The Los Angeles Times from Los Angeles, California • 12

Slos SlngctelJDditH crimes. 12 MATtCH 3, 1026. PAKT WEDNESDAY MORNING. rl irm- 1 1 WSJ ROBERTS STILL OPTIMISTIC COAST FOREIGN TRADE EXPANDS SEDCO LAND MORTGAGES ON MARKET WIRE HOUSES CALL MARGINS Los Angeles Firms Ask for Protection on Weak Accounts; High Loan Total Responsible STOCK OF HALE PROS. OFFERED Apartment Store Common Shares on Marhct National City Dank Chief Says Trade Better Than COLOMBIA OFFERING OUT SOON South American Republic Securities Expected on Market This Week Imports and Exports Figures Register Gain Ban-leers Offer Gold Bonds Secured by Properties of R.

P. Sherman in South Combined Value Reported at $939,631,802 Proceeds to Provide More Working Capital 11V EAIILE K. CROWE Lights burned late last night In the offices of the Los Angele wire houses while the clerical forces were checking up on margins. Today the speculators will 'receive Invitations by telephone and mall to deposit more money for the protection of weak margins. So runs the latest chapter In the history of a great speculative er.

To the seasoned trader, thlsthe market, the operators on the Usual for Season; No Sign of Slump BY PACL WTLLARD GARRETT EXCLUSIVE DISPATCH ICopyrtsht, 12, by Ntw Tork Bvntn Poit, Ina.J NEW YORK. March In the distinguished economic bulletin edited by George E. Roberts and published monthly by the National City Bank may be found no grounds for pessimism. Whether the stock market Itself has adjusted Itself to actual conditions or whether still further liquidation will follow are, of course, questions that the bank does not attempt to answer but In the general outlook for business In this country it finds basis for "restrained optimism." As Is pointed out In the Marchations and speculation In real es- short side knew that the break ex Increase for Year Given as $27,200,370 Sales of Company Show Big Increase in 1925 chapter has a jfamlllar ring; but to the new crop In the stock market. It Is altogether an unusual and rather trying experience.

Not since the bull market started about twen-ty-flve months ago has the market been split open as wide In a single tate have been overdone, and It Is pected since the publication of the call loan figures by the stck exchange end the Federal Reserve Board had actually come. LOANS KISE RAPIDLY In this connection, it is Interesting to trace the rise of brokers' loans over the last few rears, as tabulated recently by Dow, Jones Co. While the extent of the pub- day as it was yesterday. Measured by the Dow, Jones Co. averages, twenty industrials! broke 3.47 points and twenty rails Negotiations for the purchase of an issue of $6,000,000 twenty-year external secured 1 per cent bonds of one of the most important departments of the Republic of Colombia have been completed by Blyth, Witter Co.

and Baker, Kellogg according to Information current iir New York hanking circles. ItTs expected that a nation-wide offering of this issue will be made, within a few days. The Republic of Colombia ranks third In population of the states of South America and occupies an area Of more thsn 475,000 square miles, or more than all the States of the Atlantio seaboard from Maine to Florida. It is the world' largest producer of platinum snd emeralds, and second largest producer of coffee. The banking system of the republic is modeled after the United StatesFederal Reserve system.

The Colombian dollar has been one Of the most stable of South Ameri not impossiDie in certain other industries where unusual dptlmisra now prevails, production may be pushed too hard. Should this prove to be the case, some slowing may occur during the latter part of the year, but there seems to be little likelihood of anything in the way of a serious reaction." Satisfaction in the month-end requirements for funds brought relaxation in the prevailing money rates, call monex having dropped yesterday from 6 1-2 to 5 per cent, but from general survey of the situation the future trend is more likely to be upward than ward. In th opinion of Mr. Roberts the major credit requirements of the spring may bring somewhat firmer rates for money. Although the general tendency has been for Htudy Just Issued, the volume of trade and industry, If we can Judge by bank debits outside of New York City, are running larger than ever before at this season of year, railway shipments of factory products are heavier than usual and factory employment is high.

On the future outlook for (business the bulletin says: "With the different branches of Industry thus in better adjustment than they have been for years, the outlook justifies restrained optimism. The danger, of course, lies in overconfldence leading to over-produclon and disturbance of the normal balance In Industry. In view of the exceptionally heavy output In 1926, conservative business men will not be taken by surprise If the volume of business this year fails to constantly overtop all previous records, or should even fall somewhat short of Its recent levels. "In some' localities, at least, there are Indications that building oper- fBT A. T.

