Evening Star Newspaper, January 19, 1927, Page 12

‘19 % PRIGES ARE STEADY INCENTER MARKET Storage Eggs Slightly Lower. Turkeys Go Higher as Live Fowls Decline. despite poult A steady market generally, & few fluctuation lines and a weakness in stor was reported today by stands at Center Market Storage dropped from 38 cents & dozen to 36a37. While fowls dropped 3 cents a pound; turkey alive, advanced 2 cents, and r went up a few cents Trading was fairly brisk in all sec tions of the market today. Today's Wholesale ¥ 1-pound prints, 56a ; stors packed, 38. selected, 43a44; receipts, alive, sters 67; tub, Eggs—Fresh, 44a4! current 36a. alive—Turkey: White Leghorns, 3 18; keats. Dressed--Turkeys, | e hen. 40a42; ens, fowls, young, 203 60a60; old, : capons, , 40242 29330 keats, yo rabbits, No. Meats—I fancy. chickens ; smoked shoulders, 3 Live stock—Calve: 15 me- dium, 12a13; thin, 6a7; lambs, 13a13%. Fruit and Vegetable Review. market report on fruits and vegetables, compiled by the Market News Service Bureau of Agricultural says: 31 inches up, 3.00; Staymans, boxes, Wash ington, medium to large sizes, extra fancy Delicious, 3.50; fine quality and condition high .00; ex Romes, 2.00; extra fancy win size extra fancy Jonatl Cabbage—Supplies libe light, market steady; Florida, 1%-bushel and round types 2! ew York, sacked, weight, Danish t; Celery—Supplies light, market steady; Florida, 10-inch crates, 3.50; California, crates, me- dium size, 6.00a6.25; few higher; large size, 5.75. Onions—Supplies light; demand light, market steady; Michigan and Indiana, 100-pound sacks, vellows, U. S. No. 1, large size, 3.50; New York, 100-pound sacks, yellows, U. S. No. 1, medium size, 2.75a3.00. Potatoes—Supplies liberal; demand moderate, market steady; Michigan, 150-pound_sacks Russet Rurals, U. S No. 1, 4.50; Maine, 120-pound sacks, Green Mountains, U. 8. No. 1, mostly around 4.00. Spinach—Supplies liberal; No. 1 York, new stock, ampers pointed hundred- 1.90. te; demand per demand FINANCIAL, THE EVENING STAR, WASHINGTON, D. Following is a list of bonds and stocks traded in on the New York Curb Market today. INDUSTRIALS. i Low. 1181 701y 064, Pow&L pfd Seat vt L Curtis Pub pid 14 Deere I De ¥ i1 DFRC 2 Doehler Dut 1 Fox < A 1 ¥rank H H M © 9 Freed-Sixem ' ©<hma ulton e SR Prod ¢ A r T &R 1 Happin € St A 24 Happin € St F Po pf. UIndPT.. 2 Intl Silyer Kroder G & 3 Kruskal & K 1Land Co Fla 1Leh Coal & Nav 1l 13 Leh Pow n 3 Al € of rus orp n Box. Mid W Ut pld Midvale Co Yohawk Hud Po El Pow A Leather iNat Pu Ser 14 Nat Pu S 1N Or 5 Nor 0 P i AL Nor, e Bu & P pf ney Boe P M. tsb & Lalk 100 * B 5 i vow 1 {;I’zll & % Proct & Gam . 33 Rand Kar! Bu 0 2 Ran . war 6 4 Reo' Mot e o .21 21% 4 Rickenback Mot 11, Bak P pi 1001 Est 1615 1 Sherwin “Wms ¢ 1 Sierra Pac 3 Singer Mig 18 light, market steady; Texas, bushel baskets, &‘vy type, best, 1.00al.15; poorer, 75, Peppers—Supplies light; demand light, market steady; Cuba, pepper crates, 4.00a4.50. String beans—Florida, express re- oeipts very light; practically no sup- plies on market. Strawberry—No arrivals; no sup- plies on market. Washington Stock Exchange SALES. ot SieIFetown Gas 55—S1.000 at 983, $500 Lol 4l Tract. Co—8 at 1037% mac Elec. pfd—5 at 108% . ool Ry & B pid—10 at 90%, 10 at Amer, Sec. & Tr. Ca.—2 at 372. Cont'l Toiet Co-235 at o5, AFTER CALL. polash: B. & E.. pld—35 at 90%.. 25 at Money—Call loans. 5 and 6 per cent. Bid and Asked Prices. BONDS. PUBLIC UTILITY. merican Tel. & Telga, .o 6 i ity Ana. & Pot. Guar. 5s. 5 Teiephone 5s. & P."Telephone of Vi Traction R. R. bs. ity & Suburban 5x... ... Georgetown Gas 15t 5. tomac & rfd. . Mt. Ver.'5s.! ML V. etf. Washington' Gad ha ;> Fashington Gaz 81 ath. Rwy. & Eloc Wash. Rwy. & Elec. g MISCELLANEOUS Chevy Chase.. estnut Farms Dairy’ - 102 3o Stock L e 55,0 150 ~“Joint Stock L'd Bk 55.. Quthern Bldg. 6 1 s 03 ash. Mkt Cold Storage Ss. 9. Wardman Park Hotel Sz 98 STOCKS. PUBLIC American Tel. & To Capital Tract Washinetan Yorfolk & Wi otomac Elec Wach. Ruy. & Wash. Kwy. & NATIONAL BANK Capital s St nid. National Columbia . ...0 Commercial " istrict armers & anics’,, rederal American . Metronolitan