APRIL 2a, 102s i

Invest in the Oil Industry NOW

l l IL securities IlilVC not hitherto I‘ 1

Tourist Outlook Bright For

followed the prolonged up- ward swing of the general market. It is for this reason that the recent activity in this licld uli securities seems to emphasize the desirability of milking an investment iii nil scru- rities liaw while they nuiy still he obtained at most attractive price‘ lcrcls.

Oil Shares

_ Incorporated

(Special to the Guardian) v _MCNCTON, April 20. — "All in- , dications point toward a larger tour- |ist business to the Maritime. Prov‘- linces this year than ever" before |enl0yed by this part of Canada". ,was the opinion expressed by Mi". lFraricls I. Brown, representing tho -Bcston Herald as one of a group u! lArnerican papers composed of the ‘Wathingtcn Post. Brooklyn Eagle laird the World. New York, who ar- _ __ _ _ g A ‘r vcd here today on his regular" an- 2.1%.";l;"."1:.l"::"";!ll"mils; 1w M s» Omar»- ol the exceptiiuiril invc<tn1ent up- {mg material for 599C131 £01111“ p,,,-,u,,,',y “mull, ,__ Upcrfd by gum] {numbers to be published within n i-il securities lit ILlLlilYR prices. (lil 1311011 “m9- Fhiircs Incurpilrrltcd is zin invcrt- , The BOSlOXI Héflild. 1:6 said, W85 merit ctilupriny illi (lie nuluageincilt ‘preparing [Q put gut, u cqlorpd ll".fi:.‘i'.'"I-‘.'.'l‘.?.-‘Z‘. l.".1::>‘:;"..::."..l"l"ll "mo" "verse-lg 11w flltlkll) and lllt‘ lcililing iiidcpii-nilrllt liiiiiiaiiiligiiii oi iiiii iviiiiiiiiiiiii" Prov- cunipzinirs. Your iIl\'i.‘~‘illlL'i\L in Uil liiiiciisi a ii Emil“ said he him Speiii Shnres Iliulrpi-rilirtl \\llI ciljily the liiicikidfmiibic time m Florida‘ this protection ill wrilc (li\'L'i'<lillL’illl1ll\ winter‘ and as me ‘Vfiather Con‘ coupled \"."iih iiziurinihli" prmillilitlcs idlncns 1-115“? 115151 1W9“ Very 001d for enhancement in value. and =1 areal disappointment 10 ‘Ill: coilfwir will ln-nlg you mlllw iwclile these same 110011111 v pill iiljulillziflun. haying ‘failed to get tho southern . res arrr change they desired. \v‘ll Eastern SCCIIPItICS cOqllgeck new fields this summer in llil€ ~ - anadiliir resorts. -His deduction I-Jmlted- _,lwas that many thousands of them INVESTMENT BANKEils Iwoultl turn their search for a tour"- . 1‘ bjcctlvc to the Eastern prov- i-ic Ri hm nl sire t—Cl 1 ti t ' in“ ..° . st Jmcm ° i Monfreal ‘mi ‘Ingsrkll-lrielcs 0f Canada. He: nns already visited Prince Edward Island. From

r-—- ——————— ——-—-------1 ‘here hc goes to Saint John thence

' I 1-1.” ...-nu 111,-. lilllllllil ulrliuiliilil, iilll iri- Ilhe will go io Halifax, Svdrioy Yin"- luflllillhlll illmiil Llil slime. innplrriii-ti. ' ’

HlliOlllIl. Ciimpbclltoir and other

hlplnces on tirc north shore nf New l Brunstvlckfilie will visit many 0r" | the most important clvntrcs iilonl: _.1,thc lines of the Canadian National "I Railways in the East. I V ——,1 Speaking of the need of butter" Ill‘ 11111111111111" 11> iullllr-hrit 1ll",lrctel nccomcdation anu the oppor- lllll-llll-‘sll ("liuu-llvl _:i _S\v1-~1 i-i".u‘11i'1'1‘ jlunity which now favored the lizi." llugglmlrlrl lli-rilgiilp ll til 11 f‘ ...-i ilmnrl ma“ who “mu-ours hi5 5M7. "1 l5‘l"""'i‘l“"- - ice, M1. Brown said that from rm '-" cbscrvntion cxtendiirg over four or live years, “I can s00 steady pro- gress and improvement in many of the local hotels but I still sec many opportunities for improve- ment in order that the Maritime hotels may in service and fitcilities lccnipetc in ii similar" and favorable basis with hotels iii the United States". ‘

ASSOCIATED GAS AND ELECTRIC SYSTEM.

