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EUROPEAN FINANCE ANDJTRADE IN 1911 British Money Market Not Dis turbed by Budget Troubles. LOMBARD ST. OPTIMISTIC Trade Records at End of Yeai Indicate Healthy Business in the United Kingdom. i.,,11,?,;. Dee tt.- The monetary condition M, | . . | ,.i a. most tewUderin ?r. highly favorable for England. Th I enlarged its stock of bullion i ?incut,d demands for i-'okl have fallen ofl and t|"'^,' "??"* m<l*?-';e'1 of freah capital I; rt.vr\?- f"i investment. Money hai bee iter patt of the year, an Is a change, as tiiere mus ?v, ?alien January dividends aro paid, tii -ate ??i Interest is ?k?>ly to fan. Specula ti\f revivals have not been poarlble whe tl,.. unexpected has constantly been hap g ,it home and ?broad. Railway se ?Inities ?ver? not wanted by Investors whe a -irerai strike iiad been temporarily de irrr? 1 bu* not p? rmanently averted Bub her speculation lias not recovered UTour.l lost bj exceaslve activity In 111? an?i tin- overprodacttoa of companies wit ??la.-T tuaea; an?l yet there hs l#??i in uninterrupted Increase In c< t?,?, wlth a cradual shrinkage in avallabl Stock. There liave been no autumn boon* |n diamond phares, gold stocks snd ?: tae Seldom hay?? there been such vas accumulations of capital awaiting Invest aient, and with favorable condition? "f tor ejgfl exenonge there Is practical assuranc of a prol ?need period <'f cheap money nex vrar While national rinar.ee bas not be? ? 1 by a renewal of complications ove the budget, the. prices of e??n.-ol- bav? sagged from menth t?? month, and the !? normal depression of national securities ha impaired th; credit of the United Klngdon throughout the world. The ?:.,( onflrmet rumors of a large naval loan for tl - ill pos?- ?f offsetting:, by two keels to one. i n? w course of German activity ,-anrot hav? affected prices, and fresh issue-s lu COB n with the national telepho have not been of great vol :? ? 01 Sols are weak because there is constan interference with the arrangements ? f tin Sinking Fund, and because, also, th" se curitles are unp?jpular at a time 'vhen th? OOSt of living Is steadily ris n ; und middle are forced t?) ?.btai I leturns from their reserved capita1, <>?? If ?! ey have to take larger risks. I'ii .?? ? contend tha? It Is almost as necessary tl re th?- pr? stic- of consols In tl ? kets of jhc world as It la to have .?. pow erftil navy, .^o seriously are they ImprtOSt? with the ""anger of having military an? ? armament* weakened by impair?-? finan? la! credit that many of them are aux lous to have the commissioners of the na tonal deb? empowered to look aft.-r com ?Oil and to manipulate the market 1 ?'?*' I them at discretion. Offic'a Jobbing seems a desperate exped? jnparting stability and buoyancy to na? tional securities. While a larger share of the gold prod ;? ?ad - nth Africa and in other sources of S'jpply remains in l_ngland than form?r.:., and while there is a considerable Increase In th? gold holdings of the Indian currency department, there Is a continuous outflow of capital to foreign tountrl?-?. The re? serve? of the Bank of England and of the joint stock banks may be steadily growing. but money Is Invested abroad rather than at home. Canadian and Australian enter? prises are highly favored because divid?n?is are Improving for sound stocks, and Chili, Braril. the Argentine, Peru, Costa Kica and other South and Central American re? publics get what they want In the Ix>ndon market whenever they are applicants for loans. Lack of conhden? e in industrial ? ondltlons In the United Kingdom promotes credulity respecting Investraenta abroad. Thei ? is no distrust ol b_sl_c_s man? agement of soun?! saterprleei bul th? r? is general apprehension of the In ?reasiiig burdens of social legislation ami of the uncertainties of trade, union agita? tion and railway strikes. Th?- risk? of !n **_r_neat are ?onsidered more serious at home than abroad, and the btcoUM ap? praisers hav. better facilities for ascertain? ing profits and making their ass?st m?-iit?. dullty in speculative adventure bring? its own punishment in disappoint? ?1 hopea. In !v,'? then was the rubber boom, during ? a hundreds ol new companies ?Jrera hastily formed an?i Boated <?n a full tid..- of In 1911 the Inv?stors In wild ? Dt? prises have, learned at ?ompany : liai venders w?-r?- overpaid, tliat worthless _sta?Iea were brought Into market and ;hat tner?- could be no adequate return for the capital sunk In plantations manipu? l?t? ! fu; ti,,- selrtsh interests of the pro moteis. The sound companhs on goo where there is a rotation of trees, and where labor Is cheap and trustworthy, are prosperous, and larger profits may be ex I from the Increased consumption of rubber, bot what gross Impoaltioni have been practised upon ignorant investors, who were carried away by an orgy <?f sp.-c illation and Infatuated with the spirit of gambling as th? y rca?l the specious pros? pectuses of tricky promoters! British railway stocks have risen In con? sequence ?>f the compromise effected In De ?ember betw?? n the managers and the tra?le unlena If existing conditions of peace are undlsturlx'd this year these securitb-s are likely t?j go highn. The Board <?f Tra?l<\ In .order ta facilitate a settlement, lias vlrtuall) admitte?! tla- ?lulu of managers !?> obtain fair remuneration for capital. If wag? raise?! ,n rewasquoiirii ?>f th?- action of the ?commission aid Um conciliation boards ad \^n??H in rat?-*? ?>f paesenger and freight ?rain?- will i??- allow, ?i. Conon?sers will be ???lied upon to compensate the managers for the lart-aeed r*oat <?f malntsjaaaee, snd the rotajsnl of th-? Hallway and < imal com mlssloneii to this offert Is assured in a?l \sn?e. At the expense of the public wages ???'II be inrreH?>ed an* dp. iden?ls will ii"t h" re?1u? e.|. and labor and capital will ea< h b? t>enefttf?d through government control. Whatever ?nay be the experience of Amer l?a and other < ountrles, the principle Is r?*eogn??