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New-York tribune. (New York [N.Y.]) 1866-1924, February 17, 1913, Image 12

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Harris, Forbes & Co
fineeetaor* to
N. W. Harris & Co
New York
Pino Street, Cor William
Government BOftdS
Railroad and
Public Utility
Keeping Posted
Investors who desiro an
intelligent and unbiased view I
of investment conditions will
be interested in our ?monthly
circular "The Investment
Any investor ? ho requests
OS to" place his name on our
mailing list will receive a
copy of tin- each month.
Ktiautti -Nariio? it K?hne
New York * Leipzig
We Offer
Legal for New York
Savings Banks
W, IN. Coler & Co., Bankers
43 Cedar 5treet
New York City.
Public Utility
Are ?*si'i?, i;?tiy ?wall ?ailapted to?sntflnecr
Ing Mid PA ?Counting ?'t'.ibsls. Thus ,?<
i I'isrr ln?alghl irit?? lli-* fundam?
? :i?*s of thaao ieourltlea may !>?? bad
readily, which 1-- on? good reason for
their hi-'h favor ?with discriminating
Pmmphlet ioocribing Bateete? Beoda and
r , f. <-,/ Stock of such componi'-s on
? '?.?'ft
William P.Bonbright-S: Co.
M ?all Street. Vcit York.
|;??kI(,ii I ..n?:,"i I'liihi'l'Iplmt
We offer the
6^> Preferred Stock
of a vote. r\e-.o ?Fatal c T'tI'Ot Co.
'TTit'nt ? '?v-f.fnH.T In el???.?*' eron
Id| etttet, comb nine ?.b'-tt fMtMMl
1. Compatir under able ?ffa^aajraTStat
2. -fcatliafacto'-T fraD'-ti!??* arroaania-sta.
? Earn* er-r " tin??"? .?'?ii-leoi?! D?*?*da.
? . Hl-ilrten.4. ratine n: a ?j? im v.
h -RB'Tiinr? ?ta(aiaifala often.
A? pre.eni market ttil? ?erorltjr
Yields ?Over Seven Per Cent.
WHtt fer ?'?r-t/Mf
Kelsey, Brewer & Co.
Grand Rapid?, Mlrh.
Bonds and
Guaranteed Stocks
Eff ingham Lawrence &Co.
Members New York Steck Exchange
111 Broadway, Neiv York
Millers (pipan!"
Mi ?? *??< ???? Kern fork Bu* ic Bxaha-aca
23 I'roailwMT Sem York
Bonds for Investment
'?'?:< fli??;ul Street
( hirnco. Thon.-:?f).".:; lir.m.i. SewYoth
Swartwout & Appenzellar
Member? New York Mio?-!? It chance
i ? jo*?** payo, i ? i m .-? n? v
Wm. ARead & Co.
New York
Chicago Philadelphia Boston London
ril.Ml I OK ?llgl
?Sixteen i>ur? * of intere-jiiii,? Information.
?ait h new map of Tonopah.
-'i Uli?? M? >T.. SKW YOICK.
the Annual Meatlng of the Btockho
?>f the Alucinan Hank Not? <oni|iii:s mil be
neld at Us oil!'?? ??. 70-7'- Broad Btre?t, Sam
Vurk N. Y.. ?,n Tiie?diiy, I lie fourth ?lav of
March. 19K?. h? ?l?v?a o'eloch A to foi t'n
??irpog?- of ?'tetilla' a Boai?! of Une, lois for
[lie errsuln?; yi-ar und tian>a< tin?? ?voll othei
bualneaa as may proptriv t,<- brouaThl bafor?
!he in?et1nir, Inrluflltiir th? com.attoi
approval of th? proc?e4ln?a of th? Board of
Director? and tli?s ExsctJttv? ?CommlttM ilnr
UM past year.
Th? Hrefa rred and ?'ommori Rock transfer
h.ioka will be . lo??-<1 at M f M. Kef.
ri?t and remain cXoaoi until 10 A. M March
Uli. llUS.
uttiyRtiV. h. DAMFORTH, Secretary.
titw Turk. February i?nii, I'jlo
Mexican Revolution. Possible
Strides, Promised Legislative
Action and Money Strain
Depressed Stock Market.
Th?? l.Vcf week iras full of develop*
meats which produced unfavorable in?
fluences on the stork in;?rkot. The
principal event which occupied the at
tention of this country and ;i part of
Europe was a freah revolutionary out*
break which threatened serlou6 war?
fate m Mexico. Not only were the
lives and property o? the Inhabitants
of that country endangered, but tboeo
of thr- foreign residents in the city of
Mexico who depended on th? Madero
government for protection, in the line
of Mexican oecuiitlee the New fork
market t? not so heavily interest?
"i B6 European 6tock markets Bui
the oertoui outlook which threatened
the deatructlon of American lives
gested ih" Invaalon ?if Mexico bj
united state? troops, and had tin- o
rred the ending i ould not I
told, and a prolonged warfare, In which
this iivinr- would !"? obliged to take
an active part, might bave resulted.
