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January Bond Circular WC "nil K* t ?*'i*.: M BH 4 ? <"r*v of our January General Bsbn Circular te meSSton on rc4-uei* Tha tire-jiar (aSaafSBSS a tSSBS*B*S> hemive lut ot carrtul'.v ir ?xted a-iuaKipal. rirlmad and public Utilit) ccrporition t-emii. ?Inch ma recoiumend RM marjtmrnt Seed for General tinular ?H Karris, Forbes & Co Ilia, tavrrat, Cai-nar ?*. I ? 11-? "? NEW YORK Barai Broi. Fid. Maaaiag, Miiwe'l f Moore. Cardean-Amer. IngSS Coa. llopkiei & Allen Arma Com. 4 Pld A-aerican Gsi h Klee. Pfd. Aaierkaa Poaaer A ?-bl Pfd. Pacific Gaa A DBS. Com & Pt.l Utah Secoritiei Stock Weitem Power Com. A Pf?-"? Repeal.?: lt.. A It. Com. Klely & Horton SO Bread St . **. V i't'"i.e BWeOai "**::? STANDARD M nsirtiARir - ? n 00 i **- Bl oc IK".?. HUN"? * , I 1' M>" K ?CARLH.PFORailHEIfVILR'i.ca Maoaa ?IIC It I ? Srew! t; Br*?<" Sla. N. T Federal Sugar Peck Stow & Wilcox FREDERIC H, HATCH & GO, -""has* Broail SIKV 80 Bra*-av<1 SMa, New York. Prr.u? u.etr.o'* M Meua *u.<* i'y. ?.*.?. ? V?m.A.Read&Co. New York Chicago Philadelphia Boiton London We recommend Riker and Hegeman Tobacco Products Corporation Parties??'."'.* pi ?'-' BAMBERGER, LOEB & GO. 25 Broad St. Phone 5501 Broad Amer. Gas & Electric Co. Amer. Power & Light Co. Central Petroleum Co. Cities Service Co. Pacific Gas & Elec Co. Standard Gas & Elec. Co. Utah Securities Corp. Lamarche & Coady Phone 9970 Rector. 14 Wall St. < ?n.rraatla? *-??< BVttj Kerlea? ?rut mi request C. R BERGMANN & CO. Investment Securities. 66 Broadway New York Ttlrj.*"?*. ??< tor -18411341 American Brass Co. Du Pont-Hercules -Allai Niles-Bement-Pond Com. Yale & Towne Lamarche & Coady Phon? 9970 Rector. M Wall St. AJI WALL STREET -?ids DOW, IONES bULLET.NS & 1CKERS Investor? read THE WALL STREET JOURNAL FINANCIAL MEETINGS ( im.(ral Tru?t r.im?>ar*> of Nra *i?.rla. N< ?TICE i.'F ANNt'AI N? 'TICE 18 HERK1 ? '. at the annual rr:'?*;'S of the etockru ;-? (??r.tral Trust Compa I Nil | | th?* *i?i-tion of ?'a trusteea or aal ??any ef ? ? ? of ., lor? of lha ? i.' ? - ? ? ? f'jr Ike transa '* ?? , a m*y eem? bafora aald m? t .4 ?? bald ?? IBM - ' ov pan? : ? .... I *. r a* r ?, In ihl .' Il -? cay, Jaauar) . coon Pelle e a opea I Boon to 1 o Clock I' M M FER? --ary lai ears Ira, I I Min KOF4II ITS.N TltlM (OMP.tM of III* (il., i.f N?*4T York. The atir.nal m???tlria of ihe Bte SI ? f tM.? ' ami ?? i ' the a!a tloi ef t? Iitrei icr? will M hlld II thl ?i ? Hi? i'?.mpatiy. 