Evening Star Newspaper, May 10, 1925, Page 87

\ "FINANCIAL. __THE SUNDAY: STAR, WASHINGTON, D. C, MAY 10, 1925—PART 6. FINANCIAL. % 9, 1088, Net. . ‘Week ending May 9, 1985, Net. 984—— ——1925—— Div. Week ending May 9, 1925, Net. -~ 'K_uhl.":a:x?n. 'ul-:llllk.v 5 : : a Rate. Tow. Oh High, % ’ High. Low. OClose. Chge. | High. . High, Low. Rate. High. Low. Close. Chge. 68 62 4 ADItIb! Power & Paper.. 68 65 144% 125 17 Delaware, Lacka & West. o 7 oo 145 145 126% 1224 7 United States Steelpf...... 1211224 122 + 1% 18— AdvanceRumie, V1% 60 36% — Den. Rio Gr. & West Df. 38 % 5 & 56 b1% 3 United States Tobacco. 52% b2 52% + T 17,78 ANsaciat aes it ! Detroit Edison. K 76 65 8 67 64 26% —— Urniversal Pipe. ... ¥ ou 1 93 +1. Ahumada Lead. .. ) Allled Chemica) & Dye.. 7 Allied Chemical & Dye 6 Allls-Chalmers Mfg. . 7 Allis-Chalmers Mfg pf. Am Agriculture Chemical FEFFYFH T R & © Dodge Brotaers (A) Dodge Brothers pf. Dodge Bros pf w { Dome Mines. ..., . Dougilas & Pectin Duluth So Shore & At. Duluth So Shore & At of. Du Pont de Nemours. ...... Du Pont de Nem 6% deb. Dugquesne Light 1st pf. .. Eastman Kodak (] 7% y % 9% 99% National Biscuit pf. 70 ki National Cloak & Sult. National Cloak & Suit pf. Nat Dairy Froducts. . Nat Department Stos Nat Dept Stores 18t pi National Distillers. Nationai Distillers pf. Nat Enamel & Stamping. Nat Enam & Stamp pf. National Lead. . . National Lead pf. ... 66% 7 Univsl Pipe & Rad ptf (7) 1% + 3 82 4 Utah Copper. Geeems + 8% 41% —— Utah Secu:itles. ... . 26 —— Vanadium Corporation. .... + 17% —— Van Raalte. ... 2 pa 60 7 VanRaaltc Istpf..... : 61+ 2% —— Virginia-Carolina Chem 1 Va-Carollna Chemical B. . W - 8% —— Va-Car Chemicalpf........ 18% 64% —— Virginia Rallway & Power 114 7% — V Vivadou Inc. 13% 4 —— Am Agriculture Chemical pf 5 American Bank Note. . 1 3 American Bank Note pf. 4 American Beet Sugar. . 631 i 7 American Beet Sugar pf. 224 54% 264 76 109 90% 95% 188 158% 47 American Can.. 109 119% 115 7 American Can pt. o= T 1% 97% —— AmCar & Fdy (n) 125 125% 120% 7 American Car & Fdy pf 26% 22% 2 ~—+— American Chicl — American _Chicl —— American Chicle pf. 60c Am Druggist Syndic 6 American Express. —— Am & Foreign Power. —— Am For Power 25% pa Am & Foreizn Power pf —— American Hide & Leathe —— Am Hide & Leather pt. 7 AmericanTce...... e+ 6 American Ice pf 321 —— American International 11% 1 Am La France Fire Engine 5 ‘Amer La-Fr Fire Eng pf. —— American Linseed. . : 5% 81 American Linseed pf. 109% 1447 104% 18 Am Locomotive (new). . 120% 116% 124 118% 7 American Locomotive pf.. b ! American Metal Eaton Axle & Sp! Electric Power & Lt ctfs Elec Power & Lt 40% pd Electric Power & Lt full Electric Storage Battery. Elk Horn Coal.’ Nat Rwys of Mex 1st pf. National Supply Nevada Con Copj New Orleans, Tex & Mex. Newport News Gas & El New York All Brake. N Y Air Brake Class A. New York Canners. New York Central e New York, Chl & St Louls. = New York, Chi & StLpf. ... +~— Western Maryland 2d pf. ... New York Dock. . v ——— Western Pacific. . New York & Harlem odd lot 6 Western Pacific pf. N Y. Lack & Wn odd lot 2 7 Western Union Teleg. New York, N H & Hart..... 6 Westinghouse Air Brake. N Y. Ontario & Wester: 4 Westinghouse Elec & Mfg. N Y Railw (part ctfs 4 Westinghouse Elec 1st pf.. N ¥ Railwas pf trust ctfs —— Weston ElectricInst ..... N Y State Railway: 2 Weston Electric (A) Nigara Falls ... . —— Wheeling & Lake Erie Niagara Fls Pwr pt (1%) —— Wheeling & Lake Erie pt. Norfolk Southern. . een 2 White Eagle Oil Northfolk & Western. 