Pittsburgh Post-Gazette from Pittsburgh, Pennsylvania • Page 24

I -PITTSBURGH POST-GAZETTE, WEDNESDAY, JULY 17, 1S29- NEW YORK BOND MARKET N. Y. -'Times" Averages U. S. GOVERNMENT BONDS F.

8. I I11FKH 4.M1 TRF4.SI RY BONUS lUcciiual poiuia arc in 3td High-Low-CIose the investment about TS lie: they with Utr reacted with the the of and r- first crr.i.p the ni- r. 'i J. r. of rov r.

r' 1 Uk: 1 1 11' (hf 1IH.7-, lMt.ttl .13 i3 It'diis Ili K.t 4il3 -tlsttHka 2.2.iiij 271. 7y rt re-t cf The mark. Then there was a forward movtmrnt in the r.t;re -w- ccr.v'-r- low cf ssouri Kansas anJ nt 5s gain'-i ai out a Mtr 1 P-fl Ask e' 1 ts, jjjj.ir 9: 9 7p' 97.1 ti -sT 4 UK i fl i i i St a coi a 4 7 v. i i 1, i-M i ft M.C'h 15. 1 i s-i 1 iri4 -Ji 37 ".4 7 7 5 ti tractiors an p-'int.

All of the loal tin? showe-1 of recovery. Krms-r T'OI jr liny Year .41 .06 1 2 II. nil-: III ilmr-tir issues. Ill tort'iirn eot. Issllfa, 104 NO I F.s 1FI1K1 Vl I5UN14S l.o.mmicdi The weekly ion 6s boaM cCn ment of the of Till Al KV KIM II 14 A I F' hr--iV f-ar.

Ast-hal- By ARTRTR R. rRirDM.Io. YlmvcciaU Xtlitor of Foat-Oaxet. Harbison-Walker Securities Company is formed. Refractories company to own most cf its stock.

$1.65 per share earned on common for first half. Large volume of unfilled orders at present time. By Lt4 ir to Fv-at 'n7it C'fjTjtr. jJ, It Itmi NEW YORK. July The pa---of the ve bori'l market slowed down toliiy.

rh-: tr. 5-nry to take j.iotVs in 'veral the con vert ihl; that have recc'ly N-en raoft. These decline- -hat at ne tree from 1 to 3 i.oir.-s. 'ori-or' States G'lVtrsm'nt nr. frr'n ioani w-re h'I aft- te.j by eit 12 rent rmwal nioi.ey an! KlU-h'ly higher for mor.ry.

The avtrafc of the 71 TS 2 4 4 a. 1 Hiih 1 4 19 14. -ft tj fr -m w.k w-: is ot'ser? In t.e tr ar re a i reference -r the (Jnv 5e I r. of an 1 the i cf r.rnri L'c 'n f. nn an active mark a cam in tr.e b.vif in 1" I i tM S.n iir 7- wen up from 2 i Hea-i ne "ai tis f-acrionally rai' I investment Ti memher hanks show a create of in loans ana investments.

investment account has ie-rree. 11 in the past ear. It is '-tinit I the total reduction In he inves-nunt l.old.nes of ail th AAAP lt 4 A 1. rti 4 4 (to HI 441, (lo adj '414 r'f 4: 4 i Ask 4 4 s. 15-7-S7.

S4 4 May. lit5r-5 7... SP4 4V) Nov. 1 sj si 4 4 s. M.i.

15.42-4J.. its 5:7 1 1. 91 SJ 4 J.v 93 4'--s. J.ir... 8J 94 49 4 r.

.2 S4 4 SI 1 sst, 5. 4 ii' 1 1'' -M "14 U5 5 4 .1 -lt 4 May. 7S SS4 1 7 s4 si: 44 1 i-'l with the Juni in sympa 1 I 3'-ja. r- I I HI KM. lesll.

July I.WH ltlVK HUM'S strenttii in etocks. St. Paul 1 barks of the country la? a Iju.stni' a lvan. is points to I is close to l.nno.n,ii,.oon. 4s Yield .1 The Ref 1 I T'-ral aalea were It, i-li Ma--, July.

pi 9o 4 a ompany is jirnsoriiiif a r.e.v He-cur- 1S3 4: t-a I I' I v. I I. LI lM f.f.-Al'!irl 1 A I I t.f 4 1'T" i-j 4i' S.l aai IS.IS!.' a -ar ltlea company to te known aa IUr- sh l'l, S( A SO. 2. pv.

Suit, i-i 1 2 m- "st 1 M-i-l'ASSM 1 h. 4 H2 i.t d-. Sr A ti a.lj Li AMl.tKI) OIL W-sllll AUIKS. I'i; are i and j-riora un'ii' Stsii.lard 4)il n-l tn T're 1 rt; yter.1.it l'-rs bteon-Walker Securities Com v. Jr-ry t- hich has been charter in twla- ware, with capital of i i.nitkii siaiks uoi i honi.s 7 par A.

f(7' T1IHTMIM. (Ml KO-slN. WANNAU. July 1'5 Tilrpent 11 4s. sles.

cak: receipls. 'k. ensks: "tot's. .1 casks. Roam lirm: sul'-s.

J.P71 lmlM re.eipts 7.43s l.arr- sli :4.41!l t'r-r-la; at is.77r. t.alleN. Vfnt'ti-: H. 1'. sr.

