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December Bond Circular we ??.li b< piecesJ to ?end a top?, of our Dcfnihrr G?rerai Bead II ? dl te investor? on rrqueit. This ?..rcular describe? a eompre f I rii'.s?* hit of ear-fully >r - I Snicipal, railroad and public V utility ?orporation Ixmda. which WS r-coninirnd for invritmen'.. | V Send Km General Circular 9) Harris, Forbes & Co l Inc Streat, Coinar Wllllam NEW YORK We Offer Canadian Long and Short Municipal Bonds To Yield 5_ to 6% Ciri.ul.irs nn Application. W.U Solera Co. 43 CEDAR STREET NEW YORK Btibcodi & Wiicox America? Brass FREDERIC H. HATCH & CO. aa_wae tmmmt Mi". *-> Droad St.. New vori?. met I'M ?'i'-'piiia. STANDARD O -I BftlDIABII - | -I '?- I f SSAM -,, | .,,*>-. ol I? Mix K L tA.:LM.P?-OR-.riEliVtt:??C0. Wm.A.Read&Co. Investment Bonds Na??au & Cedsr Street?, New York a ii -? .. Amer. Gas & Electric Co. Amer. Power & Light Co. Cities Service Co. Pacific Gas & Elec. Co. Standard Gas & Elec. Co. Utah Securities Corp. Lamarche & Coady Phone 9970 Rector. 14 Wall St. J The Wabash Railroad Co. ?BOM IMZ aTfOM I it lli.ltler? i.r 4 -Ttltl.Hlr? i.f l>epn<.lt l*?iied i.? I hi* l..|iiitiil>l>- I'rual l 4iiii-.mii>' nf New lark o.- Centra] l>?i?i Cmmtmmt <>f N?\? \??rl? ?r ( i.luml.i? 1 ru??t Ininpiin.v ?,r il? |>re.le.-e?.??,ir ! representing Kin?! (???liiiitltiia: nn.I lT.teni.lon? Mor?anme Hi....Is. rreft-rrr.l M<n I? Hiitl I onilliim ?toil, of The H'ftJ>**ah Hallroaii Compatir: . : is m Ri !',*. on is thai ? ?.?!?>- ?r ?? . Ral roa.i I'omi.ai.jr ? . a?.|Ulrr.? by Wabaah ?.'?on oriar.lred UTKlai i . batas '???* Ni?? t?y Hit, Dan and Afror ' loh I, n.?i? In po? ?ra'.i r ?.ail railroad ?. - - , . 4.- Reoraari ...Irr? of ? ma le ? ' V I: i - f - .irllTiry .--. iir utmiit Ke.r-iiili.r 1.'.. I'.il ? ? alona Mt*ni*c-> II ?-Ir uiider*?rlt!rij i ? ?i?n??*r? of tha aaa ? - \ -, ' : V? , a- a-i? lima artet - - l ? ? itatamaot c-f . *a a:. ! ai Ir?-?i "t ;'i?* i- -? .j?a alia.'. ? .a '. n--.?r ??.-urltt?? .IS? ISIS, ? . - - or W !:i ?bleb au-ti *??'.-* of I'i-poatt rep - - . . M ri I to r"?-?!**?. a? * ?e^urlt'.f*?. .f ? ? ?um of 114 :4 '- . f ?-? ?? tl.frfo'. at i: <? rale ?*f ?a m* ? ? ? ? -. ? ? i ; '-??-.-> ?J r-i--" ' ' ?I ar**? JOIN? REORGANIZATION COMMITTEE, Hi ?l>*?liiH - PIKRCC < )i?lr?iian. American Brass Co. Du Ponl-Hercules-Atla?. Nilei Bement-PonrJ Com. Singer Manufacturing Co. Yale ?& Towne. Lamarche & Coady Phone 9970 Rector. 14 Wall St. ?-I C. R. BERGMANN & CO. Im 0?tmOUi Srrurilue 66 Broadway New York I eh ph..ne. llrrtor?l'?\<>- Itftl. ?All WALL STREET tenth DOW, iCNES BULLETINS & TICKERS Investors read THE WALL STREET JOURNAL ??.-? ?-""??-' nXAXI IM MEETING?. s M,| ?4 ( IIHIUK \TH.S ?? ' ' - . ; , ? ? a- ? ' ? ' ,. .,<>% >??r ?? m ,.tl ;, .- '.'