OCR Interpretation


New-York tribune. [volume] (New York [N.Y.]) 1866-1924, January 01, 1910, Image 9

Image and text provided by Library of Congress, Washington, DC

Persistent link: https://chroniclingamerica.loc.gov/lccn/sn83030214/1910-01-01/ed-1/seq-9/

What is OCR?


Thumbnail for 9

XEAN.
VAN CORTLANDT
&CO.
30 PINE STREET
NEW YORK
MARCrS MATER.
V R. BAVIJS. '
Member New York Stock Exchange.^
MAYER
&
COMPANY
STOCKS
and
BONDS
INVESTMENTS
1 1 WALL STREET
NEW YORK
SCHULZ
y.-JM ...
RUCKGABER
BANKERS
15 WILLIAM ST.
NEW YORK :
LEE,
KRETSCHMAR
& CO.
51 EXCHANGE PLACE
NEW YORK
HENRY CLEWS & CO.
BANKERS,
11, 13, (5 and 17 BROAD ST.
MEMBERS N. Y. STOCK EXCHANGE.
STOCKS and BONDS bought and Jold
. for Investors or carried on \
liberal terms. i
Banking accounts received subject to
check at sight. Interest paid on <|aJly
balances. >*V * :
INVESTMENT SECURITIES.
LETTERS OF CREDIT i
Issued Available the World Oveii. :
Schafer Brothers
BANKERS AND BROKERS
55 Wall St., New York
National City Bank Building
Members New Yortei .
Stock Exchange h
lowstment Securities a Specialty
STRONG CLOSING IN STOCK MARKET
• NEW YORK STOCK EXCHANGE SALES-FRIDAY. DECEMBER 31, 1909.
"STTrp"~js;f.'t"1 — ' ■ _. . , „__
B6M „"h p-'p -' ■:■■: . •i^f^jfliSuuiagßs 2£ffiß—~ ■ ' I Actual Sales". I Closlnjr
' — aw — r^-';.,,, ,-;—•, 1 Op. I H<.;LowiPint|Bld.|ASK sold ehaa I Opl Hl.LowlPlnllßld.lAsk
».« * X Av££SnS2? r«^2! ny rr fl TIT Vl IM ** '" Uk» trie A V»st»rn fc I 27V, ?T lit I *H| #
IW S Amerind a«- , ■ T ',' ' , ' ''"* "4 w "^ <tt "" <> *^ ltw '-«»* p Br«e * Westprn pr hu, lv\ «3S er>>., k:>., «■.-,
: T'" "• *Sb fT 4«'... 4*v*4 46^ 4fiu 4h 2 4^, inn - Manhattan Elevated I3S?» 138"i lss^im^
GOO _il* AmercanCan nV'""""- H& H$ J?« m * »»-•• Marin* pr 21 24 «3;i 23% »X «
mm x-*{,x -*{, American cVr * t P w'mVni s'> «'» «1 « SI 1 * "■ .300 + «i' Minneapolis & St. Ix»ui«.... »4 54% 51 84»i 53 5*
• <.^--*; American ro[tmV^-?iV n(lry -- li,, "2U 72 72UJ 72 72»i 1.10.1! + S M.. Pt. P. & S.S. M... ....... 142 1421*141% im*lUl»i 141* i
1001 32 itSJertrSn CotJnn n ; US^ W P* &S 6T -i fiS ' 10 ° i +T « "-St. P. &■ S. S. M. pfHH ISSTS lllS 156%rt5«% ISMS 157
«5 ■'- American FxnX '"' J2J J2J • in * in< 4' o "' 4 14 -* H< * Mo.. Kansas & Texas 49»i 50^1 4!»4 W* ,v. SOU
700 —:- AmSuK t';^. I " 2^ W 2 " 30 ° l 31 ° m 1m 1 - Missouri Pacific..........:... : 71* 4 TP 4 TI ■ " 71.. 71', 71^
• 1.400 _^^ aSSh^S n,l# a J?* thmt - J .L HI I ?i 7- 8 ] 8 7«- I ', National Enam. & Stp 29 a sli? 1^ 28$ «*i
1000 .' i' 1 ' " ", Mll| «^,,lm pr " 2 48 *4? fj j4S I 48t; B,*»-2 National head : SOU M>t, «? V 4 (»Ti 90 ■•■U
', TOftUlit Anor',.'J " 7,--tr, Uriti ""v IP" !!»• ' I:i '-' " :fil * 2 " 27 , 2.6001+1*4 National of Mexico pr....... 623* 64 62** M 64 64^4
LWoDli smri»n S •■•' 5, 18 17V 5 I 7S * ™* IT "* 15.403 ■ * National of Mexico Ed pr... 2-v\ 26«4| a3 XV» 2«ii 2fi%
inno' * AmSnSS '" IS '" l .« pr - — - '•• -17. 47^ 46ii 46* 4 4CH ««4 200 — ■ Nrw .York Air 8rake. ....... :<M- 95', :•:•'• Poll 94« liPSS
'4no ! !l^ aSIhSS te mm ° the •"•" 6 il ; 6 i-* WT » 61^ 6IS * 61T » *^!-?i New York Central ISKfIS^ IStC UriS lOK UK
inJrtoU^l 1 aS« a I. ••••• 6 * lv * •* ! 67^ - 1 - 743 - - New York Central rights... M «A 6V;| 6^l—l
2CoG i? t^! 1^?" | me *n * • • }%** lO4 'i 103 5 »il03-, 10STil04 I ' POO ,+>i N. V.. X. H. &H. suba..... 148« 148*4 14S*5 14SV* 148* I4S9|
Will* fcm*r& li \ £* llr , 112 '« "2 l 4jll2ii|ll2ii 112U lI.V 200; + - ? « N V.. X. H. & H 18$ 158« ISS? 168*2 1^(15^5
f" !' » Anier|pa!i htApi Foundry.... 64% c 64^165 64"i ,v,i MB —■■ New York, Ont. & Western 49 4f»*i 49 494 49-1 49?»
