The Brooklyn Daily Eagle from Brooklyn, New York • Page 22

22 2 THE BROOKLYN' DAILY EAGLE, NEW YORK. WEDNESDAY, MAY 2. 1928. GUARANTY TRUST CO. News of Bankers and Banks OIL PRODUCTION Profits and Losses Are Your Stocks darning Dividends? MEXICAN SEABOARD DEVELOPS GAS FIELD American Exchange Irving Trust Buys Bif Wall Street Plot.

LARCE NET DECLINE FOR SHELL UNION OIL The rrporl of Shell Union Oil Corporation for the year er.di'd Dec. 31. shows net income of after depreciation, depletion, drilling expenses and interest, equivalent after deducting 6 percent preferred dividends to $109 a share earned on 10.000.000 no-par shares nf common slock, and compares with $31,518,965 or $3 04 a share after deducting $5 000.000 special reserve, in 1926. Preferred stock was retired on May 15, 1927. the city's financial institutions and fifth in the countrv.

It mas formed in 1928 by a merger between the American Exchange Bank and Trust Company and the Irving Bank and Trust Company, the latter being the result of a consolidation of the Irving National Bank and the Columbia Trust Company In 1922. Bank of America N. A. Statement The Bank of America National Association has issued a statement of its condition as the result of the consolidation of the Bank of America, the Bowery iz East River National and Commercial Exchange banks, showing total resources of $393,223,759 and capital funds of $62,016,388. The consolidated institution, which began business as such two days ago, has deposits of $299,654,927.

Cash held and due from Federal Reserve and other banks totals $50,684,903. while U. 8. Government bond holdings are $15,550,837. Capital is $25,000,000.

surplus $35,000,000 and undivided profits $2,016,388. The combined Institution Is now occupying several additional floors in the building erected two years ago at Wall and William sts. by the Bank of America. New Manhattan Bank. Application has been made to the Controller of Currency for permission to organize the Monroe National Bank at 6th ave.

and 39th Manhattan. The new bank will have capital of $1,000,000 and surplus of 250,000. L. E. Kaplin filed the application.

New Directors. The American Union Bank at a meeting of its board elected Ralph D. Ward, A. A. Clarke and S.

Field as directors. American Brpoblirs Loaa. The American Republics Corporation and subsidiaries report for the quarter ended March 31. 1928, net loss of $251,729 after interest, charge, and reserve for Federal taxes, compared with net profit of $334,456 or 76 cents a share earned on 201.180 no-par common shares in first quarter of 1927, after allowing for dividend requirements on 7 percent preferred stock. American Light Net I'p.

-The American Light and Traction Company in Its report covering the 12 months ended March 31, 1928, shows operating revenue of subsidiaries of $37,996,539, an Increase of $2,409,125 over the preceding 12 months. Balance applicable to American Light and Traction Company was $5,997,833. an increase of $922,751. After all charges, including Federal taxes, interest and depreciation, net earnings available for American Light and Traction preferred and common dividends were $7,585,436, a gain of $651,646. After preferred dividend deductions, the amount available for common dividends was $6,731264, equal to $12.88 per share on the common stock outstanding March 31.

This compares with $6,079,618 for the previous year, equal to $11.63 per share based on the same number of common shares outstanding as at the end of March 31, 1928. Conde Nast Net Up. The net income, after taxes, of the Conde Nast Publications, for the quarter ended March 31, 1928, amounted to $540,863, as compared with $399,135, or an increase ot This represents an increase of 35.5 percent over last year, and is equivalent, after allowing for preferred dividends, to $1.67 per share of common stock, as compared with $1.20 for the corresponding period in 1927. Credit Alliance Gains 50 Percent. Gross business of the Credit Alliance Corporation for the quarter ended March 31, 1928, amounted to $9,617,813, as compared with for the same quarter of 1927, an increase of $3,244,549, or 50 percent.

