The Brooklyn Daily Eagle from Brooklyn, New York • Page 45

THE BROOKLYN DAILY EAGLE, NEW YORK, THURSDAY, JUNE 13, ir2S. 43 liMTED FRUIT HAS BOHACK NET PROFIT STOCKS AND INITIAL! Information News of Bankers and Banks New National Bank Legislation Committee to Be Formed Soon. DIVIDEND ORDERED Fidelity and Deposit Proposes Capital Increase The Fidelity Deposit Com par Baltimore, declared a 20 percent stock dividend and the regular quarterly dividend of 4 percent A special stockholders meeting has been called for July 2. to approve an increase in capital sto--k to S6.000.000 from S5.000.000. Tho stock dividend will be paid Aug.

15, if shareholders approve capital increase. The Tri-National Trading declared initial quarterly dividends of $1.50 on preferred and 30 cents on common, both payable July 8, record June 21. Superpower Initial. Directors of the International Superpower Corporation have declared an initial stock dividend of 2'j percent and a cash dividend. of 25 cents per share, payable July 1 to stockholders of record June 15.

It is contemplated that hereafter the shares will receive percent in stock payments and $1 in cash annually. Omits Extra. The directors of Brady, Cryan tz Colleran, have declared their seventh consecutive semi annual dividend of 4 percent on their 8 percent participating cumulative preferred stock, payable July 1 to stockholders of record June 15. An extra dividend of 2 percent was paid to all shareholders last year. CUBAN BONDS DRAWN Senor Augusto Merchan, Consul General of Cuba, is isuing a notice today to holders of Republic of Cuba external loan 30-year sinking fund 5'i percent gold bonds, isued under the loan contract dated Jan.

26, 1923, revealing the serial numbers of $1,165,300 principal amount of bonds of this issue which have been drawn by lot for redemption on July 15, 1929, out of in the sinking fund. Bonds so drawn will be paid on and after the redemption date at the office of J. P. Morgan Co. New Issue for Investors T.

M. Bunfart Inquiries ronrcrninf Investments in stocks and bonds should be tsrnt lo Information for Investors, Brooklyn Daily Eagle. 305 Washington Brooklyn. All inquiries must be sirned with the name and address of the writer. Names will not be published.

All questions will he held in strict confident and names will not be divulged to any one. Stamped envelopes should accompany requests for replies by mail. There may be a raging bull market in the late fall at which time it would probably be ise to sell. There may be a bear market in which it would be unwise to sell. Conditions affecting the companies and the stocks may be changed.

Similarly I cannot answer your question as to what to buy in the late fall should you sell these stocks then. Three and four months may witness big changes in stock prices. Stocks which look good now will probably be up 20 to 40 points by that time and would not be nearly so desirable. Others, probably high now. may have settled back to.

levels where a purchase might be justified. Conditions affecting each individual company may have undergone a fundamental change. B. O. VICE PRESIDENT RETIRES AFTER 55 YEARS Chicago, June 11 (VP) Frank C.

Batchelder, 72, vice president of the Baltimore and Ohio Railroad and president of its Chicago Terminal Company, will retire June 15 after 55 years of active railroad service. He began his career as a telegraph operator with the Milwaukee Railroad in 1873. He will be succeeded byq H. B. Voorhccs, general manager of the Western lines at Cincinnati.

NEW AM. SUGAR HEAD Joseph F. Abbott has been elected president of the American Sugar Refining Company, succeeding W. Edward Foster. Shares I Caadactael by Continent Baking; American Metal.

Some months ago I purchased 25 shares of Continental Baking at 58 and 15 of American Metal at 70. Later I acquired five more American Metal at 60. Should I hold these stocks until late in the fall and. if so, at what price should I sell them? If I should sell one or both of these stocks then, what should I replace them with? J. G.T.

A. I see no reason hy you should sell either one of the two stocks you have. Under the new management Continental Baking improving steadily in earnings and prospects. Present low prices of flour are undoubtedly helping its recovery quite a bit. One cannot, of course, tell how far it may go.

Should it get to 90 or 100 a share within the next few months you might be Justified in selling. The American Metal Company Is well-managed organization which gives much promise for the future. It has large interests in many promising mining enterprises, has mines and smelters of its own. and Is building more. Present prices for the stock seem justified and any improvement in general condition should help it.

I cannot answer your question whether these stocks should beheld until th late fall or not. No one can intelligently set time limits on stocks individually or collectively. BRITISH INVESTORS RAISES DIVIDEND British Type Investors, Increased its dividend for the sixth consecutive time by placing the new stock on a 90 cent annual basis. This equals $3.60 on the old issue upon which $3.30 was paid prior to the recent 4 for 1 split. The 15 cent bi-monthly dividend is payable Aug.

