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. 
{ 
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, in- 
notice 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.; Amer- 
thereafter. 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 includ- 
at 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.