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' N.Y, Ja\8]T.N ACIFIC ho mat = FARMERS ARE WELL ON WITH THEIR SEEDING Still Large Crop of Last Year's Hay to Be Shipped From Wolfe Isiand. Wolfe Island, May 25.--The farm- ers are all nearly through seeding now. The cool weather has rushed the work along. There is a large crop of last year's hay tg ship from here before the new crop is harvest- ed. Mr. John Davis has been carrying the mail and passengers in bis motor boat since the steamer Wolfe Is- lander entered the dry dock. She is expected out next Saturday. Mr. H. C. Hagan, one of the island's best cheese makers, who has been em- ployed on the American sid® of late, is moving his family to Bronville, N.Y. The family will be much miss- ed in the village, as they had a large circle of friends. Mr. Frank Brice- land purchased several horses on the island last week, as he is shipping a carload to Montreal. Miss Minnie O'Brien is home from New York, after being there for the past four years. Mr. George McReady and Mrs. Os- car McReady - have just returned from Watertown, N.Y. Dr. Hunt Is moving his household effects away after spending the last five years here. Mr. Lloyd Hough and wife have just moved into their new residence in the village. Mr. Daniel Larush, Joseph McAvoy, OMver Davis and Henry Davis have gone sailing out of Buffalo. The Island Hotel here is certainly one of the finest in county of Frod- tenac for appearance and accommo- dation,'and the proprietor spares no pains in the daily menu, which is praised on all sides. Mrs. M. V. Johnston and little daughter, Ger- trude, have just returned from Ple- ton. Jack Yott has purchased a new auto. Irs. John Beef has re- turned home much improved in health, Mr. Edward Briceland has just returned home after spending a week with his son in Kingston. "Bill" Friend is home from Queen's college. Mr. Henry Duff and wife, Water- town, N.Y., spent the week-end on the island. Jack Briceland and men are busy those days painting the summer home and boat houses of Francis King, Kingston. It is one of the many beautiful summer homes on the Tiver, This "Tweed" Steel STONE OAT $12.00 Cash with Order tation. Rev. Father Baker was home from Cornwall for a few days. Mrs. P. J. Ryan has Jeft to visit with her sons in Rochester, N.Y. Mr. Craig Rus- sell has started grading the roads with a new machine. Mr. Alexander Livingston has built a very beauti- ful and fast motor boat and has it all ready in water. Mr. and Mrs. Thomas Bush have moved to their summer home on Simcoe Island. * Mr. Victor Crawford, the popular school teacher of the village has purchased a new motor boat for pleasure. Mr. Henry Hall, who has been in the poultry business very extensively of late, has Mr. Herbert Leakey engaged bduilding a very large and improved hen-house. Mr. Oliver Hawkins and wife are spending a week in Watertown, N.Y. Mr. Edward White and wife and two boys were out to Watertown to at- tend the ftineral of Barnie Mackie, a brother of Mrs. White. Mr, Deck Pyke has left for New York to have his shoulder treated by a physician there. Dr. Sidney Horne and wife, Ham- ilton, were visiting friends here. Mr. Jack Greay and Dr. 'Walsh, of Perth, dre visiting Mrs. John gsley. Sheriff Dawson and his niece, Mrs. Duncan McRae, are visiting relatives in Cape Vincent. Rev. Mr. Russell Father McKlernan has left for Mont- real to be present at the ordination of a nephew. Mr. Willlam Grevell, | Kingston, was a visitor, at M. J. O'Connell's. AT A FAVORABLE PRICE. day morning and evening. ed to Toronto and will take in the Woodbine races this week. Ww. B. Cox, station agent at Enterprise, spent the week-end at his home in Bloomfield, Walford and Fletcher Vick came up with him from Napa- nee to spend the holidays with their uncle. Mr. and Mrs. Alexander Lighthall and Miss Glee McQualde, from Toronto, spent the week-end with Mr. and Mrs. Edward Me- Quaide. John Rundle of the Tech., Toronto, is also here for the holi- days. Mr. and Mrs. O. W. Foster arriv- ed home from St. Catharines, Satur- day night. Miss Beatrice Rabble, book-keeper at main office of Do- minion Canners, is spending a, week's holidays in Toronto. The Bloom- field Library has been nicely clean- ed and painted inside and out. Its appearance is much improved. The Sons of England journeyed to Belle- ville, Sunday, to celebrate. Huff's bus took a load from Bloomfield. -------------- . LEFT FOR VANCOUVER. Dr. Toplit and family Had Been Visiting at Odessa. Odessa, May 25.