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TOPICS OF THE DAY IN WALL STREET Cheerful Feeling Aroused by Good Reports from tlie Steel Trade. OUTPUT OF PIG IRON LARGELY INCREASED flltfcfS I ??k 1? Preparations for Income Tax to Provide I ity Money Period. I re, ?:>? and in. ? ; and i new confidence In the ; tha steel Bt4> kr? to lead the um time t.> tima .a of betti i ment In the ; ' end iron, but they 1 by otiier ru ? i contracts ?ere however, good newa the BiOCk mil K'-r ,-it tti Bje? va im. "The Iron Age's'' statement that | ' ?"! In i ssruary was at the r.<. 000 tona n year, as ? ti ns la ?lanuary, and D In av-ihe tar one by th? beginning of ? ?' t;itit tut! hen there was ? that ?? ii fore September It bag the Bteel t'or ? ? be dlssoh i d at nil. aaatlBicnlal fae ? . ? ndsat ateel com and ff equlpmeat companies. They - <rst year, when bual itions were eery different, but ' -lng out cheerful feflinK at the i me. Expect Easy Money. a he li"k to the money market ? fun tha hufdiatloa for any further gii-.ai ' a BtOCk market lay much * of funds that will ? I the payaient of ur.es la June, it thai a very lar^e part of the li I t Will be stored up rea i nths, Unding ? banks, in both : . all loans. The total amount of taxe? to be paid in June, it is gstl? ? ? Th? decrease l duties Is tad to the amount of mon recu? it tin ? a in tii" aext rnontha *s no greater man the fio, a month I ?? rted, there . .? ?. alone. It la pred - "ne Quarters, actically unlendgbl?. Paying the World's Debts. ' relations, 'The London Statist" ahowa In era] principle under!.\ Ing the l edits 1 ? dag great i the ei ttleatent of trad'- credit In ? ? Bar u. bil for gooda bean dJffer ? - favor aha "s- .| ; , i...y h' t debts to other countries, her Imports hav : ist about ? i Btatea nd this debi lita In paid Brasil, from whom ? ?. f i oui ?whom she in ? ? ? d to !u their turn, ... na quantttli good? ; ; ? Oreal Britain, "in brief," to ?? article, "tl i lita s otably i Brasil wai a c ?. ? a (or the g t act ? ? only betwei I Bril ? owing es, bur n and all Heathen Chinee en the Job. ?ed Bret Hsi ted to o of Id ?? ? ? ? ? ? ? from "Bhanghai aman , . , ? ? -, rd OH ? ? t da] s to gel ? ? Oil C ? n Ith China area .. | ., r until l-vi, ? r ? i fon . ras na? ? t ? . , ? ? rnaaa 4 ?at i # bid, a? fera Supporting th? President. 4 In a let! d t ' . | i. ;? ,i the ? ir full aver? ? , ? '? or the ?*o?a>8sion of i. fi pan wl h to ? ? ?' ' >?. -.i lit at< e' That of us should i ? I h? lid" i We ought te i .nfh su Ith '.ii BBhelpful . . | t thai san hag i | | ,. [,o | ot the ??? . . ., avoid ft rea ff M ? <'<?? . ? ? the aaaaa aslnd aa PUBLIC UTILITY NOTES B*sttrt] News and Earnings of Various Corporations. . , . of th? -.-i n,. ? ."?? ,,f th? ??? 000 ?SO .. ??? ' ictlon * 'ens Tour or Inspect on in South. |4 , ? -, ... Kite i ? " il : Balista and . Soutl ?mi Matea 's* party r? "i? inn? tr? New Tork, ttoston. tlilcago. Ft. I .ou?s, W Is . l'haniwilK Pee?.; Mil* Peaa.; west Cheater, Peon Bfont. W. -i . Philadelphia, Norfolk, and Jackeeaville and rssisauiuhy PU. it is sipectod te retara on or about March s. Northern Texas Electric. The report of the KsrthSSa Texas CISC trie < ?oapany S:1, ?? Oi;.t the company ha?. ' Its areas earsrtaga rer ths 11, 1914, *: 'v th n.i bsereaas in net of 897,754 p., ' nary, 1914, gross earnings red a gain of 639,068 and surplu ' M . United Railroads of San Francisco. 