The Brooklyn Daily Eagle from Brooklyn, New York • Page 23

Ml 23 THE BROOKLYN DAILY EAGLE. YORK, TUESDAY, OCTOBER 23. 1928. other enthuniastis advance before there is a reaction of any great The Day's New Investments ANNUAL BASIS magnitude, Frazier Jelke Co. DU PONT SEEKS GRASSELI CORP.

a Western Union, which was called sues like the rails and utilities. Norman Funk of E. F. Hutton Si Co. We hear that Greene Cananea is being reaccumulated for another smart advance and a check-up on the daily behavior of the stock seems to confirm this belief.

Jacques Cohen of Baar Cohen Si Co. New Postal Vice-President Robert A. Gantt of San Francisco, formerly general manager of the Pacific Telephone and Telegraph Company, has been appointed Vice President of the Postal -Telegraph-Cable Company, In charge of plant and gineering, says the Associated Press. Hia headquarters will be in New Vork. declare Western Union will sell up around 190.

The Wall Street Mirror. We expect to see continued Irregularity and special weakness but doubt that an important break will occur at this time. We repeat our advice to favor the well-liquidated Is tion Ltd. The offering will be made in the form of units priced at to your attention recently when it was declared the slock would make a new high for the year, has completed about half of its advance. Those in close touch with the market situation $72 each, plus accrued dividend on Quarterly.

Dividend of 75 Cent the preferred, each unit consists oi one share of preferred stock and one share of common stock. Edwin P. Maynard, cnairmsn of the board of the Brooklyn Trust Company, a director of the Capital Is Declared. The Chile Copper Company declared a quarterly dividend of 79 cents, payable Dec. 29, record Dec.

t. This places the stock on a S3 annual basis against $2.50 previously. Rhine Westphalia Dividend. Private advices from Germany state Werger Consummation Held Up for Government Ruling, Acquisition by the K. J.

du Pont De Nemours Co. of Wilmington, of Grasselll Chemical Company of Cleveland being held up, it is understood, pending a United 6tates De. partment of Justice decision aa to whether the merger can be consummated without violation of the anti-truat laws. Negotiations between the two companies have been virtually completed. Grasseli Chemical, capitalized at $64,000,000.

manufactures heavy chem Rhine Westphalia Electric Power Coporation has called a stockholders meetinz for Nov. 5. at which it is tx Administration an investment trust of the general management type. State Bankers Financial Corp. Stock offerings scheduled today include a new issue of 325,000 shares of no-par common voting stock of the State Bankers Financial Corporation, being marketed at $20 per share by the State Capital Corporation.

The State Bankers Financial Corporation was recently organized to conduct a general investment business in purchasing secured obligations and acquiring and holding securities of banks, trust, mortgage and insurance nected a dividend of 9 pecent will be declared on common shares for the year ended June 30. 1928. The divl dend would be equal to $1 93 net on American certificates epresentlng icals, fertillbers, line metal, zinc dust and explosives. Factories are located In Meadow Brook and Flerton, W. East Chicago, Fortille and Terre Hout, Grasselli, fJ.

Quaker Falls, Binnemahonlng, New Castle, common shares of Rhine corporation, Nevada Debentures Called companies, publie utilities Beaver Falls, and Walford, Lock-land, Canton, Mies and Toledo, Ohio; Wurtland. Dothan, Gadsden and Aircraft Stock. 1 The first public financing for the American Eagle Aircraft Corporation of Delaware is announced in tlie offering by A. A. Durante Si of 90,000 shares of capital stock ui the corporation at $7.50 per share.

The proceeds of this offering will be used in payment for a new factory and additional machinery, materials and other equipment. American Eagle Aircraft Corporation was organized in September, 1928, as holding company of American Eagle Aircraft Corporation of Missouri, Porterfleld flying School Corporation, and the Crescent Propeller Company. During 1927 the company produced 88 planes, and already this year more than 250 planes have been manufactured and delivered. With unfilled o.iers on hand in excess of 270 planes, total production for 1928 is set at 400 planes. Pet Milk Common.

Goldman, Sachs Co. and Lehman Brothers are offering at $37.75 a. share 55.59T shares of commot; stock of Pet Milk Company, one of the world's largest producers of evaporated milk. This financing will provide additional capital required as a result of expansion in recent years. The company has acreed to make ap-plication to list the stock, now publicly offered for the first time, on the New York Stock Exchange.