1, 117 4 lfl ltd As lln l.itrl. ajr -ttr I r--i 4- 1 A.a V- 1 AH Mij 1 A Al'bfTij '41. 2' 4 cat 1 1 An 1 Tai.i.-Mt "a '42 212 5' 411 rtf 2 .2 Infl a lit 1 1 4, Wi'hin a short time it 1.4 4 1 17's 1. 2 104 IKS', 1 '2 nf a dollar k-' i-rt au'i'ji t.jvv.'rjy ti i lie iv. 1 1 32 1 con (s i.t- 2 Scab A 1' f.s ('4 I is 4a T-1 44 1 ti.i 4 .1 4s 7 4 'uS '-v 14." 1 vtar 2 Uy 2 do 4s Td S14 4 do 'l'l 1 v-4 'l do i MC, 110 2 do 'Id 1 IS .7 1111" r.a 4 TAp Ut r.a (.

1. 44 do 5 It 1 Ttrm Asm, 5S 'll 4 1 ex Al'S lfl 1 TSlird Av 1" ,37 92', 3 In l'ac 4' 'l'7 12 do 4 MS Sr. 4 12 do lit 4s '47 92 2 lilt St I. 4s S4 lo Vh r.s 'i'2 i.c'4 2 Will 5'va A 1 do r.s -7 11 2.1 IV sh 4 2.o'l r. S24 15 West M'l 4 7s tf do S4 '77 fir.v, West l'ac r.a Ml 1 Wis 4 '3d SS s.

ii is VOIXiiHOII Ui il'JU p.ir. 1-7 F. 1-'. C. 7.1- '7 I.

K. M. N. It. J7 7.

I'd x. 47 4 WW. 3 4.. i 7.i 1-t -2 1 a 1 4 -tj 47r ti 4 4 is 4 t'i 15 A-ji Alio r.can (li. n-v 11 Miser H-c-ki vc l.ine I.nr.ka l'iH.

1 iitc t-l 1 pipe Lii.e Northern Pipe I. int- Pipe 1 il ii in a 1 1 1 lil have been issued. Trie gretPt Jtiortion ill he purrhasel by son-Walker Itefractories Company fnr cash, and the remainder by in- tereats affilia'efl with the latter com- pany. 1 1 I ij 4 Tr. 'It 47 il 4 i' II 1' M4 I Fl MtliKKT.

i.rm. Jul 'in truck ch er 2 Vr. Xr. J.ilv v. T'et.

Soptfril.ei- l.i:he!s f'tl lfl t7 a 'jTii Ii 2- 1,47 17 i 1 ..1 1.. I' 1 I 1 1-7-. 1 14 1 It. 1TI.J 114 7 7 i. 24,.

2 I'C 1-2', I-2S ts 17o 17! 'a I' t.71. i. 2s i-2--; f-2 S2' 1 4 o. l''ll Jt'll SS I S. 73 1.

l'I'a T'4, P'2 r.r -i 2 Ao -4- 4:: t-7 IKiNI'S. 1 7 7 Alp Mi si! 7, -jo. 1 Aki-ri-tius 5 7tit5 1. 1 do :.7 lt 1 7 '7 Antwerp t.s lit Are-nt pal 1 74 I'M H4 4 t'2 fs-tj, 1(1 13,1 s7 i 7S, 714 14 t.a 77. 4 ii HJ -47 p- 1..

'4V 1 lSt I of 2 si' a St 4 If. 4 to she 1' '2 17 sli-ll 1 ii 'i i '47 17 Si Am 4Vr 7a '41 I Sim- a I', It' (to T.I Il l'-, irt do 7 37 l'l'-. 1 hi- Cr Sinn fipr. I. 7.

ll.ll '41 I 1 s- I' tl '47. '-j 17. licit M4. 5 stl M'il 3 4 1' I 43 St.i ll'l N.I 11 il 4'. a Tl 4 TV-Hi Cop 44 Tfnn Kl '47.

3 3 TI AP 1'il', 3 Trinao llil (i'jK 12 Tr.i'iihnll SI i 3 I Flee r.a MS l'd; 1 t'ni Ilia '42. Sni'a; 1 in lirng Rub 2d do Sa '47 TJ smel r.a 'tM 1 ti-. Ka -ia Tof lull J'AI. r.a '44 HO 4 I "I ira KI.A1 11 Fill A L. 5Via '47 1 rt 7a '42 SI 1 Walwrth a T.r...

S7i 22 Sue "71 14 l'i rcf 7 MS. 1 Icin ri a T.4.i..:;i, 11 do 5, 'i sr ft" (1. la 2 Fl 12 coi ms im 31 do r.j 1 tin do fii.a"M.l Hi7' 74 t'f 1 4 ss 4 104 3:14.44 S7 4 11'. s-S ItsL, Hit If Its', loiH 11 91, Psa CRUDE OIL PRICES do '77 f.7 21 do ceo 4t "71 73 11 do r.a '7s r. fi7 i.j 5'3a IS 2 Nan lit 4s 1 1 I' 4U lit i 2 V(l l'f I'll 4 1" I- 4a US.

s.rs 2 do deh Pi '35. 'i" A I 2(113. 2 Ml'tll It 2 3 'a" '17 7(1 (1 do 4a '34 14 3 Ml'Hltl rll us 7'S 2 NM'llltMC o-i-lis 74 12 4a Ml. 11 ill fifl. ill r.l.j.

