davidaulloa/AmericanStories huggingface dataset:
The times-news. [volume] (Hendersonville, N.C.) 1927-current, 1936-07-02
WILL AUCTION OFF
BALLENGER FARM

The Carolina Realty company
at a recent auction sale of land
in Greenville county sold six
small tracts at what was consid-
cred fair prices.
The property was near the
church assembly grounds on the
Caesars Head Travellers R e S t
highway.
L. W. Rector, a member of the
auction firm, which is associated
with Anders and Rector, says ar
rangements have been made for
selling at auction the Ballenger
farm on the Greenville highway
on July IA. This farm, located
near the mountains, consists of
$50 acres, which will be divided
into "a tracts.
The times-news. [volume] (Hendersonville, N.C.) 1927-current, 1936-07-02
HELEN HAYES
DEFENDS name.
Denies Love at First Sight
in 100000 Aliena-
ton Suit

CHICAGO, July 2.-(UP).-
Helen Hayes, utilizing brief holi-
day from her latest stage success
to clear up a charge of alternating
the affections of playwright Chas.
Macarthur brought by Carol
Frink, dramatic critic, testified
yesterday and tried to straighten
out conflicting reports of her
character.
After long legal harangues in
which Miss Hayes was presented
as a "dashing, glamorous woman
who saw her man and got him"
and a demure little creature for
ever guarded by a domineering
mother, the actress meekly denied
her feeling for Macarthur was
Glove at first sight"
81 don't know what his state of
mind was at our first meeting"
she said, $50 Pm sure 1 never said
it was love at first sight"
The suit, in which Miss Frink
places a value of 100000 on
MacArthur's affections, gave the
courtroom fans complete review
of dramatic history of the past Is
years. The names of Alexander
Wolcott, Ben Hecht, Kenneth
McKenna, Robert Benchley and
others prominent in the theatre,
were banded about among the
20 or 80 whose dispositions are to
be introduced.
Instead of secretly and clandes-
timely pursuing Macarthur, as the
bill charges, Miss Hayes, her law
yer said, was herself pursued by
innumerable suitors but prevented
from marrying by her mother and
a manager, one George Tyler,
who thought marriage would dis
rupt her career.
The times-news. [volume] (Hendersonville, N.C.) 1927-current, 1936-07-02
u. S. NAVY TO HAVE
16- INCH GUNS ON
LARGE BATTLESHlPS

WASHINGTON, July 2. (UP).
Japan having failed to agree to a
limit of IA inches on the callore
of battleship armament, the Unit
ed States probably will mount To-
inch rifles on the two sea mon
sters it plans to build next year,
Admiral VIM. H. Standby, chief
of naval operations indicated yes
terday. .,
STANDBY told newspapermen 1t
was the considered opinion of the
navy that 16-inch guns were bet
ter adopted to American naval
needs than the smaller rifles.
The admiraPs statement was IN
no sense a challenge to Japan. 1t
arose from the fact that if Toxic
had agreed to the 14-inch limit
provided in the recently-slgned
London naval treaty this country
would have been bound to mount
nothing larger on its ships.
Japan withdrew from the Lon
don deliberations last fall and de-
clined to sign the treaty eventual
ly drafted by the United States,
Great Britain and France. The
treaty placed no limit on the num-
Der of ships a nation might build,
but restricted the tonnage of each
particular type-battleships, air.
craft carriers, cruisers, destroyerS
and submarines. One section of
it provided that guns on battle
ships should not exceed IA inches.
However, the signatories agreed
to this provision only on condition
Japan would adhere. Toxic has
Just announced that it would not.
The times-news. [volume] (Hendersonville, N.C.) 1927-current, 1936-07-02
PERSONAL
PARAGRAPHS

Mrs. Nellie Whiteside has re-
turned to her home in Kansas
City, Mo-, after a visit to her Sis
ter, DR.. Bertha Branstetter. She
attended the graduation of her
son, Willard Whiteside, from Bre-
ward Institute at Brevard, and he
has now entered Annapolis.
Capt. and Mrs. ]. R. S. Mays,
who have been guests of the lat
ter's mother, Mrs. J. F. Barrett,
for about ten days, left today for
Fort Mcpherson, Ga. Capt. Mays
was recuperatirg from an opera
ton.
Mrs. A. w. Lippard has gone to
Savannah, Ca, to spend about ten
days with her parents, Mr.. and
Mrs. F. H. Quante.
DR.. Furman McLartY, of the
Duke University faculty in Dur
ham, is the guest of his father,
DR., E. X. McLarty, while his wife
The times-news. [volume] (Hendersonville, N.C.) 1927-current, 1936-07-02
BY Mrs. G. r. McManaway
Society Editor
Phone 90 Before II Noon
WOMAN'S CLUB PARTY
DELIGHTFUL