-?v' ■ rr r T.T'*T, r ••■•■.■• '-22 s * i22Si:2- s irM2'J'.,i2r; «or. . Norfolk & Western , *»4» 4 99v 4 p^ 9914 «*i K«Vs
2<sn' I:? Am 'I eK *rl* -° x div ?*: Ml» "IS; l« l » 141M41 141J4 »r Norfolk & Westerner 90 90 K«§ 89« iSS W
w ICCO1 CCO pr • 96Vfe Wll-M S5V * JW'tWi 400:- «; [North American. 84».i S4U 84* S4Jfe 84 S4^
r>i"oo ! V* ASliiSi Woolen .-. 3714 37iJ 87(1 37}2 " 7 77 '= lilVl f t(i Northern Pacific 14W'i4^1l»145)£14SKMSK
«'.w 'li tli!iS2!I to "'• •• gSfMS r>:?l 5 54« 54Vi 54*» 1,2 m; +4» 4 Pacific Coast 111*4 i ;r.i.. lll*i 116^1116 117
■2£>1 f «2 » '^r <>n « 122^!124 122^123-,, 12?.-. 124 m . w.r, Pacific Coast ii pr 112 li:> 112 115 116 117
Bfl v "** a,',. h 1! ',- pr -- V< 103^1103% 103%h03i4 104 1.0"»—V; Pacific Mail ....;... | 43' i 4.".'- 43 43 IM 43i;
-«« hV nim^i 0 c °a 8 V^ lne 1W 136 (136 136 1135 136. 200— 1,5, Pacific Tel. & Tel ."..... 46 46 46 46 46^ 46*
'SS' i* !r«n t °x' & , l ° nS 118T » 11S»».1IR«4 14.«n0 + * Pennsylvania Railroad 137* 137*'l3fi»i !"7'« 137' 137^
3W ( T--' Ji^lLte"* hl opr :'2N 92*! 92* 92»|l 92 93 Urn — People's Gas & Coke m 116=1 116 116 1U?>11«»5
aSI !V J2 »2«kPI M H 1 " 1 ".* 1 S^s 3 *» 3 ?8 Wi 3 W 4 3.400J + % P.. C, C. & St. L. PS»i 99 9S*i 90 99 99*
jSrii? ifJhfel 1 *" 1 §! ee ; 34^41 34U 34 34 34 34** 3.400 - U Plttsburß Coal. 28 4 2S* 26^ o T% 27* 27^
imn v R^,«M~ St *.!; r JR r >.«6 |66. 66 166 63* « 6,000 -1, Pittsburgr Coal pr 84 M% 81% 84 83*4184^,
V^-> BrooklvM T ? a id transit.... SO*** 7!»% !80! 80 79?* SO* 300 Ui.«; Pressed St«« Car 63 52 BIS 51% "!' 52
iTTrt "• V K&%' On;(}M: 129% 1M 159% 164 164 165 • 200 +t 8 Pressed Steel Car pr tM 106 106 IN I 106 107
• ■W>" X Butterlek Company 33 33 33 33 ' 32% 33 . ,200 - " -Philadelphia .Company lftia«.ioi-% 101^|101»3! 1
,1 * '.anadan Paririr 181% '^1,^1., 18l« 181« 182 700 +Vi Railway Steel ' Spring 51* 52 51* 51tJ| 51* !52
BUM "~4 i^ntMi n r P; V; lflc nghts • 1( c 10 *"* 97 '! — : , 10 ° (»•«*•» Steel Spring pr.,.. in**? 106* 106^ 106^103^ 106*5
'^." * -!m T LMt ' ier -- 48 * 49* 4sii 4S'4 4S* 4S* SS,O"X) + * Reading 171 171% 170% 171 171 171',
fi 4asii":^T Uf" tral V atl i ei "PJ •••••• WB% 108% 108% 108% lOST? 100+1 Reading Ist pr B 92 I 92" 92 KM M
I'^ Iv* ' ■hrr apO3 > c A Ohio If J fi» »^l «%! 91 ?: 91 H 4W — IReadin 2dpr 11l in m 111 1W%111%
■'Sft'p ■ * !^! ca co & Alton ; ! 66*1 66% 86 ! 66S g l 66* 06% . 500 !— j Republic Iron & Steel !46 46 M 46 v 45% 46
inn -■ .!;'. < " : " " Great Western 23% 24* 3334 1 24 T 200- * Republic Iron & Steel pr... 104* 1104% 104* 104*W 104U
,12 •;•> Sj}! 0"0 "* 9 ?-l- «- est - pr A "-- 4G ;46 4f! 46 4fi I 6T ' 9l)0 ' +: *« Rock Island 154 55 53* 5-1* 51* 4 54"s
\'Zs.rr \} Ch ca B o «t. \A ,est. new I&S% 36* 86* 36? i 36* 36»i 20W+2 Rock Island pr • 93 93 93 93 91 92
ySftjlt ,2, 2 £££*£! 9i;,^ i- ne^pr..» 63* 64% 631 63».l 6 - 7 « 61 l"0- * St. Joseph &G. 1 120 20 20 20 120 2:5
- 1 5^'- l ;. n . Oii? "- 55t Il'I 1 ' £*"(••" lM^ «•» I*7* W 15M» 1»% 100! 'St. Joseph &G. I. Ist pr...; n« ■54 S! 56 H MU
ifln7t *i - 1 ° ae ° Nort J western.... iIS2 182Vj 182 188*183 182% ■» + % (tt I»uls Southwestern ' 32'ij 32» 4 ; 32 32V 32^ •' ' ■,
WO^I • hleago Term. Tr ;3i3: 3| 3 I 1-- 600 St. L. B'weat J»r. ex div 2%% 77« VX 77 77 77 77' +
.^Si't,'* 'Sr! ca SO Union Trac Is* 5* 5* 5* 5* 51 * 100 Sloss-Sheff. . Steel & Iron..'. 87 |87 iS7 87 : 86* S7
iMA 1 " " 1 !/ '^ h , ICag: i > Union c Trac - pr 12 a i 12?; 12 12 !12 I 12% 169.352 +3% Southern Pacific 133* ISB'. 4 135* 133 137*138*
l'^"i 2 Colorado Fuel & Iron 50% 50% 49 49", 4!*- 8 50 17.600 +1, Southern Railway 33* BKWfIWINM
•fS' A- C . oora l° f Southern :501 57 ! 55% 56*2 S6^ 57 1.900 +* Southern Railway pr.....:.. '75! 75 i 74% 74% 74. .lX
-«> "ff c ,°J orado & . Southern Ist prj Sl "* Sl* 81% 817 Biu,| 82 600 -* Tennessee Copper... j 40% 40* 40*' 40* 40" 403,
„:".' :v: v 2 /."'"mbus & Hock. C. & 1.. 91 1 91% 91 \ 91*8] 91% 91% 1.700- 5 Texas & Pacific '■ 37 .r, 36*» 36% 36* 37
7&sS&s% !« ; onsolidated Ga 33 S-v-:S -v-: :158?i 160% 159% 1160 159^1160 6.700 ! iV* Third Avenue Railroad 16* 19 i 16* It* S2lß*
2 ?SS : ~ S t- or n P ro i*"?ts Refining 3316 23% 23 23 123 23* • 100' + * Toledo Rys. & Light = 101* 10U fo* [ft* 1 \ml 10^
13 + S U°V nP " R " f - pr -. ex div •*• St '^ »» Sts^! S( % &5 86V * 500 - »8» 8 Toledo, St. L. & West I 53* 53*2 53* 53* 'V 54
SS.'- 1^ |De aware & Hudson 185 185 .185 1185 1184 ,184% 1.300 - * Toledo. St. L,. & West. pr.. 72* 723 i 71« in% 71*1 71"
iSS; 777 Delaware. i' aC^ &- Wwi... 620 ,'620 '620 630 615 630 1.750 +% Twin City Rapid Transit... 115? i 116* 115% 116* 116 JU6*