*>.l in ?Ireat Britain that combina? tions and working agreements are all??w si'h e\?n In the public Interest and that free- comp?titif,n may be wasteful and ruinous. The trade reconj? foi the closing months of the year Indicate healthy and protltable business throughout the United Kingdom. Both Imports und exports have been ex? panding ?ontlp.uously. If there ha? been a decline in the \alues of raw material It is largely to be explained by the lower prlgsjI of cotton. That fall means prosperity for Lamas hire. Kxports of textil.? and I? on and steel manufactures have largely In? creased and a prosperous new year for tl"*e great northern industries Is confidently expeited. Cotton spinning, in which th? midsummer result? were disappointing, has become more remunerative with th? fall of raw material, and tlnplate and other metal Industries are highly prosperous. If the business Interests were left to themselves ?he new year would be w? 1? ?>me?l by manu faeturars atsd merchants with expansive optimism. I'olitical considerations ?annot, however, be exclude?! The new Insurame legislation will unsettle Industries by in ?reusing largely the liabilities ?<f employ enj and ihr- UlHt 0- production. The C_an-> ?allor's financial policy tends to depress gen ?rel burines? Interest? by fresh levies upon '??!'?' snd Inconte. Not only consols, hut "" *"o?lu(tive interests us well, suffer from "***e._lve and disturbing legislation. i :;. r. French Situation Shows No Im? provement for Last Year. HEAVY DECLINE IN EXPORTS Wave of State Monopoly of Pub? lic Service Companies. Consid? ered a Peril by Financiers. Paris, Decembi r 30. Neither the financial nor the Commercial situation in Fran??<? hit? Improved during the last year. ?Trent January | to Novem ber ?-the latest date available for official tics the vain.- of too?otutta Imported Into Franco ?hows an Increase over the ding eleven months of $12?;.r>?..,.??, ,.,,,.] in the sam,. period the value ?if foodstuffs Is, wine, fruit, meat, eggs, cheese, butter and vegetables) exported from Prance has diminished by over *3*?.**M,C*00. France is essentially an agricultural noun? try. im?! this unaatlsfaetory result is large? I l.v caused by the failure of ti?> crops owing : to th.- drouth of last summer. In regard t?? raw material for Industrial purposes, the , imports from abroad have Increased by I .W, and the exports show 1, diminu? tion of aXXOfit?. Th?-s.? figures Indicate 1er n?.-?I of certain French Iti'l'. t?i augment their supplies of raw material and show that their prosperity Is it Ing This Is the case with th?. manu fac? mers using ?-.'tton and wool, and notably working, with metals. Turning t?? manufa? tur? ?i go?>?K on,- finds that the lm? , ports hav? Increas??! bj *_&<***e,0>*0, which Is somewhat unsatisfactorily compensated for 1 v an increase in exports <?f only 181,0 There is no do ihl t; ? ? ,- skill and shown !?:> French manufacturers t*on ?? to be appreciated a'road, bul foreign competition Is gaining ground, and during j rear the French superiority ha I held its own. The above figures show thai 'the volume (,f trad has Increased during ? ar by n? arly *."."? two, and also that I France Is falling behind ?n . ?mini? rnal comp?tition with Great Britain and Qer? 'many, ?"?nly a few years ago France sold t?, foreign countries manufactured articles ; amounting to ever three times the value ??f i those bought from ali?ad. To-day th-1 salea j ami parcheesi very nearly balance one an-' 'other. This Is the first lini?- that such a . retBorded sino I ? dlsas ?ttous period ol the Franco-Prussian War I of 1*71. French manufacturers h iv? tak? n alarm, and are setting about t?, find n. w market? and to regain their former place by developing trade i;. markets already ?\ istlng. A national congress will .?-?..in meet In Paris to study the situation, which - no little uneasiness. The financial situation of the French gov ernment Is _"?iik from bad in aorae. The i budget estimates for i?*i_ contemplate I ' t.ital ? ?cpenditiire of OV? I --..?.,..??i,,.??, thus iing by "-1,<'?>',t?"?'i the expenses allowed ! by the budget of lfll. This Is the largest expenditure ever made by France In time of i ?ace. The nation.?! expenditure of lfll results In a deficit of nearly JvW.?*0fi,ij0O. The | j national debt of Franco Is far gr ater than j that of any other nation, and Instead of ising it is e.,<h ?ear gr?iwlng more and more formidable. It is true that the \ French debt Is largely owne?i in I'rance, and affords a safe, although little rein .11? r atlve, source for small at,?i thrifty invest? ment Fut the Increasing exp.-ndltu: only be ni-t by Increased taxation or by new I? mi Meanwhile, the French btr ?1 - falling off. The lion's share of . x pandlture is for the army ami na\ J the Trench taxpayer never grumbles about this, p.-, a um. he knows that net! nal exist In tne present state ?>f Europe, d? - uiioii national defence. But terrible holes In tii?- budget are caused by the leg? islation brought about by the colb- uve Sodalists, tendintr t?) brlrs all the great public snterprisei under lb? absolut? con? trol of national or municipal government. A Striking example of this disastrous pol furnlabed by the riseent purchase by the state of the Western Railroad Com-1 imny. Under the government administra lion the "Oueet-lCtat." as the company is now called, has becoene the wont man aged railroad system In France. The pub? lic complaints in regard t? r and freight tralhc are loud but 111.availing. The excsai of ^ross reoetpts over the ex? s of exploitation of the "Ouest-Etat" indar th? state regime, fallen from ji.-,.?i4i.i??? to t-,?*??,????. Moreover, the u?tul ordinary expenses tor ini are *SH.?*?M,**o>*?, end the "extraordinary" expenses exceed *?-<", will!.