Irresp ux ?? of the dir? ct Influence on
rltles, the ot nthni ntal elf? ? t, in
view of'all ih?- other disturbing ele?
ta with which the world waa be
.-? t. wag decid? dly del g. In t?l?ii
tion to tin- Mexican war the trouble in
the Balkans a relieved by any
I positive sign-, of peace, o war news
held the cei - and kept
'the stock marketi oi the world undei
I pressure, recurring periods "?' better
' incm being sufllcii dI only to ^?\e to the j
i markets an appearance of Irregularity, i
r dlaturbing happenings included j
a poaatMe 6trlke of th? railroad Bre
, men, which lumg in the balance; a bill |
6aid to be ri'ady m Albany for Incor-1
;".?-.:lliit; the New York Stock Ex?
:.?e reports of poeolblo draetlo
I measures in Washington as a reeult if
;'hi' Pujo investie tlons, lb? continued
outflow of told n "in ti.is country und
: ihe outlook for a money strain
i unless some afforded an
I improvement In the monej conditions
? ad. Bin ? ihe beginning oi this
year the amount ?>f gold engaged tor
.: hai reached b total of $25,650,
???Mi. and th? end le not in -?^iit- Ui?
other infl hich must be i ? - ; t more
im ?!'? eslvel; l hi period "? - near
.- ti.nt .-i March t. xv hen this
:, mg? i managi 11. there?
aft r to b? ruled during the coming
year? under 6 policy unknown be?
s untried, it la a well estab
llghei nt that nothing contrib?
ute i" ? gr.: breaking don ti of
I stock market stability than un er
I tainty, and wert the stock market frei
from all other deterring forces this m
? would )"? sufficient tn cause heal?
I tation and gging tei den ?y m the
i prl? es oi se uritlt he Nt "> ft rk
: Sto k Exchange hoar?! of goxfinors
?during the week awakened to the no?
Ities of the period and added souie
???s and regulatiom designed t<?
correct the abuaeo which have brought
ii,' exchange Into disrepute among the
1 investing publii, ?a pea ding on II for
maintaining ?? standard of security
trading valuea it l^ Indeed unfortu?
n..i" that Umso reforms were deferred
I until the present time, bul th'' adage
i:, tt< i late than nt vt r" may be axlo
matlc in this Inatance, as m numerouj
others. In man:' wayi 'hi' nix ? stiinin
? n .,?' tin- stock market during
last week was better than i"i many
months. Draetic liquidation fo ? I
.i long line of speculative holdings.,
rea on of th? libera] yield which
? -. red a large amount
..; ..(ni int buying by thr investing pub?
Ited. While it requires a x aal
total of such purcbaees i" give i" the
support.which will insure Ite
betterment ouch buying i1-' alwayi
... ,. u ese email holding are
removed from tie- speculative ti? 11j .?ful
are put away m strong boxes until
.- ,? h time ?' - a i eal bull marital at?
t?a'i.' ti..m nom tie o resting placee
and they again < ome Into the open
'? market. Technically, the stock market
. to ci''.tu buying opportunities,
and i'Hrrini? th?? introduction of further
[unfavorable developments it ehould
show a gradual betterment it is not
probable, however, that anything hk<:
a vlgoroui bull market will reeult s.>
long as money remains in Iti strained
position at home and abroad, and the
I effect <>f legislative meaatfreg deetlned
I to play an important pari in the af?
I fairs of th?' Btock Exchange are held
Iin abeyance Imminently cloae to an ac?
Ition which may mean Incorporation of
! the btock Exchange and a i urtalling of
Ita liberties. The energy which under?
(lies the national trade arid imltistrlal
Intereate of this country Ih keeping
many of the channel? of commerce ec?
41ve, regardless of promlaed tariff re?
forma, If 'I'" roportl for last week may
be accepted ae oonclueive, Recent Im?
provement has stimulated new n?ipe
along commercial linee ae .? arhole, ee?
?, tally in the fat lory di tr?ete of New
England. It must not be assumed that
expanelon xxiii continue^ or even the
advance already made will be main?
I tained, should diacouragemonte become
i mure pronounced and further acoumu
! late, 6 they ???i during the period foi
i"\xitiK the election, but confidence ap
peare to he returning, and thin, of
; course, is helpful.
Railroad buying ?>f equipment eme
liberal during the leal week, and meet?
ing He se requirements xxiii keep steel
operation! active^ as already the steel
companies are boohed up during moot
?if the preeent year; a very fortunate
position to be In, considering what
might happen otherwiee. Foreignooen?
i m. ri-f ae exhibited by the last reporte
continu?e m grow over recent year.-.
The total ' "intu? rce foi tin- week at the
POrl ?.I New Vor!, was 144,914,006,
against ?29,688.028 for the game period
?in I'.ilJ, and $20,034,723 in 1911. Kx
Middendorf, Williams & Co.
Moaabsrs I Ne? Vota Meek I _ ,
?.i I MaHlisie Otteb I tattstttOU}
investment Securities
:i PIMM BT., I !!> !.. ?.l.i{x| \\ si?
Neu Veta. ?alttoare, \i?l.
porta wore about $9.'OOQ,000 laiger ttm.n
in 1912 ami f&OOO.OOO greater than
fill 1. (*onHid<?rini*; the week as a whole
? business was | ?fggglirll.fi and Ignoring
Hi? possible effects of unknown devi 1
opmenta it may bo -aria? to accept the
].hiloso|.hy einbrareil in the pro\'-l\
-Suflmi? nt unto the day is the ev'.l
t hereof."
By Marc M. Reynold?.
German Clearing Houses.