A lovely benefit-bridge, SpOn-
sored by the Woman's club, was
given at the home of Mrs. Z. NJ.
Salley yesterday afternoon. Col
orful summer flowers were used
artistically. The door prize, a
beautiful cake, went to Mrs. Fred
Sudduth while the top score prizes
were won by Mesdames Fred NJ.
Waters, Sudduth, Rupert Koch,
John S. Forrest, j. n. Brunson
and Mrs. Timmons. Sandwiches,
cookies and iced punch were serv-
ed after the games.
The times-news. [volume] (Hendersonville, N.C.) 1927-current, 1936-07-02
CANNOT MARRY AND
GET RELIEF ALSO

JEFFERSON CITY. Mo-, July
3. (UP).-You can choose mar
riage or relief in Cole county but
not both. The court ruled yester-
day that relief clients are 'ineligi-
BILE for matrimony" and converse
" persons financially able to
marry obviously do not need help
from u.s.
The times-news. [volume] (Hendersonville, N.C.) 1927-current, 1936-07-02
MRS. KATE X. GAY
OPENS A TEA GARDEN

Mrs. Kate X. Gay has opened a
tea garden under the name of the
Twin Pines Gypsy Tea Garden on
Rainbow Lake in Laurel Park on
the old Villa site. -, -,
Mrs. Gay will serve salads and
sandwiches at all hours and lunch
cons and suppers under the trees
and umbrellas. =,
An outdoor fire place had beer.
built to facilitate the handling OF
the business, a feature of which
will be reading on the future lie
bv Madame Wanda.
The times-news. [volume] (Hendersonville, N.C.) 1927-current, 1936-07-02
PLEASANT HILL TO
HAVE JULY SINGING

The Henderson county singing
convention will meet at the Pleas
ant Hill Baptist church on Sum
day afternoon at 2 o'clock.
All singers are urged to attend
and the public is invited.
The times-news. [volume] (Hendersonville, N.C.) 1927-current, 1936-07-02

[ is visiting relatives in Shelby
Mrs. Frank Stout and family of
Fort Myers, Fla, are occupying
a cottage on Buncombe street
Mr.. Stout has returned home for
awhile.
Hermena Branstetter left to-
day for the Appalachian school
camp near Penland; she was &C
companied by her uncle, Mr.. II.
F. BranStetter.
The times-news. [volume] (Hendersonville, N.C.) 1927-current, 1936-07-02
ENTERTAINS SEWING CLUB
BEAUTIFULLY

Mrs. Frank Randall was hostess
on Tuesday afternoon at a meet
ing of her sewing club, the home
being graced by a quantity of
roses, larkspur and snapdragons.
After sewing and chatting awhile
the hostess served a salad course,
ices and individual cakes embOsS-
ed with flowers.
The times-news. [volume] (Hendersonville, N.C.) 1927-current, 1936-07-02
LATE ARRIVALS AT
ROSEMARY INN

Among the latet arrivals at
Rosemary Inn on Sixth avenue
west are Miss Mary A. Daley, of
Washington, D. c.; Miss Harriet
Houghton, of Kensing, Md; Mrs.
Mary C. Brinson. of New Orleans,
La, and Mrs. Wood, of Greer,
S. G.
The times-news. [volume] (Hendersonville, N.C.) 1927-current, 1936-07-02
SHOLTZ CALLS FOR
CAUTION ON JULY nth

TALLAHASSEE, Fla, July 2.
UP)-Governor Dave Sholtz to-
day issued proclamation calling
on Floridians and visitors to Eek
ercise the greatest caution on the
Fourth of July holiday" to pre-
vent automobile and fireworks ac-
cidentS.
The times-news. [volume] (Hendersonville, N.C.) 1927-current, 1936-07-02

reporters at horse races to bet
under penalty of being banned
from the profession.
The times-news. [volume] (Hendersonville, N.C.) 1927-current, 1936-07-02

bells, in the interest of accurate
reporting by sports writers, yes
terdav issued a decree forbidding
The times-news. [volume] (Hendersonville, N.C.) 1927-current, 1936-07-02
WRITERS CAN'T BET

BERLIN, July 2. (UP).-Min-
lister of propaganda Josef Goeb-
The times-news. [volume] (Hendersonville, N.C.) 1927-current, 1936-07-02

main lobby of the inn. Numerous
entertainment features have been
arranged by the Buncombe coun-
tY association.
Evening star., 1936-11-11
CHICAGO PRODUCE.