n TRUST COMPAN American Security & Trus Continental Trust o oo gerhanie, Bak o Stionay ‘Savimes & " Triis Chion Troat b Wash. Loan & Triat SAVI Commerce & Savin East Washi Str nited Stat Washington Mechanics FIRE INSURA American Corcoran iremen's Natiopal 1 I Title Tiue of M. com MISCELL D. C. Paver pfd Federal-American €6 'com an Co. pid : INSURANCE Columb y eal "t 150% itle Inv EOUS 0 R 0 & Stor & Stor wotype derchantx. T Jernan, Tran ercenthaler g & v ¥ d Woodward & Lothrop bid DIVIDENDS. Pay- Holders Rate. riod. ale, TO'ders of record Jan. 21 Am E Burns Bros. Do. B Canada Coment i Cockshutt Pi b Eagle Lock Do, Hamilton Impe Isle Rovale Copp Se Co pf $1.50 e 3, 18 1 Sou P& L 1 pfd u P& L p ol Reg Pap. ... Stand £ & Lt n'A tand Pub C A 1 Stanley Co n.. 4 Stutz Mot 5 Swift Intl 68 Tamna El . Tob Prod Ex) 3 Trans Lux o000 . 28GR xS mEomes R S EEAREL TR S FRIRR g LigHt pid ic Talk ~Mach 154 Vic TalkMachnwi ic TalkMach ptd 91 b Warner Bros Pic 303 1 West Md 1st pfd 115 6% Wesson O &5 vic 607 hite Sew Mach NG STOCKS. F 1 Yel Taxi C NY n e IN undreds. ™ 130 Am Tin & Tung .08 2 Anglo Chil C N 10 Aniz Globe C 3 Cons Cop’ Minies 10 Divide_Extens 1Eng GId'M Ltd 40 Eureka _Crocsus. 0 Falcon. Lead Min 0 Flor Goldfid M. Golden St 5 fawihome S 1 108 1 Holipger ] Gy Copper 1 1 1 B = R ERE R £ £ 2 St I 250 Am G &P 0 Spearhead “Gold 0 and Silv I a P R 5 Sales INDEPENDENT Ol m nnds, c 311 Am C Oilfids, . . s = = QOGS B = anicion e nu SR Sotte s ass SRR £ rhy O & R bt Gibeon 01l Cor s FRRERRE FRAR ¥ EVERYMAN’S . INVESTMENTS Net Result of Stock Dividend. Let us e one more attempt to clear up this mattter of what a stock dividend means. Suppose five ‘men | are partners in a business the assets | of which are valued at $100,000. Then each one of the five will have $20,000 interest in the property, for | five times $20,000 is $100,000. Now lct us change the partne making o imbarcs » property lued at $100,000 and the | holdings of each one of the five former partners, now stockholders, will be worth one-fifth of $100,000. exactly the Now suppo: ®arried on over a period of s during which profits accumulate in | the form of surplus so t et come to be worlh twice as much as | they were at the organization, or $200,000. In that event each one of the five stockholders will own one-fifth of the bisiness or $40,000. In other ' his stock will have doubled in ship stock, 1,000 lue. Next assume that it is decided to | declare a stock dividend of 100 per | cent 8o that each shareholder re- | ceives 200 shares additional, making | 400 in all and that the total amount | outstanding is 2,000 shares, ch | one of the five will have twice as any shares, but his proportional in- | terest in the business will remain the | be onefifth, no ares before | ock dividend were worth exaetly much as the 400 shares after the dtvidend, that is, onefifth 60,000, or $10,000. All that has happened is that each of Melellle Shoe i, op' v Pepperell Mg Texas Corp .... eetnemee 4 ¥ 2 S4SA Jan.18 - Feb. 750 pr. ar, a Iln-‘ stockholder after the stock dividend has twice as many paper certificates to represent his unchanged interest 'dn, the business as he had before, | Uhitea ity | London, Stockholm, 1 Mex O 30 Mex Ol 1 Mex Panuco 17 Mount Prod (i Gulf 3 ford Corp o1l 15 Salt 7 Savoy 3 3 Tid Osage ONV % Water Oil Tide Wat Oil ptd enezuelan Pet STANDARD OIL 6008 0 3008 O 4003 0 3 2008 O N )S 0 O d 1 5700 (GRS Sales i theusands. 6 Allied Pl 68 9 Allied Pk Vacuur.i 0T MR by 0 Sta P M 645 10 > S B M Gt C 1 18 OKkla N Gas 648 551 Cent Be Salesin ~ FOREIGN thousands. o 13 Baden 1 Buenos 15 Ruenos 36 Suenos A 15 Berlin S 61 4IBEE Rica Danish Cons 5% enmark 5345 2 Eur M&T 73%s A Free St Pr'oiys Ger Cop ¥ 74" t Cons El 635 HLM7 1Ind M B Tl 33 Leonn, 1 ¢ 938} 3 Low Aust 7 ML T N ax Mi 64 Mendosa 1 Tlas. . 4 9915 NEW YORK CURB MARKET Received by Private Wire Direct to The Star Office 69 304 L ISSUES ' | orders had been executed, pri BONDS. € 10317 03 1 it 0178 09 ONDS, 02 a8 96 a8 a3 101 13 9614 . 99 751011 141 114 0915 10 110 1M 7s. 107 11 Munit Medellin 85 104 * 21 Muni Medellin 74 03 7 Monteyideo 68 A 9i31; 14 F Pery e Swe * Exdividend. . 