Announcement is also made that the Credit Alliance Corporation is retiring as of May 1, 1928, $500,000 industrial equipment collateral trust gold notes, leaving only $1,500,000 outstanding cf the original issue of $2,500,000 California Packing Net Off. California Packing Corporation and subsidiaries earned $3.52 a share in FOR WEEK HIGHER Daily Average Increase Estimated at 10,050 Barrels. Domestic crude oil production in the week ended April 28 averaged 2.403.800 barrels daily, an increase of 10,050 barrels daily over the preceding week, according to the American Petroleum Institute. Crude oil production of Winkler County, West Texas, in the week ended April 28 averaged 230.500 barrels dally, an increase of 18,150 over the preceding week's dally average. Estimated daily average production of the mldcontinent field was barrels, compared with 1.477,500 barrels the preceding week.

Midcon-tinent production excluding heavy oil was 1.420,350 barrels, compared with 1,413,700. Imports of petroleum (crude and refined oils) at the principal United States ports for the week totaled 1.332.000 barrels, daily average of 190.286. compared with 2.146,000 barrels, daily average of 306,571 for week ended April 21. INITIAL DIVIDEND BYROXY CORP. The Roxy Theaters Corporation has declared an initial quarterly dividend of 87 cents on class stock.

N. A. INSURANCE CO. MERCER PLANS GIVEN Stockholders of the Insurance Company of North America and the Alliance Insurance Company are in receipt of terms of the proposed acquisition of the Alliance by the North American company. The plan provides for a 20 percent allotment of the Insurance Company of North 1 America stock to present holders.

Stock of the Alliance Insurance Company is to be exchanged share for share for Insurance Company of North America stock. To- provide stock for this purpose the Insurance Company of North America stockholders at a special meeting on June 12 will vote on a proposal to increase the authorized capital stock to 1,000,000 shares from 750,000 shares of $10 par. CENTRAL INDIANA PLANS PARTIAL ABANDONMENT Washington, May 1 W) The Central Indiana Railway, which holds a certificate of the Interstate Commerce Commission, permitting the abandonment of its entire line came forward today with a plan for a partial continuance of operation. The trunk line railroads owning the property, the new application to the Commission said, are willing to pay the expenses of continuing service on the Central Indiana over the 43-mile strech of line between Anderson and Lebanon, both in Indiana. This would reduce the abandonment to include only the 66 miles of the system located west of Lebanon, and the line from Muncie to Anderson, about 19 miles long.

NEW HUDSON RECORD April production of Hudson Motor Car Company exceeded 28,000 cars, bringing the year's total to 120,000 Hudson and Essex cars, a record for the first third of the year. the year ended Feb. 29, against $5 IT a share the year before. Net Income declined to $3,439,685 from $5,057,35. Superior Steel Deficit.

The Superior Steel Company had net loss of $63,117 for the first quarter of 1928, against net lust of $38,016 in the first quarter of 1927. Stats Sales Cain. Popular demand tor the new model cars resulted in a substantial increase in earnings of the Stuts Motor Car Company of America for the first quarter of 1928. For that period net applicable to the 229.000 snares ot common stock was $152,500. equal to 66 cents a share, or an annual rate of $2 66 a share.

In the first quarter of 1927 a loss ot $166,000 net was reported. Gardner Motors Gain. Gardner Motor Company reports Improvement for the first quarter of 1928 ended March 31, with sales amounting to 1,200 cars. Net income for the period after interest and miscellaneous charges but before Federal taxes was $104,268, equal to 62 cents per share on the 200,000 shares of common stock outstanding, over five times the earnings for the same period ot 1927 and 73 percent of the first six months' earnings last year. In the first quarter of 1927 the company earned $20,512, equal to 13 cents per share on the 155,000 shares then outstanding, and for the six months the earnings were $140,958.

Willys-Overland Gains. Revealing earnings of $2,802,896.65 for the first quarter of 1928 ended March 31, after interest but before Federal taxes and special rebate reductions which were charged off in this quarter, the Willys-Overland Company showed an average profit per unit of production on the 76,698 cars built in this period of $36 per car. April production will reach 38,500 cars, or nearly 50 percent of total production for the three preceding months, of which 5,000 will be the new Whippet Six and 7,000 Willys-Knight models. Canada Dry Net I'p. Canada Dry Ginger Ale, reports for the quarter ended March 31 sales of $2,372,435, against $1,919,590 in the first quarter of 1927, and net profit of $589,407 after interest, depreciation and Federal taxes, against $508,108 in the first quarter of 1927.

