{(NDUSTRIALS

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i. FIRST LIEN 35% 20-YEAR SINKING FUND BONDS
Interest Payable: Jan. and July 2, at Security: Secured by a first lien on
nffice of Trustee. all the properties of the company with
Trustees: Equitable Trust Co., New exception of 260 acres at Wilmington,
York; Security-First National Bank, Calif.,, certain purchase money mort-Los
 Angeles. gages and the stocks of some of the
Registerable: As to principal. subsidiaries.
Denominations: Coupon, $1,000 (Reg- Unissued bonds in the amount of
istered, $100, $500, $1,000). $3,378,000 are reserved for retiring
Callable: In part at 1021 for sink- ponds of subsidiaries and for acquiring
ing fund, on 30 days’ notice, on any new properties or betterments and adinterest
 date. As a whole at 105, on litions. No dividends are to be paid
any interest date, >»n stock any year unless net income
Sinking Fund: To retire one-twen- 3 twice the interest charges on this
tieth of bonds outstanding during pre- ssue.
ceding year, May 1, 1912; 1-19th May 1, Offered by: Hallgarten & Co. and
1913; 1-18th May 1, 1914, etc., until William Salomon & Co., New York,
May 1, 1930. June, 1911, at 911%.
Tax Statux: Company pays normal Listed on: New York, San Francisco
income tax up to 2%. and Los Angeles Stock Exchanges.
2. 20-YEAR 6% GOLD BONDS, SERIES A
Interest Payable: Semi-annually on at end of 6 months reverts to the com-Feb.
 1 and Aug. 1, at the Central Han- pany.
over Bank & Trust Co., New York, or Security: Direct obligation of the
Trustee's office. company and first lien on all property
Trustee: Security-First National at Wilmington, Calif., consisting of 260
Bank, Los Angeles, Calif. acres of lands with buildings and
Registerable: As to principal. equipment.
yp cheminatienys Coupon, $500, and Offered by: Dillon, Reed & Co. and
. . i < , 2
Callable: Not callable, but may be Blaip & Ca, Ine, New York. Mav, 1922,
purchased for sinking fund. : )
Sinking Fund: $500,000 annually, Listed on: New York, San Francisco
starting Aug. 1, 1922, paid in equal and Los Angeles Stock Exchanges.
instalments each 6 months for purchase Price Range:
of these bonds in market, if available, 1929 1928 1927 1927
at or better than a 5% 9% interest basis High ...... 108 111 1091; 108%;
to maturity. Any unexpended balance Low:'........ 105 109 107 104

3. 10-YEAR 3% SINKING F7Y
Interest Payable: Semi-annually on
Apr. 1 and Oct. 1, at Central Hanover
[Dank & Trust Co., New York, or at
Trustee's office.
Trustee: Security-First Nat. Bank,
T.os8 Angeles, Calif.
Registerable: As to principal.
Denominations: Coupon, $500 and
$1,000; interchangeable.
Callable: As a whole or in part on
any interest date, on 30 days’ notice,
at 101 to Apr. 1, 1931, incl, and at 100%
thereafter
Sinking Fund: $300,000 a vear from
Apr. 1, 1927 to 1930; $500,000 Apr. 1,
1931, and $600,000 yearly thereafter. To
purchase bonds at not exceeding redemption
 price. or to call bv lot

VND GOLD BONDS, SERIES C
Tax Statux: Company pays normal
Federal income tax up to 29%.
Security: Direct obligation of the
company, but not secured by a mortgage.

Purpose: Issued to retire serial 6's,
Series B, due Apr. 1, 1925 and 1926, and
for additional working capital.
Offered by: Dillon, Read & Co.
Blair & Co., Inc.,, New York, and Union
Trust Co., Cleveland, Jan. 1925, at 96.
Listed on: New York and Los Angeles
 and San Francisco Stock Exchanges.

Price Range:
1929 1928
High ...... 99% 100%
.oW __.._____. 98 9K

4. 1S-YEAR 5% GOLD DEBENTURES
Interest Payable: Semi-annually on company, but not secured by mortgage.
June 1 and Dec: 1, at Dillon, Read & Company agrees not to create nor per-Co.,
 New York, or at office of Trustee. mit any subsidiary to create any new
Trustee: Security-First Nat. Bank, mortgage indebtedness maturing later
los Angeles. than one year (except purchase money
Registerable: As to principal. mortgages, etc.) without providing that
Denominations: Coupon, $1,000. lebentures share ratably in lieu of such
Callable: As a whole or in part, on mortgage.
any interest date, on 30 days’ notice, at Warrants: Each debenture issued
102% to June 1, 1933, incl.; at 102 to vith a warrant, detachable on or after
June 1, 1936, incl.; at 101% to June 1, Jet. 1, 1930, entitling holder to sub-1939,
 incl; at 101 to June 1, 1942, incl.; scribe, on or before Apr. 1, 1938, for
at 100% to June 1, 1944, incl.,, and at ten shares of capital stock at $60 to
100 thereafter. May also be called or Apr. 1, 1932, incl.; at $65 to Apr. 1,
purchased for sinking fund. 1934, incl.; at $70 to Apr. 1, 1936, incl.;
Sinking Fund: $375,000 on June 1, at $75 to Apr. 1, 1938, incl. Warrant
1934, and June 1, 1935, and $750,000, an- drivilege is protected against dilution,
nually thereafter to retire debentures axcept in stock dividends at a rate of
hy purchase or call by lot. t9% or less per annum.
Tax Status: Company pays normal Offered by: Dillon, Read & Co., New
“ederal income tax up to 29%. rork, March. 1930, at 991%, with war-Security:
 Direct obligation of the rants