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CARFIELD National Bank 23boStrht wmibi FIFTH AVENUE CROSSlft ftACAOWAV. HLTH^CO. offer their helpfui information service to those lnterested in Foreign Governmenr and Mur,:cip_l bon<i$ Jn<*r_iri? on ipecific i-sves gladly ans***er??_ A timrk.\*n':t ln tf' ititel ftetsgm tatcMAtm r. av?.*?*? _?/// tt nsiltd tftn rtfAtit AVDness verr. r_ Hura&Co. 30 Pme Street New York c7tAep\xynxt John 6a ;branches .TKROUCHOUT SOUTH .AFRICA i Drafts on Europe or South Africa Th" :,".r\ ? ns o: fori <-,,! aVfl :it South in the ? Cnpitnl ond Re?erraa tnrr $20,000,000 Retourcet $350,000,000 NationalBank SaJUTH^FRIaTA1^ N*w York A|*BfT. 44 Baaaar St. a m t ar e ? r LymanD Smith &Ca 34 Plna itreat Investment Securities Carrciif /iif or* rtcommendahotu $ent or reqaest. f.e*rniaiVa Kloatinc Drbt lnrrfaw^ 3,.>lS0.mW.000 Marka BF.RI.IN Jur* 4 Bv The Ai?o*-.ated . dabt of Germany 4fi.iyafa.000 marka ihow aa lncreaar in the 'rom May 21 to May 31 of 3.660. I arka. From the Fin Say Germany's Salvation Lies In a Big Loan Finanrirra Br-li*?ve That Shr Murt Br Frrcrl of Mak ing Indemnity Paymrni Out of Own Re.ourrrn Budprt Problem Diffirult Hanrlirapp^d by Fall of Mark and Bip Inrrra*r* in Coat of Governmcnt Aprrutl CnVe te 7*. T- k - ? ror. r . . '-r? * a,? TrtaaaM inr BERLIN. Jur.a 4 Germany - a loan whirh arill r*nd*r ner free nf making rararation paymrnt* out of har own rasourra* for .evera' i'4'< .'?'-?? - ?'.'.! tha ronH ? imposed by the Reparation Comm ? *s a basis for jranting h.r ar axtansion nf a momtonum frr 1922 -faa i* exprassaa! |fl ,. c:rr'.as here. An Arr.ariran loan. ar. now eortamplat.ri. arill rlo Germany ?? . pooT ur.'.a.s it '* large enough and gr?nted on eonditions Ikll real'.y flSaklfl Germany to hai' her paper presses and ba!anre her hudiret It is a faet of rr.ost aerious alg niftcanee that in May fllaCMJ ?" tarr.a'. German debt inrreasad by more than lT.wo.ooo.OOO mark*. a'.! of whieh was usued to meet reparation pay menti. Her total interr.al debt :s now BkaVfl 289.000,r>00.000 mar.i The d*m?nd cf the Reparation Commission ar.d the loan eorrmitte. that Germany balanre her buiigt: a demand whirh Germany has acrepted? is mor* eas:!y made than p_arned out. A few fgure* kflflriflg on the German budfl*. for 192. arill eena to throw lifkl, on thu problem. The Finanre onginally determined the naat'l receipts for 1922 at lll,. jO.MO marks Pu. to tha eon tir.ued devaluation of the mark. how axar. 