43 '.'. a ' Btl*M B4 tw? t'clorl?: r.O'.ri on the I January, 1J? 1 **. Tha aro^k Ira will !?? r>.*Ma?1 a? J 1' im, and reopened at id a .m . j*nua/> roth. in?. QEOBOB N HARTMA! N, ."-<*. rotary **."ew Tora. Jaaaan It**?. '"?I DIVIDENDS. A.VACOMIA MU'I'IK MI MS?, 44?. 41 Broadway *-- 1 . ' Tt.? Board o* till?--. ' - ' I Mr.'.: | ' ? - ra r ?- ? ? - '?alu and rwa C?t?ta < I . - . t? Cap:'?! Hinn of Um par falui li-ara, payel.'.e on fatmiar? 21 an o' auoli aharaa al r? la ? M of ?em el 1? o'clock. . _ ? . I. '.SIS Tn? <1i?rH?.rt U paya ? -. t ,.?> n th. |?,i} luaraw Inn paM I a ? ao ? Bt< a '.a -,..,,. AH ?tockt-oi^.i? who I.?.. SolCli.aa late a',?-?? ? ISO |.ai >a - . C? *4'.t).?4ul ?). a ? .-. . mil d!?'?1f'? 1-" 'lirth A II Ut.l.lN oei-jnerj. REVIEW OF THE FINANCIAL WEEK War Favorites Suffer as <: e ' ubmarine Crisis Weakens Stocks. BOND MARKET SU.s 0 JANUARY BOOM Our Industrial Expansion Not Yd Inflatii n Sterling Nearer Normal I evels. earl ad ended ? It A IBtria would our prii ;he attack ? n lbs Abcobs, ths i king of Of SB Amrri ?V revu] lion of spec? ? s as to be e\ xseted, but It ?>-i Monday a atreni ? securl g? of upwsrd of the i larket ended oi I ? ' ' .? | ? r? n before ret rspii to el ? ? ? f the weel ? gth as was i carried It ? I I ? | t part In n f? ? ?Ont to higher levels evidence of ?oiling appeared else when the word came r! a: the submarine quest-n:-, ?reined , | a th i - tacks l.K- e thi e.it SB? ? our peace, the prcat in Pi ? eius? ? corns pur.. sad ? previ nted any c pu I the | . i a heigh 1 . ? ? ' I ?in:. ompany ? ' ' ? I i ?ins ? " ? ?. Banks and the W ?r -?tor!.-?. ' ' . loans ed for mom ed und ? per cent Lei ? ? ? ? ? i ? - ? ? ? . i i . . ? ? ? ? No Roab ? ' Bu? H??nd??. - ? . house \ ... ? - ? ? ? tin ?' Some i i '? ', ' ? pe? -. euch a was . . - con bonds, bu I th? ' ties ? ed again t cm many The Question ?>f Inflation. ? ... ? could ed infla! nti ' it nal banka ai to our gold ? ? . . nearly (100,00 I min? ? Va .i ti w.irr ? '? i .-? ? , haa not en the non -?????. here i eaae m -es to correct this change - level of commodity : ?-?? uRes am! lei or troubles readjust!? ant cost . t this Rat ? [-7-;-H ? Metropolitan 1 rust Co nvitesapi I tea, L'*-k fer Agent, Ei tor, Ad Ad Wall Street t-enern'!y denied. It is bused on the mal n upon an Inci oai s Ib the svsi d ' bssis of ?allies, Mini :?. "it n'm-i, ol ????id Well ceflducted bsslsees Is sp ,- aai.elv th? benefits ilomO'l Iron) m .. n..,; or del i from .?!" oe l When the!? ia un one ? rund derlied on ? ii ' ' '? . where fed rlea are that ca? not 1"- t u i ted to a when this unuaual traffic i. ..' an .'