1 be 1619,666 of Pe? us and 1 Hit He ?? f. ? onda ..f th<- United Railroads of s?n Pram ;-,.?,.. v. hieb matured <>n ?' 1. have been celled f": ne Ivory to n. w. Hahn v a ? ,,. and th? Anglo and li il Bank. This method 0 n ; tiring the ? nd irlylng bonds ><f ??> s I ? Railroads is pursuant to the poll? '? eently adopted by tue corapan). Youngstown A Ohio River. .Ini.'iary of th? present year gross < .1' Dings of the fourjgstoe a ? ? ?hlo Rhrer I Railroad Company bave rnrrsesod 83,125 ! over ths cerreepondlng month in 1919, and net aarnlaga gained 5805, with a lik? ad vance in eurplus after charges 1 ave been ted During "''."? ths company wee compelled t,> operati inder disadvantages ???: m a. falling off '.n aarnlngs INCREASE IN PIG IRON Daily Steel Production Also Larger in February. Owing to the severe StOrnsS ri;)nr,~ th* ... as? Mies were anstble to secure complete reporte, bul those received ?. -i 1 roductlon Of pis iron brusry over the month bi Sew business in February was goo i in lighter line;.. "Ths iron Age" saya: "Th? ^r^-. of pig Iron in Fsbrasry whs 1,811,818 ? tonSi or 6 7.418 tons a dey. apa inst 1,911,086 tors In January, or G0,SO<? tona a tiny. The steel r?mpanles produced 1, 199,111 Ions last month, or 47.S05 ton.? h ??lay, against 1,261,489 tona In January, cr 40.OP1 tons h ?ay. The steel eorapSUdSS , blew in twfnty furnaces in February- th? Steel Corporation fifteen ai"l the 1nde pendent r?mpanles five. Four merchant furnaces were Mown In and three were blown out." "The Iron Trade P.e'tew" will say to? day : "Storm conditions in eev eral parts of the country the last week se, in to ence In keeping new buy? ??" Iron and steel products to l'ghter ortions The recapitulation of r.'w ? - lary ?shows that th? light is have continued to make a ? ? but that ths heavier prod? ucts have m?t been bought as freely as ideations against r< buying universally, however, are reported very aetlve, and meet nt* the mills, SI those dependii i| upon railroad 1 etronage, have been able to mal;? betti ? li of tonnage i odu ed." BRIEF WALL STREET NEWS London Sold About 10.000 Shares Here on the Balance. Hank clearings in the I nlted States in February, according to ft. O. r?un & Co., nn returns from 128 leading centre?, n ?' Itb the sanie, month .i \r-ar ?so, the total amounting to 913 M l'>i.~'.'i- a decrease of. 7.6 pit cent. Btockl elders of the American Agri? cultural Chemical Company, at D eetine; yesterday, voted to Issus 615,006 590 ear convertible debenture bonde, ex? changeable 'or common stock, par for par. ?? loi 1 or 11 ,. Btandai 1 ";? or ki n lari d a d:v Idend of it ? ? ? ? . ? ? the ni'-:' sai d capital ths previous 1 elng 85, last I1?" 1 n Ths Missouri Pacific Railway has 1 ? dor fo?1 eighty-three ail-steel pa ?? train cars with the Amsrlcai and Foundry 1 ompany, winch submitted Dwelt bid. The approximate c^st of 11,000,008 equipment will be ?i i sal ? of equipment t? The American Radiator Company, for '-.'led January 81, 1914, sher. of 82.01 an 1 .f I of 8477,971 a gain I The Western Mi land ' ? 1 formally accepted I he . ? ggrald as p dent and KdwardJD Adema aa chairman of the feos d Carl R 1 ?or m. rly pri sidi s Great North?! n .1 tin both poaitlona. M at Co Kahn, Loeb & ' 'o., tl ?? Fil St Nati' n il Bank and Uli ; ? ?rg off < 1 I ? 69,098 ' eatral ?lephone < ompany nrst mort? ,i- ., per rent ainklnfl 11 sd gold ?i :v .-i ut d Intel ? ' 1 . g Robinson ennounce thel Dot ales Bno lb, '" ? 1''1' . ,. 