1 to Class stockholders of record July 1, Zinc Buying Quiet Zino buying is quiet with prime western zinc 6.60 to 6.65 cents a pound, East St. Louis. 250,000 OTIS ELEVATOR GAINS 20 PERCENT Split-up cf Common in Fall Discussed. Th On Elevator Company reports buMiws lor the flve month May 31 ran axut 20 percent ahead of the 198 period. Th rate of gain is bein? mamtatned in June and indications are the mm pan will this year exceed the record of aalea and earnincs.

Otis has just competed the of the Graham fc Norton Company for a consideration partlf cash and partly Otis common stock. The business of Graham Norton will be absorbed by Otis plants. It is expected a of Otis common is likely to be this fall. While the matter has bien discus-sed bv the board it is undersipod no definite decision has been reached. The most favored plan calls for splitting common four for one.

This would entail the call in of a special stockholders meeting, as aii the authorized 500.000 common shares are now ouUtand-uir. As of March 31 there were 3.004 shares still unissued, but this is understood to have used in part payment for Graham Norton. SEES SELF CURE FOR SPECULATION Bast on, June l--Prof. Edwin F. Gay of Harvard University, director of research ot the National Bureau of Economic Research, said, with reference to credit and stock market speculation, that he has never regarded such aspeculatton seriously as some have.

"Speculative mar kets." he declared, "are apt to cure FORKCI.OSI RES. SUPKKMB COURT. KINGS COUNTY Ftorenc W. Duncan, formerly Flir-nce I Woodin. plunttff, against Ahram J.

Pepper bi'i-R and others, detndnt. In piirsuanci of a judgment of foreclosure and mle duly made and entered inth abov entitled action, and heannn date tha 4th dav of May. 19'), the undersigned, the referee, in said Judgment named. lij Hell at puhllo auction to the htghe-'bid" der, hy Nathaniel Shuter, Biicii-yifer at the Brooklyn Rel Estate KxrBngf jj0. IHfl MoiUamie atreet, in tr- Borough of Brooklyn.

County of Ki, on the 12th da-y of June, 1029. at ttv 0 clock noon, the premises riirerter' Bind Judfrmnt to be sold, and as follows: All that certsV plot, ptece or parcel land, situate. and being In the Borough of Brorivn. of the City of New York, County ofmns and Stat of New York, bounded and described as follow, to wit: RrmniCrff at a point on the westerly Mrip nf west Ninth street, distant five hundred anihlrteen feet northerly from the cor-tr formed by the intersection nf the weit-rv mde of West Ninth atreet with the northerly aide of Avenue running thence westerly parallel with Aveou and part of the distance through a party wall one hundred feet; thence northerly, parallel with Wpst Ninth alreet, seventeen feet; thence easterly parallel with Avenue R. and part, of the distance through party wall, one hundred feet to the westerly side of West Ninth street; end tnenc southerly elon the westerly aide of Wet Ninth alreet, seventeen feet to the point or pine of beginning.

Alio all the right, title and Interest of the parties of, tn and to Went Ninth street, lying in front ot and adjoining said premises to the center Una thereof. T-ati-d. May -'Oth. i-9 ROBERT H. KHNK8T, Referee.

Clarence A. Meekep, PlntnMfT's Attorney, IB Court street. Borough of Brooklyn. N. Y.

City. m20-6t-m The shove snle is hereby adjourned June 2th, Hi-'O. at the same hour and place. Datrd. VJth.

ROBKRT H. ERNEST. Rererfe. 1p13 17 19 24-41 SUPRFMK COURT, K1NOR COUNTY Tyrrna I. Appleton, pi in tiff, vs.

Lillian E. Roethleln and others defendants. Clarence Meeker. Attorney (or Plaintiff lfi Court street. Borough of Brooklyn, New York City.

rnrsuimt to Judgment herein. I will sell at public auction, hy Mnrcus Cohen A Sin, auctioneers, at Brooklyn Real Kstate Ki-change, 185 Montague street, Bmoklvn, King County, on the 5th day of Julv, at 12 o'clock noon, the premises directed by said Judgment to be sold, a follows: All that certain lot, piece or parcel of laud, situate, lying and being in the Boron ch of Brooklyn, City of New York, County of Kings and State nf New York, bounded nud described as follows, to wit: Begin nl im at point on the wester side of Lorimer street, distant one hundred feet northerly from the corner formed by the Intersection of the westerly Mde of Lorlmor street wit.h the northerly side of Seholei street; running thence westerly parallel with Bennies street fifty feet: theme northerly parallel with Lorimer street twenlj-nve" feet: thence easterly parallel with Be holes street fifty feet to the westerly side of Lonmer street, and thence southerly along the westerly sld of Lorimer street twenty-five, feet to the point or place of begtnrtng Also all the right, title and Interest nf the parties of, tn snd to liorlmer street Iving In front of and adjoining said premises to the center line thereof. WIIL1AM L. OMALLKY. Refers 'hit NOTlCt TO CONTRACTORS.