42 + > enver A ?'° Orande -51* 52 - 51% ELK 51% 52 41,500 +Va Union Pacific 204 204' * 203* 204^ 204* 204*
I<V) jZ Denver & Rio Grande pr... 543;! 84« ,M\ 54% 84 54% COO Union Pacific pr 104 104 lOSi^lokvioiuilol
»^~-? Dlstilliny Securities m£ 36* W*l.3«u| 36* 37 " 125 -* United Dry Goods 122* i 122* 122*11^*112^ 122»i
8.40G - •„ £ v ut £* §• S. &At : 177*; 19 ' 17' 8 18< 18% 19 225 — United Dry Goods pr 113% W% 1137.1137! naaL mv
..Oofl r lH Duiuth. S. S. & At. Pr 35* 3534 35 . 35% 35* 35* 100 U- % United Ry. Investment 43* 43«! 43* 43*|4»|i 43*
*•]$$.— ZT re ,---" • 33 "*> 34 ] **** 34 i 33* 34 son— l United Ry. Investment pr.. 71* 72* 71* 7'»* n2 7'>"
W?t - % Enc Ist pr : 51t 2 ; s\\?[ 50c 8 - 50?4i 504 4 51 200,- % lv. S. Cast Iron P. & V. pr. 88% 84'g 83* S4>t s".\ M
2«f-* Erie 2d pr 41 ■ i\% 41 '41 40% 41 100 United States Express... ... 11l 111 ill 111 H : - 115 '
«^ ? K^ General Electric Co 1591, 159 159% 159 "159% 600! + % U. S. Realty & Imp iB4 I 84W 84 841/ 84 ■ ' M't
■, *S **3 (2 ran ?>;. Mining ■ 110V$J10914 110%|110H HI " 2.000— United States Rubber.. :53 53% 52* 53" U«7i 53
lf^- *■* reat £ orthern P r - 143* 4 ;i43- ft 143«hL43« 143%145T4 650 - * United States Rubber Ist pr 116* 116% 116* 116 M 116% 117
m. — Great Northern Ore ctfs.... 81* 81* 1 Sl* 8114 !81 81* 80.060- « i United States Steel ' 91% 91^J l go2 ',{ ' oo* .'
2ft>^ Havana Klectrlc Railway... 103 103 103 103 108 104 - 1.200- * United States Steel pr 123%i25« 125 '125 125* 1»V
IZBS^T< AI K r C ? ntT *}. 148 148 [147% 147% 147*1148 3.0n0-\Utah Copper 61*1 61* 60*1 MurS* 60»i
ir^U— Tnter:-M«tropolltan 25 25*! 24% 54% 24* 24% 7.500 - * Vh. -Carolina Chemical ■ 55* 5,V* 54* ' S2 "1-2
2.p.Mi_ 14 Inter.-M«tropolitan pr ; 62* 62*i| «2 614 61« 61« 17.700;-^ Wabash -\ 27%T 26^ 27^26* o;
ii l&~l &~ v? i lnternat^ onal Harvester ÜB% 118% 117': 117' 117' a IIS 9.100 -* Wabash pr 61* 6l>» 60* 60* 60*. mi
MM +* international Steam Pump. 62* 52^ 52 52% 52^ 52% 11.400-1* Western Maryland.. ' 5.3 5? v- s ks -•' -? -
*): lint. Steam Pump pr 90 190 90 90 gpi: <v) 1,400; Western Union Telegraph.. 77 77U 77 -7 -7 —,
2OV +Vi lowa Central iBO |so SO SO I 29% 30 20° + % Westinghous* Mfg |83 83 83 S3 v>i- »• 8
m- 6B6 B lowa Central pr ! 58* h.v., 5314 53% 53 5314 2,500}+, 2 Wheeling & I^ke Erie 10* 103. fo V i,>'.v 10t' ? 10-v
MO; -1 ,KBnawha & Mich, ctfs '55 ,55 55 sFi 52 M 600 + % Wheeling &L. E. Ist pr.... I 23* ia^j S3 « * i,>
jx»! +* Kansas City Southern !44 '44 43% 44 ; 43* 44 1.70*1] + * Wheeling &L.K. 2d pr.... 1 13* lSUhil'J n>« 11 ni"
10?;— •* K. C. South, pr, ex div 1%. 70*70* 70*170* 70*71 . 200 -* Wisconsin Central..... 191Z 411* 49 iV* Ik: j-Jv
10.3^1 .1 Laded* Gas n2^n34in2^'ll3^lli3*ill3H |. | , ,' <4 j j9|4S "l m *
• Total sales for th* day. 5*3."03 shares. ■';?'. ■ 1
; Total pales. January Ito December 31, inclusive, 214.594.17* shares, compared with 196.774..PP4 Ehares for the same period in iws
FINANCIAL MARKET
STOCKS JFFFGULA F.
Sentiment Cheerful — Money
H and Exchange. ■' .
Transaction? in the stock market yes
t«?fiay-wwe larger than for several days
preceding, and, although the price move
ment showed considerable irregularity,
?asjtvas to be 'expected on th« last day of
thj* year and the eve of a. double holi
d^v, the sentiment was cheerful and the
; i ■ . ...... ■*,■•'..
market - in the final hour , developed
Etirength and sn advancing tendency.
F?w important price changes, however,
of-curred. the meet (striking being the,
f>C point rise of Brooklyn Union Gas,
w;Taich in the la?t two days has advanced
1$» points, on buying- supposed to reflect
aH announcement favorable to the
shareholders in the near future. South
ern Pacific, which sells ex dividend on
Monday, was the leader of the standard
issues during the session, closing almost
rt its high figure, with a net gain of
,''•'•« points. A coming increase in the
(jjvidend rate and an alleged intention
•|.'n the part of the T'nion Pacific to part
•vith its control of the Southern Pacific
ivere among the rumors circulating yes
ierday as explanations for th" stocks
lipward movement, which was due to
buying by important interests; but the
Segregation rumor found few believers,
las it has long been understood that the
lUnion Pacific, policy was unalterably
■ttppOMd to inclusion in its segregation
plan of th«» Southern Pacific, control of
i which carries control of the Central Pa
cific, through which th*» Union Pacific
obtains its outlet to the Pacific Coast.