QeiTOany has mure clearing houses than
?ireat Britain. Th? system was orfian
laod in Utt, but there were clearing opera?
tions prior to thai date. n??t. however,
emliraiing Berlin, Cologne, Leipsic, Dres
den, Btottgart, PYankfort ami Hamburg.
Tb? lit!" of the i>rm,?iti institution Is
'Abrochnunga Btolle.' which means "eat?
ll'-ment place ' Tin? Merlin clearing house
ia like the others in ilermany in its opera
liona. The wiioie ayaton araa ocsaalaed
thro Ifb the afforta Of the Imperial Hank. <
and tho Berlin clearing Houm baa it.- ,
official hooM m iii?* Imperial Hank ?build? ?
Inf. Th? it?tu-, of .barim* are local '
t hecho, drafta and a? coptaneaa; alao thara
la an odj-on? l for clearing coontrjr click-, i
Bettloroenti an ?imllar to London, ordera
? di given on the Imperial Hank. nrhero
each nier.il-ir hai ? |?'i lal account, audl
balancea moat be k? ; I andar penalty. The I
clearing ayatem ia th? Mme throughout ?
c..-rniai,> ?and dlffen only aMghtly ?*rom
?all ftnoral lyatama. in Hamburg thai
transactiona ara Um largest In Oerautny,
?and Include a ayatem for ?clearing atock
operations, conducts i>> the -UTechatei :
French C'earmg System.
1 i Tit n? ? i h aring ayatem dooa m>;
play an important role la BnaiKlal opei ?
tiona oaring to th? fact that eheeka are
not nacd ? aten Ively, as is tt,
all Continental Europa. However, th? ;
Chambra <ie Companaatlon da BanqueraI
of Paris, tlie official title of the clearing |
house, is an Important institution, ami j
Ha ' onstltutlon Mates that tb? Pa
?Cloartng Houm is pianne-i after the
model of the London Charing Ho'Ji-e. ?
solely for th? purpoaa of making ex
changea. Tha ?u-changea are not confined
to eheeka; oth?*; negotlaM? Inatrumenti
canatttnt? a large pan of the tranaae?
There la only on?* ,;<.iiini? dally, which
extenda from 10 o'clock a. m. antll I I
p, m. <>n ordinary days, and on? hour
later on th? 1Kb aad dial day of ? a? i
month, th? two general aettllng daya for
many Dnanctal Instttuttona.
Usually on? hour la allowed for aettl
Hft?v the door? do??, whan th? balance
atruck and tha manager tranamtta a
COp] tn the l'.:itil. Of I'r.-i'if, . :n I rvinmril?* 1
by an order from each of th? debtor
ibera agatnet hla balance there. Th?
..... - .,-.- then c? i fled In fai or of tb
cr?dito member?, and the auma are
tranaferred to their a?. " n
The ayatem of clearing
la tb? prevailing on? throughout ...?
i . .-.. i . ? ? ..
Rom? Kap ? Mi!.: and Qenoa In ;
[talj , in Madrid In si?.?iu ,.r d ? ?' ? i
? lal citi?*s wpich bord? r "n th? Mod
trrranoon Th? aymv*m In Naples m an
old ?in*, and la a -i to dat? back to
Ith? sixte.-nth ?century, '"it th? ?-?
i \ agu? in th? earth r aerio
? ?? : raed ht,<i th? pre? nl .
| on mo?|i rn rni'ilr? m? nts. AntW?*rp dis-|
' imtos in?- .-lain, ?if Kapl? and la] j ? latm
I to prioritj of cl?earing houa? ayatem?, bu
[ Um period of re?cognltlon rerj probabl? |
Dtlmental rath.-r toad practical ?with
both. Holland and Bet?**!unt an the |
front rank aa money contre? ami natu?
t.?l!\ have adopt"! the beat <1? M'? <?
facilitate the operation ol
(To be ?continued Monday, K? bi tat
maintains" its tone
! Business of the Week as Report?
ed by Commercial Agencies.
Th? ton?- ni natkmal buali a aa n
flectad by the weekl) revleu ??! lh< com
gem rally cheet ful
s?, much ?power appear? to be behind th?
i.i ero) a ol Ml ! thai burin? - - ? ?. - t..
ii- maintaining us poaltlon. regardl?
man) ? i ?-? cum nts in trad? and Ii
try. "Dun'i Review" haa the following:
I'.'.s?m i inalntalni It? : " Itlon "f
ateady, conaervatlv? cxponaton, ?? ri
? ; ti 111.. t ? ?i In ?any material reaucct b)
in, itirring ?rent? happening ??r Impend
Ing in many parta ol tu? world Although
the renewed war in the Balkan Pen Ii
continue? to put a ?train upon th? inter?
natlonal markets, it I? note worth) ti I
thi situation In Pari .????? t.? ^ ?.. ,r Ruro
pean crop adrices un aom?swhai dlsau
pointing, but the whiter wheat outlook In
tin? ?country is favorable, In spite oi ?coo
luerahli ?non deficiency. Tli? weathei In
tbe Weal and Bouthw? I haa recentl) been
aiiiti eevere, and tbla iwcounu t?>r aome I
falling off in the rate oi gum In railroad i
earnings, which In the tint weak of Keb
ruary wen ??*> pei ? ? m larg?$r than laet
1 i, W'liii.- the Eastern railroadi an
threatened with a atrike ?if tbelr llremen,
then i?, stiii a proap? ct "f iitnlcabl? ?ad
im im m by ?arbitration. Railroad pur?