Net profit for the quarter is equal to $1.28 a share on 460,157 no-par shares, as against $1.10 a share on 458,465 no-par shares in the first quarter of 1927. a mtttar of record only. Due April 15, 1938 i A Neglected Opportunity We recommend purchase of Metropolitan 5c-50c Stores 8 Cumulative Preferred Stock Traded on JVeio York Curb Market for Past Seven Further Information Furnished on Request KEMP CO. Specialists in Chain Store and Bank Stock 50 Broad St. Phone Hanover 7607, 7608, 7609, 7633 for Investors P.

M. Bungart. Inquiries concerning Investments In stocks and bonds should be sent to Information for Investors, Brooklyn Daily Eagle, 303 Washington st, Brooklyn. All Inquiries most be signed with the name and address of tha writer. Names will not be published.

All questions will be held In strict confidence, and names will not be divulged to any one. The Eagle cannot undertake to give advice on speculation or Intended speculative purchase of securities. Stamped envelopes should accompany requests for replies by mall. Ni charse ot any kind is entailed In this service. ing 1927, the company developed the manufacture of synthetic wood alcohol and profits from by-products have been increased in the past year or so.

Net income increased from $890,000 In 1925, to $2,012,000 in 1927. Last year's income was equal to $9 25 a share on the new capital stock now outstanding. Income in the first quarter of 1928 was equal to $2.64 a share. Subscription, bacn Dated April IS, THEY SAY: Speculative Gossip in the Street and Elsewhere Would remain long of the New York traction stocks in anticipation of a favorable court decision on the 7-cent fare. Would remain long of Montgomery Ward and Sears-Roebuck, which, should reflect the improvement in the grain markets.

Jackson Bep. Boesel Co. From the manner in which Steel common has been behaving during the last three or four days we would form the conclusion that most of the pressure on this particular issue had been lifted and that in the quest for new leadership U. S. Steel common may move forward smartly before the end of the week.

Jacques Cohen, of Baar, Cohen Co. F. G. Shattuck should also be bought while it is under 100. Developments in the company, both with regard to earnings and exDansion.

should mean prices substantially nigner lor K. than any recorded last year. E. V. Jaeger, of Horn-blower Weeks.

The breadth of the market is a distinctly favorable feature and the trading gives every indication of car-, rying prices higher Douglas Sheridan, F. B. Keech to Co. The oils were again active but seemed to be running into stock. Suggest taking some profits in this group.

The rubbers appear to be recovering from an oversold condition. Kelly Springfield looks higher, as does Lee Rubber. Orvis Bros. Co. Manhattan Electrical Supply is not a stock we would care to be "long of once it breaks below 50.

Pennsylvania is reported buying the Altons. The Wall Street Mirror. Several specialties, which have previously been recommended and which we believe merit higher levels, are Johns-Manville and American Metals. J. S.

Bache by Sam Smith. The stock of the Borden Company showed considerable strength today and we shall not be surprised if before the close of 1928 a two for one splitup is announced. Harriss, Irby Ss Vose, by R. D. Fowler.

RICHFIELD OIL PLANNING MERGER Los Angeles, May 2 The Richfield Oil Company, according to an official, is negotiating with the Pan-American Western Petroleum Company for the acquisition of the properties of the miter, ine fan-American Company admits the negotiations. AMERICAN WATER WORKS NET FOR YEAR LOWER The American Waterworks Com pany reports for the 12 months ended March 31, net income of $4,749,330 after taxes and rh trainer $4,820,967 in the preceding 12 months. iviurcn net income was M97.135 after taxes and charges, against $450,045 in March, 1927. Twelve months net pnnntc eo an share on 1,395.436 no-par common shares against $2.89 a share on 1.328,-219 shares of common in the previous i munuis. APPROVE CONSOLIDATION OF PEABODY COAL CO.