The business of the company has increased approximately 100 percent in the last three years, accomplished largely through the construction and acquisition of additional plants. Investment Trust Stock. Offering is made by Ames, Erne-rich and Bauer, Pogue, Pond Si Vivian of a new issue of 60.000 shares of 8 percent cumulative preferred stock, Series and 60,000 shares of Class stock of the newly organized Capital Administra The Nevada Consolidated Copper Company has called for redemption Dec. 31, at 100 and accrued Interest, 5 percent debentures, of which about Birmington, fieneca, ill.t and Hamilton, Ont. The company, organized in 1885, In and other financial and Industrial institutions.

The corporation will also participate in new financing for business institution. Slate of Arkansas Notes. An issue of $2,800,000 State of Ar S3.200.WH; are outstanding tli past decade has absorbed a number of companies dealing in related kansas 4'i percent pension notes is lines. In 1917 it took over several powder concerns, and in 1924 through THEY SAY: being offered by Halsey, Stuart E. H.

Rollins Si Sons and others. The first maturity is Nov. 1. 1930, while the remainder Is due serially from Oct. 1, 1931, to Oct.

1, 1951, in Speculative Gossip in the Street and Elsewhere an agreement witn r. Bayer a German chamlcal concern, became the sole importer of dyestufl manufactured by Bayer and took over Bayer's American property. PLAN NEW COMPANY FOR KEITH-ALBEE clusive. The notes are offered at prices to yield 4.40 percent. Mortgage Collateral Bonds.

Offering of new issues totaling $2,317,000 Lincoln Mortgage and Title Guaranty Company first mortgage collateral percent gold bonds is made by Harris, Forbes 4s priced on application. The bonds, due 1938, are direct obligations of the Lincoln Title and Mortgage which on July 31, 1928, had a paid-in capital and surplus of $1,800,000, In addition to undivided profits. To the Common Stockholders of Keith-Albee-Orpheum Corporation Holders of over 40 of the outstanding Common Stock of Keith-Albee-Orpheum Corporation have entered into an agreement for the organization of a New Company to be known as Radio-Keith-Orpheum Corporation, which will issue shares of its Class A Stock, share for share, for Common Stock of Keith-Albee-Orpheum Corporation tendered for exchange, and which will also issue 500,000 shares of Class Stock in consideration of certain contracts to be made with the New Company by Radio Corporation of America, RCA. Photophone, and National Broadcasting Company. Mr.

David Sarnoff, Vice-President and General Manager of Radio Corporation of America, has accepted the office of Chairman of the Board of Directors of the New Company, and Radio Corporation of America will have substantial representation upon the Board. It is contemplated that shares of Class A Stock of the New Company will also be issued, share for share, for capital stock of F.B.O. Productions, Inc. a corporation engaged in the production and distribution of motion pictures, and additional shares of Class A Stock may be issued for the purposes set forth in the Plan. Copies of the Plan containing further details and of the Deposit Agreement, may be obtained from Empire Trust Company, Depositary, 120 Broadway, New York, N.

Y. Holders of Common Stock of Keith-Albee-Orpheum Corporation desiring to deposit their stock for exchange under the Plan, should immediately deliver or forward by registered mail insured their stock certificates to the Depositary. Stock certificates should be endorsed in blank for transfer and the endorsement witnessed and guaranteed by a bank. The Depositary will issue transferable Certificates of Deposit. All transfer tax stamps required will be affixed by the Committee.

The group of Keith-Albee-Orpheum Corporation stockholders who have entered into the agreement believe that the association of Radio Corporation of America, and its subsidiary, R.C.A. Photophone, Inc. (controlling the Photophone devices for the synchronization of sound and motion pictures), and its affiliated company, National Broadcasting Company, with your Company through the organization of the New Company will create a combination of vaudeville, talking moving pictures and radio with vast possibilities of expansion in the entertainment field The inclusion of F.B.O. Productions, Inc. will add to the business an established unit for the production and distribution of moving pictures.

The undersigned deem the carrying out of the Plan exceedingly desirable and beneficial from the standpoint of your Company and invite and advise all holders of the Common Stock of Keith-Albee-Orpheum Corporation to join in exchanging their stock for stock of the New Company. Lehman Brothers and Blair who are holders of substantial amounts of common stock of Keith-Albee-Orpheum Corporation and have taken an active part in the negotiations for the organization of the New Company, have approved and agreed to the Plan. Attention is called to the fact that in order to declare the Plan operative, the consent of only 51 of the Common Stock of Keith-Albee-Orpheum Corporation is necessary and that over 40 of such Stock outstanding has already consented. Iii order to insure participation in the Plan and the full benefits thereof, Stock should be deposited on or before November 15, 1928. E.