1 ,? 1 ited with tai m la ' ? . i ing 1 ;?? ? lei 1 ion I ' Mi ? ?> ? ' ?? ' 'It) Isa ? . ? ? ?? Uaolsdo <?.if. Ua i 1 per c -it gold ?h t" ??? 1 offi ??? .i b v v. Halt ? 1 ft Co. en ? all dispose?! ? . ? . 11. ring. Dividends Declared. res euer ... . . , I , at 1 : - - - ? 1 I t., itoek >?? record 11 rea ai ? 1%, pel ' ? ? ! ' " '"- I" I t., s"" k of ... regular quai i?r - I? ?? ? - 1 quart? ..... dan ,?: rei t>rd i" S 1 ? ' cent ? , ,. ?I.!? Man '1 17 f> t.- I of I I M II Un ||U ? ? ' I . !l . il' ii'l '?' 1 V Al.rll I . ....... 1 I an ? ' ; ? Irr. 6 s la \?.,r 1 ... r. K<ll? 'i ' , . . ? ? ? . terMd 1 1 .., ?ta- li ..f m ? ???. Mai ta I" 1 n Danban ? "! "r ' '< . ; pro) ... April ' ?>. nnny. 1 n able I (?un?, qua Mai M April t (', . , ?, - : ? r ' ' ' PS I I . f I ', |, I r. ,,' . , Il ? ? .1 1 I TRADING IN THE CURB SECURITIES Prices Advance In More Acti\c Market - Wire Troubles Nearly Overcome. il the opt ntng r,n th? cui b b daj v aa qul< ; sad stead* Mall i '??'.d to i.tore plentiful and ai I traer? broker? announce that ?rire troubhta had been aesi rne sad win rice ^a.-i practican* normal. Toward the noon hour ,:. ? ? gaa to aseare upward, and tha general Hal beeatne arm, Btreagth at the eloaa There was coneidera g of Stand lard <?:i -.r Now Fork, Ohio Oil, s.'nr U fining and Standard Oil 4>f ?California, in the Industrial Itsl I n tt d I Iga I ?? i a re? ? n 'i pan of its loss on Brltbjh?Atnerlean Tobacco iras in dea i I on orders ?redited to London Th? salning tot lu s era Irregular. At tha r a pria \ i ??? at ti . ir bl?hest INDUSTRIALS. ..... 1.300 it t-Ain To ? """ Bo ae? .... it, ? ? I) ? - IK) Manhattan i ran. ; M Mai ..ni of Am... ? , M'well M 1st pf \ ' PUl . i i ,.. [{ . ??, 1,000 I; ,n. :i, 100 Bavoy CMI.., ' l'i ni. Pre ! pf, ,i>i '? 16 t n Cigar Store? SB/I ; ? *de pref.i n ? P.S. t.; Hi ' ? tat ? ? ? 11J tu STANDARD OIL SUBSIDIARIES. ; ?at a 11 ,r i -. a ? o Oil.... - 17? i?? 17! 20 Atlantic Rel ... i; .; r,v. m " im. ..... pip? i, ? ., ,. ? . i rJtg " Sai lona I Trenail ? ON 1 i ransll .... ? 10 oil . ? ? ni. ? . . Pralrta Oil a. o. ? 4i>Siit,ir BeSnlnc... tt fouth Venn Oil.. ? ithern Pipe I.. ? M Bt "il nf C?l.... ? SO St Oil of Indiana " Bt (?ii of Kansas l ?' .-i ? ill of Ki row . ISO Bt on of X .1 ... ? loo at oil of n r... ? ! rrwf.n <v I?'iTi'-fi... ? ' Bien Tank 1.... ? v.. Va* i.iii Uli . ? 177 IB 1...4 I ? . Of! i I ? 241 i ? i ! .'i :t> . i ? ? ?4.1 I ??? ? ? tu MINING. ato? Montara, n'j i "'?i Bradan t !opp?r.. 7?, ; Salo Min**... o, ?00 H.?old -'lier .. ? ? ? opal t. ? i. R >. i . > . ?' Da- i* Only C... - 000 tDlatnf d Datai. : V . Il . ..-. t Florence Old Mill. QoldAeld . on*... "? I ?r'n? i 'an'?? : ? 'Mini..i Exl . 71 ? 4? Ml .?" ?Kexr 4.;, t.h?V Valle)-.... SVj ate Mi ; : an i?h .. i'.? g Min 4 MB f ?ro . ,ll BI1 ? r U? I... IM <**ar; ', i ?-. tTonopah Mi r^-rr ?_? raoTularoes -V ; "' west End i'm . B] ! ???. tWest End i '. : I ? BONDS. 12* ?vm? i un P $% n ? ! T C 1V, I loo? i.? ?t i ? M 0*4 ?i ?'s ;; ? 141 ?1 ? M ? ;i IM o i I 1*4 Irl 10 I ?f ? ;m ? ' 'i 4 ? 4 im??? ?i)\ Oil > e*0 ? i"r share INACTIVE YESTERDAY. INDUSTRIALS. I - . f i. ? .. ? t ? ' Houston oil . i ' ! Rub Tr . fa . t. v < . Maswi ? i r. 1 Ai do. 2d r?l f? ?i? 101 aM.iv ? oil. ' ? w II ' a-Over... ?7 ?9 i|.i | MINING. IS Mutual M 4 tin in B ? ? ?.. Mm , - ' i f.?. IM i uban n -.v sa M '? tat ? . lo uolunrin? Cop ?i..] Cop "? ? ? - ? BONDS. | Belli I 1 ?? ? . " ? ' 1A i ? ? i . i Bid. A?