Evening Star Newspaper, August 19, 1929, Page 13

FINANCIAL CURB.SHARES GAIN IN AGTIVE TRADING Investment Trust a_nd Public Utility Issues in Brisk Demand. Special Dispatch to The Star. NEW YORK, August 19.—Some-new high records, were hung up in the curb market trading today with trans- actions on~a somewhat broader scale. Electric Bond -& Share continued to lead the publit utilities on this market and reached new - high territory above 156. At the ing & block. of 4,500 shares appeared at an overnight appre- ciation of nearly 1 point. Heavy trad- ing also took place in the rights, which sold above 11. Large transactions con- tinued in the rights of Consolidated Gas, & block of 10,000 coming out at one time at 10. Investment Trusts. Among the investment trust stocks National Investors scored with a new high price, and Tricontinental exhibit- ed a firmer tone at times. Announce- ment was madee that the 500,000 shares ©of 6 per cent cumulative preferred stock of the Tricontinental Allied Co., and 750,000 shares of common had all been subscribed for. Trans-America opened a point higher and held some of the in. "Amnng the aircraft issues, Detroit Aircraft went to a new peak level, ‘while the remainder of this group re- mained quiet. Hood Rubber also changed hands at a new high mark following announce- ment that the company's assets and obligations would be taken over by the Goodrich Rubber Co. The stock has about doubled its low price of the year. Commonwealth & Southern started the day on & 10,000 share transaction at 25, which was unchanged from Saturday's closing level. Oil stocks continued active under leadership again of Gulf Oil, which re- established its high of the year. Buy- ing has been influenced the past few days by reports that the company had brought in a big well on one of its properties. Interest. continued in Standard of ©Ohio, Vacqur: and Indiana. Earnings of the olls, a brokerage house analysis shows, were higher last year, when compared with the preceding 12 months, and reports of prospective mergers con- tinue to be heard. i Activity in Rails. " A little more activity deveioped in the rails in line with strength of railroad stocks, particularly the Northwest is- sues, on the Stock Exchange. Earnings for July will be made public shortly, and are expected to show & good in- ctease over the same month of Ilas yéar. > Stutz was inactive, although there was a report that the company planned to come out with a.new model, which would have in it a new-designed air- plane motor. John J. Raskob was men- tioned as being interested in the deal. [ Baltimore Markets Bpecial Dispatch to The Star. ‘BALTIMORE, Md, _August Poultry, allve—Spring chickens, pound, 28a31; Leghorns, 22a26; poor and thin, 18a20; old hens, 23a31; Leghorns, 22a 24: old roosters, 18a20: ducks, 20a24; gainea fowls, each, 50a85; pigeons, pair, 2 19— Eggs—Receipts, 1.125 cases; native and nearby first, 35a36; current re- ceipts, 32a34; hennery whites, 36a40. Butter—Good to fancy creamery, pound, 41a45; ladles, 33a35; store packed, 30a31; rolls, 31a32; process but ter, 40a41. 1 Hay and Grah Prices. Wheat—No. 2 rted Winter, spot, 1.40%; No. 2 red Winter, garlicky, spot, 1.35%: August delivery, 1.35'; Septem- ber delivery, 1.3614; No. 3 red Winter, rrliczkg', spot, 1.31%5. Bag lots of near- ,Cargoes on grade—None. Corn—No. 2 export, August delivery, nb quotations; No. 2 domestic yellow, 1:21a1.22; cob corn, 5.75a6.00 per barrel. / Oats—No. 2 white domestic, spot, £9; No. 3 white domestic, spot, 57a58. Rye—Nearby, 1.00a1.10.. . Hay—Receipts, none. Season for old hay is about over. A little new crop is arriving, but hardly enough upon which to ~ establish quotations by grades. Where in good order, new hay sells at from 13.00 to 15.00 per ton, according t4 its quality and condition, receipts by tfuck taking care of most requirements. Straw—Little demand for straw. Re- a}pu generally ample. Wheat straw, . 