?id. in- n pain "?? ?. , : ? en] i .?n?-. re-ckl? ? a ,.a\ n undoing b i ? ur in - ; ' : genei all? i.ia. Sterllag Escbsagc Btroag, euritiei ei or 1 ?eroonl aid? d grestl] i e?tabll bins ?motet ' terllng exehai ge ?t ? l?vele. I ei a ? a dailj Im HI to : .1 the and sf the ,-? ? drafts on 1 ?.ml?.n Bold at above 1.77 i. the I. ?Vagua! rh.? ,"?.? count on paper ca ng for | sj meal n Loados from th? valus ol <? go I ?o?.-i' ign I.. . r this lev? wes Is - than ?' i er cent Pre >e I ? ? -. | ? io inert - uranc? : ,?i- d ??' "i ' " ' ? of ?' ipp . ??"'?''? thai d a flg? Impoi t - wen longer U the ssms t ; epoi ' .? ? i -. ence and Ru I o do:i would oon be announc ??I indi ? I ? i i.nir? r g? .1 ? at the Bi capital ?ttei i art of ths i s ? ss due ro enthusiastic specula! ? ? irehas-as, and on Friday here and In (?ondon the und? "' of the?? commitment caused en abrupt reaction t*,.it mere then oil ?el the ria? of 2e. in th? | he daj before, bul si '1 demand at? on Saturday al ?k76 6 i,; up, " 11 tc Is the pound on the we? . ati-ength n ?teriire-, while ei to ? - ? ? ?an . ... belli ? - lorn ? : throuffh la? i yea? i and intei ;.i Londoi ? .? proceeds ol i -ng sn to ?'.raw <.n, with banking - n-..i money receiied for t'?*-s mid in our market. In ths long r..:i, though, there are good ths Allies must bs ?? ri.nt ?rill be | paid for through London, ami muni ( tiors already contracted for and food .. . out through I ? In ed ? Great D Is pa , ?' , ? r lugh ear lea anc through t ? ? : th il i to il . tea abroad, to of goodi a ? wi .'? ro --'i ?l te d? pre WEEKLY CURB TABLE l\Dl STRIAI - - ... ? Brit Mil -, , l) 1 . .?. V -? I - prel , 4 . ... ? ? I? ? . . ' - . , tende? ? ? ? . ? . ?' ? ? i pre! . - '? . a 1 - : ' , ... ? ? ?! ? pre! . ? ? ? - new ?t Si...... , , , j. ? ? a ? * ? ' 4 ? , a . , ... *-?% . . -- Met. |1 . ? a II M(| ' - . . . - 1'? . ? . *. . in? ? . . -. ? ? ' . < ? ? , ?. SI ? *?!>\l.l> OIL SI BSIDIARIE& eve I* I. 111 - ' ? - 1 L.? !l 1 .4 ?. '-I ?? -1 - - ... 1 ' '? 11 ? 7 ?? I 1 * '" toi roi K8 -.-?-? -, r, -, ? . -a '? . . a '? ' a I ? ? ? - S -, MINING. ? . - ' : ~ !' 1 ? l ? ? ?41 ? ? ? .. 41 ?'. ?I .? ? . . I " ? ' a , 4 ? a, 4 * i ? ". ' 'I ? '?' ? . ' ? . . ? r * ? 14 i?l ? ?. . ?'? '. ?'. ? a '? - 1 ....'..