,,vc cHISAGoi g .aSo, N0Sysmber II oR:-Poultry.
hens. AZ pounds, up III: less than Al
pounds. !3ha; Lsghorn hens. l1ia; Springs,
4 pounds up. Plymouth Rock is: White
Rock. 1917; colored. 14Io less than 4
pounds; Plymouth Rock. 141a: White Rock,
Rock broilers II; coiored. is; bareback :s
chickens. IL: Leehorn chickens. H.;
Toosters. -; Leghorn roosters. IL: hen
TURKEYS. 1oHs; youns toms. 16; old. II; No
2 turkeys. 13; white ducks Az pounds
UP. 10; coloyed. 10; small white ducks,
IA: colored; f3la: geese 13h
Dressed turkeys easier: young hens. %:
)old. IL young toms, more than 16 pounds.
I23; 10 pounds and less. 49, old toms. 2
NO.. = turkeys. II.
Potatoes, So; on track, 3O3; total
UNITED States. shipments, 66S. Supplies
moderate; best quality large Russets. de-
mand light. market steady: fair quality.
small to medium size Russets, demand
very. slow, dull. weak undertone: good
quality sym Red hd4,Sa Mecla5es demand fair mar,
fdaho Russet Burbanks, q. S. NO. i,
9 ,40a2.75: Colorado Red McClures, g.. s.
No. /. 2.50a2.65: fair quality and color,
2. 40; Montana Russet Burbanks. U. g.
mo- J., 2.50: Wisconsin Round Whites,
u. 8. No. /, 1.5oa1 81 "a; u. s. No. 2. 90:
Mlchigan Russet RuralS q. S. No. /. l .10a
.sS: Minnesota Early ohios. unclassified.
Evening star., 1936-11-11
D. c. STORE SALES
WELL ABOVE 1885
October Volume Climbs ID
Per Cent Ahead of Last
Years Mark.
BY EDWARD C. STONE.

October sales in washington de-
partment stores were IA per cent
more than sales in October. 1895. the
Federal Reserve Bank of Richmond
reported this noon, compared with a
gain of l6 per cent in the whole fifth
Reserve district.
Sales in the Capital in the first 10
months of this year were 6.6 per cent
better than in the same 10 months a
year ago, against only 10 per cent in
the whole district and II per cent in
the entire United States.
October sales in the whole country
were l6 per cent above the CORE
spending month in 1885, the report
added. Tooay's report covers SO de-
partment stores in the fifth Reserve
district and Sic in the United States.
The percentage figures reveal that
trade is booming all over the United
States, many of the percentage gains
being much better than in September
Postal Receipts Break Record.
Receipts at the Washington City
Post Office in October smashed all
former records for that month, &C
cording to the figures announced to-
day, and in line with the many other
business indicators which are advanc-
ing steadily.
october postal receipts amounted to
S612, ,94908, in comparison with $780,
e23 in october, 1885, and $547,34 in
the previous month of September this
year. Postal income was also faI
ahead of October, 1884, when receipts
stood at S524,327 and of October
1888, when they amounted to s466,4
The October receipts were also the
highest of any month this year with
the single exception of April, when
they passed the $634,000 mark. Ag.
gregate receipts for the first IL
months of 1886 are also substantially
ahead of the like period in 1885.
Showing Washington's business
growth so far this year, as this ex.
pansion is gauged by postal receipts
the following monthly comparisons
with last year are Of general interest
Evening star., 1936-11-11
BOOST IN STEEL
PRICES EXPECTED
Prospective Advances Likely
to Bring Fresh Surge
of Buying.
BY the Associated Press.