1 4 White Motors. .. Norfolk & Western pf —— Wickwir Spencer North American. —— Wilson & Co. . North American pf. —— Wilson & Co pf.. Northern Pacific. . . —— Willys-Overiand. Nunually & Co P 5 7 Willys-Overland pf 3 3 Woolworth (new) % —— Worthington Pump. 79 7 Worthington Pump 6 Worthington Pump pf B. 1 Wright Aeronautical. 131 Wrigley (Wm) 2,52 Yellow Cab.. 4 Youngstown Sheet & T. —— Ward Baking Class A. 37% —— Ward Baking Class B. 94% 7 Ward Baking pf.. 4 Weber & Heilbroner (n 4 West Penn Co (The) 7 West Penn pf.. 113% 7 Western Electric pf. 11 —— Western Maryland. Fll4+t bt I 4 + 1 bd++t Fltt I+ I+ +++4 144+ I+l ++++ 1 ++++++ 1+ ( +4+ Essex Cotton Mills 18t pf. Exchange Buffet..... Falrbanks. .. F+ » —.:H Iz + R e R R Zeeg | Famous Play-Laskey pf. Federal Light & Traction. Federal Mining & Smelt’ Federal Mining & Smelt pf Fldelity-Phoenix Fire Ins. Fifth Avenue Bus. . Fisher Body (new. Fisk Rubber. . Fisk Rubber 1st pf. Fletshmann Company. Foundation Company Franklin Simon pf. 3 + ot b+t + EE | 7 Amer Piano pfd. 4 American Radiato: 6 Am Railway Expret 3 American Safety Razor 4 —— Am Ship & Commerce « 6 American Smelting & 7 Am Smelt & Refining pf. 158 19 501 13 12 American Snuff. 100 94y 6 Am Snuff pt. 49 23% 54% 46 % American Steel 109% 101% t12 108 7 Anerican Steel Fdy pf. f1% 36 71% 47% —— American Sugar Refining 99% 77 101% 91 7 Am Sugar Refiningpf.. 281% 6% 24% & —— Am Sumatra Tobacco...... 69 221 56 28 —— Am Sumatra Tobacco pf. 124% 121% 138% 130% 9 Am Telephone & Teleg 138% 136% 89 824 94% 85 7 Amer Tobnew). 194% 90% 871 81% 93% 84% 7 Amer Tob B (new) 93% 391 106% 101 106% 104% 6 Amer Tobpfd... . 106% 105% 115 106 7 Amer Type Foudrles...... 108% 108 41% 24 3 1.20 Amer Water Wks (n)..... 56 49% 102 66 0 6 Am Water W & El parpf.. 102 101% 101 9 7 Am Water W. Elec 1st pf.. 102% 102% E 4 & —— American Woolen 39 3% 7 American Woolen 7 69% 4 —— Am Writing Paper pf —— American Zinc Lead & 4 —— American Zinc L & S pf. 3 Anaconda Copper. —— Ann Arbor. . £ ~—— Ann Arbor pf. A e pf. Pacific Gas & Elect: R N N RIGHTS. % —— Barnesdall.... % —— Reading Railway. = . + 5 —— Rossia Insurancce rights.. 4% 4% 4% — 1 Dividend rates as given in the above table are the annual cash payments based on the latest quarterly or half yearly declarations. Unless otheryiss noted, ext: or ecial divide are not included. T Partly extra. PROSPECTS ARE NOW FAVORABLE FOR LOCAL TRACTION MERGER Majority of Railway Common Stock and Large Hold- ings of Capital Traction Acquired by North American Co. Packard Motor Car. . -Packard Motor Car pf. Paige-Detroit Pan-American General Blectric special General Motors (new) General Motors pf. e General Motors 6% deb. .. Gen Motors (7) pf. General Petroleum. General Refractories. Gimbell Brothers. ceee Ginter Company ‘Glidden Company Gold Dust. ...... Goodrich (B F) Company. Goodrich (BF) Copt...... ‘Goodyear Tire & Rubber pf Goodyear Tire & Rub prpf.. Granby Consolidated. Great Northern pf. . Great Northern Ore ctfs. Panhandle. . Park & Tilfora Pennock & Ford. 30% 18% Penna Coal & Coke. 50 4 Pennsylvania Rajiroad % 1% 3 Peun Seaboard Steel . 03 Penney (J. C.) pf 92% People’s Gas, Chicago 9% Peoria & Eastern. . Pere Marquette. . Pere Marquette pf. Perc Marquette pr pf. Philadelphia Company . Philadelphia Copf. . . Philip Morris & Co. Phillips Petroleum. Green Bay & Western. .. .. Plerce-Arrow. Greene Cananea Copper Plerce-Arrow pf. Guantanamo Sugar. P e | T4+ 1 L4+t I R A R T o o I T B e & 1 BY L A. FLEMING. tant changes in the official roster 1 } some time. Armour of Tl (A). Armour & Co 1% pf. —— Arnold Constable & Co. K Asso Dry Goods. ... . 