.. a I I* r*?.r. ??ary Ho * 9 REVIEW OF THE FINANCIAL WEES Baltimore <$: Ohio's Bond S?t1c Meets Remarkable Public Response. SOME SETBACK IN DEALINGS IN STOCKS Markets Small Outside Intor est Slipht Business Upturn Q?ernaa Exchangs Low. . merit - imm?diat? the public of the 1-50,000,000 of Balti? more ?C Ohio B i . ' markable. Siaee the ?iffering of the SI 00,000,000 of Now York Central debent- . . I'ailroa?! general the bond mai ki mel thi .me from Europe whei . . ? and haa mad? Whal nd the return of money is '-till a matter of . this junioi ut par prov? l ??? the prose l?-as;. . sa borrow 01 term obligations at a not unreasonable .".ore <v Ohio ha ? growing ? Bnd better net ? ments d nave told on ..p. ra'... Sot all of th. ? ion, but so : ' ? I again broui i." i I roa?'.-, in time oi sti amount if railroad mi ? roads could not '?? ?? de 1 funds, should be ' strong railroads when not be subjecl every > ? ar oi ? ? the vas ; " money m ticularly since war meai Tradine in Hond? Qaleter. Dealings in bonds Bel 8 ard other offering? impending, in part through natural resction from excited deaiini ? mber. Thal n a? now looked bach upon, ??? thustastic. the speculative spirit shown in stock?, an.l dealers came t.. buy to tell to o ? ? rather than to i manently. Prices were carried so high that sonic reaction and quieter trail? ing were naturally to be expeel 11. In November, however, a great manv bond? wore taken away from the mar? ket by permanent purchaser?. It. ' I tion? which had been holding ?ince summer to ? were to be offered no longer dl : investment of thell fund?. Individuals be Mime of the profita of war at ick ulation found lodgment in bond pur? chase?. Large Ei taken without disturbance. Ronds of the h. ; grade hold fairly i.rm last week and ware rather scarce, while junior issue-;, inticlpatlng the competition of new financing, were s little lower. There is still a large sup? ply of bond? of the best grade abroad, but Huropean selling, particularly thai for London account, was very small. The proposition that the Rritish gov? ernment take over block- of American securities is not yet quite clear. As generally understood, owners are t?> lend their holdings for use a? col:,, in stabilizing exchange. If so used, our bonds will he locked up where they could not be dislodged for a while. <?:' eourae, new government the ether side, pu' oui or. Bttrs terme, nia;. our securities but the new French ?loe? not seem to have done much in jay. Advices during the week in? dicated that the next long term issue ?. < .?t ilritam might be put off until late in the winter, and BTOH when that core's it i- expected that no such Bavo of Kuropean liquidation will follow as ? ?. i last a " Some Reaction in Stock?. ? of better business COnd 'rom every side, bat ir. the if.? market last week uncertaintj way ? There had been no In : buying to .. moat of prices thai had anticipa?.! our present national prosperity s market b BCtion, hugely from tl ?? e of the ladusti ?als. - ? lativa pin - waiting for better