- the deficit of exploitation nachts the fantastic sum of over "__*WI,<A_. Meanwhile all the <?th?r French railroads reasonable profita, in la? ? ,,i tbeoe tiie government contemplates asking parliament to approve the bill for the pur? chase by the state of the Kasten, Railroad, ? All Impartial linanciers are unanimous 111 regarding the state control?the state mo-? nopel) ?)f raiiroa'i-, telegraph line?, tele? phone system?, and other public aervlcee la : ram e a? dismal failures. An instance of thi? 1^ the Paris ?? I? phone service, which Is the most expensive in Europe ?the annual ,l,si riptlon for which than j-', and in return one gets ? service far inferior to tint of London, Berlin, vi-nna, Brues/ is? or Rome. To meet the Incrsasci* expenditure th?. Minister ?>f finance proposal to n-sort to increase 1 taxation, yet the French taxpayer 1? nl ready burdened with the heaviest load ever yet impos?ct. In time of i>eace, by any gov ?rnment in Europe. Conservative financiera and political aconomlBti oonsfder the pres? ent wave of state monopoly as a grave na? tional peril. Th? only practical reaction againat the movement is the re?nt ??ote or tl ?? Henat", which refused the adoption of ' a bill authorlslag the Minister of Public Works t?? ojrganlns the shops ?if the butch? . ,<i bakers throughout France ?>:? a ? , ..in , live" basis, bringing them within the fatal circle of municipal monopoly. This trend of stale sinialhtii has begun to threaten that solid ami admlrablv or? ganised Institution, the Hank of France. Socialist deputies a*Ot !? Into their heads that the shareholder?? o( the Hank of Fran"' were ?.'?Hing unduly large prolH-, at tne expense of the slate, and Introduced a bill rerjulrlng the government t?> annul the privileges of the Bank of France, In order to "nationalize " it, 1?ist as the \\ ? tern Il.-iilroad has heen "nationallied." TAltli snoh r"lii->os result:-. The ?'hambers Of COIBinerce Of Fails. Lyons, Marseilles anil Bet-Sn?X, however. w?'t'e soon lip In arms, and the merchants and manufactur? ers made such vigorous and loKlcal protests ?galant the preponed measure that the gov? ernment decided to Ignore tho Socialists, and not to interfere with the existing privileges of the Hank of France, which were renewed In 1897, and which should last intil 1920. Hut the ministry has now agreed to a sort of compromise with the Socialists, and. according to present arrangements, a bill will soon be introduced in the Cham? ber of Deputies which, while maintaining the privileges of the bank until 1930, will compel the bank to make Important con? cessions to the state. Although dlscounta seldom exceed 4 per cent, the state will, under the proposed law, take from the shareholders of the bank more than $1,.">0<>,000 and secure altogether nearly 63 per cent of the profits. The bank has been forced to make a supplementary Sdvaitce to the Treasury of 11,000.000, which will raise the permanent advances of the bank to the state to 110,000,000 without Interest. This operation Is to be accom pltshed l?y an Issue of notes In such a way that the |40,0?i0.000 Is guaranteed not by gold bullion In the bank, but by the credit of the stale. These proposed measures, whl< h tend to make i'rance a gigantl?' -x pcim.nt vt certain theories of collective | socialism and ?tate monopoly, are Induc? ing Investor? to plaee their funda abroad, and the time Is apparently approaching when a larger ?hare of French capital will find employment In the United States. C I. B. FOREIGN COAMERCE IN 1911 Heavy Gain in Exports and Big Trade Balance in Favor of U. S. While the figure? of export and Import trade in December have riot jret hern re? ceived. It la quite probable that the excess of exports over Imports for the twelve months will amount to more than t*?va> ?X'O.'XV'. For the eleven months ended No veaaber ."JO the excess of exports amounted to more than fj?f?M9fj999t compared with *3U,<900,C8)a In the same time In the preced ?11?; fear and al.out Jlilfl.iVlO.OOO in 19?>9. For I lie twelve months ended November .10 the excess of .spirt* was f.V?8,947,7<>). Kxp?>rts Of breadstuffs, cotton, meat and dairy product! and general manufactures hav-? increased at a rapid rate In recent month?, and, according to the fstlmates made by the bent Informed men In foreign trade, ?hlpmentl from this country In the new y.ar will make new high records. in October exporta of merchandise from the' United State? were heavier than In any month In the history of the country. with th?; exception of those reported In December, 1810. ?3oTernment recorda abow that for the twelve months ended Novem? ber ;',", HOC, the imports of merchandise* amounted in value to H487JM.ni, and in the coi responding period In 1011 to $ I,.'?"!?. 380,881. Exports ..r merchandlaa from this country for the twelve months ended Ko? \ciiib?r 80; 1888, amounted In raltM to sn,tn, compared with ic.w.^iH.tw In in?- twelvemonth i'erlo?i ended November 90, ir*11. f>ur Increadna export? aupply one ?,f the atrongi-st features In the current lal sit ihtk?n. for ?he food reason that it pla? ea our bankera In ?< position to lend money abroad nn<l to import fold, if gold should be needed bei, in ihe >ear Just rloeed noteworthy ehanaea are. in Importa, ? fallirg off in manufacturera' raw materials and in lin manufacturee; In ? ?ports, ? general Increaee In all important groups, fon.i muITs. manufa tui. s and manufacturers" tetiala Exporta advanced In crude foodstuffs from JT".'"'.'.?' to 818,800,000; foodatuffe, partly or wholly manufactured, fr?.m tJB,?yin,0'''O to i:47,nn0,?V?0; manufactur? ers" raw materials, from ?4.17,i??X),?W* to lOl.OOCtIR); manufactures for further nae in manufacturing from i:.".?."*?,""" to w?. and nnlahed manufactur?e, f? ?>ra $it;,,.,,,^i, to 1^,400,000. LIVESTOCK MARKET. flaw tare. .iHnuar> I, 1912. . KLT I: ? ?sin - ?jaar??.C*alv?a.larn>*a, ?in?-a N? w Tori ... ? 8 ,*M '.-'"?'? 8.243 i?.?;j lit) _. LM71 V7S 15.3041 l!?.'?.id ! Inlnn . 8.083 7??7 11.818 UI.IkI. Valla? 13433 <-i 5.1W , . an?. - ? ?4 t,9M Tota;? . ?MM '.44.; 88.188 88,878 T ? ,' last ?t> ?< 13 e.4s ?? :? - ,141 11,4X1 wk?Ci.v EXTO8T8. 11. ? pel and ?tea ? ?r* 8 Bon, Mi i ata 173 ? i i M , i . 17'. S" if? i; , f . ?? . Meael.? . 17<? llaaei . 17.*, . ' " Total? . 939 70 i export ?at . aeo 888 ?? ihta w. .-w. 800 --; 1.831 ? ? i? ?re? . 