NIOHT WIRE SEATTLE, March 8. Exports and Imports on the Paclflo Coast in 1925 increased $27,200,370 over 1924, and $99,486,823 over 1923. The total exports and Import for the year were $939,681,802. The exports fell by $20,894,674 from the 1924 total, while the imports rose $48,095,044, Buela William-son, assistant manager of the Seattle district office, Bureau of For elg-n and Domestic Commerce, reported today. Washington customs district continued to lead the Pacific Coast customs districts with a total trade of $382,431,364, or 40.7 per cent of tho totaJ trade of the Pacific Coast, followed by San Francisco with a total trade amounting to or 40.4 per cent: Los Angeles with $122,600,817, or 18.1 per cent, snd Oregon with $54,863,817, or .58 per cent.

Two customs districts of the Coast showed Increases In their total export and Import trade In 1925 over 1024, San Francisco with an Increase of $60,459,948, or 11.1 per cent, and Los Angeles with $8,532,656. or 1.87 Der cent. The new Issue of $260,000 Sedco Land and 1 Water Company first mortgage 7 per cent sinking fund gold bonds, due March 1, 1936, will be offered today by Carsfens Earles, at 100 and accrued Interest to yield 7 per cent. The bonds are exempt from California personal property tax. The principal stockholders of the gedco Land and Water Company, owning more than 90 per cent of the stock, waive thetr rights under the statute of Jlml-tations governing stockholders' liability In California.

The capital stock of the company is controlled by the Sherman Company and P. Sherman Corporation, whose net assets are In excess of $3,000,000. The bonds are secured by a first closed mortgage upon 229S acres of land, owned In fee simple by the borrowers, including the town site of Sedco, with Improvements, together with the stock of the South Elslnore Mutual Water Company, which is appurtenant thereto. The security has been appraised as having a value of $635,000. The property Is located approximately three miles south and east of Elslnore, directly along the route of the Los Angeles-San Diego highway and extends back to the foothills.

The proceeds from the sale of the bonds will be used to retire present mortgage Indebtedness, for Improvements to the property and for the extension of water system. The trust Indenture will provide for an annual sinking fund commencing March 1, 1927, to be applied to the purchase of bonds' at not' exceeding the redemption price or to redemption hv lot. llo Interest in the market was generally believed to be the greatest In history, the wide-spread publication of tho stock exchange figures showing total loans on securities of emphasized for the first time the danger, and the need of correction. Thla was accentuated by a comparison with the previous peak. In 1919, Federal Reserve stret loan figures showed a high of $1,600,000,000 In the final quarter of 1919, and a low of about $740,000,000 In the fall of 11J.

after liquidation had oeen completed. Dow, Jones estimates of trading loar showed a high of in the first quarter of 1923 and a low in the same year of about $1,400,000,000. T.ie nigh In 1925 was estimated at $2,100,000,000 In the flrnt quarter. When the stock exchange and the Federal Reserve Board undertook the compilation, total loans Increased more than .81 of a point. The losses In Individual isaues wm much greater, however, and virtually wiped out margins In many Instances.

When the average losses of yesterday are added to those of the day before, the break In the market sssurnes real significance und readily explains the necessity for margin calls. TKOTIXTIOV HIGH The Stock Exchange houses, howtver, have had plenty of warning and undoubtedly will weather the storm in good shape, The resident partner in Los Angeles for one of the wire houses is authority for (he statement tha margin protection has been kept on the average around 20 points. Little difficulty is expected in maintaining this protection, for it is believed that traders will Quickly respond to the margin calls. the punishment handed out yesterday by the bear operator was not felt so keenly in Los Angeles as elsewhere. A considerable portion of the business nan-! died by the wire houses here is in oil stocks and oils were not bad ward since the lasf September, be points out, and "with business still In large volume, the time does not can currencies, the present quoia yet appear to be et hand for an tion being slightly above par of alteration of this trend." exchange, the bankers assert a years northwest districts' both decreased, $1,000,000,000 In about time.

An of 45,000 bares of Hal Brog. Stores, Inc. tock, tio par value, vlll offered today by a banking ndl-rate headed by Pean Witter Co, and including; 5trsbursr Co Sebwabaeher A nv tavalier and Anglo Lon-)on Paris Company, at 136 a khare. Uron completion of tnia linanclng, there will be 125,000 frharca common stock outstanding- The common stock la the only capital obligation of the company. Application will he made to lint the common tock on the Pan Francisco block and Bond Kx.

