Evening Star Newspaper, November 23, 1927, Page 15

. FIN ANCIAL. on 23, 1997, INDUSTRIAL LIST STILL LEADS BONDS Best Rails Quiet, but Up Fractionally--Dodge 6s Feature of Trading. BY CHARLES G. SPEARE. cial Dispatch to The Sta 4,000,000, total for week but inas. h as the tv st issues were the re- is not over his financing models, h broke rather on, have e new o cars > market . | Copenhagen 5s ct.. - | Czecho 1%s rets, 6s made cent rails were eral of th t rails ex ic 415 are close to par, vs within two points of it. rment long- ular, with the in_order to pr for them as for municipals. the first time in seve > evidence of suppo new 6 points The Some s and 10 new low improved _mod- were up to Tu public of the munic level, were German Is reacted ans firm and Scan- dinavian and Dutch issues as well as Argentine s in good demand. Washington S.tock Exchange SALES. 2053p: Traction Co—5 at 100%. 5 s pfd—10 at 106%, om'—10 at 440, 10 at 330, i5 at 10 at 100 at 106%. 16 per cent. Bid and Asked Prices. PUBLIC UTILITY PUBLIC UTI g, Asked. lepherie C. & P. Tel. of Va. Cap. Traction R. R ity & arban bs. Georgetown Potomac El Ine. 8 'm’_Dairy, 61 Club 5%, 5 aper 68 Joint Stock L'd "Bl W. M. Cold Storage 5% Wardman Park Hotel 3 Amer. Tel. & Tel 1tal “Traction Tru [as Bank . 2 ¢s & rusti il MISCELLANEOUS | Public Service fs. rexon_Short rC o 3 of N . On of N Mt rpn 1 100% 101% P Ssessd I N NEW YORK_.BONDS STOCK EXCIMI 3 | it UNITED STATES (Saine are 0 81 000 ) Salea izh Low 3101 1103 36 100 50 104 1 4102 | | Lmo3ga... | Libistets | Lib3days | | | | | [ | Lib4ath 4% US 3% 43-47 US3%s.. 11074 US4s1044. 18 1104 US4%ss52. 51154 FOREIGN. Sates Hizh Low Clase { Argentine 58 7 9 9 91 | Argentine 6s Ju 69. 43 100 a0t 997 | Argentine 6s Oct59 5 100 Argentine s A.... I Argentine s B. . Australia 5s 1955 | Australia 63 1957 Austria 7s cene Rank of Chile 6%s | Belgium 6s. . | Belgtum 84s . Belgium 7s 1955 Belgium 7s 1956 | Belgium 7145, | Belgtum 8s. Bolivia Rs Rordeaux 6s Brazil 6%s. Brazil 7s Brazil 8s RBremen. State. 7s.. Ruenos Afres 7s 57 Buenos Aires 7s 58 102 1074 1074 109 30 109 30 11430 1154 19 106 19 104" (Canada 58 1931 Canada 5s 19 | Canada 516s 1 Chile 75 1943 Chile 88 1941 Chile 8s 1946 Christiania 68 Con Pow | Cuba 51s . | Czecho 8e 1951 | Penmark fs | Dutch Fast | 647, Dutch Fast 1 6s 62. Finland s f 68 45., Finland 7s Framerican 7%s. ) French 1s French 7% | French 8s.. German I P 6%s. German 7s... Ger Am Rank 7Ts. Ger Gen Elec 78 EAIEIBS. .. . s wvas: Hungary 7148, Italy 7s. . Ttaly Pub 78 Japanese 4s. I1apanese flps Jergens U M 6s 47. Lyon 6s. Marsellle Mexico 4s 04 as Mex!co 4s 10 asntd 114 Mexico 5s asntd... 13 Milan 6s. . 101 Montevideo 7s Netherlands s 54. Netherlands 6s 72. N 108 1047 2 1001y 22 101% ay ady, 16 s2 T 101% 15 105% 1011% 1057 914 9% 26% 261y 281 91 103 & 1024 107 14 102% S 107Y 54 19 29 101 16 103 42 103% Norway 68 1952... Orient Dev deb 6s. Paris-Ly-Med 6s.. Paris-Ly-Med 7s.. 20 101' Paris Orleans 7s.. 14 101% Peru 7s.. +..646 103 Peru Tls. . ves 65 107 Peru 7145 1956.... 542 107 Peru 8s 28 109% Poland Poland 8s. Queensland s, Queensland 7s Rhinelbe Un 7s. Rio de Jan 8s Rio de Jan 8s 47 4 1054 Rlo Gr Do Sul8s.. 9 105% Rome 6%S........ 47 91% Sao Paulo 83 1936.. 13 106% . 58 99% 4 103% 3 114% 13 107% 12 105% 114% 107% 107V 105 E 105 105 Selne 7s 42. . Serbs Crot Slo Sweden 6s. Swiss 5%s Swiss Confed 8s... 16 112% Toho Elec Pow 7s. 25 93% 12% 99 99% Raceived by Private Wire Direct to The Star Ofica Sates High Low C s 103 105 110 Skelly O1l 5%5s8.... 