Chicago Tribune from Chicago, Illinois • 35

CHICAGO DAILY TRIBUNE: FRIDAY. NOVEMBER 2. 1028. I NEW YORK BQNin TRANSACTIONS I II' Low. In IVYIi niui Toft par value To (ml Mini, -inu eo 10,731.000 8,811.111,600 A 3" Jo.

tlious. 3 Caidas 79 1 Canada 5 '2 1 do 5s '31 Cdo 6s '52 1 do 4s '31 1 Car'sbad 8s '54 30ChiIi 7 42 IMTID STATES WnjiMEM WAR IMs!" Hieh. 10O 101 104 9:4 107 102 03 Cloe. 100 100 101 104 99 107 101 P3 113 P3 P3 PP Net Cloning- SVmi tow -a- Hirh. Low.

Lat. chce. Bid. Asked. l-W-v ff.H .3 PP.4 22,000 Shares Cherry-Burr ell Corporation Common Stock lbertr I 111 IT, I 1 I 4 in thou 4 rn i 117 70 )'J lit 3.10 Sot.

S. TSeld. 1827. 3 57 101 .16 3 i 103.14 3 PP 104.1 3.32 114.20 3.3 If 9.19 3,34 05.1S 3.39 101.28 3.40 4. inYI 112.4 iri.10 112.244-.!.

3 112.24 US.84 i 10S 101 1 tm 1 1 1 10 1('S 1 lor.H io i TPS 115 i io.v-, l.V'S P4" n.H Trrawury 107.12 107.5.0 JO 107.2': 107.23 Tra.ury i 1P-1 103.4 TTury 1U4.) P9.20 P.i5 1 A A 11 A A B3 P3 P3 pp 08 P2 34 PI PI 93 93 i r- 101 0 'if i IK.V-, 1. 1 1. NolFvr-tfoni Timlin 8 borda, indudlnr net chsuit. are aaotnd Transfer Agent: FIRST TRUST AND SAVINGS BANK Chicago 18 do a 6s 'U 11 do I 6s 'fil ldo 5s 'til 37 do I 69 til tt Chile Bk 6s 'dl IP do ti '57 5 do tis '61 ct 3 Chinese 5 111K1 '31. 10 Col Rep fi '01 9 do (is '28-'61 1 Colomb Bit 7s '43 1 do 7s '4 7 1 do 6s '4 7 2 6s '50 8 Copenha- 5s '52 3 Cordoba City 7s '37.

5 Cost a Kica 7s '51 flCundinam 6s '59 3 Ciei'h Ren bsB'52. Registrar: CONTINENTAL NATIONAL BANK AND TRUST COMPANY of Chicago P8 P'2 34 P0 PI P2 P3 87 P7 P6 P3 1 1 Low. No. thoux. 1 do 4, 1P7J Low.

Kith. P5 LISTED ON THE CHICAGO STOCK EXCHANGE 87 PS po 95 P7 P0 100 .110 .110 87 i P0 I 4 Mo 1st 5i No. thou. Eleh. do con 6 '4 5 8 i 1 do adj 5s '4 0 44 14 8har Stl Hp 5 '48 P8 3 8hell Lane '52 P0 30 Shell l'n Oil 5s OhU, 5 Shabt Thea(j-r 6s '42 PIS 2 Sierri8F Pw 59 '49 101 A P'S 144 do 1.1 rtr CAPITALIZATION "77 ppu PO 2 Danish Ss A'46 2 do 8s '4(5 -Mont A lfll Simmi Petrol 5s 29,100 Outstanding $2,000,003 2,150,000 137.000 P3H i 87 I PI Ten-Year 6 Sinking Fund Gold Debentures 7 Cumulative Convertible Preferred Stock ($100 par value).

