THOMSON'S MANUAL
COMPARATIVE INCOME STATEMENT, Years Ending Dee. 31
1929 1928
Gross ReVeNUE cuememeeeeemeaeeeeaemceeemcneea 7 $26,047,401 * 5,025,154
Operating Expense .... .. 23,508,666 4,419.27 0
Operating Income .ociccocccccccceee 0, 29.725
Depreciation ...... I —— £0. £0¢
Net Operating Income...
Other Income ......

1927
$ 4,511,528
3,905,015
606,513
"86.734
“779
0%.063

Total Income ..... . FE,
Provision for Federal Income Tax........
Interest, Amortization, ete. cece

© 842
000
1.901
£2,941
122.070

Net Income ..... .
Dividends Paid ..oeeeneee.

Surplus for the year...._..............
Earned, per share Class A stock.........
Earned, per share Class B stock..............
tInecludes dividend from California Dairies

59,871
$3.76

FUNDED DEBT, As of Dec. 31, 1929
Rate Dated Due Authorized Outstanding
15-Yr. S. F. Debentures......6%9% 12-1-26 12-1-41 $3,000,000 $2,112,000
Calif. Dairies Debentures.......6%% 5-1-27 5-1-42 $3,000,000 $2,306,000
Calif. Coop. Cream. Debs........6%% 10-1-28 10-1-43 $850,000 $821,500
Calif. Coop. Crm. 1st Mtg...... 69% 12-1-28 10-1-48 $875,000 $861,000

1.
2.
3.
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i. 13-YEAR 614% SINKING FUND GOLD BONDS
Interest Payable: June and Dec. 1, ed to retire 469% of issue by maturity.
at Wells Fargo Bank & Union Trust Tax Status: Company pays 2% nor-Co.,
 San Francisco; First Seattle Dexter mal Federal income tax and refunds
Horton National Bank, Seattle, or trus- Penn., Conn. and Calif. 4 mills; Md. 4%
tee’s office. mills; Mass. income tax 6%.
Trustee: Seaboard National Bank, Security: A direct obligation, but
New York. not secured by mortgage. Company
Denominations: Coupon, $1,000, $500. may not create any mortgage or other
Callable: At any time on 60 days’ lien on fixed or permanent assets, innotice
 at 107% and interest on -or be- cluding securities, unless assets are
fore Dec. 1, 1931; thereafter, but be- 200% of debentures outstanding plus
fore Dec. 1, 1932, at 105 and interest, all obligations proposed to be issued.
premium decreasing %9% each year Legal Opinion by: Masten & Nichols,
thereafter. New York.
Sinking Fund: Amount equal to one Offered by: Spencer, Trask & Co,
and two-thirds of total debentures is- Bond & Goodwin & Tucker, Inc, and
sued, paid to trustee semi-annually, to Smith & Strout, Inc. Dec., 1926, at
purchase or call debentures. Calculat- 9915.

2. CALIFORNIA DAIRIES, INC. 15-YR. 61% SINKING FUND
GOLD DEBENTURES
Interest Payable: May and Nov. 1, at sued, paid to trustee, semi-annually, or
trustee’s office or Wells Fargo Bank & debentures previously issued, in similar
Union Trust Co., San Francisco, = or amount.
Bank of Italy, N. T. & S. A, Los An- Tax Status: Company pays normal
geles. 20, Federal income tax and refunds
Trustee: Equitable Trust Co., New Penn, Conn., Calif. 4 mills; Md. 4%
York. mills, and Mass. income tax, 6%.
Registerable: As to principal only. Security: Direct obligation of com-Denominations:
 Coupon, $500 and pany, but not secured by a mortgage.
$1,000. Legal Opinion by: Mastin & Nichols,
Callable: At any time upon 60 days’ New York; Gibson, Dunn & Crutcher,
notice, at 1071 prior to May 1, 1932; Los Angeles.
thereafter, but prior to May 1, 1933, at Offered by: Spencer, Trask & Co.
105, premium decreasing 1% 9% each year Bond & Goodwin & Tucker, Inc.; Amerthereafter.
 ican Investment Co. and Smith &
Sinking Fund: Amount equal to one Strout. Inc., July, 1927. at 98.
and two-thirds of bonds originally is-3.
 CALIFORNIA CO-OPERATIVE CREAMERY CO. 15-YEAR 6%% SINKING
FUND GOLD DEBENTURES
Interest Payable: Apr. and Oct. 1, 35 days’ notice, at 103, to and includat
 trustee's office. ing Oct. 1, 1933, and thereafter at 102
Trustee: Bank of America of Cali- and interest.
fornia, Los Angeles. Sinking Fund: Nov. 1, payable in ad-Registerable:
 As to principal. vance, each year: 1929-30, $24,000;
Denominations: Coupon, $1,000, $500. 1931-32, $30,000; 1933, $36,000; 1934, $42,-Callable:
 On any interest date, on 000: 1935, $48.000; 1936, $54,000; 1937.