6 Associated Dry Goods 1st 39% 32 1.50 Associated Oil (new). s 127 116% 7 Atchison, Topeka & 8 Fe 96 92% 5 Atchison Topeka & S Fe pt 7% 8 —— Atlanta, Birminghgm & At.. 166 147% 7 Atlantic Coast Line. 4812 20 —— Atlantic Gulf & West Ind.. 47% 81 —— Atlantic Gult & WIpt. A 117% 95% —— Atlantic Refining. 115% 113% 7 Atlantic Refining pf 6 Atlas Powder pf. 13 U — Atlas Tack. . - 115% 115% 931 983% 12% 11% oo - & fave || seno]osa] | |5 soseacfarsanse] [snan|eFos] Hayes Wheel pf Helme Geo W. Hoe Company PH44 1 144+ Pierce Petroleum Pittsburgh Coal. . Pittsburgh Coal pf. Pitts FtW & Chi pf odd lot. Pitts Ft W & Chicago pf.. _Pittsburgh Steel pf. . Porto Rican Amer Tob. Postum Cereal. Pressed Steel Car. Pressed Steel Car pf. Producers &Refiners. Producers & Refiners pf. IR RN R In local financial circles there is positive belief that the investigation now being conducted by the North American Co. will lead to a merger of the Washington Railway and Elec- tric Co., and the Capital Traction Co.. irrespective of possible action with regard to other utilities. ; This investigation must of neces’ sity be secondary, for the reason that the North American Co.s interest in both street railway companies is far too large to permit of such acquisition having been made with- out a more orless thorough acquaint- ance with every phase of the situ- i It is probably a fact that, aside from the holdings of representatives of the North American Co., nof more than i s are centered in any one | interests furthers the belief in the ultimate merger of the two traction companies. Electricity Main Product. i Sale of electricity, current and ’po\\er. is the main source of both |&ross and net income of the North lAmerican Co., as will be shown b 22% 23% —— Austin Nichols 25 28% 92% 87% 7 Austin Nichols pf. 90 90 1% 2% 1% —— Auto Knitter Hos! 3 2% 134% 104% 146 107 7 Baldwin Locomotive. 115% 111% 117% 110% 116% 109 7 Baldwin Locomotive 110% 109% 84% 84% 71 5 Beltimore & Ohlo. 8% 6% i 66% 62% 4 Baltimore & Ohiop! 634 214 35% 3 Bangor & Aroostock. ‘0 21 —— Barnsdall, Class A ation. Heretofore all efforts to secure a merger of the properties directly in volved have been seriously handi capped. Capital Traction officials showed no disposition even to con- sider the matter nor have thei shareholders looked upon the proposi- 111 Central 1sd lines odd lot. Independent Oil & Gas ER N T Pub Service Elec & Gas pf. Public Service new. Public Service 7% pf. | figures from the 1924 report. Tra | portation earnings are not as im- |portant. furnishing a much smalier | percentage of both gross and net re- urns. Moreover, the severe competitic that street railw re rieeting in , these automobile days seems to have o E¥3 P4+ + 144 bttt e R 12 4 4% 107% 23 16% —— Barnsdall, Class B 53% 39 : 71 —— British Empire Steel 2nd pf. 120% 8 Brookiyn Edison Electric... 854 —— Brooklyn-Man Transit. 81% 72% 6 Brooklyn-Man Transit pf. 891, 175% 4 Brooklyn Union Gas. 79% 64% 4 Brown Shoes 101 96 7 Brown Shoe 49% 27% 2.60 Brunswick-Bal ok .C Buff Roch & Pitts odd lot. . 