*. STANDARD OIL SUBSIDIARIES. . i ; it...i h' liner, No I ..hi atieeU ?\, !?? Bid. ? II Inina ?? ? 1 ..? Ian*. IM Bf | .... "." ? ?? land Pip? ; ? ' - Bureka P i ' I " ? ? ""?' Cali ; i. al V do preferred . ? KO . . i.i w. in ; t ii.i4s!i . 4i , fork Tram Northern Pip? lain?.. ? III ?Ohio Oil . I ? - . til* Boutl em i l| ?? Un< Pi -n 'U!.?7I E W renn I d . m ..r ' .o.... ?4: Ktandard Oil of II .f l...n... 4^'i ? ...... ; :5 ? i .i 17? 41 ' ? f*.i ? 1*7 ? ; . .i 1.0 ? : a ... . . , ? ? n ard "?I Of N ? ard oil of ? 'tito .... BO ?UV 4 I (old) : . ; ?fiilon '1 H?ik . '? Oil. ' ?..?' 'n . ? i ..n . I?l i . II ? -i ? 101 4 . PUBLIC UTILI .' ? ... II Bid. Am M I ,io pr?t 101 ? .to ere! ?? a b i > pref *? i ?An P a ?M ? .i., de prel ge m ? ? CnmMtl. . il.i pro! M not a i ? i iDKiati ,.., orel I Fi i i ' ? i ,,,, prel 7i'4 ... I ' M U0 ?? i ? Mr.. U .'. Bl. -?* ?i.. dlvl I'nd. A?k lot ? TY SECURITIES. Mi i 'onni !i a ? ... t. ? li ? '??,' i o I N um I.I g I' H II ,.., pre) i ti ? , .t.i prel ;r? Pa? m. .; a t. i ?' 4 i pref, M > i; i v I.. ? oo pr? r "4 ? Be prel .X *"?i | Bland '? ??? '? *** ' ? ,. al a ? i'Iron i; 1.4 p M '? ? i n Li B By?. 03 ? .1., !?? pr?! ' '. do M pref.. 71 ? i de prel ??? ? i i . i n ..-i. GOVERNMENT BONDS. . i \ Bid. A?? ; I. re? P ? - 101 HI |10?i 4 OCEAN FREIGHT RATES. .. , ,... mpi ? ??????? charterlna . . ..... ISO i - snd "i ? -,r n.i...?? ???. pi ? . u ?i i ? ? ? ' ? ? ? I II? ii.1, ! i . ? ? ? ' ? ?I..HII . . . . a K? Liverpool or Ore? n id Ma :? ' ' ? ' it Marv ;i i. k B. 01 - .... ' STOCKS IN OTHER CITIES. BOSTON STOC-KS. MINING. 4 t ? i* lb i ? - i * - i i ?l'n m a ???v.! ........ a% ? ? KV? bonanza I ' 4 ? . ' 'i . ? 8? ..11 ? -, ' H-*nn . ,. , ? ,?? . 4't ... ? A ? Ma ?: v. \ ' ? ? ; ? ??;?? : .?' - . i ?? ifl 4 ? . I ? 0 ? . .-? a i - ... . , :-.?4 unerack i - rating.... 4i ex . :???? *? V lona . ? -. ? RAILRi >' D. , : a Maine. ?2% j a g t i ? ? ? ? . Maaa t I . I ?'.-'.:. g pit IS Maaa I ??? pro"... 61% " Nor New Hamp IM ? ? ?? v, ,..?f ki a at n ? ?.: ?? ? f. An Pi . ;---.-... nvfr r. _?61*4] i n .v . pt , : li ? Mai i Ou , i. MeEltvain pref...lM% !" N i: i ? ' >B,n pf CT', ' New Bag Tct... " . ? - or T-va.? B9ae..l64 i." IU?. n Buttonhole l?4 11 Swift Se Ce .... 14.'?? nlted Priil? ....lS7*? :-' L'nlt *>-<?>?, Maea.. i.i1? 867 As pref . 8614 BONDS. 814,666 Atl O 4b W I 6S.. 88V : '-.i KCPtaa M 6s.118% o I? . 7t?, r <w Ma?n Hai ?4? :? :?. , ? an-Art? (a . ?4 ? - ? tern Tel 6s... 8 4 host?.." ' i Rg finv-KS HM. Aik Bai c '?Ac. i; :..? ? ,.v?r Dsog... i i 1*4 New Baltic Law - ? i 88 H ? 6 - ? It ?A -? ? ? . ? ? 6S ' . I . - 4 I ' . I-ar-t. ]?', ? '4 ? ? 1 M ?> . 44 ? - ? . : ? Ht I . Il 4 I ' 4 . ' 3' . TI M ' I is?% ' M id;', in? 64U r lifvH 14? 6t% jnp, 84 A 4! i ? - ? 4 : ? 81 I ' 14 874 ? ? pu*? ? . 164 -. 187% jp.; (. | ? 4 ? . ' - ; -? ! 41'. ' i 14 41 i ? 14 <", 4; I 41? ? . ? 4 n 68 A 874 ISSH 1 im 1 ?84 11:4 I lfi:,, I M'il ' ?. 14% ? ... <? ?'. ? 101% ? ? r. ? . I '? l"f ''..II ... ' ? - U 1 Metal .. 84a t.; Onec?) . 1'4 ?-o t.aJi? .... 4", v. Miami \ <r?n | ? PHILADELPHIA Opea, M Alliance Im . . Mil ag ... , . 41 ' Cambria eel . : 1 ' ? ? ? , .414 ? . .I pf ? 1 ? t ? ? nal .....m ;? -, . til1* !.. ... 9'3 ii.ssei ; 1 1 ? ? ... gao , .v Pi o 4? ? ? . ." '?"i Keystoni ?.?oo H 11 i; .v vv : ' la M4 i.oosp lo m amall.. I' .v VV H), . .m Iron I IS14 1 ? ? . ?.88% STOCKS. High. 1." 44 3 . : . ' 1 ? M ? . I ? . 4 ' 1-: , 44 ? . ? > ?