davidaulloa/AmericanStories huggingface dataset:
Evening star., 1934-06-15
EXCESS RESERVES
REACH NEW PEAK
Funds of Federal System
Around 300, 600, 900
Mark This Week.
BY the Associated Press.


NEW YORK, June is. Heavy
Treasury expenditures of deposit bal
ances and free gold lifted the excess
funds Of Federal Reserve member
banks to a new peak on Wednesday
at about $1,000, 900 900, this weeks
Federal Reserve statements reveal.
Total reserve balances of member
banks rose to new high mark at
$3,S95, 100000. or about 81 800 ,ooo,-
900 above the amount needed for le-
gal deposit reserve.
The treasury spent approximately
$5l 100000 Of its free gold stocks by
issuing gold certificates to the reserve
banks and using the proceeds for gen.
eral purposes. In addition, the treas
ury drew down its cash balances at
the reserve banks by a further S28,-
100000. The disbursement of these
lunos increased the balances of COM
mercial banks by creating new pri-
Vate deposits to that amount.
Increase of $30,O00,O 900 in the mon
etary gold stocks of the country was
another factor in adding to bank re-
serves. while decrease of S29, 600. 600
In money in circulation added still
more to the inflow of cash.
New York City reporting member
banks showed rise of $4,000 900 in
their net demand deposits. Part of
this resulted from a gain Of s2l ,OO0,-
600 In deposits for the account OF
out-of-town banks.
The excess reserves of New York
banks advanced $40, 900 900 during the
week to total of $524,00O 900. Their
leans and investments were almost
unchanged.
The weekly condition statement OF
the reserve banks said:
The daily average volume of Fed
eral Reserve Bank credit outstanding
during the week ended June Is, as
reported by the Federal Reserve banks
was s2,444,000, 900, a decrease of $685.
OOO,0 compared with the preceding
week and an increase of S235 .oOO, ,O0C
compared with the corresponding week
In 1888.
On June l3, total Reserve Bank
credit amounted to S2,472,OOO 900. q
decrease Of 100000 for the week
This decrease corresponds with de.
creases Of s75,000,0 900 in Treasury cash
and deposits with Federal Reserve
hanks and $4,000 900 in money in cir.
culation. and an increase Of s3o,000..
600 in monetary gold stock, offset II
part by increases of $lO8, 1000, 900 ir
member bank reserve balances anc
S22 100000 in non-member deposits
and other Federal Reserve account.
end a decrease Of $4,000 900 in Treas.
ury and national bank currency.
The systems holding of bills dis.
counted declined 100000 and ot
United States Treasury notes 5000.
0Go. while holdings of Treasury certifi.
cstes and bills increased $4,000, 900.
Evening star., 1934-06-15
HUDSON MOTOR CHIEF
PICKS TWO EXECUTIVES
BY the Associated Press.

BY the Associated Press.
DETROIT, June 15.-The election
Of A: Edward Barit as general man
ager Of the Hudson Motor Car Co.,
and Stuart G. Bats as assistant gen.
eral manager was announced yester-
day by Roy D. Chaplin, president of
the company.
Mr.. Chaplin formerly combined the
duties Of general manager with his
presidency, while up to now no as
sistant general managership ONCE had
existed.
Barit viii continue as vice-president
and treasurer, Chaplin said. He has
been member Of the firm IS years.
Bats. for some years chief engineer
for the company, will continue To
head the engineering department.
Evening star., 1934-06-15
BUSINESS HOLDS
AT STEADY LEVEL
Seasonal Decline Smaller
Than in Recent Years.
Crops Watched.
BY the Associated Press.