-.' . a ? . \ ?Floren?-? r- ? ? ? S ' -. -?? ? ?? -K :i IT', i:?, ? ti Herla Ml '? ???..,- ? I ?*t -1 .1 .- ? ? : \- ' , ? . ? ': ? , Ml . I ' '. ?? ? * -, * - ? ? ? .--? -? ?8?i ?torn) I?. ' , 17.000 ?!? -, , ...... . .. 4 , . . ? I ?I ? - ?? -, . -n . . , . ? ' . 4 '. r ?? ? .... ? I*? - .' ?-. BONDS '. .? . , , ? -? ? ? ' ... I ? , a l>ie SrOCK EXCHANGE FOR THE WEEK I ?.lin? lag I? the ii ?11 ? 1 talile r;i\it>K Irea nnmlier of shafts el .?II Stocks <tca.ll in l??r Ihr ?leol, ended .l.mu.i r\ h, Imcllii-r ???Hi (In- MftlCSl, !?? " < -; ??ml fin.il prices and lbs ?ni i Ii.iiik?"- i,, tin- i-i? I,, ,'iini tin- :..'.i mill law prl.rs "t l!i>' ?r.ir 1913 und I In. Iii|*li ml lea pi i> ? ** el Ihr a?*.?r 1914. li.tiii -air. i,.r ihe week, 1,791.299, agate i I.ISS.I9I .? eeeh a(o sad in-?' 6S.SS ? ,-? 1915. m . i Ilia!, I L'W in . IN n I?:, 'in I I' I u ? ' ' ? I ? 'I I! ? tlaaka l ? a i . - . i 4 la M ? ? I ? I ' ? i . - 4 4 ?I ? Am ? ?i A Im roal a ' ? 4 \ a ?III I.-** 4 I 4 I ???I . , ' a I i frri a : It a? II a . ? .4 ' . ?. 4 - . . I m * ' - - ^^^ys^^JaamT^ 'a ? ?? a < a ? i ? S 4 ? ? ? I ' ? . ? < m ? il . ? ? ' ? l ST1 * ? , S.100 SJSJSJ_ ' ? ? ??:?(.<v ri? * i n/? ? T.*?. -, ? ?i a ?: . i BaBa?1! 4 . __^^H ? i ? - Ba?aB i. . a - ... | I - 4 1 iyxlmmmmmmmmWta*' *"> 10 o ? . a * ? ? * * < * " *' - - ? ... Paell .... ? ?- ..? ? - . ?. ? * ? . - a -' a ? ? ? at ?? * ? ? f? .a l'a .- 1 ?? SJSJSJSJSJSJ__ ? I sjsjs ? . - ? . ? . ? < i . ii ?. , i ? . ? ? . 101'? ' ? I . ^^BalBBBBBal ^k? ; : : 4 1 ? . ? * ? - iaas . " ? ' V ? - ? I ii '?' ? ? ? i. ? '.i ir S I? - - A ?. : . i i . . , i -, ? ' ?, ' * ' I i, a r . - ? I . i . ? ? a. ? I 1 ? " .BBS ^aas ? ? ? ^^i"iaBB^ ? < ? . * . . ' 4 ? ? JSBJL ? ? ? ? . I ?? I Ir? H ? ? ? Kan.ta - ; ? I. A I - - ? ? ? ' " a ,?4?*r*i r.i.ar,''? ? ? - _*"H i - ? . ? "? i " ? - ?I . 4 t.4\ ?. * ? : ' : I 1SI ? 4 " " ? ? ' ' . ' , " ? ' . ' ? ? "? - ? ? * . . _*B~BJSJSJ - . : ?? M I ? m^mmmmmmmmmm%mmM - *, - ? I .: ? ? . . ? ? * M 'Ml?.' ? ' I I..UL. . ? ? ? ? IS I ' ? II "I I' ^^^ Ml-i. k .. ? ? I ?r i? A Til ?a v 4 1 : ??? ? ' . A - | ? ? - I . ??' s.. ii , ? -, ?.-.' II ft ? ? par I ? ... a . \ *? \ Il A M r m? a w ? I 'Soil . - ? ? a ? a - > - a - ? ? - >. Pi !???:?? a .?'?-? ? 1 i par St i- ? ? Phi . . - ' 6 2 1:- Pri'l ' ; ? ' I" ? ? ? I ? - . ? ? Pttllmi * ' ar Quid ? - ( '? ' Sail? i J. K : . I : " ? ? s J? i < ? ? - I :??..'. I ? I 1.1 i !. I , - I. _ _ -- - - : - -, . \ :.' ? . I.I T -? ..