OKNFRAL TNBTRUCTIONB TO BinDFRS ON WORK TO BE OONK Pnit OR SUPPLIES TO BE FURNISHED TO THB CITY OP NEW YORK. The pernor, or persons making a bid for anv service, work, materials or supplies tor The City of New York, or for any of its departments, bureaus or onves, anau furnish the same In a sealed envelope, indorsed with the title of the supplies, materials, work or service for which the bid Is made, with Ml or their name or names, and the date of presentation to the President of the Board, or to th head of tha Department, at his or Its office, on or before the date end hour named In the advertisement for the same, nt, which time and place the bids will be publicly opened) bv the President of the Board or head of fluid Department, and read, and the award nf the rnntract made according to law aa soon thereafter as practicable. bla shall contain the name and plttce nf residence nf the person making the bid. and the names of all persons ln-tr rested with him therein, and If no other person be so interested It ahull distinctly state that ffict, also Unit It li made without any conned ton with any other persoi making a bid for the inm purpose, and Is in alt respect and without collusion or fraud, and thrtt no member of the Board of Aldermen, head of a department, chief of bureau, deputy thereof or clerk therein, or ether officer or em- uoyee or The Uv of New York. Is.

shall or become interested, directly or in direct I v. as com reeling psrtv, partner. vocKimner, sureiv or o.nerwue. In or 10) the performance of the mntrart, or In the supplies, work or tuipess to which it re In te or in any of the profit reni. The tud mu.t tie verified by the o.it in nt Ing, of the party or psrtis-a matting the ni-1 itmi me 'i-vrnl mattcra slated therein Rre in all repccu true VERY BAD SEASON The Uni'd Fruit C.n.

pai eam.iirs to year have a rur.r.:: bftuiid due to ihe I worst aeUiiig weather ever expin-I enred by the company both here and sbroad. The company's posi-; turn has also been aflecied by ap-! prehension over tbe possibility cf a sugar tinfT and the tear of a 1 bad loss by the sugar divisions. Profits before tsntes in the first quarter thi year were about 000 against $4,650,000 in the 13J8 period. It Is likely the comparison for the second quarter will also be unfavorable, although the quarterly dividend of $1 will be covered by a wide margin. STERLING TOUCHES LOW OF YEAR Sterling cables today were quoted $4.83,.

At this level of sterlins-dollar exchange, which equali ihe low of the year, it is generally considered profitable to buy gold from the Bank of England for shipment to the United States. However, in view of known reluctance of Federal Reserve and the Bank of England authorities to see a movement of metal to New York at this time, traders are of the opinion extensive shipments are unlikely. AUTO-STROP EXPANDING After eight years of development work, Autostrop Safety Razor is preparing to produce and market internationally a new double edge safety razor blade under the trade name "Probak." according to an announcement issued by the company. The addition of this product to the company's line is being accomplished without resort to any new financing. The balance sheet "as of Dec.

31, 1928, showing a ratio of current assets to current liabilities of better than 7 to 1, disclosed net working capital of $3,220,000, which is regarded as ample for carrying the new blade into production and distribution. Pines Winterfrnnl Off. The Pines Wlnteifiont Company reports net profit for the year ended April 30. equal to $1.82 a share on 305,000 shares, against $4.05 a share. showa to oflef IV SHOWS URGE GAIN May Figures 287 Percent Above Last Year.

Net profit of the R. C. Bohaclt Company, operating an exten sive chain ol grocer ystores and meat markets in Brooklyn and Long Island, for the month of May showed an increase of more than 287 percent over the figures for Uie same month in 1928, according to a statement by the company today Gross sales for the month were $2,197,615, a gain of about 13 per- cent. For the four months ended June 1 net profit showed an increase of 142 percent over the same period last year, while gross sales increased about 14 percent The comparative figures follow Grosl salM MM. $2,197,615 May.

192S 1.839.088 Incrrase S358.528 4 months ended June I. 19-9. 4 months ended June 2, 7.yy.tsi Met profit MM, 1929 May. 1923 $66,158 17.063 Increase $49,095 4 months ended June 1, 1929.. $263,917 4 months ended June 2, 1928..