Maritime Electric Company, Limited

—---<p0>_-—€- DUNEDIN-NEW HAVEN ITEMS.

The recent mild weather has cleared the ice out of the river in a remarkably short time. Two lmcitor beats, Mr. Chris Moore's and s“ y" cent consopdau,“ Mol-“Mr. S. Hickoxis made the first trip lag}, Bonds m“, November 1, 1955 down the River on Easter Saturday.

Notice is hereby Elven’ as mm Some ice was mncountered in the vided in Section 1s of the lndenture mmnmg- 1"" by ""11"? l11°1'°.“"~‘* of Mortgage dated Ndvember l, a clear passage.

1920, made by Maritime Electric Company, Limited, to The Maritime Trust Corporation, of the City of Fredericton, Province of New Brunswick, Canada, as Trustee, that Maritime Electric Company, ‘Lim- ited, has elected to exercise the right, reserved to it in and by said Section 15 and the bonds herein- after described, to redeem and pay oi! on May 1, 1928, all of its Six Per Cent. Consolidated Mortgage Bonds, and that on said date there will become Zllld'b9"fl2lt!'8fld'P8y- able, at the office oi’ The Royal Trust Company (successor trustee under- said Indenture), in the City of Halifax, Nova. Seotia, the prin- cipal thereof, and a. premium of five per cent. (5%) on said principal, to- gether with tlie accrued interest on said principal to May l, 1928. l-‘roin and after May l. 1928, interest oii 1-"

said bonds Sh,“ cgggg and detQf-I Mi". l-leber MacLeon ivas a recent mine. Bonds surrendered for pay-lvlfillfll‘ f0 New Argyle-

ment and Jedemption should have ——.— _ , numbed there“, an cuupuns imitur- several persons of this vicinity. ing on and after November 1, 1928. have already taken a "dip" in the The coupons maturing May 1, i928, river. No doubt the ivatcr is sti'.l should be detached and presented cold. but summer is not far away. for payment in the usual mariner. and then the water will be warm Bonds registered as to principal enough to give us some pleasure out must be accompanied by instru- of a ‘splash!’ merits of assignment and transfer

properly executed in blank, and the The peoples needs. pertaining lo etwlll-lon I-lll-hflll-Icllled before l1 transportation on this river. will lit‘ N011"! Pllbllc 01‘ by a Chartered wcll looked after this slimmer, as Blink 0f Call-flail DIIWIII MflTl-‘h 20» four boats will be available. viz.: 1923- lMary Lee, Hazel R., Moorenri, and MARTIME ELECTRIC C0» 11TH S. Hickoi-“s boat, and possibly the

By A. 0- MILLIE. s. s. Harland. " Secretary.

The attention of holders oi‘ these; bonds who desire to continue their investment in the Associated Gus and Electric System, is called to the -—-~ privilege, extended by" Associated‘ Mr". rind Mrs. Fletcher MacEnclr- Gas and Jiloctric Company, oi‘ dc- orn. Rice Point, worn visitors to New positing ,their bonds with The Haven, on Sunday inst. Chase National Bank of the City 01' —-¢v> New York, 5'1 Broadway. New York City, and receiving in exchange’