- I - I 0 T a it ?? . ? Il Bufar I . : ' ?? ? I ' 4 . t ? . ..- s. . . /. ' , ? ? . 4 Prod . ' . ? t ? ? . ? u r . a ' ' * ft 4 14 * ? 4 . rifal ? ? ..- Hfl ppaf " * . a PJ'PjBaalaa'PBBBaaBaBa'BaBa'aa^ : i ?. . . " j 4 ? IM'a ? ? ? ? v- ? ? . 1.1 ? . ? . I.I ? . |i ? I 41 4 . ? BBaaB4?aaBaTS'S: SS"i " i . ? ? ? ?? . r. ? ? ? _s^ss < . " " "? ? ? 1 ' -, . - : ? ? ? : ? ! ' : - ? : ' 4 m . . ? . -i ; ? II ? |JH_ i . . ? ? * 1 4 . : V ? -----SSBBalalBB>W4 ? a? ? ? a ' . . . .. - ? I ? ? *l ? lift! * ? ? ? a s, I do lat i ret. aaaai ir 111 . - 4. * a - '". " ' ? * . < * , ? 4 ' ? - . , ... ? . . ? IS.I4 - * '. 4 ???.-, * 101 - ? 14", ? ??. " a - ' 4 14 ? ? 4 4 : 1 1 . : : : a : ? _"H_ ? ? ' - BBal ' ? - SJSJSJ . t , .. _SM -1 . | - : WABASH-PITTSniJRGH PLAN Keorgsalsatloa t'ommlttee Anaesacei rime i"f Depeeltisg Tersslasl Boods, The ? .' ""i com m il tee, ol ' , i >i l . r rrill'l londholdei ? ... ? ? ? , i a , ., : . . ? ,,, ,11 Ml? tended I ..r the . ? < '.i r'ebrusi i. i in tslmenl by 'he ? try 15. tea of dope. I a ? .? ? i ?? i . m pan .:'ei Januari i". upe thei r pro reta here ?if the . . , -, , ?? ' tl i' ?.iganisatioi ? i . i ?- , ? ? .,.,,???-, .| l| .-id re ? . . plan. Executor ^nnn Trustee Obartond 1822 m Tho Farmers' Loan and Trust Company Nos. 16, 18, 20 & 22 Will; -m Street Branch Office, 475 Fifth Avenue Now York. LONDON, 10 Cockppnr ?.?, EL W.( 26 Old Bread IM* &Q TARIS, 41 Bonlevarrl Basse??? BERLIN, ol Hater lea Lbdsa, 5. f,T Travelers' Letters of Credit Fo-oign Exchang?. Administrator Guardian WEEKLY SUMMARY OF BOND SALES ON THE STOCK EXCHANGE Mir? fallowing table ?lio?s the i?alr->, h)|{l)i??f. IsWSSt, final pri??-* and net efcaSfSS sf ?II Iv-nd?? ?mrt?v| In M -^ \i * "loria Stn.la BschsagS l??r lh?- ?-.?fk ?>nde?i Saturday, January S. Also th?* nigh?"?' and lo??-"?t prl-?n for tf,, l!ll". noil Itll r?sn Total H.il<-s from JsBBSn I '<? dat<?. |28-?7Mtt, ?(tainnt $1 l,"t?\000 In Itll II.,- ta a Id San?? 111) '?? I . . "? < ? ' a ' - . ? ?' , a ? ? 'a ? '? . ?? . I STATI ' . , ? ?AY A?.0 MIS? BCLLANCOl - ? i ? ? a ? ? . ' ? . ?->? IMS ??S ??'. ? - - a II a -. ? '. ?? . ?? 11.'*. Ill 91 -? ? ', M??* to?-? in . ', . , . -, l??S M H% re*4 ?*S . ?a s IS 4 ' ' ' ? , It *8'4 . ?\ ' ? ' ' ? - - a - . ? ' ? : a - . ? ? ? I a ? ? Ill M - ? ? . M a I . ?? -' ? ? I ? -, - . - - . ? . . ? ? , - ? a - ? ? I ? - . ? ? ? - ? . - i . ? ? | -4 a ? > ? ? I ? , s ? ? ? . ? ) I IV l?l?r II a ? - ? .