6 Buffalo Roch & Pitts pfd.. 6 Buff Roch & Pitt pf odd lot 10 Burns Srothers 2 Burns Brothers Clat 3 Burroughs Adding Ma. Bush Terminal 24% FxaFesas B I I O [ R e ExE 252 w2 "F & rOARBE e & p Intern Agriculture. Int Agricul prior pf. Internat’l Bus Machines International Cement. Internat’l Comb Engi: International Har, new. Inter Harv pf (new). Inter Mercantile Mar. Int Mercantile Marine pf.. International Nickel. International Nickel pf. International Paper. . Inter Paper pf stamped. International Paper pf.. Int Rys of Cent Am. International Shoe. International Shoe pf. Inter Telephone & Teleg. . Jewel Tea. . Jewel Tea pf. Jones Bros Tea. Jones & Laughlin pf. Jordan Motors. ... Kan City Po & Lt pf. Kansas City: Southern. ..... Kansas City Southern pf.. Kansas & Gulf......... Kayser (Julius) & Co. Kayser (J) & Co 1st pf. Kelly Springfield Tires. 19014114+ 44111 1L4+4+] ¥x FREE 2xy o+t 3 Radio Corp. of Am. pfd Railway Securletles. Railway Securities ot Railway Steel Springs. Rail'y Steel Spring pf. Remington Typewr 2d pf. Reynolds Tobacco, B. Reynolds Tobacco, pf St Louis-San Fran pf., 8t Louis Southwestern . St Schulte Stores. ....... Schulte Retail Stores Seal s2FsF P2 ) b “AEREs"rs = (EESELERRENNE S ® + 4 SFE RS FEIRR * tion with any favor. Efforts in 1913 Failed. In 1913 a local vehicle for consolida- tion was formed in the organization of the Washington Utilities Co., which had absorbed 27,500 shares of the common stock of the Washington Rajlway and Electric Co., before a quietus was put on the mgvement through the enactment by Congress of the La Follette bill, by which the holding by one utility company of more than 20 per cent of the stock in another utility corporation was made illegal. This legislative was not retroactive and did not affect the then existing relations. Prior to that movement there had been a very severe decline in the values of Capital Traction Co., a drop of many points, and, rightly or wrongly, shareholders in the corpora- tion attributed the leadership of the bear movement to railway interests, making a play to bring Capital Trac- tion values mearer in line with the current figures for Railway and Elec- tric shares with intent to further a | put this branch of the public busi {ness on the defensive, so much so that they are actually encaging ir the bus business themselves. Nor is there the slightest possi- bility of restricting the use of the au tomobile, despite the awful toll of human life exacted. Plants of the North American Co. are located largely in and around | Chicago, p | Last vear 65.19 per cent of its gross earnings and 80.21 per cent of its n income were from electric lightin power adn heating service: 17.84 per cent of gross and 10.37 per cent of |net from gas, 11.67 gross and 3. | net from coal, and 1.18 per cent gro {and 2.16 per cent net accredited | miscellaneous. ~Aside from its c | trolled properties the company has ubstantial investments in _other companies, chiefly in Detroit {and local companies. Its_capital stock consists of $29 - 0 6 per cent preferred and $24 236,589 common_ stock, while it hol. {in its treasury $234,207,074 of securi- ties of other corporations, or did ut AR e e the close of 1924. 28% 17% —— Butterick Company . 2% % — Caddo Central Oil Ret 110 100% 6 California Packing. - FEEF merger. In 1910 it had 45,243 customers for Shattuck (Frank Conditions Greatly Changed. current and in 1924 644,430, indicating T2 @ 32% 23% 1% California Petroleum (new) 7 California Petroleum pt 14, —— Callahan Zinc & Lea 18% b8 152% 136% 307 2% 2 Calumet & Arizona. ... Calumet & Hecla. Canada Southern odd lot. . 10 Canadian Pacific. ——— Case (J I) Thresh Mach —— Case Threshing Mach pf. Central Leather Co. +12 Central Railroad of N 2 Century Ribbon Mills. Cerro de Pasco Coppe -—— Certain-Teed Products 3 Chandler Motor. . 