F. ALBEE, WALTER P. COOKE, MAURICE GOODMAN, MARCUS HEIMAN, B. B. KAHANE, JOSEPH P.

KENNEDY, J. J. MURDOCK, October 22, 1928. Committee. NORFOLK-WESTERN ATLANTIC REFINING MAKES LARGE GAIN DECLARES $2 EXTRA It seems to us that It would be wise to reduce long commitments and await a severe correction before making additional purchases.

There will be exceptions, as usual, but we look for considerably lower prices in a long list of speculative issues. Nor would it be surprising to see even the best grade of stocks suffer proportionately when the avalanche of selling in hundreds of pool speculative issues become urgent. Jackson Boesel Co. After this market settles and this wave of selling has spent its force, believe such Issues as National Dairy Products, Kroger, New York Central and Rock Island are purchases for the long pull. G.

D. Potter of Hlrsch, Lilienthal Co. Several days ago the opinion was voiced that such issues as Johns-Manville, Byers, Atlantic Refining, National Cash Register, Greene Cananea, Columbia Graphophone and Timken were likely to enjoy substantial advances in the current bull movement was definitely arrested. Some of them have since appreciated 10 or more points, and we look for the balance of them to enjoy similar upswings. J.

S. Bache Co. by Sam Smith. Katy and American Foreign Power show strong enough sponsorship to September Net Lower; Other Railroads Report. The Norfolk and Western Railroad declared an extra dividend of $2 and the regular quarterly diyidend of $2 on common, making a total of $10 for the year, the same as paid in 1927.

Thch dividends are both pay The able Dec. 19, record of Nov. 30, is as road's earning statement follows: Net for Nine Months Equals $21.71 a Share; Loss in 1927. Atlantic Rafining Company, including subsidiaries, report for the quarter ended Sept. 30 net profit of 16,219,000, after depreciation, depletion, taxes, against $1,333,000 In the third quarter of 1927.

For the nine months ended Sept. 30 net profit was $11,908,987, after above charges, against a net loss of in the first nine months of the previous year. Net profit for the quarter ended Sept. 30 is equal, after preferred dividends on 7 percent preferred, to $11.74 a share on 500,000 common shares, against $4,332,630, or $7.96 a common share in the preceding quarter and $1.96 in the third quarter of 1927. Net profit for the first nine months of 1928 Is equal to $21.71 a common share, against a net loss in the first nine months of 1927.

September sross Net od. income 1928. 3,386.589 3.4BU.318 3,076.794 76.963.303 22.766.992 Total income 1927. SO.977,752 3.395.442 3.524,204 3.097,432 85.028.OS1 26,320.050 27.501,022 23,649,205 Surplus after charges Nino month, Net op- Income 23.755,214 Total Income justify moderate commitments. Orvis Surplus alter charges 20,017,161 Bros, it Co.

As a matter of opinion we believe that the market will experience an- Radio to Get Stock Interest for Contracts. Acquisition of the Keith-Albee-Or-pheum corporation by a new company, in which the Radio Corporation of America will be given an interest In exchange for certain contracts, has been agreed upon by a committee representing over 40 percent of the common stockholders of Keith-Albee-Orpheum and is submitted in a letter to the remaining holders. The new company, to be known as the Radio-Keith-Orpheum Corporation, also will acquire the capital stock of P. B. O.

Productions, a motion picture producing and distributing company, under the plan. The Radio-Keith-Orpheum Corporation will have authorized capitalization of 3,500,000 no-par Class "A'-shares and 500,000 no-par Class shares. It is proposed to exdiange Class stock for Keith-Alhee-Orpheura common F. B. O.

stock on a share for share basis; for Keith-Albee-Or-pheum preferred on the basis of three shares for each preferred share, and for the outstanding stock of the Or-pheum Circuit, on a basis of one share for each share of common and two shares for each share of preferred. A total of approximately 1,320,000 shares of Class stock will be required to meet the exchange if all common stockholders deposit their shares. The 600,000 shares of Class will be issued to the Radio Corporation in consideration for contracts with it and its subsidiaries, R. A. Photo-phone, and the National Broadcasting Company, for the license and purchase of sound reproducing equipment and co-operation in booking arrangements and research work.

The plan Is dependent upon deposit of at least 51 percent of Keith-Albee-Orpheum common stock, including the more than 40 percent represented by the committee. The committee is headed by E. F. Albee, president of Keith-Albee-Orpheum, and includes several directors of the company. The stock must be deposited with the Empire Trust Company on or before Nov.