Common Stock (no par value) Anthoriired 2.150,000 200.000 Shares a 4 A li A-au MO. 1 A 1 i 1 a 4 i (Si 'i 1 H. Clows. 80-. 44 PS p'i PS Pl 101 100 103 100 P0 P7 P3 PS PP Pl P3 ..101 1 Smc'air Oil 7 '3" do fe '38 CO do '30 1 4 7S io ('oh Gs lOMoit Tr ool -41.

pii A Co 1st 44. '39 MTi, llMiimr '34 10' 3fi Nat Pairy 514. '43 1,9 1 N-il Kid C4 '47 82 IN 4'i '28 21V; Nat 1 ub. 103, sharesf P0 P7 P5 P3 px Po Pl P3 1 00 15 do Crude 6 '38. 10 do Pipe Line 5s 25 8kUy OU 5 4HSou Par 4s 5 do cr 4s '20 6 do col tr 4 '49 28 do rff 4s '55 5 do 4s Ore Ln "77.

100 1M' 101 14 0 K7 101 P3 93 P3 P3 PP P7 3 34 PON P2 P3 87 P7 P6 97 100 110 110 104 P7 89 95 1O0 105 104 103 103 96 103 136 P4 P7 PP 100 90 102 114 107 P9 89' 89 92 106 PH 120 93 P9 95 97 80 ps KXl' IOI 100 96 P5 P6 96 1(U 100 100 100 PO 37 Gosb. 95 6 100 P9 7S 104 101 po'i 87 1 PO 82 21 103 107 101 07 07 Bl 1031-. 1() 107 IOOI4 P0 P4 P2 81 102 107 P0 80 P7 ilo 4 1 5. A '6r do 1P5" 1 1 Ter 4t PO no ter 4 BH re P7V, Pl'- '64. 103-4 1 1 2'i A 0 TJ loov 1 90 1 122 1 110 111 80 i lo4 1 102 103 Pd 8 Denmark 6s '42 105 10 Iwutache Bk 6s '32 ct 97 lODom Rep 5s '42 P9 10 do 5s 2d P5 38 nresd.n 7s '45 100 2 Puke Pr Pw 1 East Ind 6 '47.

..104 5 do Hs 'ti2 103 l'o 5s '53 Not 103 2 Kl Pw Germ 6s '50 Pfi Fxt 7 54 103 28 Fiat sf deb 7s'4riww. 13H 71 do deb 7s '40 no w. P5 2 Finland Hs 45 P7 2 do em os '56 P0 4 do 7 '5o K'O 23 do 5s '58 91 1 Fr MSS 7s 11 Freneh Rp 7s 11 do 7s '49 1.07 1 Ger Ar Bk 7s P0 4 do Osi '60 July 89 37 do Hs '00 3 do 6s '38 i P2 fXt loan 7s rVier El 6s'40 9 7 do 6s '40 war 12 10 do (is '4 P4 4 GConEPJap 7s 09 1 do tis '50 05 8 f.rk Govt 7s '04 P7 1 do Ps '68 81 6 Hamburg St '46. 98 Holland A 4 Hunarv 7' '44 101 1.1 '4" 5 3 4 I 1 k- 1 Ji.V 3d" (to 109 110 110 104 P7 P9 P5 100 105 104 103 103 96 10.3 136 14 P7 99 100 91 102 114 107 99 89 8P P2S 106 PS 120 P4 P9 95 P7 86 98 10O 101 100 P6 95 P6 P7 101 100 IPO" 100 P7 37 33 "2 M'i', ll' 1 .101 P3 em 100'i f9'4 78 104 101 POU f7 102 P4 bZ 21 4 103 107S 101V, P7i, Piv 103S 00-4 107S 100- Po', PI Si P2 SI 102 107 Pfl'-4 81 8P 113S PI 85 74'-, 75S R5 63 41'i 10iS 1 JOVi lol li 80 10 4 101i.3 PO, 112 PPSi 105 1 0 1 i 113-i 1 Sou Ry 6i ..122 4 do (is 50 1 3 do n.n '0 4 Ill it 12 do ren 4s '5i. 80 3S Bell Tfl 5 5 8tl Miiiing- 5s 8 St 1 Oil 5s 22 SONY deb 4s '51 P0 4 Steven.