1 Sou Bell Tel §s.... 11 Southwest Bel . 36 | So Por Rico Sug 78 1 Standard Ul N J b8 5 Sug Kast Orient 78 Tenn Elec Pow fs. Toledo kdn 15t 7 United Drug 8s U S Rubistrf US Rub 7%s § USSteoisfbs ... 9 Utah Pow & Lt 58 10 Vertientes Sug is. 1 Warner Sug s 39, 10 | Warner Sux 7s41. 1 West Ilec b8 v 8 Westn Unton 6 8 Westinghouse 0 Wilson & Co 1t fs S Winchester A 7%s 1 Younzstn S&T fs RAILROAD 1 815 98 15 Ann Arbor 4s Atcnison en & Atlantic C Lcl 4s.. Atlantic C L 1st 48 981y Atl & Dan 1st 4s 8 83 B & O Gold 4s 981y 100% 10474 10474 5 10 3 102% 6 11 Lie 96% 106% B&O PLEWY 4s. B& O SW 5850.... B & O Toledo 4s. Brdwy & 7th Av Bklvn Manhat 6s. . Buff R & Pitt 415s. Can Nat 4%s 30 Can Nat 4%s 57 Canad North 6% Canad North 7s. Canada South 58 Canad Pac deb 48.. Centof Ga 6s..... Central Pacific 4s.. Cent Pac 1st 53 90. Chesa Corp s wi.. Ches & O ov 4%s.. Ches & O g0 4148, Chi& Alton 3%s. . Chi & Alt 31gsctfs 10 Chi B & Q gen ¢s 63 10 B&Q4%877B.. 1 B&Q-1113%s... 16 B & Q-111 div 4s. Chi & E 111 gn 68 61 Chi Gt West 48 69. C M&StP 4s 25 cfs. L/CM&StPgn8y.. CM&StPgnils CM&SPeve o s3zefe CM&SP rf 438 cf. CM&StPcevbs..,. CM&SP cv s ofs.. CM&StPés. Chi & NW gen ¢s Chi NW 4158 2037, Chi & NW 6%s.... Cht & NW Ts . Cht Rys 6s. . Chi R1&Fgnis.. ChiR1&Prf4s CR 1 Pac4%swi. 142 ChiTH&S Ebs Chi T H Inc 6s 60 Chi Un Sta 4%s. Chi Union Sta 5s.... Chi Union Sta 53 44 Chi Union Sta 6%s Chi & W Ind cn 4s. C& W I5%s 62, Clev Term 5%s. CCC& St Lbs. CCC&StLrfésA. Colo & Sou 4%s... Cuba RR 6s. Cuba Nor 5%scts. . Del & Hud 1st rf 48 Del & Hud 6%s. ... Den & Rio G cn 4s. D& Rio G tmp 5s.. D Rio G West bs. Det United 4%s. Erle st cons 4s. Erie gen 4 Erie conv 45 Erteconv 4s B. Gt Nor 4% 76 D, Great North 4%3sw Great North 5% £8% 106% 943 88, 106% 94% 108% 94% Tokio 5%51961... 24 88% Utd Kingm 6%837 15 106% Utd Steam Copen 8¢ 1 94% Uruguay 8s....... 3 108% 108% Yokohama s wi.. 10 94% 94% MISCELLANEOUS. Ajax Rubber8s.... 1107 107 Am Agri Chem 7%+ 16 1041 104 Am Smit & R 1st bs 102% Am Sugar ref 6s. 105% Am T & Tl tr 4 997% Am T & T el tr b 105% Am T & T sf 6s. 25 106 AmT& Tdebb%s 49 109% Am Water Wks 6s. 3 100% Am Writing Pap 6s 11 94% Anaconda 1st 6s.. 30 105 Anaconda cv db 78, 44 109 Andes Cop 7s rcts. 97 108% Armour&Co 4%839 6 89% Armour Del 6%s.. 60 87% Associated Ofl 6s.. 2 102% Barnsdall 6s 1940.. 28 101% Bell Tel Pa6s B 5 105% Beth Steel p m 5 101 Beth Steel rf 6s... 101% Beth Steel 6%s 53, 12 101% Beth Steel 6s...... Jf 104% Brier H St 1st 6%s 105 Bklyn Ed gen 68, 105% Bklyn Unlon 5%s..1 23214 2 Bush T Bldg 6s 60. 104% Central Leather 6s. 105 Chile Copper §s... 95 Con Coal M4 1st bs. 83% ConGasN Y 6%s.. 16 107 Consumers Pow 6s. 104'% Cuba Canecv 7 95 Cuba Cane cv 8 9744 Cuban Am Sug 8s.. 1074 Davison Chem 6% . 1015 Denver Gas 5s. Dery (DG) 7s... Det Edison 63 40. Dodge 6s.... Fisk Rubber 8 Goodrich 6% Goodyear 58 Hershey 6%s Humble Oil §5 Humble O & R 5%8 lilinots Bell 1st 6s. 10 Indiana Steel 5 Int Mer Marin Int Paper 6s 47 Int Paper cv 6 Int Paper cv 6ssta 46 Inter Paper £d 6s. . Int Tel&Teleg 4%s 73 J Kayser & Co 6%8139 Kan CP&L 68 A 62. 