NEW YORK, June 15.-The sea-
sonal recession in trade has been less
pronounced than it was in some Of
the years Immediately preceding, and
in most divisions suficient momen-
tum has been gained to prevent .
serious interruption Of the general re-.
covery movement. said Dun & Brad
street today In the Weekly Trade Re-
view.
Apparently q period is being en-
tered" asserted the Review, I'm which
business will be held to q steadier
level until crop prospects will have,
been more definitely ascertained.
Despite good rains, which have
brought more encouraging reports
from agricultural districts, particu-
larly regarding the steady advance in
mail order distribution and the main.
tenance OF retail sales by Government
tai emergency expenditures, the
drought has not been broken.
The full effects of its devastation
may not appear in trade returns un-
til July and August, as Fall buying
budgets Of the leading distributors in
those areas already have been cur
tailed, and orders now being placed
carry the stipulation of entire or par
tial cancellation. should the situation
become more aggravated.
Gains in retail sales for the week.
which amounted to 6 to per cent
and 10 to IS per cent over the total
for the corresponding week of 1888.
based on the reports from all parts
OF the Country, were contributed al
most entirely by industrial centers
and the farm areas in the South and
Southwest"
The Review reported a sudden squirt
IN building activity, following the in
auguration of the home-modernizin1
campaign, sponsored by the Home
Owners Loan Corporation.
Evening star., 1934-06-15
Chicago Grain
BY the Associated Press.

BY the Associated Press.
CHICAGO, June l5.-Wheat rallied
late today after temporary losses had
replaced early gains in prices. Some
renewal Of speculative buying was re-
sponsible for late upturns.
The temporary weakness of wheat
was attributed to reports that move
ment of new wheat from the harvest
fields Southwest was rapidly increas-
ing, Enid, Okla, noting arrivals of
327 carloads today and Hutchinson,
Kans., Ill cars Omaha received its
first car OF new wheat today. 1t
graded No. / hard.
Wheat closed firm, H4-34 above yes
terday's finish; September, 953sa951a !;
corn, A34 down; oats unchanged to
3s higher and provisions unchanged
to Z cents of.
Evening star., 1934-06-15
NEW YORK SUGAR.

NEW YORK, June Is dP,.-Sugar fu-
lures were firm and active today on in
ing, promoted by the strength in the spot
market. July contracts sold UP from
] TO to GA and December from 1.76 to
Close Realizing checked the upturn
around these levels but the offerings
were promptly absorbed with the market
ee i pegnng oint Oh tne f laSt . poa[ bes hoiolhe
Sugar futures closed firm, 3 to 5 hieher;
sales. 5O.950 tons. July. l SO; Septem-
Der. III; December, l.79a1 so; January,
1.S0b; March. / 81; May, 1872. Bid.
Evening star., 1934-06-15
LESS CRUDE RUBBER
CONSUMED DURING MAY
By the Associated Press.

NEW YORK, June 15.-Consump-
ton Of crude rubber by manufacturers
in the United States during May
amounted to 43,o12 tons against 44.s47
in April and 44,074 in May. 1898. The
Rubber Manufacturer Association re-
ported today. The association esti-
mates total domestic stocks of crude
rubber on hand May 81 at 351 .329 long
tons, a decrease Of 81 per cent below
the same date last year. April 81
stocks were 351 ,9S1 long tons.
Evening star., 1934-06-15
FOREIGN EXCHANGES.

NEW YORK. June is 0P.-Foreign ex-
change irresulal. Great Britain in dol
5.035s. France. demand. 66Oss; cables.
6.60's. Italy. demand. Sol; cables. s.61.
1915: Holland. 81 So; Norway. 1910:
Sweden 2606; Denmark. 2257; FINLAND,
224: Switzerland. 80 4s; Spain. rs. SO:
1924 Czechoslovakia Az; Yugoslavia.
2.2s; Austria. 1s.94n: Hungary. 20 75n;
s54n; Toxic. 80 08h4; Shanghai. 33.37Is:
Hongkone. 36.621a; Mexico City (silver
pesol. 2S. 90; Montreal in New York.
100 "a: New York in Montreal. 90 1914.
n-NominaI
Evening star., 1934-06-15

NEW YORK markets Compiled by the
CRUnE RUBBER-Putures closed quiet,
I to II higher; sales, No: 1, standard
$50 contracts July. 13.57n: September
i4.2o-2e: January IA SIN; March. IA 55n
May. 1477n. Smoked ribbed. SPOT. 13. Bon.
SILVER-Futures closed easier. 5 to AZ
lower; sales. .350.0Oo ounces. July. As; 10;
September 45.35b; October 4545n: De-
cember, 45.65b: January. 45.75b; March,
RAW sILR-Futures closed steady. @un-
changed TO 1k higher; sales. $50 bales,
121h-22 Open market quotations t60-
day basis): Shanghai steam filature "a
double extra IA" 14-16s. 90; japanese
special crack double extra 81 per cent
coFFFEEGspot steady; Rio No. Z, 10;
steady; sales. 1000 bags. July. s02;
September. s;o4n; DECEMBER; sl2n March: March:
tember. 1O.71n; December. 1886; March,
10 95n; May. IL .03n.
Bid. ~n-Nominal
Evening star., 1934-06-15
New York Cotton
By the Associated Press.