'h. r-P\ i rnmer t has plannrd to snuee-r out 20.000.000,000 marks addi tloaal plai ?o.ooo.ooo.ono mark* ai aary lataraal Th. total rere.p's. therefore. are ex prcted to be akovt iMrMOJX marks ., Expcnditarfll war* ongma.ly t%\ mated at 99,000.000,00" marks. bfll to tha furthar fall of -.nr ma-. ' tating large inrresfas la lha salanas of a *_at army of jjorarnrr.ent nmploxf- ' ? l?W BBI bear. ra" sbout'25,000.000.000 marks. maki-v lotal expenditures apprnxirr.ate'y 124. lonnoo.ooo mgrks Tfc< - j ***" itad a differerce of mora tnan .0_onn.. xooono marks batween receipts and ex? penditures. but thi* figure II hi?h!y l'.usory. for to expenditures m-i Th Goxernment and Manielpal Bonda w.?k . Mi** ._ .-.? "vh ,r:4 ? ?? ;a s ra? ' '. ? "-S Ar M II ini ' '* ??? . - 4'.. "I II ?' IV. ? .4- \-t.- ? ? ia**. i.i . .. II ^o s. IJS 81 . R* Si -r|.n 4, lll lll 4 ? ? ?? ?,| '__ '!_. | ..us ?? ????. S rlo - - ?? Mfl** ItlN 44 n* 'or.nhai'n l?4jl i k , Man . . It ,lo 4. ? Pa?l? ?? x. . " '? S ' IHIJT ';! !>an MMl ?. ?-r A 11" V. '. |] do *. ..r II , . n- Kr ". JJS ?ninla.n R'p I* { J i". I'om af c.n f-Ss nts l?e\ ' /> . S ;; s:s . ! ?? , im iisPut r...- ' ? 5?H :.,rr.n.hB*p?* ??? to rm . .*. :-s :.. " 44* It J . . M 4?B* 1 ?_S 111 I ??? ? aa 4a . JJ . HK.ni.orr. .1 H. I ?? ?J* '* ? - ? I -1 ? ;. ... l! d?,oM41.* afaflaral a ?? 118 JI.H J'-N *4i ii 19 ???* '** ? ' ' MttrVaf ?i-iiBa: ,,co ???' I! I* 44 rlol.n. ,.ird|Ts4?..'ara?l..?an j c no ,\?.i 17 ??\ *;*4 IJ.H . ...? 1 ** 1 * -. i do v i?iv ifltil - rto 4wi; 47 !??'. " x ' , i;.-.vv- ?? || rlo 4s M *?*? M?fl ?-H Rail-ax and Olh?r (orporatlOB* I Arlama Itp BM tr fll ' , RuhKar |olrl s* nr . ..ro. ..r-.i So H ?. J4S IlinxJr'Aar ..-.miss IBIJJ IM ??? do l.l r\t la ? '?v? J tiAfla*! ?? ; jj, Sl Am-t am.inna 4* * 8*4 117 Am.r Bua.r R't ?? |afl?4 JJ1 ?' 7* Arnar Tai A Tai esrt ?a.ll? ll??* N 4 , *8 ", , ,. II . * Huntington Jackson & Co. Railroad Bonda 43 Exchange Piace New York lancial Listening Poi ! added 228.OOO.OO0.OO0 marka on rapara ! tion paymanta du* in I ' makaa th* natiranal dafieit for tha y*ar mora than I42.noo.ooo.ooo marka, a .um arhirh will eertamly be vaitly in craaied unl**? th* operation of th* R*irh?bank'? prmting pr*i*?? i* I ? r'ai.ure to arrornpiuh thia would brina a further cataa" n* in the mark. hnnfing with it rompl* dulocation of thr budr" Th* B*teh? bank ran halt th* pr*??*a on on* con? dition oniv, ramrlv. rhat Germanv for t. aub.tar.tial p*r:od mu?t b* fraed from reparat:r.n payment* out of h?r r-aan re.ourr*. Ko BBOfrt-tanB loan will elTer? ttila, II Ii conttnded r mtn.. aad It an ? r Ifl meetinr; tha ntuation. - Sterlinsfs Rise Attrihuted to German Ncw? Iriah Drvrlopmrnlf.. Ho** e\er. \re II a v i n g a Depretslaaj Fffrrt oil thr London Stork Markel , ...... ? ?'? ' '"? :>:: **?? 1 I ONDON. Jun* 4 Th* ?rr* prrr.ation in Itarl Bf and mark ? r tn lha aeeiaiani r*arhad in Tar* and Brrl n rrpard.nj: Corman reprration. Th* rraetronara- te-.drrr\ may I the irravr political nt?l fallaariaf, th* . rf conirror.rrk brtwern I- l . and Imh leadera. | . . i..?r. offerinf h c rat*' 1; rmplovn-.er.r njruret .'