, 1.00a1.50. SEES CHEAPER CRABS. - BALTIMORE, Md., July 26 (Spe- cial) —The gm:e of soft crabs will drop by August, Swepson Earle, conservation commissioner, said yesterday. “In May the season openel with great activity in the crab supply, and soft crabs became plentiful on the early shedding,” Mr. Earie explained. “They were sold at the wholesale market as low as 50 cents a dozen. There are certain shedding periods, and then there is a pse of a month or more when there is very little shedding. They are going through that 'stage now.” Mortgages Investments JAMES Y, PENNEBAKER Nat.5281 1520K St. N.W. Nearby Virginia Prudential Insurance Co. Loans In ommonwealth Investment Co. 7 15th St. N.W. Phone National 2623 Complete Investment Service GreeeT & Co. ANKERS INVESTMENT BUILDING ‘WASHINGTON, D.C. Telephone, National 2460 FINANCIAL. CHICAGO DAIRY MARKET. CHICAGO. July - 26 (#).—Butter— Lower; receipts, 12,594 tubs; creamery, extras, 42: standards, 42; extra firsts, 40%, b; firsts, 39 to 39%%; sec- | V2. Eggs—Lower; re- ceipts, 12,173 cases; extra firsts, 321, to 33; firsts, 32; ordinary firsts, 29 to 31. SILVER QUOTATIONS, NEW' YORK, July 26 ().—Bar aflver.i 5273; Mexican dollars, 40! Consult Us We Make Fi Hisics: ‘e Make First 1321 Connecticut Avenue JOHN JOY EDSON, President Organized 1879 Assets .$5,513,051.68 Subscription for the 97th Issue $2.50 PER SHARE Surplus & Profits #* 15 Stock Increase Planned. NEW YORK, July 26 . —Directors of the Connecticut m:mffc’)&mce Co. have recommended a 20 per cent in- crease in the no-par stock, issuing 187,~ 200 shares at $75. With the new capi- tal it is proposed to retire the preferred stocks of the corporation's subsidiary, the Connecticut Light & Power Co., and to acquire additional properties. ~The Winsted Gas Co. is being taken over by purchase and the Waterbury Gas Co. by an exchange of stock. Regarding Your Maturing Mortgage LONG-TERM REAL ESTATE LOANS SYa% Mortgeges on Apartments and Business Properties in the Distri i S Nicrby M in the District of Columbia d Virginia RANDALL H. HAGNER & COM PANY, INC. Mcrtoage Loan Correspondent, New York %fe Inz: Equitable Co-Operative Bldg. Ass'n WALTER 8. PRATT, Jr., Secretary 49th YEAR COMPLETED $1,601,704.98 of Stock Being Received SAVE AS YOU EARN THE Equitable’s plan of sys- _tematic savings encourages thrift in a manner that if con- sistently followed will eventual- ly lead to financial independence. Start now while you hdve a steady income. Come in and let us explain about our systematic plan. 915 F St. N.W. phones, 2.752a3.00. Celery—Supplies moderate; demand moderate, market slightly weaker; Shenandoah Corporation 1,000,000 Shares Optional 6%, Convertible Preference Stock, Series of 1929 - (par value $50 per share) 1,000,000 Shares Common Stock (no par value) Holders of Preference Stock of this series are entitled, in preference over the Common Stock, to receive cumulative dividends in Common Stock of the Company at the quarterly rate of 1/ 32 of a share of Common Stock per share of Preference Stock, or at the option of such holders to receive cash at the cumulative quarterly rate of 75c per share. Preference Stock of this series is convertibl t the option of the holders at any time up to and including the second day prior to the redemption date, into Common Stock at the rate of 114 shares of Common Stock for each share of Preference Stock, with provisions for adjustment of the conversion and stock dividend rates in the event of split-ups, combinations, certain Common Stock dividends and hts to subscribe, all as set- forth im the Certificate of Incorporation, and subject to the provisions therein contained with respect to idation, etc. Redeemable at any time in whole or in part on 30 days’ notice at, and entitled in liquidation to receive, in preference over the Common Stock, $55 per share and accrued dividends. % Transfer Agents ManvFacrures Trust Company, New York Tax Fiest NamionaL BANK oF Bostox CAPITALIZATION Preference Steck (par value $50 per share) Series of 1929, Optional 6% Convertible (di dividend payable quarterly, cuamulative from August 1, 1929) Common Steck (me par value) .........c.iieiieeseew 15,000,000 she* Registrars Pactric Trust Company, New York Orp CoroNy Trust CompaNy, Boston To Be Presently Outstanding 1,000,000 shs. 5,000,000 shs. “Resarved: 1,500.000 shares for couversion of Preference Stock of this series presently to be outstanding 1,000,000 shares for stock dividend requirements for eight years om such Preference Tk - - C. Stone, President, has furnished the following information regarding the Company and these issues of stock: “‘Shenandoah Corporation, hereinafter called the ‘Compeny’, has been formed under the laws of Delaware to buy, sell, trade in and hold stocks and securities of any kind, to participate in syndicates and underwritings and to exercise such other of its charter powers as its Board of Directors may from time to time determine. The: Company has been organized under the sponsorship of The Goldman Sachs Trading Corporation and Central States Electric Corporation, each of which is to acquire 2,000,000 shares, or together 80%, of the Common Stock of the Company to be presently outstanding. ‘The Goldman Sachs Trading