108.822 FARMER EQUALITY BEING REALIZED National Fertilizer Convention Told Pending Changes New London, June 13 This country has "the most abun dant and the most reasonably priced meal ticket" of any nation in the world, Louis J. Taber, master of tha Manorial Granee. declared be for the convention of the National Ferttlizer Association here. "Equality for the farmer is more thfcn an empty phrase," the head of the country-wide organization of 800,000 farmers asserted. "We once had some Industrial groups that felt their prosperity could only be miUiv tained by low-priced food and cheap raw material from the rarm.

"But this group of industrialists to passing and those of broader statesmanship are appearing. Speaking of the tariff and farm legislation as means of improving farm conditions, Mr. Taber stated that "Alexander Hamilton, father of the tariff, wisely proposed that in dustry should be protected, and he also suggested that part of the revenue thus created should be used to protect the export branches of agriculture. "Here we find the inspiration for the much discussed export deben ture program of the National Grange. This is neither the place nor the time to discuss legislation of this character, but I cannot re train from observing that every argument made against the export debenture will apply with equal force to the high protective tariff duties, The export debenture is but an acri- tultural drawback similar to that granted industry on various com modities.

"The export debenture Is a complement of the tariff and without it or similar legislation the export Lranches of our agriculture always will be penalized. "The Government has been unfair In its expansion policy," he declared. "Irrigation and reclamation have been developed with the money contributed by all the people at a time when agriculture is languish ing. Just as business groups have opposed the Government going into business with competition with them, just so agriculture has been discriminated against by the Gov ernment in putting more farmers on more farms during a period of our greatest agricultural deprco slon." RADIO CUTS PRICES The Radio-Victor Corporation announces a reduction ranging from 15 cents to $2 in the list prices of seven radiotrons. BROOKLYN STOCKS Quoted bj Hanson es Hanson, 39 Broadwaf BANK AND TRUST COMPANIES.

Dividend. Bid. Asked Bay Parkway National 225 255 Bedford National 225 240 Bensonhurst 140 160 Bkln. National Bank 17S 180 Brooklyn Trust 24 1132 1142 Cltltrns 225 260 Kra'mus 160 173 Flatbush National 225 240 Olobe Exchange "8 395 410 Ouardlan National 250 270 Klnnboro 175 190 Kings County 80 3300 3500 Jatnalra National 4 350 Lafayette 320 Do new 80 Do rtKl'ta 10 Long Island-Astoria 1B0 230 Manufacturers Trust, 8 279 202 Mldwood Trust 8 305 320 Nassau National 12 765 780 Peoples National 12 1300 1600 Prospect 175 188 Queensobro I 400 Rldfewood 17S SOS Richmond, new J175 Rugby 31 340 Bprlrsflfld Guard. Nat ISO 170 Woodsid 300 TITLB AND INSURANCE COMPANIES.

Bkln. Tire Ins. (new). 33M 24V Bkln. National Lift 285 Brooklyn M.

O. T. 4 119 123 Empire Fire Insurance 18 22 Empire Title 140 160 Guaranteed T. Je 88 300 330 Home Title i '12 295 310 lm Island Title 6 135 180 National Title 7 185 192 Prudence pf 98 101 Suffolk Title Ouar. 110 120 MISCELLANEOUS.

Anionla Clock 30 Biheck (H. C), new. 2 50 77 81 Do pf 1 1 Bkln. Acad, of Mutlo. 10 13 Biln.

Capital 33 34 Bkln. Ware, ak Stores 30 Coney I. Bkln R. H. 70 Eafl WhouM es Stor.

125 rslron Sec. com 30 Olobe Pin. 18 18 Do pf t2.1t Ml 40 Oobel (S'l bonds) 100 Great A. 8c P. pf.

1 1M 117 Intertjrne Jt pf. 114 James Butler 7 11 Do pf 40 Keystone Investing1 13 14 L. I. Msnt 40c. 82 C4 Do 8-.

pef 100 10.2'i Mrnihaler Linotype '6 104 107 Miller, I. Oho pf. I'i Ninons! Licorice 85 Do pf 6 85 N. Y. Invest.

1st 6 02 SJ Do pf 8 80 Do asrranla 9 11 At Co. pf 31 8 to Robert Oalr S3. 7.1 23 28 CQiiinb. E. IV, 64 9 mnlbb pf 8 07 101 Vnion frerry 10 IS as! extra.

