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to preserve the Constitution. The Cabinet has declared war on profiteers. There is ample food available, it is announced, and anybody found driving up

"after an all-day conference between acting President Rataj and the party leaders of the various factions, Cracow seems to have the best chance as the

here. None of a dozen or more members of the General Staff whose views were sought raised any objection to the monarchical scheme, and several declared it is the only solution of the composite problem facing the Marshal. None, however, was ready

vance in the pound sterling to parity at $4.865, markbe practicable at this time, since the miners" deleing the first time drafts on London had attained that

ing, and his thesis is classed by the French as im- In ratifying this conclusion, however, the Commispractical. One is left to guess the reason for the sion agreed to a significant reservation by M. Paul

more definitely in an Associated Press dispatch from time armaments should take into account the miliGeneva on May 18. It was stated that "the Pre- tary, economic and geographical factors upon which

mittees will handle military, naval and air prob- and endeavor to separate technical military queslems and the other will handle the general economic tions from purely political problems. The commitproblem. The original plan of the League Council tee includes M.Paul Boncour, of France; Hugh Gibwas to turn over detailed disarmament studies to son, of the United States; Lord Cecil, of Great BritLeague bodies, to which non-League countries, such ain; General Marinis, of Italy; M. Matsuda, of

emphasize the sovereign character of the Commis- ference. The Geneva representative of the Assocision and that when the Commission is not in session ated Press cabled that evening that "concrete proits problems will be in the hands of its own sub-com- posals to forbid the use of airplanes and poison gas

expressing America"s cordial support, stressed the other points. In part he said: "Arbitration, senecessity for working out some solution to the curity and disarmament, as conceived in the Geneva

mission decided it was impracticable now to think foundation of the League—which became the marchof reducing the ultimate war strength of countries. ing song of the League of Nations two years ago, and

if not in actual form, of the discredited Geneva thought and activity, especially at the seat of Govprotocol, a scheme under which every member of the ernment, that this one overt act had a potency little

equality of opportunity, a guaranty of personal and for centuries the centre of the world"s comrights, and A servant of all the people for all the merce. Because of its resources and advantages of

prices from March to April is shown by information gathered in representative markets by the Bureau of Labor Statistics of the United States Department of Labor. The

Bureau"s weighted index number, which includes 404 commodities or prices series, registered 151.1 for April, compared with 151.5 for March, a decrease of only one-fourth

Of the 404 commodities, or price series for which comparable information for March and April was collected, Increases were shown in 81 instances and decreases in 155 instances, In 168 instances no change in

Delaware slackened somewhat from March to April, as indicated by reports of employment and wage payments received by the Philadelphia Federal Reserve Bank from 1,251

In Pennsylvania the greatest losses again occurred in the textile industries ; factory operations in this group declined nearly 10% and employment and per capita earnings also were less. The largest losses in the textile group were reported by hat factories and silk and woolen mills. Metal

Reserve District. In 15 of the 22 cities of the three States, factory operations as reflected by wage payments, declined from March to April. Declines from 6 to 9% in wage payments occurred in the Trenton, Scranton,

The Sinclair Refining Co., subsidiary of the Sinclair Consolidated Oil Corp., advanced the price of kerosene 1 cent a Steel Operations About the Same-Composite Price

Petroleum companies followed these changes. The Standard mill about 42.000 tons and the Illinois Steel Co. 2.000 tons. Track fastenOil Co. of New Jersey advanced the price of gasoline 1 cent a ings for the two orders amount to 14.000 tons. There are small rail inShore Line.

until several days later. Prior to the statement for the latest reflected in statements of the Bank of France, which have shown a considerweek, the week ending May 12, it was the practice to have able decline in advances to the State. Note circulation of the bank, after

strike one London editor was informed that he musts employ a certain person as one of his private secretaries. He refused to do so. The intervention of the strike itself probably prevented a strike on this particular newspaper on that issue.