prices and ... elosc o'it their commitment sional traders, who ?nus' ,,. price! move if they are to | aggressively, to hi.sten 1111; ? rravtou i wid? % i in wr - were not repeated, When in th. d?a ef the week the turn downward be? came pro?... drop, and dealings st thi were not on a Is | end of Ihr? ?iderabl?. ri day? of tradini hnn Is in S '.lume. Th ??f th? COUIite.l foi A mont eaririigs were si securil without enthusiasm fun ? ports that showed remarkal in traffic for October and large gains in net ... ? ? ... far is ?' part 0 the rou:itry is conci-rnc-l, it i? inability to han '. ? ? to ?traig-hten out ? lously in our in dust:: aie r. ? ter of I ?? i t?K" ara fll -, remen ti ami Acuity m ? The iph it ol e ? Ion thsi i Chriatmas trade disapp? , i ?n sxcell? .oked for ? i luxuries to ier.?\t>r from husm. pre??ion, i? ir-.nrov ing. aad ? ? of in. ? d abroad in be ' | full employment of labor am! high ?o, bul with the great in flat I C4.nr. tg uuual COI # fluence in makinir our markets nbnor s te sell in. the exchanges v. uh our principal ? era wore held ? ? '.':i.''' .- ? ' ' P#4Trtj ' ? ' 'l here was i snd tew buyers, Shipmi arc -li? the < ..un* r ? . r t h e ? I eta. ? I .. liar i ? ? : . cen? city held on Satartlay morning r< of ni.ro ;h-.i:. $179,0) ? iequiremenl -. . isa in eaah, . hi addition to loa week, er.?ij;i thai WEEKLY CTOB TABLE. INDI -I Kl \l . I . ? I ?? ' I " 0 I I I ' ? I ir, ? . ' ? 1 : Kt : II ? ' ? ' ? t 47 ? - ? r, ill it.* : ? - ;'? ? I i , *% I * ? STANDARD OIL SUBSIDIARIES. ? '. .17 nUnental Oil.271 PI . i ?7? .'. ? i. ii? ii: :. ? ,.? i I . ilrle P I... US -- I h Pei ?. ' ? : ? ? .. t .?i ol lad of 1 i YES * . - -i ( MINING. Mm. 1? 1?? l'J ? I ?' . . 4 . |g? Dfv. ? , ... 4.' .V /. . . 7 l'a I N V... 4 ? . 2>, ?I h i ?i n ' ?. ;: i M 4 '? ? I . - .PPt I ? " inn? - v ' ? 'I . '. . . ? ? ? * <. - BUNDS . BANK STO< K; l I lark 11" I?.. l?i .*. i I N. IC. . N ii \ in ! i ? ' ? ? ?. S. RAILWAY CHARTERS URGED Neulands A.akes Plea for More Efficient Control of Securities. WOULD ENLARGE COMMERCE BOARD ' ?; ft" Cooperation Between Nation and State I * -Um ' f ? Ian. i I lie v ho I ami, inci pansies now .n railroads may be B result of l?gislation by ,tnr Francia G. Net hail ' ? Commerce ( tl admit ? l.-.y that he Bras heartly in fa? vor of . - ? Con? ? ? , : :?on. i the ? eorj ?m ? ? , icops . ed to adjna) it* ?i eharter granted by a favor government of thai ' ? "1 control ha ids of thi il tes, >?ut he bel ?ere thai a eonld he tional and v onld ?.; erste in ?e?. \\. nui < t.nirol Becnrftiee. -.1 in - .-:*.. -. ... of by the Senat? ' ommi res I ommit of railroad theii in ara?es by 'hp Interstate Commerce Commission. This ? mueh limplifled, Sen? ator Mi . if th. railma.ls were Incorporated ander Federal ebart ehanges wees s?ade, ? r the erce Commission to .lily by in l4One ll problems which would ' ? commissioB t?i stutlv raill nul regulation," aaid Sc *.??]