JIx-ils at. tEs-tfirldtad. Within th next two or three weeks Controller of the Currency John W. Pole will form committee of bankers and banking experts to draft recommendations for new legislation affecting national banks, according to Washington reports. The Controller announced his intention of taking this action in speech before bankers' convention some weeks ago.

Liberalization of laws affecting national banks, he said at that time, was desirable because of changing economic conditions. The need for such legislation, he emphasized, was illustrated by the current tendency toward State charters on the part of big banking institutions. Although he has not made a positive statement of his views, the Controller is believed to look with favor upon nationwide branch banking. Gates Heads N. T.

Trust Art emus L. Gates, only 33 years of age, has been elected president of the New York Trust Company, succeeding Harvey D. Gibson, who was made chairman of the executive committee. Mr. Gates is a brother-in-law of the younger Henry P.

Davison, a partner in J. P. Morgan Co. He resides at Locust Valley, L. I.

Born in Cedar Rapids, Nov. 3, 1895, Mr. Gates is one of the youngest bank presidents in the country. He came to New York in THEYSAY: Speculative Gossip in the Street and Elsewhere Buy good stocks now and patience will be well rewarded in the near future. Bethlehem Steel is slated for a spectacular rise; buy it.

W. Cady of Rhoades Co. ThPrp Tins hppn enmo nnlaf mulation of Coty during the past iew weeKs Dy people who think that the company will have a record year, and we are inclined to recommend picking it up at current levels. Jacques Cohen of Baar, Cohen Co. In many instances in the past, vigorous advances have occurred in high-priced issues prior to the resumption of bull movements in the more moderately priced stocks.

It is felt that this is at least a dossI- bility in the current instance. Sam Smith of J. S. Bache Co. The market is still more or less of a trading affair, and until it breaks out of this trading range-it is not advisable to buy stocks on strong spots.

Muir St Loomis. It is our observation that the market is gathering strength and that generally higher prices should be witnessed before the end of the month. We feel, however, that most purchases at this time should be confined to a trading basis. rrazier jeiKe up. Consolidated Gas and Public Service of New Jersey continue under accumulation, which we believe is to be a forerunner to an im portant advance in these two lead ing stocks.

P. J. Fitzgerald of Horhbiower Weeks. It would seem that Nevada is definitely undervalued. Selling at 45 and paying $3 the issue yields 6 z-3 percent.

The quotation is but 14.3 times per share earnings realized on 14.78c copper in 1928 and is only 7Mt or 8H times the per share earn ings probably to be realized in the current year on 17c and 18c copper. Orton, Kent Co. After the exercise of the rights on Anaconda, we look for activity In this We understand earn ings will be between $12 and $15 on the new capitalization. Douglas Sheriaan of F. B.

Keech Co. Standard Gas and Electric, which we stated in our letter of June 7 should sell higher on its merits made good yesterday. We would now accept profits in it on any further strength. Emanuel Co. CAR AND ENGINE ORDERS UP 150 PC New orders for locomotives and freight cars during the first five months of this year show increases of more than 150 percent over the same period last year, according to figures complied lor the Buuara Company, makers of machinery.

The figures for this year extend only from, January 1 to May 25, while the figures for last year ex' tend from January 1 to June 1. New orders for 336 locomotives have been received up to May 25, as compared with 132 for the five months in 1928. This is an increase of 204 or more than 154 percent. The monthly average this year is 67 new orders, while that for -the yenr 1928 was 29 and for 1927 it was 55. It is the best monthly showing since 1926.

Orders for freight cars in this pe riod totaled 52.542, against 20.050 in the five months in 1928. Here is an other Increase of 32.492, or more than 162 percent. The total orders from May to May a is i.bw, as compared to 6,983 for the previous month a gain of 9 percent. LONDON BANK STATEMENT London, June 13 Wi The weekly statement of the Bank of England shows the following changes in pounds: Total reserve (decreased), circulation (Increased). bullion (increased).

3SR.00O; other securities (decreased). 533.000; public deposit (Increased). 2.070.000; other deposits (decreased), 9.669.000; notes reserve (decreased). 208.000; government securities (decreased), 6,894.000. The bropoil Ion of the ban re serve to liability Is 57.97.

compared with 54.25 percent last week. Rate of discount, percent. French Bank Statement. Paris. June 13 Tse weekly statement of Bank of France shows the following changes In francs; Gold (Increased), sight balances abroad (decreased), 000.000; bills discounted at home Increased).