10914 09313 SHORT-TERM SECURITIES. (Reported by J. & W. A Am. Tel. & Tel Seligman & Co.) luminum Co. Amer. 7s 1933 Co." ds 1020 American Thread Cq. 63 1038 Anac ated Oil 6s 935 & 0 . 1 o Mil. & St. Paul 6s Chife Copper. conv. 65 City of Lyons Gs 1934 Columbia G. & Contl. Gas York Tel. 6 19 K. 193 . K. R. C Lt. & Pow. 5 T Smelting 5145 Co Wheeling St. Corp. 5% Rubber 6145 1928, a Cobper 65 1929.. 1 RS R RENUETE P FORFIGN EXCHANGE. pound.. . . dollar . “rown crown erown zloty crown crown. | 1o, ator, firsts, STEEL SHEET. NEW YORK, Sales of steel sheets in 2 ag tons mber. rof the Corn Pre s been elected pre roducts Sale January Twenty anno1414 000141 02061, 1150 SALES UP. 19 P).— by independent totaled tons in ge on Janu lent of the Corn yea rted with Corn Products as a week salesman, retail trade. , calling on the | advance of | efficiency solvency of its debtors. | COTTONADVANEES ONFORECN NEWS Southern Profit Taking Off- | sets Some of Gain in Early Trading Today. 19.-~The cot- ady today at an 3 to § points in response to higher Liverpool cables and reports continued activity in cotton goods NEW YORK, Janu ton market opened s for March and v met considerable realiz & by recent buyers and a little more Southern selling or hedging. Busi- ness tapered off after initial buying tes sug from the best. E n selling, which n evidence at the tributed chiefly 5 or 6 poi for the Sout was a little more art, offerings we to_profit taking. Private cables reported good trade calling and Manchester buying in Liv. erpool and that more idle looms were starting in Lancashire. New Orleans Mariket. " ORLEANS, La., Januar) cotton market opened firm . with first trades showing, points. | -~ after the start 13. May at or 3 to 5 pc bove yesterday's close, The advance acted realizing, which caused prices to decline 4 to 5 points. At the end of the first half hou however, the market was inclined to rally, help: ed by a bullish weather and weekly crop report. Liverpool cables were than due and large spot sales * reported in that market. MEN AND MONEY By M. S. Rykeyser. (Copyright, 1927 nd Ju comeback of high mic 1ce ate yents by Will Europe’s econ threaten the contin wages in the United Will Old World belligerents pay 1s and interallied war dise reduce s to man American that lie ahead? questions become more in- nd immediate as Europe re- ns to normalcy and restores soufid currenc: tems. number of the leading authorities on theif answers which repar debts the in factories labor economics to giv to_these riddles. William Green, president of the American Federation of Labor, said: “I do mot helieve the competition f Europe will reduce American wages, because high wages are an essential part of our method of operation. The competition will not be between wa rope and wages in the United S but be- tween efliciency in Burope and in the United States. “I do not belie the pro tive tariff i It is an in or may not es, rial factor which may result in high wages.” Might Raise Wag@. T. N. Carver, professor of ecod- nomics at Harvard Ly, re plied: “I am inclined to think that increased competition from Europe, when that continent returns to nor- mal, will tend to raise rather than depress American wages in general though it may tend to depress wages in certain special oceupations. In general, Europe is our best custom- er. If she increases hr production, of course, her products will in many cases compete with ou everthe- less, she will not only increase her selling power, but her buying power as well. That is, she will have more goods with which to buy other goods from the outside. In general, I am convinced that the more prosperous Europe. becomes the better off we shall be on the whole, though it may require some readjustment to take advantage of Europe’s increased buy- ing power as well as to avoid: the disadvantage of competing with her when she increases her selling power. “T not only do not think that a pro- tectivt tariff is necessary to maintain high wages except in certain special- ized industries, but I think that it is a factor in keeping real wages down for a country as a whole.” Henry R. Saeger, professor