41T BOO To \* : Ion .1.408 To Uvcrpu I .. ....l.SW 3.S21 porU 3,787 ? I- . - ? gro! ?T?( ?NI ?TOR BOB* l itere ?-> H .. ? ? ..r . 4 T' .-. - U ? r* ?n? >???: ?fo m ? \ ?.> ? I ?U| ? | - (Hum and : | fai ? ? | . ? 7 . i ? ?.- i ?. ? ' ? ? ? ?,$:? ?Si r.. , nu >? ' ? ? i in addition ? ! i. , m I ; I" b ,-'\ rage, $7 20 ? ?7 M?; ? 1073 .i le 7?? 1.1 1*"> Ib. $3 63; i ? . . i 100 n. ? > *? 80; I, ?30 b, I? 30 I earn i lft?J Ib. ?.*..'.'? I, il*??? Ib, $:, n, 873 Ib, ?. 1100 Ib. 14 25 ? . ? ?? . _-.? i * ... Ib, MIS: 8. 731 ? . I ' M, Pharaoi f. ? ? I bull, l I7?> Ib 84 ?3 .,. 1151 Ib, Si:... X I280 Ib, ?4 .'.<? i. 7.M? Ib, *? ?_-, -,<;:. Il 83 '*" 3 ?40 Ib M 13 ISOO ;, * .:, i. 1100 o, 84 70 I '? $4 ?.?.. m, IOM Ib. 84 I i 35 I, t??:i?> il, t? 30 - 1033 I?' i.iiHi |b, t:; s.? |? asi ;, ?, 73 ? ...,,, Ib, 83 ?" i s"'7 * Ib. 83; Il 1?77 II,. 82 00 : i !?:>" It?, 83 '??. 18. 8 I I, .,.,.; ;?, |2 10 l ! 1*85 83 I .. 7 880 Ib, 8325; 7. ?43 Ib, 83 15; 10, Ml Ib, 82. 4 b. 77:. Ib. $1 35. 23 lilinnl? ?teara, 1138 Ib, ?7 15; i bull, il".? Ib. 85 j Phimber?- & Bon: 1? <>Mo n?,h c Ib, $7".,3. ..!,! * Co 8 bulla i?a:. n?. $4 :.o. ?. sis I?.. 44 i::.. 3 coa?, 10TB Ib. 14. I, lie? Ib, 83 50; TOO Ib, 33 80; 3, t ... Il ?i ".', Kam? L'ommlaalon ? onapan) I bail, IOM 18 84 35 i T08 Ib, 14; 'J eewa 8X0 lt., $?.? j ??. CuRI? * Bon 13 bull? 1228 Ib, 14 ?;o, 3, *>mi |b, ?. :?.',. e?. no ?t.. 4?'.'.', :. ?;?.?? |b, ? i ow, leiexi Ib, 83 50; 15, '".0 Ib, $?! 23; 28, 0713 Ib, 18; M. vis ?t,, $2 50; 7. 777 Ib, $J 38; 38, 788 1?>. 12 10. Andre? Mulle? 3 bulla i r.?a?> Ib, |8 88 I 1118 it.. $4 .'.'.; S, s.;: |b, ?4. la eowa 788 Ib. ?-??h,, ?a v.-.i ib, $-.'.;:,. 12, 7.'.7 Ib, 83 ..i" b, ?J. Jelllffa, WrlKl.t A ?o '.' bull?. P4S lt., 14'.'.?.. 8, 70m |h, 84. I. BOO Ib, $^.".?, Il Mct, ?"i??. :i,, %2 50; s. 000 n.. * < tXVN Hccrlpt? for two daya 1.1dl brad. 4>7H ?,ii ?aie. V?al? activa and full lilitTber, barnyard ? alvea ?teady. f?-.l calve? Arm. Common to prime v?ala ?ol.J, at $7 n ?1?. 7.', per ]?><> It,, a few chol.e, $11; culla. $"> V8?I5U; barn>ard ralvaa. $:; 50fc $4 5??; ?tat? ar.d Indiana fed. $4 7391? ?*tty dreaaed veals firm at I3<0ia , country dreaaed at tOQ13c. Fal-? W, a Hume-: 63 \??\l?, 132 Ib av?r? ai*. $10 73 per 100 lb; ?1. 140 Ib, $10 25 7. 127 Ib, $7. 12 cull?, 125 lb, $6. 12 barnyard calvea, 22!? II?. 34 50; 2. 435 Ib. $4. J. ??. t'urtl? a 8on: 42 veal?, 133 lb. $10 50. 4h. IM lb, 110 23; 40. 120 lb. $10. 30. 131 Ib. $?50; 5, 152 lb. $*? 7.0; 10. 112 lb. $8; 13. 198 I''. $7. 4 cull?. 105 lb, $5 60; 4 fed calve?. 810 Ib, $4 7?; 41 barnyard calve?, 254 lb. $4 30: 14. 2.J? Ib. 84 37H; 3. 1S7 lb. $4.'.. 4c'ii lb, $1; 1 yearlln?. 630 lb. $7130. Andrew Mollea: 17 veal?. 107 lb. $10 25; 41. IM H.. $lo; K 113 lb, $'.? 7.',, 11. 102 lb. $7: 4 cull?, 120 lb. $5; 4 barnyard calvea. 233 lb, $4 7:,; .;<.. 2?4 lb, $4 50; 7. 501? lb, $4 23. Jelllffe. IVrijht A Co.; 11 v?ala, 147 lb, $1o7--,, p?, 131 Ib, ?10.'.0. 41, 131 lb. $10; 32, 112 lb, ?a. 4. 119 it. $8; 10. 122 Ih. $7. aeeraa AUS !>lll-nbaek: 42 veal?. 129 , II, ?lo 2.V 10 mlx-d calve?, 122 lb, $5 23. H. II. Holll?: 35 veal?. 137 lb, $10 73; 3, ' 157 n?, *? .'.<?. ft San.tt.-ra: 17 vvala, 175 Ib. $11-34. 152 lb. 810 30; 2?. 132 lb. $10, 4, 142 lb, $7 50; 4, 103 II?, $7; M cull?, *7 lb, ??*. 7.1?. 4. 110 lb, $6. 2 barnyard calve?. HiV, lb. $4 30. 1, 260 lb. $4. & JijcJel a ?*o. : 33 veala. 127 Ib. $10; 39. 123 lb, 8*80; 0, 123 Ib. $7. 13 cull?. 130 lb, Mj 8 barnyard rahea. 202 Ib, $4 25. K?-in? Commliilcin Company; 12 veal?, 140 lb. ?10 60; 14 Indiana cal\cs, 340 lb, $6, 5, 4-4 lb. ?4. Tobiu ? .Shannon: 7 \eals, 130 lb, $11; 3c4, 135 lb, ?1.1 80; $ cull?. 190 Ib, $?. MePharaoa & Co.: 8 vaela, 130 lb. $0 50; 1, S'< lb, 811. NIIKr:i* AM? LAMBA ReCM ipts for two day?, 3o car?, ??r 11,243 head; 3D curs on ??I?* Steady; g.I ?,> primo lamb? firm, medium and 1 aintrj? dull ??r,?! n?. morn than ?taadjr; pen? not quite cleared, common to ?-,,?.?1 ?h?-?'P ?old i?t $7 50 ?$3 77. r>-r 100 lb; a few bead, $4; cull?, $2 25; common to choice lamba, $.', 2.'? ?7 outaTd? fiaur>? for a car of .imb?; cull?. $ I t1 $4 .*><?. l>re?ae>l mutton Armar at BH?t?7Hc; dr.-??e?i iamb?. Basile; , ountry dreaaed hothoube larnbs unchanged at |44i $7 per c .ir.-a??. Hale? Tobin a Shannon: 1t?3 ?t?te lamb?. ?3 Ib average, $7 per 10c? lb: 37, ?14 it,. ??M<?; 7'? Western. 81 lb, 8840; 323, 87 Ib, $8 80; 4. i Weatern rear I Inga, i?7 Ib, $4 so. 3 ?tat? ?beep. 143 lb, $4; 2:.2 Weatern, 113 lb, ?!.'.??. 11, '.?? : Ib, 8.1; l? ?t?te, ?rt Ib. ?2 35 Kern? comnii??i?>ii Company: 4 ?t?te lamb?. \*2 lb. ?-17.*,. 340 Marvlmid. art lb, MOO; 230 I Ohio, ?17 Ib, BOSS; 104 ?vnnsvlvanla, 83 lb, ?$ii2?', 150 Indiana, m lb, *'I20, JT, ''><? Ib, $5 38; 23 vmrllna?. sh Ih. $4; 143 ?heep, lei!) lb. $.1.141 107, "l!> lb. $3 50; 20. lot lb, $2.',o, 1 i> Pennsylvania, ill Ib, $3; IB Indiana foata, * Judd ? ''" BOO ?tat? l?mb?. S3 |b, 8??73; 110, 73 Ih. 8080: 4 1. 77 lb, ?c.;.*,. 330 pennayl? in)?, 7.'. lb. $?25; 81, ?I lh. $?33 288 . c-. lb $5 28 134 ??at? ?heep. 11.1 I?,, $.125: 1.1 paanaylvanla, l?7 Ib, ?3 2.*.. s Handera; 1 ?<> ????? lambs ?*> Th, $S7.">; 140. $?4 73 ?."??.?. 7!? n.. ?'",7.*. 2.*.e\ 70 It'. *?*,'H'. S?\ '?:? tl 8860 237, .",7 IK ?.'.."hi. 10h I'enn?vl ?anta, 77 Ib, ?'?7'<>. K??', 80 Ib, ?*>" 38; 47 ?mf?. rulla, 42 H,. ?4; 18 (earllii??, I'd n,, ?4 80; 39 1211 Tb. ?3 73. II". I<?2 lb. $3 3<>. 108, l"l? lb. ?3 23. SB, 112 lb. $3. 31 renn?v?vanla, 101 Ib, $3 .1 h':.millar?; * Son?: 241 r.uffalo lamb?. ?V4 t?. $.-,:::. .1 ?; <-..rtl? ,t- .-'on: 2?? Vermont lamb?, Dl Tb. $?*73, 18, ?V? Ib, ?3 75. !' ?tate 77 Ib, $<i73. 11 122 Tb $.'.73. 24 ?heej,. l??f? lb. $8 23 \\ It Hume: f>7 l'ennsylvanla lamb?, 72 Tb, saspj ' ?!?-?'p. 120n>. laso. .leillffe, Wright A Co. : 33 state lamba. 76 ***? $??00, 10 sheep. 124 tb. $_*,<?. 23. 91 tt?. $3; a cullt, fl per head. H. II. Hol!!?: ?l autt lambs. 74 tb. I??, 7 theep. 04 lb. $3 BO. HO???Receipts for two dayt. ?"