1, per ton, 9.00a10.00; oat straw, No. 1, per ton, 9.0010.00. Vegetable Prices. Potatoes, white, barrel, 1.50a5.25; 100 pounds, 2.25a3.00; sweet potatoes, bar- Tel, 2.50a6.00; beets, 100, 3.00a4.00; beans, bushel, 1.25a1.85; cabbage, ham- pers, 1.00a1.50; carrots, 100, 3.00a4.00; celery, crate, 1.50a3.25; corn, dozen, 10a 28; cukes, bushel, 65a90; eggplants, hampers, 76a85; lettuce, crate, 2.50a4.50; lima beans, hampers, 40a90; onions, pers, 90al.10; peppers, hampers, 20a35; peas, hampers, 1.25a2.00; squash, hampers, 15a35; tomatoes, hampers, 40a70; canners stock, bushel, 1.00a1.20; apples, bushel, 1.00a2.25; cantaloupes, hampers, 25a90; blackberries, quart, 12a 24: huckleberries, quart, 15a20; peaches, hampers, 25a75; pears, bushel, 1.50a2.25; watermelons, 5a40. Live Stock Market. Cattle—Receipts, 500 head; fair sup- ply: market dull. Steers, choice, 13.00 to 18.00; good, 11.00 ‘to 11.75; medium, 11.00 to 11.75; common, 9.00 to 10.75. . .25, Bulls, choic 9:00 to 9.75; fair to good, 7.75 to 8.75; ymmon to medium, 6.75 to 7.50. Cows, choice, 8.50 to 9.00; fair to good, 7.50 8.25; common to medium, 4.50 to 7.00. ‘ Sheep and lamb—Receipts, 250 head; 1fght supply; market steady. Sheep, 2,00 to 6.50. Lambs, 7.50 to 13.50. . Hogs—Receipts, 2,000 head; moderate supply; market higher. Lights, 132.6( heavies, 7.50 to 12.00; medium, 12.60. roughs, 7.5 to 10.00; light pigs, 11.5 12.25. .Trucked hogs, 15 to 30 Calves—Receipts, 550 head; light sup- {i'y75 market higher. Calves, 6.00 to —— ! Demand Rate Advanced. | CHICAGO, August 19 (#)—Effective tpday, the Chicago bank-rate on bro- kers' collateral demand loans will be gsvmced to 8 per cent, marking the t advance above 7 per cent, which the maximum legal rate before the .‘xlwl call loan act became effective ly 1. i The new law was sought, financiers lained, to bring the Chicago rate to parity with that charged in New York thus to keep more money available instead of being sent East to take advantage of the higher rate there. | Rubber Merger Planned. : WATERTOWN, Mass.,, August 19 (). ~+Negotiations for the merger of the lood Rubber Co. of Massachusetts with Goodrich Rubber Co. of Ohio were hnrofi:cuwdly. ‘The Hood . i the third largest maker of rubber twear in the country. Frederick ©, nood?,ruldent of the no te settlement Ay e, '{ WORLD COPPER OUTPUT. NEW YORK, t 19 (P)—Th2 aly daily average world copper produc-~ Sales " in hundreds. Acetol Prod: A .. A %, uEntasensaten g2sgusaty 1Am Scot Inv. 2 Amer Phenix 4 Am Pneu 16 Amer Sol 22, 2E2 sy & & & 13Ass0 G & E deb rts. 2 Asso Rayon pfd § Atlas Plywood 22885325555 e T T T Yer Yooy 3 Bros d_Tube 'vie Wireless A & Wireless B Wir t Comw & Sou op 7 Gons” Alrcratt oy 2055, auy 3‘._;;.. wa_awwins Baiol! o S SR anses, RESERENL! 1oii0ca 2 Handley Pr p! 1 Happin C 8t A. 6 Haygart Corp. 37 Helena Rubeinsiein. 9 Hercules Motor. 16 Hiram Walk G 1Horn & Hard. Food 10 Ital Superpow A. 11tal Superp deb Saru, uy EFRE OSSR Bunuy = = R i Sugs28s! SRS NF FRSFFER & 9 00 T 010909 05 Z s B e n0 0005 B ZZRREZERE 5808 P G Chs e eowoud 33 3803580 Bnanssa e et 3 3 TFSEARE 2 3a 8 ity : B = =§=§§§hs== 18 v ¢ Amep UUI Sec l!g'r"fiunm 31::“::: i1 Nor Sta P A THE EVENING STAR, WASHINGTON, D. C., MONDAY, - - oo B e B R BB s 10 5 e 00 e i 08 0 s A B0 125 010950031 RIS Rellance Bi 8 liance Management Mot Trk ctfs 53 EEEE polds Metal B ckiand L & P i oosevelt Field .. o FEReeRgRRY Select Ind Inc 18 Select 1nd 1o Tepd: 9 e 1 Ta Pac E 5 Sikorsky Aviaiion . Mig . 1s Singer 1 4 smith co 48tand Steel 5 Starrett Corp 6Stein & Co 1Stein & Co pfd 3Stein Cosmetics 1 Sterchi Bros Stoi 4 Strauss Roth scon Alr 18 Transc_Air vtc. 1Trans Lux D L P 90Tri Cont Corp, 7 T o o280 B ont A 0 wi 2Tri Utilities Corp. Pork ._Sto; Art 8B. 1 Lamj o S5 & Snuae . 2d b Ksbestases o000 DT St eerere. o) porey $25999agggaaaaaadacaa; § West Auto Suj 2 Whitenight Inc . 