of ec- onomics at Columbia University, “1 believe that European com- petition in neutral markets will be a factor of Increasing Importance and that its tendency will be to cause a recession of Americ: business, which may have an unf#orable ef- fect on wages until we are readjust- ed to the new situation. “I do not believe that a protective tariff is necessary to the maintenance of high wages, but, of course, any sudden change in tariff would react unfavorably on business and on wages during the period of readjust- ment.” Lower Cost of Living. Paul H. Douglas, labor economist, University of Chicago, said: “As lon, productivity keeps up and if are maintained we need have ear of a fall in wages, nor am I afraid of the payment of the Ku- ropean debt as a possible menace to real wages. It may lower money wages, but it will also Jower the cost of living, and hence real wages should not be reduced, but should, as a mat ter of fact, in e’ On the other hand, Leo Wolman, economic adviser to the Amalgamat ed Clothing Workers of America, in replying to the question thought that increased competition from Eu- rope might result in ‘“some slight lowering of wage rates and possibly of earnings.” The prevailing view among thoughtful individuals is that the world has become ‘increasingly in- terdependent. The strensthening of one member of the family of nations will require temporary adjustments elsewhere, but the ultimate effect will be to heighten world prosperity. As a creditor nation of increasing proportions, America is interested in movements which strengthen the TREASURY CERIIFICATES. FEDERAL EAND BANK BONDS. (Quoting by Alex) Brown & Sons: closing.) ADprox Asiced. vield 100% 10014 A new ferryboat in London the demand for | C., WEDNESDAY, WEATHER N WEST FAVORIG FARMERS Forces of Nation Combining| to Give Grower Good 1927 Send-off. BY J. C. ROYLE. Special Dispatch to The Star. | | NEW YORK, January 19 | at this time is favoring the sections | | of the country which need it mosf | Heavy snows have prevailed in Minne sota and the Dakotas. Spring thaws e expected to provide subsoil moi: e to carry grains through the ger. minating period and improve the 1927 | agricultural outlook. ~ Similarly, ad- | vantageous conditions have prevailed in the range States, favoring the live stock producers, and in the dry farm ing districts the intermountain country n practically every line tn which farmers have buckled down to business and developed practical marketing pro- grams conditions are prosperous. That fact has brightened the outlook for each individual industry in this country, for the farmer-buying power i still the predominant factor in na- tional prosperity. of { Northwest No Exception. | The Northwest, where the depr ing effect of low grain prices was 1 keenly felt, is 0 exception. etin of g ins such was not profitable, but those who marketed | their crops in other ways have little to worry about. Producers of butter, | poultry, eggs, live stock and milk are | ma no ‘compiaints about hard times. The value of the farm products marketed through the four co-opera- tive associations which have head- quarters. in the Twin Cities aggre- gated $90,000,000 in the last vear. The lower grain prices have bene- fited rather than harmed members of those associations. The Central Live Stock Commission Co. of St. Paul did a business of $40,908,877, handling 22,990 cars carrving 1,523, 393. animals. It paid dividends of $128,000 on its capitalization of 000 'and the saving to farmers in addition to dividends is estimated at 250,000,000 spread among the 5,000 members of 670 farmers' shipping | associations The Lana handled $4,000 uets, including 375 carloads of qream and 79,000,000 pounds of butter.