BARNUM, MERRILL & LAMB,

Suite 534 Mason Building, Los Angeles, California.

Dealers in Municipal, Railroad, Corporation Bonds.

WESTERN CORRESPONDENTS, LAWRENCE BARNUM & CO. Philadelphia. New York. Boston.

We offer the following securities subject to sale and change in price:

Security and Price with To

Amount Description Maturity Ac'd Int. Yield

MUNICIPAL BONDS.

25,000 Imperial Japanese Govt. 4 1/2s. Feb. 15, 1925. At market. 5.00%

Sterling, First Series, Coupon F. & A. * * * * * * * $3,000 FIRST MORTGAGE 6 PER CENT. GOLD BONDS OF THE BATTLE CREEK COAL AND COKE COMPANY.

Dated April 1, 1905; due April 1, 1935. Denomination $500. Coupon. Principal may be registered. Subject to call and interest after 1906. Interest payable (April and October) at the International Trust Co., Baltimore, Md., and at the banking house of Lawrence Barnum & Co., New York City. Principal payable at the International Trust Co., Baltimore, Md., Trustee. A sinking fund of 10 cents per ton, but not less than $7,500 annually, is provided to retire bonds. Stock: Common, $400,000; preferred, 7 per cent cumulative, $300,000; bonds authorized, $325,000; bonds outstanding, $300,000.

These bonds are a first mortgage on all property of the Battle Creek Coal and Coke Company, which owns 2,378 acres of valuable coal lands, located at Orme, Marion County, Tenn. a complete plant, capable of handling an output of 1,000 tons daily, and all of the buildings and improvements in Orme, which town is entirely on the property of the Company.

This property has been acquired by purchase from the Campbell Coal and Coke Company, which has been in successful operation for over two years, having earned net over $60,000 each year. Orme is located on a branch of the Nashville, Chattanooga & St. Louis R. R., about ten miles from Bridgeport, Ala., thirty miles from Chattanooga, Tenn., and one hundred miles from Atlanta, Ga., Nashville, Tenn., and Birmingham, Ala., and has good railroad connections with the above-named cities, all of which afford it ample market for the coal at good prices.

Statement of Earnings.

1904

(13 months) 1003

Gross income.......................

$242,771.16

$227,720.32

Expenses, taxes, renewals, etc ...................

182,538.71

161,245.01

Net income......................

60,232.45

66,475.31

Interest on bonds...........................

18,000.00

18,000.00

Surplus.............................

.$ 42,232.45

$ 48,475.31

Sinking fund.........................

7.500.00

7,500.00

Surplus applicable to dividends on stock.........

$ 34732.45

$ 40,975.31

Legality approved by James H. Gilbert, Esq., of Atlanta, Ga., and Hon. Frank D. Pavey of New York Gity.

The books of the company have been audited by the American Audit Company of New York.

PRICE 102 1/2 AND INTEREST. Special circular on application.

All statements in this circular are based on information which we regard as reliable.

BARNUM, MERRILL & LAMB, Suite 534 Mason Bldg. Los Angeles, Cal.