Rock Island common, on heavy dealings
.advanced 246 points, ending the year at
•!54!i: and in Philadelphia Lehigh Valley
ros^ to 110, or within 3 points of its
be* price in 1901>. Chesapeake & Ohio,
after an extended period of inactivity,
was vigorously taken in hand yesterday
and advanced more than '2 points.
The expected advance In call money
was checked by the action of the Na
tional City Bank, which, pursuing its
accustomed course at such times, loaned
$10,000,000 at 6 per cent, the rate there
after going to not above 6Vz- The ruling
rate \va/5 6 per cent. The time money
market v.a.« inactive, with quotations for
all maturities unchanged. The market
for foreign exchange opened 10 points
up, but later lost its advance, t consider
able weakness developing. The "actual"
bank statement showed an increase In
loans of ?4, 610,300, or much less than
might have been expected in the last
week of the year, the smallness of the
total being probably explained by the
borrowing in Europe and the shifting of
loans to the trust companies and to inte
rior institutions. Deposits decreased
about $1,500,000, but the 'large decrease
In cash, nearly $7,300,000. resulted in a
loss of $7,036,825 in the surplus reserve.
The "average" statement showed de
creases of about $3,000,000 in loans,
about $8,000,000 in deposits and approxi
mately $4,000,000 in cash, the decrease in
the reserve being $3,957,075, to $7,185,200.
TOPICS OF THE STREET.
FOREIGN TRADING.— Foreign bouses
wer« not active iii the local market, trad
ing in tarn than 6,000 shares about evenly
distributed between Males and purchase?.
GRAIN EXPORTS FOP. THE WEEK.—
Bradstreffß reports the exports of grain
for the we*, with comparisons, figures in
bushes, a* follows: Wheat, flour in
cluded. ■••■'. agalnPf 3.763,928 last week
and f.111.W1 in I his v.t»W last year; for
the Bseal year 87,790.080. compared with
104,063,653 in the corresponding period of
]<«iv i •<.!•!), 1,151,151. against 1.882,314 laM
week and 1,025,455 In the *»">«• week last
year; for the fiscal year. 5,«?6,t»63. con.
hasted with 10.064.177 in the corresponding
period last > ear. "i/;.- ':'
COPPER EXPORT! Exports of copper
for the week ended December M were 4,330
tons*, making » tot^l from I member l
of '■•• ions, acainst 21,4W in th« same
time last year.
STOCK EXCHANGE PEAT SOLO.— A
peat on the New York Stock Exchange lias
lw-en fold . for m.4M The last preceding
rale was at JM.OO". . .
COPPEK PHICctJ HIGHERi~gaJei of
Lake copp*i vrfirp mao> y^Fterday ai i4i,
» pound— the hit.* price **•)»« .January,
1*0?, when tn» metal ■'"•1 "' U*»o. Elcc
troijlic coprjr soM at M: *■ pound.
NEW-YORK DAILY TRIBUNE. SATURDAY. JANUARY 1. 1910.
BOND MARKET SALES.
1000 .lap i%m .... 94U| 1000 Int Pap«r 5i.. SOVj
1000 4048 f 5 I .Vi>o A,-, .;. «*)♦*
5000 Rep of C I i<vio do »1
nit 914 2000 do 65.820F.104
3000 Pao Paulo ?$ £"s*it l<w> Int St P'jmp
WuO.Va fis r*fd . i As ••%
Cifg ....... it ISOOOO (jo ?fl Si
«O«a <Jr» 5" I 3<w» a<> •07
1000 ft N T City 4^*B JIIOOOK C So 5». ■• .103 8 i
lf>s7 100**1 4000 40 102%
6000 do 48 1957.1<K>H 1210<V> do 10»
110<V> d 0... 100^110000 do 3.« 72^i
15000 *> 198a...10§H1 10iV> t. 8 A- MS
20000 Adams Ex 4s 92* i 4s 1031 .... 95%
11000 AIIIB-O1 55.. P4%| 4<V)O do 33 1*?1 *? . . fi- M *
7000 do S4vs I POOO T. V of N T
4000 do.: &4H| ' Gtd 4H5....106H
8000 do S4*» s<W> L. I G"n 43... 97
7000 c-o 84 1 2000 do Unlf 4s. 94 .i
1000 Am At: C 65. 102 I 6000 L. & X S F
£000 d 0.." 101 r V 6s 1910. ...100W
10000 tin ..- 101 110000 do I nlf 45.100
100f» do JOJ I 2000 Mcx C let In-- 27 ! i
1000 Am H & L. 10Oi-> do ........ 27
6s ....... 101 ; 2,V)00 Mich On Deb ! !
4000 Am T & T I 55.... 92*4
Crt 4» ....105 "i! 1000 do $3
60000 do 1O5' ; 2000 M X * T Ist
40000 do.; .c..10.V.»| . 4s fi9H
. 3000 do Col 45.. 93 1 1000 do PI 1 *
58000 Am TV.* 65.. 107 I' 8000 do 2-5 43... 87V*
5000 do '.1... :..1053*| 1000 do .. .: -fc" 1 %
20W do 108 ' i, 6000 do .. ...-«7--,
I<JOOO do ...109H! 4000 do S F 44s PI 1 *
10000 do 4? 77 a 4l 10<V> Mo Pa? 4*:j:.'S2 ■■'
5000 do 77»»: 1000 Nat Kys of M—
240U0 do 77^1 4'js 94' i
800 do.. .. 77*»l 3000 do 84
1000 do 77U| SOOO do 04 l *
.1000 do 77 I r.OOO do £4»*
3000 do 76 T s I MOO do W**
1000 do 74*«, 0000 do Gen 45.. SS't
22000 Armour 4 'is O4'i| 3000 n V C>n L 3
•MOO do 9I»»! €*1 3H5..'.. $o*4
2000 A T A 9 F ; 1000 do 80
G»n 4r ... 90 T4 ; Ifi<V)o do #1
So<iO do 10" i4,«OOO d<-> M C Col
5000 do »9t»| ai 2 , SOVi
5000 do Cvt 55..12 - ."» 1 000 do .....SI
MOOO do 123 I MOWN TC& »ti
12000 do 123'» i4s 100
1000 (if, 12 1 -". i 2000 N YiUEL
1000 do 12.V41 h& P ss. .103
V>joo do 122»i ,1000"X x N n & ■
5000 do CM 48.122 1 * H D«>b .134
3000 do ..520F.122»»i 7001% do Cvt 3'iP.lOi **
25000 do 12a 11 .*! 5000 do. K'P*
5000 do 122»» | 5500 N* W Con 4? nS»i
2.VifNi do iS3»yv» do Cvt 45.-101 l
'163000 do 12.°. |25'ViO do Phi ♦».. 02%.