\ i I 42 < 4 4 4 ? ? :--? ? , I 44 41 I ? ? . : ? ? - ' . - 4., '!? <,i?l I ' 4 61% ? 14 , ?el'i BALTIMORE STOCKS Bali I ?' ? -.. Hlftl. 1, ? ? ' , 41 , 1 . ? .-? ? :<?? 1 .. rn oni Uaa lo pref . .... 15% ? * "-. S.V. O B S Brewlm \ Mee B? I ? ? . . R)|| i: ?'-?? ? t J '?,-... ... 4? . ? i: I I -? . - 1 3',? '40 !>l .... SS - 1 A . ' -4 4 n * - '? ? .1 i .... 1 <?n\ ? - ? '. I. (';' .... K??4 ? 000 1 '.f ' m ''. ... \ Ala coa ? ? ..1.-.' .4 S4% ? .. V ? ? ! , . I ' .-.s :? * ' 1 ? . ? .... ? . lo Ine la. ? . ja ?i? v ?, Sa i< H ??! ? ? |] v . ., . ?. i ? :?? "4 M ? - - i S3 ? 4 - 1 Laut, 41 1 ' ? <> .' ? i - . (%! ? . . . ? i ? - ? - TORONTO STOCKS. ?1 1 lahetl b ? . 11 ? 0< l'i'l.illt l.lV.r. ia?. Rea . ? ? ti I ? I ?orne ' ?. r. . Un? Exp Pearl li ? ? ? 4? Broa '? ?Ireel ? , ?,!.-. BI4 61 BU ??'i Kerr t-?k? ... 4.TS ., 1 M ... - . Ill ?Ing I.M I *!.?, IP? n 1... of Way ?4 i? 1 . t^-af ... ? ? r c?.i>"n ? : Wettlaufer .. S% . 1 ",.ii? ... 84 1.56 - S4 114 A ? 'I ' I 4 ' I ', I'Poreu ? ? ; ? 1 4 . . ,-.'? . . . a SHI 16% 1 4% PITTSBURGH STOCKS. . - 1 .... 4 4 . i do 1 - b ... 1 .... 1 , t a hi ? . ,..-.?? (.3 I ... ..i-.... . 18% 1? pre* . . i ? 1 ?? ? ? 4 ' . ? "I II . ? ? || . ? ' 176 v\,- ' pang P I . l*% l*% 1.' i' . ? pitta Co? I ? < A 164 CHICAGO STOCKS. . 0 Ky aerie? 3 . 4 M Pian 1 Man 1 0 nan s K M pf.-lS IS? lilt ' 1 ? i .- . rti boa ? lift A Pa , . ..1 1 !,...n 1 arl 1 ' . gONoa t ?. Rg , . . 1 ? . ? ? . ?'-??. 1 , '.-1 1 m Bdl i< '*i . . ? ? * - - . I ?.?i 4 '. I ? r ?i . MONTREAL STOCKS ! T-~~ $10,000,000. THE CENTRAL DISTRICT TELEPHONE COMPANY FIRST MORTGAGE THIRTY-YEAR FIVE PER CENT. SINKING FUND GOLD BONDS ! Hated Dceeniher ?. 191.3. Due Deceoibei !. 194a Interest payable June 1 and December 1 in the City of New York or in the City of Pitts? burgh, Pennsylvania. AU tlie bonds, but n<>t le?? than a!!, are iub;crt te reiempton on or aftrr Decesabar 1 lQIcV -it any tntrrcst'paying date, at 105 and seemed interest, on three Months' notice. Bonds are in coupon form of denominations of $500 and $1,000 and may be registered as to principal at the office or agency of the Company in Pittsburgh, Pennsylvania. One Bond of $1.000 may be exchanged for two Bonds of $500 each and two Bonds of $500 each may be exchanged for one Bond of $1.000. FIDELITY TITLE AND TRUST COMPANY, PITTSBURGH. PA.. TRUSTEE. From a letter of F. H. Bethell. Esq.. President of the Company, rapiet of which may he ob? tained at the office oi the undersigned, we summarize as follows: 1. This Company, with headquarters at Pittsburgh, Pa., is part of the "Eastern Group" of the Bell Telephone System, owning and controlling the entire Bell telephone business in the western part of the State of Pennsylvania, the northern part of the State of West Virginia, and certain of the east? ern counties in the State of Ohio, this territory having a population of approximately 4,000.000. The great natural resources, coal, iron, gas, oil, lumber, etc.. make this one of the most active industrial sections in the country. 2. These bonds are secured, in the opinion of counsel, by a first mortgage on all the company's real estate, switchboards, conduits, cables, pole lines and all its other property in the States of Penn? sylvania and West Virginia. The value of the property upon which the bonds are secured without considering good will or franchises is conservatively estimated at over $21,000.000, approximately $2,500,000 of this amount representing property covered through the deposit of securities. 