???.?- >r equipment ?continue in be tb?
leading feature ??t the iron and ateel
trail.-, which maintains Its favorable ;, -
p-ecta, notwithstanding a falling "it In
amount of unfilled ordera of the ?principal
producer laet month. Premluma continue
m be readily paid tor prompt dellverka
nf fin?lahed producto The drygooda bual <
nea? la aoataonably ?active in all lis pria
clpal d'-parttni-nir Retail trade In moat
? it the leading centrea is ?active not ?only
m textile? hut in other branchea ??t nur
chandlac as ateto Tbe situation in tbla
?and ?itli<?r reapecta ahowa a marked Ira
provement overa year ago, New England
silo?- faetorka ar? fully employed, and the
ordera from dlatributera aro large ami
often urgent. Bank clearinga ctmtlnue tu
expand, and In th? latest week revealed
a ?nin uf .:,.i per cent over last year and
nf 7.4 per .???lit over It'll The f.ir?-l?iii com?
merce exhibit h Mili one oi groat Increaee
over r??.i,i yoan In the lateri week at
lh? Port Of New Vork (h>: total . om
! im-ri-e ?v\aM Jlt.'?lI,'.'?',. againat ?'.'.i,''i-sm.h In
IM2 and t&.SM.lZl In Mil. RxtMlrt?, while
?i.?7??,>s.'iL' ?es.; than th.- importa, ?Aire near?
ly M.o?o.ooti larger than last yeai and **
?300,000 larger than in IML
In "Kiiiili tre.'t's" punirnaiy the follow?
ing coinni'-iit is ?**ompro?beaal-ra:
While tln-re are many <rross ?curronta In
'r.ui- and Industry, dlstrtbuUv? business
as a who!? preaenta a cheerful aspaact,
und preparation? for or actual ahlpment
"ti s-1 ? - in-: account k'<? forward witii
iilacrlty. Relatively most ?activity la
nho* n in Jobbing trade In drygooda which
,s running full, ?n- m <ax?ceaa <>i a .-???"
ago in favored aecUona Weatern reporta
ai? beat, ami Indeed breathe a distinct
ion?' of confidence and ?trength. from
'ii.se the ahaadina la ?downward to tti??
rather ?low coTTditlon? reported In pa its
of th?> South. Weather ?condition? vary,
und with tii.-m retail trmi.- ?-?porta, but
the winter weather .-f th? last -A..-k has
Klven aome snap to ov??rdue retail trade In
Heaaonable wearing apparel or other win?
ter n?M.-e?altlea. In purely wholesale, trad?
for dlatlnot'dellverlea oonaenratlam is still
In evidence, hut even here reporta warj
?with s.ctioim reporting, Strikes exiatmg
or prospective also ?act ?aa ? restraining
feature in tra<ie. but there eeaim to b?
rath? r i ?a atreaa um upon the tariif
ii a disturbing feature, either becauae
preparation? hav? been made acooroingly,
or be? nise fuller knowledge l??ul.s to leaa
uneasin ?aa a* t?i proo-pectlv? change An
mi-1. stiiu,' feature in the gmeral ntuatlon
la th? clo el) restricted ?volume of apoca
lative o|''-rations wtt-neaaad alike in tin
mark, ts for s.iin itn s. c.-reuls, cotton ami
otii.r commodltie?. For this th.- higher
rat?sa for mone) are only partly raapon?
alble, and the disposition in apparently
u> y,o .-lowly until many poaalbly ?llsturh
Ing political ileveloi>m??ntH tiotli at li?me
and ahroaii hiniiiu clearer. While in
trade circles huslmss eventuating la taken
care of, buying and ?elllng for aprtng i
iM?lng ?ion.- with eonti.nn??.-. while dealing
or future positions la done at? local con-i
?litiona BUBgvst.
Chartered 1822
The Farmers' Loan and Trust Company,
Nos, 16,18, 20 & 22'William Street
Branch Office, 475 Fifth Avenue,
New York.
.-.-?i? U nsokangr St.. P. W. PARIS. 41 Bonle-Tard ImMMH
LOHBON 26 Old Broad 8tre??t. E. 0.
Travelers' Letters of Credit. Foreign Eichange.
Following ?? the usual table giving the number
m last week, together with the highest, lowest and
net changes of the week, and the high and low or
the high and low prices in the year 19 12:
.No. | i I
shares! Dlv. . W
loin. I tat?
i?hi, . |A l?a
I?SI .... | .. . ; i .
IS.?? ?; . *.>;i An al ' '??, per
l,?ou , Amer !;? ?t --ui;...
iu?> 7 , 7.r;7 An Brak? H a. i
IM . , B.32| 'i" pr? :? rred
03,100 \n ? : i. .,,.
;>.ri?0' 7 .'..61, .lo preferred
.1.7' \i.i ' ai \ Kdr
lion re ord, ,
. end Tth. 16. 18
High. . laOW. !t I" "?
of shares of all stocks dealt i
final prices of the week, the !
ices of the year 1 _13, with I
lula "TTi,^.!?.?;_"
U ?? I High
..'?. ? '
I'?' 7
212 a
' -.SSI
..'I ?
11.. '
I >"
: ....
. ..:
- ?
;.. ?
in ::?.i
13 .
? -?
... ?..
. ;i.
? ?? -
...i prefer? I
Am Cotton ???
li i?i .?
r?p H.-.