therefor 1 5% Consolidated Gold Bonds of AsslicIaieQGas and Elec- tric Company and or other sci-uri- lles upoh-any one of‘ sevpral M. 2. Mnrlcn O'Donnell." 3. Mary Power. tractlve bases. Details of this offer Grade VI-ll ‘Gvllvvlvvv 0P0"- ln now “ppm 3"‘ l" l", newsQuellz ‘.1, Mary ODonnell: 3, Eileen papal-m Comes u; u", on and m- ODcnnell: 4. Margaret Ryan. . the chum“. descrmmg n", new 51;; Grade I_V—l. Catherine ODonncll consoudaud Go“ 39nd, may M» ieignck ODonncll, 3, Joseph ODon- obtained by writin Associated Gas‘ " , _ “d Elwmc Secuflncs company. 9 Grade III-‘l, ‘Wilbert ODonncll. Inc, at 6i Broadway. New Yoi-li ‘"g_"°(:l1°IP§“°'i' 3' Pa“ Ry"? City, 0l' The Chase National Bank. ., Iggbcj, L "X51" Mm’ K°°"g“‘“" f7 B'°“1“'“Y- N" Y°"".C"Y- iiomdc r Jilin-ii. Rita O'Donnell; 2

Rita Kccughnn; 3, Emmett Ryan. r ——-—-—-Q0-c-—--

Work on the West River Bridge is progressing slowly, though thor- oughly. At the completion of this work, we may expect to see a mu ".Ii improved draw, which will fecilitat: the increased river traffic.

Mr. JoeMiller was a recent visi- tor to Argyle Shore.

Mr. Vernon Moore was a recent visitor to Clyde River.

Mr. Seymour" Darrach has return- ed to Cornwall. after spending East» er at his home in Dunedin.

If we are favoured with a little more urarm ureather, we would not be surmised to see the cars running iir about a wet-k or so. ‘

Mr. John Benton, New Haven. has gone to Albany to work for Mr. Rex Dawson.

AVONDALE SCHOOL

Grade X-~i, Myrtle Ryan. Grade IX-l, Teresa O'Donnell. Grade VIII-i. Francis O'Donnell

°.‘i.‘..l."’i‘§§"’.....§i2.‘..'i"."‘ A M“ 0f Rm BONDS Attainment Ililrlori-i] pnlltlciillv iimi lrilfvsslnii AT ully, during Illi Ilffllllllt‘, llr. It. V

,, , Maritimes

SP-“ms FROM SEARLETOWN W. Morrison and Thos. McKenzie. Rev. Thos. A. Rodger "comes t0 this congregation highly recom- mended and takes up his work with everything in splendid condition. , Ever since Church Union in 1925. when the congregation became va- cant the work in all the depart- yments of the church has gone stead-

Pctato shipping has been lieid up “y fmiward" v _ here lately on account of bad roads In. 1°55 ma“ ‘three years upwalidi‘ but will soon start again should the °r 51x13’ members hfll/‘ibeen 139911" ‘venther cnntinue gout ed into full communion. There

- are now doing their share in car- rying on the work of the church. woods these days getting out lum- The Women's Missionary 5001663! ber for a new potato house. We un-ihflfi been Very B-fllll/e- several dcrsmnd Mr, Bqbgy is plgnflng nlMission Barrels have been organized large acreage this yegy, ‘within the bounds of the congr"e-

,gation.

r/ri-s. Fraser" Silliker has returnedl Every year a large contribution frcm a very enjoyable visit to El- has been 56m 111 by the Sevrffil lei-silo. - ' organizations to help carry on both the home and tire foreign mission

F It ranchers are reporting goodlwork of the Presbyterian Church in luck this year, those whom we know Canaclue Roy Hayse, Stewart Affleck. A. E. Last year the ‘local branch of the Helland, Glenn McLean. and Wm.lW. M. S. was so strong that they Solicy, rill reports large litters. lvrcre able to entertain tl e dole-

—~—- lgates .10 the Presbyterial. As ".1

111116111; 111086 fr0l11 Searlctoivn rit-‘rcsult there ivas held in the Belfast tending the funeral of the late C. Nlcuur-ch one of the largest and moot Black C1 Bedcqlle Were M1‘. LEWIS surcessiiul annual meetings of the‘ GIGO. RugcieMMnJWal/W. M. S. ever hold on P. E .Islanrl.:i

‘ . r". an rs. . B. ~ . n? Ilvyse and Mr 11nd Mrs. Glenn Mv- Peieiilgili oiii Li?“ The funeral’ W111?“ ‘"115 0 cleavioui" as organizcdi iruiicl. vcLVl imgc one" was m1”i°5°11l“u"° of $119 seldom since that time has the so-l

We. are glad to seeiMr". George Ruricie out again after having the measles.