3. Net earnings of the Company for the fiscal year ended December 31, 1913, sre equal to more than 2'? times the interest charges on these $10,000,000 Bonds. 4. Proceeds of these bonds will be used to pay off all floating debt (approximately $4,500,000), and the balance for the further development of the business and extension of the property. 5. These bonds are followed by Capital Stock of $15,000,000. Dividends at the rate of not leas thsn Seven Per Cent (7rr) per annum have been paid since 189(5. 6. Of the $25,000,000 First Mortgage Bonds authorized, the remaining $15.000,000 of aaerow bonds can only be issued as equal amounts in cash are obtained from sales of stock and Invested la the Company's business in Pennsylvania and West Virginia. 7. The Mortgage provides for a Sinking Fund which becomes operative Juno 1. 1914, and which providea for the deposit with the Trustee on that day and semi-annually thereafter of a sum equal to One Half of One Per Cent. (l f%) per annum of the amount of bonds issued. THE UNDERSIGNED WILL RECEIVE SUBSCRIPTIONS FO?? THF ABOVE SiaooO.flOn BONDS AT im AND ACCRUED INTEREST. Application w?l he mtde to list these bonds on the New York S+ock Exchange. J. P. MORCAN &. CO. KUHN, LOEB & CO. FIRST NATIONAL BANK ?ATIONAL CITY BANK v.-, v,..' ".?'?i A 1014 BANK REPORTS. pj pou r of tu i* i > ?NDiTioN oy THE BANK OF AMERICA, ?. .-?, o? baalaeea en the M >'?*? of 1?14: _. ?."irr.'TBS 07- ' M?**?? Mkjrltli r merket value r \ ? . ? ? va:.;? - . H6 666 I ) , -,:.i Mourad by .? ... Jtfi or other ._.-. lateral s w <*) , '....-?, aeovired .. er a ateral . U.T1A814 N inta without ? . 11.??4.4V V-l . 56.861 'l ? net r?mpanle?, PanWn U - ' . 1,666.816 44 . 1866,4852 -. anl note? of na ? . 1 7? M? M ? ? , . . 16.1 i 80S .- ta^a, ? '7 ?ral gal -rrered. 6L66666 Total .146 UABIUTIggv Meek 61.866,66666 ... Includlns a'' uadlvlded . '" ' " Unpaid . . 11466 atete ??v .64.546.411 ?7 I .... . bank? re.to.:sj.:-?l U ?r. tal dayaella.41,1 ?nr? ilz.: , -' ? ,' . ?? H Ml ? | ..... IllTSM 41 ? A rued Inter??*' I I ?a ? red . 13.1iv?nn ? Total t( ? .- 13? M II tse of New 1 ori4. ' ounty of New Tort, m WILLIAM M PERKINS Prealdeot, and v 4.LTBR. M RENNET, Caahler of T ,.t vi-,. ??! i. ., Bank to rated an ? M and M fl all Street, I ? ... | . i . ? ! ??'? i< ? In ?' i? ? ? ta, to tl-e id belief, s farther ? ? tea of ?aid ? i!?? Mat''- lug la I of tba , i ? . . above report I? In tit? ; ? ? ? in conn liai ? ? ' :- ' official notice r< ,;.<?,i from him, deaii .- >' a? the da s? .i ?it ii report ?iiall !??, ata !? t hereby cert if] thai ; I Iba tima [ name b? ? datj public ? ? to t ? eart Us talned asked "??. th-? queatlei "Do . . t the ? . tha ferog . I are trw t\ IUjI vm H. P891KIN8, Pre? lent. vv vt.itjR M. iiia'.vkt. Caahler. ; ? . - Ne? fork, County of I, K PKNZI.KK, a tio:ary pub I tba county above named, do : ? .. that, on the in day of March, IM4, Ott efore me Wlllla n it ? la appended to tha *'<< enl ? i . nta Im L .m t a? the tlmi when .? i itatemeni t asked ? lemnl; ? raer that I ?? ttetement? ?-omam-t tu the for K"in?; repet? are trae?" and be re l It? i. i ?. ? P DEN/XER fe-si of Neta ? Notary P die, Kings'"?, i ?r'lf1 at? ftl-d In N?tv York Co Rate ef Ni Ce ty of New vo'k ??< . '. i, DENZLER, a notar] Is aad for >?? ? eaaiuti afeeva nsmci. do hi ?