*"w a ?lifht drrrr., ' ?* *rf ?akin_ a ra - Whitaunt r/falei aft*r ttaaa and tn the Irnh convtraatloni Thr ud on trr* - ,'av ll lrr'.and an". velopir naluri hav* had a d*pre.*ioK afaet ******* markela. Tka War L?an bondi ? . batn aaoyant for aaaae atantlia, atrro amonc th* fint to deelrne Parliaaaenl ,, and th* G?r m.n raparatloni laaerallywbb ****** favorabiv. - ,r*h'' opmion favor nc Britain i ran . war d*bt*. wbathar ar n? iXmti iea relcasc* Br taifl from h*r I tha waat 11 araa awatiaead man* -rt.t payrr iid?r -ar dtbta prabably will b? hor* within a ftar -**k* landan at Uehei f-rrat ImporUB I r*Ji* eMf? ra, th* preaer.e* P Morg-ar. h* "C :r?*rprot*d at t that Am*r.ra intanda m p!?y a Mg Part ln world ftnaneial readiuatmer, - Brtiah baainai awaiting n**' rr?*rding the ?ort _,,?, ? iany can pive to iup port a larp* loan. member* of the Ama.sramatcd Enginaariai 'ihri J*" *'", ojt for many weeki, have roted ^ for peac* _ .TWeek's Bond Mar : -a- ? . * II Ar I rlr, r?n " . ?' . - ... ia i i ? ? . ? ? ' ? -m i* 7' '. 47 rlra I. r\ > ... . - . - ala* 84 ? -. . ? . . il iwin 1 lll H, ? | ? M 4 < r ? ' ? 41 ' 1* . ? i . ? . -* rt- ?. ??-. . ? . . ?? ? a T llw.a A T'h A T Bklan I i ... , ?ta 8a i :i Ao grn tt *-r A '? i M , ?? ?? ' . 11% I 4. -? M - .on 5* ? S ? . ? . . II Bu.ri T ! ? a '? < 1 . ?.'.'. 1 | li ? ? ?rhrrr. :? ? ? v* 4 . ' l (-? II, 14 . M ? 1 B ?_ hatt rl'.v T? . I ? ll,* . . ???'.? f? ? ???,?* ? I ? 4 '?? ?4 | . 88 do earl I l g. tt Cr.il . . ? 1 ? , 4" , r . ''a IT rlr, on 4. ?? II ?4 *? rln 4* Illlno.a : ? ? ? " . 1IT Thl * B?*t Illlnoi* la. 11 14 I a ? ?. . t ** __aii .- i' . ." 4 ,. 1!1 darvil',. II 1 rlra *..*. 4. 14 I al? .. CMAtrHU a, r ? t rr. ? ' ? 31 Itr, II,. r- ??a, 1 rl r 4 4,.., r '* . ? i <? t> ri lll i*hi Rallwi ' n 1 * 1 . I-" 4 ? *, . , ;? . ?'* 4. ? , I ?? 4 ??,* *?' A ?1 * W tnr||?n? 1\* lt}!, iaj?, a ?, T rlra 4a " > , ' ? ', , ;>?r rvt ',* lll Ao to\ \r ?a ?1S ?J 14 11 <"".- . . *1 ?k ? '?? A '* , l*k\ || 74 rlr, rloti 4 W* Nti |] 5 rln grn 4* Ulj I ?? 1 alr, rnl 4a at 1, rt!. * rlr, 4a 'Vh W Vt d|? 11*4 44 | ] ta, ?a? tararaln. A *Ah :? ?* i. 4v,? *t tn*, ta I Tnln Kiael * Ir _*n I* *1 ... ij HColnral-v Irirtu*tr:.l i. "t 71 71 II Cnla * IVauth rf? m. ? . ... 1 1 J* rln ].t 4* 7 rolurrMa (>.. * E la II ?. ?-, :i do la ?? *l JS >. \ I Cnlumbua * Hork V 41 ,74 J Carr.f.*r?l?: Cat.1* t* 'i < r?.mp-TlMar?r '? M% ' , |j 71 C Coa* tt -arrlaofj la II I) ^ 11 ?ita of Europe Paris Is Less Hopef ul of Bi<; Loan to lierlin Frcnrh Srntiiin-iit Now Fn wir* Smnlli i loan. To Be Srriirrtl bv Sprrinl T.'ivr \llinl Debtl Imo.Mtl Important DrrMon Var (*o\t.'