,-. ui "? -
\m I..1.S-1
d i ?'? r? .
Am Locomotive.
do ??. ef< i r? .
Amei ??i Mali ...?
do preferred..
0.03 American -
. , -. i
,-,,8a .;.. preferred H
n .".?; An jff ....
.v.... Am ?" ? ' I "
?;."<; Am : le m Bag u
.. ..( do preferr? ?! .
?? us ,\ m Tel a r?
7 ?JO \i" 1 I ... ?
;, 711 do ni. i rre?l n< a
g.ia An. Watei w
Am t\..??;? .
do preferr?
\:i l\ i h Pa
a.:?.? An? ouda
. .? ??
:, s7 At hl?on
t ?..': I.?.?
. i?. ? ? . ,
. . ? ? ' ?" laOCO
i? ;i do i n '
.-, ?..? i ? ? i ? ?
. ,
n ,-. , Mltiin?
Bot h I. i
. :? n 1 ?
: >??
:. ?ii i; ? ? II
', 20 ll<
Petrol' . i
. ? \ .1 ...
i ? ? -i i
.? ?Ililo.
:? ? .
s ...
-, . .
? :?
A. ?
I on
I.*. !?
i ?
4 '-a.
Ms I
? .
t .'.'?i
' ...
1 .".Hi
' ? ?
1 500
?H a,
:,.. 'ski
I ?as.
3 *.... i
:. "
1 '.?.
1,1 II
? i . *?
.i *'
?i? <
; | . '
.; M
'.?II '
.-. '.: ? '
.*. 71 ?
.? .
- -
a. 47 ni ?
.-. SO I
? ? ?
. '
4 '.'. ??? 1
10 :
i ? i , . ?? ?
,, si. i i cai ' ?? '
? n
7 711'
?I :
7 O.i I.. ? > ? '
c. ?-> ' . ? ?? ?'.
I.. i ? 4 "
?.--i. mal? \??
a ;.., i , .... M
a.? !?"
lanna '*' ?i '1
i.l." '
g 7* ?? . let pref? ?
7 1
.*, '.'.. I ouii .' \'a
itu.-l ?'? mi' tnli
?,.t>i I , | ref. rre?l.
... ,
i- ,
i'? i it?;:
ii'. lit'
i..i ion
?. ? ? | ?'.,., Kl? ' ?"' d * ' .
.; v| ?? i .' i
M- rcanille M u il
It is if, |> troli i"i
;**y \(i N.aaiMlan ? ?? '
143 Minn a. Hi l.?" '-''
' ,1.. prefer?, -i ... '?
?_?.., 7 .'?<* M ? M
I [Me K is AT?
i .-, i? !.. ? ai .
Ml ourl I'acl "
7 ;. ?.... National Bl ? i!1 "''
7 ' .*. 1.1 i . i ?ferr. I 122
N.it i.?? >a '?'-?' ' ? ?
do |...r\.
.-. ???? Vat Ion? I i.. id .
7 ! a ?'??'? "I" preferred
4 7 ??.". ' Mill "i M' > ? si pr "i: ?? :??*?l
do Sd i f' :? rred... 23 i ? .
:;n :i OS S< vaila l'on i ? op ' ? ? n
,-, s ji M 'S Ali Brak? '.'? 7"'.
.'. I 4.7.". **.'? ? v..ik l'entrai. I?7 . 104
s i,._'?i s V Ml ft M 130 127'
S ? Onl A. M ? i Va! :...-,
'j 4 ?:?? N ?rfolh .? Kouth l IS ? 12 .
i, '., ..;? :. rfol ?- \\ tern \no\, i. . .
i i .... do !"? ferr? I.... s" N7
0 ! ? .",:i N??rtii Am? ?i. .?n .. m
-, B 00 Northern P n lili lili
,; *:. Noi ? ' i" 11 ?? I. ?:;
? . Hi?. Tel ,'. 1.1 .'??''. .'i'.?
I'.ein. Mail ....
.; .', ?is I'ennaylva ila U B. 120'? ll>>
?. m r opii i ?in a ?' "*? ii"
r iibone, Mollll ? ' 21" ??;'
,-, :, m. i? ? ? ? a hi !.. . i""' ion
Pittsburgh i*ual '--'
.-..?iI do i '? '? i red... Bl ? k* .
in II If. I'l. rre i..lard ?"
7 i 0.00 .i" prof? ??
s ;, .a. pullman Pa.?ar
I'll, k ill ?? ??41 .".'?I
Bj St? ? i.g ?"?'' 31
Rai ''"ii ''..;?!' i l! '. ' 17'*
M 4.0!? Beadlna ? ''"? ? .."Hi1 ?
i i ii So I ?' pr? i M- -I 01 ?>? ',
i i |<i .!.. 2d pref? in ?i . ? "I . ''I
Benubllr Iron ? :' -'''. ' ...
7 s 'I 'I" I ?'? '"" 'I- ? M;'- v''
r....i. Island '-'" i 22!?
' do preferred i'-"? ::?.i
0 ' 7.11 It.I? .. *???' J ?* !
,- ' 7 4'. .1 . | r- i rred ... *.H.\ ' '.r."