Hotel 69 lOTcnn El Pw 6s '4 7.100 15 TRRAStL ref 4s '53 80 HT-i 5s 3TexPae ren 5s 1 Third Ar rfir 4s '60. 00 13 do a.Fj 5s '00 0:1 Oil 0.s '3s. 1004 (1 Trumb (j, 1 Cn Ki ItPw 5s d-l ija 1 7 do 5 2013 107 do iaip 44 2013.100 20 do rib 4i 1P34 1 do d- 4 941, 10 do rn 4 IPO'S iZ 1 do tr 3S 'PR 1 5 NYCASL A 2 do A .107 4 do lFt 4. 1P37 piH 1 I)ok Co 4s "51 Hn 1 do ft. 10.48 1 -v fis do 4'- HW7 PI 30 do rifb 4 So 12 do d-b 4 74H 1 do fv dtb 1 Ry I A 'T i 1 1, .1 li 80 113 PI 4 't f0 44 P8 PH PH Pl 101 po 102 1 P7 95 P3 P8 P0 Pl P3 lon 90 122 115 1 1 1 80 104 102 103 PH PP 100 80 103 102 02 100 102 101 102 P8V P5 92 80 100 07 100 xp 107 00 ions P3 97 105 103 101 105 02 87 102 105 103 8 8 50 SI 00 POi, 101 102 PS 80 101 ll 10 98 30 1014, 107 92 10i '6- 102 osu.

05 43,000 shares are reserved for conversion of the Cumulative Convertible Preferred Stock, tlacludes prevent issaie of 22,000 shares. The following information has been furnished us br Mr. Walter L. Cherry, President of the Corporation: HISTORY AND BUSINESS: Cherry-Burrell Corporation was organized under the laws of Delaware in July, 1928, and has acquired substantially all of the assets and businesses of A. H.

Barber-Goodhue Company, Chicago; D. H. Burrell Little Falls, N. J. G.

Cherry Company, Cedar Rapids, Iowa; Cherry-Bassett Company, Baltimore; John W. Ladd Company, Detroit; Milwaukee Dairy Supply Mfg. Milwaukee; and Wright-Ziegler Company, Boston. These concerns are old established manufacturers and distributors of dairy equipment and supplies, three having a half century of business experience, two a quarter century, and two more than fifteen years. The Corporation is engaged in the manufacture and sale of machinery and supplies for the processing and handling of dairy products, including butter churns, milk pasteurizers, coolers, separators, ice creatn freezers and milk bottle fillers.

The Corporation also owns 50 of the common stock of Cherry-Burrell-Vogt Company which has been granted the exclusive right for the manufacture and distribution of "Vogt Instant Freezers." This freezer is the first important development in the process of ice-cream manufacture since 1910. Cherry-Burrell-Vogt Company will receive a royalty on every gallon of ice cream manufactured with its freezers and it is expected that the earnings of Cherry-Burrell Corporation will be materially increased through its participation in the profits of Cherry-Burrell-Vogt Company. The sales forces of the corporation reach directly that part of the domestic territory producing the greatest percentage of dairy equipment and supply business and on the Pacific Coast and regions not covered directly, its manufactured equipment is sold exclusively by a strong, well-established group of jobbers. The Corporation enjoys a considerable export business in the countries over the world where dairying is practised. This business is increasing annually.

The principal manufacturing plants of the Corporation are located in Cedar Rapids and Tama, Iowa; Detroit Baltimore Little Falls, New York Milwaukee, Boston, and Brookville, Ontario. Warehouses and sales offices are maintained in Chicago, St. Paul, Indianapolis, Cleveland, Pittsburgh, Philadelphia, New York City, Boston, Columbus, Syracuse, and Cincinnati. EARNINGS Combined earnings of the predecessor companies for their fiscal years ended within the last four calendar years, after the adjustment of depreciation to the basis at which the properties are now carried on the books of the Corporation, the deduction of interest and amortization of discount on the present funded debt, provision for Federal income tax at 12 per annum and dividends on present preferred stock, as certified by Lybrand, Ross Bros, and Montgomery, were as follows: 1 do 3 In 1 do 2 do 20 do 5s '54 Pacific 4s 1st 4s rfjr 4s 2008. 4s '68 '6i 53i 42V 7 Hun 1x1 MI 7s fO 8 V' 1 F-i I jr -in 4 S('j' Hfi.