10000 do ..- . 12:<>>* 3000 do Toe C &
2fm do T S Ii I <• 4s SOU
4» 04 Vi I 2000 Nor Pur >»... 74
1000 do. {'* i 2000 do 4k to* 1 *
5000 Atl 'oast 1. 1 3000 Ore R & X
&- N 4.x... P?H| i>n 4s 93 1 *
17000 do 05 I 1000 Or" fh 1.45.. $»4*
35000 do Po'4l 1000 .In 04 •♦
3,-000 do or>}i\ 5000 Pa. T4T 5< o'.'"«
«000 do . . 90 I 2O<io do .' . 00*4
4000 d-, ........ 95% i 10000 Fenn Cvt 3J3 J ir.
32000 do 7 "» ,50000 do ?. ! ,ss 1915 JW l i
a.0i.10 do i>.V* 150000 do 96?»
22000 do tote I 2000 do P6?Si
2TWOB & O Gold 10000 do 4s 194S- 104'«
4s W»»i'looooPerc Mara 4s 7>SVi
r.(V)O do p I, E 1 0000 Resdinc Gen
& V? 45... 92% I 4* ©DV
SOOOBfth ?to*l .'.s SS'i 165000 do Pt»^i
2ru-.iv> Bkln R T An. 8« 7 » ; {toon Ri 0 Q\v4? . . OS
16000 do 66** | 1000 St L. I M &
3OfiO Hkln City 58.103 ; ?0 Gen 3s.HO
2000 ran So Ist I 0000 do i. 1 109 Vi
Kxt 6s . .104%' 1000 St I, £-* S F
2 io<»C of Oft 2d I - R R G*n 6s 88*4
Inc'ftpd.. 80 : «Oi>o do Kpf 4?.. 84 7
,\OOO do 3d Inc.. JVPj ,14/Vtrt do 85
27000 <>n l.o«th r.s 9954 135000 St L. !=wn Con
11000 Cen Par: Gid 1 4s 79 *
4- 07 1 * .KM-iogan An &- Ar
1000 do T 8 L i P 4s SS
48 92 12tOOO 80 Pa- R»f 4s 94 -i
l00i»c A O Gen |'JSOOO do Crt 4e..104^
4'i» ..•••• l03»i|«)10fK>- 'do l 04*»
3ChV> do 10r;» 4 1346000 do 104 I **
Kkio.'* Alt ?,'-s 71 129M60 do 104T»
1000 d•. .... 74*4 1565000 ( ] n 105
MOO C B &- 0 Gen |225000 do 105>*
4s !*'\ ! 404^i0 do lO5 l »
4000 do .... «**»!3*«000 do .: 105*»
-100<) do 00's 1000 do IW't
7000 do Joint 4s Ws ! 14000 &> Hy Gtn 4s £2
71^1 do :'•;'♦ 3or»> do ?>i it
2ouo dr. 11l Div : 1000 Tex & Pac ut
4.« lOO'S:. r.s. in
ftOOO C &■ X 111 I 5000 Third Ay Con ■
Rpf 4s M I 4s C9!i
5000 C 1 al- Bo 4*.. 1U \2fHXX) do 7<>
80ODC Mft Bt F I 40nr» do «'.»
.| s 1034 93%!2O0OO do Stpd.... f.s'i
2000 .... ii.ii :; ! ; 1.".') 000 do »'i
It si«--, /.'(nhk* ■ i do .fiS^i
10*10 C H I A- I" IKHHtO do wk
c.en 4«.-. 08-»,:ji(Mti» do .. ... ••*
9000 do ...«20F. Jt^'i! 3000 TSL& W4s X.i
2<HNd> (l 0 Ret ,4.». '.'l 1 . 4ihk> r P»o Ist tu.ior*
himhi <]« '•'ii 1 -' 1 fiOOo do .'. 101 Va
1000 (1., !U>: HiMXI ,Li K<*f 4s. . '..S
8000 do RR 4* 83*1 1 1!)<KX) dO Cvt 45..11«j-»
84000 d 0..., S3>|S6ooo do 11*1?»
2000 do K'.VsiioOOOO do IliVi
2lKiO do 83% 30000 do. l.lBJi
It 11 1 do *■'•'- •"' l(l0 do IMi 1 *
COOO do coi 4;".. M ! SO<JO L* s rtt.i *■ •
26000 do Cl 'IV 6s.lOS?i Hef »!s .. '.hi
5000 C <• >• * ft t I'Hin r S R & Imp
L Sen *•• • !«s>3i 5* M>Vi
lOftO do C W & 18000U Kill. »is..lO4'i
M »8» 8 M%! 8000 U S Steel B P
ICifiO .1.. 1. Div I 5i 105J4
4s 94 |120ii0 do I"-' 1 '
1000 Col & So Ist 22000 do '"•"''•
4h '.'«•• :hm)ii do 103 to
4000 do '.'«'.* ; HM> Va Car < - h ss. if.i
sOi*t do Hef & I 2IKKI do SB*
lCxt 4 '.i5... ".t-- 1*!1 *! lIIIMI do '■>'■'
1000 Col I" & ! I ««00 do ■•'•'■'
<ien r.s ... BTHI 8000 Va & \v «'on
1000 Del & II Rel I .-.* OS
4h lOO'.i| loeowabasli ist...iiii"«
I.'vOiiO do Cvt 48.'.102 l /if 3000 do ■"'-"-
IWKm i.ii>n A R« - 'll'«hi do It' f &
}ur 58 94! Kxt 4s — n
r,Oi)o do «4?i!4«iirtt d.> 77':.