Among fecent visitors to Searle-i town were Mi". Gordon MaeCallum of Bedeque.

Horace iSobey has a gang in the

which me m“? M“ Bllwk ciety missed holding its wcckiv ‘ ' meeting". There ‘ iricetlnggs hcuc but n well attended and eternity

His rrrnn friends . " . _ - ", - . . , - .... .3£°.§il.‘l :11,‘ 1:111:11‘, "‘.“',“.“; having been confined-to his llOlli(fii.i.iiiiiii Eiiiiciiiiiii iiivii .iiiii..iii -ii f“. swam] days‘ lyounger people 0i the congregation-I

and unite o irunibl-r" ‘oi even older people as well. ' 501m, is come," )1 h, I. , Fight Sunday Schools have been Clnuwn m me itutigztilzvghollgmt work rvllliiintlrc bOllllUEi of lire 1-1“; is taking a position with “w L)‘ congregation and have done verv N_ R ' ' tin.- work in curini; lor tiic (fllllillf-"l A largo number of irwnrds for tlr-e

Mp and M,-S_ Eh . ,. reciting ul' the Shorter" and tlic m n mshmg n.1,) fliliéimrliligiiiaizir-yiglixlz, Prinrury‘ Cutcehisnu; and ‘also l0l'i rtpcrt large Catch“ o; “bu, ‘vim-lire rnerrrorizing of the SCl‘1[)llll":l

We understand that Miss Ruin;

surrui t . . , , memory nssnges have been serur~| W0 iiiiiiiiiiiiii iiiiiiiiiii ‘iiiiii-il-d by Lilli? seluilzirs in the diffcrcntl oracles. Ori the rifternouir of Sunday". Alliy lust 14th. i027. ii S. Se] 0i Rnlly was Al-

biiit inc-y used

110mg lglflglladrto scgwziltcl" Hamill ‘l rorn .- » . Boston. iw Yiiiii iimi

i-’———i_O-§__._____

‘held in the Belfast iiureli. inrrugli the building is a v0 ‘ JOTTINGS FROM ROM‘: ‘IMILEK’. oni. ll~ was taxlil to its iitrii —~-—~— i .

111i‘ All?" 11100111!!! of the W. M liiwri. D. D.. and otiicrs present at the] Society of the United Church urn.‘ gziilil-riirg. the greater" part 0i‘ the lfeld at tire home of Mrs. K. Iihtirrrr‘ was taken up with the recit- Macxonzi" DQ50111- tlic bud roads" ini; of the Shorter and tho Prlrii- 1119"‘ W515 a- gflOdly number" prese nry Cati-chisirls and the rcpcatlirg The meeting" was reported as bcu ‘juf the memory passages lcnrncci very interesting". A dainty lunch ‘by tlrc Sirndriy School scholars dur- Wfls served by the hostess, and a ing the sunrmcr. The Rally was IJIGRSHIIIL social time was cripycd. r1 wonderful siucccss. Many real lull-blooded Preshytcriiins arc thus

i111‘? 11111115! friends of Mrs. Percy being trained up for tlrr- OHCDIIIIYIP. Clark are glad to know she has r-z- days. turned frorrr the Prince County bur-mg the past your" the Church’ Hospital, where sho has bet-n uir- has om. pailllfld and ti 118W vlfifilfld dmliwlllg treatment. lllght has been installed. | The outlook for the work in the Mrs. D. D. McDonald PClLlrniJCIlnld historic congregation of Bel- licrnc on Monday from Oiieaiivlrost is" indeed bright.