Nil .11 i'' 80 .100 07 .101 1 do 4M lsd2 UN Tel dfb 6 '41 1 do (in 1 do CPU 4-jH '39. 2 Rk '4tJ 4'-. '4fi. 1 N.ac .107 101 8d .10 4H 10 I'niled Bisrt fi '42 23 T'n Prur IM 5s '53 4 Rub 7s 1930. 23 do 5s '47 4a Ti ro.

A' 5 Irish St 5s '60. 4 Tt Cr 7s '47 Ital ft 7s 60 Italy 7g '51 14 Jap Govt 0s '54. 3 Iipiig: 7g '47 7 Lyons City '34. 3 Marseilles (is '34 4 Merid 7s '57. 10 Mx 65 '33 5 do '4 5 a-sst 14 do 4s '4-'54 asst 5 Milan 6s '52 73 Monte 's'37ww 34 do 7s '37 no 4 Netherlds (is PH P5 P6 P7 101 l(iO 101 101 P7 33 23', 91 118 9 4 10O 11 til 1 3 4 61 POS 5 do os 1P32 1 Norf So T't 6s 2 No Am EM 5 1 1 .103 do ions '4S P0'- loo K'fi 89 103 102 OHH 63 100 102 101 102 PhU P5 82 80 loo P7 100 80 107 P0 100 P3S 97 105 If 3 101 105 P2 87 102 105 103 88 50 81 P0 PP lol 102 PP 80 101 100 PK 30 5 No I'iw 6.

2047 113 4 do pnor Iipti 4 '117. i'l'i do 48 2047 PO 4: 91i 117 I AOS 80 74 7 5 8 5 53 42 107 110 101 100 8tS 104 101 00 100 112 Pl P0 0" 105 lul 113 P5 102 P.s f'0 101 1 00 102 105 104 P( 102 101.1 81 P5 IO.) 110 104 2 do ppo 3s 2047 1 No St IVi tis 2 do 5s 1P41 Ohio 7Vn 41. .105 101V 4R. 113V 1 t'vi 30. 33 8 'd3 2 I'oiv I'AR deb Os '30 Pu 5 I't ih P4Lt 5 PwiU 3Vs '47 03 7 Yertlrnt Su 7S '42 07' 13 Virginia Ry 5s 1 Wabash 1st 5s '30.

.103 1 2 i 5s '30 101 1 do 5s '75 105 16 do 4s '78 02 6 Walworth (is '45 88 4 Pa Pw 5s A '4 8.102 12 do 5s '03 105 1 do 5s '50 10.3 2 Weft Shore 4s 2301.. 8n IV Va CAC (is 50 21 Vest Md 4s '52 5 do 5s '77 00 33 West Pao 5s '46 00 5 West Vn ool 5s 2 do eold 5s '51 103 i 8o wales us o7 15 ynr.idetit Liovd 6s'47 P3 P.3 '44 P5 5 Old I'rf-D Coal 8 1,1 CM ft 1 do 1 1 P-'i P7S TOP 1st 7 Ore rl 4s PS7 3 4b P'lS 2 Otis Stl ti '41 101. 4 l'w 1-t 08 1 0 l'l'lS 7 do 5s 1 0o 4 1' Am TIlT Cs do cv Os PM5 7 Pitr.i P.dwy 5H-3 7 I'ar Vnm l-a 'is 1 FatU" 7s '37. 81 1 IViinll) (em '41 P.Vi I I "(in 1 pft v- li 4 si 4 -s li et: 4 -r A '(: ill'. fMStl' '75 33 22 91 1 ie P3 100 93 93 101 102 102 102 101 07 91 P7 PO i 100 90 o-: 05 103 99 1(7 l'U 91 109 99 87 83 100 112 104 Mi 1024 00 101, 100 102 lOo, 104Lj POS, 102S, 10" 05 Si 103 lln'i 103s 1 00 loos 1 'Si P3 100 P3 R3 10114 103 103 102 101 97 Pl P7 pom lOOS, 99 02 P5 10 P9 lo7 102 Pl 110 P9 88 83 106 1 12 104 2 Nord Ry 6s 6 Norw (is '43.