1 Kan G & K1 68 62.. Kelly-Spring 8s. ... Lackawa S 68 50 Lacl G ref 34 Laclede G 5Y%s Liggett & Myers b Liggett & Myers 78 Lorillard (P) 6 Lorillard (P LoulsvG & E6s52 3 Manati Sug st 7%s | Mid-Con 658 40 Miavale Steel bs. Montana Pow 5s. .. | Mor's & Co 15t 4 %8 Nat Tube 1st 5s. New Eng T N Y Edison 5s 44.. NYGELH&P4 971 107% 101% 101% 45 104 4 Y0 1187 7% 94% 102 100% 21 105% 100 104% 104 1udb 100% 104t Bi% 104% 104 105% 100 % 103% fYTN 105 105 106% L06% 1047% 105% Y6 109% 101% 108'4 110% 1015 101% 102% 104 103% 105% 104% 105% 100% 104 Bi% 105, 106 5% 109% 101% 109 110% 1015 101% 103% 104 6 103% 105 104 104% 9E% 105 107 PServGas 6%8569 18 105 PServGas6%s64 15 105 Punta Alegre7s... 9 106 Remington Arms 68 3 47% Stnclatr Of1 6s.... 22 474 Sinclair O1 6348, 15 s4%s Stnelair Of) 8 5 99y Sin Crude Of) 6s. .. 23 100% Sin Pipe Line 63 0 94k North Am Edi: | Nor Ohio T & L 68 Pac Gas & kI 68 Pac T & T 1st 58 Pan-Amer Pete 63 Pan-Amer Pete 7s Phila Co5%s 38 PhilaCort6s A Plerce-Arrow Public Service 5%s 101% 102% 104 103% 105% 103% 104 98% 105 107 105% 105 106 16 100% 91 94 Gr Norgen 7s.. Hav EIRy5%s5 Hud & Man ref 6 Hud & Manaj b 111 Cent ref 4s 111 Cent 4s 63 11l Cent 4% 66 IIC-C-StLit4%s 111-C-C StL&NO b8 Int Raptd Tran 6s. Int Rap Tr 6s stpd. Int & G Nor ad 6s. Int RysC A 68 72.. Int Rep C Am 6s 41 Int Ry C A 6%sret Lake Shore 4s 28 Louis&Nash uni L & N 4%s2008. Louis & Nash &s Man Ry 1st 90.. Market St 78 40 Mich Cen deb 4s 29. M1l El Ry & L 6851 i Mil El Ry & L 6s 61 M St P & SSM en 48 MStP&SSM5s382td M StP & SSMb5%s M St P& SSM 63%8 MK & T 1st 4s. 27 MK & T ad) 5s MK &T prln 6 MK&T6sC 5 Mo Pacific gen 48..241 Mo Pac 5s A 65. 1 Mo Pac 6s F 717 121 Mob&O 4155 77 cts. 62 Nassau El 4861.... 19 NOTex&M6sB.. 8 NOT&M5%s . N Y Cen gen 3%48.. N Y Cent 43 98. N ¥ Cent deb 4 NYCrfim4%hs... NYCentribs.... N Y Cent deb 6s. N Y Cent LS cl 3%¢# NYChI&StL 6%sA NYChi&StL 6%sB. NYC&StL6sA. NY NH&H db 48 57 NY NH&H cv b 6s NY N Hav&H clt 62 N YOnt Wistd4s.. N Y Rys 6365, Nor & S gen 68 54.. Nor Pac 3s 2047. Northern Pac 4s. Nor Pac 41s 204 Northern Pac r 1 68 Ore Short L cn 5s.. Ore Wash 1st 4s... Pennsyl con 4% Pennsyl gen 4%8.. Pennsy| gen 5s. Pennsyl bs 64 Pennsyl 6%s. . Pennsy! gold 7: Peo & E 1t 45 40... Pere Mar 15t 48 66. Pere Marg 1st 68 Phil Ry 48 37.. PCC&StLbs Readlng gen 4% ~© to SruranCnalBe St L IM&S R&G StL 1 M&S go 68 31 StL&SKDI4sA. SB All Fla 6835 A. SB All Fla 6s 35B. . » Sou Pac4s2y. Sou Pacific clt Sou Pacific Sou Ry gen 5 100% 94l 1045 10415 104 109 1023 1t 96 106° 8814 0% 99% 1001 100% 1224 116! 1104 891 100 1214 116% 110% in.| DIVIDEND OMITTED. 0% | Th 1054 1174 927% 105% 109% 104% 1024 99% 9Tk 9613 107% % 104% 108% 10174 9885 113% 1057 106% 9% 91 105% 42 1137% 103% B8l 974 9919 96 10319 103 101% ‘| Lower Cables and Unfavor- PRIGES GO LOWER INCOTTON MARKET ahle Trade Reports Cause Today’s Selling. By the Associated Press NEW YORK, 23.—Th otton market opencd easy today at a | line of 10 to 21 January selling off to 19.46 an nder liquidation by ombined with local Jdling promoted by lower Li s and unfavorable trade reports. further talk of but the attract ovember recent buyers Southern verpool and b he latter domestic included mill curtailment, opening decline to v snsiderable price fixing or covering rallied to 19.57 and showed recoveries of with the market about at the end seemed January soon |other months everal points, 10 to 12 points net lower »f the first hour. piivate Lables reported liquidation ind short : in Liverpool in Muenced by a poor offtake and a break in the market Egyptian