NEW YORK, November Ii
Higher prices for steel products and
pig iron probably will be announced
shortly as a sequence Of advances in
steel wages, which will add upward
Of $6O,00O,000 annually to the indus
try's pay roll, Iron Age said today in
the weekly review of steel.
1T is believed that quotations for
the first quarter may be So up for
semi finished steel. bars, shapes and
plates and 50 on light products, ex-
cepting tin plate, on which the cur
rent price may carry through the
1887 season." the review says. pig
iron may be 81 or 50 higher.
Official announcements Of new
prices are likely to be withheld until
complete acceptance of the wage offers
has been obtained from steel company
employees"
Steel backlogs, except in sheets, the
trade journal says, are being reduced
through an excess Of shipments over
incoming business, but prospective
price advances are counted upon to
bring fresh surge of buying which
may load up mill books during De-
cember, when ordinarily a seasonal
decline occurs. In sheets, however
mills are virtually sold out for the
remainder of the year, one Ohio
maker having withdrawn from the
market.
Minor fluctuations in steel plant
operations may occur over the next
few weeks, but there are no indications
Of a sharp decline in production,
which this week remains at substan-
TALLY last weeks level OF 74la per
cent" the review says.
Contrasting with favorable indica-
tions in most branches of the indus
try, steel scrap has shown further
weakness, with declines at Pittsburgh
and Philadelphia, resulting in a re-
duction of 25 cents in the Iron Age
composite price to sl6.33.
Evening star., 1936-11-11
BIG INCREASE SHOWN
IN CENTRAL'S REVENUES

By the Associated Press.
NEW YORK, November 1.-THE
New York Central Railroad Co. re-
ported September railway operating
revenues at s30,56S,l32, compared
with s26,719,331 in September, 1885.
Net income after fixed charges for
the month was sl,133,374, equal to
% cents share on the common
stock. compared with S277,895, or S
cents a share. in September last year.
For nine months ended September
80 railway operating revenues
amounted to s261 ,539,o73, against
s225, ,938,957 in the Ike period last
year.
Net income after fixed charges was
50 sol ,3o6, equal to 10 cents a share,
compared with deficit Of So, ,365 ,08l
in the comparable period of 1885.
Evening star., 1936-11-11
Baltimore Markets
Special Dispatch to The Star.

SpctIdl oiopdtCIl W 1iC oldi'
BALTIMORE, Md, November Ii
Potatoes, per 100 pounds, l.25a2 90;
sweet potatoes, barrel, l.0oal.25;
bushel, 35a85; nearby. half bushel,
25a35; beans. bushel. 75a2.00: beets,
nearby. bunch, 11aa2; broccoli. crate,
225a250; cabbage, bushel, 50a60: per
so pounds, 50a55; pointed type, ham,
per, 90; carrots, crate, 2.50a3.0o;
bushel, tops off, 100; nearby, bunch,
2a3; brussels sprouts, half drum, $50
a1.75; quart, 8a12Ea; cauliflower, crate,
11Oa1.15; celery, crate. 1o0a2.75; egg
plants. bushel, l.25; lettuce, Iceberg,
crate, 200a250; mushrooms, 4-quart
basket, 4oa75; okra, bushel, LOCAL SO;
onions, per so pounds, 50al.OO; peas,
bushel, 250a3.40; peppers, crate, l.50
a1.75; pumpkins, nearby, each. 4al0;
spinach, bushel, 40a60; nearby, half
buShel, 25a35; squash, bushel, l.25a
$50; tomatoes, lug, 50a2.25; turnipS,
nearby, half bushel. l0al5; yellows,
per 100 pounds, 50a65; apples, bushel,
5Oa1.65; box, l.75a250; cranberries,
quarter barrel, box, 375a425; grape
fruit, box. l.5Oa2.25; honey dews,
crate, ITS; oranges, box, 2.25a3.00;
pears, Seckels, bushel. It's; tanger-
ines, half box, 1.50al.75.
Dairy Markets.
Live poultry-Chickens, Rocks
pound, l6a21: mixed colors, 16alS
Leghorns, 15a16; fowl, Rocks, 20a2l
mixed colors, 18a20; Leghorns, 10a14
roosters. 12a14; ducks, 10al5; guineas
each, 25a4O; turkeys, pound, 2oa26.
Eggs-Nearby, current receipts
dozen, 32a34; Southern, 30a31; whites
large, 3Sa40; medium, 34a36; receipts
/ 1920 cases.
Butter-Prints, pound, "a; good t
fancy, creamery, 52a33; store-packed
20; good rolls, %; receipts, 1,l78 tubs
| Stock and grain markets are closed
for Armistice day, legal holiday II
Maryland.
Live Stock Market
| Cattle, 800; bulk Of supply held fol
Thursdays market; few sales Of steer
and COWS steady; few common anc
medium around 1,100-pound grass
steers, 725a780; low cutter and cutter
COWS, 300a375.
| Calves, rs; vealers and calves ir
very light supply; steady; few gooc
vealers. HOO; common and medium
700al050; few plain calves 500a6.0o
Hogs. $50; moderately active: stead,
with Tuesday; good and choice no.
225 pounds, 1015a1035; top, 1885
225-250 pounds, 975a1025; 140-16C
pounds, e85a10.15; 120-140 pounds
s,55a9.85; good packing sows, 89C
a940.
Sheep, 400; nothing done on lambs;
demand very narrow: undertone
lower; slaughter ewes salable steady, OF
at 3.00a4.00 for good and choice
grades; culls around $50.
Evening star., 1936-11-11
ELECTRIC POWER
INDEX ADVANCES
Weeks Production Remains
1874 Per Cent Above Level
of Year Ago.
Bv the Associated Press.