UOOO do UV.i 12*000 do T' *t
Nkm> iir, !»4fNi|29ooo do 77-*
l»KHjiii>iM Bee CSs 74 ' i i<mmm) Wai. I'itts T
1000 do :*"* ; Ist 54*lt
K>(io do.;: "4»« WOO do •"•■'»■
3'X»OErff Jot Con 21000 do Ctfg..... 33H
7s 122 ir.(;i!fHi jr, ?<»^«
7000 do Gen 4«. 76T411.VMJ0 do 54-4
150<>j do CM 4>i UiS'iOil il,i .Ml
A 82 (41000 do .54
fiftlMlO do ii l i|-.'sOt'O do °*' s
aiooit da 7:1^1 .V)on do 54%
14000 do ........ 73»»,4.V't» do 55
KhViO do f 4OOOO do IW*
."/•'lo d., 73.» 28000 do s«'i
110<MJ do r>nn Cl |34<X"k» do M
Tr 4s ... MlillOOOO do ••"•■•
4000 do '. ... M I2O1VM) .jo .. 5S"t
1000 fW& D C )S1O)V) d.. '.'d Ctfs. 12't
let 113 |1«OOO ,l,t 11 '*
10000 Or««n nay IMOAO do • IV! *»
I>h 8. ... l» l io«i-hli> do ...... 12 »
6000 Gen ki t..fb i MOO do 12'«
.-... m, ■- l.yw*) ,i., 12-9
'.. 1/100 HI r- 4* 1051. JO« I 7<«'«i do ......... '- ♦
VWVi do f!»f 4». r»»s lOfM'i rj,, -Jd 1-"»
JWOOlut-Met »'i*. >«»-» iSi'too \\>«t M.I II ■ " s *
4SOOi» •!■■ > :<l -» 50.V) d' ■ M *
•mo do .. ■ .. M » .»;<v... do • . ■ M
V"V, 1,,, n r «i*..ios v ,!, i-.-hi d. ....... •"• •
W;00 is Si I'-oUI 7000 \Veetln»t 55.. 93
.... . . • '■
5*W •■ J..IOSH! 3000 West x y «•
1000 int * Ot Nor I . P-nnl«ts ip
1000 io 10li*i' • T> V 4U, «»7
20r»OTnt Paper 6s. 104 j 4, ...... 94
Total sales of bond.*. $5.?90,OO0.
INACTIVE STOCKS. x
The following -w?r* the last actual sales
and the closing quotations for stocks in
which there were no transactions yester
day on the New York Stock Exchange:
Last ' Closlne.
sal* Bid. .A=k»d.
Adams Express . . -jiiii 245 275
Allis-Chalm»rs C 0...' IR4 ' I4 3 i 15
Am Agr Chem pref 1014 • 101 ■ : ■
Am Beet Sugar pref S3 f»2'-i £>34
Am C & F pref 120 us «2O
Am coal ..• 12" 1O() ' 150
Am Dist Tel 20" , 10 25
Am Locomotive rr ef .Ml 5 11$ 117
'Am Smelt pref B .... MM s * ».' 06 -! Po ß i.
Am Snuff .... .....;. ,2704 -27-. t _i ' -
Am Snuff pref 100 - ■• p.% . . 100 •
Am Sugar pref .....1214 121 12.1
Am Tel & Cab 83 -v ■70 ' - 77
Am Woolen pref. 103H lOS ■ 1034
Ann Arbor .: — 13 " 30
Ann Arbor pref — — , $0
Brunswick 1«H IS !<;*;
B-iff R * P 105 101 1004.
"Buff R& P pref 183 ' IS". ' 139 ■
Buff A Sus pref.... — v _ 711
Can Southern 70 674 721^
Central & South Am Tel 11 1144 1164
Ontral of N .r 314 310 31.',
Chic & Alton pref 70 . - 791;
Chtc B & Q 225 T~r>> _'*
CMC I & L. pref «4 85 S« -
Chic & Northwest prof .225 220 '35
CStPMAO... 155 I.V. 7(10
C 6t P M * O prof ..IRO Ifift ;■;-,
CCCiEtL «14 Xl l » 81
C C <"' & l. pref 10.-. 104 Kg**
<-l»v &• Pitts 17.'. 174 » ._'
COl Fuel & I prrf 115 n« jo 0
.Col & £0 2d pr^f SO 4 «iOU ?l
Consol Coal 97»i no
T) M * Ft D 0 • » 33
Eva &T H *"» ft* r:.
Evans &■ T H pref 85 SO 00
>«ival M & S *2 7.1 70
Federal M & S pref 894 so 01
Gen Ch»m Co OS : 93 OB
Gen Cncm Co pref 1034 10^4 1034
Havana E!»c By pref .. . f*o% ■„ mt'
Hock Valley 124 1l!>4 12t«|
H<*rk Val pref *{>% $.*. 00 "
Komestake Wi», ,c<)4 k%
Illinois Central f. 1, <>94 -Pk' ZL*.
Jngersoll Rand Co 70 f«>
Ii K^rFOll Rand Co prof... $44 95 '
Int Harve«.?r pref 1274 127 l r> 7 1 i
International Par^r 164 i".", Tn
International Paper prof . 61% SI 4 «•»
Ir terr.ati.jnal Power 34 «>i: M
X <■ Ft ■ * M 1 -ref ... 704 7« t%\
Keok & D M f>» 4 ft '«>ii
Keok & t> M rrf^f 441, 40 4 »
Knl<-k Ice of Chic ro , $ n
Knick Xf" of Chic prf f. . . 7'> 65 in'
I.H'-lede Gas pref or. M .'s
Lake Shor<* 320 ,"<v> 401%
I.«ng Island 70 MTU 70
Jlackay Ccs 91 poi 3 51
Mackajr Cos prof 77 4 77 ' 4 7714
Manhattan Beach 3 3 t,
Marine 7>i 7 7^
Maryland Coal pr»f „ PO 80 70
Met Pr Railway 28 :20 23
Michigan Central — 125 iso •
Minn * SI I. pr#f )5S Rjt; pf,
M Pt rSSITL L, 024 024 $>2V
MO Kan &• T prof . 74 • 7.1 V 74*4
Morris A- Essex 1*24 I*4 IW>
Nash A Cliatt . ...130 13*; 142
"SUDDEN MARKET BREAKS"
Stocks Purchased on the
PERIODICAL PAYMENT PLAN
arc not affected tby unforeseen and sudden breaks in
the market, as in the recent ROCK ISLAND episode.
Such purchases arc made OUTRIGHT — although
paid for in convenient monthly instalments ; there are NO
MARGIN CALLS, so there can be NO margin losses.
Send for Year End Market letter No. 36.
Carlisle and Company
Bankers & Brokers .. _]
74 Broadway, " New York.
W3U. B. THOMPSON J. BDW. I iI»».MI'SOX .fos RJBMICI
<;i:<>. \. TOWLE fos N. LOVBLL w F i:\ktuoi.omi w
v. \v. BOLMEfI
Thompson, Towle & Co
\|. iii'-'-t^ r.f
n%W YORK, BOSTON. CHICAGO
25 Broad Street - 50 Congress Street
New York * Boston
Springfield, Mass
National Bfycult ....ll« l i . l' : ' v * . 11«U
National Biscuit pref. ....123!i 12:: . "■24.,
Nat Enam A: stf>.i pref... fW.i &« 100,,
National Len.i pr<«f ......110 ■ K>9',i - ; 110&
K« • Ont ( 0*1; •.;.. . ■ .;. .»
