INDUSTRIALS 
$27 
1. 7% CUMULATIVE PREFERRED STOCK 
Provisions: Has preference as to as- Dividends: Regular dividends paid 
sets and 79% cumulative dividends. quarterly, March 31, etc. 
No Sinking Fund. Transfer Agent: Bank of California, 
Callable: On any dividend date at N. A. San Francisco, Calif. 
102% on 40 days’ notice. Registrar: At company's office 
2. COMMON STOCK 
Dividends: None paid since 1914. N. A.,, San Francisco, Calif. 
Transfer Agent: Bank of California, Registrar: At company's office. 
COMPARATIVE INCOME STATEMENT, Years Ending Dec. 31 
1929 
1,274,145 
373 817 
“27.95% 
191 N2S 
Gross Sales ......... eee emeemmememeteteteoecaneenseeneean 
Cost of Sales ...ooceeooo... ee emmeeeeemesaeteeeecesasmneennennans 
Selling and General Expense... co... oiiiociaaaanans 
Operating Losses a 
Net Earnings ........ 
Other Income ... 
Total Income .... Ce a means 
Depreciation o.oo ie BRS Ta 
[nterest, Amortization, Taxes, ete. ..oooeimeemeaaaneennn. 
Net Income ............. 
Preferred Dividends ..... 
Surplus for the vear 
COMPARATIVE CONSOLIDATED BALANCE SHEET, As of Sept. 30 
ASSETS— 29 1928 
Plant, Equipment 661,786 $1,295,907 
SECUTILI®S coi eee eee eee eee ee 28,025 16,975 
Other INVesStMeNnts «o.oo... eee 111.463 
Misc. Accounts Receivable... 
Cash _.......... RRR REAM mms ements 
Livestock ........ reeeeeeemeeeeeaten sae mnon aan 
INVENtOTIeS oo eee 
Accounts and Notes Receivable... 
Other ASSetS oii eee 
Luzerne Trust ACCOUNT ......oooiiii iii 
Due from Stockholders... 
Deferred Assets 
100.204 
136,826 
173,714 
356,144 
083,868 
"64,175 
18,656 
"2,092 
16.030 
213,450 
551,789 
1,360,118 
1,033,334 
53.339 
2,045 
.5.437 
59 051 
TOTAL, ASSE™ 
032.908 
LIABILITIE 
Preferred Stock 
Common Stock 
Funded Debt ..... 
Real Estate Mor er 
Taxes and Intere.-t 
[Bills Payable ...... 
Accounts Payable _. 
S1uuronlus 
coemcaaaaad 
183.200 
000,000 
500,000 
‘26,342 
4,906 
* 209 
37 
168,800 
000,000 
£10,000 
©,781 
58 
0 
ee. JR, 
Aceryed 
4 
TOTAL LiIA=LIi.ITIR 
"TTWTMIED DEBT, As of Sept. 30, 1729 
Rate Dated Due Authorized Outstanding 
6% 8-1-2 1927-4" $750,000 $600,000 
proceeds of sale of mortgaged property 
are callable at par. 
Tax Status: Company pays normal 
Federal income tax up to 29%. 
Security: A joint and several obli- 
gation of the company and Thomas 
Carstens, Pres, and secured by first 
mortgage on land, buildings and equip- 
ment of company. 
Offered by: First Securities Corp. 
nd Merchants Trust Co. St. Paul: 
WVells-Dickey Co., Minneapolis, and 
lsumbermen’s Trust Co., Portland, Ore., 
October, 1926. to vield 5.509 to 6.2509. 
ay 
"ns 
First (Closed) Mortgag. 
Serial Gold Bonds........._...... 
Interest Payable: Feb. and Aug. 1, 
at Equitable Trust Co., Portland, Ore. 
Principal Payable: $50,000 Aug. 1 of 
each year, 1927 to 1941, incl, at Trus- 
tree's office. 
Trustee: Equitable Trust Co., Port- 
tand; Robert Emery Smith, co-trustee, 
Portland, Ore. 
Registerable: As to principal. 
Denominations: Coupon $100, $500, 
$1,000. 
Callable: On any interest date in 
‘nverse order on 30 days’ notice at 
102%. except that bonds called from