103 do F. '44 103 10 do 6s '52 102 5 do 5s '65 l. 1 do 5." '63 07 12 Nor Ht El 5s '57. "p2 7 Orient Ltd (is '53. P7 4 do 5s '7S 90 5 Oslo rts '55 100 (I do '4fj poi 4 3 '63 92 3 Patiarria Kep 5s '63 P5 1 Paris 7g '58 101! 22 do 6s '5H P0 r.O 7, jij 11171, 4 do 7s '50 102 20 do 'Ho 91 7 Pirelli 7s '52 110 1 5 Poland 8s '50 90 do 7s '47 88 7 (1 1 6e '40 83 2 Prasriie Grt 7.

'52. .100 3 St 7s '41 ..112 1 do (is '47 104 4s '50. 00 4s '40 80 '37 ww. 100 '30 no PS1 7s '35 33 do real et 1 Whlu I- 10 IVhlrr 5 WK 1 5s 13 wo Hs 4 WO Sf ne Per Share of Common Stock $2.94 3.37 4.83 4.44 Eaminfrs available for Common Stock $403,324 462297 661,828 608,271 Year 1924 1S25 1926 1327 12 lid ''9 13 IVnn 0 do O'a? '30 '1 do 5s '(34 1 no 1 4 do ren 4S HI31, 110'-, 104 1 O0 1 100', 01 l(Hl i 101 107 92 100 41.101 41.107 '30 P2 78 10(1 T.5. 1 Arms 7s 4 Wis 4s 28 Y'oung-s SiT 5s 10 do ts '48 5 lo 4 '52 1 I'emi OAD 4Sj8 1 I'GLAC Chi 5 35 lr Mar rff 5 80 47 "5o lo.5Si 104-S ail; v.

3 do (: Mi 1 io 1 rhi 5 '2 7 3 1 i i1 4 PI S.1 rf 4 3 4 :) "2 P3, 4Ciu 1. 4 4 Mm 1 01 .7 IlPMi') 111 6 un Vb '30 0--S aChiTHi-F P01, 1 ir.i' .1. ''i I 04 i hll'ta -r'' I7S 10 44 A 1.3 1 cc.i 'o: J5 T'Ole Ci l' di 5s '47. r-n Gi.4K 4 '4S. Hi4.

SO'Cill. rf A 211.1 on t-io '77 pfr, 'iifc-i 4s div f-'4 Cil ti. 3 tf.lO'i SOla In. Old '34 4C.v.ciSo i lt 4s '20. S'OH 4 Kmneibe I 7s 4Rtw 97 97 Based on results for 11 months as shown by the Company's books, earnings for the fiscal year ending October 31, 1928 are estimated in excess of $700,000, equivalent to over $5.00 per share of Common Stock.

MANAGEMENT: The management of the Corporation will be in the hands of the following officers all of whom have substantial investments in its securities: Loomis Burrell. Chairman of the Board; Walter L. Cherry, President; John W. Ladd, Vice-President; E. B.

Cameron, Treasurer; and A. H. Barber, Secretary. All legal details have been handled by Messrs. Mayer, Meyer, Austrian Piatt for the bankers.

00- 73. PI '37 40S '30 04 43.104', 42 .100 47.102 Phila Co 5s '67 0 Cil 5s 5 Philippine lly 4s 31 Ptuilipa Ip4 5'- 10 Pi'Ti-e Ar deb 83 2 Pillf-by Flour 1 P( CAtI. 4'29 11 1 I'ortld KI.4P 6s FOREIGN. 3 Mtsr Bk Gs '47. 80 2 do fig '48 80 0 Ak' rshus 5s '03 80 1 ArUoouia 7s A "45..