Stockholders nf th PAahnHu rvi Company approved the plan of con- uuuauon wnn me industrial Coal Comnanv. Mlrilnnrf rvii Company, Southern Counties Coal miupHny, ftiercnants Metropolitan Company and Big Muddy Company. Stockholders also approved a change in capitalization to consist of of first mortgage percent bonds; 200.000 Share 100 nor A norn luirca, oi wnicn 150.000 shares are to oe issuea; auu.uoo shares of $25 par Class A common and 1.500.000 shares of no-par Class common. CANADIAN UTILITY PLANS CAPITAL RISE Power Corporation of Canada stockholders are asked to approve an fncrpas In ronltol shares from 260.000, new stork to be uucrea to secona preierred and common shareholder at $0 a share on a basis of two new shares for each sliare held. Proceeds are to be used to finance the company's share of British Columbia Electric Companv.

which it Is acquiring Jointly with other interests. HARDWARE PRICES FIRM Reports from important market centers indicate that seawnal lines continue to he affected by weather conditions. Hardware Ae rayn in its weekly market nummary. While jpriniT line have brrn immrwhat hampered, there In practirally no frost in the it round and the dm arm weather in exprckd to atari an immediate consumer demand. Building operation are Rolnti ahead rnpidly and induviial rowii.

tiona with a few exception are con-lidered fair. Price continue firm. Collection imported slow in mwt market center. California Property Described in Annual Report, Which Shows Big Loss. In the annuel report to stockhold ers of the Mexican Seaboard Oil Com pany.

Harris Hammond, president. describes the development of the company's property in the year. Properties of the company are located in Mexico, Texas, Venezuela and Cal ifornia. In describing the California devel opment Mr. Hammond said: Since our last report four wells have been completed on the company's Kern County leases in the Buttonwillow District of California, these four completions having a total conservative operating capacity of at least 20.000.000 cubic feet of dry gas per day.

The discovery of this nat ural gas pool has added materially to the value of your assets. Your com pany owns approximately 5.500 acres in this area, and in the opinion of your company's technical staff the greater part of this acreage has been proved by these four wells to be prospective gas-producing territory. Sev eral propositions have been made by gas distributors lor tne purchase of thus gas at the well. Jointly with other interests a well was spudded in on a 160-acre tract in Kettleman Hills are of California. At the present time this will is drilling at 7,236 feet, and geological conditions and structure appear favorable.

Adjoining this lease and in its immedi ate vicinity the company controls 2,560 acres." In Mexico several leases were dropped, but holdings still amount to 308.817 acres. Part of the Mexican properties will be operated this year by the Standard Oil of New Jersey and a large saving is expected. In Texas the company sold a part of its wuoarger county property, relieved itself of the necessity of drilling thereby, and improved its cash posi tion trom tne scale, it stm has 100.000 acres of leases in Texas. Regarding Venezuelan properties the president reported: "During 1927 the Venezuelan Sea board Oil Company has acquired petroleum rights in exploration on acres in the State of Monagas, which, in addition to the previous noidings acquired by it. make a total of 602.500 acres controlled by this company in Venezuela.

No development work has been done in Venezuela as yet by your company, but the recent completion by the Standard Oil Company of New Jersey of a well in Northern Monagas, where your company owns large acreage, has, in the opinion of the management, very materially increased the value of your hold ings located there." Loss for Year. The income account for the vear shows a loss of $2,232,000 before providing for depletion. The consolidated balance sheet shows current assets of $401,331 against current lia bilities of $3,425,486. Plants, properties and equipment are valued at $7,938,000 and investments in subsid iaries $2,984,000. MONTGOMERY-WARD APRIL SALES LOWER April sales of Montgomery, Ward Co.

declined to $15,940,784 from 557,218 in April last year, due to one less working day in April this year. The total for four months was $61,517,279, against $61,791,141 in the same periol last year. ASKS FORECLOSURE ON CENTRAL VERMONT RY. Boston, May 1 A bill in equity has been filed in the Federal Court by the New York Trust Company asking authority to foreclose a $15,000,000 re- unding mortgage on the property of the Central Vermont Railway Com pany. Graham-Paige Production Up Graham-Paige production for April totaled 8.275 cars, a gain of 5.445 over the same month last year or 192 per cent.

Total production for the first four months is 21,407, nearly 2H times the production for same period ill 1927 when total was 8,783. REO SHIPMENTS OFF The Reo Motor Car Company shipped 5.277 cars and trucks in April against 3.529 in March and 5,519 in April. 1927. Shipments of speed wagons set a new record last month with a total of 3.019. L.