2 williams (RC) & Co 3 Wil Low s 1 Wendon Cop. Sales INDEPENDENT OIL 53 xon Ol 5 Venezuelan Pet SEal L NEW YORK CURB MARKET az§=:= = st 23555803 88! Gl : 853 T Feo S A e a3 e Snas: gtk B2, s cisean 2! ot A=t 303! 30968 00 0133235 35588233332 S 3 S EEE B58ea83035823.2Y: % 160, s1ia 47 29! 95 Direst to The Star Offies i 12?’. ‘rv. % sm 9% 8 D94 94 ::Z: ZE 101% 100% 100% o (18 Nat Pul ‘11 Neisner Realt WOO%ZZZZ: EETundd 9 Poor & Co 68 '39.... 124 5Reliance B & 8 65 "44 99%% 14 Rel M A 108" s rie e | |AMERIGANS BUYING MORE SECURITIES iz Number of Shareholders in U. S. Corporations Shows Huge Increase. BY JOHN F, SINCLAIR. Special Dispatch to The Star. NEW YORK, August 19.—Willlam B. Monro, professor of - government -at Harvard, has no fears about the future of the American people in & business ‘way. ‘Wall gofi.;ut does h:ot rule Be‘chg Ama: ican pepole any ger. ause mopu themselves are investors and yers of \‘.h:";eclmmu %X‘%fi“ the larger corporations, says Mr. Monro. ‘With the number of stockholders in the corporations increasing at the rate of not less than 2,000,000 a year, the United States has in reality become a nation of capitalists, big and little, with more of them to the square mil than can be found anywhere else. When such a condition exists the tendency of people is to become conservative. Re- form, especially that dealing with the more radical philosophy of socialism and communism, seems to have less ap- peal than ever. It is the despair of the more radical minded. Prof. Monro, in a recent article, while recognizing that the term dollar diplo- macy has become a by-word among the nations of the world, believes that the amount of selfishness in interna- tional relations is a minor factor grow- ing less instead of more powerful. ent, estimates place the number of stockholders in the various listed and v2 | unlisted securities of American corpor- 5 Solvay Amer 21 Southe P&L 68 9 Sou Ed 5s 6s '57. 66 Sun-Md Rais 6%s ‘43 10 Swift & Co 83 36 Trans Lux 6'as 18 Ulen & Co 65 ‘4 n Am Inv 58 19 3Unt Lt & RI Sts '52 86% 10Un Pr R B 618 A 37 991 2Tn R of Hav 7lsx 36 187 estern Pow 57d . 97% 97! 7d. . s '310 Westrn Pw 5los A Cent 35 FOREIGN BONDS. 3 Buerios Alres 7s ' 1 Buenor Alrgs Tl 9 Com & Pr Bk 53 9 Danian cons 85 & Frankforl 61 2 Free St P s 53 1 Free St Prus 6'3s ‘31 a3 5 Gelsen Min 6s '34. . 2Un SU W xd—Ex dividend. Wwi—When 1ssued. n—New. Www—With warrants. I Markets at a Glance NEW YORK, August 19 (#).—Stocks irregular; U. S. Steel reaches new high. Bonds irregular; telephone convertibles at record high levels. Curb irregular; olls encounter profit-taking. Foreign exc! h ;. German mark under “pressure. high temperatures in Texas and Okla. oma. Sugar higher; Cuban support. Coffee higher; firm Brazilian markets. ~CHICAGO, August 19 (#).—Wheat easy; large visible supply increase. Corn easy; beneficlal rains in Kansas. Cattle steady to lower. Hogs lower. —_— {COTTON WORKERS RESUME Laborers in Lancashire -Return i ‘Pending Arbitration. MANCHESTER, England, ‘August 19 (P)—Lancashire went to work today after three weeks of paralysis of the cotton industry. The drone of ma- chinery ‘as 500,000 mill hands resumed their tasks, and smoke pouring from tall chimneys all through the factory 23} | towns proclaimed the end of the stop- aBane Frary a, 2.2 uSBotanEtawt B BSOS T SRR B R RS AR 1% 100 Atl Lobos. 600 Chesbrgh S “Nflummt O & O Can s8s528 2055E 558, 025 25 <Rnnn; 000! omze § 9;;;55; L i LH3% S Barwd Siems 3EEEEERE e T DR > (5 2.2 Ll L EESpRRER] ) fadog 2 55 = R RRSRIIBS ! 5O S3ee. S5o%s: P& 3 o _wssrars R EFEE S T E .. $a3I882a: 22 ,.’