00 2 do 7s '45 05 0 ('o 7s 1 S'r i4 13Arg'-n Gov Os A 13 do Os '58 00 iio 1 tw '50 June. 1 00 7 do fis '59 O. (....1 00 5 no at '00 Msv. .100 21 do is Si 10. 1 00 2 do Hs 'CO Oi t.

.100 810 Hs '01 Feb 00 0 do 0 10ii 22 do 5s 00 24 Australia 5s '53 00 51 do 4s '50 ss 5 Austrn Govt 7a '43. .102 17 Hatavian IVt 4s '42 04 7 Bavaria (5. '45 PS 5 8 '41 110 80 uo 7s 45 115 43 do 7s '55 KiW' 31 do 7a '50 100 23 do Os '55 101 8 Bert-en 8s Nory 14 do 5s '4 2 PP 10 Iii Am Tob '41 P7 42 Poctal Tel 5s '53 PO 20 prvs S(l 5 '33 O.S 1 Pub Ser 5s 245 Pub Per 'J 80 80 80 00 95 04 100 90 PP 00 P0 100 00 118 8,1., 102 0 1 PW 1 1 1 1 5 los 106 101 113 P7 100 04 02 P.s 1115 104 00 1 40 04 100 104 ll'O 102 00 07 00 OS 10 4 147. PP P3, P3 00 P3 lil'J 01 P7 110 87 100 O'l-S 94 ln3 01 102 PI 80 Price at the Market In rri 4 '35 SMMuml 1 Oil Ti 4s UCilRyPAi.t 4S.B '57 3C Tr i'. '4S ''f '4! :o.5.2 104 09 01 40 03 100 ld4 100 102 PhS 0( P'.

1 04 140 PP 03 P3 PO 03 102 Pl P7 110 87 1110 00 P4 1I3 On 102 P0 80 sir. PRO Wctn EP 7s50.1O3 103 103 5 do Os '52 02 Pl 92 27 do (is '53 94 94 94 7 U10 Or do Sul 105 105 45 do 7s 'dii 90 98 P8 81 do '53 94'i 03 44 1 11 Rio d-" Jin 8s '46 107 106 106 10 do lO-s '53 06 P5 95 20 0 '5 2 03 02 5 Rotterdam 6s '64 ..10 103 103 3' Santa Fe Arir 7s '42. P8 97 P7 2 Sao Paul City 6s '57 P9 99 99 1 Sao Paulo St 83 1 0it 106 2 go 7s '56 101 l(il 101 IO ou 6s '53 04 P4 94 15 Sax 7s '45 09 90 po 7 do geni-r i'. '51 05 94 P5 13 Seine Vr 7- '12 li'4 104', Oi 3 Serbs 8S '62 97 97 97 1 Sinners Hal 7s 35.102 1.2 102 15 do 0 51 50ri rsl.105 105 105 1 Swed-n Kin; 69 10T 102 5 do 5 '54 K3 103 103 44 Swiss Gov 5s '40. 103 104 3 Tokio City 5s '52 79 7 7 do 5s '01 9(1 P0 P0 37 TolGo El l.t 6s 00 90 90 4 Toll ma 7s '47 03 93 93 3 Cjurawa I' 7s '45.

09 99 09 3 I GBA1 5s "29.118 118 ngi. Established 1993 10? 80 80 00 05 04 1(M 99 1 P9 1 0 -j on 00 100 Pr? 102 0 IV 08 110 115 lUS', 106 101 1 13 loo 00 1 Vi 1 05 9 7 108 00 00 100 101 101 09l4 9.3 PPH P3 51 P3 PP'4 ww P4 53.102'i '3! Pl1 '34 P7 4.110 '47 87--4 31.10OS 00 P4N, 10 Pure Oil oSs '37. 2. Pun(T IHk 5s '4 8 3 Rd-( RRNJ -nl 4s 42 Him Arms (is '3 7 37 Kem-Hd oHs '4 7 13 Hep rfa- 5's 1 Rio G1W lt 4s (i I 4S.s 1 Rochester Gas 7 2 I 1st 4s 2 sen 5s 1 1 do rfir 4s '20 2 do 4s RAG div '33 John Burnham Company Incorporated 120 South La Salle Street, Chicago The information contained herein is not guaranteed, but is obtained from sources we believe to be reliable! 1 sd, sw 5s 10:11, IsA '50 i'l 3 4 StL In srr 13 '50. 3 do .102" PI 80 11 00! Tin Md '5o.