Fl

whcro she had been attending tin-l - --~~—-— igirri-lral of her" nephew, Maclcnd ; ~ “ m‘ MALP

We understa d that Mi". Robert. Graham left on Monday for Nlag» The sirbjcet of the debate on Fri- ara, Ont. We wish him bon voy- day evening was “Resolved that‘ 889- mor"e knowledge is Eflllled" 119'“.

-———- reading than travelling." The afiir- ,

We are pleased to learn that Mr. iriative speakers were Mr. James i, Alex. Matheson of Inkerrrran has Ramsay, and Miss: Mary Burns. and ‘ purchased a. farm in Rose Valleylthe net-fill“? “we M15595" Lmflseli and intends nroving here at once.lHzr\vkins and Edith ‘MYLCNIICL. The‘ We are glad to welcome Mr. andlllldgw Mm 5111911111‘ “I“°G°“gmi'l Mrs. Matheson, and family, ihlessrs. A. S. Crozicr and Mr. Percyl . lStCWflfLv gave their‘ decision in favor, A variety shower was held at the if l-lle ailirinative. Tile sublccfvwii" heme of Mr. Kenneth Gillis in lion- [an interesting one, the speakers did Gm- qf M13 and M13; Urban Wad-ltfftdltilbly and the debate was en-

doll previous to there moving ‘ollflyed by “11- l‘ there new lioriie m Shamrock. 1 Al“ Wdnace Mucmm‘ Damn,“ . . l. ~ "dc on Sat- _Our enterprising new ncrglibouixllcwllled “Pm sufunlelhi ,. _ Ml. Russell White. has tried lcflllll-"Y-l 11“ (‘illmff fl:§“§fh“e‘1'l‘_ hasten springtime by lllotigliiilrIlifiiiiloiiiilliifoviill‘; Lifter hersmccnt‘ with his Fordson Tractor. This i:".!§‘e_ 1 ‘ the first of this kind of work tinrmllel" 1°“- . u \~ l has been done around i110 as you, Mm John MflcMiuzmb Bmgkley '—— - 1 . . r ‘r l 1111* D- D- Mawllllel“ 5°“ “ 1°“? ‘lift’§...il?§'lli.l.i31§§ii’1553355521.‘? able horse a few days ago, for \vlric.1l "

he received a fancy price. I .. '

TllL sympathy of tlic community

' -. r M ". Cl . ‘l s WWCTION 1N ""1 PRESBY-‘lliiéillfi°l..“lrfii- .Y.§‘.‘i...'i'.-...J§.-' TERM!“ CHURCII’ BELFAST’ lthe accident which happened to

i" _ ‘then youngest child Willihnr Clem; T119 Presbymll’ °1 P1111“ Ed“i“‘i'~1'r.rlt. Tire little one fcll from his

Thus‘ W_ Morrison’ John ROSS‘ “pillll Thursday night. was repented in H- Jim" D‘ McDonald‘ Eiders‘, . ‘young pcoplc are rcnlly amateurs. The only item of business before but mm, “tin, w“ pcrforlnotrm l‘ the court 1110s tho induction of tlrl*,(_r(dit_lb,(_‘ ‘n_u1]’nu‘_' Th? m“ o‘, Rev. "Enos. A. Rodger. into the pitsl- ; émrugiers was, M mum“; " om] charge of the congregation nfi ,v,,_n,gC,ne,.v’Rniv_ ,M,,,i,,i,., Grand. Belfast‘. l 110's [Il‘l1ll(IS0lil—il(i)|lll Murpliv. ' m 111" 111011011011 service m“ Ry‘ Ted Hunter. n vounl: (lnncliriglnas- Heirsley Stavcrt, lvloderotor of the ,,,,.__E,.m.s, Du,,'mn,,_ 1 Sflbliilltl Of 130101.“. lllP-‘lldflll- 3"“! Otis Hammerhead iGrnudml

1'1l"I'l"1'.\rli.inn pip. lnrv rrppmirq 1,0". riliidn 11 lam-roan few linvl-oqluilloll III‘ Willi iIIfl iirlg

ADVANTAGIJOUS PRICES. Which offer godd interest 1

and opportunities of aiibatan- nini- n: iinir thl capitol appreciation. err-iii linrlinlo r1011 I ‘ - . c for sale by \ ‘h CENTRAL gAgcliéuiviaitcrlu. ..,,,,, ,,',,,,_,_n1;:;

‘"11 I‘. boon greatly IWPPIIIPII.