BY the Associated Press.
NEW YORK, June l5.-Opening
declines In response to relatively easy
Liverpool cables and reports of favor
able weather in the Eastern belt we're
followed by rallies in cotton today
on trade buying, covering and a re-
newal OF commission house demand.
Apprehension was expressed that the
Gulf storm would bring renewed rains
to the Eastern belt within the next
two or three days and a more hope
ful view as to the prospects for aver
aging labor troubles IN the steel in
dustry was taken. October sold up
from 1910 to 12.25, or about points
net higher, and was ruling around
l2.22 in the midafternoon, when active
months were Q to 4 points net higher.
Cotton futures closed steady. 3 lower
Evening star., 1934-06-15
METAL MARKET.

NEW YORK, June Is R.--Copper
firm, electrolytic spot and future,
Blue Eagle, 900. Tin steadier, spot
and nearby, 5000; future, 50.65. Iron
steady, unchanged. Lead steady, spot,
New York, 400: East st. Louis, 3.s5.
Zinc easier, East st. Louis, spot and
future, 42o. Antimony, spot. 7.so.
Evening star., 1934-06-15
GOLD STATEMENT.

NEW YORK, June is @-The
New York Federal Reserve Banks
gold statement yesterday showed re-
ceipts of $3,253,600 gold from Eng
land and $l,676,000 from Canada.
There we're no exports and no net
change Tn the stock Of gold held un-
der earmark for foreign account.
Evening star., 1934-06-15
YEARS LOSS REPORTED
by THOMPSON. .STARRETT
BY the Associated Press.

BY the Associated PresS-
NEW YORK, June 15.-Thompson-
Starrett Co., Inc, reports for the
fiscal year ended April 26. net loss Of
$188, ,436 after taxes and depreciation,
but exclusive of q net write-oh of
$100, 900 in respect Of participation
in mortgage and loss Of $32,32 on
the sale of marketable securities
covered by reserves previously pro-
vided out Of surplus. For the year
ended April ~. 1888, the company
reported q profit of $10.556 after
ordinary charges and depreciation.
but before wr;te-offs and reserves
charged against surplus account.
Evening star., 1934-06-15
CORPORATE BONDS
TEND TO IMPROVE.
Prices Hold Narrow Range.
U. S. Federal and Reich
Loans Ease.
BY BERNARD S. O'HARA,
Associated Press Financial Writer.

NEW YORK, June 15.-The clos
ing range on corporate bonds showed
numerous advances, some Of them
fairly substantial, in the secondary
rails.
United States Governments rallied
a little near the finish, although most
of the Treasury loans were down
from 1-32d to 8-32s Of a point.
German and Italian bonds were
weak spots In the foreign list, but
the former came back a bit near the
close amid erratic price movements.
The rs of Italy gave up more than 8
points.
Evening star., 1934-06-15
U. s. TREASURY POSITION.
nv the Associated Press.

The position Of the Treasury on June
ppenditures. So. .s6s. 1881; net balance
SI.925. IS 761 20; customs receipts for
'nf Receipts i for the fiscai year (since July
ID So. .872. .342. 500 "a: expenditure So
Gil $40 80 uncluding 50. 722. .556.-
Of expenditures. SO. 739. 297. .931.65); gold
''is:s; RsceiDts for june Is; less leompsrahl.
date last year. Sc; e63. .3S7 .06; expsndi-
lures, S11 1923, ,993. 81: net balance. S271. :.
500. .0sf .76; customs receipts for the
. Receipts for fiscal year, 81. s21, ,497,.
excess OF expenditures over receipts. 81 :
72S 604, ,S92 80. exclusive of 81 240.933.-
O6I4S expended for the Reconstruction
Finance Corporation.
Evening star., 1934-06-15

Cash Grain Market.
Wheat, sample grade, red, go; No
S, mixed. 9012. Corn, No. 3, mixed
5914; No. 2, yellow, 6Oa6012; No. 2,
white, "a. Oats, No. 2, mixed, 4312 ;
No. 2, white, 44A No rye. Barley
56a100 Timothy seed, 8.50a9.00 cwt
Glover seed, 1O.O0a1375 cwt.
Evening star., 1934-06-15


answer your own
question" W a S
the m a n u t a c.
turer's reply.
Before ! made
my brand known
to the public by
advertising my
sales re or d s
show that 1t was
necessary for my
statesmen to work
three towns in
order to sell one
dealer and there
was no assurance
Evening star., 1934-06-15
BALTIMORE STOCKS
pecial Dispatch to The Star,
HUDSON SALES HIGHER.