I. PRODUCE Beet Topt (HothouM) Per hamper, 1.2ft. RmaneU Aproutit Per qntrt basket, best, I5aa0c; poorer tioek lowrr. lircweoli--Wide ranira in quality, per hamper. per crate, 1.2j2 flO.

Carrots Per bushel, washed, tl.S0al.75. Chive Roots Per box, T'ttatl. Chlcorle Per basket. 2fta75c. Dandelion Oreena Per crate.

50c all; per basket, 2ri75c. Kale Per crate, WaTSc; per barrel, Hal M). Knob Celery Per basket. Israe Mock, 12 30: medium to small, Leeks Per b'inch. 2 I-etture.

Prame fltock Per crate, 11 SOa 2 so: per hnrrei. 3a4 ftO. Mine Hothtijfei Per buneh. 4aic. Ovsier Plant Per buneh, BalOr Parsnips Per bushel, washed, beat, II 2al SO, Potatoes Oreen Mountain In sarki, per t4 2rVe4AO.

Parley, frame Stock Per bunch, curly, 1 i a 2c Rhuharh Per bunch, according I life and Quality Purl.nhfs-- Hinrk. per bushel. lWitl, hothouse, pr bunch. 3a V. iVallloTi Per hunch, wathed.

depend nf noon qualttr. Rot.r Orasa, Frame 8'ork Per erate. iliiM. Hi, much- Per bnWt, Savor, best, It Ma 1 7V poorer, flel 25 flfiuash Huhhard. too few rTerinfa and aai-s to eitaMth market n'litation TurnlpaWhlte, per bushel, ih'd, all 2V aten Ffrarhr hennery Mit'-s.

clw'i? aeie'd ft'ri. ner down rr-hOc: average euro, extra a2e.1.lr Nrbv T-n whites, firt to estra flri, 3n'fai2Se; M-onds and lower vrndes, 2'fc N'sthy hennery hrnns, estra oualitv. 136', extras, eiira firsts, 323ic. Wo INCREASES CAPITAL Will Issue 100 New Shares in One to Three Ratio. Directors of the Guaranty Trust "Co.

have voted to increase the capital to $40,000,000 from $30000.000 by tsuing 100.000 new shares at $300 a share in the ratio of 1 for 3. 8urplus will be increased by to a total of $50,000,000. Stockholders of record May 18 will have the right to subscribe to new ftock with payments due June 18, when rights to subscribe expire. Guaranty Trust stock was strong today, being quoted at $930 bid just after the increase was announced. $60 since yesterday.

On the basis of this quotation, the rights are worth about $158. SUSTAINED VOLUME IN STEEL DEMAND Ingot Output for First Third of Year at New Record. The Iron Age says the sustained volume of demand, in view of developments in prices and production, is the most impressive feature of the steel market. "Steel ingot output In the first third of the year probably established a new four-month record: finished steel prices are no longer advancing, and in some lines are weakening, and buying is increasingly cautious. Individual tonnages placed are growing smaller." Pig iron production in April, estimated from telegraphic returns to Iron Age, was 3,180.900 tons, or tons a dav.

compared with 674, tons, or 103,215 tons daily in March. The gain in the daily rate was 2.815 tons, or 2.B percent. A reduction in valley basic iron has caused the Iron Age composite price for pig iron to decline to $17.59 from $17.67 last week. The finished steel composite price remains at 2.355 cents a pound for a second week. BROOKLYN NAT'L LIFE RE-ELECTS DIRECTORS The six directors of the Brooklyn National Life Insurance Company whose terms expired were for three-year terms at the annual stockholders meeting of the company late yesterday.

Board members re-elected are Meier Steinbrink, John H. McCooey Edward A. Richards, Edwin G. For ster, Nathaniel Lyons and Frederick W. Rowe.

