The Wall Street Journal from New York, New York • Page 2

i' ft- a 4 STREET JOlimL Mowrrno bvktoiq kdition Published twice daily, except Sunday, by bow, JONES" co7 V' VARIIHr. rraaldaat. Hush Baacroft, Beeretary. Joseph. Caihman, 44 iinI Street, Nw Trk.

Telephone: Broad On dabrlatlaaai IIS yearly; 11,10 monthly; or seven; rente Dally, for either edition. poaUce paid la the United Statu. Canada. Ifaslco. Puerto Rica, Quank.

Philippine Jalands, Hawaiian Islands and Cuba. Forelfa peatesre a yaar additional. -'V--. Subscriptions also received at Washington Bartau, HI1 9 8tret, Chicago Bureau. Room 164.

201 to. SalU Street. Addrrwra changed on request; always giro aid addrese. AdvertlaaiaeatBi Rates will be furnished by us or any responsible advertising agency. Entered as second-class matter Augast 4.

Ills, at the post office at New Tork, N. under tha Aet of March t. int. 71.98 87.68 139 t2(50 9 9 3.79 S.79 This Paper Hat a Larger Circulation Than Any Other American Financial Publication. .02 THE trath is Its prefer Cheerfulness ie like money well -expended In charity; the more we dispense of it the greater our possession.

Victor Hugo. SIAKKET DIARY 1920 1919 Tuesday, July 27 Irregular. Tuesday, July 29 Weak 1,066,400... Stock sales 1,180,900 .187,016,500 Since January 1 176,107,400 $2,512,000 Miscellaneous $1363,000 $491,408,000, Since January 1 $470,509,000 $11,112,000 Liberty Loan $11,846,000 $1,684,122,000 Since January 1. $1,336,413,000 $18,624,000 and Loan $13,709,000 $2,175,530,000 .7.

Since January 1. $1,80522,000 Price Up Off Sales Stocks Sales Price Up Off 110 43100.. Baldwin 34900 1164 2U 02 13500.. Corn 13300 90 1 148 2 13600.. Crucible Stl 30400 139 1 179 28700..

Mex. Petrol. 13100 191 ..3 95 38000. Am Pet 20500 114 1 87 21000.. 6900 88 1 27 20800..

South'n R'y 1200 30 65 38200.. Studebaker. 8400 111 ..2 0 1 12300.. Rubber 3200 126 3 89 69600.. 132800 112 .12 Average 20 railroads 87.85 .35 A on 1 1- inn TO 100 4 Chicago SepUmber 196 New York October 33.77 86 Call money renewals 6 Time money 7 Commercial paper.

.6 Demand sterling 4.36 Cables sterling 4.37 DAILY MOVEMENT OF AVERAGES Following are the daily average prices, at the close, of twenty industrial and twenty railroad stocks, for the period indicated: f-m fadaatrima-, Last high point. Apr. 8, 20, 105.65 Last low point. Rallied to Juvc Declined to June Rallied to July Declined to July thur July 22 Fri. 23 Sat July 24 Mon July 26 Tues.

July 27 Thur July 22 Fri. July 23 Sat. 24 Mon July 26 Tuea. July 27 19, '20, 7.36 12, 70, 93.20 22, "20, 00.16 8,20, 94.51 26, 87.66 rWEKTY 1RDVSTBUAU Aver. Adv.

Dm. 90.74 .29 89.63 1.11 89.85 21 87.66 ...2.19 87.68 .02 TWB1UT 73.03 73.00 72.10 71.98 RAILROAD Avte. Adv. Oee 73.45 XI .42 .03 .90 aid to Italia Apr. 7, "20, 76.53 May 24, 20, 69.95 May 29, -20, 73.24 June 15, "20, 70.17 July 10, 20, 74.43 July 27, 0, 71.98 his Aver.

Adv. Dae. 109.98 .75 110.03 AS 111.10 1.07 110.94 .16 100.72 1.22 uis Ave. Adv. Dm 88.12 .46 88.25 .13 88.40 .15 88.20 .20 875 .35 5 THE WAIL STREET JOURNAL STRAWS Heroic Treatment The average farmer has long been accused of un-progresaivenesi because of his slowness to adopt improved methods.