NEW YORK, June Is (P.-Fac-
tory sales Of Hudson Motor Car Co.,
including Canadian sales and exports,
totaled 1872 in May, compared with
5946 in the same month a year ago.
The May sales were the largest since
1880, when factory sales totaled II ,949
cars.
Evening star., 1934-06-15
MONEY MARKET.

NEW YORK, June IS @. - Call
money steady; per cent all day.
Time loans steady; 60 days-6 months.
A-1 per cent. Prime commercial
paper, q. Bankers acceptances, I'M
changed. Rediscount rate, New York
Reserve Bank, IL per cent.
Evening star., 1934-06-15
Cottonseed OIL.

Bleachable cottonseed oil futures
closed steady; spot unquoted; June.
5-25b: July, 5.38b: August, Sab; Sep
tember, 5.62b; October, $50; Novem-
ber, 5.76b; December 5.86b. Sales, As
contracts, including 4 switches.
Bid,
Evening star., 1934-06-15
CHICAGO STOCK MARKET

CHICAGO, June Is [P.-Following
is the complete official list of trans
actions in stocks on the Chicago Stock
Exchange today:
Evening star., 1934-06-15
PRODUCE EXCHANGE
Sales in
A..-AL

NEW YORK. June Is LP.-Produce Ex-
change stock list:
(Closing quotations)
Evening star., 1934-06-15
Dollar Makers
BY GEORGE T. EAGER.

"Who pays for your advertising?"
was the question a business friend
recently asked of a manufacturer of
mems clothing. TN give you some
facts and unil can
Evening star., 1934-06-15

NEW YORK. June 15.-Index of Is
1881. equals 100; 1926 average equals
Evening star., 1934-06-15
BONDS ON N. Y. STOCK EXCHANGE
by Wire Dhedn to he Evenings
u s. covERNMENr BONDS.

High. Low. Close
Federal Farm Mtge
Corpn 3h sea. 1925 1013 80 1922
Home Owners Loan
Corpn 3s 80. 1017 1013 1918
Home Owners Loan
Corpn Is 81. 1o115 1o1 10 1o11l
InnpmV RONN2
Evening star., 1934-06-15
INVESTMENT TRUSTS

NEW YORK. June IL 1R-over-th.
counter market
tQuotations as of 3:3o o'clockN
Evening star., 1934-06-15

NSOoA)a - ~ -
Clev Term . N . H..
Clev Term IS B '73..
Clev Term s NJ s A II
Cologne 5h 8 so. 80.
Colombia 6s '6l JAM.
Colombia SIS 81 Oct..
Colo & Sou AZ s '35. i.
Colo & Sou Az . Also
Col G&E IS '52 May.
Col G & Ei IS 81.
comcl invest s ~ $40
Cons Gas NY 4h ssh
Con Gas NY IS ST..
Con q NY do 8 rs rs
Copenhagen IS '62...
Cuba s II 8 194b......
Cuba r r lst 5s 50.
Cuba RR ref 2 Us SO
Cuba Nor RR 6h s'42
Cuban Cane P IS so.
Czechosloyak IS 81.
Evening star., 1934-06-15

Del Il Hud RI - 40. .
Del IL Hud s Us 81. u.
Denmark Ans 6z....
Denmark . hs bb..-
Denmark IS '42....s
Den & r q en- IS '36.
Den & X q Ans Y6. .
Den IL r q W bs IS.
Den Il r q RI 81 '7y. .
Det Edison AIS D6l
Det Edison IF IS '4s.
Det Edison IS '62....
Detroit Ed SIS '55.
Dodge 3 cv db IS 40
Duqu 1t LIST 4hs's1
Dutch e ] So s2..,.,
e Cuba Sug TVS 81 .
Erie con 4s '96.
Erie CIV 4s 3 '63.....
Erie gen IS 's6......
Erie RI 6s '67.......,
Erie RI 6s '76.......
Evening star., 1934-06-15
COMMODITY PRICES