-"? ears, or 11,470 head: 2 cars on sale; lower, at P*?3M> $6?V> per lnO Tb. Country dressed ho?, steady at ????Je per lb "tassa- ?s. Sanders: 23 ?tat? hots. 216 tb aver? age, $6 60 per 100 tb; 44, 157 lb. ?6 BO; A Penn eylvanla, IM lb. $635; 13 roughs. 316 Tt\ $5 50; 1. 4>?<) lb. $5 40: 1 ?ta?. 510 tb. $0 Kern? Commission Companv: 35 Pennsylva? nia hot?. W3 tb. $6 50; a state. 114 lb. $6 50 8. Ju?1il A ?'?,. : !? Pennsylvania hog?, 00 *"*. ??a ? OTHER LIVESTOCK MARKET-. Chicago, Jan 1? CATTLE?Receipts. 17,000; steady; beerte, $4 7551*1 ftO; Texas steers. $4 25 _ $.*> 75; Weitem. $4 30?$6 60; stockers and feeders. **3 25-11 TO; cow? and heifers. $2U$?I40. ROO??R-?elpt?. 32.HOO; ?low and fenerally higher than Saturday's average; Ight. $7? 75 _$?'. l.V mixed. $5 83_$6 25; heavy. 15?5,$?30; rough, IIUpII; so?>?l t0 choice heavy, $6 A $180; pigs. $5?$5*i?">; hulk ?f ?al??, t.",'.?.*,fl 16 2'?. PHKFP?Receipt?. 2"?.OOl); strong; native, $?.? 75 g $4 M; Western. $325? $4?!0; yearling!?. $4 64ii $5 60; Umbt, nallvt, \ 1 M 1 $6 10; Western, $4 75ft $6 60. Hast Buffalo, Jan. 1.?CATTLE?Receipts. 4,000; active; strong to 10c hlsher: prime steer?, $7 ?,-.'a$S 25. butchers. MW$7 75; bulls, $3 504i$5 75; stock heifers, UBOOMi ship? ping. $6 50 _ $7 BO; h?1fer?. $4 50? $6 60; cows, MiSn $5 60; ?tocker? and feeder?. $.'150? $5 25; fresh eowt and springers, ?teady to strong, 20fi?..V. VEALS?Receipts. ?00; se? ihe and steedr; |IW?|10TI. HOOI Re? etlpts, 24,110; ?low. ?teatlv to 5c lower; h'avj? and mlxe.l, $6 40ft $6 4.*i; Yorker?, $?120?$64??: pigs. $6 1.' ? $6 25. rough?. $5 65ii $?*> 75: ?tag?, $4 5011" $"? ?)'V dairies, $6 * $6 35. SHEEP AN'!', LAMBS?Receipt?, is.nno- active and steady; handy lamb?, $3 .*>?>It$6 ?..*>; yearling?. MM??* MM; wether?. $3 75 *i $4 25: ewes. $3 50* $3 75; she.-p. mixed. $1 5?I'd $.1 00. Kansas City, Jan. 1 CATTLE ?3Ue?Slpts. it.tvini. iBcludlna 100 Southerns: st?-sdy to lie higher; dresseil beef and export ?teer?, $6 ?ill? $1?; fair to good, ??"?'?) $?'? .'.?'?; Western. $4 .',?? 1 ' $7 tto.-kers ami feeder?, $4?f$'0" Southern,: M BOO IS BO, Southern (tn $2 75 t? $4 75, na- I tlwi , ,,-M?. $2 7.*.'?$.-)."?'? native heifer?. 14 254 , $7 bolla M40<M}?W; ?-atvte, $4*?$77."> ? HCXJfl Rerelptt, 4.000: 10c higher; bulk of sale? $5 Wi'.| $6 15 liea?v. tfl 20 .1 $6 25 : pa< k- | ,,1 butchers, M03?$e20; llglit*. |l 704J $?071. 14 251t$3 25. SH>KI* Rec?.|pl?, ! -ooil strong to 10c higher; lambs. 14 80? ?rt.V?;' vearilng*. I4 23o$.',.','?: wethers. IS !W*fl Jl.-o e'.ve?, $.", _."'.? $4. ?io?kert and feeders, $'2 TS?tS4. f R" Tel. r r- ph to The Tribune. 1 g| t-Msta .Ian. 1 ?'ATTLE-Recetpte 2 7,0o quality only fair; market active and prieta 10015e Msh?r; sleert. $4 l'?? $*? 65. heifer?. ||?0?*#W 15; e*?W* $20011$.;.'..-.. South- , ern e'ecr?. M 716*6 HOOI Receipt?. I 4.'?'Hi active and B_lOc higher: choice, ?.?no I lb $6 2511 $6 55- bulk Of sale? of 165 II, and upward al M iM_?; packet** M 75 8 $6 10. be?? lights. I?! lb and under. $5 40'? $6. fa.r do M 2301550: beet pit?. HO II) and tinder. $:,'".*, A $7. 05 fair do. 14 SO?II10. BHBEP Rec.-ip?s :: BOO; demand ? x.-e.-d? ?upply: mir k.? active al advance? of lOfM.V; lamb? and ??.ethers. It 75 ''! $6 65; cull lamb?, $4 25. $4 ?5; mutton sheep, t-MOWTO; common sheep, $1 M II _,_-.-; BANK AND TRUST COMPANY FIGURES. ! he following tahle ?how? the condition of the banks and trust r?mpanle? Which are nbers of the New Vork ?IVirm* Hnn?e for each ?Jerk- fr^m July 1 to ?h>- end of the r : mem 1 ear *>V?ekendeJ: I>naii( .7nly a . $3.non.203.noo 18 . 2.00?4.331 .""I ? J .. 1.003.D84 000 Jily 2U. 1.807,752. I .Mi?u?t .1. 1,077,;47.On,, ill 13. 1,081,076 000 Auiuit lit?. 1.027.455.00.1 ?UgUBl 20. 1.92*.407.000 ?bar 2. mb. 1 '?.'? ?170.000 1 832.754.000 mber 11. 1.03.1. ?33 7. om S- ptembT 23 ?September 30 ? , toter 7. .. .?ctober 14 .. - 21 .. ? 2 So.. mber ar No\ einher No\ e: Deeaml , ber t?. ' . ? >.er Id. I?e. el; ? 4.. 11 is.. 23 1 ?. 843.000 1 022 ''??'.OOO 171.000 1,020 075.000 1 90S, 4?.',. 0?H. 1.012,427.<XV) 1 ?2.432.000 1 027. ?440 non 1.021.787 ",,., 7 7 ,,ei,, I.?82 0 l ?3T.1 t ' >-.V7.000 I,*??? 34?' eWV? I.H78 ,347.000 ?4.".?.e*>ei4,n.i.l 135 172 ll ?" 141,341,000 i ? 4 11.320 Don 41?, 478.1. 443.406.000 448,350,00?) i?12.:S70 oofl 121,855,. i 1,702.I**? 432,(?1 ci.. 4 11.037.000 ...-,.,?,,, 110.747 000 120 4*v2,OOei 124.829.000 11? 808,000 ?20.333 noo 414.800,000 In?, 150,000 a? 4.?.1100 ? ? . ; . 1100 S87.802.000 41'.. t.?:;. (?.?e? l'?po?i?? ? i .-,?*. "J. ? ? ..-..?> ? n 1 ?74.010,000 1,805,11.11,.1 t <-,.'>. :;;. .'...? 1.VI.117.. 1,815,231.000 1,1107.081.000 1 412.128.00?. 1 701.507,000 |,7no,6?.1 < H03 ?7.-4 1.00 I 7:-7 7?7..". 1 , 89.21 s. ! 790..". 1,707,007.000 1,784,104.000 l,7>12,707,OOfl ? 781 II 1.777.705,00? I :,;i. 74'." ,ie.o : 71 1 28?! 000 . 049,000 : <; 10 ??.?4.00(1 1,710,374,000 1.732.403,000 R?v^r\e? ?7.377.1'? .'i 1 I.7I2.8OO 18 511 250 17.74S. 430 1 r .no?. 330 ,?,., :::. 432, 150 23.542,030 23.204 1"'> 25.201.300 24.293.100 21,22a 730 13 802 000 10,303,350 18,033 804? 11,532,850 13,6014.030 10 40.' 850 8.872.800 1 ::nv !>e,.i u.ona 2-v? 18.027,400 11.17?. 300 1S.090.S30 THE STATISTICAL STORY OF 1911. iah. I? Winter ?heat, buebele ? wheat, buabala, ? ? -> ? labe i? .. ? , , . buehala i. ? ?la . . . ? ,;? ?I? ? ereal? . . buahel? ? ? ? : - I ,? ? . . It? I) ? ? Ftarle? i: ? Ituck? ?Krorn I. radii reef?) AOrtb ri.Tt rt\I. vii.ij,. *. HI 1911 . ] 1,4 - - ? . 430,656,00.1 . I1"?.. ?l>l',e??. . mi.33*,t100 . 822.20* 000 . ' 100,240.000 . 83.ilo.oon . 17,548,000 4,2?O,032.(>l?? r.?.;;7o ??>*< 202,787 '??? 4 ; 144 ;?.., ?coo r>00 l i ... 1.".,500 ? .?> M 1 hunae from loio D? 12.3 D?t h s | - - 7 ? I Vtr. .2 Dec. lac Dec ?... i i In . 13.0 53 ?'! 14 3 23 1 17 ? ?; ;, 28 i 10 3 I'ast re, orda. . --, MO.OOO 402.888.0O4 303.185.322 74? 460.218 1 180,813,000 17? OK 4*>4 33 630 502 22.701,839 ?-1'?.??*4>XI 7,000 70,7M 000 ,108,416,000 24.010.000 13,820.000 Year 1010 1908 1MB 1901 101?? noi 1002 1880 1909 1909 I0O9 101.? 1010 10OS l'JCJ AORICtXTL'RAL v.u.n:. i;.ii $1.565 21 ? ."?43 ' ? ,. : ?. . . . ....... ?.,>._,. ,, . I2.T; ?l? cr?ai?. ?. I ........... ......_ 333.77?! ?TOO . . ?.'i. 51. . ?8,210,0??? . . , < ?