In part this reputation is undeserved since it was often due to lack of capital that he did not quickly supply himself with valuable labor nd crop-saving de-, vices. Cotton farmers, however, cannot avail themselves of this excuse since record prices for their product have brought about second emancipation. It is hard to understand, therefore, why they have not generally adopted the wholly successful method evolved by Government chemlsat for poisoning the boll weevil. It is estimated tha weevil consumes a third to a quar-. xr ot the cotton crop annually, but despite the fact that tha department of Agriculture has widely advertised and the success and cheapness of calcium arsenate in eradicating this pest, fsw reports are heard of its adoption.

On the contrary, there is abundant evidence that growers with little or no scientific knowledge, continue to with futile home remedies. The following telegram from Waelder, Texas, illustrates a case in point: "Some of the farmers of this community art burning sulphur in their cotton fields in order to dispense with the boll Weevil. Tbey report that in places the sulphur ap parently has Wiled the cotton." i No mention js tnadVof the eftecl'on the but to give the sulphur some credit. It Is fair to he larvrd to death through the killing of his favorite food. T'.

Yheroie.ttieftod eermlnfttion recalls the tes-tfmonlalj A "ANSWERS TO INQUIRERS "wTtLtwant inobui 4s nu-roaucfa eaaat itruw CHANGE FROM CORPORATION TO PARTNERSHIP that $20,000 would be earned by the business before Jan. 1. 1920. On what basis should the income tax return tor 1920 be model H. E.

D- Answer The result of such liquidation and reorgani zation is merely the substitution of a direct interest for an indirect interest of the stockholders in the assets of the comoration and no taxable income arises fmm such trans. the amount of taxable income derived is the excess of the amount so received over the cost, or, if acquired before March 1, 1913, over the fair market value as of that date, of his original interest APRIL RAILROAD EARNINGS Correction- Washington Figares compiled by the Interstate Com. PEPPER AND SALT THE INDULGENT HUSBAND I cannot buy a motor car Just now; I'm paying for a war. But when I get these payments done, Why, then, my dear 111 buy you one. Tennyson J.

Daft, in Judge. AIR. HARDING, PLEASE ANSWER Our foreman cays he hates like thunder to see a first-class printer wasted on tha Presidency while tha need for them down in the composing-room is so great. Yakima Republic. NO CHANCE A labor unioa leader was the hope of his team in a closely fought bowling match.

Breathlessly they watched blm us he incurved himself and lot go the ball. Disgustedly they -turned away as it trickled down the gutter and not a pin ielL "Gosh, Bill," commented ono of hi supporters, "Seems as iXyou could hav pulled! off a strike there when we needellt so -i shouted the bowler. "Swell ehow for a strike. ayih iit AmVorgnniiei-The( CLOSING piD Aim ASKED toesday'; July 27,820 Bi4 Asked r-. Adams SI 33 Con peinjr oatWd to eontmua te tmsmese k)L corporation a a partnersAip: sucfc stockholder tafc-j Alaska 1 1 ni0 over wfs and awmminfl oil ItoMtttse jf ia eor! Alaska Juneau 1' 8 porotton.

Aitwny susq. 120 -140 The corporation had rnd tmoU profit itt tacts i 2: had increased in value and the prospects of making an fm- xUis-Chal pf 74 76 mediate profit vrithh a ehort time were good. For ex- Anwl Sui 1 pf 98K 103 ample, say the capital stock amounted to $20,000 and that Am Agr Chem. 82 81 the real value of th assets turned over to tit stoekholi. An AffT Ch pf 86 86 cr as partner, was 140,000, and it was reasonably certain nu "it aid ax, 83 Am Bt Sue pf.

Am Bosch. ti. Am Br Am 8 Amer Can Am Can pf Am Car ft Fy. action. There is no real exchange of property involved in Am 105 uch a merely a readjustment of the relation of I 4IU Am HAL pf I Am Ice Am Ice pf Am Am La Franca Am Am Linseed pf Am Loco.

Am Loco pf Am Malt Am Safety Raz Am Ship A C. Am Shipbldg. Am Am Smelt Am pf sec A Am Snuff Am Snuff pf Am steel Fdy. 1 Am Steel Fv nf Am suirar Central Loath. Cent Leath pf.