? Hnamial Fqnilib rium DrprtuK nn >nl\ ing Krpai alion- IVoblrin TARIS. .' " ai s n x' ? ;.n a .ent <if tl \ ? ' durtior Ifl ' ? amb-.r agra' a mairtai'-' -. :? an ?-:-raa-a tha ar BBOr.1 be proposrrl Tha hor. ? *' v ohf?in;r.(r a forr . versar:**. ?' lk< ? , ? tl) aftar ar had baan BCki* ? ? sion, whieh ? on al! Garman 1 I K. eanraaaiani I -?ould Y* unpi as th) tak.n opportur im. 1 from ? ? - faxrr af .. - rr.ark.x as a t< n| la on a aatiafael i. and : ? pa-.HaH in aal ' ' krt -. >ai ? ?? ? ? . < ?a ? ? ? . . p . i 4 1* fr. II Trai ' 4 ' I* ? < I I > ? : i ??? <? ? li] - 1* <!o w II !r' ? 11 Ki ' K 4 K 1 Klnasse I ' ? I II L_ II fl* || . * Ma I . ILehlgl IUI Vol I ? - ' . . II PlO il | It/'. * 4a rf* 4. l? 1* ? ? fl* M I La A Arkanaa* ? I ' 14 . 1 . -?1 4* IU I fl. 4 ? :i MaYI B< I " I -i 41 Markrt II 4* tM II 1 \t. 14 do la. with ?. I <!o 4, r.( III do Itaa 1 ij Iksfl ?::h ?ar ;: s . -, '? II . < i?x? II Forty Years of Progress Forty years ago?on September 4, 1882? electric current was turned on at the central station in New York City. 257 Pearl Street. This station began with fifty-nine custcmers. who were at first so skeptical that currcnt war, supplied them free for nearly five month;. The Pcarl Street central station contained six generators, nicknamed "Jumbos." and it wai mentior.ed with awe that each one of those dynamo-electric machines had a capacity of 1_5 horsepowcr?now the capacity of the mod ern dynamo is from 50,000 to 60,000 horse power. From this small beginning there has grown a wonderful industry. The service performed by Electric Light and Power Companies extends today throughout the entire Iti and breadth of the land. Industrially speak ing. electricity has all but turned night into day. It has improved working conditions. aided in increasing production. and in hun dreds of other ways woven itself into the very fibre of the country's existence in farm, fac tory and home. aiding the people in their business activities, their pleasures, and their duties. That original list of fifty-nine customers has grown during four decades until today, in homes alone?without taking into consider ation shops, factories, public buildings, ehurches and theatres?jutt in homes ilonfl, more than thirty-three million people are being scrved with electric light and with power for labor-saving devices. The Ronds of Electric Light and Power Com? panies are, as a class, entitled to a high invest ment rating. They are obligations of an estab lished industry which not only supplies fl service indispensable to the social and com mercial life of the nation, but occupies th? enviable position of facing a constantly grow ing demand for this service. Earnings are unusually stable, being little