'74 A i-4 3 do P.44 2 do 4 '7s! t'2 I Cute 1 4" M4 SS 4 rll do tw '4S. do 44s '67 SS 1" ii i d' 1. 4s T.6 7S'l 1 NY MI411 4s 7i 3 NIHAW 1st 4s 1 Nli It a.ij 42 cf. 1 1 Kya '(VI 4 St 4 4a .3 S2 1' Will 44a '4'. SA .1 Nor A 1st r.a '4t 73 12 iVs Sri; 2C'7 do 4s 'H7 St', 1 1 (ten 2047 413I, fi (Ires '4(1 S.1 1 (JSL lat Kid 1 4 do rfK 4 '211 US) 2 Ore 4a '81.

1" I'S 7s '3i In' do J.s 'rtf! lot 7 do '30 7 do 41-38 t-r, 1 do 1:. 1, ixi's it 4 t.li Vt'i. tm 10:1 lei si 1 T.7 Sr A.l 17 i)t ti. s-r B. M-'-j V.

r. u- June. i i v.9 itct ty'j 3 I I -h Mi HI M-ij 1 d. l.i t' ft ll' i t'i11. 7 A'itrrlt ir.

"57 t-S'i 4'1 tin 4'jB -7 2 A ut 7 i 1 7 Itatav frl 4-'. K', 1 Havana f'' 734 1 Hi To holders of S6, 000,000 Insull Utility Investments, lnc, 5 Gold DebcfitureSm Series A Due January 1949 1. K'S I' 2 A i I'1hI 6ijj 42 2 '17. 1 4 M7 12 AT'M'! r.f 4'i. 1 i r.

if cvt 4 'Ho. l't-i c4 4' i It 17 AW :4 i.s 1 ti" '75 I'll ''a ft AmWrl'aper '47. 15 Amrt.H'la t. 4 "5 1" 7s Ms A' il 7 -i 3 41, a 17 tlo lrl AtH.uirjtlVl 'Mi. 73', Atl r-f 7s 1 IviilofP '4sR.

,10 r. i' 4v, r.s 1.0 32 Kt. '4S 4's 7 a l.r. 3 "34.. i j'a 4 It- 7 Ml 8 lUilllK.I 4UB 1 do Se 1 ni'ivri i.e; r.a 1 "a 7 Call'ett- I pi do r.

2 rarr.miipyS 7 '42 1 Celt Sfl '41 122'; 4 fmnTwl '4. 3 7'i t'l 1- 8 i Ifiu-las 4a SSI, Mi C'tiiAE S'M Mar. fS 5 do April 2 41s do 5 A I I 11 Cv.iruitt M'a do 2 o'irni tm Mt. 4.1 CrsflNV a sum '52. 1' 2 2 '4i 1 Cs I'7 1 frowiXVillp 'M 1, 2h I'litaCS'iiT ssta 1.7 35 Cut.An.Snj 1 7'j "44.

4." 1 Cm a.r.ei Fru-r e.s'4.- l.s 2 Ihnver 7a 7.1 Mt'-j 9 do Sa tl 4 r. I r'e '41. 1- 7 411 1' I'j I'M', ('Ti (... It l' ll'l 'a MH 7', Tho fo.lnv. ini: art the- rru- r'd -r Tin'.

itil th S- urh lvnn Oil yrH-lp mJ in Y'-rk Trj.i-.it IItip Hrmlf-Ttl distrii-t in Nati'-nfll Trnn- Kit I inis I'tnisy an rt oil in National lniP-4 rcnttsybaniit zrn'( oil in r.urcka ripe i.iii' Ciitupuny iMi 3. crn-ip oil in Si uth Vt- I''I4 linf T. IV nns lvnma prsd' i 1 1 iu K-irkeye 1'ipo Line 'litpatiy ltinf C'Tiiinc 'il in Hin-kye Iine C'Mnpany Hkps 1.8 Cniii)5 iirtule 1 in i-uokyft IMpc Line. -nspany 1.ms Cjtil jrrartf. nl tn T'lp1 Line iVmpiiny Iiiifit l.

Siitin-rsft oil Iti Cuiiil'rlfl(i4j 1'ipe I-iiut "inpHr.v lii.i.'S Is" t.liiiii(''riHnil. Rorrpn iind r'Min tt iKv IMrs.n 1 tevliiiuont Cninpsnv 15f Oil iti lh'tc Th St-11 Oil Htintng (iiiiipsnv in Oil City, Ky 1 V-w-rn Ktentiicky 1 1 l'l sin, 113 4 S4 K'4 11.14 PS 1-44 H'2 r.Plcuim 7'2 '4V .1 1 ft) r.21 74 i- 14 17 d. 7 Ji 41 fit'U 74 1 11.24 I'll', t'4'S, H2 4 4 1' 3 II 7N Ifll'i I'-'l 111 f'l M'vi 11.: lt-t ft IS 1 R.T-en Rm 1 lt-riin 6L. 24 T8 44, a Kl (174 4s 4S i-2 IVro Maq do 4a MS S7 4 BerlCil'l f'l 3 I IKI-, SlliV, 1. '3 19 pi HALSEY, STUART CO.

113 43 4H 45 lot pit 1., C2 1411 W. I. 1 r7 4 INCOneORATCD 1 1 4 1. 1 12 B.liT.a '47 8 d. 7 d- 7 9 err.