925.000,000; bills bought abroad (increased), 17.000.000; advances (decreased). circulation (decreased), 830.0O0.0OO; current accounts (decreased Rate of discount, 3'j percent. ELECTRIC OUTPUT UP The Engineers Public Service Company reports 158,467.190 kilowatt hours as the May, 1929, electrical output of its subsidiaries, which it la percent greater Jnaaray, 1928, 1919. becoming associated with the Liberty National Bank, which was merged with the New York Trust Company in 1921. The New York Trust Company had resources of S474.164.237 at the end of last year.

Capital was recently increased from $10,000,000 to J12.500.000. It was organized in 1889 as the New York Security and Trust Company, assuming its present name in 1905 after merger with the Continental Trust Company. May Inify Stocks. Unification of the stocks of the Chelsea Exchange Bank and its affiliate, the Chelsea Exchange Corporation, is under consideration, according to reports in bank stock circles, upon hich officers of the bank declined to comment. Continental Bank Plan Outlined.

Details of the capital increase plan of the Continental Bank, providing for a 50 percent stock dividend and the sale of 300,000 shares of $10 par stock to Stock Exchange and Curb houses, at a price to be fixed later, were outlined to stockholders in a letter by President F. H. Hornby. The bank now has capital of 200,000 shares of $10 par value. Seventeen directors, representing the brokerage firms, will be admitted to the board of the bank.

First announcement of the plan was made last week. CALIFORNIA OIL SHUTIN EXTENDED Los Angeles, June 13 State Oil Umpire Van Diense issued a new order, effective June 16, contemplating a cut of 207,271 barrels a day, against 199,394 barrels cut by the previous order effective June 1. The larger cut is due to a heavy increase in production from the O'Connell Zone at Santa Fe Springs. The maximum allowable crude oi output for California remains at 650,000 barrels daily, plus allowance for flow of new wells. Under a new order new wells will be permitted to flow only four days to establish their potential production after completion, instead of 10 days according to previous order.

BITUMINOUS TONNAGE TO LAKES SHOWS GAIN Outstanding in the market for bi-tuminious coal is the heavy movement to the lakes. Dumpings at the lower lake ports so far this season show a gain over the corresponding period of last year of more than 2.600,000 tons, part of which is accounted for by the early opening of navigation this year, Coal Age reports. Despite keen competition for lake business and an increase in production, prices are holding on a fairly steady basis. May output of bituminous is estimated at 40,090.000 net tons, an increase of 3,202,000 tons over April production and 3,466,000 tons over May of last year. The index of spot bituminous prices of Coal Age for the month of May was 138Vi, as against 139 in April of the current year.

The weighted average spot price for last month was a ton, f. o. b. mines, as against in April. KINGS COUNTY TRUST COMPANY Offers to Its depositors every facility and accommodation known to modern banking.

Interest Allowed on Account! Subject to Check. Special Rates on Certificate of Deposit 342 FULTON ST. CAPITAL $500,000.00 Surplus and Undivided Profits $5,895,000.00 MEETINGS. 111E NASSAU NATIONAL BANK Of BROOKLYN IN NEW 10BK 18 COURT BTREET BROOKLYN, NEW YORK, May Kni, 10M IsOTICE OP SrFCIAL MEETING OP SHAREHOLDERS TO THE SHAREHOLDERS: NOTICE IS HEREBY GIVEN that special meeting of the shareholder! ol THE NASSAU NATIONAL BANK Of BROOKLYN IN NEW YORK will be held at Itl main offlce. No.

16 Court Street Boroutrh ot Brooklyn, City and of New York, on June 25th. 1929. at 9 :45 o'clock A. Eastern dsylijht aavlnt time, for tbe purpose of voting upon the ratincatlon and confirmation of an Aureement dated May 20lh. 1929, entered inio dv a maioruy or the Board of Director! of thla Bank, and by a majority ol the Board of Director! of THE BANK OP AMERICA NATIONAL ASSOCIATION, for the consolidation of aald two 121 national banks under the charter and name of THE BANK OP AMERICA NATIONAL ASSOCIATION, aa set forth In the aald Consolidation Agreement: and for the purpoee of transacting such ether bnslnese as may properly coma before said meeting.

By order of the Board of Directors. JOSEPH T. STEPHENS. Cashier DIVIBEV.jS. SOLTHERN RAILWAY COMPANY New York, June 13, 197.

PREFERRED STOCK A dividend of one and one-quarter percent i on the Preferred Stock of Southern Hallway Company aa been declared, payable on July 15, 1929, to stork-holders of record at the close of June 24. 1929. COMMON STOCK A dividend of two percent fr on the Common-stock of Southern Railway Company has been decUred, psvabla on August 1929, to stockholders of record at the close of buslnesa July 1, 1979. Cheques In oavment of these dividends will be mailed to all itockholders of record at their addresses aa they apiiear on the doors or the Company unieaa otherwise Instructed In writina A. MrCARTHY.