affected by periods of prosperity or depression, and in? creasing from year to year with the increase in the population of the country. The secur ities of these companies possess the further important advantage of offering a highly at? tractive interest return combined with safety. Harris. Forbes & Co. was organized in 1882, the same year which witnessed the birth of the electric lighting industry. We were one of the first large investment bond houses to purchase original issues of Electric Light and Power Bonds. We have aided in the financinj and development of many of the largest Elec? tric Light and Power Companies in the country, and have at all times an extensive assortment of such securities which we ofler with our recommendation. Upon request for Circulflr C-lll we ehall be pleased to send a copy of our June Bond Offeringi Harris, Forbes & Company Pine Street. Corner William. New York Harria, Porbas k Ornpany laeefrorate ??Baaa Harris, Forbes 4 Company Llmlt.d Bao&trsal Harria Truet ard Savfnf* ?cad Drpart-nat CMBflfB w..k .-llll rlo?e Hl?~ ? j a 'C 4. 4- , | ?? II ' -. I '?'.?# a . * . . 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K?r A M ?? -a t* ', t*l ?l?4 , 1*1 *? ?? ?n Is.. **>% ?IVb ?*H 11 rt. u la II HV ? :<* ... < . ?? ?t it h.m 7?*jb iish i??\ ?0H !?< . ?>v, 11% i-b i* . *m ??% ?? *? rlo l.l ?B . ?* - 1*1?% *l n.l can Is... ???? ?l *IH 1 do la ?ar I US >lx* ?I * V. Rv A I'ow.r la- l? l*V? * I* .1 ? ?? ?l IU. JT 4a 1.1 8. ... , ?!'* > ?*s . 1**\ ??** 4. *?S II*, IU. , *l<4 II ?s * B. siv; l*. |TH ? *S? i?*H H?S l?? . ... 4V.s *;', ???* l*xa 1*. i?* i?? ..r li . II<, Il xx. Ki.e Ta lo? V l"l\ !?? S U M IS . 1** -?s I W.MI * L B .at I*. IIV ?1\ ??% Cbiub-BibI al The DomBioo of Casai. Tlttrty-Yft-r 5% GaU baah Doa May 1. 19S2 Pric IM aad atxraai ******* Lagal la-aataaawt raa SaTtnga Baaka ?- Caa? nacticut, Naw Haaaa ahira and VaraiaBt We reeotnmend theia bondi iot iavcatment Wt tkat: bt fltJ te tmd Caxaia* ufon rtemtJt fee B-i* Ioaroatmoet Boevla 14 Wall *Aim*H ? N?_ T*** . ?*????? _ 23 Cttutoaatl "ew Oriaaa* 1 da 4V?* ??_ u U 2 do ron 4* "_? J,u n? 14 Wh-aapaar Btaal 7* *?*?'., 41 1 witk** ROTCaot tat la Tl " ft* iiwii^n * vo af Tva *_}_}:,* ft 11 do Lt ?. tf*?lH l_ T4 do ca-t 4a ?? ,. _4 :i Wlaeoa (*nt ??? ?* ?'_? .,_ tt 1 do 4a, B a% D di? *?** ?*? I a " Kinanri-I It4?ma Th. t'titiatd Biat.a Ma/t?a_* ??'M, * C. mp?ny h?* announced tno* '*M _*_ HI iai aadoi thr i ma tuad provt.ion* ?f ?_??"'?'. o**t__ of th* Butt* Bl*ctiir and_?*?_?',_., ia_ - purrhaa* of bornt* ?* ',*}4 M?J , Jun* 1. llll alaa ?** Ui^t* - th. pa-ra-haata a( ??yB,**j_5_ i hmda of ,h. rompaar "*?? ???_? J_5_ ! ropnaale for tka ??!? ?JJTift , .ihaaet thaee lurna wili Ba foae***4 *\ nooa Juaa 11. _i