“ page that cost workers and employers many millions of pounds. Only the card rooms, where workers are to return tomorrow, were silent. The wage dispute which caused the stoppage is in the hands of a board of arbitration whose deliberations begin Wednesday. ] Meanwhile workers will be paid the old scale of wages until a settlement is reached. A proposed reduction of the ehesent scale by 1213 per cent caused cotton workers to quit three weeks ago. pE MARYLAND TOBACCO SALES. BALTIMORE, August 19 (Special). —For the second consecutive week sales of Maryland leaf tobacco exceeded recepits and the market continues active for all grades. Sales totaled 1,422 hogsheads, inst receipts of 2 hogsheads, les a stock in State ?b&cco warehouses of only 7,787 hogs- eads. Prices for seconds are probably as high as they have ever been, and a few fine firm leaf hogsheads sold up to 51a5115. A report on crops products issued last ‘week- by the State tobacco officials says: “Some early tobacco has been har- , which shows good quality. ““The: northern section has just been visited by a good rain, but it is still very in the southern section, which is ca many plants to button out Quotations today for Maryland leaf tobacco per 100. pounds: Inferior, 7a10;'‘sound common, 11a 20; ygood common, 21a30; medium, 3la 40; good to fine red, 41a50; seconds, common to good common, 7a20; medi- um, 21a33; second to fine, 34a35; upper country burley nomial, ground leaves nominal. o GERMAN BONDS AND STOCKS. NEW YORK, August 19 (Special).— Ger Govt Red Loan with drawing I ctfs attached per 100 R M... 55.00 60.00 Ger Govt Red Lo without (Quoted in ¢ pel P Ghoted fn qollar i German g:g Elect 4%3s pre-war 33. rman Ile.rel 4% ] SILVER QUOTATIONS. NEW }"m A&:n 19 (Q;m 8888333883358 #itisg38ias! ations today at around 18,000,000. These individuals naturally are more inter- ested in the success of enterprises to- day than ever before because of that personal interest. I remember talking to Walter Gifford, president of the American Telephone & Telegraph Co., on one occasion and discussing this problem with him. ith the number of stockholders in the larger American corporations go- ing into hundreds of thousands, the executive officers of the corporation be- come to & larger and larger degree the trustees for these various people,” said 4 “Business will develop and grow. mighty only to the degree that the managers or trustees recognize their trusteeship and play fair all down the line. Otherwise, only catastrophe awaits modern civilization.” ‘The alternative seems plain enough. The property loss from fire in the United States attributable to cigarette smoking amounts to $45,000,000 a year. At least that is what the United e | number of patents being asked for is 'AUGUST 19, States Bureau of Standards says in & recent report. And this does not in- clude the fire damage where the cause was only nuficm to be cigarette smok- ing, which 1927 amounted to more than $6,000,000; nor does it include the m grain fires started in harvest fields by cigarette smoking, for which there are no accurate figures available. But in 1927 more than 30,000 fires are estimated to, have been caused by smokers in the forests of the country. ‘The situation in this field is so serious that the forest service has closed h;!e areas of natlonal forest land to s - 80 the asked the manufacturers to find out if it is possible to f cigar- ette tips. Then a carelessly throwing away the butt will do no harm. It has been suggested that an effective method of educating the pub- lic would be to put a warning on cigar- ette packages, or on advertising matches. This, at least, immediate warning to smokers to be careful. d “Cigarette and pipe ashes should be pressed out and discarded only in un- questionably safe places,” says Associate United States Forester' Sherman, “and autos should have ash receivers both front and rear seats.” would give an millions of ‘There does not seem to be any let- up in the number of new labor-saving machinery inventions. In fact, the increasing in this field. Offhand, one would say that with the installation of such machinery a