Change. Hale Bros. Ktorea, Is a o. of Hale an Francisco and Sacramento; M'hirthorne Swan of Oakland und San Franclaco. and O.

A. Hale of San Jopfl. which for many yearn, have been controlled by the earn Interests. In addition. It will own more than SO per' cent of the ftock of J.

M. Hale Company of ho Angelea. The control and management of the business will remain In the hand of Messrs. P. C.

Hale, Mr una! Hale and R. B. Hale, who have successfully conducted the affair of Hale Bros, for more than thirty-five years. Messrs. S.

B. Swan and P. T. Burtia will be actively associated with the management In the- future. No cKa-nge In the personenl of any of the constituent stores Is contemplated.

SATES SHOW GAI.V Sales of the company have suown a steady Increase In the Ust few years, amounting to 117.214,124.70 in 1925. as compared with 115.735,075.59 in 1924. The management estimates that sales in 1926 will be In excess of 120,000,000. Net profits, available for dividends, sftor Federal taxes, in 1925 amounted' to $715,260.32, as ugainet $517, 426 88 In 1924. Consolidated operation on a chain-store basis -will provide imlwtan-tial economies and increased efll- ciency.

both in purchases and sales, and for tbl reason the management estimates that net profUg in 1926 wii; bo in excess of $1,000,000. Through the five stores stratn-Clcally located throughout Northern California, Hale Bros, Stores, will have access to the 1mi- neR of a population in exivH of Sound Short Term Bonds Washington decreasing $22,614,219, or 8.87 per cent, and Oregon, or 4.1 per cent. The customs districts, classified according to their rank In the ex- Apparently, the decision to call loans yesterday was not Impelled particularly by the movement of money rates call money was re ported available at 4 1-2 per cent, ly hlv. The motore got it as naa i port and import trade with the fer- ly as any group, as the margin More likely, it was a concerted move td discourage excessive spec ulatton and place the money market In a sounder condition. centag of the total Paciflo Coast trade for 1925, follow: Enwti Farotn'tta fYtnoiiw 1R3 (ir.44 4S.S0 Wuhlniuin 28.48 Lot AngrlM 78,147,47 18 44 Oregon 4J.M4.504 a.

60 buyers in Hudson ann iiupmooin will testify. yesterday's break received Impetus from the calling of ap-Droxlmately $10,000,000 In call How much farther the process of correction will go is a debatable Import Foramtie loans bv New York banks. "When point trat only the tipsters will the co'iaterlal for these loans hit venture to answer. 60.78 SO 10 I2Sl.878.88t 44.453.SS0 13.42S.813 Wuhlnttm Sn V'nnrties Lot Angaleft Graguo REACTION IN COTTON IS HALTED its GOODYEAR TIRE RUBBER COMPANY of California Five-Year 5V2 Gold Notes Business Incorporated in 1919 and with the Goodyear Tire Rubber Co. of Akron (parent company) is the largest manufacturer of rubber tires in the world.

California plant covers 23 acres and has a capacity of over 7000 tires per day. These Notes will be a direct obligation of the Goodyear Tire Rubber Net Income of Rail Group for January Gains Market Rally Held Due to Liverpool Strength and Overload Condition UNITED OIL COMPANY (Richfield Oil Co.) 1-2-3-Year 6 Gold Notes Business Incorporated in 1909. Company owns all the capital stock of the Richfield Oil Company and with it constitutes a complete unit in the industry. Gasoline sales during, last 3 months of 1925 ranked, third among California Oil Companies. These Notes will be a direct obligation and in addition carry detachable common stock purchase warrants.

Net Earnings for 1925 were at the rate of over 11 times interest charges on these notes. Equity These Notes rank ahead of 317,000 shares of common stock having a market value of over Due Mar. 1, 1927 yield 6.00 Due Mar. 1, 1928 yield 6.25 Due Mar. 1, 1929 yield 6.37 Angeles, hey will have contact with the Los Angeles field.

CONTROL KEALTV The same stockholders will control Hale Bros. Stores, and Hale Brow. Realty Company, which owns certain parcels of real estate, having a frontage of 670 feet on Eleventh and Market streets nd tin proposed extension on Vun Ness avenue, and on the corner of Eighth and Mission streets. San Francisco. These properties can be made available to Hale Bros.