-?, I?' . ? . ? r:ti . . ?? ?. m>s ?-S '? ??". *a il -I '. '.' ?? a ? . ?S . -, . ? ' . . - . ' "? - ? ? '. '.I ? '. - -"??i 11? . ? I) | ? - ? - ? ' ?.. .?. ? . a ?? a ?a ?. K ? ?? H ? ? - ? ? .... ) ? . . ... ? ? S ? ?: . * i . . ? a ? ?! ? '. ?-?. : ",S 101 ? ??'I MU ? S ? '-j . -. IS H - . '??. ?a ? . . a . ? a ? a ? ? i ? ? < ? a ITS ? ? -. ? % -. . ? -. ?? - ? : < ? ? I - ? . ? k M ?> ? - a ! -. - ? - - 4 , 1% I'll % ? . ? '? - : a -. I I - : . a ?, , .?-i ? ? ? . I a ' -. . ? . ? . I. - * ?f - a - -,? ? ?. < - ? ? ' ?? 4? r. * h ? - ? ??. a-' '? . . i , a ? ? a - 4 "' 1 - . - -. i?- r, ? ? . ?. :?-*?-?.? ?. - -. ?? ,- . -. II rl-r 4. A'. K ' ? Sa ISi f. c a I r r. * ' . - | ? . Maohaiua Si ?. t a? a? ?. ?i -i- ? ia? Mil ?? i - - - .? -1. S, Kr..'., ? . Hieb ? m :.-> ?. -.-?-.i . I; ? . ?; ?... ; , ? ?? ' - ?' ?a ..... 4 4'. . ? ? ?: .i ?, ? I MU h,: * Rift ? ' M -. . ? ? ?? . ' I Si . * i ? ? .: ? : : fis a* I * ? ' ? . ? i-A I ? - ?. : ? ? a ? SIS H?. ? .: ': ?' Il '1S a?. ' . * s - ? \ ... us "is If ? ? -a? ? r - ?. ' y ? i. '. Natlunal ? ? \ a ? 'i : ? ... ra ? ? . 4. ? I ' - '??,'* ? - ? 4 ? ? |l ? '. ? S - ?( 41 ? ' ; ? . ?\ : ! $ ?? ! ? .w ??3*5 - ? -. ?. s .... a ' . I , ' . ? . - . ? ? ? ? ?? ? l . t ?1-1 SY mi k n - .-.-, ? ? . < ? A : ? \ v i? ? , 4 - ? 4 a - ? -a . a ? >? ?S Il : ? lli i 4 a a B -V ? . ? ?? il H A N 4 ? ' ?? fit 4. a - '. ? >' ? kl . ' II .? ? .. r- ?, .?. ? ? ? a . ? : * . - - - a ? ?. - Il a- -, '. - - . ? ?. a ?? ? - I ' 1 ? -. ? -4 M-* "'. ? ". - N M ?? i .:?. ? . t ? . ? ? - . ' . ? ?? ? . 4 .?? ' - ? -? ? 4 - k K ?r Bh L )'t? ?Si . -. ? A ? ? ? ? . I ? ? ?'?>] .- ?? a .: '. -i - 4 4 ,4 - i , M ? I. - - ? '. 12 ?tan | Si 4 '- ? f | ITKRi . ? ? 4 7-1 a- - I Tl : ? ? 10 ? ? ? ? , I a Lia a ' M lu.. . Ta ? I I -' 4? ? ' it it ?? i r 4? - n. i?? .?. i p ?? Irl ' K H .-.'?? ?? .r . ? ? ..... i ? 3? Wl .. ?? tl : : l i \\r s < ? - ??. i - ? i s? ? ? ? *< ? la 151 . ?' a ?:. ? a * -' ?Mal )U. I .'? i : ? : ? ? ? ? - ? .? a u. *.*- i! ? a ? . . . ? - *? ' a I I r*i. ?Salai STOCK EXCHANGE FOU THE WEEK ii _ . a t ? * Remington Typewriter Bond Offer M I Co., having k ?? ? ' i| ... i ar cen? for tv- matai 1917 arui 1922 $25.000.000 for New Ship Plant ? laklai i ? si. Ian 9 ?ni ? aras naos ??_??? that -4; t.i ? "- ? ?? r> - ? , ?... ed .-tuiidarj Shipbuilding 4 .?i I ? ? WALL STREET N ? 0 BOOKIE vtu.l.'.it Itacreoee s4 M Pfi ' ent aitalea Bigg? 1" '"''"a, Y*"* : 4 ! ' *a ? " ? ? the Broad