70 (Crtsin I'orp Os '40 OS 1 do f. '43 02 (firk ti. p.t ti JCuh 7'-. 1 '''H 00 Cuba Rji 5S. '42 PlT, rahm.Atns:ilc f-s '31.

104 i( CnO Iwriiiir '4 4 OS 1 o's '37 102 UM-lAHui fi', '37. (id '43 0 1 11 114 CRi-, 1t s.n 4s liR.W s. -7s tt 2 7a .4 I l.ii) 4. '35 20 1 iti.l.l 4s '05 75 TlHormKy PO', Srodt( h.i, t'u 104 1 r.uiMlNi.r 5s '(I 11 Him l.t 4 u. I 1.) 3K Ci.hi vUr lS 5 r.k'sn CI 7 31 77', S9 120 do 4- '78 3 SlL SV 1st 4 TO no r-OT 4 '32 3 do 0.9 loo 00 5 Berlin (s '50 90 90 4 Berlin Kl Rv '5lj 05 05 Kl (i 95 94 2 Bolivia Rep 8s 1(15 105 0 do 7a '58 07 97 4 Uraiil 8s '41 10s los 7 do Hs 1020-57 00 P0 4 do Hs 1927-57 i'(i 96 3 do Cep Rv 7s '52 10.

1 100 4 Brcmi.1l 7s '33 101 101 1 Bum Air 0B 101 3 do Os '00 Apr 99 09 2 do 6s '00 Oct Ps 7 finer. TV '01 93 P3 22 iio 5(. '37 105 104 104 lido 4- 'till 8i 85 85 2 CSS Copenhar Os '37 P7 P7 5 I'ti Stl Bur 7s 104 lo4 7 CStlW 6kA'51ww. 02 P2 Triiiiiay Os '60 97 P6 97 lo Niiw.a (is '32 87 87 ti Westph I'EP 6s '33. bf 89 89 1 'is '61 93 03 95 P2 103 PO P2 102 102 70 tl 103 P9 P2 101 102 70 4 St Taul City 5s '37 P2 5 ,11 Os 3 do 4s 1033 90 4 vanAiAl' 1st 4s '43 02 7 S.

lmloi in; 3 do (is '46 102 1 M'ao A li 4 '50 s'od 70 This advertisement appears as a matter of record only. Stock is listed on the Chicago Stock Exchange. PCW 1(1 3 4 1354 1 1., 02W 30.. io EORGE A. HORMEL COMPANY I Iw 1 7.

i ri-f 0 7 41 1 4 du 4 nt A I "io lVnt 4 82 .1 0(' A Jer- 5 110 6 l.i Tt '42 (A Delaware Corporation) COMMON STOCK No Par Value, On November 15. 1928. ft i eTpeeted that ths Dtreetnrs will inaugurate illvirlend on th stock ef the Company at the rate of 11.50 per share annually with the etpeetation that dividends will bn paid quarterly. February Ma v. Aurust and November 15.

REGISTRAR Hams Trust Savinrs Hank. Chicaco. TRANSFER AGENT First Trunt Savings Bank. Chicago. en 4 31 Wi 1 (l.i 4 1 '-''i A- a0 'sO-li 1 i- 1, ill; 8 3d Capitalization 1 do 1 5 or 0ljlf Outstanding 14,740 Shares 438,844 Shares Author! led 50,000 Shares ..0,000 Shares Preferred Stock (S100 par value per share).