0 57 85 874 80 133 134 the owners to the assets. Each partner after distribution Am Drug Synd 10 ui ine aeui is name or ma aiHiriuuuTe snare oi me 132 profits the same, as in any partnership. Therefore, if profit for 1919 amounts to $20,000, income tax of each partner will be on his proportionate share of this total, whether distributed or not The appreciation in value of capital assets is not tax. able when the reorganization is effected, but becomes tax able to the partners when realized by the partnership, the profit being determined by the cost to the corporation or value on March 1, 1913. When a partner sells his interest, 15 80 40 67 78 11 74 88 92 88 74 100 77 35 B6 merce Commusaion from reports of revenues and expenses Am Sumatra.

84 of 188 class one roads snd 15 switching and terminal com- Am Sum pf 85 panies for the month of April and four months ended'April Al" Tel A Ca. 47 80, compare as follows 1920 April oper rev. $401,604,895 Def after exp. 2,876,447 Def after taxes 25381,485 4 mos operrev.1,787,742.861 Net after 132515,800 Net after taxes 52.556,840 'Income. Am Tob 205 1919 Changes Am Tob $389,487,271 Inc.

$12,117,424 Am Tob pf new 86 44,716,664 Inc. 47,692,111 Who pf 88 WiVm Inc. 64,624.542: Jg 83 1,516.094 .857 Inc. 271,64704 Am Wr 454 1S7.753.K1 Dec. 5,538,011.

itmc A Ld 12 75,783,771 Dec. 236,931,1 Pf I. asv. iiif Ann Arbor Ann Arbor nf. Nationnl Tuc MrKcoport Ilnnt Kwumii JjJJJ yjjj lAssoDGlstpf Pittsburgh After idleness of three weeks the pro-' A80 2 pf ducing department of the National Tube Co.

at McKees- at A port resumed. The major portion of the plant was idle Atchison owing to the lack of railroad cars. Atl Birm A AU All hut one department of the Dewees Wood mill of AU Coast Line. 47 63 14 28 i 66 67 80 79 Va 73 6 84 81 42 39 86 63 85 136 100 25 18 82 84 Vi 90 Jersey seashore resort every day, believes he has solved Beth Stl 8 pf 105 part of the transportation problem. The train on which Brookl 10 he rode to the shore every day was habitually late and bITc 6 he arrived from half an hour to an hour late each eve-' Bk Cn Gas 48 Vi Central of 200 Cerro Pasco 41 Ceruan-teed Chandler Mot.

Che A.Ohio.. Ohk A Alton. Chic A Alt pf Ch A East 111. Ch III pf ct. Chic A W.

Ch A pf Chic Ct West. Uh A pf A P. A St pf Chic Pn Tool I A Pac. I A 6 pf 7 pf St A Om. St A pf Chile Cop Chino Copper.

eve A CCCaStL CCCASLpf Cluett Feabdy Cluett Pcvb pf Coca Cola Col Fuel A I. Col Southern va la Col South Cot South 2 p4" Columbia Gas. Col Col Graph Pf Comp Tub 43 48 84 85 94 68 90 38 91 108 45 79 11 185 16 81 40 62 79 11 92 210 200 88 93 83 94 46 the American Sheet A Tin Plate have been compelled UiJVTw I 2 close for the same reason. Atl Refining ai Kenn pf. IIUtHOiPd from llrltish Export Embargo List Aust nK pf wasmngion wcpartmeni or commerce nas received auw Pales a cablegram from Consul-General Skinner, at London, An Sales pf.

stating Guanos and phosphate rock have been removed BaldLocopf from the British export embargo list Bait A Ohio Bait A Ohio pf i Rarnsdfill sent by a backwoodsman to a patent medicine concern. njljj!" "Deer Doctur," he wrote. "After using 3 bottcls of Burnet yur compound 4 a wart on mi finger, the finger is ncerly Barret Co all gon but the wart is still ther." Barrett Co pf iBeechCkRR. Beth Motors One Way to Improve Passenger Service ijth sti r- 0 Beth Steel A Philadelphia broker, who commutes from a New Reth Stl 7 nf 36 Aft 1200 104 105 21 22 80 85 5 JO 13 14 110 110 96 97 nmg. private investigation revealed that the length do of the run was 93 miles aod the train crew made the pf round trip of 186 miles each day.