Stores, in the future, if that procedure la jus-tilled. Proceeds from the 88la of this stork will he used in part to pro Bankers Offer Preferred of Empire Power An Issue of 74,000 shares of Empire Power Corporation $6 'cumulative preferred stock of non par value Is being offered By W. C. Langley and Bonbrlght at 93 and accrued dividends to yield more than 6,40 per cent. PrnfAAH, nf fit, faoiiA urlll Co.

of California and will constitute rrxcLusrvB dispatch 1 NEW YORK, March 2. Trading In cotton today, was more active than for some time, due to the fBT a. p. Nrorrr wtbei NEW YORK, March 2. Not operating income of neventy-two Class 1 railroads for January aggregated $81,921,000, compared with $60,601,000 in January, 1925.

Gross rvenues were $429,455,000. against $433,959,000. Eased on the returns of these roads, January net more favorable Liverpool cables and the belief that both the Liver r-L (If, Tan IIMa- arA vide) increased facilities, and in j.euu.vuu. pool and New York markets had its sole Funded Debt. Net Earnings for 1925 were at the rate of over- 16 times interest charges on these notes.

Equity These Notes rank ahead of Preferred and common stock haying a current market value of over $8,000,000. Due February 15, 1931 Price 98 Va and accrued interest to yield 5.85 in M. Hale Comnnv-nf t. I Part for increased working capl- 1 "8ea connection witn tne acqui- lor all Class 1 carriers is calculated at $67,300,000, against actual net been somewhat oversold in the I tal that is necessary for increased Isition of not less than 80 per cent of $65,843,003 for the same month eharP Reclines in: these respective (volume of business anticipated. last.

year, and $51,281,264 in Janu-. raarKe recenuy ana a -raiuraj rai-ary. 1924, and would represent a was la order. rather than to any month proportion of an annual new raciors in me general suua. tlon.

yield of 6.85 per cent on the rate Prices opened at a decline of i making a property value of about 7 to 1 points under the lead 275,000,000 at the close of 1925. compared with 6.43 ner cent on i of the near" months and were car Ask for detailed circular vajuauon in janu-ineu uii in me buusohuhih muiums trading to the basts of 1918 for The company's interest in the broadcasting station known as KPO is an asset of substantial value and la carried on the balance sheet at a nominal valuation. Furniture and fixtures and other equipment are carried on the balance sheet at $517,724.71, and have been appraised at It Is anticipated that annual dividends at the rate of $3 a share, payable 60 cents per share quarterly, commencing June 1, 1826, will be voted by the board of directors on the common stock. ary, 1925. Short Term Investments 4 $5,000,000 Goodyear of Cal.

6 Yr, b'2 6. F. Gold Notes Du 1931. Net income last 4 years 8 times requirements. Net tangible aseets $20,238,891.

annual sinking fund. Price. 98V2 to yield 5.85 POWER COMPANY'S NET INCOME GROWS of the common stock of The United Gas and Electric Corporation, which in addition to the operating companies which it controls, now owns 130,000 shares of $6 cumulative preferred stock of Lehigh Power Securities Corporation, and upon completion of this financing will own 37,000 shares of Long Island Lighting Company common stock. The Empire Power Corporation, which was formed under the laws of New York, November 1, 1924, is controlled and managed by the same Interests that control Long Island Lighting Company, Queens Borough Gas and Electrlo Company und Kings County Lighting Company. Upon completion of this financing, the company will control companies serving directly or indirectly seventy communities In Illinois, Indiana and Texas.

March, May, 18.61 cents; July. 17.99 cents; October, 17.45 cents, and December, 17.15 cents, an advance of about 19 to 23 points from last night's quotations, with trade Interests, commission houses, locals, Wall street and covering shorts furnishing the principal buy- GOVERNMENT. MUNICIPAL AND CORPORATION BONDS Net Income of the Niagara, Locknort and Ontario Power Com NINTH FLOOR. 629 SOUTH SPRINt Ins.tw Phons main 6801 PASADENA LOS ANGELES HOLLYWOOD SAN FRANCISCO SAN DIEGO 11 pany for the year ended December, ng. 31.

last, after interest, was There was a moderate decline in 180. as compared with $1,872,999 the afternoon which carried prleee; in 1924, according to the prelim- off about 9 to 11 points from the! inary statement issued yesterday best prices of the day, with March through Blair A Ino. 1 selling at 1907, May, 18.49; July. Total income for the year was; 17.91; October. 17.34, and Decem-j Metropolitan Edison Bonds Out Shortly equal to 3.18 times annual Inter this level for the most part dur est charges on the funded debt.

ing the remainder of the session. Mi "'TJik me co: $2,500,000 United Oil Serial 6 Gold Notes Orrytnf twill svntiui wvranu Maturities 1927-1929. Net earnings last 4 years 6.6 times requirements. Price to yield 6.00 to 6.37 Circufon on Request 111 irumlihud by A. A.