BY the Associated Press.
NEW YORK, November 1.-THE
Associated Press index Of electric
power production, with 1e29-1930
taken as 100, advanced for the week
ended November 2 to 1859 from 1855
the previous week. The index, which
is adjusted for seasonal and long term
trend, stood at 1040 year ago.
The range for recent years follows:
1886 1885 1884 1888
High ------- 117.7 1855 97.4 91.9
Low -- 1920 GAL 9l.9 80.2
Actual production for the week, as
reported by Edison Electric Institute,
was 2,169, 100000 kilowatt hours, of
3 of / per cent from 2,175,810.000
kilowatt hours produced last week, and
1874 per cent higher than last years
output of 1913 ,684, 900 kilowatt hours.
All principal geographical regions in
the country shared in the gain over
last year. Percentage changes follow:
New England, 90; Middle Atlantic,
1877; central industrial, l72; west
central, 10.7; Southern States, 17.2;
Rocky Mountain. 1913 and Pacific
Coast, AS.
Evening star., 1936-11-11
CORPORATION
REPORTS
TRENDS AND PROSPECTS OF
LEADING ORGANIZATIONS

NEW YORK, November 1.-THE
following is today's summary Of cor
poration news prepared by Standard
Statistics Co., Inc, New York:
Aviation Corp.-Deficit, nine months
ended September 30. was $1l5,896,
against deficit Of $346,131.
United Aircraft Corp.-Common
share earnings. nine months ended
September 80. were SO cents. against
"a cents.
Marlin Rockwell Corp. - Common
share earnings, nine months ended
September 80, were $500, against
SITS.
Grand Rapids Varnish Corp.-De-
clared an extra dividend of 71a cents
on common stock, payable November
20, and regular quarterly dividend of
10 cents on common stock, payable
December 81; on August 80, 1886, a
similar extra dividend was paid on
common stock.
Archer-Daniels-Midland CODE
clared a special dividend of 81 on
common stock. payable December /.
.McGraw Electric Co.-Common.
share earnings, IL months ended Sep.
tember 80. were s3.70, against S255.
Metal Textile Corp.-Common- -shart
earnings, 8 months ended August 81
were 9 cents, against 80 cents.
White Sewing Machine Corp.-Ne
income, o months ended September
30. was s123.550, equal to $1.24 a pre-.
ferred share, against deficit O.
sl28,243.
American Machine & Metals. Inc
Common-share earnings, months
ended September 80, were IS cents
against So cents.
Chapman Valve Mfg. Co.-Common
share earnings. months ended Sep.
tember 30, were $l.6s.
General Machinery Corp.-Com.
mon-share earnings, 8 months ended
September 80, were 70 cents: holder.
OF company's Z per cent preferred
stock received notice of a plan pro.
viding for issuance in exchange fol
each share of present preferred stock
Of one and one-twentieth shares ot
new 500 par value cumulative prefer.
red stock bearing dividend at the rate
of S4 so year; fractional shares woulc
be paid in cash on a basis of SIS fol
each one-twentieth share.
PheIps-Dodge Corp-Company in.
creased miners wages so cents a day
Shattuck-Denn Mining Co.-Com-
pany raised wages of miners so cents
day.
Anchor Cap Corp-Common- share
earnings, 9 months ended September
80, were sl.24, against 80 cents.
Gillette Safety Razor Co.-Unitec
States Supreme Court decided in favor
of Essex Razor Blade Co. on its
petition to set aside an Appeals Court
decision holding 1t had infringed thu
Gaisman patent owned by Gillette
Safety Razor Co.
Houston Oil Co. Of Texas-Pre-
ferred-share earnings, 9 months end.
ed September 80. were 86 cents
against SLIT.
Evening star., 1936-11-11
Big GAIN SHOWN
IN HOG SLAUGHTER
October Volume Up GA Per Cent
From Year Ago-Cattle Total
Also Jumps.
Py the Associated Press.