29, llua Richelieu, Paris In) , when yo" M”) Ffgngg, r ' \\'('III(, tlru anally

Ilflfilllllll‘ fll;f‘lvllll'lf'l:€ll Ialiiielrly (“l-I

which may be partitioned out- ‘mfif "'" "“ " 1' 1’ '1" "l1 "‘ , . glzle, Just ll k y rent l r -

right m mini no up. .0... r...- Ur. r-lg.~.“.-'.;‘)"n$l7li'l. llfliwiiiiiirl

“ .. . .," n

0,." presslve one.

Quinccy A. McDowell Offered nrlmv-lircnr Yellow Bird. OlilO..—Wlll. c,’ or, Rev, Chas. J. St. Clair Jeans‘. _____i___________ preached the sermon and Rev. ‘if. ' ll-ry risked the proscribed questions.

of tlic newly called pastor" rind of~

[err-d the tirnyci‘ of induction. Af-

ici" the members of Presbytery hndl

light Iillild of fellowship, Rev. M. lflyourl coll rliqulremenlll m Scott Fulton gave the charge tn P11171118 0W- WQ ca" IIIDP! Y0" the Minister‘ and Re“ RV genspylwih good fresh coal-comprising Stavcrt addressed the people of the} 11171511 E35 SCREENED ditlon of the roads a very lllfféel BPRINGRILI, QQREBNEI) congregation was present and tire, ALBION NUT

service throughout was a very im- ALBION 8T0“

ALBION BOUND

l Scott Fulton, Moderator oi‘ Prcsby-l l extended to Rev. Mr. Rodger the‘ l l l r-ringrnglition. Despite the bad eon-l OLD SYDNEY SCREENS!) I 1 I l

Just before the close of the svr-i

vice a hearty vote of thanks was‘ HARD NUT ‘cndered to Rev. R. Hensley Btavert| 55m; 31-0" __ fcr his splendid-services as Moder-

ator of the Belfast session and b? him suitably acknpwledgeddlkdvtijtze, our phone Nm l. 17m.“ "up ll ‘"711?’ l:::..:::; 21:21:...» m» ---=- 111ml»

. e vs ng .

l | aasco con l 1 l

. f th ti f. , ' ' .....,.‘".. {Zfiliifflii-S...S.Z‘I.ZEZS“?..°ZI..ZI W. D. Glllls 8r Co.

1mm cniiaeotrrarovgg GUARDIAN],

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_"_|_;_;-_p_;_u;;_u_|_r1l.l1a.1|.|_v1u u) LLLLRJJJJAJLLIIJJA! I "1 r r r " "-

$1,500,000 international Power Company, Limited

7% Cumulative Redeemable First Preferred Stock Application will be madeito list the» churn. on the Montreal Stock Exchange.

First Preferred Shares have preference as to capital and dividmda over other classes of stock and are entitled to a fixed cumulative divi- dend at the rate of 7‘ ,7 per annum, payable quarterly on January 1st, April 1st, July 1st, and October" 1st. Redeemable as a whole or m part on any dividend date on sixty days’ notice at $105 pershare and accrued dividend, and at the same price in the event ofliquidatron. Shares of $100 each, pa: v" uc. Each share entitled to one vote. Transfer Agents, Montreal Trust Company, Montreal and Toronto, and Guaranty Trust Company of New York. Registrars, The Royal Trust Company, Montreal and Toronto, and Chatham Phenix National Bank and Trust Company, New York. '

0f which will be supplied trpoin requesl, conluins informtrlion furnished by , Limiled,fr0ln which the following is sunrnrurized: ~

THE COMPANY: lntemational Power Company, Limited, incorporated in February 1926 under the laws of the Dominion of Canada as a public utility holding and operating company, controls public utility properties which have been in successful operation for many years in Bolivia, British Guiana, Newfoundland, Porto Rico, Salvador and Venezuela. Combined population in the territory served is approximately 840,000, and the number of light and power customers served is in excess of 70,000’ —.~representing an increase of approximately 7,000 during the past twelve months.