15. Since the two classes of stock are given equal voting rights, control of the new company will remain with present holders, 4 for uETtup by canada steel The St. Louis, Rocky Mountain Pacific Company, for the quarter ended Sept. 30 shows net of 32,261 after taxes, interest, depreciation and depletion, against $47,966 in the third quarter of 1927. Nine months net income was $145,966, against $143,638.

Net Income for the quarter ended Sent. 30 is eaual. after Drferred divi 1 dends, to 19 cents a share on 100,000 common shares, against $113,705, or Through Air-Rail Service New York City, Cuba 88 cents a common share in the preceding quarter and 35 cents in the third quarter of 1927. Net Income for the first nine months of 1928 is equal to $1.08 a The Atlantio Coast Line Railroad, Florida East Coast Railway and the Pan-Americaan Airways, announced today the inauguration on common share, against in the first nine months of 1927 The Minneapolis and St. Louis reports September gross of $1,325,883, against $1,549,769.

Net after expenses was $302,375, against $475,972 in 1927. 90,000 SHARES American Eagle Aircraft Corporation of DELAWARE Capital Stock CAPITALIZATION Jan. 1, 1929, of through air-and-rail 14 tin sua service between the United States and the West Indies over the first inter. New York, Ontario end Western. national train and plane system Id 1927.

1928. America. The new system, which will operate through five countries, pro $1,267,895 167.575 80,985 10.193.461 969.369 180,444 vicles a fast, de luxe passenger service $1,155,248 117.971 29.294 9 640,116 823.689 Sept. gross Net op. Surplus after chgs.

9 months Net op. Surplus after from New York City direct to Havana and through Cuba, Haiti and the To be presently outstanding 200,000 shares Authorized 200,000 shares (no par value) Dominican republic to San Juan, P. and will be the first major step In the development of a direct passenger Rttulrir: Rcjislrar Trinsier 7 Dey Street, New York Union Pacific. 8i.pt. gross Ne top.

7.585.826 9 months 154, 999. 783 Net op. income 27.690.G14 Truster Atrnt: Rfgijtrar Transfer 7 Dey Street, New york $22,203,757 7.233,824 144.905,666 23,03,533 system to link the three Americas, Trie following information has been iummariiei by E. E. PorterfieU, President of (lie Company, front his letter to us dated October 6, I92S EXPORT COPPER ADVANCED BANKS.

HISTORY: American Eagle Aircraft Corporation was organized in September. 1928. in Delaware, as holding company of the American Copper Exporters, has ad models of planes, including 2 different types which are considered the last word in modern aircraft construction and performance. These will consist of a closed cabin, all metal monoplane and an inexpensive training plane. These new models will supplement the 3 place biplane now being manufactured.

This biplane is manufactured under Department of Commerce Approved Type Certificate No. 17. Corn Exchange Bank vanced the foreign price of copper to 15 cents a pound, c. 1. Hamburg, l9tmhUahe4 14 Capital and Surplua $23,000,000 BROOKLYN OEANCHE8 Havre and London from 15'- cents, the highest in years.

DISTRIBUTION: The American Eagle Aircraft Corporation is the first aim-aft fartnrv tn arlnnt automobile sales distribution Montreal, Oct, 23 Directors of the Steel Company of Canada at a meeting at Toronto decided to split the preferred and common stocks on a 4-for-l basis, with a reduction In the par value of the preferred to $25 from $100 and the common to no par from Brooklyv Branch Court A or lemon St. Piatbusli Av. Branch 1031 Flat bush A )ren point Branch. Ornanpolnt A Manhattan A Urtl At. Branch Mjrti At.

B'fl otitb Brooklyn Branch TO Hamilton Bush wick Branch B'ray it Green At rVnmW R'Uffh MT Sth.iih DISSOLUTION NOTICES. principles. A nation-wide sales organization composed of 33 distributors and 120 active dealers is now in service. The American Eagle Aircraft Corporation is now re-distributing territories to provide for an ultimate total of 100 distributors and 500 active dealers and 1,000 special representatives. BALANCE SHEET: The certified balance sheet of the Company, as of June 30, 1928, before giving effect to current financing, shows total assets of $199,304.44.

Good will is carried at $1.00 although the Company has spent thousands of dollars in country-wide advertising campaigns and its planes are well known in all parts of the world. Current assets consisted of $1 52,265.37 against current liabilities of $1 1 8,901.36. $100. A special meeting of the stock' DISSOLUTION. STATE OP NEW YORK, DEPARTMENT OP holders will be held in Hamilton, Ontario, on Nov.