The conductor was! Buff A Susq" 42 4ft paid about $12, two days pay, each time he made the Burns Bros 102 105 round trip, his pay being based on 120 miles as a day's Bums Bros pf. 98 115 wnrV Tf fha train arrival 4af V. m-imA Bush Term 85 i Butte A Sup 20 Armed with this information the broker one day recently Butte Cop A 1 7 made the conductor a speech in which tie did not mince 12 words. He declared his belief that the crew was liberately running the train late in order to collect extra iSf5 pay; if there were not an immediate improvement in the Calif Petrol if 68 Al at- A a. a a.

running time oi me train, ne proposed to present the.iaitim Ans Of matter to the Public Utilities Commission of New Jer- Cftn outn sey, realizing the railroad management was greatly ham- -rUL 3 Fit porcu in ciuuivciucni ui aipcipune oy present rail- Case PI Was. 10 road labor conditions. The train since then has been lata only once, and then there was an accident to the' locomotive, says the broker. 20 82 48 83 34 01 70 58 80 14 28 67 63 61 73 0 85 81 23 (t 4 26 '80 43 21 8 13 16 70 29 69 60 64) 120 95 12 58' 68 98 101 48 90 63 7 9 6 6 68 69 99 101 7 COO Cigar pi. Cohsol Gas Con Inter Mln Con Textile Cont Candy 11 12 Continent 80 86 Continental Ins 67 73 Corn Products 92 92 Com Prod 104 Crex Carpet 54 68 Crucible Steel.

147 148 Crucible Stl pf 94 95 Cuba Cane Sug 48 44 Cuba Can Sgpf 77. 78 Cuban Am Sug 49 49 LUD-Am pf 100 DeBeers Cons. 29 Deer 94 Del Hudson 87 A West. 2C0 Denver ARG 4 Denv A pf 9 Detroit Edison 96 Dome Mines 10 Dul 8 A Atl 4 DSSAApf7 Durham 48 Durham Hoi pf 94 Elec Stor Bat 114 Elec St rts 2 Llk Horn Coal 20 Elk Horn pf 85 Emer Brant 15 Emer Brant pf 73 Endicott John. 76 Endicott hf 99 101 80 85 I Erie 1st pf 14 22 23 iErie A Pitts 125 Fairbanks 8 57 Fm 90- Fed Mln A Sm 110 EMASpf.

07 insncr Hooy 93 12 JS 18 45 '72 86 11 88 111 Fmher Body pf 106 lre 30 ll Am Tank. Gen fj IGen Chm 60 94.GenCigdb... 78 7 1 85 1 wrn Clg Gen Gen Motor Gen Motor pf Gen Mot 6 pf Gen Mot 7.. Gnocirrh 12.Goodrch BFpf 8 Granby Consol. 64 I Gray A Davis.

16 Gt North Ore. 2- Gt North Can 34 Gulf Mob A 11 GulfMANpf 7 Gulf 29. Gulf Stl 1 IV Hartman Corn- Hark Hendee Hnmestake Hupp 21 11 78 92 62 80 92 4 10 100 10 4 60 97 117 8 21 88 20 91 77 95 12 12 '14 55 68 74 86 13 36 120 109 80 22 12 74 167 94 66 85 100 189 140 71 21 76 70 pa 684 87 36 22 34 69 28 11 28 67 79 68 82 52 1K 76 72 81 59 89 87 25 85 70 29 IS 30 57 98 81 C8 38 60 14 Houston a04 105 Invincible Illinois Central Indiahoma Ref Inspira Copper lntcrboro Con. Interb Con pf. lnt Agr Corp.

32 lnt Agr pf 43 lnt Harv 40 lnt Mot 89 lnt Mot 1 pf 65 lnt Mot 2 pf 90 lnt Nickel 136 lnt Nickel 110 lnt Paoer 35 lint Paper 19 lnt Pap pr etp 84 lnt Salt 84 Iowa 05 Iron Prod 107 Wand Oil Jewel Tea Inc. 10 Jewel lne pf 7 Jones Bros Tea 49 I Kan City Sou City 8 pf A Ft pf iKsyser, Kelly Sprr T. I Kelly ST6 pf Kelly T8tfpf Kelsey Wheel 'Kelsey Whl pf Kenn Cop Corp Keo A Des Km a Dm 43 82 7 48 9 18 80 104 52 "JB0 63 17 77 78 95 72 60 4 44 10 SO 20 16 43 60 93 iKsyser 1st pf 100 90 83 Mahoning Coal 850 21 uv 62 62 8.1 49 84 84 62 72 63 90 '14 29 62 64 66 77 100 85 82 6 49 45 4 2tt 2 47 Ibbuhi A Man Sug pf. Man Gt4. Marlin Rockw Martin Parry Mathicson A Maxw Mot Max Mot ct' Max 1st Max 1H pf ct.