Corporation, the total market value of whose issued capital stock, based on current prices, exceeds $500,000,000, is interested primarily in securities of industrial and financial cor- porations. Central States Electric Corporation, the total market value of whose issued capital stock, based on current prices, also exceeds $500,000,000, is interested primarily in securities of public utility operating and holding companies. Included in its portfolio is the largest single block, constituting more than 15%, of the common stock of The North Ameri- can Company, the controlling interest in the Class B stock of American Cities Power & Light Corporation and a substantial investment in the commen stock of Electric Shareholdings Corporation. These latter two corporations in turn have important holdings in the common stocks of The North American Company and other public utility holding and operating companies. The Board of Directors of the Company consists of Harrison Williams, Clifford F. Stone of Central States Electric Corporation, Waddill Catchings and Sidney J. Weinberg of The Goldmaa Sachs Trading Corpora- tion and John Foster Dulies of Sullivan & Cromwell. ‘The Company will commence business with assets aggregating over $102,500,000, namely $52,500,000 of cash and in excess of $50,000,000 of investments, consisting of 238,096 shares of the capital stock of The Goldman Sachs Trading Corporation and 480,770 shares of the common stock of Central States Electric Corporation at current market prices for the shares of these Corporations. The above assets will be net to the Company, as all of the expenses in connection with its organi®ation and the issue and distribution of the stock to be presently outstanding are to be borne by the bankers. There are no options on any unissued stock or management contracts calling for compensation other than that to be paid to officers and employees in the regular course of business. The Certificate of Incorporation provides in sub- stance the following, among other things, certain terms being used as thercin defined: 1. Each share of Preference Stock of this series and of Com- mon Stock shall haws one vote. 2. The consent of at least two-thirds of the total number of shares of the outstanding Preference Stock of this series shall be necessary for: (a) the sale or conveyance of all or substantially all of the property and business of the Company or the merger or consolidation of the Company; (b) any amendment to the Certificate of Incorporation adversely affecting the preferences or provisions of the outstanding Preference Stock of this series; (c) the offering, pro rata to Common Stockholders, of any class of stock participating with the Common Stock; and (d) certain re-classifications of the Common Stock. 3. The consent of at least two-thirds of the total number of shares of the outstanding Preference Stock of this series and of any other series thereof having a right to vote thereon shall be necessary for: (a) the creation of any new class of stock preferred as to dividends or asscts over the Preference Stock; (b) any distribution of cash or assets to Common Stockholders except out of earned surplus or net profits; or any such distribution or the purchase or other acquisition of Common Stock, unless thereafter net assets shall equal 150% of the par value of all out- standing Preference Stock and all other stock ranking equally therewith or prior thereto; (c) the issue of any Preference Stock (after the issue of the first one million shares), or of any other stock ranking equally therewith or prior thereto, or the issue of any funded debt, except for extensions, renewals and refundings of funded debt, unless after such issue net assets, before deducting funded debt, shall equal 150% of the aggregate of the per value of the Preference Stock and such other stock and of the principal amount of the funded debt. 4. No holder of Preference Stock or of Common Stock shall be entitled as such to subecribe for or purchase any new or additional issue of stock of any class. 5. There shall be no adjustment of the conversion or dividend rates of the Preference Stock of this serics on account of periodic Common Stock dividends on the Common Stock to the extent they do not exceed 214% per quarter and do not exceed 5% at any one time. 6. Other series of this Preference Stock may be issued with such variations as to the terms thereof as the Board of Directors may from time to time determine to the extent permitted by the l:fi" dechvln with MIII' in limitations provided in the Cer- tificate of Incorporation.” Preference Stock $50 Per Share and Accrued (Cash) Dividend Common Stock $17.50 Per Share shares subject to the ‘These : xmwmwm end part. L d to allotment or sale and in all respects when, as and if issued and/ or deli ndfl!flnfl.fid prior / or delivered and We reserve the right to reject any and all subscriptions in whole Goldman, of temporary stoék certificates will be made on o about August 7, 1929, at the office Co., 30 Pine Street, New York, N. Y., against payment therefor in New York funds. 7 ' o GOLDMAN, SACHS & CO. The statements contained in ' this advertisement, while not guaranteed, are obtained from sources which we believe to be reliable.