M v Chic I St I, Mi «* ♦"•*
NVCa- Ft t. liM r»f...TKi . 10"i • 11"
vv<■&St i. 24 pref. vr •'•"• ' * - M '
.v.. v . V Dock .;'. ■ "; 3* ;.N4<>.
N r Dock pr#f ........... <"•>'♦ « m%
Ontario Silver C\ -** '31*
Pacific coast Ist pr?f....1P." l ft l l^ 3
Paelflc Tel & Tel pr««f {*>'*. f#> «>S
>•"■> •■ln A F.a«it.. .......... 27 W!i 2^!i
PC( •; 8t r. mrsf . ...114% H«> 120.
Pitta r v" * Chic 17.-.!* 173' i* —
Pullman Palace Car ,I£C IBS liv> i
Quicksilver .............. .V IH »*♦
Quicksilver pt«f ♦ ' 4- 4'?
Kins & p<ir — V**
TCutland Hn Co pr*f, ... .■»<■> M - 40
St I &- 1; I3d (.rf ... M •- '" 41 ■»
Pt I, x- .-• V Ist prpf...... :•-. 72>i It
KL&SFCfiEI r.tfs.l4o , -2 150 . ISO
StL. & SP c & El ■-"■= pi 12» : — • '. '2*>
Btli & FF C * El rtf» BSii '•'• «4 M
Srars-Roebuck pref... 120U 120' i ISI
Sloß.*-?heff i 4- I pmf ...1I7 : » IIS : —
South X n M ft C' ctf*... «rt ; 2 S»'t M
l>xas ,<:- pactSc M Tr... w MH' *»*i
•T'viT Cityß t pref. ....".14* 140 -f HI
Union Bap & Pap»r. . i3'i M fl3*i
Union Ba*c & I'aper pref. 75% 74 . 75
TTntt«"l Cigar MfS P "'' US tM 111
XT S Can Iro.i }•■?<> & F.. 32-» 32 ."<2'r
IT 3 T><lii- & Tiff 11 0 ' 14
TT S Reduc * R< pref.... 25»4 254 33* i
V S Rubber M M - -4*. «'■» v < 1 '
Va-Car Ch»m pr 12S Mi '2'
Va Iron Cl i / 73 T * 74 ■
Vulcan Detlnning .. .... 23 24 07
Vulcan Detinnini: pr<?f 7»'.'-> *1 £*
oils Fargo gfc. «0 MB «7*
ffsstliifhwa Mfjr Ist pf.'l33 ' 12S Ml
MONEY AND EXCHANGE.
MOXET .MARKET. — Money on call
opened at 6 per cent: - highest, #4 per cent:
lowest. 5 per cent: last loan. 5l?5 l ? per cent:
closing. =vi;,.fl;.\ per cent: ruling rate. 6 per
cent. There was no change in the time
money market, although business was
fairly active. Rates. 4U per cent for sixty
days. 4»it?4»2 for ninety days and four
months, 4' 4 for five and six months. Mer
cantile paper showed "no noteworthy
change, Rates. A' 2 'a~> per cent for sixty
and ninety days' indorsements. 4*[email protected]>U per
cent for choice four to six months* single
names. % per cent for others,,
FOREIGN EXCHANGE.— The foreign
exchange market opened firmer, with rates
up 10 points to [email protected] for cables,
4.5^50'a4.5!690 for demand sterling and 4.83*4®
4.54 for rfixty day bills. Short francs were
quoted at 5.16"s less 1-32 and short relchs
marks at 95 3-ICSO3 3-16 plus 1-S2. The mar
ket developed renewed weakness in the
afternoon, falling 10 points from the morn-
Ing's high level. Cables were quoted at
4.BT£OiJ/4.S7^i. demand sterling at [email protected]
4.« i«u 4 and sixty day bills at 4 ii4.<4. Short
francs were quoted at 5.16 7 /8. being relatively
firm on account of the decline in sterling
at Paris, and short relchsmarks held
around 95 3-16.
Bankers' posted rates were as follows:
Sixty days. Demand.
Stirling : 4.544 ♦ «
Germany, reichsmarks .... 04"i M.
Paris, francs S.ISU B.ISV
Belgium, francs .". r.> ? « .Vl' l .
Switzerland, francs ... 5.10% 5.1«U
Holland, guilder* :'■> '. 40 «*
DOMESTIC EXCHANGE.— Boston, par:
Chicago, 5c discount; San Francisco, sight
2*sc. telegraph 5c premium; New Orleans,
commercial 7.".ct?tl discount. | bank $1 pre
mium: Charleston, buying par, selling l-10c
premium asked; St. Louis, par 1 id. Il"***I I "*** dis
count asked: Minneapolis. 65c premium; Sa
vannah, buying 3-16 c discount, selling, par.
BANK CLEARINGS. — New York, x
changes $46.11. 4*1. balances $14.<57i\379: Phil
adelphia, exchanges $30,926,266. balances $3.
517,825; Boston, exchanges $CR,117,600, bal
ances $59A,157. - .
SILVER MARKET.— Commercial bar sil
ver. 52*4- Mexican silver dollars. 44c. Bar
silver in London closed at 24 1 4 <l. unchanged.
GOLD PREMIUM.-In Madrid. 7.15; Lis
bon, 12.50. -V •• .. '
MEXICAN EXCHANGE.-Mexican -x
change on New York is quoted at 2.01^.
GOVERNMENT REVENUE. — Receipts
from customs yesterday were $1,402,706, In
ternal revenue. $564,405. and miscellaneous.
$58,124, a total of $2,025,236. against total ex
penditures on ordinary account of $?66,059,
For the month to date ordinary receipts
have been $51,933,951 and ordinary.expendi
tures $50,429,564; the excess of receipts
amounting to $1,509,057. For the flscalyear
to date ordinary receipts have been $321,549,
805. against $256,110,505 in the same time in
IPOB, and ordinary expenditures $347,140,025,
against $342,558,108 in 130S; the excess of
expenditure? this year amounting: to $:6.
140,025, compa-ed with an excess last- year
of $56.447.603.. Including Panama Canal ac
count and public debt, the excess of all ex
penditures over receipts since July amounts
to $44,647,477. against an excess in "the corre
sponding period a year ago of $81,318,015.
SUB-TREASURY- -The Sub-Treasury was
debtor to the Clearing House $736,749.
PHILADELPHIA STOCKS.