>??l . 775,000,000 ...? 1U> - I I .. Cotton, ; To??l value ??rlcultura! product? ,. . \ a1'..- n-i i crap? . 1 I NAN' i: ?. ll - nun neo ?.??Hi l". ? ,??.??o D lVI'i M BY. Inc. In. In In I ne, lite , I Dec. i ??? Inc. I)e.\ 14.0 I..,- 10.0 t.?e 1010 1 0 a a 2 0 M :. 10 4 I? 4 10.0 '-??' I t\ 9 9 l'a ,: r $1,531,108.000 e;7?: ' 4U7.VS7 ,h<i 10?? 420.0??? 24 063.000 10,812,000 $2,021,010.000 . ? -:^.??o,i ai.i.a?*.???? 747 7'10.i<?? im 032,?a?i 10 341 non ! ?ocie?, m.i??) \ ear. i toe llHlO \'.?*.l r.'io l'.UO i ai$ i:?8 1009 11? ? 1910 1909 IBM ?1*10 ?. ?04,000,000 1010 3,334.000.000 1010 ,?, tax? 000 ???<? 1010 1911. . .. $157.0uO.(iOO.OOO ? i.. $i 7.;iii.i?Hi,o n Export i ? ? llae ?. ?imiat.,1?. $2.087.0.10,000 ?....,i trade leatlmated. 8 5O7.000.0no . ii. December I. $3.270,582.75.1 Hiillliii? exp? n<Inure ... New York ?tack ?ale?. Ne? Y rk bun.I ?ale?,. . ... : '.res. number. liabilities . IMc Iron output, ?on? . . . Iron or?- ?hlpment?, ton?. . i '<>?l production, ton?. v lie ?hipnifnis, ton? I.ake tonnaaje . Ijibor ?trlker? . $?26, ooo.ooo IM.OOO.? ?ii $007,000,000 - c $I>?3.?"? . ?? .?4 ???. ..Ml 32.180,411 $1? ?mu.ivi.1 7.1.000 78.0. I ,r !??' . 111. In Inc. i- - Inc In Dec |.. I-.' Inc. Inc. J!? 2.0 II 0 Mi a 4 2?? 20 0 43 i h 9 I 0 12-0 $4 0 7.0 l?e,. H?u I>. ? 7,3 e? I'ast record? $164 . ??' - ? $1,562.807 612 $1.02.1.436,208 ?3.427 2ia,802 $3,102 615,314 ?s?'.i ;??{.. 532 288.663 *-.*? $1,311,874.700 13 .*.?>*> $3vi 700.000 -?7 : ?? 42.02.? 306 661,000,000 .. I00..103 86.732 31-; .. i,eoo Year. tOoO ion? 1007 1010 10? 4? IOC?? 1909 1898 1!?07 101?) into UtlO 10.17 1910 1003 CLEARING HOUSE STATEMENT, NOT INCLUDING TRUST COMPANIES The following table ?ho?* the condition of the ('WrtnK House banks In the first week in January, w>mparad with the second we-, w in June in tbe first half of th.? year. Tiie- trtiat companiea' ?laurea were not Itietuded in tbe weekly bank statement In that time. r?epo?lt?. He?erva. Flrat ?e.-k in January. $1,238,386.500 $310.374.000 ?l.2"3.4DO.O"0 $0,003.000 I week in June. 1,352,413.000 390,4;:.:.TOO 1.40.1.350,000 3.H.MO.2O0 NEW YORK CITY BANK STOCKS, loio-'ll. ,,.mp.ra.lv. table compiled for Tb. Tribun, by Clinton Gilbert. No. 2 Wall street. ? S n ?.lu* iin.l iiiidUM.d r pron?* Iron ^Et ns . ? . An,, ri. an Kgdl. . . Battery I'nrk. \.it Inaal.. Rryan? I'arl? Hutch A lir,,\er? ? Vntliry . . '?'hat ? fhenlx . rhelsea Bschange ? henil, al . Citizens' ?'entrai. illy ... Coal and " oli.nlal . ? olui.ibla . ?onimeici. . com Exchange... Khk' liher. I I'l.llly . t- iff H Avenue. ... Fifth National . Fourth National.. Plrtt National... ?lalUtin . ?'.arrie Id -? ??erman-American Uermaa Exchanse Cr?nenla . ?Sre.nwlch . llotham . Mlarrlman .i lluiiovtr ., Imp. a Ttsdtrt.j Inline Nat. Exch. i j.-rr.'i-son . Uberty . Lincoln . Manhattan Co. . ? ? Market * Fulton. Merh. a Metal?. . Mercantile . Merc hunt?' . Merchant?' Exch. Metr?poli? . M. trnpolltan . Mount Morrlt. Mutual . National Ri?*rve. National Nsrsau.. New Netherlond.. New York ?'ouniy N. Y. N. B A... 1'sclflc . Park . people's . Produce Exchsng. Seaboard . ?Security . Hecond . Sherman . Statt .:",.;_ Twenty-tl?lr_ we. Inlon Ex. Net... Washington Hts.. \Ve?i Side. York ville Nat banks i,. I, ?11. ?Capital. Itait i-nk? !" 21. '11 Nat. lank? and -t?te t.ank*. N..? in. 11 Average ? Average j nook value. i,, i net I.e. I?, '10.! l>e.\ 10. '10 i 11*11 J,.lllO_i $1.9:.-?, 300 22.171.200 ;ii?.;if?4,300 i mi, roo 3,577.'? X) i 11,000 two o 11 440 POO 2.236.20?? i 441.100 7>? 117 200 ?:>; 024,3?>o 2? ' 534,600 15SOD7.WIC? -, (?V> ?>?> 7 t?7.tXTO ; 070.000 n- ri too ,? . .?>, 1 *2? 300 1.4*06.204? 13.A--V 44-st .-?,464.000 27.27?'. 000 8il.S34.300 ?4.472,100 7.074.20?? 3,736.4?Xt 4 OOX. 000 5656.500 H,454.r>00 (r-i1.?M(6.6??0 i-,.|3.<?72.300 fl7.277.so0 aCM.000 n. ?J7 (00 3,746,000 18.OS5.2O0 14,3M.6?-1 34 000.000 8.176.es ?1^,241.600 |0.t>73.000 lh.132.oOO 44 730.100 ii.ieasoo 12..'?47 !?00 3.239.00O 4 200.300 406.462.h4S> 7.683.100 ? 2.53?1.O0O 7.B60 7"?? 17,4?7.00n | 3,061,400 : ?,, le.-tn.i 2.11:1.7??? 9 443 MO 2S.71S.OO0 il,579.000 !2 IV, 000 (e)L6tl WB 18,?I75.?>?X) 1 W*..*", ? ..4:?,;??i 1.163.000 4.432.000 5002,300 Dividends. Hit. IBM Bid. I Asked ' Bid | Ask-xl. ll?II from-M 11??mUr r. ? Formerly Nlaht snd Day Rank Made a national bank February. formerly wl?nl."_a -T., - |10.000,<X? cath dividend ?a? d-clared mm. ... .Accounting tyttem. it? Orost deposits ??_w_--s_k io wo- ,?,,clud?? "?*?M*tni ^^^oTT?l-tham S?U>o?o? ^V^J^Z P^X'^tl?nl W? [? W Capital la lielns increased ?o ***?"*,.J l?!??}L^y*at%M?T*aaa ta? surplus dut to changa In arc, , ?urplOf? ?hlch ws. u.ed <o 'r,^?w ? \Ji PSor..i d'W'?" November 10. 101O. -Include, ex Interest on Deposits This Company receives deposits which may be made either subject to check or in the form of demand or time certificates. It solicits individual, household or business accounts and allows interest thereon. Depositors in the Fifth Avenue Branch may cash checks and make deposits at the M .tin Oflic ?, if they so desire, and a similar arrangement may be made by de? positors of the Main Office at the Branch. Foreign Drafts and Letters of Credit are Issued Saft Deposit Vaults Fifth Avenue Branch Guaranty Trust Co. of New York Fifth Avenue & 43 rd Street Main Office. 28 Nissai St London Office. .13 LomSirl St., EC. Coupons Duo and Payable at The Trust Company of America 37-43 WAI,I, STREET, NEW YORK On and after January I at, 191 _ AtlanUc Avenue R_ilro_d Co. Imp. ts. Atlantic & Danville Hallway <-'o. 2d 4s. Hartlesvllle Interurban Hallway Co. liuffalo & Lockport Railway Co. 1st 6s. Buffalo Brewing Co. 1st ?is i'?ilnr River Water Supply Fund war? rants, Series 1 an'l Z. (.'Mar River Water Supply, Series No. 1. Honda Nos. 560-598, inclusive. Cadar River Water Supply, Serlea No. 2. Bonds Nos. VXi-Tib, incluslv.-. ?"hehalls County, Washington, S. D., 6s. ?'Itlzens' Water Supply Co. of Newtuwn 2nd la. ?'larke County. Washington, Founding. Columbia, Wash.. Town of. Water. Confection**!