4 Chesapeake & Ohlo. 6% Chesapeake & Ohlo pf. 3% —— Chicago & Alton. . T+ 1+l 0+1+11+1++1 000+ 01+++01+ +1 FEREFE & 3 4 17 3 2% 5 3 1 7 6 i 1 8 2% 8 4 2 5 7 L3 [ 6 5 8 6 7 7 3 3, . 8 3 4 8 8 7 Liggett & Myers pt. 4 Lima Locomotive 2 Loew's, Incorporated. —— Loft, Incorporated. 1 Long-Bell Lumber A — Loose-Wiles Biscult =REPELRa"R s L b Shell Uniop Ofl. Shell Union Oil pf Simmons Company. Simmons pf.. Simms Petroleum Sinclair Con Oil... Sinclair Con Oil pf. .. Skelly Oll....... Sloss-Sheffield Stl & Iron. Southern Pacific. Southern Railway . Southern Railway pf. ... Spicer Manufacturing. Spicer Mfg pf. Stanaard Gas & Rlectric. Standard Gas & Elec pt Standard Milling pt. . i+ o+ Conditions today are greatly changed. Congress has béen doing everything possible to further a merger, even go- ing so far as to suggest an impost to enforce it and enacting legislation re- pealing the action’ of 1913 referred to above. - The Capital Traction Co. has seemed indifferent in the matter of merger propositions since the failure referred to above, but of late officials and shareholders have: gradually become less and less adamant in their oppo- sition. They realize that they are handicapped in so far as competition is concerned by reason of the fact that their revenue must come entirely from passenger traffic. Furthermore, they are meeting a its rapid absorption of territory no less than the enormous growth in ti consumption of electricity, while g customers also increased from 17. | showing the slower but none | the less steady growth in the users . gas. 3 Growth in Five Years. The last five vears has marked 11. greatest growth in the manufactu and sale of electricity. This is true of gas, for, while its days illuminant are fast passing, it become the cooking fuel of all citie of any importance to a larger degres than ever. The yvears 1919-1924, inclusive, have witnessed a growth of $235,873,000 in & Alton pf. —— Chicago & East Illinols. —— Chi & Eastern Illinois pf. —— Chicago & Great Western... —— Chicago & Great Western pf. sfsseFsfore most serious competition from the in- | the assets of the . o creasing use of the automobile, not | $49,773,418 in the ,;’;;,",,g:"‘-;’,“;‘;h.fi,,,- only the privately owned machine, ary corporations, $13.197.000 1n 1ie but busses and low-priced second-|company’s balance for depreciatio hand cars and trucks loaded to ca- | reserves, dividends and suipie s pacity with laborers and others going | 671,000 in dividends, $13,015.400 1a oy to and from work. Of course, the (plus account after writing off b railway company meets the same com- | values of securities to the amount of petition, but the Capital Traction Co.{ $4,703,000. Reserves at the ena op 1 s without the profitable lighting and | fiscal vear have inorese i $y1ber (10 power adjunct that means so much to | Electric capacity has inciomaoy | the Washington Railway and Electric | 649,490 kilowait hours 3 4 Owns Much Common Stock. Annual Report Just Issued. It is believed that the North Amer-| The annual r s large majority of the common stock | pended. % i of the Washington Railway and Elec- tric Co. The initial purchase was the | Gross .. .. e 27,500 shares of common owned by |Net after expenses banks, being collateral on notes fore- | mypni! taxes - 30.014. 47668 closed, absorbed at a price around |Int.. pfd, wiv gt S $61.50 a share, and thousands of subs.. etc . 12.342 548 shares acquired since then on a rising The advance in common shares of | ciation . 