14 to vote on the prooosed snlitup. Both new common and preferred "Better safe than sorry" INVEST IN Lehrenkrauss Guaranteed BONDS MORTGAGES at 5Vi In amounts to suit always on hand. Interest From Date of Deposit fount in Ttrooklyn Sailing Guaranteed Jf or ton ten. 359 FULTON STREET Opp. Bora Hall Pkont Trianfl.

7000 Branches: 910 Flsttoil Arc, opp. Erasmus H. S. 149-15 Jamaica Jamaica 4C W. 40th tel.

51a ilk N.T. SO Years Without Loss INCOME ACCOUNT: Net sales for the first six months of 1928 amounted tn JS371.802.76. which after customary deductions will be placed on a $2 annual basis with the next quarterly dividend payment, due Feb. 1, 1929. This will be equivalent to $8 on the old stock, State, I do hereby certify that certificate of dissolution of BAST REALTY has been filed In this department this day and that It appears therefrom that such corporation has compiled with section one hundred and five of the Stock Corporation Law.

and that It Is dissolved. Given In duplicate under my hand and official seal of the Department of State, at the City of Albany, this (Seal) eleventh day of October, one thousand nine hundred and twenty-eieht. PRANK 8. SHARP. Tlenutv Secretary of State, which now pays 57.

WESTERN UNION COMBINE WITH R. C. IS DENIED rrnuo notices. Eagle Aircraft Corporation of Missouri, Porterfleld Flying School Corporation and the Crescent Propeller Company. The Company has been in business since the latter part of 1925.

PROPERTY: The main plant of the Company consists of a modern factory building of brick and ateel construction, covering 13,000 square feet. In addition, there are five smaller units, with a combined area of approximately 25,000 square feet of space. The plants of the Company are modern structures of the latest type, affording ample light, ventilation and apace. They are completely equipped with the latest aircraft construction machinery. To take care of the Company's rapidly expanding business, it was found necessary to acquire a two-acre tract of land at the Fairfax Airport, Kansas City, Kansas, on which a new factory with a total floor apace of more than 60,000 square feet will be erected.

The plant is expected to be completed by December 15th, 1928. The Porterfield Flying School was incorporated in 1925 for $5,800.00, which was at that time the assets of the Company. The Company now owns four American Eagle training planes and other equipment which is worth in excess of $12,000.00 and has no liabilities except the present week's salaries due pilots. It has a net earning power of not less than $15,000.00 per annum. At the present time there are seventy-six students enrolled, all of whom have paid for their courses in advance.

The Crescent Propeller Company ia now turning out a regular weekly output of propellers and eventually will engage in the manufacture of virtually every accessory needed by the American Eagle Company. At present everything that goes into the manufacture of a plane except the motor, wheels, tires and instruments is manufactured in the Company's plant. GROWTH: The business of the Company originally started in the latter part of 1925. At that time, the Company's officials estimated a probable production schedule of 25 planes for 1927, which was to have been the first year of production; 50 the second year, and 75 the third. Instead, the Company built and delivered 86 planes the first year and while the second year is not quite completed, there have been manufactured and sold more than 250 planes.

There is no doubt that 400 planes will be the total production schedule for 1928. With proposed factory additions and other plans for increased production, the American Eagle Aircraft Corporation can conservatively produce 1,000 to 1,500 planes for 1929 and has enough orders for 1929 delivery to justify the belief that at least this number will be sold. Eighteen months ago, the American Eagle Aircraft Corporation was considered seventeenth in point of production among commercial aircraft manufacturers in the United States, while today it ranks either second or third in production, sales and deliveries of commercial planes. The Company has built and delivered as many as 20 planes per week. It is intended to increase this schedule to 35 planes a week or more by next spring.

i At the present time, the American Eagle Aircraft Corporation has unfilled orders on its books in excess of 270 planes. New orders are constantly coming in and new contracts being made. for expenses, resulted in a net income from operations of $44,037.56. With the new capital being provided the Company, a material increase in earnings should result As a matter of fact, officials estimate subsequent earnings at the rate of approximately $1.50 per share annually. 1 PERSONNEL: The American Eagle Aircraft Corporation is a well organ- ized concern.