Max 2d MaxM2ptct. May Dep St. May Dep St pf Merc Marina Merc Marine pf Mex Petrol I'ex ivt-ol pf. 43 83 7 49 3 10 20 82 106 53 82 68 18 80 78 105 74 46 12 88 22 17 45- 100 115 92 84 97 101 50 70 82 89 24 24 4 4 20 80 'Keystone 24 24 Kress S0 100 Kress, pf 100 Lacks Steel 68 Laclede 86 Lake 9 174 Lee Tire 2SVi tlk Vallav a9 Liggett A My. 136 143 A Mr B.

126 135 Si1 Llg A My pf lne Loft Inc AA AO 1ft uvvov iivw i Loose Wist pf 96 105 7 2d of 105 125 1 Lorillard. 134 187 LorltoM pr. iw lasa Nash Mackav 60 Mallinson Co 18 Mallihson pf 68 Manhat Man El 67 Manat Su Bld '-Altt Mid St oa 20 21 '-Z Mldval fiteeL-i 40 40 Bit ASted RfiSH 62 81.: 76 U0 29 '63 MStPSMpf 83 7Kic' Mo, Kan A $ex Mk.A pf. 90 Mo Pacific Mont Mont Power, tf Mont Mor A Mulling Body Mullins Body pf Nat Ry Mex 2d Net Consol New Or IN Air Br Central 105 in YC AL. w.

85 NYC AS LI 99 A 2d 88 Dock 205 iN Dock pf. Rsy Consol Reading Read 1st pf Read Snd pf. Remington Remington 1st Remington Rena A Sarat. Replogle St! Repub I AStl Rep I A pf Rep Motors 67 80 24 -40 69 90' 80 x58 85 is 4 11 84 95 67 28 29 52 .70 86 SO 26 80 40 A West 78 A 28 Ont A 17 Nor dt West 88 Nor A West pf 65 Norfolk South 1 North 50 North Pacific. Nova Scotia 6..

Nunnally Ohio Body AB Ohio Fuel Supo Okla Pr ARet Ontario Silverr Otis Elev 110 Otis Steel Otis Steel pf Owens Bott Co Otis El Pacific Coast Pac Coast 1st. Pac Coast 2 pf Tac Dev Pac Gas A Pacific Mail Pan Am Pet Pan Am Parrish A Bing Perm Penn Saab Steel Nash A St 100 Natl Acme 85 Nat Aniline 76 Nat Aniline pf 88 Nat Biscuit Co 107 Nst Bis cCo pf 103 Nat Clk A Suit 62 Nat Clk pf Nat Con A Nat Enam A St Nat En A St pf National Lead Nat Lead pf 71 60 15 25 17 4 5 23 47 25 60 45 40 46 27 94 90 81 39 21 P5 7 66 93 73 102 Nat Rv Mex 1st 8 Peo Gas Chic 31 Pere Mara 23 Pere Marq Tere Mar pr pf reoria A East Petti bone Mull 1'ettibone pf Thila Co Phillips Jones. Phillips Jones pt 83 Phillips Petrol 3 Pierce Arrow Pierce Ar pf. Pierce Oil Pierce Oil pf. Pitta A Va pitu pf Pitts Coal 70 85 65 If 24 41 61 97 30 65 5 11 Pitts Coal pf.