® The | Lake Region Co-operative Egg and Poultry Exchange handled 150 cars | of live poultry, 400 cars of esgs and | 35 cars of dressed turkeys valued in | all at more than $3,000,000. This a comparatively new association. The co-operatives in the Northwest are making no active drives for memberships, but are enjoying a steady growth which promises to pread until a majority of farm products are handled. The co-opera- | tive institutions have finally adopted the system of engaging men of wide experience and business training. The farmers are taking lessons from their neighbors across the border. It is estimated that it costs the Mani toba farmer 39¢ less to produce and market a bushel of wheat than it does his American_neighbor, according to Prof. H. C. Grant of the Manitoba Agricultural College. Better Marketing Methods. A good part of this difference is rep- resented by the higher ylelds per acre, but a falr proportion due to im- proved marketing methods. Eight of every 10 acres of land sown to wheat in Saskatchewan in 1926 were under control of the Co-operative Wheat Producers. Membership numbered 78, 5 farmers and the area signed up amounted to 2,626,334 acres. During the year the organization acquired a chain of 582 country grain elevators. Wheat marketed in the three prairie provinces in 1926 through the central selling agency of the pools totaled 187, g o'Lakes 200,000 bushels. Not all experts agree on co-operative marketing as a way out of the farmers' difficulties. Dr. Henry C. Taylor of Northwestern U sit the only possible remedy rmers’ ills lies in readjust- ment of the tariff. = “Either,” he said, “reduce the tariff on imperts so as to deflate the price. of things the farmer must buy or make the tariff effective for the farm- er to the’ point of restoring his pur- chasing power. JANUARY 19, 1927. CATTLE STOCKS DROP. Number on Feed in Corn Belt States 7 Per Cent Smaller. Cattle on feed for market in the 11 corn belt States was 7 per cent small- er the nou larg on January 1 than ago, of Agriculture an- The decrease was ely In States west of the Missouri a year Department nced today. River. “It seems probable that the decreas- ed number of cattle on feed will re- sult fed in larger decreases in supplies of cattle during the first quarter of 1927 than during the second quartes the prices during the next how dist P the as ¢ Ol Tllinoi: Minnes 100; 85 January 19,1927 move in any direction and is trolled by one man, report stated. “The trend of cattle ever, will affect considerably ribution of marketings." he percentage of cattle on feed in corn belt States on January 1 compared with a year ago, were hio, 110 per cent; Indiana, 110 Michigan and Wisconsin, ota, 85; Towa and Missc South Dakots Kan with the corn belt States, 93.1. the two months, | "l April 2 FINANC ‘WOOL PRICES FIRM. BOSTON, January 18 (Special).— {Good worsted wools are In best de- mand in the Beston wool amarket. Distribution of sales is spotty, but prices are firm. Fine combing terri tory is held at 1.07a1.12, with the bulk of business at 1.08a1.09. Iine cloth- ing wool is being taken by top makers at 90a95 clean. French combing te ritory was quoted today at 1.00a1.0: | halt-blood at 97 to 1.02 three- |eighths blood at 88a81 clean basis. | Delaine of Ohlo quality is held at 46 grease by with half, three- eighths and quarter bloods at 44a45. WILL PROBE STEEL RATES. Interstate Commission | | Commerce | hearix steel centers | which evidenc level of iron | territory will b arly mext Spring, at soncerning the present nd steel rates in central assembled. The ses- ons will be at Pittsl , March 16; Columbus, Ohio, Detroit, and Chicago, May 12. zs will be held at four important | TAL. MARYLAND 3D QUARTER 1926 EXPORTS $17,675,424 Special Dispatch to The Star. BALTIMORE, January 19— Mary land's exports for the third quarter of 1926 were valued at $17.675.424, accord ing to figures of the import and export board of trade. These figures do not represent tha trade of the. port of Baltimore, but indicate merely the cargoes originat ing within the State. They do not in clude important traffic from the | terior. Refined copper and wheat were tha two Maryland exports predominart i valuation. Shipments of the fowe: were placed $6,303,325 and of the [Tatter §4,404 Other leading Mary And exports for the period were man | factures of copper, vehicles, flour. | tuminous coal chinery, iron steel manufae ‘ns and cor age, leaf tol ting ofl, fer {lizers and chemicals and tex . wernor, secretary of St and labor commissioners