(Furnished by Charles D Barn«v <& Co.. No 25
Broad street. New York, and No. 122 South
ith street. Philadelphia . . '
a* Bid.AfJj<<l, Bid.Ai-ked.
Am cement. 29 •30 Lehigh Kav. 122 : * 122**
Am Rv Co., .' 47**V» 4 1 * . 'L»h Valß RllO HoH
Camb Steel.. 4fl-- 4? 1 ? Plitla. Co 50's ii%
CTr of N T. 77 78 . t do pref ... 44 45
Diamond St. 61 61 l i Perm R R... 6S'i ■■*&'%
El Stor Eat.. 12 l i 12 s Perm Steel pf 115 lit
Fairm't Tr. . 11 13 IPhila El Co.. 14 141;,
Gen Asphalt 32 3 i 33 Phila. Rap Tr. 27U 274
.lo pref S3?* S4U (Smokeless P.. 15 17
I Co of X A 23 23Wi Union Trac. 51V'S2V»
Lake S Corp. 2S 2SHI*Un as Imp. 953, Jtfb
do pref.... U 51 iWeisbach Co. 30 .. 81
BONDS. - :j
A Rconv 5« 97 .98 JPhlla El 4? .75 75 1 .
El & Peo 4s 90 904! do 9s 1044 105
N J Con s»=.U'4 ! i I<V» I Phlla Co 5?.. 97 »S
Feo PRy *»96 , 07 |
•Ex dividend.
BALTIMORE STOCKS.
(Furnished by Van Schaick & Co., No. 7 ■Wall
street
BH Asked * « • Bl«.Ask«d.
I'nit'd Ry.. 13** 14 1 * j Cotton Duck. «»i 74
do incomes 604 61 ' do Incomes. 214 —
do 45 ... 564 $7 ; Xorf R& I> ."« £>7H BSU
GB&• SV T 2 .'. Lt & Pow pf S2 ' S3 '
do incomes 11 13 ; do 44s 02 9."> ,
do 1?t.«.... 42 43 ChCßyss..lOO lfi3
Seaboard Co 27 27 ' i 'Ch C Elec Bs fll P3
do Ist pf.. 70- «4 Cont Trust... 2oO 22*
' do 2d pf. . 4« 474 Union. Trust.. -70 75
iSeab A L4«_R4 ?4% Third ■ Nat PUS 120
do 10-vr » ! i I<X) Fid & iVp. ..i.V> 153
Consol Gas.. — 105 : Maryland Tr. SO M
do Gj. . P94 lOO'i NOT Cent Ry.llS'j --
GOVERNMENT BONDS.
Th« foHo-wing shows yesterday's closing
quotations for government bonds, com
pared with Thursday's:
— Dec. 30.— —Dec. 30. —
Bid. Asked. Bid. Afked.
V S. 2>. ref.; 1930 . - 10Ui 102 101 1 4 102
U. S. 2s. coup.. 1030 101 l i — 101 ' i —
C S. Us. r*t , IPOB- 1 IS.. 101 1024 10p 4 1024
V. S-. ;<<>. coup.. 100S-US.lOl*; 1024 101** 1024
V. S. 4s. reg., 1025. .. 1. .1144 1134 1144 1154
V. S. 4s- coup.. 1025 1154 11« 1154 11*
Panama 3s. reg., 103?. ..1004 1014 1004 1014
Panama 2s. coup.. 103$. 1004 1014 1004 1014
Executor ,- Trustee
Chartered 1822
The Farmers' Loan and Trust Company,
Noa. 16, 18, 20 & 22 William Street
Branch Office, 475 Fifth Avenue,
New York.
LONDON, 18 Bishop«f»t6 St. Within. PARIS, 41 Bmler%H TTaTiwtnana
. Travelers' Letters of Credit, Foreign Exchange.
Administrator „ Guardian
THE FOURTH NATIONAL BANK
OF THE CITY OF NEW YORK
OFFERS TO DEPOSITORS EVERY
FACILITY WHICH THEIR BAL
ANCES, BUSINESS AND RESPON
SIBILITY WARRANT.
We Own and Offer
$1,000,000 *
New York City
Tax Exempt Cold 4s
Due Nov. I, 1958
Interest .payable May 1 and Nov. 1
Coupon and Registered Form, Interchangeable
At 100 ? and Accrued Interest
William Salomon & Co
BANKERS
2S Broad Str««t 181 La Sail* Str««t
NEW YORK CHICAGO
The American Finance
and Securities Co.
This company is engaged in the business of financing and developmf pu^" '*.
service, industrial, railroad, smelter and r>''><^> mining enterprise*.
Connected with the Company and its collateral corporations ire several -f
the most capable engineers in the country. Owing to the thoroughness of rhs
preliminary examinations conducted by them %nd the character of the manage
ments placed in charge, the Company has yet to record a failure among fhfl
numerous enterprises it has taken up. On the other hand, several cf these en
terprises have been notably successful, and all of them give promise of substan
tial prosperity.
In financing these enterprises (be Company is in a position to offer invest
ment opportunities that it considers most attractive. The best indication <?f * v*u *
quality of these investments will be found in the fact that regular customers H
the Company form a large majority of the subscribers to e*ch new investment
that it offers.
Circulars describing th.?** investments mny be had upon, application.

5 Nassau St. (Hanover Bank Bldg. ) New York
The Most Important factor Bearing on Security Prices
It is the opinion of many economists and scholars that the increas
ing gt)ld supply has a more distinct bearing on all classes of securities
than any other single factor. The effects are as follows:
I—The1 — The effect upon bonds and other securities having a fixed
rate of income is bearish. . ,
2 — The effect upon common stocks of railroad corporations *
is bearish. There are some modifications here, however.
— The effect upon the securities of industrial corporations is,
with a few exceptions, bullish.
4 — The effect upon speculative commodities, wheat, corn, oats,
cotton, etc.. is bullish.
Full reasons for these diversified influences are set forth in a simple
, manner in a volume entitled
The Increasing Gold Supply.
The book is a symposium containing the views of Byron \V. Holt.
Maurice L. Muhleman, Arthur Selwyn-Brown, Professor J. Pease Nor- .
ton, Charles A. Conant, Alonzo E. Cottier and, Thomas Gibson.
This is one of the great problems of the day and should be under
stood by every business man. ■ -.•
Price, bound in cloth —
The Gibson Publishing Co. -
16 William St., New York.
R. L. DAY & GO.,
35 Confess Street, 37 Wall Street,
Boston ; . New York
HIGH GRADE INVESTMENT SECURITIES
Municipal and Railroad.'
Members New York and Boston Stock Exchanges.
*

xml | txt