~ the Associated Press.
CHICAGO. November 11.-October
hog slaughter at Federally-inspected
plants throughout the country in
creased Ga per cent compared with
October, 1885. according to an analysis
by the Institute of American Meat
Packers based on statistics released by
the Department of Agriculture.
Hog slaughter was 3.491,671 head,
the largest for any month since De-
cember. 1894, approaching what is con-
sidered a normal volume for October,
the institute said.
For the 10 months hog slaughter
totaled 27092,233, an increase of 80
per cent compared with the CORE
spending 1885 period.
Cattle slaughter in October, totaling
| 1,124,175 head, gained 4 per cent COM
pared with year ago. calves. 585, ,425
head, gained 10 per cent and sheep and
lambs, l,74l, 1893, lost / per cent. The
cattle volume was the largest for any
month on record since 1918.
For the 10-month period cattle
slaughtered showed a Is per cent gain,
calves per cent gain and sheep and
lambs per cent loss.
Evening star., 1936-11-11

Real Business Gains Noted.
The United States Chamber of
Commerce. which for long time
painted such a gloomy picture of the
business outlook, has turned about in
its current summary of conditions and
finds that real progress has already
been made and that there is more to
come. The momentum which has
been gained in business activities is
impressive, the review states, both in
its extent and IN its promise for the
period ahead. The survey adds:
Such a prolonged advance, al
though gradual from month to month,
might suggest at least temporary
recession in the near future. But
consideration of the elements which
enter into national activity, both by
business fields and by areas, makes it
clear that during the last II months
the most significant development has
been improvement in balance. among
fields Of enterprise and among the
areas of the country.
This has not been period of
spectacular bursts here and there
serving TO accentuate comparisons
with low conditions elsewhere In
stead, it can now be seen that there
have been at work the processes which
restore order where dislocation had
earlier been evident, which bring all
activities nearer the average instead
of some being far above and others
equally far below. 1t is necessary
to go back a decade to find another
period in which business momentum
had within itself equal elements of
strength
When production is checked back,
1t is found that in May, 1885, the ratio
of production of capital goods to pro-
duction of consumers goods was 535
to 86. This ratio has now become ap-
proximately 80 to 100. There has
been an accompanying increase of
more than 20 per cent in pay rolls in
production of capital goods. An ad-
vance which permits such improve
ments in balance among fields of en-
terpriSe obviously produces an in
creasingly strong basis for the future.
The evening-up process gives stamina
and vigor to an economic structure
as surely as averaging down spreads
weakness.
During this period the production
OF iron and steel stepped up from SIS
per cent of the 1929 rate to 81, tex
tiles from 88 to 104, cement from 81
to 81, food products from 80 to SO,
and so on through the list"
Stock Offering Planned.
Black & Decker Manufacturing Co.,
Townson, Md, has filed registration
statement with the Securities and Ex-
change Commission covering 60,90e
value Stated value So, which will be
offered to common stockholders, and
0,000 shares of common, without par
value, which are to be reserved for Is
sue to certain officers and directors of
the company in connection with en-
|ployment contracts for a period of six
years, beginning October /, 1885.
The company intends to offer the
60 ,909 shares of common to common
stockholders of record December 3,
1885. The right to subscribe for the
stock in the ratio of one share for
each five shares of common held.
OF the proceeds. s1,08O,0 will be
applied on December 81 to reduction,
or prior thereto to the acquisition
for retirement, Of 10000 shares of 8
per cent cumulative preferred stock.
The remainder if any, will be used
for general corporate purposes.