Stock sales today, 5000 shares.
Bond sales today, none.
Evening star., 1934-06-15
Commodity Futures.

tCopyright, 1894. by Moody's)
Evening star., 1934-07-17

the nsoss youthful leader TamEany
has seen In many q day. He Ia, how
ever. not o novice.
with o single exception the Tam
many district leaders today are the
same leaders as they were yesterday.
John p Curry is that exception. Curry
who vas outsted from the Tsmmany
leadership months ago. submitted his
resignation as q district leader TO the
Executive Committee yesterday and II
was accepted without official comment
Mr. Curry was . determined opponent
Of Franklin D. Roosevelt. He opposed
him for the presidential nomina ton
and he opposed him at every oppOr-
tunity after Mr. Roosevelt was elected.
Under his leadership Tammany was
always q menace to the Democrats
control Of the Empire State by Roose-
welt and his first lieutenant, James A.
Farley. The elimination OF Mr.. Curry
from 3 dominating position in party
politics is a real achievement FOR the
Roosevelt Democrats.
In the fght to eliminate Mr.. Curry
and all his works the Roosevelt ad-
mInistration leaders backed the re-
covery party, which sought to elect
Joseph Mckee mayor Of New York
last Fall. Just what Is to become
OF this new party alignment now
that everything seems to be lovely
between the Roosevelt administra-
ton and Tammany Hall remains to
be seen. viii these Democrats re-
turn to the Tammany fold? WIN they
become part OF the organization and
system which they 30 furiously at
tackled? Whatever they may do, it
seems that If the Roosevelt leadership
and the Tammany leadership in New
York State stand together the con-
troll will be firmly held. The Roose-
welt leadership already dominates In
the Bronx and In other boroughs Of
the greater city. 30 far as Manhat-
tan. New York County. Is concerned.
1t will be determined later whether
the new deal Ia to swallow the tiger
or vice versa.
Evening star., 1934-07-17
Local Rapid Transit,

On the first of August the Public
Utilities Commission will begin hear
ings regarding the future treatment of
the rapid transit system Of the Dis
trict, with special reference to the
possible substitution Of buses for cars
on certain srterial lines, notably Con-
necticut and Wisconsin avenues. 1t
has become evident that in both
tracks and vehicles these lines are de-
crepit, failing to afford speedy, regular,
dependable and comfortable service.
New tracks, especially If the under
ground conduction system is adopted
in extension Of the principle of the
burial OF the wires which applies to
the area within the old city limits"
named by the law. would be heavily
expensive. New cars TO replace the
present ones, which are noisy and not
altogether reliable for steady service.
would also cost large sum.
In these circumstances the abandon
rnent Of the track system, whether
with overhead or underground con-
Struction, is suggested. The greater
fexibility OF the bus offers advantages,
Routes can be changed to accord to
altering conditions. There is no Ap-
preciable diffsrential between the
speed Of the bus and that OF other
vehicles and consequently a minimum
Of conflict IN the general movement
of rafic.
AL these considerations. together
Evening star., 1934-07-17
The New Deal Tammany,

James J. Dooling, who was elected
Tsmmany leader by unanimous vote
Of the Executive Committee yeeter-
day, declared himself Immediately for
good government" This is not new.
Other Tammany leaders have made
similar declarations. But Mr.. Dooling
went on TO declare himself and Tam
many 10 be In hearty accord with
the splendid policies of President
Roosevelt and Gov. Lehman. and will
fight with all its strength to uphold
those policies" Here. indeed. is new
kind Of declaration for q TammRny
boss. In the past, Tammany bosses
have been independent political
princes. Mr.. Dooling. however, has
had more than the tacit backing of
Postmaster General Farley, the Dem
ocratic national chairman, II reports
be true, in the fight for TammAny
leadership. Indeed, in many quarters
the election yesterday Of Mr.. Dooling
is regarded as q distinct victory for
Farley and the Roosevelt Administra-
ton. OF such. it is said. is the Tam
many new deal.
Whether 3 tiger can change his
stripes any more easily than a leopard
can change his spots is real question
in New York today. Outside of the
pledge given by the new TRmmany
boss to support the Roosevelt and the
Lehman administrations, the Tam
many set-up is little different Mr.,
Dooling himself is q Tammany district
leader. an once which he inherited
when his father, Peter J. Do0ling, died
three years ago. Peter Doohng had
been district leader for forty years and
for the past twenty years the present
Tammany boss has worked IN and for
thu organization. Al forty-cne he "
Evening star., 1934-07-17