--Mrs. Henry Allen, Newburgh, is visiting her par- ents, Mr. and Mrs. Isaac Fraser. Miss Beryl Jones, Kingston, spent Sunday with her parents, Mr. and Mrs. William Jones. Mrs. Clare Hartman, Yarker, spent Saturday at Sidney Clark's. Dr. E. E. Topliff, Mrs. Topliff and two sons, who have been spending the past two weeks guests of the former's father, left last Saturday, for Vancouver, visit- ing his sisters, Miss Gladys Topliff, Toronto, and Mrs. J. O. Dargavel, Flesherton, en route. Mr. and Mrs. Charles Hillier ex- pect to leave this week to visit Mrs. Hillfer's brother and other relatives in Virginia. Mrs. Charles Kilgan- non spent the week-end with her sister, Mrs. Elmer Amey, Ernesttown Station. Leo Swift, Cobourg, has purchased the stock of general mer- chandise from W. R. Lake. Fred Vrooman has purchased the cottage on Ferguson avenue from Mrs. Wal- ker, Harrowsmith, Ashton Henderson who has been living on Centre street for some time has moved to Westbrook. The fun- eral of the late Mrs. Lanson Bab- cock, who passed away last Satur- day, at her daughter's home, Mrs. D. E. Smith's, was held at the resi- dence Mond®y afternoon. Interment took place in the family plot in Wil- ton cemetery. Mr. and Mrs. F. Cunningham spent the week-end and holiday with relatives in Aultsville. A LADY EVANGELIST, Preached in the United Church at Mountain Grove. Mountain Grove, May 25.---Ever- eth Cronk had a bee on Saturday raising a barn. M. R. Reid, LPS, has been visiting schools in this vie- inity. Miss Morton, evangelist, Toronto, stopped over the week-end, at the parsonage, on her way to attend gon- ference in Kingston, and very ably filled the United church pulpit, Sun- She will also take the work next Sunday on her way back. A number attended the Victoria Day celebrations at Tamworth. Miss B. Curtis, teacher in the junior room, spent the week-end at Plevna. Miss Young, of the Union school, went to her home at Young's Point for the holiday. F. Uens and family, Belleville, are visiting friends in the vicinity. C. Fox has pure d BE. Fox's farm and has moved it. B. Youman's, Harrowsmith, spent Sun- day with his Sister, Mrs. William Cowdy. Rev. Mr. Gall is attending Con- ference at Kingston this A week. Misses Maisie and Eva Price visited Miss M. Smith on Sunday. Miss Morton and Rev. Mr. Gall called at A, W.'Thompson's. Cecil Clark and family, Mountain Vale, 'at J. D. Clark's, B. Uens, Napanee, called on friends here recently. FARMERS FINISH SEEDING. And Are Getting Ready for Planting at Pittsferry, May 24.--The farmers have nearly all finished their sped- ing and are getting ready for plant- ing corn and potatoes. Robert Me- Fadden has returned home after un- dergoing an operation in the King- ston General Hospital. William Graham and little daughter, Doris, Enterprise, are the guests of her mother, Mrs. B. Orr. Joseph and Bdgar has purchased a new Ford sar Mr. and dos. Wilired Bennett and chillfren, burn, spent Sun- with Mr. and Mrs. John Mil _ Joseph Edgar, Sr. spen relatives at Brockville. NEW ISSUB $300,000 Canadian Paperboard Company Limited 7% 'Cumulative Preference Shares The Cumulative Preference shares are fully paid and non-assessable; preferred as to assets and dividends: entitled to prefer. ential cash dividends at the rate of seven per cent. per annum payable quarterly April lst. July 1st, October 1st and January 1st, by cheque at par at any branch in Cansda of the company's bankers (Standard Bank of Canada). Re- deemable as a whole or in part at the option of the company on sixty days' motice at 105 and accrued dividend. TRANSFER AGENTS: Montreal Trast Company CAPITALIZATION "-.. Authorized 7% First Mortgage Bonds ......oescsvsnssavenncemessssesnmss $1,600,000 7% Cumulative Preference Shares (par value $100) ..... 1,000,000 300,000 COMMON SOCK .5%. i vuieasaesnrvinssivansusholi maar senvunsiss. 4,000,000 2,100,500 From a letter of Mr. J. G. G. Kerry, President of the Conadion Paperboard Compony Limited end of the Northern Paperboard C y d, we rice as Joli Lm BUSINESS AND PROPERTIES--The Canadian Paperboard Company Limited, Incorporated under Dominion charter, owns and operates modern plants at Montreal, Quebec; Frankford, Ont.; and Campbellford, Ont, with mills presently equipped to - turn out daily 115 tons of paperboard, containerboard and allied products. This capacity will shortly be increased to 155 tons per day. It is the largest manufacturer of these products in Canada. The Company owns its own groundwood pulp mill at Frankford, which supplies a considerable part of its groundwood requirements. In addition the Company owns all the Preferred and Common shares of the Quinte and Trent Valley Power Company operating hydro-electric power plants at Frankford and Campbeliford with a present installation of 4,000 h.p. and an ultimate installation of 6,000 h.p. The installation of the present units was recently completed and will mean a saving to the Paper. board Company, directly in lower power costs and indirectly through dividends on Quinte and Trent shares, of $40,000 per annum, \ Outstanding $ 710,000 P OF ISSUE--The proceeds of this preferred stock issue will be utilized In part to liquidate capital expenditures made and to be made on the fuel units at the Frankford and Montreal mills and for the general corporate purposes of the Company. . . < ASSETS--The