.-.nl..nr.l All I.I'l' 90 I!?',
? ;.. pr n m. I ... 17 ii
?i ia.m* \ ??.m t . ia?x li;?, '
4 I 7s .:.. I ' pr? '. in .1 :.'.- ' ;<i
?t., M ne retrod 31 ' gn '
_ ] _. io C I K m i Ik IS It
1 81 l.'.nN Houlhwei t.l :il , ill
.', I n.fill' d,. pn fen?.1. 71;.
7 ' ;, |0 Rear? lloebu<'h '.''??'. '.i.i','
BIOM Sin if g .?. I . II 41
t; S.99 Kouthern Pai IIW? .. IOS I? tm'.
.-.. lib? ii ll.? 11 \s :i ? . 27V? 20V?j
:, a.27 ?i?1 i " " rrrd., *? '? 7n'
r, ia -1.?..?i;.? ? Milling ?- . :,s
- ' ; m 'i" i ' ??? ""i aa , ?i?;
Btudcbakei M in;
7 i 7.ni >ii> prefi i red 0214 :?.'
.? 4.,M 'I ' nn? s?. .? i ,,- ? . ;:-.
r. aaa I i'.. Ifl ? " , ?.
? i.. Lead rmai BO '..;.
,; :, i? T? ..i?- rompait),.., 11*? nn
Third ?-..ni. ?' h sa ai
.? :, aa Twin <-it' i: T .. I?..'.' no1
i 4.17 UnSeraopd rype**r. ?.?71, M
linon i?l- a Paper 7' ?'.'
' So m ?:'. '-. .1 . . Its'..1 Ill ?,|
in ?; II" I ni'"i I'-" I:??? . . . I?'.l '. I.".|r?
4 4/4 do ?preferred *?'"? n1%
1 | H.2."? I'nlte.i . I,mt . .".i i?
7 g ?>:: do |.i< f? i r..! . .. 1'i'j' 102? .
,s ; s.nt Called 1?i> llooda..| I*1?! OS T
I1.?7 to nr.ferred
7 ono
?. am
n ;, ,
?I. I""
io, nun
r.? 4?'"
.? ..".
|| .1
12 ?a??!
?_?.?'. 7??>
i ".in
1 tlfrll
i ?;:.
n ,,
l. :??? ?
i no
I ?>0
;.?? MSI
2 H?'
*, 200
.'a a i
4 tMril
I ?
! .
? -
?. . ? ? ?
I? ?? . W? ,
: ; HO
' ? .
i , n
llH 131'
ljuo - I? unit.a ji>s iavoat..| oi | m%\ '."J I -
au'ai 28
Foreign Exchange
This company issues its own foreign drafts and
letters of credit, payable in any part of the world.
Merchants, individuals, art dealers, and all others who
either buy or sell foreien exchange can obtain immedi?
ate quotations by telephoning to 2600 Bryant.
Fifth Avenue Branch
Guaranty Trust Co. of New York
Fifth Avenue & 43<J Street.
Mam Office Standard Branch. I omion Ofica,
28 Nassau St. H Broad St. S3 Lotabard St, E. C
Grains, Coffee and Cotton Shov
Declines for the Week.
Bearish conditions and sentiment liav
prevailed in the mam markets for th
last week, and In spit" of spasmodic ef
forts to keep prices from going lower th
decline bas been marked. The when
market h;?s been depreeaed by dlscdorag
ing rabies aii'l the unusually large move
ment bars of hard winter vxheat. <ro?
cares are nearly Ana, and shorts ar
Ilk. I' to lie aerVOU6 until the Liepartmen
ot Agriculture makes- its May report o<
the wheat are* abandoned. Laat ?prim
there xxere 6 l?i?.00O a res ahandoned
against a normal Iof> of from one to twi
million. There was a rally in Saturday';
early ttading, xxhieh brpUgbt prices up i
Httio above th* dees of CrMay, but Us
advance was quickly loot under renewet
selling, and the laal Bj iree ot the wee!
were at the low po!n\ Boms business ha
been done for export, but the foreign de
mend fell off late In the week. Tin
bearish feei'r.g wee based oi free offer
Ings of Argentine wheat and benedeie
raine m India, irbtch tended to depreei
the foreign markets, with larger offering
of native wheat la Franc? Germany an.
Russia, 'xith good prospects la Italy
World's exports for the week were nor.
than six million bushels in exeeea oi Ott
corresponding week last year, althougl
about .i million len than In the sreeh pre
rlous. The world'a stock is I
Ibuabels, sgalnsl U9.IS3.000 bushels ? yea
age and IS 101.610 tare years agot being ;
de vaai lor th? week of only U1I6.6I
bushels, sgal si 6 decrease ot nearlj
l,600,< 4 .-? year age Thi domestic vUdbl?
has u: und 77.000 bushels, agal
r ? :?? ' c corr? iponding week las
MlOOk The -! mt latereal In whea
m . \f tided somewhat on aeeow
! of the decline la corn, and may prove ;
of weakneoa m the futur? regard
?. ..r tM te? im! ?l situ?t!? i : Ice
are now about tt ei ?? bushel k - r thai
? tl ey e<re ?? ? i ind this Is ?? i irdi
?by many i discounting man) of the beat
feature* of th? ritual on,
Continued heavy Interior receipts ai '?
falling ??ff in the cash demand depr?
the coro market, and prices have sane
all the week, sac? pi tur , brief . purl oi
Baturday, x? hieb srs ped oui
StOCke are Bald to . lulatlng oi
trecke In the VTeei a I i Ih this not
counted in, t?ie vtstM<
au it; r.;,-.- i-.i the W? k of Z ? ?