cotton lexandria. ! atferings were comparatively light | \fter the early selling had run its course, and the market became firmer on pre-holiday ing. Present crop positions recovered Wl but 3 or 4 points of their early lusses, January seliing up to 19.6 while October was relatively firm, sell- | or 3 points above yesterday’ g quotations at midd: for NEW YORK, Novem! quarterly dividend of T <hare on the common stock of Amer an Piano Co., due at this time, was | omitted but the regular quarterly of | 1% per cent on the preferred was au Conditions in ord December 10, nine months industry the firs ar had adversely affected the company’s earnings, said C. A. Wag- ner, president, and while improvement was now apparent, conservation of cash resources was advisable for the company’s proposed plans for devel- opment. WOOL INQUIRY GOOD. < ovember 23 (Specia Fine terr wools were in good in- quiry today in the Boston wool mar ket. A better movement in fleec wools was under way, favoring par ticularly the medium grades. Bids were more numerous for medium Ohiv staple around 47c, grease basis. territory was quoted at 1.12al clean basis: French combing at 1. 1.08, half blood at 1.03a1.05, three- eights blood at 93a97, and quarter blood at §3a87. Fine Ohio flecces were quoted at 4748, grease blood and three-eights blood at 47a473 and quarter blood at 471%a48. SEEK RADIO_STA;ION. HELENA, Mont, November 23 (Special).—Montana is making stren- s efforts in the wake of a most sfactory and properous agricul- 1, mining and stock raising bu year, to have a broadcasting station installed within the boun- daries of the State, so that Montana will be represented on the air. FOREIGN EXCHANGE. hed by W.B. Hibbs & Co.) (RuotsiocuizrE Nominal Selling checks ) Valtie - of re: the this v ). — pound London. dollaj " Nontreal Madrid. peseta Vienna. shilling Budapest Osfo. " erown Stocknoim. NEW YORK, November 23 (P).— Foreign exchanges steady; quotations @in cents): Great Britain, demand, 487 3-16; cables, 4 60-day bills on banks, 483 5-16. France, demand, 3.93; cables, 3 Italy, demand, 5.44%: cables, Demand—] &; Holland, Sweden, 2658 erawn . 2605 ; Germany, 40.34 Norway, 26.94: Denmark, 4 Switzerland, 19.28%; Spai 16.91; Greece, 1.32%; Poland, 11 Czechoslovakia, 961;; Jugoslavia, 1.7614: Austria, Rumania, .62; Argentine, 42.75; 11.90; Japan, 45.66; Shang] Montreal, 100.17 3-16. Sou Ry Con 6s 94.. Sou Ry 68 56. Southern Rv 648 4 Sou Ry Mo & O 4s. 13 Texas & Pacific 1st 7 Tex & Pac 5s 77 rts 18 Third Averef 4s 60 17 Third Ave 1st 6537 6 Tol StL& W4s... 1 Tol Tr L&P 5%s 30 Union Pac 1st 4s.. Union Pag 1st rf ¢ Un Pac 4%s 67. Union Pac cv 6s. Virginia Ry 1st Wabash 5s 76 B West Marvland 4s. 1 West Md 5%s77... 11 Western Pacific 5s. 9 100% West Shore 4s 2361 10 92% Whel & L Erf4%s 9 96% Belgium, 13. 113% 120% 127% 961 4 111% 102% Money Available for FIRST DEED OF TRUST LOANS 6% Reasonable Commission Prompt Replies to Applications JAMES F. SHEA 643 Lo na Ave. N.W. Prompt Action First Mortgage Loans Lowes Ratees of ‘nterest and Uommission Thomas J. Fisher & Company, Inc. We Will Finance Your First Trust Loans To Run 5 Years No Curtail 5%% Interest Wm. H. Saunders Co., Inc. Founded 1887 |set for one crop during the wa | Correspondence of the Assoctated Press | singer. svering and trade buy- | ¢ thorized, payablé January 1 to stock |j Commodity News "0, November 23 ifornia walnut he 42.000-ton crop well prior to the holidays, and that it will owers approxmmately $13,000, The latter tizure was the record srowers expect tha will be disposed YOUNGSTOWN.