7 Bt'rdnus v. '4 1" Bralil '41 T.7 34 27 P.rariirtP.r 7 4 Wheel Stl Slji 5 41 T.3 wr 2 Wickw SSi'j" S.Vtf 1 13 do 7 4t. 17 do crt 7s '33 47 3 rtt 7a 3." ctT. 4.1 1 ATillfa-Oa fi WNn'o lnt 'a 7 Wii.chea A 7 a'4 1 1 1 t'. i-47 oui.KstSA ItAll rtllAI- HI iv PS 1 Olh A sin ''fl.

S2 ATASF cro 4 i 4'a '47 157 2 (I 1 cvt 4s 1 AliACItAL '44 24 A 41 ret '33 I 27 do r.a 4 do Vt '4 PC l.j do c.t 4'a 33.. S-7' r. rt it 4 4 rcc S7'j 7 do 1st 4 '4 t4 do 4 do "a '50 1'4 lo do 'I 4 ftfll 3 Hit '7. S3 i 1 i .1 nhti-'i li.i.iMiiH I'mif-t'in Wocstep lMrnx.uth 'I (. fITY, 1H, K', 1' 6 l' l'l, 5.1", 1--S 71 92 t.7 1..

l'l Pti'-j MS f's St-X 1 1 'jv Tedit hvivi.i;4' 3 rj3 2 rccAsr, r.s'75 b. ia 1" do 4 11 r.s. in'i, 1 Peril 111- '30 1 I' rll 11I.AP '42 1174 1 do fia '47 i.j 1 do 74a 1...1 2'i Read .1 4a '51 do 4 4 '117 Stti 23 R)o tiW 1st 4 Ml! s7Sj 1 Ho. iaai. 44a t.i yr.

2o St l.IM&s Kcnr.a'31 tin 3 do 4s Id St 1 SI" pr 4A si 4 2 do '5d 47 do 44a '7S S7', 1 do I'll r.a (.04 St I is." 4a S2 announce that the permanent debentures are now ready and exchangeable for the temporary debentures originally issued. 7 fr r.7 7 r.S '2 7-s r.7 ji.IS, 1 1, 1( '( l'7'i July 1." 2 Bremen l.r 3 Briliiiiie runs SS sh'iiint arnMs. S44 t.2 July 17. vv F.Kiap.t tia 17 ltd A Prt'tr f.5 fil 1 Bulsaria 1 Caldaii 7 4t? 2 Cana'Wi 4 '36 11 do Mj '29 MK1- 1 ToriK, juij- 110 4 nr. J.

E. Lewis, president of liarbi-son-WaJker Kefractones; Xin Mc-Quiilen, vice iTesi.l. nt. and P. It.

Hiilcman, secretary, will occupy similar positions with the securities company. Hilleman will also be treasurer. The board will consist of these three It is expected that some time in the near future the securities company will acquire some of the investments of Harbison-Walker Kef ractories. although it also has the power to buy. sell and trade in any manner of At least one of the investments of Harbison-Walker Refractories at this time is of particular interest to stockholders.

The company has been shown on the books of the United States Steel Corporation as the owner of 5.00'" shares of common stock, which, based on today's prices, have a market value of over Harbison-Walker is known to have had the greater part of this stock, if not all. for more than two years so that its profit on this in-: vestment must be hnpe. Total investments as carried at cost in the balance sheet at the end of last ear were J6.15 1.715, lower than the market at that time. The investments outside of United States Steel are not known, but are reported as being' substantial. if Lewis yesterday estimated Harbison-Walker Refractories second quarter earnings at $1,315,000 after deduction of all charges for depreci- depletion and Federal taxes, equal, after preferred dividends, to SS cents pr share on the 1.440.000 shares of no par common stock outstanding.

This is an increase of about ZS per cent over the earnings of the same quarter in 1328, which amounted to $1,045,000. The second quarter of the year provedto be slightly better than the first quarter when estimated earn- ings were (riven as $1,130,000. For the first six months of the net earnings were $2,505,000. equal, after preferred dividends, to $165 Per share on the common, as compared with $2,065,000 for the first half of 192S. Plants of the company operated close to capacity durlnar the best part of the second quarter and present operations are nearly 100 per cent.

moiled orders at this time reach a larse ftaure. Harbison-Walker has ben rainir.T pround stea iiTy and while'the company expects the total net earnings for 1929 to he I considerably in excess of the net profit for which amounted to $1,412,531. equal to $2.94 per share on the common, there is reason to believe that the second half of the current vear will be even better than th. first and 1 would prove f-1. It.

iv, T'14 t.i 1( f.a, fir. 6(4 S4 II a sr. .1 f2" 7S f.71-. t. l.n, t'lV.

s--tt 1 fc2 P'4, New Issue 4 do rfe '40 '-a 4 do 7a '4t 1-1 IS do 7 4 '4o 1 iw.id '42 7 St 7 '42. 1' 2 1 nb 7 '37 4.4 1 Hkh 7a ft 7S'; 1-1 1. '42. Rnf. Si 8 icnett la Si; 11 Ap 4i 1'1 lifii Mt Ac ia If! 3.4 Gr 7a 4ti.

ri-a '47. tar 7.. yiTt, 1 14 In ta 1 Itllso Trn 4a 1 Can 'M 1 4'-a c.t caah 23 do 4ita 21 do 4i.a '3 P2 I'tS f2 f.riV f'4 1 13 do I '( J. i.j 14 ft-H. 12 i-.