great deal of un- employment W naturally result. ‘A worker witd a new machine often can produce five times &s much in the same length of time as formerly. It Jooks as though this condition would force more and more unemployment. Yet it does not seem to work that way. The amount of products con- sumed in the world is never constant. It increases year by year. There is no reason why this percentage of increase should not go on indefinitely. At least no one yet has been able to say just when the increase will stop. Machinery lowers production costs and thus stim- ulates the demand for more goods and labor. Science and invention in industry have brought about other great changes. With the advent of the telephone, the telegraph owners were in consternation. ‘They feared it would supplant the tele- graph completely. Nothing like it has happened. Each today supplements the other. Telegrams by the thousands are recelved and delivered by telephone in their local cities. In the early days gas and electricity fought each other. Gas was then used mainly for illumination. When elec- tricity came along, the funeral proces- sion started. But it did not last long. Now neither worries about the other. Why? Because gas is used largely in industrial heating and cooking now. Gas enthusiasts—and the number is owing—predict that the use of gas as just begun. The oil companies are spending more and more of their re- search money in the field of gas. The possibilities are enormous and the field is hardly explored. Consider the phonograph and the radio. Fighting? Not at all. The talk- ing machine did have a slump in the | da; degrewnn of 1920 and 1921, but the did not its meteoric career until 1924. 8o, of hurting the honograph interests, the radio stimu- | Showed ted research. and both have benefited. Now, if reports are true, it will not be long before another of the giant radio companies joins hands with an- other giant corporation in the graph field. For it is one supplements the other. ‘Thus sclence makes the lion and the lamb lie down together. Ever since Benjamin Franklin tried to catch and control lightning by means of his kite and door key scientists have been trying to find out what it is. So far with no success. But they do know how to generate it in power plants, how to harness it to industries and how | May to_make it the servant in the home. ‘Today more than eight hundred mil- lion doilars is spent in the United States for extensions of electrical apparatus. The growing super-power plants now taking shape rapidly make it almost necessary that some means be devised for warding off the knockout blows of ""fl-— lightning. Here 15 how flash of lightning carries. e power unit in the United States at Niagara Falls has a cajacity of 1,400,000 October horsepower. Join that force with that of all other industrial power plants on the North American Continent, and the combined power is puny compared to the force of a single bolt of lightning from the clouds, for a single thunder- bolt that one often sees in the clouds carries a force of billions of horsepower. The General Electric engineers have had a lot of fun trying to catch some of that force and measure it. Quite a Jjob when the flash is over in the tenth of a second. A Westinghouse engineer says the average thunderbolt carries enough energy to light the world for months. Think what that would mean if the lightn! could be put to work instead of tearing up everything in its way. . Says Dr. G. C. Simpson, British electrical expert, “one Hmnmz flash an hour would produce all the electrical power required by a city of 100,000 inhabitants. A large generating station is like a breakfast toaster in comparison with a thunderbolt.” Lightning kills about 600 persons a powerful & wallop a "Thie largest |5 Teceipts ‘- wheat onlyylnltlbooo bushels, against 535000 Whli ¢ ‘lmd heav w7 eat cl , 3 a bushel lower mv'sm% lo’i_-“mmfl 3 Sgg# SRS BEE buig wg ¥ OF adeE 3 NEW YORK COTTON. NEW YORK, August 19 () —Reports of continued dry hot er in the paratively light :-ngyu.ygm mtm a ‘“k’n points from ce, mar} again with the md Lo m;“wtn;mxmotumumu tures closed very steady, 38 to 44 points higher; October, 18.55218.56; De- Narcn: 10,09, May, 1090 Bt auivs rch, 19.09: y, 19.26. 