{(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 ad- 
interest 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 re- 
demption 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 mort- 
gage. 
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 An- 
geles and San Francisco Stock Ex- 
changes. 
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