?;-. "" ::i?" in the Interstate Com on. Evory ana who has looked into ? bows that the coi i isi "i ?- four full;, overloaded ,-it pre ? t ii set ? sftt* thing to overload any machine. By what plan m wonld be bettet te i com of il i ?? train end make mission to ?in the enormous amount of additional work which would be heaped on its shoulders by requiring it te supervise railroad seenril ? onld be one of the in? ns which eonld pi ? ?V? ?My be determined by s commission Bggested. PrepeeSS Three Bodies. ? of the plans proposed to roduee the burden of the Int?ntete Commerce '"urn.:, . ?? actually three ! ast, another for the Mldd ? We I end I third for the Far v> ? rhe three ?-mall commis? sions could occasionally hol.l confer eneei and thus keep the guiding antl ideas of ell the ?-ame. ?'Another solution for the same prob loiii would be th" division of the com on, after Ursl atif-i-innting its numbers, into committees which would pass en diff?rent kinds of subject?. Thai one commission Blight have the supervision of railroad security IsSUSS, another the question of advancing or lowering rates, snd so on down the lins . -'i th.? functions performed by the commis ? ? on w< aid be i I I - ' ould be : l?o for dlvii ion - of the In? to be the ai ion tea. oi per? - roup of ? tea, for the purpose t?te ' searing the "ii and enn tate snd Federal au ' ? "(i-i.. f,f the most important of all by sueh an in? ? i er, would In* O at of forperatioi There ii I road eonntry ? I ou. I be orfc out their ? functions under charters of a ?i the ni in tho ? ? id oc? Would Watch Rspaaelenv, .... thia eonneel ' tive in ? ? f tl ? they to their those of thi ? ? . which ? .-?"? Ihey htv ? rharter * I ? ? ? .<? ? ? ay of poi ibl; ? eonld ',???.. r 11| . "The question IB] rtniice, and 01 ' . got on ., | rm ol ? ? ? r ?' assiste! 1 ' i silroads can only ? M Com? * will ? the | - i 'u ret y at inti in* of douars BBBualty in la? ' TRl ST \\i> Bl BEI i ? OMFANtn. BM Sat A Ulan. I' T I Am Sura ? ? - ? ? ? ? ? ? I ? ' i ! i ? i ? .: . !?? ? STOCK EXCHA NGE FOR THE WEEK following i? the u?ual table tWInf the number of ?haret of all stock? dealt ? ? :?>r the week ended December 4. togrther with the hijrha*-st. lowMt and final -.rires and the net changes of (he week, and the high and low prices of the ?fi,r 1?13, with ihe hi^h and low pri.es o? the year 1914. Total salea f??r the ?etk, J.Sr.2.700. against t,tSS?SS B week ?ko. Thi? week s year a<? the ??.oak Kvchange BBB close!. From January 1 lo dale, l?i0,nl.?.200. against 4h.I-s.100 in Ifll ... i -? . S'gm? |;o. No | SI. t i. ? ... : < \.t ?- chai?.*. ? . latea ? ir-*. M : . 5 ? 11H : 94. ?MO M?, ? ? ' ? ? - ' ? j - ? ? ? ' ? ? ? ? < ? ? ' ' ' - ' ? 4 1 5 S I 4 11 ? - : I ' 4 t. ? ' ?. s :g?r - * rd? et . a-, . '-? ? ? ? ? .a ; ? ? ? ? ? M. ? ? I J <1o pr.f.T-r.1 A H ?.---. s - i ? Sugar An. TVl A T I I ? ? ? ' | | lu? a ? ? .... II . I . ? Bl ? ?? . " . ? 