luiiheis. and Interior reo i about
1,001 In 6 ?' ? There hai
he. n ume exi ort bu In?
ing American corn, even with free offer?
t At tin? The onl offset to th?
inii lenci of continu? d lai
Btnallnese of the don I I and 6
t. ndenc] to In? rease tha ? ft I ?? \"
? ? ? . fact n .it ' '?in
an i\pn abo it 17 centi b< low the
figures of s ? ? r age
<">;it.? have rmpatl Is? I arltl I i move?
ment and t-ondltloi b of othei rrali
; g\.. .ie. lined, although pi ? ? till
about -?" i ? ? il lower I
..rt. spondlng Urn?
able tea k of American oati I
> h the week,
sg dnst an In? rw ? ! treat i
e.-,66g While oats bave declined m the
?reek, they have not ihown the sa>
grtt of depre elon ti?..t has affected other
n elm i !arly In the week then ws
steadiness, sed on buying by big In?
terests in Chicago und local shorta
The Hour trade has not shown new
features of Interest fie.d,-.?, have held
aloof, partlj through being prett) well
itocked up, bul also on .?.?unt of tk'
.le, line in wheat. Prices at th? North
irestern milling oentres are somewhat Ir
regular, sales In son ? ? ? having been
made .?t concession? The production al
Ifltmeapolla, Duluth snd Ifllwaukee for
the week was MMM barreta, si
M7,S10 s sreeh a??? and "ivir. a year ige
There was little t,, attract attention In
the ?ottiin market, trading having been
only moderately active, nrtth prices shoe
in;; Blight gains sarly In the week. Thes?
u ; i n i h arare the result of s strong, but
futile, bull effort, ant reached about si a
bale Tills wa6 all wiped out by a wave
of Hing on Thursday, which was added
to on Krl.lax, when the market became
nervous and unsettled. On Baturday the
nervousness became mure apparent, end
b harp break carried future? .t-.w?i to the
lowest level of the week In the late ti id
Intr. This drop xx:i- tint entirely un, \
pected, the recent advance of nearlj <! i
bale, the elimination of a large short in
tereet and the croatloo of s long inte eel
having made many dealers feel tbat 6 re?
action was due and t?> he expected. \
combination of bearish factors, Including
,i lack of .ilMence In the technical
foundation for the i ?ni advance, th?
business and linanclal dlaturban.aused
I m Europe by th" Hakan war and p<>i n
cal changes, and s stead] lach of buying
Hol ok? n. N. .1 . February 17 u?,1*
The roBUiHr quarterly divid? I .1 ;i? '?(,? .,,.
..r seven p-1 rent. iTr\ p. ? aanum an?iu
iiildltloiiul quarterly dividi-nr] ;,t ,,,,. rate*
two !>? 1 .-'in. (2%) per aaaum, ?ill bt n.?
February 28th. l9tr., m uw,,, of r^lV.
Btoek of Th.- Associated Merehantg 1 nZiZ'
of record at the close of buslm-ss Moi.iai
February 24th, 1013. ?omiaj
._MOSES ELT. Hssiola.1
FEDERAL MINIM. * -\iki tint, ro
Iway, .Neu V'.rk. Feb u. i^|J*
.._ Dnjiuwif, .-s*-.\ 1'jTK, ret, |4. iyp
X dividend of one and one-half (1U|m
cent on the Preferred st'.ek of this ?v??
pany bas to-day bees <i> oiared. pa-.ab!,
Man h 15th to stockholders or record ,. ,?.1
loos of bu ' h on February 24th 1616.
I ': ' \K S VI KKN'Y, HccretM
Hoboken, N, J? February tT, mj
A quarterly dlvtd'tid of one and th?*
iiuar'ers tl V 1 per cent, win i,e paid Utm
1st, rn::. to li.il-iern of Preferred ?toekrf
I'nlted l>r. Goods ?"ompanl's of record ?ii
F 'I . FrMay, February 21st. min. *
m -?-s j:i.v. ^-r,,^.
Registry of Public
Municipalities, corpora,
tions, firms, business men
and investors are realizing
more and more the impor?
tance ot safeguarding their
interests by the employ?
ment of responsible public
accountants, equipped by
experience and character
to render impartial audits
and accounting investiga
M< IIOf.AH T. FlfKl'll * 10? '
Bi .im he?.
30 CHURCH ttl Tel TjTicet
1 mn a 4 o.
?ar, TIMh ?venue. Tel ' '"'?t SI
\V. V I I 1 xiin?; a ? ?).
I'uhiie Aceeaataata ami \u iiion,
Mod rn .' i. uatlng a stems D *ltttt*t
last lied
W Nassau *>!.. New Ysrk. Tsl ' r.-'andt ?ja
pot mark"ts of t1 r isjtrJ'.
with mill mei stocked up for the ?r
four n and a planting eaass 1*?
at hand have had their natt i!<(TettiM
, ?lier.- little 111 ' ? g, i.eral r
.1: ythir;
mor.- 1 han .1 t. _???.<-? , geBtB
s th Southern connections t?i
? . H' i (l>
Memphis r with it
strocUna I re to seil si iv
price o ' 1 sb Thin ?lid 1 I lernt to b
held lo ' part ? ir rr*ot
la birgt 3
'? ? --rts fm
... ' ? ' ??.]? i?r4
' ? ,r of?n
?'kot* ul
! ' - : .??ni? hi rr ? -,v,r prit
11. H ' ' - ' tH-'l
a i ?at ?
pound ftom t! ? of t leys poto
?'? prleei 6
the low of ? Med to ?
i-'t "i.. I verj h?"
di ali?as marked the slui n n"
, ? action, ' n not ? -'1 to th
teriall; Th? forte
nu !<. i-; ;ul sie.? ? d ' ,-? '? '
weaki ? ? - 1- Ing attribut? 1 to h rtvt*
? ?. . hebst **
I hen ' I ' of B6??