Itfimn-Owithm On. 51 Wait 6Uth mm. Range of Prices KEW TOBK Ct Hlrt I CVm jurat i.m ir.is ta.is is.t$i.te Mm 1-M 1.MH ll. JB.90ans gfl July l-0 1T.STH1T.M "Vfnh-T 1' 'T 1T.171T.1 PtouotMr 17. IS 1.31.M KEW ORLEANS OuL Hlt.

tow rv, UTILITY BONDS OUT TODAY Issue of $11,500,000 First Mortgage Liens of Virginia Company Offered to Yield 5.75 Per Cent An fosue of $11,600,000 Virginia Publlo Service Company first mortgage and refunding twenty-year 614 per cent gold bonds, series Important extensions of the Metropolitan Edison properties of the Pennsylvania-New Jersey superpower system, and retirement of $1,683,000 outstanding per cent bonds will be financed with the proceeds of an issue of $3,600,000 first and refunding mortgage per cent-bonds, which the Metropolitan Edison Company has sold to Halsey. Stuart it was announced yesterday. The bonds -e? ittS Jmtatf Howard fi.Ralh (omparvy due February 1. 1846. will be offered today by a selling group n.w w.S vmi" headed by E.

II. Rollins Sons, snd including Blyth. Witter II will be offered shortlv, BUUf LIV, i Ottnhflf 10.03 IO.P, lVOr io. pj, lee: 16.7? 16.57 1.6631.56 Docomtxr serving one or the Important In- 1 JesDy at iiowe, enow tserties, Jiastman, DII- dustrlal sections of the country, the' Ion Co. and Federal Securities Corporation, at 97 and Interest to SPOT PRICES Erkfifcfrf 1)1 0 Investment Securities Htmbtrt A Slack Exdimv Sl2 Pacitk Hutu KnptUm TdUjAoD.

TRinltyCHKS tiuiBon uompanv An Issue of $11,500,000 Virglniasubject to divisional bonds, and will be further secured ranks among the foremost operating companies in the United Etntes. The company and its subsidiaries. fBT A. P. NIGHT Win IV' "WW TOTtff, Ktrtti Cottm.

ipot, flulsjj riddling. Cottonseed OH IfXCtrsiVB PISTATCIH NEW TOBK. Mrrb 1 Cflttanwd etlt Cl" PtctIou, Clnt Public Service Company first mortgage and refunding twenty-year 6 1-3 per cent gold bonds, Sorlcs due February 1, 1948, will be by pledge of more than 91 per cent of the common stock and 68 per cent of the preferred stock of the Newport News and Hampton Railway Gas and Electric Company and 100 per cent of the Charlottes offered today by a selling group It. 7011. 11.

7011. ill prll ITALIAN PUBLIC UTILITY CREDIT INSTITUTE SECURED 7s- ville -and Albermarle Railway noiaoiy tne Metropolitan Power Company and the Pennsylvania Edison Company, constitute an electric power system serving a large part of Eastern Pennsylvania, including cities such as Reading, Tork, Lcbunon and Easton. The company directly serves 116 communities and abo wholesale power to fompanles In eighty-live communities. The properties of the Metropolitan Edison Company and eubsldl- n.ssiu.76 n. ft H.TnfU.g.

n.7 n.iit 11.12,811.50 11.95 ll.S.Sttl.TS 11.7SU.? ll.T8jU.77 11.77 11. 1.1 ii.in.M Company common stock, the value of which stocks Is mot less than I5.723.21t. IW-f These bonds, the divisions! bonds ftp headed by E. It Rollins Sons, snd Including Blyth. Witter It.

M. Byllesby Howe, Snow P.ertles, Eastman, Dillon Co. and Federal Securities Corporation, at 97 end interest to yield 6.75 per cent. A DIRECT The comrany, controlled through The Clearinghouse News of Spring Street arles comprise the largest part of 100 per cent common stock own-the Pennsylvania-New Jersey su-, ershlp by the National Public per-power system of the General Service Corporation, as a result of Secured by deposit of First Mtg. Bonds of 6 Italian hydro-electric companies.

Gas and EHctrio Corporation. The this financing, will acquire the Virginia Public Service Company, Col. J. B. Chalfey, Junior vice-president of the California Bank, properties of the system are under the management of the W.