balance sheet as at February 28, 1926, after giving effect to the present financing and after deducting First Mortgage bonds shows: -- Fixed Assets consisting of lands, buildings, plants, machinery, etc., as appraised by the Canadian Appraisal Co. plus additions at cost less depreciation have a value of .........ccccvnrorecese Net Current Assets, Investments and Advances including $300,000 Quinte and Trent Valley Power Co. 7% Preferred, 5,000 shares Quinte and Trent Valley Power Co, no par common amount t0.ceeaee $1,840,613.23 784,274.29 $2,683,887.53 710,000.00 Leaves assets of ..... $1,873,887.52 Securing the present issue of $300,000 preferred stock or $624 for each share of preferred. This does not include amount representing value of Franchises, Goodwill, etc., or the $196,837.14 due from constituent companies which has since been settled by the transfer of 2,406 Preferred shares of The Northern Paperboard Company Limited to this Company. EARNINGS--The earnings for the past three years and eight months, as certified by Messrs. Clarkson, Gordon & Dilworth, Chartered Accountants, were as follows: Year Ended 30th June, 19238 30th June, 1924 80th June, 1826 ....ccvvvene . Three-year average ..... chm daeh senses 110,584.59 55,311.97 8 months ending 28th Feb. 1926........ 86,257.60 33,333.33 4,643.19 48,281.08 Taking into consideration the reduction in operating expenses made possible through the development of the company's subsidiary's hydro-electric power at Frankford and Campbeliford, together with savings effected through the installation of the new fuel unit in Montreal, Mr. J. G. G. Kerry, the President, estimates that the earnings for the year ending 31st March, 1927, avatlable for preferred dividends, depreciation and taxes, should be at least $190,000, or after providing for depreciation and taxes, $127,400. : THE NORTHERN PAPERBOARD COMPANY LIMITED . The Northern Paperboard Company Limited, incorporated under Dominion charter, controls the Canadian Paperboard Company Limited through Common stock ownership. The Ni ern Paperboard Company Limited also owns all the outstanding capital stock of the Tid®water Paperboard Company (charter dé the State of Connecticut), which will operate a modern paperboard and containerboard mill at Norwich, Connecticut, with a present capacity of.100 tons and an ultimate capacity of 250 tons per day. EARNINGS ON BONUS STOCK--Based on the operating results of the . Canadian Paperboard Company Limited and predecessor company for the-past eight years and from the volume of business in sight, Mr. J. G. G. Kerry, President of the Northern Paperboard Company Limited, estimates that the earnings accruing to the parent company from the two subsidiary companies after providing for all prior charges, including Interest on $1,300,250 Preferred stock, should be about §100,000 per annum, equal to nearly $4 per share on the 26,005 shares of Northern Paperboard stock outstanding. On the ultimate capacity of 250 tons per day at the Tidewater mill, Mr. Kerry estimates that earnings applicable to the 26,006 shares of ne par value will amount to at least $240,000 per annum or over $9.00 per share. Price $100 per share and accrued dividend with a bonus of one-half share Northern Paperboard Common with each share of Canadian Paperboard Preferred Making a total value of ........connisuns vassssran Which after deducting First Mortgage Bonds outstandi Ses ews SEERIEIAN SEAGETERIREIIRRNINNES Srats Essa seIRIt IRBs RsRRsRERETRS SeNesasssesasnER Ia E ITIL Rents 9% Income Tax $ 1.82032 10,034.44 3,963.08 Depreciation $ 50,000.00 $0,000.00 50,000.00 Net $20,406.43 108,469.87 48.071.18 Earnings tasessanessssssaresess § 73,226.76 163,493.81 96,034.21 Pests sss as sna nrane cess Fractional shares of no par value Common Stock of the Northern Paperboard Company will be adjusted at $25.00 per share. JOHNSTON ~WARD it MEMBERS { MONTREAL STOCK EXCHANGE {| TORONTO STOCK EXCHANGE Cor. King and Clarence Streets = Kinaston. MONCTON X SHERBROOKE MONTREAL LONDON, ONT. . ST. JOHN'S, NFLD. | Private wires to oli dronches. = : 'We made this' Beautiful Pencil ST as indispensable as Waterman's Ideal Fountain Pen---and just as outstandingly efficient. It has so many ad- t Sunday Mrs. selection. You will like it for your lawn-- Our Eureka Lawn Mower {vo match our pens Hardware, Plumbing, Tinsmithing. A NG 4 blades, 12" length, $0.00, Easy to operate. Cuts grass smoothly. Lemmon & Sons "5.55%, GENERAL AUTOMOBILE Vv rye w ye hd oh 0 4 OYLINDERS HONED ON ANY MAKE OF CAR. LET US QUOTE YOU PRICES ON ANY REPAIRS. _.. TEEPLE & HALL NIGHT * E 2767. a . Ii, re = = "Clean up.and Sr A SS td SIAN | PAINTTODAY AND STOP DECAY We are continuing our sale of Scarfe's Crown Diamond. and Brandram-Henderson Paints, $1.20 Quart. High grade Paints. Good REPAIRS OIL, GREASE AND ACCESSORIES. ROAD SERVICE. i FOR SALE a National 13 Ton Truck. No reasonable offer refused.'