- eei the It* day of March, 161! tl ? Walt? - M t?' rinet, whoa? ?Igaatori t? appeaded t.? the s'a'?:n?n' herein ??it. t ni ? at Um ? ? -? m turned soih utatement, t ggked bias, ?wear the? Iba ?,'a<-ni?n'?, m In I be fore-,~.l-ig r^po-i an trus SI i IM t. ' I do I R DENZLER, (Seal ef Sotai- I Notary Public, ?iinir? r*o Certificate ftt-d to New v :??- Co CHICAGO GRAINS LOWER Wheat and Corn Show Heaviest! Drops?Provisions Up. Chicago, March 4 Bears rated In the I ?? nit to-dav, with the a'?) rt lowerI cables and optimistic report? costeara! ng the winter crop. Th* Bterket, althougi, firm at the close. WCS %e to ?o. town Corn tlt-lihfd the Mm? as la?t night to 4<: to %s lower and oat-, w?i? off ? g]... |g in provis!"!'? tbe outcoass waa unchanged to an sdvsnce of :4" to -, ? Wheel rii-eo High ' ?? C ???. 0' Mat ? 69% '?'". S3 ? A 88 ? jui;. Bfttl 68fl 8816 86% 68 . - M ? 68% ?. '? 88% ?7 ? ?7 4 iu 88% Hn-4 88% ??4 *>H4 ? 4 ' ? I'.'.'?. I ".A U'l I fiata: 40?? 40*? 4"4 404 40 S8% 89% 4" 4"'? 4o'. I ?1 in ao m a..1 in ?n ini;o |ag| 1 . ?" ;. ?>? 68 !" 77 I" 88 IS 77 RlbS M? UM u 40 li 68 '.! 88 'l 81 II ? it 68 tl .'-" 11 88 I Ms '-' 86 '" M I 7' *. 1 11. 1 1. 1 ?4 61 ir> : 1 ?'? BANK REPORTS. _ ' Ri PORT OF ? ? ' ??? DI ?ON ' : CORN EXCHANGE BANK. N.Y., ? ;tt U:? ( lo** . ; business on tha nd .'.?> ol ?'la KIXlI KfEf?. ? I bon v I ? ?r.. ?S61,?T2.0r1 -? i; ,n . aut? own* . - Mortgage* ownei Loa? ? i by : ..t:! mortgsg* d?*d or oth?r real et It.[late i. 6t1) 2SS 07 Loans and disco inta secui *tl bj at,naw.a . B,g t '?n M ? :'? i. l.Ttl.tt L?ue from trust com pa?i?, hanks . ?D .??-.< . 8 Id ?20 "I 14,002.0004 and notes of 6.S!C,128 V\ Cauan Item?, ? - ? i inass anil ciieci.s for next d ? i . l?,tOC07t a Oth.-r aise'?j. \ :.. . Accrued inter **( no? fntmed. laS,0OStt , not ' Mai n 11 tBivvrnss. $:??-.-. v, Including aJI sa 111 Id? ! I profila . ; nnald dl ld*i di r . r. rr*d deposit! I - ? i ?? ; ?its not prefa i ; i m '.? ajid i .ri ' ?'. Ht i retal d*po*tta. 0t,tT?,?N.K Other liai lltttc*. i li i.inlii.i m checks out n.*i:,3M.M A'-'-?.i Inti entered . 6.f*.' It - ? ? j 040.14 Tatal . ? ? ] ? ntjr of 1 I "rk, aa W h.tcr !?; t'K!;w it, ana s i M \TVT Bschaago Bank, ? ban! lo ated n- ? " o t;i William Btr*?t, In i :r?i ;? '??? 0*1 ? r\"iv fork, ..i ... i <? - I : I Irr all respect . .< and . ' . rther ? ?' m ii ic ha* beei ,. i I log Law, i - th" ? tena La ? s ...?? ?mandad, i and ? ? I that tb? i ?crlbed ; ' Bantu, sn<l ? : from bim -i ... nai .i ? it th? I hi r*to, tb? N. i .. ? . tiilnod a-?ke<l m* th* <j ? i - ? emnljr aerear that th* *ta ontained In In? foregoing reptort *re tru* and r re? i>iled. "1 .i.., lo th? i" si ?.r my u ? tt." v in ki: B. 1 '?ti ? | " ? " fit I I I ? ' ? ' . in an) ' ? - ? .:.'?. ? ? ? ; . ? I mo Walter 1 ... ? ? ?le?ad aaeh stafm-m i ? solemnly swear that th? corrtalnsd in ti-? forogoli | true?" and pile?!, "I do, to tho IvBt of mv knn??< , = . and ? B. H ? ...... r New 1 I. K. H. for the '. ? .?? rip t? Ith di M I, ? ? rttalni ? ' v a when he r?a ? a contain? l - ? ana bo r?? V. H DENIKE ' I i>?al if Notai, v?-> Register N ' ' ? ' i COTTON LESS ACTIVE BUT STEADY Price Changes Narrow and irreg? ular After an Lasier Open? ing- Close Steady. First | M in tl t w ttes rnsrkat ; as? t.t.lay ver?? 1 te .1 BStatfl on I n May an 1 tater flaMoStlOS. making new low ??rowri't for the ssaesav- bul arltai Ifareli um ,'hangr-rj trie market ??non r?HI.-.l. with ?c tive months no 11 Inn- : t.? .1 tx.'