Officers will be elected for the ensuing year at the next meeting of the board. MALAYA RUBBER OUTPUT FOR APRIL DECLINES Gross shipments of crude rubber from Malaya during April were 20,029 tons, against 27.803 in March and 29,041 in April, 1927. Foreign imports to Malaya were 9.335 tons in April, against 10,508 in March and 13,067 in April, 1927. 5 STOCK DIVIDEND BY 1VILKHN KULL1NU MILLS ThA Amprlrftn PnlUnff Mill pany declared a dividend of percent in common stock on the common, payable July 30, record July 2, and the regular quarterly cash dividend of 50 cents on common, payable July 15, record June 30. BROOKLYN STOCKS Quoted by Hanson Hanson, 25 Broadway.

BANKS AND TRUST COMPANIES. Dividend. Bid. Asked. Atlantic State 300 320 Bay Parkway National.

180 Bedford National lis 185 Brooklyn Trust 24 1280 1310 BusLwlck 275 Cltlsens 915 335 Dtwejr 290 300 Erasmus 160 180 First, Brooklyn 10 530 550 Platbush National 200 riushlni 310 150 Olobt Exchange a 300 Olendile, 255 Orsnlle 235 Ouardlan National 4 230 Klnis County eo 2800 isoo Jamaica National 4 340 370 Lafayette 243 Long Island of Astoria. 200 Manufacturers Trust 20 910 930 Mechanics Bank, 150 par 12 1 533 545 Midwood Trust 290 310 Munlclpsl 10 495 510 Nassau National 12 515 530 Prospect 175 190 Peoples National 12 923 Queensboro National 373 Rldgewood 170 190 Kugby 190 319 Richmond Hill 375 425 Springfield Oardens National Bank 130 475 Traders 270 290 woodsld 200 TITLE AND INSURANCE COMPANIES. American Title Ouarantr 113 120 Brooklyn Fir Insurance 130 135 Brooklyn Fira Rights 19 23 Brooklyn National Life. lit 2A6 Empire 'In am mi 2a 32 143 1H tie.rt.-4M.4. I a 6 125 140 Ousreaswa rilie tl Mort 325 3(10 MomfXAtVn 300 315 rU Ce.

10'. 150 Nstlatest ivslr Iiua (. 't i 203 210 NetlojjiJ "rilVRjghu 9 11 PrudeuM.ii it, in.tt SudoWCHi'd rcr 94 US 120 MCrtLANEOf Aneoa 30 39 to 300 310 X.tf 7 10 113 Bkln. Aredfiag tlMualt 10 14 Suclniwanheus. waior.

90 ConeyM'Jt H. 70 Eagle. Sior. 125 falcon raw 30 ej 117 Uo. 7 ins 109 101 Oreef Hfy 4.

3 205 303 Do-nf. 7'. 119 120 Inurtr lu fl lit tt i'iTT" 14 tXl.pi. v. 59 93 Long Ukr.a ant i.i..

93 200 210 i 'i loo 103 Hilt.1! 7 99 13 79 ft 71 (J Dot. 4 4 94 VfrPSVlV' t.U rl 90 1 pi. 9 97 llgntf Inn pf 1 I', lH MM oair 3 KIH fl. HI 79 Da pf IM lnlo Ferry 19 to tRditiArid. And entree.

Eg Rights. fji Mot nt 1 1 i'ae 2 a i in "tk on 'o i'me a-d tfiefe -tnp, t( ai n-a in. fn im i Jarres RfrVtanua, a-teit'm' W. Wrfn, ftMUtkfit tertar. Purchase of the "most valuable plot In the world for banking purposes" has been announced by Levis E.

Pier-son, chairman of the board of the American Exchange Irving Trust Company. The plot Includes the famous "chimney comer" building at 1 Wall st. and other buildings extending 180 feet southward on Broadway and eastward on Wall st. to New st. The price paid for the plot, although not reported, is understood to be considerably in excess of $7,000,000, the total assessed valuation of the property being $6,850,000.

All of the property was purchased from the Central Union Trust Company, which recently bought the Manhattan Life Building at 66 Broadway, into which it will move from 80 Broadway, its present quarters, which is included in the sale to tne Ameri can Exchange Irving Trust. The Manhattan Life Building was purchased about two months ago from the Manufacturers Trust Company. A 46-story building is planned for the site, and is expected to be completed in 1930, making another addition to the group of gigantic structures housing Manhattan's financial institutions and towering above all other downtown buildings except the Woolworth. The famous "chimney corner," which is occupied by an 18-story building standing on a plot about 39x29 feet, is the most valuable parcel of land in New York City in relation to its size, being assessed at $1,050,000. The American Exchange Irving Trust Company, with capital funds of about $62,000,000 and resources of over $700,000,000 ranks fourth among Information Conducted by Reynolds Spring.