8. Bar-stow Management Association. and operations are supervised by men long and vsrled experience in the public utility Hold. wiird. ia effect, prior (-hurts on Income, irroad nnl a returned yesterday from a business trip through the Pacific-Northwest.

and the bonds of subsidiary companies aggregating JIB. 680, 600, represent less than 78 per cent of the total value of physical property of $25,301,379, not Including 11.326.261 working capital. The company has set aside funds estimated to i be sufficient In amount to acquire the balance of tho outstanding preferred and common stocks of the Newport News snd Hampton Railway, Gas and Electrlo Company and upon their acquisition proposes presently to merge those properties with the present Virginia Public Service Company. EARNINGS SHOWN Net earnings of the company for the twelve months ended Decern- i gencroits ancL dependable income, without care, bother or vexation, is the goal of thousands of men and women in Southern California living: on the- re-turri3 of accumulated capital. California Company has available at all times a wide selection of sound securities yield-in 5-30 to 7.50 especially adapted to the requirements of this class of investors.

A postal card vill bring our current list Send Jar it today. the property now owned by Alexandria Light and Power Company, Virginia Northern Power Company, Virginia-Western Power Company snd Southslde Virginia Power Company, and will own preferred and common stock of the Newport News and Hampton Rall- MARKET INDEX during which he attended the Western Regional Conference of Savings Banks, In Portland, February 25 end 26. Inclusive. In speaking of the turnings outlook In the Pacific-Northwest, Col. ChafTey said: "There appears to be a slowing awm tfirs, ftl tfea V.

I a. I.J... The foUcmliur index will wsy. uas sna ciwiric company. found convenient for quickly lo- nvTy servea wun eiec- Price 93: Yield 7.60.

BarJtsjSuntlefGCa Ltt Anict Swell EifKdnf, 1212 Stock exchange bldo Phono MEtrorwI'ti 4300 catlng market Information In this wo "ni -ana power includes HQ iohue Of The Tlnil: cniiuuiu wim popuia- Psge I more unn ii.u.uuu, inciua- Bond quotations 14 fwpo" 1NeWB- Iiuslnrha news 13 Alexandria, Warrenton, Charlottes-Iluildlng 18 Staunton. Clifton Forge and Citrus fruits 18 on the Couth Emporia, South Bos-Cotton ton intermediate communities. KgS. poultry (butter and 'fg'm 18 nd ln is done In etrl.Biizi. is lht communities, including ber 31, Inst, were more than 2.27 trle, ef that section, namely lum-times annual Interest requirements ber and fish, but this sppears tem-on the mortgage bonds outstand- I porary and the present year should list see the end of this condition snd The proceeds from the ale of la marked Improvement.

The flnan-thee tionds. together with the cial Institutions of the Northwest proceeds from $6,000,000 twenty-1 are a healthy liquid condition, year per cent debenture bonds are capably managed and enjoy ths and IJ.000.000 of 7 rer cent pre- I respect of the ferred stock are being used for California should boost the Pa. and In correction with the merger rifle-Northwest, Mr. Chaffay stated, snd acouisitlon of the flew, prop-t He feels there is great deal to Grains Live stock Metal market lg towns. Street railways are cper-l8 ated In Newport News and Char-16 lottesvlile, with an aggregate of fifty-three equivalent California Cbnipany Produce, Los Angeles miles 'of single track.

A. M. Clifford Investment Counlor sod fiiuadal Aottt Servei si an adviser upon Bond or Slock Investments. "No Securities to Sell" BoeHft JfSrriHn? Serv'u mailed vfon rej'itii tlM tttkiitft Id It SanDico feEcrroTr large STOCKS Pot ton copper 1 Chlraco if Pasadena RcdJands gfln by acting In close co-operation with the States on the nortH, Returns from East John H. Dlnklns.

vice-president The bonds will be secured by a BONDS G2G SaSprinsSt LosArlcS erties, for the retirement of outstanding obligations of the companies which are parties to the merger, snd to furnish additional money to connect by transmission line the properties In Western New York 17 direct first mortgage on electric New York oils in power and light and gas prcper- ew Y'ork (curb) 14 ties appraised at a depreciated Work and bonds in fran valuation of 10.017.B07, and con- Frnpm IS stltute a' direct lien on the re- 6f M. H. i-ewis as co local in and Southern Virgin'a, togetr.er vestment canners, returnea yestetv with other additions and better- day from a short trip to the vsri. fra.lt Lake 10 inaiuder of the merged properties, menu. US IinftnClioi liilu ui ut.

I.