Hwretarr. llltb LonaCCNtlve Dividend LAWYERS MORTGAGE COMPANY Nassaa Street, New Yard The Board of Directors of till! Co-many has declnred a quarterly dividend of Ulni.t AND ONE-HALP 111 Ml DOLLAR upon the gloo per shares of the capital stork and SEVENTY ENTS I70ci per share on the par value eapltal slock, parable June 30th, 1929. to atorkholders of record at tha close ol business on June 201b, 1929. JOSEPH W. PHAIB.

Vice-President and Treasurer. lotTH nivintNii. The Lang Island Kale lirpoalt Co. lie Mnntstue St. Brooklyn.

Y. A semi-annual dividend of FOUR PER CENT I4' on the capital siocg or t'n company hss been deriared, pavalile June 1020. to stockholder of record, Junw 20. BANrORD K. LOCKWOOn, Secret ey.

Ihe New I era Central Rallrnea o. New York. June 12, 1029 A Dividend of To Doilera i3 00i per share on the eanltal stork if this Company has been declared payable August 1, at me omre ni me ier.erai Treasurer, to stockholders of rerord at the close of boiness June 129. ii, u. BNtiXlHU, Gsntlal Iraasurtt, Genera! Gas Electric Corporation $6 Cumulative Convertible Preferred Stock The $6 Cumulative Convertible Preferred Stock, without par value, will be equal rank with the outstanding Preferred Stocks of the Corporation.

Dividends payable quarterly March 15th, June 15th, September 15th and December 15th. Redeemable in whole or in part on any dividend date on thirty days' notice at $105 per share, plus accrued dividends. Entitled to a preference over the Common Stocks, Class A and Class in case of liquidation or dissolution, of $100 per share and accrued dividends. Non-voting but becomes entitled to vote in case four quarterly dividends are in default, until all accumulated dividends have been paid in full. The authorized Preferred Stock will be subject to increase by vote of the Common Stock, Class pnly.

The Corporation will agree to reimburse, out of surplus or net profits remaining after dividends, holders of the $6 Cumulative Convertible Preferred Stock resident in the respective states, upon application within 60 days after payment, for the Pennsylvania personal property tax not exceeding 4 mills per annum and the Massachusetts Income Tax on the dividends not exceeding 6 of tuch dividends per annum. Each share of $6 Cumulative Convertible Preferred Stock will be convertible, at the option of the holder, at any time after May 1, 1930, and before May 1, 1935 (or, if called for redemption before May 1, 1935, up to but not after the tenth day before the redemption date) into one and one-fifth shares of the Common Stock, Class of the Corporation, deliverable within 30 days after surrender of the Preferred Stock, subject to certain provisions with respect to stock dividends, recapitalization, etc Mr. H. C. Hopson.

Vice President and Treasurer of the Corporation, has summarized in part his letter to us as follows, copies of which will be furnished on request: Business: General Gas Electric Corporation owns or controls public utility companies rendering electric, pas and other utility services to more than 44,000 consumers in important communities South Carolina and Florida. Lexington Water Tower Company, a subsidiary, is developing a hydroelectric site on the Saluda River near Columbia, S. to have an initial installed capacity of 130,000 kw. expected to be in operation about September 1, 1930. The Corporation has made large investments in securities of Associated Gas and Electric Company and other public utility enterprises.

The management regards many of these investments as temporary and plans to dispose of them as opportunities permit, with a view to investing the proceeds in securities representing interests in or control of additional operating utility enterprises. Capitalization: The consolidated capitalization of the Corporation and its subsidiaries as of April 30, 1929, after giving effect to this financing, is as follows: Outstanding $44,021,600 33,824 shares 396,000 sharesf 750.612 shares 399,091 shares Subsidiary Companies: Funded Debt and Preferred Stocks' (Par Value) Minority Common Stocks General Gas Electric Corporation Preferred Stock: $6, $7 and $8 (incl. this issue). Common Stock: Class A Class eifhant: for a like number of Stork to lnl la 4.1, shsrfs ol $7 Cumnlatlte IVImfd shares of $7 Cumulative rreffrrfd Slotk, Class as outstanding. In addition, thrre are outstanding JRO .120 Dividrnd 142,620 additional shares of Cummon Stoc Clas A.