of Texas n: are women ESTABLISHED 1882 To January Investors — There Are Differenc'es‘ In First Mortgages NE first mortgage real estate bond looks much. the same as another, so far as paper and ink are concerned and, as a matter of fact, the same general statements may be applied to both the safe and the unsafe. For sound investment, you must dig deeper—get at those differences which tell the real story. For instance: a difference of one block in location may mean success or failure, even a minor difference in layout and design affect rentability (and thus, earning power) to a marked degree, a difference in contractorsresultin good or bad construction and a difference in management account for profit or loss in operations. This House makes it a business to establish these differences before—not after —the bonds are sold to the public. When our appraisers, engineers, architects and like experts are satisfied, we are willing to add the sponsorship of the Straus name, and the investing public is assured of a sound, well- considered purchase. Today, call or write for our list of January offer- ings, yielding, on the average, 6%, and further marked by possession of every factor making for soundness of security and earning power. Ask for BOOKLET 451.G S.W.STRAUS & CO. - INVESTMENT BONDS ~ 929 FIFTEENTH STREET Telephone Main 5847 WASHINGTON 45 YEARS WITHOUT LOSS TO ANY INVESTOR INCORPORATED 95,000 Shares Victor Talking Machine Company $6 Cumulative Convertible Preferred Stock $6 per share pér annum pa May 1, 1927). Entitled 'in Edward E. Shumaker, Esq., President of Victor Talkin, of which may be obtained from the undersigned, makes lh(} Yable quarterly February 1, May 1, A 1, iquidation to $100 per share and accru any dividend date at $110 per share and accrued dividends, on not less than sixty days’ notice. Di from present normal Federal income tax. Each share of Convertible Preferred Stock will be convertible at any time after October 1, 1927 into two shares of Common Stock, with cash adjustment for dividends. The Certificate of Incorporation includes provisions designed to safeguard the conversion privilege. No par value. Preferred as to assets and dividends over the Common Stock. Cumulative dividends at the rate of ugust 1 and November 1 (first dividend payable e§ dividends. Redeemable as a whole or in part on Machine Company, in o leiter dated January 17, 1927, copies ollowing statement: CAPITALIZATION In addition to $6,900 par value 7% Cumulative Prior Preference Stock ‘(Per Value $100). $6 Cumulative Convertible Preferred Stock (o Par Value). Common Stock (No Par Value) *Including 244,230 shares of Common Stock reserved for conversion of Convertible Preferred Stock. **Including stock owned by Company and subsidiaries, as follows: $167,220 Prior Preference Stock, non-callable Preferred Stock Authorized $20,934,000 122,115 shares *819,015 shares 975 shares Convertible Preferred Stock, 4,599 shares Common Stock. The Company has no funded debt. Each share of stock has voting rights. $90 per Speyer & Co. Hallgarten & Co. Jackson & Curtis Hayden, Stone & Co. The Prior Preference Stock, Convertible Preferred Stock and Common Stock are issued in accordance with the plan of recapitalization approved by the stockholders January 17, 1927, and do not repiesent new financing by the Company. This Stock has been approved for listing on January 20, 1927 on the New York Stock Exchange. Al legal matters are subject to the approval of our codnsel, Messrs. Cravath, Henderson & de Gersdorff and Messrs. Pitney, Hardin & Skinner, and of counsel for the Company, Messrs. Hughes, Rounds, Schurman & Duwight. The above Convertible Preferred Stock has been sold by the undersigned at share. Temporary stock certificates will be deliverable in the first instance on or about February 1, 1927. J. & W. Seligman & Co. Chas. D. Barney & Co. Hemphill, Noyes & Co. Phe ctatements contained herein are recefved from sources believed to be reliable but not guaranteed, and are in no event to be construed as representations made by us. idends exempt To be outstanding*® 122,115 shareg 575,685 shares $20,034,000