— Youngstown Sheet & Tube, the largest independent steel yroducer of this district, is operating its local mills at 60 to 65 per cent of capacity and its Chicago mills at near ly the same rate. Tin plate operations have heen raised by the resumption of operations at the Liberty mills of Trumbull Steel FORT WOR A vy ble quantity of milo c hought for export to ( it will be used in the and distilled liquors. The price ha nwn’sx.u a bushel delivered on ship- Loard. v considera bee ATLANTA.—The new General Mo- tors assembly plant here s expected to be completed and in active operation early in 1928. CHICAGO.—Cold- butter and cheese month than at thi Butter supplies s. compared with smaller thi 147 « Cheese supplies of nounds showed a decline of about 100,000 pounds. SINGER COLLECTS HATS. PARIS.—Collecting hats is the hob- by of Mme. Felia Litvine, Paris opera She has collected hats of mous women and hats worn on not- 1hle occasions for many yea There are hundreds of bonnets in her coliec tion. Modern hats, says Mme. Litvine, are of little interest to any one. Even their owners cannot remember them | six months after they have heen di carded. Hats have « orated from “creations” to ‘“coverings,” she la-| Germany Using U. S. Seed. Correspondence of the A ted Press. ALAMOGORDO, N. Mex.—Germany 2 w Mexico for s 1 to be used in reforests n rk. i ments of white pin : cones from the Lincoln national forest wre being made to officlals in charge of German reforestation, who believe seed from this forest reproduces bet- ter than any other species that has been tried. NEW YORK MARKETS. NEW YORK, November 23 (#).— Flour firm; Spring patents, 7.00a7.35; soft Winter straights, 6.15a6.50; hard \Winter straight R; firm; No. 2 Western, 1.2 rk and 1.1814 c.if. expor ng: malting 9815 c.if. New t futures opened nominal. unchange Wh . FORTIFYING FACTORS ° BEHIND DIVERSIFIED TRUSTEE SHARES 1 DIVERSIFICATION— 24 ways and an equal de- gree regardless of the amount invested. 2. ATTRACTIVE YIELD— Income_ high compared to the stability and security obtainable. 3. OPPORTU: PROFIT— Through the growth and prosperity of America, of which the 24 companics constitute the industrial backbone. 4. MARKETABILITY— At all times through any bank or broker. The Shares are quoted daily in leading newspapers. . TAX ECONOMY— Avoidance of multiple State inheritance taxation. The_ saving in taxes and administration costs may run as high as 30 per cent. of the estate, and consid- erable time is saved in settling the estate. Divi- dends exempt from Nor- mal Federal Income Tax. 6. CONVENIENCE— Eliminate transfer require- ments of 24 companies, 2 notifications of change of address, 24 or more proxies a year. Dividends twice a year instead of in 96 drib- bling dividend checks. De- nominations to fit any purse, 7. SAFEGUARDS— Broad diversitication, ready marketability, con- vertibility at any time into stocks of the 24 companies, security with legal status independent of the com- pany or Trustee, protec- tion from any possible hazard involved in nanage- ment. Chatham Phenix National Bank and Trust Company, Trustee. Booklet “SHARES in AMERICA” on Request Main 1016 1433 K | orage supplies of | & time in O | 118, 2 RICA FARMERS OF MARYLAND | CONTINUE OPTIMISTIC Special Dispatch to The Star. ovember e optimistic 23.