Show qia B i A 1 AM el e L OST sly ba that A auxt t at its aie the wake up food in OU need an energy food the summer mornings abut you want it light and easily digestible try a beeping bowlful of thal up p food fd post diews a delicious brek fat thaes a light as tait touted sted flakes flake caw can mae it 11 and i full fall of f energy to fight off ft that jobst uy lazy hot holl weather feell feeling ng energy eam that to j quickly qui clEly lre leased to the body we 0 so o eay easy t to di digenti getti and how tho crunchy diakes the app appetites etitel cox n flakes from the tender heart of f selected elected white bornt corn toasted ait frd golden alp and d seasoned to favory goodness t every ember of f th the family votes for this quick energy breavon the walf up food post and dou dot forget therea lher just one w wy to t get the walio ftp food ask your grocer for post poll Ton tolt stice p la in ali the red and d yellow wrapped d pae kage 4 A COMPAN 2 INC BATTLE gicla 0 IM P qa 1012 no sale here her office doy boy theres a salesman side with a mustache i boso tell him ive got a mustache judge new issue wes western rn newspaper union A delaware corporation fifteen year 6 convertible gold debentures J dated august 1 1929 due august 1 1944 Za interest terest payable february I 1 and august I 1 without de deduction for or normal red rai income la not iti 1 thi comi pany will grea agree to refund to 0 o holders hold cra upon proper application any state stale tax not exceeding soa 5 per annum and q 3 I 1 la ai massachusetts ar hu tt not exceeding ed log b az pet annum and rd r personal bonal ino kopeny petty and security tan tait in ertain stat ea as pr pros 0 0 viam la in the trust I 1 indenture denture able at noy any time as a a whole or nr in part pan on 60 days day published notice at tad and accrued inter interest mt coupon dab c natures to la interchangeable denominations of 1000 and soo ha u to principal cobun 0 caly aly central mover bank and trust company trustee n D 1 t ot will b 1 e rable at ath the option 01 of th h hold r at t ny tl prior to cr up to nv A i t ta into to common wen stock at the til tau fit of 0 40 b hat 1 lor ch j 10 1000 0 principal princ mount H H full fish esq president of 0 the company summarizes arises from hs letter to us as follows foH outi B BUSINESS western newspaper union sac successor cessor to a company of ane same name and a business founded in serves more inore than daily and weekly country newspapers maintaining fully equipped plants in 36 key cities of the united states from california to massachusetts the company supplies these newspapers with ready printed inside pages or with ditl columns of prepared plate containing vanous various feature stories lic e rials and saw special il articles selected by the newspaper pub publishers lishem 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 in their entirety various various magaz magazines ines and trade journals and is is responsible ansil I 1 e for the mechanical production of of the feature services of the associated press FINAN FINANCIAL crAL during the past 20 years net profits of western newspaper 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 net profits after depreciation but before federal taxes for the past 4 years as certified by arthur andersen y co after eliminating operations of the paper mill which is is being sold coincident with this inan financing cing and after other adjustments arising from the as stated in their certificate yere as follows ry 1925 4 1926 aj j 1927 2927 1928 such su ch net profits as above have bave averaged about annually andhor and for the year ended december 31 1928 amount amounted cd to equivalent to more than 3 times the annual debenture interest requirement after deducting from such net profits in 1928 debenture interest requirements federal taxes parent company at 12 and preferred stock dividends the balance amounted to over or about am 23 per share on the shares chares of common stock to abe be presently outstanding te net assets of the Cora company pany available for these debentures based on the balance sheet as at april 30 1929 adjusted to give effect to the present financing including alid the sale of the paper n null 0 were in in excess of management since ethe the death in 1916 of thim the former owner george A joslyn his widow and other heirs beirs have owned the majority of the common stock of western newspaper union cont rolof which which is now beina being acquired by the executives who have been responsible for its buce successful ss ful operation during the c past 13 years n AH teral details will be apoi tj bj items Te tiney 1111 1 I A sher she t men rows of 0 chas caicado suit cad by Alsi alsina nl iff can 0 A yra york 4 i f fl R A willard willarda co ames emer Emerl i cli co inc new york rh il Adelph ia chicado r f we a ha bw accepted as aL accurate curate the ine Inform Ail and stait ments in the talve ve mentioned letter and but no errors On asAs or ts in 14 said laid letter or at summary shall give rise to any right or 01 claim us i J 19 19 h |