8] let; middling, 18.75. posten year and injures twice that number in | May the United States and Canada on the average—not to speak of the millions of dollars of damage to property during » the same time. (Copyright, 1929, by North American News- paper Alliance.) SOFTWO00D SHIPMENTS, NEW YORK, August 19 (#).—Ship- menl:.u uggworgen f'm-l olortwood for week en \ugust 10, as reported b) 569 mills to the National Lumb‘:ox Mnnu! facturers’ Association, were 13 per cent below the cut, while hardwood orders, as reported by 227 mills, were 14 per cent and shipments 12 per cent of the cut. 59 90 o Getober. o1, 18.14; December, 18.47. e Microphone Finds Break. When a water pipe in Germany breaks the fault is fognp: without exten- sive digging, & new invention of Ger- man - scientists locating the trouble through a microphone. A sensitive elec- trical detector, placed on the ground above the piae line, locates the sound of w’m‘-’u‘; o l‘:tcphm = mi - nected with the detector. - As all of these Units have been subscribed for, thisadvertisement appears as a matter of record only. Tri-Continental Allied Company Incorporated 500,000 shares 6% Cumulative Preferred Stock (par value $50) with Warrants to purchase at the rate of $33 per share one-half share of Common Stock for each share of Preferred Stock and 750,000 shares Common Steck (without par value) Unit certificates will be exchangeable for s Common Stock, without par value.... Offered in the form of unit certificates Each unit consists of one share of Preférred Stock (with Warrant) and one and one-half shares of Common Stock. CAPITALIZATION 6% Cumulative Preferred Stock, par value $50 Authorized . 500,000 shares . 93,000,000 shares ock certificates on March 15, 1930, or earlier at the option of the Company. To be presently outstanding . 500,000 shares 1,000,000 shares © 250,000 shares of Common Stock will be reserved for issue against the exercise of the warrants attached to the Preferred Stock and 500,000 shares will be all 23 described below. The remaining 1,250,000 shares of authorized and unissued Common Stock reserved for issuc against the e: of warrants to be held by Tri-Continental C corporate purposes. Stockholders will bave no pre-emptive nght to subscribe for additional stock or securities. ration, ‘will be available for future Organization and Management: Tri-Continental Allied Company Incorporated, referred to below as the “Allied Company”’, has been organized under the laws of the State of Maryland with broad powers, in- cluding among others the power to buy, hold, sell and underwrite securities of any kind and to participate in underwritings and in syndicates generally. The Allied Company has entered into an arrangement with Tri-Continental Corporation, an existing Maryland corporation engaged in the same business, under which Tri-Continental Corporation has agreed to provide from its executive officers the management of the Allied Company until August 15, 1939 without cost for such officers’ salaries, and Tri-Continental Corporation is purchasing for $3,750,000 in cash 150,000 shares of Common Stock and warrants to purchase 500,000 shares of Common Stock of the Allied Company, as described below. The Board of Directors of the Allied Company may be identical with that of Tri-Continental Corporation and for the present will consist of not less than fifteen members of whom at least six will be partners of the firm of J. & W. Seligman & Co. In addition to the stock included in this offering