7.342.606 the Washington Raflway and Electric| -~ 000 Co. has been due in a measure to the | , Het ‘ncome .. $10.781,387 $0.320.256 expected payment of back dividends | Eieferred dividends 1494.950 1144701 from the escrow fund accumulated & ) Seanor pending a decision on the rate for|Common ks electric light and power, but stock| 9ends accumulation may have been more of Surplus - $6.400.967 a‘ lncl;zr ll’:ln the possible distribu- R . tion of cash. ThfitNo'rth u-i:m;gun Co. has also FOREIGN EXCHANGE. bought considerable preferred stock, | By the Associated Press, but the chances are that its holdings | NEW YORK, May o For of common are many times greater |oxchange easy. e R Ay ralen than the preferred. Great Britain, demand, 48412; cables Aoreover, the Commissioners of the | 4gi7." ‘Go.day bitly oq’ Tt ¢ District are more than anxious for | Ty nee, demand. 308 Ca0ks. 480 the consummation of the merger, and (110" demand, " 4.10: u;] es, 5.2 there seems to be no opposition {rom | Belgium, demand, 50415 Gers v S she varlous cltizens’ | demand, 23.80; Holland, demand, 10.15: "m“"‘l""" l"l" u“’ o "“‘_""“" Norway, demand, 16.89; Sweden, de ances, mm SRR sl e SO mand, 26.73; Denmark, demand, 15,5; the North American interests have | Shizetland. demand, 19.34%;; 'Spain, any intent to purchase stock in the a1 o zi::-(;-;g‘-, e . S . 2.96%; Jugoslavia, demand, .62; Austria, demand, .0014%; Ru. The Capital Traction Co. has $18|mania, demand. .49; Argentina, da. 000,000 capital stock. Control of the [mand,’ 39.50; Brazil, demand, 10.30: m( by mo means centralized, | Toklo, demand, 42; Shanghai, demand, ¢ a-n have been no impor-|76%; Montreal, 1.00 1.32, Py L144+ +l+4+] 1 1++] BRI RO NORE e - EEFR e R R e T RN #Fx 4+ 5 75 J114% 100 100% 79% 98% % 6 Chicago Pneumatic Tool. 50 21% 15 —— Chicago, R I & Paciflc. 87% 65% Y 6 Chi, R1& Pacific 6%. $T% 6% 2 7 Chicaxo R I & Pacific 7%. 5 Chic St Paul M & O pf.. +1 Superior Steel. Symington. . Symington (A). Telautograph Cp. Tennessee Copper & Chem Texas Company. . Manhattan Elec Supply 5 Manhattan Elevated gtd. 20! 1% Manhattan Shirt. 28% 2% Manila Electric. SRR RTE e #Fre w2 #x Sl 8| Cluett-Peabody . Coca-Cola. .. .. Colorado Fuel FEOFEEX 25% 4 Martin-Parry.. 51 —— Mathieson Alkall... 74% —— Maxwell Motor (A). 107% —— Maxwell Motor (A) ctfs 83% —— Maxwell Motor (B)... E ooy e Columbla Gas (new)....... 66% Columbia Gas & Elec pt 107% 1054 Columbia Carbon. .... 48 & Comm Invest Trust pf. Commercial Solvents, A. Commercial Solvents, B Congoleum-Nairn. .. Conley Tin Foll (sta). Consolidated Cigar. Consolidated Cigar pf. ¢ Conkolidated Distributors. Consolidated Gas new. . Consolidated Textile Continental Can Continental Insu Continental Motors. Corn Products Rafi Flll+++++ +111F 4+ HH 4144 Union Bag & 3 Union OMf of Celtt. on Pacific. s Foannrrd & - a3 = 248, 38e5335%0 4] P83 4 128% 1184 49 36 FH n'lt;‘?:u'l‘?’l mv.llt »f. 1816 — ron Pipe & Fdy.. 100% 7 USCastIr Pipe & Fdry pt. 80% — U SDistributing Corp'p 4 —— USExpress........ U 8 Hoffman gu Industrial P4+ 1+ + 1+ 144+ [ I Ftddtd 1+ Ittt rdetdbtt bbbt I+ 1 H I H+ 4 Crucible Steel Cuban-American Sug: Cuban-American Sugar pf. . Cuba Can SUBAT. o< . .veeee Cuba Cane Sugar pt....... Cuban-Dominican Sugar. Cuba-Dominican Sugar pf. Cushman’s Sons (3) . Cuyamel Fruit........ Daniel Boone Mills. Davison Chemical Deere & Co pf-. . Delaware & Hudson oo #88 8=g8 I4+4( +4+dd+40 01+ +1 .. CERe2ETE sx sewewes™? § I 1+++++++++ 1+ 1++++++4+4+ + + I+l ++ + - b33 L R 11+ = = *FF E8geazgens EX AR S S L SN