19 i. - . .1^ (ir.'rrT^.. i Rapid T? i II .,?. - ? ? 1 I B r? le Mil I , ??; I ? ; - I . I ,?? of V j : , - ? ? , .s ?? ? . . c ? - I .-??.-. ? .. ? Paul.. .. n i i p - . I' ?I A " c c c a m L ? ? | : ? '? I I ,\ - ...? i. ?r r . il Cl ' . ? ''. :. : , - ? I ? ? - . - ? ' ? ? i ill ? . ? ? . ? ?i - ? - . Il? . . - - . - a na . ' s ? . 1..I-, ?! I I - ? ' ? 1 ? ? S'.?: . ' |... - ? ? - 0 - t l - I .. ? A H'i.larxi D i. a w ,,?? ? \ R 11 ? : ?r $11).. ? il. IM.llllIng M?' Il ll?"rra I I do l?t pr?f.r-..| - : r?d MA S i .' ?^n?r?l ?'li.-rnl.-il ?'? pr. - . . ?1 ?V ll-'l... . . Il I i ?-.. gute.... M ? I" Ut'. 13 ?g? - ;? i ! ? ? ...? IIY ? lit . . 4 1 ? ? : ' t ?, <ir??i .. tei I II???. .. I ! Kr I. A P... ;?, llomeatak? Il In la Can ..? l ? .?si. .. ? I i Irai Um ? .i..i?r . i - .i .. . ? .1 . rrad. ? [ni BTtn r n i . ; Se fr?tent I I ' H?r< . p . I ten itl gl Papn ; ten ; nal Mck. K c rt a a m j ? - ' I'M .; ;. * P ? ' . ? .-? ??? .' ? ? .. v ,1 , . Il ? I Toto < ? ?' ? l .' . i - Mack?*- ' - ' ' " ? ? ? v ? ' ?0?! im um ? ? i . ?l> . : . . 4 4 ' ? ? ? ? ? f. 1 ? ? ? IOC 1!? ? IHK 10? IM ?< - - M . '. . ?I ? ? ? ? ;?? I4\ ' I - I \ ? ? ? ? ' - I ? M - ?' . - . . 1.3 : ? 1.3 ? ? rVl I.? ? ' 7 Nitfc- . H \. . .. - . : i V. : i ?? ? ? ? \ ? . ' ' \ ?, .. t Wh -, - a -, - Mi I ' : ' ' I , ? , . ' . ? ; ? ?4 ' I . ii: - ..? ? 1-aPI ' ' ? 4 ? 4 ? ? ? ? I ' - ? - ??-? R 11 ? - II I t 4 ' ? t , i: T. ? ? r. !.. A v. Ilk 4 ?. -Il I R i . I Irglf a ? . . . .' ? ? . i r * r? 1 . -- ? ? ' ' ? - ? 0 - a , - . ?' . . ? . . ? ? . ? ? i-? i ?. 1 ' ? ? ? . . . I , ? i . H . h ' - 1 a ? -, * : . I 1? ?' . : . i?> . . . ?? :? ? ? I II Executor Trust?* Chartered 1822 The Fanners' Loan and Trust Company Nos. 16, 18, 20 & 22 William S'.reet Branch Office, 475 Fifth Avenue New York, LONDOJ, 15 Cockt-nn: St.. & VT.; 26 0!d Broad Street, L a PAP.I3, 41 Boulevard Haassma-.n BERLIN, 56 unter den Linden, N. <?. T Travelers' Letters of Credit. Foreign Exchange. Administrator Guardian Resources Sixty Millions Service Preparedness Experienced oAeers ?ic- to perform evcrj functhw tuatcd by the f-urpose Bomk M t.) serv. Three qualifications which will .-.r.sure the cf your Estates, Tu? ? I ;u;:rdianships. and all other financial pn Menu uninterruptedly and successfully. Metropolitan Trust Company of the City of New York George C. Van Tuyl Jr., Presiden*: 49 Wall iitreet Republic Iron and Steel Hoe one important indei ? ? has developed a big earning power through in iggressi*. I uninterrupted policy Of diver | costs, incressing cspscit) end introducing jII -i: econt'i Read the Dow-Jones financial news bulletins Monday In every well-equipped financial office. Financial newa ia financial inauranc?. The Dow-Jon.