Complete circular, copies Inlernafiona! Power Company,

Ailthorized Iss ucd 61 2'13,‘ 30-Year Gold Debentures. .1. . . .. .. .. .. .. . . . . . . . . . . . . ii .i $ . . . . - . . . - $3.000.000 7",’ Cumulative First Preferred Stock. . . . . . .. . . . . .. .. .. .. . . .. 8,000,000 7,061,000 6'] Convertible Second Preferred Stock. .. . . .. . .. .. . . .. .. .. .. .. .... 2,000,000 2,000,000‘ Common Stock (no par value). . . .. .. .. .. .. .. ... 150.000 5118- 115.510 $115-

‘l share Second Preferred Stock ” gcablc at the holder's option for 4 shares of no pal‘ value Common Stock.

PROPERTIES: The Company acquired at: its inception all. the securities of Venezuela Power Company, Limited i and a majority of the stockpf San Salvador Electric Light Company, Newfoundland Light 8n Power Company, Limited, Bolivian Power Company, Limited, a majority" of the outstanding 5‘ , First Mortgage Bonds and a con- trolling interest in tile Common Stock ofrThe Demerzlra Electric Company, Limited. Its assets and earning power were largely increased in 1927 through the acquisition of control of The Porto Rico Railways Company, Limited, "1019 1111111 90') Oii the Common Stock of that conrprniy having been acquired. 90‘ , of tire capital stock of the Oruro Light 8t. Power Company, Oruro, Bolivia, was also acquired during the past year, and the Company largely increased its holdings in other controlled companies.

PURPOSE OF ISSUE: Funds provided by this additional issut- oi 7": First Preferred Shares will ‘be used for general corporate purposes, including advances to controlled conrpnrries in connection with additions and ini- pruvemeiits to the various iaropertics now being carried out. i

EARNINGS: Combined earnings for the years 1924 to i027, inclusive, of the properties controlled arc appended. These earnings do not reflect any benefit to be derived from invest iuoirt of the proceeds of this ziaiditional issue of $1,500,000 Preferred Stock. " . I924 1925 I926 I927

"‘ . . . .. .... $3,254,987 $3,465,470 $3,803,008 $+,233,06s* l,83l,.'§2(l 2,021,179 2,254,620 2,396,194

GrossEarnings . .. . .. Less Operating and Mninteuziirce Charges . . .. . . . . .

Net Eitirningsmn _ $l,=ll).l,6ti7 $1,144,201 $1,549,078 $1,836,871

Deduct- Changes on underlying securities. . . . . .. . 531,839 Balance $1,305,032 Deduct ‘Earnings ilppliCillllt" to Minority Interests 155.3291 Balance available forireservcs oi‘ subsidiaries, interest 11nd dividends. .. . . .. .. .. .. .. .. $1,149,703 Deduct Dehcnlure Interest. . . . . .. .... " 195.000 Balance zrvziilable iior reserves uni‘. liiviilends . . _ .. .. . . . .. . . f} 9:14.703 Dividend requirement of First Preferred Stork ‘in. lwlin-g Si frllllflllll nrrw l0 Ilt‘ issurdl S 494,271) "Partly sulijert in audit. Earnings, \.Vll('i'\ lltl‘£“s$Uli_‘,/, i‘(!ll\'i‘l i1 .1 ‘illll lil.l 1-11; n ill 11m s Uli l'.16i.‘IlL|il}',l'.