**' MfK. Company 1st < ?mneiticut Power Co. 1st 6s. Connecticut Railway & Light Co. First und Refunding 4'2s. Consolidated Lighting Co. 8. F. 6s. Consolidated Ry. & Power Co. 1st 6s. Contact Process Co. ?"orning ??as & Klectrlc Co. 1st 3s. I laws,,n Railway & Coal Co. 1st & Coll Trust 6s. East Sl-le Klec. Ry. Jo. of Kansas City. Mo . 1st 5s. HI Paso l'nlon Past i.ger Depot Co. 1st la Bl Paso St Rock Island Ry. Co. 1st 5s. Fries MfP. .- Power Co. 1st 5s. Frontier Telephone Company 1st 6s. (ilobe Navigation Company 1st 6s. ?ilobe Navigation <.'o. Matured Bonds. Hudson Navigation Co. Debenture 39. Hudson Navigation Co. < "ailed Bonds. Mutton Company. The 1st M?-lOOs. Hydraulic Power Co. 1st _ Ref. 5s. Indianapolis Northsra Traction Co. 1st 5s. International Atcheson Graphite Co. l_t Inter.x^an Telephon?* ?ft Teleg. Co. *_?) 6s. Isbtil P?irt?f ? '?> ' 'oiis. us. Jefferson County. Wash.. Kef. King Count*", Washington. S. D. 1 _ 6*5. Klttltas County, Washington. Funding. I_i Sail?- Water Works Co. 1st la. Lowe Manufacturing Company 1st 6s. Macon Ry. & Light Co. 1st Memphis Warehouse Company 1st 6s New York Butchers Dressed Meat Co. 1st ?_?. Niagara Falls Gas _ _"s*?_ Co. 1st 6s. Norfolk Warehouse Association 1st 5?. Norfolk Warehouse Corp. Cons. ?a. Oil City Boiler Works 1st 6s. Pneumatic Transit Company 1st 6s. Port Townsend, Washington. City of, Municipal Ref. Qulncy. .Mar. (>. ster ?-argent Co. 1st ?$J?. Rock Island-Frist? Terminal Ry. Co. 1st 5s. Schoharh* Light ?_ Power Co. 1st ?Js. Seattle, t'ity ?>f, Garbage. Seattle. Wash.. City of, Municipal *__ht Seattle. Washington, City of, Ctty Jail. Seattle. Washington, City of. Kef. Seattle, city of. Water Ext. Seneca Falls & Waterloo Gas Light Co. 1st 77s. Snohomlsh. Wash., City of, Special Wa? ter. Snohomlsli. Wash.. City of, General cou? pon. Spokane. Wash . City of, Bridge. Spokane, Wash., ?'lty of, Bridge Const. Spokane, Wash,, <^lty of. Water Works. Spokane. Wash., city of, Water Imp. Spokane. Wash.. City of, W. W. addi? tional and extension. Spokane County, Washington, 8. D. 81. Standard Gas & Electric Co. of Raletgh, N. ('.. 1st Is Sterling Dyeing ?ft FtnishlntT Co. 1st 3s. Steubenvtll.;, Mingo & Ohio Valley Trac? tion Co. 1st 5s. Syracuse Light ?ft Power Company "Col? lateral" 5s. Tacoma, Washington, city of. Bridge. Tacotna, Wash , City of. Drainage Ticoma, Wa??V. Citv of. Lt. & Power. Tacoma, Wash , City of, Green River lirav. Tacoma, Washington, city of, Water. Tacoma, Wash'iijfton Citv of, Wharf. Tannersvtlle W.iter Company 1st 5s. Telluride Power Company 1st ?Sa. Trader? Paper Board Company 1st Is. Union Traction Co. of Indiana 'j?enl. 5s. T*n!t-??t State? Finishing Co. Cons. 5s. Walla Walla, Wash . City of. City Hall. Western N? v. fork _ Pennsylvania Trs tlon Co. 1st 5s. Merlflen. Southlntiton & Compounce Whatcom County, Wash . Funding. rr._.._._.. _ - ? -- <?. r., _?.,?_~_.._... ii'-^u a r\ ?.->* Tramway Company 1st is Milwaukee Office Company 5s. Montgomery Hotel Company 1st 5s. Nassau El??ctrli* R. R. Co. 1st Cons 4s. Nazareth <>ment Co. 1st f,s New London ?ias & !-??-. ?'o. 1st Cons Whitman County. Wash.. S. D. No. 1. JWI \KY 2. 1112. Racine Gas Light Co. ?.'ons. 6s. Whatcom County Wash.. S. D. 1. J*?NI MtY It. l???. Cle Elum. Washington. Town of. Hunter Bros. Paper Company 1st 5s. ANDREW J. M? ' N 'HMA?'K. Auctioneer. RBOI LAR aCCTIOM MLB I tf STOCKS AND BONDS By ADRIAN H. M?LLER & SON omina, no. h wh.u.*m w. Wednesday, January 3, 1912 at 12:3') o clock. M the E.VIIANGE fXUBABQOH, Ne is. 1? AND 19 VESEV STREET. BT OR?OBB tiv BXM&TtOBM. IB ?h?. Rtiaalayo mnlag Ce, ?1 ;,oo Himalaya ttinln? Ce, l?t Mtg*. ?rr Bel?., 1036, War. b, 1911, ?'?up"n. ?I.ooo .loplln. Galena, < onsld. '/Ane a D?ad Co. |?l M'K' ,; I'.!--. April. 10<?1. Coupon. 75 ?ha. Jopttn, Galena, ?otisld. zinc ? t.? ad Ce, common. ? Mnaeed OU . ? Plnela? n Cemetery, I Hudaon ?Star Habla MufT. 1 llu?i?c,n Bay sab;- ?'..pe. ulth 10 tall?. 12 tch?. TermiOal War,'h,?use Co. ron accoiTNT or the tkubtei ItlChi? i 1,190 aha American Tobacco Ce. i omnie.n. ion account op whom it mat con. e'EKN 23 ?h?. Metropolitan Tro?? fe 10 ?h?. H.crrimmi National Rank 4th Nation ?I Baa? M ?ha Mercantile National Hajik M7 aba H'id?'>n .\.?vl?aiion 4-0. M aha National ?Bank ,.f N'?rth Amarle?. 1 nk< raf True? Ce lo sha Uiiarant) Tru?t c 'a, I .-I..?t. New Toril Law Institute. Hall A??o?-lation. ? Taylorvllle c;.i? ?v Electric Co. l?t 5?, 1936. ??,..?, Salvation Arn?) '?'? Bd?.. 1931. ?j???? ?h? Chatham a. I'henlx Nat'l Bank 1 ?hare Clinton Hall A?.?o?'iallon ."... Kb? Jeffenon ?Sank. 10 aha Flrict National Rank. 25 ?ha New York Produce Exchange Bank. : 1 -\ >. ? Mart n.??? Co. Winslow, Lani3r & Co. 59 CEDAR STREET NEW YORK THE i'e >i.i.?'\vin<; COlTt-ONB and i>ivi DENDH ARB PAYABLE AT ('I'll BANKING HOUSE ON AND AKT EH JAM Alt? 1, 191?. Illnekf.?r.l County, Ind.. Court House 6s. Bedford, Indiana, Refunding Bond?. Canal-I.ouialuna Hank and Trust Co. Dividend 4 Cleveland 9 I'M (?burgh Rd. Co. Gen. Mtge. 4*4? Cleyeland ft M.dioning Valley Ry. Co. Cona Mtge t% Coupoa Honda. Cleveland & Mahonlng Valley Ry. Ga. Cona. Mtls'ev Reglaterol Hoi..: Palla? County, I? . court HOUM 4?< Grand County, Indiana, Refunding Bond?. Grand Rapid? A Indiana Ky. c'o. 1st Mtg?. Ext. 4li? and 3'e?. Hartford City, Ind., School 4'3s. Indlantp' IK Ind.. ? Ity of. Jeltvl lilund 'Iub l?t Mtge. 4'??. Eouialana, State of. 4<rr- Consols. Muskegon. Grand Rapid? Sc Indiana l?t 3?. Marlon County. Indiana, Bridge Bond? Northern PaclBa Tennliial Co. of Oregon l?t 0?. New Orleans, I-a . ?'l'y of, Constitutional and Improvement 4?. Niagara Fall? Power Ce, l?t 5?. Niagara Kail? Water Work? let 5?. Pittsburgh. 1"? Wayne j, Chicago Ry. <~o. l?t M?ge 7?. Series "A." Pittsburgh. Fi. Wayne & Chicago Ry. Co. 2d Mtge. 7?. Serle? ???;." Pittsburgh, K*t. Wayne <tc Chicago Railway Co. Special Guaranted Stk. r?lv . I*?*",, quar? terly. Peru, Indiana. School 4li? and Funding 5a. Traverse City R. R. Co 1st ?4? .1.1 M ARV 2. 