The present value of the French payments, on a 3% basis, is $2,734,000,000. This is approximately 82% of the principal amount of the charged by the French Government to honor the signature of France

next two crops and provides penalties for violation. Associated Press advices from Havana indicated that two measures had been enacted to carry out the recommendation

cars handled per day in April was 24,624, or a 53% increase compared with striction is being made up by increased production in Java, the DepartApril of last year. Coal shows an increase of 118%; metal products and iron ment"s report shows. For the 1924-26 season, the production for that counore an increase of 117%, and timber, 68.8%. The number of idle freight try was 2,202,295 short tons. For the 1925-26 season it is placed at

The provisions of the bill limiting the crop were indifrom Germany of 29,000,000 marks" worth of gold deposited in the Reichsbank as collateral for certain purchases which have improved the rate of the cated In the following dispatch from Havana April 29 to

diplomatic note asking if it is willing to open negotiations with the Government of Cuba for the modification of the standing reciprocity commercial treaty in order to insure both countries greater facilities and advantages in the commercial interchange, strengthening and establishing in

There is nothing remotely like those impending, but in spite of the promise of a big winter wheat crop business tends to contract within orderly limits, surprisingly so in view of the vast extent of the gambling in real estate

and what may be fairly called the abuse of the holding device in utility companies and the exaggerated values recently given to good-will in organized

increased by 18,013,000 since Dec. 31 1925 and decreased in the sum of 4% market 1-5 of 1%; in a 3% market 14 of 1%. Thus. being on a gradur led scale. the charge werks to the advantage of the correspondent banks.

zones of influence so that the field shall be preserved for intensive cultivation by one rail carrier under appropriate conditions and reservations. A

by toe stockholder appearing at the nearing tnat a more advantageous sale Joseph"s Bay and that it expects eventually to be able to retire the greater

as aforesaid (a) Is for a lawful object within its corporate purposes, and compatible with the public Interest, which is necessary and appropriate for and stock to be sold to the Pennsylvania RR, at not less than par and the

March 311925. tentatively entered into by the A.& V. and the V. S. & P., dividends of 50,100 and 100%. these reasons is the fact that the affirmaAugmenting and strengthening

security holders states: Holders of the above securities will find an investment advantage in transferring the funds realized therefrom into Associated

facilities for handling 1,000 cars and a complete car float system by which available resources to the reduction of outstanding debts and to the inconnections are made with every trunk line railroad entering New York City. crease of working capital.

receiving in exchange one share of 7% debenture stock (par $100): and 2 of dividends on the pref. stock under this Ilan, if adopted by the stockshares of common stock (no par value). Common shares outstanding holders, as of the first quarter of 1927. and of maintaining Such divs.

Earnino.-Net annual earnings of the completed property. after deducfor redemption on June 1 1926 at 104 and int, have been notified that tions for taxes, insurance, operation and ample allowance for vacancies

their right to convert their notes into class B shares at the rate of $110 of are estimated at $61,700 available for payments required under this bond

paid for entirely out of earnings. It will be the policy of the directors to French subsidiaries have been converted at the rate prevailing at Dec. 31

company and of its completely owned subsidiaries have an assessed valuation of over $12,000,000 for purposes of taxation. This valuation represents replacement value as of Jan. 1 1924 plus subsequent additions at cost,

x After deducting $1.068,850 for depreciation. y After deducting $84,906 allowance for doubtful accounts. z Declared common capital, represented by 25,870.70 shares of no par value.

Railway Company have been received. As the values reported were considered too low, protests against these reports have been filed with the Commission. .

stock, consisting of 517.500 shares, without par value, of the Flour Mills telegraph wire to New York will be located in the office of Eastman, Dillon

2,363,800 period for making annual reports was changed by the InterProtests have been filed against these tentative valua- state Commerce Commission to the calendar year

houses, 56 material yard, 6 wholesale houses, 40 miscellaneous manufacturing plants, 6 grain elevators, 4 meat packing plants, 4 rock crushers, and 22 miscellaneous industries.

erected during the previous year. It does, however, include or royalties, or both, for the exchange of patent and manuexpenditures to March 31 1929 on an additional office build- facturing information.

contract for the electrification of the Chilean State Railways from Santiago to Valparaiso. This important undertaking was one which attracted international attention and

shipment Bourbon Santos 38 at 21.90 to 22.85c.; 3-4s at Havana cabled later that 128 cane mills have already com2134 to 22.15c.; 3-58 at 21% to 22.85c.; 4-5s at 21 to 22.30c.; pleted grinding their 1925-26 crop. The latest mills to

July to September at 70 to 75 points, May to December at exports 21,795 tons were for New York, 18,607 for Phila185 points, May to September at 125 to 130 points, December delphia, 13,221 for New Orleans, 3,000 for Savannah, 380"

May suddenly advanced 4%c. on belated covering. Also, Inst. prices advanced % to %c. The weather was unseasonably cool. It was bad for both oats and corn. But adLiverpool, to the surprise of everybody, ran up 1% to 21

That counted for much. Buenos Aires advanced 1% to 2Y4d. vances ran into realizing sales. They curbed the rise. ToSome of the spring wheat reports were unfavorable. There day prices closed unchanged to %c. higher. Trading was