Will you please give me some Information regarding the earnings of the Reynolds Spring Company? Would also like some information regarding Yellow Truck. J. R. A. The Reynolds Spring Company manufactures automobile cushion springs and other types.

radio and electrical equipment, bakelite, upholstery, specialty Jeathers and hydraulic presses. It his 294,000 shares of no par common and $140,000 of 7 percent preferred outstanding. There is no funded debt except a $1,000,000 issue of a subsidiary. Dividends on the common stock have been irregular and none since 1925. Earnings have been unsatisfactory, and deficits have been reported in the past few years.

Financial condition was Improved by the sale of 62,000 shares of stock at $6.50 a share in the latter part of 1927. As of Dec. 31, current assets were $1,918,000 against current liabilities of $197,000. Book value of the common stock at that time was equal to $8.47 a share. No report of activities so far this year has been made, but it is thought that business had been better as a result of the activ ity in the motor industry.

Yellow Truck and Coach is controlled by General Motors Corporation. Thus far in its career it has not been very profitable. Large sums have been spent to develop piani, uu equipment and recent sales nav shown some improvement. However its does not appear mat any aivi- dends will be forthcoming ior mis stock for some time. Dividends on the preferred were recently omitted, and probably will not be resumed this year at least.

As a subsidiary of the General Motors Corporation it is reasonable to suppose that eventually the company will Justify the large sums of money invested in it and the stock become valuable. However, a purchase must be made with a long pull prospect. Commercial Solvents. rn von tell me what Commercial Solvents makes and what profits it has made in the past a. u.

a tvi commercial Solvents Cor poration manufactures Butanol, ace tone and emyi tucouui, nuin are ujed mainly in the manufacture of lacquers such as Duco. varnishes, films, celluloid, rayon, dyes. etc. D.ir- VACUUM OIL NEW STOCK ON $3 BASIS The Vacuum Oil Company declared a quarterly dividend of 75 cents, payable June 20, record May 31, placing the stock on a $3 annual basis This is the first payment on the increased stock, the company having recently distributed a 100 percent stock dividend. Prior to the stock distribution the yearly dividend rate was $2 share regular and $3 in extras, total pf $5 a share.

TKl'ST COMPANIES. KINGS COUNTY TRUST COMPANY Afti as And trust, of huus Intaratt Allowad on Accounts Subjact to Chack. Spacial Rata) oa Certincataa of Daposit. 342 FULTON ST. CAPITAL $500,000 nru ai SS.S48.000 Corn Exchange Bank Krakflj4 MA Capital and Surpla, $27,000,000 RRHHLYM HRAMIIM Mr.iMaira Branch Itirf 4 Iwiimsbs Pis ruiixiM a ti risima at trtwnprtnl Mranft.OrsBnlnt4llsnlMllsa At urrl At.

3rsorli alfrtls At. 4 R'wsl Snuta Kronllra Krssra Tu llsmlllo A a.ialilr tlrsm-1 4 lM A PrMIwI 1 ruthu.S 41 American Kxchange IrvinoTrust Company orpictA in MnoxLYW jo fuhon 1 Street Flattnnn Are. at l.indrn Blvd. Nrw I'lrn 111 Avenue al jrd Street MEETINGS. i.ow am inn niNo tmrA-ir Korice or anni At.

Mrrrmo of KICK KMOUJFWH. Nni l. hrhr fi-n lht tho anmml irl rs nf th ornhnKl.f. of lh rwiWANPA H'll I'lNrl COMPANY rlJ at th nf Nfl. IM 'r-l.