.nt?. BSM9VS Tuaeday'a Saabs. Tas fact that after tae ClOM Of Liverpool BlUCh of th? d ri'.u I frii off lei le t ? ?Mel thai o lai to I ? gf the htiNlti; H "ti .Ntia'l.lle SO? ?ount. site Ister Buetaatleas wars within Barra*?? limit?.. CTeelssj laissa ?ero net i point ti IK li**r lo tin? earn?? BaSSttBl lowor, exo?.pt for April CORtrSCta ?hn'h WOtO nomino ' i " ,,ff 'r"' ,'1" ?' BANK REPORTS. REPORT or THE CONDITION <"??* " " ?THE FIFTH AVENUE BANK OF NEW YORK -.' the atoe? of buelneaa on tu- ?K-ond dar of Msreb, i?M. R8SJ III 11,68 ? and beada, ? i Public securities^ ma-ket value.. It.lW.W Other a*-ourltl-?. market value. . ?? *? p0 Real ratate o?-n?i ..... S6:o*m' Loan? and dlecouata ??ou-ed by i li?: mortgage, deed, or oth-t ta collat-ral . . 77,1544. | Loaaa and dleeeuaia ??r,!?.? h\ ? " lateral . .. it:)!)? o ? int? without col lateral . 4.4M.77I?. Iraft? . tt.666 81 Due i: m trass ?ompani-e, *-An'hfl . n?,?4! ?t ...... I 06.414 H ander rotea and not-a of na ti'.nai baaka . srr.avi *) Caafa Item? . mi.in.i other aaaata, v \? : Acer ??/ er.'er-d 'eetl Mated) . it.4? ?T Total . ? ?HAS LIAJULRlSg s'ock . lion WOO including all unir. M? 1 pronta . . t "41.947 41 1 npald dividends, reeorvel for v lg : 1 rved for taiea . sr.TI4.TI I erred < ?pe-rita , ... 84ft.M0 4? not preferred .ts.049.iK.4r. eompaa ?a bank?, and banker?... I4.i-ll.0i d-poalt? ?. II 'or-?" IS ibllttles Caahler'a check? out ?tandtnf . 6666 Kt M R<-?.<-r\n tur contlnr?n , . 888 ooe oe Unearned discount le - aeerued letsreat in reaourcea (?all "?**?* mjuujn I?-4 Iresid'tit. and THEO. H Kl 1 ink located ?im don t ' - ''"'; ' ?'' of \a-ar York, h aald count b? ?.? oui* ' * la trpa ?n-t correct In ?ill re -.-?... 1 . . , 1 rurtber a? ., r attld bank haa beei 1 ?* . ? prtacrtbed by 'h?' Ba? f R ?, and Is mi .- '?! f'""i ... nd < of Maren. i.,l ( .,? the 0? ? ' - Ich wh report ?hah ? 11 a* ? ' urea. t -ig- d mv mtin hereto, the Publie whoea name I? a? ? ? ^ 11r-1 ? m ' ewaa ? I 1 * -. ? do. t'> the ' M ' v ? . ' ' ."-.-,? ? ' ? .... ,.??', In and for the '? inly >?'.?>?? re? lay ?f M? 1 r-,. , . ? ? 1 ? a ?? ? ? ? hi .. 1 D . rontalned and be r? . ? ? - ... B: ' ? , ,/ ?I of Not .' " ' I ' ? Oertlfli -i a hi< ?.86 4 rte < ' ? I hrl4 ?. ?? -' - - ? ? 1 \ ,. ? l ' ? . tot 4 there apt* before - ? Hi 1 ir, s ? M ?Ignaturo - epp? ? ? >?? aent hero nt tl e t ii- 1 ? nen hi ?tat "Os pet 'oniem** - . r,j be n> ?edge an? r*ll-' " VETT . aesi ? 4 :*? <-.??' -?-, r'c,i m n . \a ... nif? Saturday Souths n si el market? " ra heard from, late advice? rape-runa . unchanged to 4- lower, and thr ?I ? market wi . quiel at ltd fot middling upland; no ?alee. Loeal con ?cea; Tu*? C> ... . . - ,? A, 12.0s v: 12 u-?. 1 ?_? "?<j 1 _? ? 12'et ? P SO II 86 Mi' 11.88 11.88 11 < an it.ee ' ?' . ;i i? 11 C.4 tl -;? ee 11 nf . . It HI 11 i;s M HI 11 '..- . I'.?6 li "6 11 V? II .4 n ;,4 it 56 It IT II :.'J 11 .".evil '.?T 11.S6 II -I? 11. it > ti ?niii 81 tl.S-j tlA.j 11 it; 11 xi 11 .ti'ttll 84 11.84 Jjii 11.28 M .'"? 11.38 11 27011.'.9 Liverpool cable? ?-pot ?..-'tor f?-. baainea? - ..?? hale? speculation ?? an 7 o/?, import?, St '?," V- ?1 .?. Middling upland ? WM r ture* ? 4*114 points ?.>??r on ?r and fi ?m 2 to 3 : rer on di^t? 11 .- 1 ? ? gt a l decline of -V \ Mai s ' Il ?? toril. 1 M ?pril Mu. . lune. 6 69d Juiawel!. ?1 ?vi i,!, vuguvt. 8434d '? .? ? i'tem l?-r. il P.'.'- 1 KtptemtM-r <">? lohn ? ';?.". ,i . O^. 'oi.^r November. ember IWeeraber, a.iid. Itecembei I? 1 ?iM im,.. '? na> Ri Ma 1 Is h">?re - ? 1