I abroad Tin ? ,vrto*i
. ? . .-Kit ill
? - tali t
sat loti r??fl ? ''Sh ?*
to i. ! ad all ' diitrlhd*
1 . . j of re
fr?mm the '""?> kl
,1 ?t i..r th? ? ? sal w
sumption '.. ? ???.,' ?iifi.-l'Bt? y
roads In the supi ' ' r0'jr,rf
buying t.> repl? nlsh to Tin btrt
trading ol Ihe week - owed a rtlgiUm
bul H x\ SB ni- t h\ Hll< ? " ?? ?lin* vii
.,;,. ratoi 1 wen I is to ?inure*
vt'lopmi ? ?
In country produce ther? hare a*}
general, though not large, r.-dnctina*
|., |. . gt tnitt? r and ? 1 rubej *
,.. u. ? ;.-t:iy?p
tables Much ? teeggo
" : irdi ti tru k ' ha-' . " ' ,hls "^
del . howl .: marks nl fi ' si I t*1**"
fore unsul it ""'e.*I
not worth I66W
t. paj transportation chance? tw**
l.n ;? Bteaily d tn.hi.I f? ' fresh k#
and with lib? ral eupplt? ? I? ?*
tions hav? ?! steady. 1 ; |lf tf,i*
fruit? showhiK f? w. If any, tt" "ut'?nt
Tl e Bteadj advano? iti tt" price of li*
Bto? l< continued, lam'..y being the ?mly*
ceptlon, the gain on other? tt ? ilV"7
"i rents u hun.lr? >ixx- u-ht. Th*
i-reasc x?a-< followed by fractloaal *\W
in the dressed product, except for ^
w;.,. h showed a t red Uoa **
barrelled. Bhowc>d the Urgent odveaeij
??.. k in the line of in? ata th'.1 P*
amounting to $1 % ;? barreL
?if twenty-tlv? urtl?!?'?? of eurrfOt
sumption tabulated by Th T,MI"'4Lj
the week JitHt 1 ml.-1 ?hole , I? M"'1 **J
? show Kaina in thirteen In : ?' ' "? r* *
I lions In .vi\, with >i\ remainisl
? changed from the previous wedt
No | |
aliaies Dit
?ol.i. i Bataj
KM? :.
im? - r
10,3110 4 I
I.SOO 8 i
StSl 4
273,000 ?'>
?.Kl MI 7
I?? I'll ..II?
I 7??i 3
?.is i s
?Jim? 2
Hi*. 7
;: law
io>?i IS
I.00OJ II ,
2.B00I 4 |
Km 7
000 - - I
'.?.?SMI 4
H" 7 \
I ? tuotatl? h i
v end. Keb
I High
ftlv I
.... pr? f? r? 'i .. i .".? I M
ir g c i ** ?i r? i ta n
i a Indita Alcohol, ?B -
?'..?r. i h i:.-.illy S imp.. J3W ???"?'?
U s it..lie .?? Ref... i1'! 1%
? [ do preferred. n\ it'.
8.271 U H Rubber ??-"
7.BI, do 1 -i pre!?.ii.-l.. . 1??7'. IOC .
..u? do ?-'?I pr? I. ii? I. . . 7ti'j 7??'?
; ?.'., i tl Bte? i. ?ii7? SI' -
Ii. 14 d.? f. r:..| . I?!*.'? 1"* ?
r,.H"i| i tah Copper. .'i i 4#%
B.51 \ . ? ar Chemical.. . ??%| IM !
7.'7 du pr? (< rred . il" in?
II. i.. \ .. It| a r .?. r . aa I ."7
\ .i Iron ? '"-'i t >? 524 BO
s.u.'; V'uIchii Detinnlng pr (M M
W.il ..mIi . . ::?'?, .".'??
: do preferred.| 12% I 11%
a.as w.u? ?'..re., iixp... u."'. M2\
Wertem Maryland ii1.. I.T.
1.23 ?Veetem I ni? n M. .'-"? ' 71 I
b.m VS'Miinghooar M<n . 73t4| 71 ,
.-..00 ?i., lel pi.?ferr?e. .1 117 ?117 '
Wl aeltng A I. i: . T 8%
3.04 Woolworth. li?i\l irl-t? !
0.12 ?In pteferi'"! . IIS ?ii
, u lacooala i entra! :.i n?
..... -i.
? ' ?
100 .
101 .
N? t
-- '?,
II |h
e I
II ?
1 ?
?1*. ft
i. .
Uli! ,
' 7'.'V
! ?? "'
i na%|
i w '
l. >?
<-? t
Ii I
ll.:. 's
7* .
. I >?
el '
117 ,
4?! I
in? 1
.v. I
I*1 ..
'And -xtra. 1_x dividend. Total BSlsO for tlic wcik, l,4?i2,l<0 aharcs.

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