Its affairs are managed by a staff of executives well trained and experienced in the various branches of engineering, production, and in commercial flying. The Company is particularly proud of the engineering department, the personnel of which includes men whose long experience in aeronautics makes them very capable in designing new models and improvements and inspecting and testing materials used in the manufacture of planes. All materials used in the manufacture of the "American Eagle" meet the 'specifications of the Army as well as the Department of Commerce, President Carlton of the Western Union Telegraph Company says no increase of the $8 dividend of the company is in sight and earnings are WE WISH to announce the sale of our branch store at 955 Kinga Highway, on Oct. 25, 1928. After this date we will be responsible only for goods shipped and delivered to our only store, at 1143 Flatbush Brooklyn.

N. Y. Any debts accrued by our branch store, at 955 Kings Highway, prior to Oct. S3, 1928. will be paid by ourselves at maturity.

RESNICK S. INC. By M. Kesnick, Pres. satistactory.

He says that while conversations on various matters have been held with the Radio Corpora' tion, the White Act precludes anv combination of wires and wireless as DIRECTORS: E. E. Porterfield, President, has had many years of exoerience in the various branches of the aircraft industry. rumored. Steel Products Corporation of America Bought Sold Quoted Descriptive Circular on Request Associated Gas and Electric Company starting with the largest flying school of the Middle West in 1924.

He has been largely responsible for the success of the Company to date and will continue in active command of the present organization. Mr. D. L. Chick.

Vice-President and Treasurer, has been active in aviation for many years and is particularly qualified in his present office. Mr. M. M. Bogie has practiced law in Missouri for more than thirty years.

Mr. Barney Oldfield. the famous pioneer of the automotive industry, is a keen student of aviation and his broad experience and training in the automotive industry should be of invaluable aid to the American Eagle Aircraft Corporation. Charles Carroll OToole, Vice-President and Director, Sylvestre Oil Company, Director, Atlantic Seaboard Utilities Company, Director and Vice-President, A. A.

Durante Company, Director, United States Air Transport, Lawyer, Capitalist. SUMMARY: The American Eagle Aircraft Corroration ranks as the third largest manufacturer of commercial aircraft in the United States. It is now engaged in the manufacture of a low priced biplane of modem design, but shortly intends to enter the medium and higher priced fields, through the introduction of all metal enclosed monoplanes, thus giving the Company an evenly balanced production. The stock of the Company was formerly closely held, and this is the first public opportunity to participate in the earnings of a company manufacturing popular priced aircraft of established reputation. KINGS COUNTY TRUST COMPANY DIMInetlrarr Brooklya Institution daroted to tho UHsraat of It! depositors.

Interest Allowed en Accounts Subject to Check. Special Rates on Certificate of Deposit. 342 FULTON ST. CAPITAL $500,000 Surplus and Undivided Profits $5,652,000 USttlKTBtl Chas.J.Swan&Co., (Established 1907) 25 Broad Street, New York, N. Y.

Bowling Green 8935-6-7 61 Broadway. New York Proceeds from current stock offerinsr will be used PURPOSE OF ISSUE: for the payment of buildings, additional machinery, materials and other equipment necessary to manufacture in production new All leial iettits in conntction uith tkis oen'nf have been passed upon by Messrs. Charles Carroll OToole of Mount Vtrnon, It. Y. and M.

U. Boi of Kansas City, Dividend No. 13 on Clan A Stock The Board of Directors hug declared the regular quarterly dividend on the CIaa A Stock payable November 1, 1928, In Class A Block at the rate of 2W of one share nr lC per mnumi of Class A Stock for each share held of record at the close of business, September 29, 1928. On the of Ik run mnrl-ft price for tkn CUtt A fitnek of ahnui Jlftrt per fhnrr, thin dO'TVnrf ytrlrl a return of about $5 per tharq per annum. Bcrtp tor fractional shares will not be delivered, but will be credited to the stockholder's account until a fujl share has accumulated.

Stockholders enn purchase sufficient additional scrip to complete lull shares. Payment In stock will be made to all stockholders entitled thereto who do not, on or before October 1928, request payment In cash. U. O. O'KEEFTH, Secretary.

Price: $7.50 per Share A. A Durante Co. Incorporated Specialists in Aircraft Securities 117 Liberty Street New York Telephone CORtland 3380 Statements contain! hereia art aot guaranteed, but have been takea from sources we believe to bt reliable. Fenner Beane Coney Island Bmnch Half Moon Hotel Boardwalk at 29th Street, Telephone Coney Island 4139 Members New York Stock Exchange and other principal exchanges J. J.

McLean, Manager Privatt wires to New Orleans, Chicago ana? outer principal points throughout the Sac and South.