In' the consolidated income account for the six months ended June 30, 1939, the accounts of subsidiaries located in Germany and Poland have not been consolidated. Since the announcement that a state of war existed between certain European countries there have been only nominal quotations' published for German and Polish currencies. In order 10 place the income accounts for the respective periods on a comparable basis, the figures for the six months ended June 30, 1938 have been restated to eliminate all accounts for the German and Polish subsidiaries with the exception of the net loss applicable thereto, which has been segregated and set out separately in the consolidated income account for that period. The securities owned in subsidiaries 10- cated in Germany and Poland and advances made thereto aggregating $14,585,174 ana $127,076 respectively, as stated on the books of this Corporation and subsidiaries at June 30, 1939, have been treated ab inyesiments,
Text read from the printed page and cleaned; old type leaves the occasional error.