VI vx It 1 i 1' 1' 1 ft', t-; 71 IX', 1 i l-2, S7 1 2 t.7 1 1- $4,250,000 Western Neivspaper Union A Deltrm mre Corporation Fiftcen-Ycar 6 Convertible Gold Debentures Ki fl'. 1131, MM, 17 1 .3 S7 fSS l.tt, i- "'4 1 -4 t'4 1- 1 ss. 1.. t4 S7 ff-S 1-t S7 Due August 1, 1944 Dared August 1, 1929 l. 24 si-.

-4 latrtrat pat Feht-Uavry I and AurJsl 1 arithout drdurtion lor normal Frdrral inrome ai not cTtceedme 2. The Company will 5re to refund to holders, upoav proper ipporafioo. any Stale laome ta rot extcedinst 5rr per annum, and its V.assa.'hutctts not cxrerdin? per annnin. and personal property ana aturt'y taTca in cerutn Sta'cs as provided in the Trust Indenture Redre-iaKe at any time a a whir or part on rO puhliibed notice ax ICS and accrued interest. Ce-aKo Debentures tn interchangeable denominations ol S1.000 and $5Cr3 regLSterabie as to principal only.

Debenture will be convertible, the option of the holder, at any time prior to maturity, or up to 6ve day prior to earlier redemption, into Common Stock at the rale of 40 hre for each 51,000 principal amount. i CENTRAL HANOVER BANK AND TRUST COMPANY, Truatee. Ji.w, 4 fV-'-i l'f 1. 1 11 l'l 7, l.XV, -4 l-3'a 1' 2r l-2 2 1. li4 4 Itn 1'4'i lfi', 12.7 ''3 l'-t Rt'j 1H 1 px 10 7U 1 1 't 3 I'V'H 1.X4 14 4.

lto 114'4 rs IiX It4 2 1 -i f-'S 1.7 "a 1 ln 'K 7 ti Ml It 2 Can S. l.i ea'41A. 1 Carlst4 8 '54 24 Oiile -Kt -2 IX 1 11 d- rrta 2. 'fil M' 5 tin 'SI Sopt 14 OlilfXttcHk 12 do -3 'ftl I' II do 'ttl 11 rt.lt.xne Wj 12 Col 'lil Jaa 1 do i Tl rt 2 MAsrL r.Brct Ct per.ha r.gt T-2 Jt ti 1 Ctttta" 7 '42 ...1" 2 dt 74 It-i 1 do 7 37 T.ta Rl0 7 'SI. 4 Ctm-liram '-''t.

2 Clf Iml-t 9 1 do TS li 1 Paciaft Xf-i (t 1 do '4t I 4 rvntna-k 4'5a 'S2. Tt 11 do fj. -42 1'-TV is do r.t 14 rw-atsBk B'32 rtfa t7', 11 Imtc Vrt 2 rmtrft I 6a 7.1".: 1 do 5 do Tt KR 7 1 lttllia Ta fc 1 Fiat 7 '4 1-4 12 do 7a air. t44 2 Flnl'd 7 t.S t4 du SUi "51 Fr-rtrh 7 '4U 4 7a '41 4 Fr NS1. 7 7 '40 tn, 2 4r4nArP.k7 I 4 do t'm 11 do Ka Jtjly 17 do 'fy N-t I .1 do f.ti i ar 'i 1 do 7 '4 2 I us f.dH:-Srl 7 5 Or Jap 7 44.

do t.c.a 1 5r 7 'K4 1 do a vt, Vs do Sa 2 lrifiFr St 1 Ital; Cm 7a' do 7a '47 tH 1.1 PalPur L'til 7a 2.X It. It 7 TI 2-i Jp Jd 4a 'til do tft-a 'f. 1-tn, 15 rt-t ra lei, 5 Laut.NitrlsT r-t ai bit 3 Loilib r.l 7 52 ww. ttflXj 1 do 74 war. T.t,wA HKP oi; 4 s.X fi Lxona T.

4 7 Manillea fia K'. a '4. 2 Mrid r.lrc 7 t7 cai.h.l'.2 Milan fi'ia '32 bl 1 Mtnaa ier 4-'a o. 45 mt MiATl T.T la K7 4 7a 52.I'f"- CAPITALIZATION (Upon completion of this financing) Authorized Issued 4,250,000 1,500,000 150,000 sha. 4,250,000 1,500,000 320,000 shs.

Fifteen-Year 6 Convertible Debentures (this issue). 7 Cumulative Preferred Stock (par value 100 per share), Common Stock, Without Par Value, laxlwding 1 "0,000 aharea rcaarvad againat tba canvaraioai af theaa Dcbenturaa. 1-4 i 1'tlN 1 l'-' 1. a Stl f.ii 1 1-4 Iff, l-. 1- 5 l'J S3', s.t 1- IV.

34 ft c4 112 s'4 J-3 f.1 7 f-4 "-'tt 71 2 H' 1-4 SH 71 7 So Hi t7, Kit SI 1'S4 1'34 1 3'24 4 -7S no surprise if the surplus for the vear after payment of dividends. was at least double the $1,220,199: carried over in 192S. I i 9 117 1- -'i 4 Can Nor d'W4 '4dlI4 27 I 10 Patr 4a lin Par 4 -4(1. 1.1 .1 Caro 14, 1 1, c. 4 ps CP lat ref 4a 17 do r.a 'Kt lr-t' 1 07 4 A ct T.o 1 4 1.

a 1.3 A 4-' Co to- I' r'c i-r. .3 do H. 5(. 3 14 rcf Sa '71 3 do 4a pi tti. 2 4a l'l dtT '4 2'a 1" A I '31 73 13 4.