and the stock sold to Tri-Continental Corporation stated above, the Allied Company is selling 100,000 shares of Common Stock to J. & W. Seligman & Co. and associates for $2,500,000 in cash. The Allied Company plans to do business with J. & W. Seligman & Co. - and may do business with Tri-Continental Corporation. Preferred Stock: The Preferred Stock will be entitled to cumulative preferred dividends at the rate of 6% per annum, accruing from August 15, 1929, payable quarterly on the fifteenth days of November, February, May and August, and in the event of liquidation will be entitled to $50 per share plus accrued divi- dends before any payment is made upon the Common Stock, but no more. The Allied Company may re- deem the Preferred Stock in whole or in part at any time at $55 per share and accrued dividends on thirty days’ prior notice. The Preferred Stock will be entitled to vote share for share with the Common Stock. The certificate of incorporation contains certain restrictions upon the creation and issue of preferred stock rank- ing prior to or on an equality with this Preferred Stock and upon the creation of funded debt. Proceeds of Financing: J.%& W. Seligman & Co. will pay all expenses of organization and all expenses in connection with the issue and sale of the Preferred and Common Stock of the Allied Company presently to be issued. The Allied Company will receive as the proceeds of the 500,000 shares of Preferred Stock with warrants, the 1,000,000 shares of Common Stock and the warrants for the purchase of 500,000 shares of Common Stock to be presentlyissued, $50,000,000 incash, being an amount equivalent to 200% of the par value of the Preferred Stock. Stock Purchase Warrants: The Preferred Stock will carry warrants, exercisable on or after January 1, 1931 (or earlier at the option of the Allied Company) and not later than August 15, 1939, entitling holders to purchase 250,000 shares of Common Stock at the rate of one-half share of Common Stock for each share of Preferred Stock. These warrants will be non-detachable except when exercised or in the event of any re- demption or retirement of the Preferred Stock to which they are attached. The warrants for the 500,000 " shares of Common Stock to be purchased by Tri-Continental Corporation will be exercisable on or after January 1, 1932 and not later than August 15, 1939. All warrants will be exercisable at the rate of $33 per share of Common Stock. Provision has been made in the certificate of incorporation for protection against dilution of the stock purchase brivilege. Unit Certificates: There will be deposited with Central Hanover Bank and Trust Company 500,000 shares of the Preferred Stock with warrants and 750,000 shares of the Common Stock, against which unit certificates will be issued, each unit certificate representing one share of Preferred Stock and one and one-half shares of Common Stock. The unit certificates will be fully transferable and will entitle the holder to receive from Central Hanover Bank and Trust Company on or after March 15, 1930, (or earlier at the option of the Allied Company), the stock represented by the unit certificates. The transfer agents for the unit certificates Hanover will be Gentral Company, Boston. We offer thwse units wh New York fun: will be made on or aboa it issued and accepted by us, subject to approvalof counsel. It "August 37, 1929, &t othoeof J. Lligman & Co. York and ., 54 Wall Street, New York, ag: Price Per Unit $101.50 Plus accrued Jividend on the Preferred Stock Bank and Trust Company and The National Shawmut Bank of Boston; for the unit certificates will be The Chase National Bank of the City of New ; registrars 0Old Colony Trust zpected that delivery of unit certificates inst payment therefor in Unit certificates of this issue have been listed on the Boston Stock Exchange and the New York Curb Exchange.