rslled tor rrnVmption on July 1. 1029, and not Tartit ipations in eirbansc for which it is proposed Assets: The Corporation has no debt except current obligations incurred in the ordinary course of bttst-'ness. Net assets, as of April 30, 1929, deducting such current obligations and after giving effect to this financing, aggregate over of the total liquidation value of the Preferred Stocks to be presently outstanding. The Preferred Stocks are followed by the Common Stocks, which, together with the outstanding Dividend Participations, have an indicated market value, as of April 30, 1929, of over $105,000,000. Earnings: The annual cash dividend and interest income, after expenses and taxes, on the securities owned by the Corporation at April 30, 1929, based on present cash dividend and interest rates, and including approximately $1,350,000 as income to be derived from the investment of the proceeds of this issue, would amount to $6,828,920, equivalent to over 2.64 times all annual dividend requirements on the Preferred Stocks to be outstanding, including this issue.

If such dividends on securities owned as are paid in the form of stock are included and the btock so received is valued on the basis of the current market value thereof, the foregoing net income would be increased, to the equivalent of over 3.22 times the annual dividend requirements on Preferred Stocks to be outstanding as above. Common Stock, Class The Common Stock, Class is entitled to a non-cuiiitilativc priority dividend of $1.50 per share per annum and, after payment of a like amount on the Common Stock, Class fully participates in additional dividends. An extra cash dividend of 50! per share was declared in 1928 which it is expected will be continued annually hereafter. After deducting all prior charges, the income of the Corporation receivable in rash at present rates amounts to per of Common Stock, Class A and Class to be outstanding, including shares proposed to be offered in exchange for Dividend Participations which, for the purposes of this calculation arc treated as not being outstanding, and, including dividends receivable in stock at market value as aboe, amounts to $4.44 per each such share. The Common Stock, Class is non-voting.

This PrciTrcd Stork is offered for delivery when, aa and if issued and received by tit and stihjf rt to approval nf emm-scL It is expected that delivery of temporary certificates or interim receipts will be made on or about July 2, No hid shall he coii4ider-d ttnles. as ft condition precedent to the reception or ajoiLtidrrstlon of such bid, he accom-parrrd hv entitled chrrk upon one of th Bute or hank or trust companies ol Ihe Cuv of N-w York, or a client of hank or irunt c.inianv sltined by a duly author. red othrer thereof, rirn to the order of the Cornp'rolier, or ni'Miry of corporate stork or ceriiilcnt- of indebtedness of sttv nature issued bv The City of New Yotst. Which the -imitt filler shall approve nf rniiT.1 vil'ie ith the security required in the advertisement to the amount of not lfs than three nr moia Mm it five per centum of the required, provhtfd in Hciitu 4Ju 0( Oteatet New Y'Ttc t'h U'er AM hi. it supplies must be submitted in ri'iphrate Tf.e cert.

fled ehecK or mmey ihouid nt ncle. trd to the i mi tne tvd, but shiiuld he either inriosed tn -epsraie envelope d'1resed to tiie hed of the Depart rrepii or rd, of iiutmrtd personally u.wui the pretcnta- of I tie hut as to the quantity and tl'Mtiiy ol the suppiirt or the ru'ure mid event of the rs, re(--tene muii nmoi to tha nvt; ius, hrtlulev "ui in the until ortue uf fete Board or lpar.ment. Nt On! sum) nt B'ceptel from or contract a -srued to ai per on a ho is in arre-ic. The of N-w -rk upon debt ir on tract, or iu is a defmii'er. as surety tir otherwise.

aion any obiigalloa to city. T'le c-inturts mu-t he btd ff 1 IS received Itl C4 rejr an it tf it i c-eme. te be ur the tirereu of ihe City to do. BmI-W ftwl M'e rut the nf the h.tis in add tivi. lo Inseil.tig tne iimi III Orfijresj ftfd'iera are requested to msKe tnei birt ha an turn prep, 1 1 rd nd Med bv the a cu.iv when ia tne in 'per enve in hi-h lo 'he ii.

t-ve-iier i a r-'pv of the contract, ln- uilidg the spevifl. uun, tn the) 'tin 4piMi.v-i ot the it (' mn-ei, can be i-hi4iped upn at the orrtMi mt the (tvpartmnt for whirl the wor.t to he or the erviee ate to he finished. Turn and drmgs ef cjqiuus.wuu voik msjr be seen there. Price $95 per Share and Accrued Dividend, Yielding 6.30 The Harris Forbes Corporation Lee. Higginson Co.

Kidder, Peabody Co. Brown Brothers Co. E. H. Rollins Sons Edward B.

Smith Co. Schoelikopf, Hutton Pomeroy lac.rMa4l.