84 87 A pf. 115 120 Pitt Steel pf. 83 91 Pond Crwk C. 15 15 Pr Sted Car. 93 97 Pr Steel Car pf 100 Public Pullman Co 112 115 Punta Alg Sug 85 86 84 Pure Oil Railway Secur Rwy Steel Spr RT Stl Spr pf Rand Minea 54 9 32 95 34 0 45 88 14 79 26 74 68 39 48 92 99 28 15 87 42 43 60 95 78 86 93 43 60- 85 28 17 6 66 24 65 72-' 52 1 27' 61 4 6 120 ti 101 50 86 40 100 60 42 47 81 95 91 32 40 23 112 86 mm 1 1 a 109 107 55 100 8 69 95 76 104 14 32 24 46 58 11 5 115 36 (57 88 37 45 81 28 1A 59 52 93 100 29 16 87 43 45 1 96 94 103 79 87 94 44 r-v' VBidAskea Robt Reis 15 16 Sobt Reis Ist.pf,.

51 82 oy Dut 74 76 St Jee Lead a 16 16 St A Fr. 2S4 23 St A pf 80 84 St Sou 16 17 St So pf 28 28 SanU Cot Suf 17 18 -Sar 47 48 Saxon 7 8 Seab Ait lint. 7 7 Seaboard pf 12 13 Sears-Roebck 110 138 Sean-Roeb pf 105 112 Shattuck Ans 9 10 Shell Trans Sitwlnl 66 67 66 97 nf 87 27 27 68 ISa Por Ric Su. 250 285 Ss Rie SO pf 100 108 South Pac 90 90 South ft 27 27 South .67 $7 nana mhi uu Stand Mill pf. 78 85 StO of 641 St of pf 105 105 St Pt pd 303 104 Steel A Tube pf 87 Stern Bros pf.

96 99 Stew Warner wi Stromb Cart .79 Studebaker 65 65 Studebaker pf. 92 95 Saner Steel 4 oz 49 Sup Steel 1 nf Temtor Corn A Tenn Copper Texas Co Texas Pac Tex Pac A A pd Tex Pac Third Ave 98 40 9 44 35 42 42 280 10 Tide Water Oil 190 Times So Anto 28 Tobac Prod Tobae Prod pf TolSt A 8t A pf TStLA Wet. A ct Trans Con Trani A Wms Tain City Twin City pf Underwood Underwood pf. Union Bag A Union Oil Union Pacific 63 86 8 15 10 '17 13 48 24 65 165 105 84 29 114 Union Pac 4 United Alloy 42 130 Unit Cig St pf 95 Unit Drug 1W Unit Drug 1 pf 4 United Dyewood 56 United Fruit 193 United Ry Inv 8 Unit Ry Inv, pf Unit Ret Stores Cast Ir I Express if Food Ind Alco IT 6 Ind AI pf US Realty Rubber Rub 1 US Smelt 8 Steel Steel Utah Copper Vanadium Va Caro Chem 19 67 16 40 6 63 84 93 54 90 41 9 44 35 43 43 450 210 29 64 88 12 .20 15 20 14 50 i 36 95 169 107 86 SO 116 65 44 175 105 130 48 63" 198 9 19 67 18 45 63 84 98 55 90 103 104 56 57 88 89 106 107 65 65 77 77 8 68 VeCaroCh pf 104 107 Va Ir A C. 101 VI van do 16 Wabash 8 Wabarh pf 14- Wells Fargo CO 4 West 9 12 West Pacific.

27 Wesj Pac 63 West Un Tel 81 Wertinghse A 102 Westlnirhouse 47 Wheel A 9 A lht 15 White Motors 48 Willys-Overld 17 Willys Over pf 80 Wilson 53 Wise 25 Wool worth 105 Wool worth 103 Worth Pump Worth pf A. 78 Worth pf B. 60 Wickwlre Spen 29 114 Leas eaa IS aAarea, alCs-lvMae, tSU-risbta, JAPANESE JJANK TO GET LOAN UV AV nvattt a Iflt 4fAM. tr 1 i 87 40 45 24 83 13 23 25 io 76 68 60 23 70 2 no 90 44 58 25 40 18 .12 80 '80 12 81 97 102 27 28 77 78 179 .93 .96 20 20 r.T 5 averaged iVfc. Japanese Exports 16 45 8 23 18 66 9 15 28 65 82 K3 48 10 17 49 17 83 65-27 105 107 64 85 64 30 Government to Lend lO.OOOAOa Yen at Jaia i r.Vs 151 Gold Reserves 10 According to cable advices received in banking circles 43 here, arrangements have been made through efforts of Governor Inouye of Prefecture Kanagawa; the 74th Bank of Japan will obtain loan of 10,000,000 yen from govern- 22 22 jwiuvjr i.

nara iwaaawa 14Vi 14 Bnu 1100 Pny oeposiu win oe paia. sank oi 97 105 97' Japan showed a gain in gold reserves, due to the redemption of English bonds and gold received from Omsk Government, and to fold received from the United States by exchange banks. Gold holdings now total 1,001,000,000 yen Silk continues weak, fluctuating between 1,250 and 1.850 yen a bale. Universal suffrage was defeated by vote of 286 to 155. Negotiations have been completed for the export to U.