— | co wheat and corn | which. with hay. occupy about cent of all 1in crops, ac John S for ation is extremely otted this v ut, viewed by and State Is fairly well up to Dennoe reported. . hay and clover, as well 18 other forage erops, made better; than-average vields, a record crop of on was larg vield and live onally well, ade good vield, urtailed. Fru ments showed went. omatoes for but the and ve an increase of NICKEL PLATE ASSETS. W YORK, November 23 (®).— the New York, Chi Plate) as of loss s $32,602.442 $50,514,362 a ago. Cur assets were §1 9.966 and cur- tent liabilities, $17,611,909. EARNINGS SHOW_GAINA NEW YORK, November 23 ().—Na. | tional Power & Light Ce. and subsidi- aries earned $1.82 a share on the com mon stock in the vear ended Septem ainst $1.65 a share the year Character Loans The Services of “Your Bank” Are Available to All Federal Employes. Gives Yo NOW $46.00 $92.00 $138.00 $184.00 $230.00 $276.00 $368.00 $460.00 And When Loan 1s Paid You Also B A Monthly Denosit of $31.25 $37.50 $50.00 §62.50 $254.40 Loans to meet the present need. Repay in easy monthly deposits. Your Character your Security. Departmental Bank “Your Bank” Under U. S Government Supervision 1714 PA. AVE. N.W. Pays 47 on Savings Accounts E FINANCTATL. STONE & FAIRFAX Established 1885 Announces that MR. G. REBER LITTLEHALES MR. EMMONS S. SMITH, JR. Have Become Members of the Firm Real Estate 804 17th Street N.W. Main 2424 Mr. John T. Meany Mr. Charles P. Stone, Jr. Mr. G. Reber Littlehales Mr. Emmons S. Smith, Jr. “Over Forty Years of Real Service” APPLICATIONS INVITED for LOANS cn IMPROVED PROPERTY Located in the District of Columbia and adjacent Suburbs in Montgomery and Prince Georges Counties, Md. 5'2% INTEREST Apply to H. L. RUST COMPANY LOAN CORRESPONDENT The PRUDENTIAL INSURANCE COMPANY of AMERICA 1001 15th Street N.W. Main 6888 1927 Edition DIVERSIFIED TRUSTEE SHARES Bearer Certificates in denominations of S, 10, 25, 50, 100, 500, 1,000 and 5,000 Shares. Semi-annual dividend coupons, payable January 1 and July 1 at the principal office of the Chatham Phenix National Bank and Trust Company, New York. Each unit of 1,000 Shares convertible on 3 days’ written notice into corresponding stocks of the 24 companies represented. Fully paid and non-assessable. Exempt from Normal Federal Income Tax and multiple State inheritance taxation. CHATHAM PHENIX NATIONAL BANK AND TRUST COMPANY, Trustee DIVERSIHED TRQSTE_E SHARES represent full participating ownership in 24 sea- soned and dividend paying railroads, public utilities, industrials and Standard Oils. The Shares are created by the American Trustee Share Co: fon, i £ rporation, incorporated under the laws of the State of New York, and are issued by the Chatham Phenix National Bank and Trust Company, New York, as Trustee, undera Trust Agreement. Security DIY’ERSIF!ED TRUSTEE SHARES are secured by common stocks of 24 specific com- panies, deposited with and held by the Trustee. Each share of DIVERSIFIED TRUSTEE SHARES represents an exact one-thousandth interest in the following unit of 175 1-5 shares of common stock: Shares 6 RAILROADS The Delaware and Hudson Company Illinofs Central Rallroad Com Louisville & Nashvl ' Co Southern Pacific Company Union Pacific Railroad Company 