N.w nn lh" IHT1I HAY lif MAY. Hi 10 nflvl A for th il'PO of lprMri An1 for tint (rnns-Hm of nHt h.it. mar ri'iiaiif com bturt 4 BfRTTTA worrrinat, received in excess of th. amount of this German Central Bank for Agriculture issue, this advertisement appears as A of 1928 $30,000,000 Deutsche Rentenbank-Kreditanstalt Landwirtschaftliche Zentralbank Farm Loan Secured 6 Gold Sinking Fund Bonds Series 1928 Redeemable in whole or in part, on any interestjdate prior to maturity, on thirty days' notice, at 100 per cent, of the principal thereof. Principal, interest and sinking fund payable in New York City, in gold coin of the United States of America of or equal to the present standard of weight and fineness, without deduction for any present or future taxes or duties levied by or within the German Reich, at the Head Office of THE NATIONAL CITY BANK OF NEW YORK.

Trustee. REICHSBANK, Berlin, German Supervisory Trustee. Tha Trust Indenture will provide for a Cumulative Sinking Fund of V2 par annum requiring semi-annual payments to the Truataa, commencing September 1928. Payments may ba made either in Bonds of this Issue or In caah, and any cash to paid will ba applied to tha redemption of Bonds at 100 par cant, of tha principal thereof through drawings by lot. Thm following r's tummariMd trom a error of Maura.

Kinlar and Stagunn, Managing Directors of tha Dautacha Rantanbank-Kraditanatalt, regarding thia iaiua: The Deutsche Rentenbank-Kreditanstalt acts as a Central Bank for German agricultural credit organizations, through which it grants loans for the promotion of agricultural production, employing for that purpose its own resources and the proceeds of domestic and foreign borrowings. It was organized in 1925 pursuant to the suggestion of the Reichsbank Organization Committee appointed under the Dawes Plan, which Committee had recommended that such an institution be formed, to which the old Rentenbank should transfer its credit balances. Its initial paid-up capital of $40,476,190 has been augmented until it now amounts to and may be further increased by the application of earnings and additional transfers from the Rentenbank until capital and surplus aggregate $119,047,619. The business operationsof the Central Bank have expanded commensurately until on March 31 1928, its total assets aggregated $317,524,388, of which loans secured by mortgages amounted to $180,519,026. The Governing Board of the Central Bank consists of twenty-seven members, including eleven appointed by certain leading agricultural organizations, eleven by the German Reichsrat, and two by the German Government, which also exercises certain supervisory functions.

The Bonds of this issue will be secured by an equivalent amount of mortgages (or cash in lieu thereof), constituting direct liens on German agricultural, forestal and horticultural lands to an amount which together with all existing prior liens (as denned in the Trust Indenture) shall not exceed in the aggregate 40 of their assessed value. Temporary security of substantially equivalent nature is provided for limited period. The purpose of this issue is to provide funds designed to increase the productivity of German agriculture. This is expected to exert a favorable influence on German national economy and on the potential balance of payments available to creditor nations. i'i'ii i.i 8 ,1 First Mortgage Loans to Home Owners in xutioh or Kim iit rtu cuiktim Wa otlar Ansa Bono's It, a and whan iaauad to and racalvad by os, auhjact to the of our eounnef, Mmtra Shaarman Starling, Naw York City, and Dr.

Ernat Wolff, Barlin. Dalivary in temporary lorm ia aipaotad on or about May 22, 19. S. Application will be made to list these Bonds on the Naw York Stock Exchange. Price 95'2 and interest, yielding over 6.622 5 AT The National City Company Harris, Forbes Co.

Lee, Higginson Co. Brown Brothers Co. Th trvvv IfifnrftHiilnfi ht ht (wrlty bt cM, Cm ftfrVial ttmm tnti tiitirf atw, trtm mmt.iA hkh mm rfitirW r-tlMht, VV Ho rwA I'liMnW, hut hliv to mrtPrl. VtttfA Mhta ataiH ill Uim MlvmlMiMflt tMt tm uaiwlaUsJ trots OertMa Rctohtiwrk imim V. JoJI.rtf.i lh itmnif -M HncbMMf im Um dolttf Monrmri.

i mm.r no ikhimi, ttrt The Williamsburgh Savings Bank Huhu.h A I. I. R. Trtmlniil niH. Willmm.hufith Oflir: llmadwajr and l)rij Art, Drank I) Mondays i nth.

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