,0, CMASiP 4 i 2i, 1 .1 4t HI CMStpAp CI i ti adi 71 2 rf l'v'iw 7 4'sa 3 I A 4 2 d- 4'. a T2 A 11 do rtc 4a ti3'i 1 "1 HAS ui 5a trt 5 Clil Sia 4U, 1 do 7 4a r.o -B2 1 rci isil, t-n 4a C3 3 do 4Ua 77 1 dt f.a Sr '41 7 ve I. 41-. 'HI 11 I 5a -T3. Cul.a '52.

s7 '31 let Ii do f. Mil 1114 11 rut.a Mor '42. 7I Iiel A H'ld 1 4 '43. do '3" li, 17 tialUjWn b7 1 (1 '7s 7 1'itAMack 1 4a 'M 71 in sen In 4h 'PC. 71'', do cat 4i f.i ft do 5a -t'7 1 Kris R.

7i.j Fli '74 3 'ia A Ala St. lird Rap 4'a '41. 2 Grd Trk 7 2 do in '3H Pitt's, 27 (71 North 7a MB. II do 52 liw-j 4 do 5 '73 pi-j'4 4 do 4'4 '7if I4'4 2.1 Pay deh so 1 cat 44a -ti 5 '37 fT'4 1 Hud A ref M7 ssi, 25 ad1 lnc 5a 7SI 2 111 ft Lr 3Sa 7 2 III '3tl 1f'7'i 1 do 1 do CSlLANjtiTj. 4 4 do 4a tlt 1 d.

4a 84 I It cat 7a '32. t'2 0:1 do ret "l'l 42 do ref 5a at HP, l'a M2 "1 I ndj f.a tto (la Sr A 1 Tut I5jr A '72. 7Sij, 1 lowi, (. it 5 40 1 Ft A 4 K2 1 r.a i'7 1rt do lt 1 erni 1 4 "4U4 SS I.SAMS dfb 4 I' 1 Leh al cm 4a 2'3 S4 Vs 3 7a 1 1 do unl 4a '40. If' 2 d.

clt r.a '31 4 Man Kw 1st 4a 56 2 Mnrket St 7" SS Ifi lltI. 'fl Ii (I 3 A Ml e.t. 1 t.11. J-. 1.3 '4 Itfi 1 112 1 sr.

'a t-s r.i 7 tsi 4 "(4 f.3 4 If 4 ss 71 7 S- 4 f. So .4 its -4 Ss', 7s. 7 I'S 4 S44 Kl 111 t.i 11 id va r'o 'tt2 71 1 11 ittr crni.i'.-'i'j H.irn 4 It 11 do '77 lit lil It.ll Z. .1 2S 1 T.I St tt-b 4't, 2 S7 1 Ird Sr r. "a 3 Ir.liTi.l -'l 4-- '7" f.

lnt 'im ta 4 l'--j lnt M-t-h a 47 rll 1st I'aprr 1 do 1 trt '41 ..1 tt lnt TIT 2. I'-'. do rrt 'j II Kan 'PAI. r. A Kan A l'l t.a 13 Kmdatl I'J 4 Kit 4 FI.A1" fa 37.

1 2 Fd 4.a 3.1 'l'a 2 43 rf Ja '34 11 do a 1 i A 3 Ivn '41 1' 2 d-. ea 41 a war. J-7 1.1 a 'Jl 21 do a T.7 S7 'u r. 2 Mm is T-s '42. i 4V "4 1 St J.ji 41 H7-, IS M'dTa'e St "a wij 7 Pr.w ta '13.

Mor A Co 4' 4 Mor IMr 4.a 4 I' Pr '4. I'7 3 Nat Kd Va 1 Nat Tut. Ti2 l'f 12 It A T. T.2.It'-"4, 3 New I'S 'r '72A 1i 2 tlo ta II 1 NAIt fhi; f.a T.l..4.:;i, 3 lK-k 4a S- do Ms S2 21 I '41. 1 11 7 47 4 lei a '41' tlo 3 d-.

pen 4'- ftT 13 do rf '41 1 1 Trp fit, '4'! t'7 3 Nine Fall-P r.a M2.V2 9 Nlit I A 5 Iti Am Id 8Vf, "42.. IS Nor I) 1AI. fp 5 N' St 4ii '41. 1 do '41 3 nhw T-l 4' '34 t'4-, 7-a '4fi I 11 2 Old Ben tia SI'i 3 Out 1 44HB st lia '41 '-j lac 4.AE Sa 1 Pac ra -S'l. 1 TAT fa do rf T.2.

49 Am PAT f.a 'H, 5 Am Km '4" Para Tltltoj R'a T.I 3 I ra I. 4a 47.. 1 1-athi. Kt 7a 71 1 I't-o t'H 3 I'hila A III- 5a '73 t3 1, 132 do fin t4 Phil 1'cte t'a SI. 4 1 41.

r. 3 I't rt Ar t. T.S A. 1 1 '47 2 IVrt Hie AT f.a '42 19 TM Sa "3.. 5 IT Stl Car r.a '33.

tt 1 SKA'; 4'ii '7 2 1-ih Sr 4'v 3 I' A Sut 74 '37 7t .1 Pure I' 1 OS 3 It "a '4 W'-, i. tt7 This view is expresses on i.c basis of the company following the policy of the previous year when a 2 per cent extra dividend on the old common as paid. There may he an extra at the end of this year. In addition to the larsre unfilled orders, there are prospects of the com-; panv securing a good volume of business on Us project pendinET-In addition to orders for regular re-: qulrements. considerable business been received from steel mills.