Common Stock (No par value) a 0'' lnn 1 IV 1' 1 hV 1.. SHu J1'M The Preferred Stork hotm it the. amount former'? ontttondtna in the (innefnta Corporation In ronnertton with the reincorporation of the company in lietatcare, September the rompany hi offered to errhnnge Preferred Stork in ths lielavare uith. a dtndend rate of either or 7. for th Pre err id stock in the Minnesota Corporation uhich pays dividend at 1.

The Following Is Summarized From Information Given by George A. Hormel Company: 4s 1 The First Incandescent Light "7 ORTY'NINE years ago Thomas A. Edison, after untiring toil and patience, connected a carbonized filament of cot' ton with an electric current and the result was the glow of the first incandescent lamp. This invention, the fruit of Mr. Edison's genius, was the beacon of a new era an era which has revolutionized the means of illumination, transportation and communication and immeasur' ably raised the world's standards of living.

The first company to begin commercial electric lighting on a per mancnt basis was The Edison Electric Illuminating Company of New York (now The New York Edison Company), which was organized December 17, 1SS0 and which started its station at 257 Pearl Street, New York City, on September 4, 1882, two years prior to the election of the late Spencer Trask as president cf the Company, a post which he occupied for many years. "Kir. Trask's financial support of the Electric Lighting Industry in its pioneer days was a potent feature in securing to the community the advantages and conveniences of the electric light, and his unbounded faith and steadfast confidence in the future of the Central Station business laid the foundation for its future prosperity," was the tribute paid to him by the directors of The New York Edison Company in January-, 1910. Spencer Trask Co 20S South La Salle Street, Chicago Members Ttrr and Chicago Stoc Exchanges 41101 ending August 25, 1928- Such net earnings for the ten months ending August 5, 1928, amounted to $3.19 per share. Since incorporation, the average net earnings of he company have shown a tendency to double every five years.

Due to the natural growth of the business and to new methods of merchandising certain trade marked brands, the company anticipates a reasonable prospect of continuing the favorable 1923 earnings. The present executives are entirely responsible for the growth of the business to its present proportions and no changes are contemplated. The aggressiveness of the personnel has produced many special products in addition to the regular packing business of the company. These products are adding substantially to the net "earnings. It is the policy of the company to maintain an active Research Department for the improvement of its products and the promotion of new lines.

In line with the policy of the management the active executives are substantial holders of the company's Common Stock. Geo. A. Hormel Company was founded in 1892. incorporated in Minnesota in 1901 and reincorporated in Delaware in 1928.

Although the business includes the packing of both beef and pork, it is principally given over to the packing of high grade pork products. It has grown to its present size principally out of earnings retained in the business. The company's plant at Austin, Minnesota, covers an area of approximately twelve acres. Branches are maintained in fourteen principal cities in the United States. Export business during the past twelve months has extended to 2G foreign countries.

The balance sheet of the company as of August 25, 192S, as certified bv Ernst Ernst, shows current assets of $6,379,138 and current liabilities of S2.9S5I82, and nt assets applicable to common stock of $5,653,710. The net earnings after all charges, including depre- ciation and Federal income taxes, as certified by Ernst Ernst, and after deducting dividends on new preferred stock as estimated by the management, available for dividends on Common Stock, have averaged $223 per share annually for the four years and ten months 1 1 1 1 1. 14 l'io 1' Wells-Dickey Company McKNICHT BUILDING r-MINNEAPOLlS, MINN. DULUTH GREAT FALLS ST. PAUL above has beet, obtained from sottree, which we esider reliable- However, we do et t-usrantee its accuracy, ftothine The to.ormat.on riven aoove lt a to be an offerm.

representation or recommendatjoo. ALBANY BOSTON PHILADELPHIA NF YORK PROvrnrNCF vsn 7 4' h.i, a I 1 -1 Kv 7, 'iO '7 S'7 1 1 In i p. 4. i i' io. 1..5 li.5 1 1 .10 1 10 A 1 I i.l 1 siii t-.

.1 lut luov 4 4 4 00 PO iOi.tr 5. A 1' i 1'1 lQ-i', 11. ADVERTISE IN THE CHICAGO TRIBUNE.