*! financial news bulletin? In Wall Street were never lo valuable as at the present time, The record made by the Dow-Jones News Service has this vear been the talk of Wall Street i.ie markcl Lui fluctuated right along with the L)o\\-Jones news. Investors read the same news later in the ifternoOB snd morning editions oi THE WALLSTREET JOURNAL America's leading financial newspaper : ! : . leading in editorial expression, leading in circulai STOCK EXCHANGE FOR THE WEEK neme : -est.I i H u.-A ? \ . iIa pr*f??. -. i . i a Rubbar '' - fa rad ?I'tab i'omut tp*r 1141.. Va ?ar t I ? R ? Powm ? t nai a <ok*.... tWabaah - ) ?I. vetternd A ? I ' B '1 I ' ? I A I, I i ral. Na. i ? abara* ? *?? ?J i l ? ? 13% SI 4 '. a ? '. - ?? ? , : ? ? ? ? M . . ? ?/,: it* i? ? ? . <>t. in? !??? Pai n ?' . at 111?) ? i i . . ? SAVINGS FOR RURAL CREDITS DsckSTJ Would I ?.r $?.?,000,000 PS lal Deposit? In Finanre S>stem. Washington, Dec .">. Dse t? ? postal *.a? i i - fer B i ?irai credit being urged by A H. Dockerjr, Thir.l v tsnt Postnts I ? rsl, before tho Join?, Congre ? CeniB is lien. M ?uni ?. ? . nrould pi ??? ..!?? ? ? ..- ei p itnl for the operation ol i run ? ?,. The us? puint-t out, would obvi?t.' t| .? ? ? 'ikint: an printioB for . i cn*?l its at this timo. Mr. Dockcry sise ur?;< ? that the maximum Binounl of i"?*'a? Mviogs which will bi* received from ons person bo increased i'n IB ISM t?i Bl 11400. To - ' Ivnntsgs ? ?ncroaso, sritb a view to kCB| ii.vicli mon?? sa possible in I ...? ..f i.- foi tir? amount is in New York ( ?.?'i?!y, in Now fork, an I ? tempted t" deposit more than I i in being refused per ? he bouj-L' a postsl rnoBS] tho entire amount and sent it i Italy. PUBLIC UTILITY NOTES (.eneral NtSWS and Karninga of Van nun ( orporalion .. The Illinois Tl ;.anv is bl tinning to show - ub mo-it in irrt.-- ai sfter .. period of reduced turnings, prinei i.i.l'v ir?im ? rhe Earn? ings I ? I ; 12, tbeugl - ? than in thul month Ol la-' ... obi tl terui ban i,mount.'?I to - in 1914, ir. ?i k ; m ? .i i,-:?.** income from all departments of $980,071, an m erssse ef nearl?. I per cent Exp tun*? for operating charges and ta*,. totalled $."..r.4,:i*J, sn increnss of lit,? 885, leaving not operating revenues of $4L?.,.,?i'<'..'. a Kam of f> 52 per cent over ? .-.r preeed : si ' Intcrborough IC.? p ? rl 1ran*-?i | | ,. t.,?,. , borough R*p d 1 ' ' made pul IS? - i opera) ' M tl net pared mi ?i>al!e?l ? ?.-.I to $10 - ? 1 *"? - I ...ii ths ? "g. .rough ! < ?irpor ? TdsV ! purchased wltk : t, per ? ?nt bonds for . ? ' ? |..-. i boi ri ich ISO tl the ? ?- ? ?. l)I\ rOENDg Till Val.KA K)\\ MM \ M I- Mil HI SO f tlMI'WI. A i; : l) el ..na ant) , ' tor th? "in .la ? ..?it ol I SIS, 14 . ? N ?>f bua! ? ? I ' ' ? ? ? f fl \ ? pai -?- I paymbli ? ..f r?-? nber 11 .1 M Ti ?<??. VI ,*'.ii"?rv Bl MM l ?ll l ?I Kl 1 < iii.roK ? IIOV v.?ti?r al I'ni.lrini ?n PrefeereaJ m.h-I?. ? , ?? ? cv t ?hi? i Meek ? .ii Januai II till ?ill be payable **B .'?r?uary 3. 1 at * o c.cn )? M ..n Dot IS, till I? II JONBS, bcritair. DwteS i'?*- U lilt