S. of 15,000 tons of sugar -at 31 yea (15.50) per hundred pounds. According to investigation of Osaka Chamber of Commerce, price decline in that city for June Washington According to advices received by tha Department pt Commerce today, Japanese Government decided to adopt a mora liberal policy hi regard to exports. While tha decree establishing export control of certain commodities still remains in force, tha advice the government owing to tha recent commercial and flnADcial.crisii, baa decided to relax the export embargo and in regard to tha )ssoing of licenses. The list of products afectfd ty tha new policy includes paper pulp, printing, pr of 'newsprint, wheat, Eft Mm lllii 111 Bss' OF- ALT MJ i Kit WHEN planning' your da not forget books.

They art porch companions that never bore) sport that never' tires out; and haven of refuge on. tna fnevitabld "rainy dayl. Let tt help you select them. Wa have a complete stock, and a helpfaLj book service, Iibarty-Tower asawasak sat JaMeaal" Tknibisdscy Page Co. aribweft eenae Naeaaad Ubarly Call RrMT ISM.

Stocks to buy Certain industrial and railroad stocks are a buy right now. What these are and why they are a buy is discussed fully in our last "Financial Bulletin. Stnd tor copy of this Bmttttin WJ-728 e4 tkm koahttl Turning Opportunitimi info Profits descriptive of our Financial Service doth gratis). American Institute of Finance 15 Beacon Street Boston D03IE JUNES Operating at About S6 of Capacity and Earnings Et-ceed Anmtal Dividend Rate Dome Mines is operating at about 66 2-3 of capacity and earnings are running well in excess of the current dividend rate pf 81 annually. Last year earn-, ings, after all charges and taxes, were equal to 88 cents a share.

Cash position is good. The company has $1,000,000 fmnmAimw. Kjtnjfa 1st awiiiaai ft 9t atf 4 Via nanif a 1 nfsvtL III vaBiisjaua4a.il ivitui id vvfwsii av a. vuu va ivt Pkvtni As of March 31 last, current assets totalled $1,312,327 and current liabilities $113,651, leaving net working capital of $1,198,676. This compared with $481,203 on.

March 81, In March, 1914, working capital only amounted to $237,117. Dome Mines has a force of about 400 men at work. When the property is working at capacity the force approximates 600 men. Costs are being slowly reduced, but any substantial decrease will not manifest itself until the mine gets its full complement of men. The company's option to take over Dome Extension Mines hss been extended to September 15 next In the interim diamond drilling will be carried on to sco what grade of ore the property contains.

WHITE OIL COMPLETES WELL Flow of COO Barrels in Sellers Lease, Kansas Starts WtU in Homer Pool White Oil Corporation has completed No. 5 well with 600 barrels on its 200 acres. Sellars lease in Marion County, Kans. The new completion is located about mid way on the west line of the tract and is considerable importance in view of the fact that No. 4 Sellars, on the southeast corner, was a dry hole.

Fishing jog on No. 1 Sellars, on the southwest corner, has been completed and the well is down near the. sand. On its Oakes lease in lection 30, the deep sand section of the Homer pool, White Oil, on Sundsy, completed its No. 16 well at 1,400 feet, which is a shallow depth for that territory.

On a three-hour test run the well produced 1,000 barrels of oil and sediment, about 200 barrels of which is recoverable oil. Hritlsli Shipping Development London Direct shipping service from Great Britain to Central Europe has been opened up by the acquisition' of the controlling influence in Danube shipping interests by a British combine, of which Sir F. W. Lewis of Fumess, Withy A Co. is chairman.

i THIS WOIXD TICKLE BEX mASKtlX TO DEATH i rrovldcnc fournaU.