6 PUBLIC UTILITIES American Telephone and Telegraph Com) Consolidated Gas Company of New York The Detkoit Edison Compan: The North American Company i d Electric Company Paclfic G ‘1% Standard Gas and Electric Company v Railroad Company The New York Central Railroad Company Shares 7 INDUSTRIALS 10 American Car and Foundry Company 5 The American Tobacco Company 10 E. L du Pont de Nemours & Company, Ine. 5 Eastman Kodak Company Rennecott Copper Corporation TUnited States Steel Corporation Westinghouse Electric & Manufacturing Company 5 STANDARD OILS Standard Oll Company (Indians) Standard Oil Company (New Jersey) Standard Ofl Company of California Standard Oil Company of New York Vacuum Oil Company nd Eleetric Company common stock split up 4 for 1, J a ‘nd Eleciro. Company absorted Philadeiobia: Gompany' oy 81, 1066, ” Ovigtna waie couvained '8 Mhiros of mpany common stoek. T tone e N & ki T dn' Pont de Nemours' & Company 5Siandard Off Company.of Caifoiin, she iares of Standard. (il Company - {Calitomn Orlginal unit, befors. plit up. of exchangs o undry Company common stock split up 2 for 1 nc., common stock Standard Oil rmon tock. ‘Stocks. contained » total of 141 shares . April 22, 1025. Original unit contained B shares. spit up 2'tor 1, October 28, 1026, Original unit contained 8 shares, Jompany (Californis) January 2, 1026, Original unit contained No change may 'be made in the list of stocks deposited with the Trustee, nor in the number gf §hargs per unit of 1,000 DLVERSIFIED TRUSTEE SHARES, except in cases of recap- italization or split up of shares of any of the companies, or an exchange of stock occurring by reason of merger, consolidation or sale of property of any of the companies. In any such case the group gf s‘mcks held by the Trustee for each unit of 1,000 DIVERSIFIED TRUSTEE SHARES is simply changed to take account of the split up or exchange of stock, under the terms of the Trust Agreement. Dividends Div_idends comprise all cash income received by the Trustee from stocks of the 24 companies during the six months’ period ended June 15 or December 15, as the case may be, and are distributed pro rata. In addition to cash dividends, cash income includes proceeds from the sale of all stock dividends and subscription rights. The owner of the Shares may present his dividend coupons for collection through any bank or trust company. SEMI-ANNUAL DIVIDENDS PER SHARE ceeeess..$0.3295 July 1, 1925......... Jan. 1, 1926. July 1, 1926. Jan. 1, 1927. July 1, 1927, YEARLY DIVIDEND RECORD PER SHARE® 0.7381 0.5631 0.4997 0.7953 Many leading economists of late have called attention to the important position which com- mon stocks—diversified as to industries and geographical location—should hold in every well planned list of investments. D.IVERS.IF]ED TRUSTEE SHARES enable the small as well as large investor, virtually w:'thout risk, to become part owner of the nation’s industries and to take advantage of the gains to be derived from common stocks. The price of DIVERSIFIED TRUSTEE SHARES varies with the aggregate cost of the stocks deposited and the amount of the accrued dividend Price Today 22Y L. S. CARTER & CO. INCORPORATED NVESTMENT BANKERS Woodward Building Washington, D. C. Maryland Trust Building Baltimore Telephone Main 9629 This information while not guaranteed has been obiained from sources which we believe to bo acourate