calmness Of commission might well
replace the impetuousness of the cav
alryman. Inspection, Interrogation
and deliberation may now be exer-
cised, not forgetting that no martinez
ism, whatever may be said of it abb
stractly, is owed the demonstration
that 1t could be done. It was"
Gen. Johnson is credited" conn
mentS the Omaha World Herald, with
having drawn up plans for a revision
which calls for keeping a better Blue
Eagle eye on prices and the consumer
Interest. For all this blunt aggres-
siveness, reminiscent at times of the
style Of Dawes and Legge, the general
has seemed to US to be animated by
the spirit of fairness and a genuine
desire to make N. r. A. contribute in a
substantial way to recovery"
"A change from a single adminis-
traitor to board" advises the New
York Sun, 'is not likely to help. The
advisory boards appointed to assist
Gen. johnson are heavily weighted on
the labor or radical side. If the same
type OF men were chosen to take up
Johnson's task, peace would be no
nearer. 1t is not so much a change OF
administration that is badly needed as
a change of attitude. That must be
made by the President II better con-
ditions are to be expected this year"
Evening star., 1934-07-17

with the financial factors. Will Be ss1s-
vet for discuasson ut the hearings
which win start inf August. 1t Is q
matter Of great moment to the con-
munity. 70 the travelling public and to
the nov I'm fed corporation. An ele-
ment Of importance in the case Is the
fact that while there has been slow
development I'm the street car industry.
marked advance has been scored in
the bus neid. a. pointed out by Public
Utilities Commissioner Keech IN his
announcement that the matter viii be
taken in hand for exhaustive study o
fortnight hence.
Washington should have q model
public transportation system. It's pres
ent system ia far from that ideal
This nov scheduled hearing or con-
ference should yield results satis-
factory 10 all.
Evening star., 1934-07-17

new and different plan from that in
which available statistics are in
volved.
Thus it has been alleged that a
price-index control would be unde-
pendable because it could not have
operated to save us from our recent
debacle. Prices, it is said, were held
level by Gov. Strong Of the New York
Federal Reserve Bank with his redis-
count policies for six years, during
which time the speculative situation
was developing in the pyramiding on
Wall Street.
The answer to this is, first, that an
inadequate and only temporarily eff
ective artifice was responsible for the
level price structure, which would
and should have been upset to an ex-
tent sufficient to furnish the requisite
motive for tax control by a price
index formula, had it not been for
this artif1ce and the basic. uncon-
trolled inf1ationary evils of the Fed
eral Reserve System and its bank
loans. Even aside from these consid-
erations, however, as long as prices
remained level what Wall Street did
made no important difference. Nor
was there any necessary relation be-
tween the resultant speculative losses
and our general economy except as it
resulted from the commercial loan
system as our basic medium of ex-
change.
Had there been at hand a social
Qnstead Of this private profit control
Of the use Of new money, based upon
the maintenance of the price level
through tax relief, the Government
would have proceeded to imitation au-
tomatically and Immediately, and
neither material depression nor much
imitation would have resulted. The
only people burned would have been
those who put their hands in the fire.
The confagration could not have
spread.
The implication Of statistical de-
featism as to the applicability of a
price index as an integration of all
the imponderables that play on the
demand for money in its relation to
the existing supply is, of course. that
industrial control is not a matter of
the rule of prices, but of new deal''
Of intimately planned" economy
and this is exactly where the world is
now headed as it labors under the
ancient delusion that gold is money!
The concept is basically incompatible
with democracy in a mechanical So
ciety that is without a landed FROM
tier to afford individual freedom from
complete subservience to monetary
control by private interests.
If there is ever to be developed a
prophylaxis in the treatment of these
recurrent viSitations of economic
black death, it will not arise either in
the pessimism of the defeatist or in
a fatuous self-complacency. Discrim-
mating thinking must prevail.
ALDEN A. POTTER.