Ill', 5'a I l'l TK 'a 1" -w 111 S4 1 1,.. l'-4 t7 ti." l'- tf It -2 I lit 1114, 1. ll 17 1' PCX ''4 4.4-, I T.21, 1 t'S by-product coke plants and other in- i 1.1-, P'-S Pi. .1:4 SSI, 7t 1(7 i''S ft4 4 f.s l.j S44 92 lo'S sst, 4 dustries for new consirucno.i. The new construction orders rep- resent a vital factor in Harbison-Walker business this year.

Never before has there ben such an enor- rf mntertRl reauired i mouM xjiii.i. 44a S.7 1'" "a 3- ft! (Ji4, It. 2 MS 4, I'-Va tl :r.i 45 78 SC. 'a 1' 4 '3 4 7S4 4" ft 2 P7 72 4 S7'-. lis S4 4 71 lo 13., ItSI.

l.S, K-', s. loo l.iii, I 2 7.1 7t t7u a. IS I'M 1.. Kf.x, St' S4's 7 i 1-4 .4.4, H7 K) 1" 1.1' S7 y. M4 101 Pi -4 57 4 ss i rinn an a 1'; 5 fi.iu Sa 57 9 do T.S It 7 V-rd Iu (''47.

riS IS Nitnit i1T-4 tti- 7 do tin 2 4 do -44 1' 1 1 N-rwavBli S'67cah l-3 d. 1 NtHj 6 Nijrrli.hiirg T.2.. Kt'i3 2 Orit.ii: It ts 1.2-. 5 do T.s 1 t. '3.

l.t 1 4io a f.i t. 5 Pinninu it 3 d- 11 PI.AMIlT 7it '5S p.r; Parl4iina tvia 'fW. 17 Ferq 4" 'titt tf do 1 Polant! '4 i 7S do a 17 24 7 '47 1 P'-rtAltre t- It 4 2 do 2 '5t. 1171 2 do f. 'S7 w.i 4 Qileensl '47 2 4 7a do frji 5 "a in Rliirfll-r 7a '4o.

--i d-t iiar 2 caxh If. Fish. Esq President of the Company, summarizes from his letter to us as follows: BUSINESS Western Newspaper Union, successor to a company of the same name and a business fixinded in lSftT, serves more than 10,000 daily and weekly country newspapyrs, maintaining fully equipped plants in key cities of the United States from California to Massachusetts. The Company supplies these newspapers with ready printed inside pages or with columns of prepared plate, confining various feature stones, serials and special articles selected by the newspaper publishers; places national advertising in their papers and prepares cuts and copy for local advertising campaigns. In conjunction with 12 of its plants, principally in the Middle West, the Company operates wholesale jobbing houses sell' ing paper, type and printing machinery to the bulk of its newspaper accounts as well as to other customers.

One of the principal departments of the Company's business consists of the low cost manufacture and rapid distribution of electrotype and stereotype plates and mats used in national advertising campaigns in daily and weekly newspaper throughout the country. In this connection the Company does a large volume of commercial printing, prints in their entirety various magarjnes and trade journals and is responsible for the mechanical production of many of the feature of The Associated Tress. EARNINGS During the past 20 years net profits of Western Newspaper Union, after all charges including deprecation, but before Federal taxes, averaged more than annually, and in 110 single year were such net profits less than $450,000. Net profits after depreciation, but before Federal taxes, for the past 4 years, as certified by Messrs. Andersen after eliminating operations of the paper mill, which is being sold coincident with this financing and after other adjustments arising from the reorganization as stated in their certiiicate, were as follows: 1925 741,336 1926 955,385 1927 571,249 1928 765,825 Such net profits as above have averaged about S758.44S annually, and for the year ended December 1928, amounted to $765,825, equivalent to more than 3 times the annual Debenture interest requirement.

After deducting from such net profits in 192S Debenture interest requirements, Federal Taxes (parent company) at 12 and Preferred Stock dividends, the balance amounted to over $352,000, or about $2.35 per share on the 150,000 shares of Common Stock to be presently outstanding. FINANCIAL The net assets of the Company, available for these Debentures, based on the balance sheet, as at April 30, 1929, adjusted to give effect to the present financing, including the sale of the paper mill, were in excess of SS, 500,000. This does not reflect an appraisal of fixed assets as of April 30, 1929 by American Appraisal Company, which shows a present sound value of $2,930,300 compared with a net depredated book value of $1,479,037. Current assets shown on such balance sheet amounted to $3,609,278 compared with current liabilities of $1,006,644 or a working capital ratio of approximately 3.6 to 1. MANAGEMENT Since the death in 1916 of the former owner, George A.

Joslyn, his widow and other heirs have owned the majority of the Common Stock of Western Newspaper Union, control of which is now being acquired by the executives who have been responsible for its successful operation during the past 13 years We ojcr these Dehentures uirn. and if issuerl anJ rrcrivcJ by ts jifi stibjrct thz aprot of counsel. All legal details anil be passed upon by Messrs. Te-nney. Hjrciing.

