Show SET I 1 G A N 4 aft af ar set aej 8 ep T ety azey lev pe resto tes 46 th cost 4 ey ce co y fae els 67 P 0 oil O e oy th t cir 0 attres ir I 1 ell mabes tar I 1 I 1 ej childrens stomachs sour and need nn an anti antl acid keep theli their systems sweet with phillips milk of magnesia 1 when tongue or breath tells of acid condition correct it with a spoonful of phillips alost moat men and women have been comforted by this universal sweetener more mothers should invoke its aid for their children it Is a pleasant thing to take yet neutralizes more add acid than the harsher things too often employed for the purpose no household should be without it phillips Is the genuine gennine lional product physicians endorse for general use the name Is important milk of 31 magnesia agnesia has been the U S registered trade mark of the charles IT phillips chemical co and its predecessor de cessor charles 11 II phillips since 1875 mi I 1 k of magn esia 0 new issue western new newspaper aper union A delaware corporation fifteen year 6 convertible gold debentures dated august 1 1929 due august 1 1944 interest payable ble february 1 and augast t without deduction for normal federal income tax not exceeding 2 the company any will E agree to refund t to 0 holders upon proper application any state income tax not ex exceeding ceding yo per annum and in n massachusetts chu no not axce exceeding eding 6 per ar annum and personal property properly and security taxes in in certain states as provided in the trust inde indenture ture redeemable at any time in as a whole awhile or in part on 60 days published notice at and accrued interest interest coupon debentures in interchangeable denominations of 1000 and regist erable as to principal only central hanover bank and trust company trustee debentures debenture will be convertible at t the option of the holder at any time time prior prior to maturity or up to five nv days day prior to earlier redemption stock at the rate rat of 40 shares for or fell each f 1000 principal amount 1 H H fish esq president of the company summarizes from his letter to us as fol follows lows BUSINESS western newspaper union successor to a company of ane same name pante and a business founded in 1865 serves more than daily and weekly country newspapers maintaining fully equipped plants in 36 key cities cities of the united states from california to massachusetts the company supplies these newspapers with ready printed inside pages or with columns of prepared plater plated cont containing aning various feature stories serials and special articles selected by the newspaper publish publishers cr places national advertising in their papers and prepares cuts and copy for local advertising campaigns the company also does a large volume of commercial printing prints ants in their entirety various magazines and trade journals and is responsible for the mechanical production of of many of the feature serviced of the associated press FINANCIAL during the past pact 20 years neti profits Western Western of Newspaper News union after all charges include ing depreciation but before federal taxes averaged more than annually and in no single year were such net profits less than it net profit depreciation but before Fc federal deral taxes for the past 4 years as certified by al arthur andersen 6 co after climina eliminating tin op operations rations of the paper mill which is being sold coincident with this financing and alter after other adjustments arising froin the reorganization as stated in their certificate were as follows 1925 1926 1927 T 1928 i such net profits as above have averaged about annually and for the year ended A december 3 31 1 1928 amounted to equivalent to more than 3 times the annual debenture interest requirement 9 after deducting from such net profits in 1928 debenture interest requirements federal taxes partina par parent tint company at t 12 2 70 and preferred stock dividends the balance amounted to over or about 23 per share on the shares of common stock to be k presently outstanding the net assets of the company available for these Debentures based or on the balance sheet as asat bat april 30 1929 adjusted to give effect i to 0 the present financing including the sale of the paper mill were in excess of 8 management since the death m in 1916 of te ae former owner george A joslyn his widow and kotlic heirs have i owned the 7 majority of the common stock of western newspaper union control of which is now now being acquired by the executives who have been responsible responsibly ao 10 for r its suc successful ess fal operation pc r aaion during thelast the past 13 years all lesol legal details wm will be passed upon by hesss aless s Tei tenney incy ilarion Ila riHn slier sher inan 6 rogers of cj and by Aless rs white while 6 casa ol of new york for R ao willard co ames emerich cha co inc ja new york philadelphia chicago 1 new york 1 we have accepted as accurate the information and statements contained in the above meation rd letter and ou i but no errors errora orak emissions or in said laid letter or summary shall give risse rise to uny right or claim 1 july ay iy 1929 |