1012. Pitt?burgh. ft Wayn>. * Chicago Railway ? o. Regular Guaranteed Stk. Dlv., 1\<~C quar? terly. _ . FINANCIAL MEETINGS. WINDSOR TRUST COMTANY. The annual meeting of the Stockholder? of the Wlndaor Tru?t Company, for the election of di? rector? and ln?p?*ct.T? of election and for the tr?n?action of ?uch other builne?? aa ?hall prop erly conic before ihe meeting, will be held at the Downtown Ottbe uf the Company, No. 65 Cedar ptraat. In the Borough of Manhattan and City Of New Vork. on Wednesday, the 10th day of Janu? ary, 1012, at 12 o clock noon. The polla will be open from 12 M. U 1 P. M. HOWARD M. JEFFERSON. Secretary. Dated. December 2*1. 1011. _ THE ANNUAL MEETING Of THE ST?>CK holder? of New Netb.erland Hank of New York for the election of Director? for the ?-tuning yea. an,i for th? trancactlon of such other buitneaa a? may properly come before the meeting. ?Ill be held at the banking houte of ?aid aaaoclstlon. 41 West 34th ?treet. In th?- Cltv ?g New Vork. on Tueiday, ?he 0th day of January, 1012. at four o'clock p. m. Foils will be open from four p. m. to 3 p. m. Dated. Now York. December 28th. 1011. J ADAMS BROWN, President. CURTIS J. HEiARD. ?'ashler. MEETING!. TITLE GUARANTEE AND TRUST COMPANY. Notice 1? hereby given that the annual meet? ing of the atcckholder? of the TITEE CUAR4.N TEE AND TRUST COMPANY will be held at the office of the Uompan?. 176 Broadway, In the Borough i-t Manhattan. Cltv of New York on the 16th dav of January. 1012. at 1:30 ocio, k In 1 th? afternoon, and that the annual election of Tru?tee? of ?aid Compiny In the place of .. .?e ?Ik?? term? wilt expire, and of three Inape.-tor? of Election to ?erve for the succeeding year, will be held at tha same place, on the ?ame day, between the hour? cf 1:43 and 2:45 In the after? noon. I. WRAV CLEVELAND. ?Secretary. December lflt**.J911__ AN ELE-'TION OF TW?JNTT MANAGERS of th? New York Institution for the Blind and of three Inspector? of ?lection will be held at th? Institution, 34th atreet and 0th avenue, at tour o'clock In the afternoon of Wednesday, January 3rd. 1912. LINZEE BLAGDEN. Secretary. Savings banks. The Bowery Savings Bank 129 AND 150 BOWERY. NEW VOliK. Dtc. 15. 1911 A ?eml-anual dp lden?.' at the ratt e?* THREE and O HALF PER CENT. per am; um l?a? l>- :. declared and will -??dlted to de'p?Utor? on all sums of $5.00 snd upward and not exceeding $3,?xm) which shall have be??n deposited at least three months on the first day of January i:ext. and will be payable on and aft?r Monday. January 1.'.. II I Money deposited on or before January M | ?.III draw Interest fr??ni January |, 101?. HENRY A KHKjrCX, Prc?ldent WIE1.1 AM E. KNOX, ?Comptroller. JOSEPH ?; LIB???? Secretar: THE FRANKLIN SAVINGS BANK 1 Ceentr M Avenue fi" 42a St. 102nd torn Janu?*! dividend hat bren i* .?tared at the rate of Three and Ona-ha'f Ra* ? , at ii'rannumon all turn*entUUd thtrtta from 15 to 3,<XiO, payable on and after January Uth, 101 '_ I)ep?>?it? made on er before Ibe lOtb of i.?ti % will draw Interest from the 1*? Assets - l22,110-5M.;i Surplu?. par talui. - I.292.1SI.SO Win C.. O-HJ-dta, President. William B. Krug.** retarv._.T Metropolitan Savings ?gank 1 sad :i THIRD AVE ["-"MS, ?"ooper Institut.). ? HARTERKD I Mi I 17th DIVIDEND Kt_ Y?irk. 1??"?-itiher r.'th, 1911. INTEREST l"l< THE HA!.1'-VEAU ENDINO DECEMBER 31, lili, at the rate of Four Per i fut. Per vimum will be credit? d to .lepoiiltor? entitled ther-tt) UBdtr tl,e t.v-laws or the bunk on sums frota #5 to 13.000, INTEREST PAYABLE JANE? AR Y 17th. 1113 M'?NE Y DEPOSITED on or before January 12lli will dr.?? inter?-.?? fr->m January 1?? JONATHAN l? f.'URREY. President. E 8HERER, B? ' RD ANDREWS V??i Kecjr. StAMEN'S BANK FOR SAVINGS M and 7? Wall M reel. Tin: TRUSTEES HAVE ORDERE- THAT INTEREST ! - paid to depositor.? ?ntlll-d thereto for the ?Ix month? ending Dae :?lst, 1911. On account? not ex, ?-?-.?Iiik thrat ili<m?an?l _tt lars at the rate of I-'uL'R PER CENT, per tn num. Payablt on and ?fter Monday. Jan l.?ih. Ills. DANIEL, BARNES, Pr?si'ler?t. ?JEORGE M HAI_?_T, ? ??hier. 'vii.i.i.-?To.v H. BENEDICT. Secretary. New York. De?. l*th, lull. Deposit? m?.l<? h ? ,n 1?>t ? ?ill drsw taita****.) r'p.ni Jan. i?t. _. Ory Dock Savings Institution .111 _ 311 BOWEHV. tor. 3d M . Ne?? \o"V The Trust?:-'?, liave dtclai*?! s dividend fo?" th? ?dx months ending December It. 1911. en ill deposit? entitled thei-eto Haler ?h? B? Ltw?. at the rate of THREE AND ONE-H \l F Per tent. p?_ annum on all sum? s?M exceed ing THREE THOUSAND DOLLARS. ps?*ble on and after Jsn-iary 15, 1912 Deposits made on or before January 10 will be entitled to tnt?>r?>ei from January 1. 191). ?.NDREW M1EI.S Preeldent. WM t PATTERSON, Trtasarai CHARLES Ml EH El NO, ??????.?rttary. THE BANK FOK SAVINGS IN THE CITY ?>F NEW YORK. *?? Fourth Avenue, D<-<- 13. 1MJ. 1MTII ?EM1-ANNIAI. DIVIDEND. Tlie Ho? r i of Trustee? lias declared an IB ?fre?t itlvld?.nd for the f?lx Month? en?llng Dee. 31.1. illll. at the rate of THREE AND ONE HAIJ-' PER CENT, per annum on a!! sum. of ?5.00 an?l upward entitled th? reto, and payable on and after Jan. 20. 1912. The d.vlden?! will l?e era-lit?? t?) ?!?-[,o.ltort at principal Jan. lat. 1'irj I) ?)?,?.i? made on or before Jsn 10th, 1013, ?ill draw Interest from Jsn 1st. 1912. WALTER TltlUR'.K I'rtsldeat <?HARI.ES ?. SHERMAN. Secretary. J?V - S? WLEB, ComptroUtr. E?ai RIVER M*kVI\ns INiTITl TtON. 291. 293. 295 BR?7?AI)W\T. NEW Tul* SCRPI.t'S OVER Tht 127th semi-annual dividend hat bet declared at tht rata of Four Per Cent. per annum on all accounts entitled thereto, payable on and after January 20th. De? posits made on or tje"r>ee January 10th will draw tnti-rest fr.n: Jsa?..?.- 's*. '.:?' ? ?. vlllTNET. Sae. IRVING SAVINGS INSTITUTION lis < m utsim -t . N. jr. The Truste? s have declared a dividend for the tit mooth? ?nriing D?c?i**t>?r Slat. 1011, it the rate of THREE ANT ONE-HALF PER CENT, per am.urn, on sll sums from IS to $3.000 entitled thereto under tht by-laws, pay? able on and after Monday. January 13th. 1913. Depotita ma<lv on or btfort Janu.ry 10th will draw inter.?t from January lat, 1013. H. E. TENER. Preeldent GEOKOE B. Dl'NNINO, **eeret-_y.