Rogers cf CKucgo artfi by Messrt. White Case of ir4 It ii expected that delivery utll be maJe vn the form of temporary Debentures on or about August 1, 1929 Price, 99 and Accrued Interest, Yielding over 6.10 F. A. Willard Co. AmCsS, Emerich Inc.

I'll fll to eftect important industries. New ideas of production have been developed many Industries within such a short of time, and all producers anxious to keep, up-to-date on methods of output, that i-elativetv small expectations of sav-. mtza Immediately result in orders for new eauipment. While this is particularly true in ateel and by-product plants from which orders for refractories have been received as noted above, a larsre volume of similar business has been taken, and will develop further later. for suear oil reflnintr.

chemicals- lime, power plants, copper smeltinsr. lead and zinc refining and miscellaneous industries. Kx- port businest! has also been better. Harbison -Walker sales this year l.e-ing about 25 per cent greater than a year Br.rk is shipped to al- 1 most all rarts of the world. A system of credits which will make it possible for more exports, to 5 foreitra countries has been in pro- ..1 Ui 2 St7 2 do I f.

ptr. 14 do i-a T.o 1'2 2 fi "4l i do 7a 'oi It4 .1 7 '7 do '4i 1 T2 -g 3 Snitar eAre 7a '42. b7 I I' 7, Ml l'l do M6 1 -4 II do fc Siii Wrk 7i t'7 3 d-. tt 4 Sine 7 "42 17 StrCral -ti. r.

do '1'- 7i 2i ii.Aili! a "51.1 17 7 1 Ipsibh itk 4h. 7'. "'i' ri -a-fc i-a 6. St.i" t. '2 2 do i li'- M4 Railromulm Aieb T.at.

Sanaa F. Ke II a 7 Caatpaar Cad lan Pta. 14 47. Illln.l. Cm.

BR. Cm. I e.l. t. II K.

fa. SI. T. 4 .1 ft K. C.

Fea.narls.aila R. 47. Swthrm Farlale Cat. Unlaw P. 'It.

B.R. Cel. ou, Dat.la I Ne- leek liml ll.ni er4 OH peerr Calif.io.la Staaadard Oil Campwanr 4 M.w Jarae? I ftaaw4l.rd Oil 4mpaaar V.ek 4'. y.r.tl.w Induttrialm Aaaaarlaaiw Radtata C. Aaaaa-traw labaaaw Cas I Hat.

BI I aa Taaaa 111.14. 4 a. aw a latwawawr BaMtHtaat Kaalak CjmwKmmmf tlas. Jaa mmrml Blawtrla Cas. I r.oll-R and Cataaawy I4atlasai BIm.Ii Ca.

Otla U-aaa (aavtar t'wllaal Prwtt Cawaia. 1'. s. at-4 Vaaataxih.wa. Kl.

A M. I Waal-ank V. 4T.) Cm. re9 or effect greater sales have been car- rled out in both the export and domestic market. The Industry has also been fortunate in that whiiej there is a strong competitive situi-.

tion. prices of refractories have be' relativeiv steady several years and the profit is gooi. although not unreasonable. Trust Sharks parlicipiting ccrtiiitiatcs of ownership in the 28 leading stocks, listed here, which have the outstanding avcrnrr reoord of 32 YEARS OF UM.KOKEN IMYIDENIrS Stocks are dcpositetl with the 1 ilia rarity Trust Company of New York, Trustee. All regular and extra cash dividends, value of rights, split-ups and stock dividends accrue to the investors.

Aa-w fnr "A rmcrtrd of marmim arui drnmttmn4ts' SrKNCKH, Kameukr Company nion Tt-ut Itldf. Pitt.Jnr..i. Vj 1 2 Sum '4. 18 7 'Ha '4'1 .114 1 T- 7a ts. If do M2 r-1 wl 4 1 1 44 I 4 4 4 S'4 1.5 T' ki I 2 Tokit.KiLt fa to 4 4 a.

4 s-4 S4 '4 The five new tunnel kilns installe i about two years ago and completed last year, are now the com- pany in position to take care of the needed increase in output. Two of the company's plants which have! 1 7a '47 s'. I TrrMHKir 'Ji Kl I do 7a "2 tl r.iiranriP 7 4S. MS 1- 2' fcr h.ve accurate ih mf-xmAtirtn and j.frmenfs rnrnini. abov mentioned Impr and summary, bt this Jiff-Min is mmtim no the condition that error.

omiiy.i'-rTv or m-sstatemenis in mj- leiter or wram7 baii ffire 'ix lo aay right or cia.m a stains S. L'tUitif, 5 IKntil- r. 29 47. t'o do 47 1' a 7 rswka 2 1 nTrviPAi f. fr.M'jl:i 7a T-A.

2 4 UmciitT a '4ti .17 1 tl'; 14 do 't4J. 5 Vrra '52 4I7, -7 'a 2 XXra tr 7a M. 18 V-k Iiama 61 61 Tal. Cm. I I A TJ.

A 1 I I I 1 baa Cas I I mrm.m llmtmm T. been id! since tne installation oi the tunnel kilns have resumed operations to meet the heavy demand for additional capacity. DKIFI' FRtIT ANO HOP. VEW xoRK. July 16.

3 fried trait 1 bop tea4y. M. T. Tal. Cm.

I 2.