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MARKET NEWS AND COMMENT Traders Nervous Over Our Dispute with Berlin Stocks Uncertain. EARLY DECLINE OOES NO GREAT DISTANCE Irregular Movements After Rally Dealings Concentrated I? a Few Issues. Igh evcrr.'gr.t dispatches itoir. "?"?'??htnirtpn contained some reassur srt*.? B? to tha probable outcome of this ? i'n-o of OUI dif-pute with (,f-r many o?rei ' B Luaitaaia, vesterda;.'*? irket betrayed a consider .... \- ? , ? bef :'. I ? pricei u id for a \? h seemed im .. -. h .-a ai ei. *.rd movement", and ?hero was part?a! recovery before the Marke I In ago ?- ??? follnw-fd. i, istrials show, nsj spei-:?l itrength. Final cbangos m Its ??- instances . ? intratad In a few second hour ? I on were father quu* 1 ? s. ab. Il ?" ?? ! -..ted l-'tate?. Dial liara' Securitlea, Mexican I'rtroleum ar.d Mercantile Ma? | referred accounted for about one? s'.' Foa o? the railroad atockl rt : much attention and price move carrier?? was small, though I nion l'aciflc iras strong toward the IO, ending with a 1 point gam. [ercantill Manne preferrr*'.! tvss ? fron the start, Retting down n ir" than 3 pointa to 72, against a high price ' i ii tba middle of Janu ?ry? Report? that r.ego?.f,t'or.s for set'le lornpar.y'-. aiTalrs had bten ? th<* bonda down more below par, but hen ? - there was < rah'. .'-... rlos?'. I lie? -. ? ? ended weak, and Cru ? < ver . ; . ? slight rally Mexican Petroleum was ? . ? ? ? ? th a rise thai ; ? ?? United . - after ? ?? * its reeo?'ery from *he ? e day there came little 'rr-i-n V.'a-'r ington to threw light on the of GermB*-*. "a rat iaag< Lusil ? BCtlon n ment Thr?a igh "loiiar.d ? was reported that the prospect of ?rout' ? * country had produced la] - ? ? - the Berlin present communication ? by Berlin is not readily accom? plished, ?-i there wa? little In our nur Gl M an ap preboi Tl-a i eai | Hoaaa f?*f?te-ner.t it membera yesterday morn ?f had lost i than SI 1,000 in ? ?anrv?, and loans, reducod I expanded more \-< a result surplus fell soi ? Tiber loans 1,000, whii ? - r.o* eai ' ' mmon belief in ar. uidation of ? that - - returned fr< m E in pe ancing, in ? ? ' a (-1 * ... . .. . a ? ? port last - - . ' ' ? nt of pa] Lure; ? AVERAGE ?'F IHK TRIHI NF.' LIST )il Mill l\ K*?I1 V I'ebniar? '? }taiISdaj'l elSOe latTiinr- I ? i., i. ? i. aa*9 un.mli nail ..I. r iij;,. lia ' r .Miniar? I ..n f.r ,l.?iiiii?r? Hr.li f.r li.irrnl.fr I ..?? f. r 1... . inl.i-r High l..r Ni.\.iiil..r f..r N..?.iiili4-r i r OrtaSei f,.r Mitnfier I wm Man I III? lliii.i f..r ????(,lanil.ar for S?iifrn?l?rr f..r \umi-l f,.r Aiiuu-t f?r Jal] fi.r Jal) f..r .Inn? I m? IHkIi I m? 11,?I. 1 ,.? IHkIi I ..?? t r .In HlKl. r ?1 I.., Im m II Ist? tun ?. I .11 ?, Ii -.r I'll! I Hl?, f?ll a..,, I'll, \\ I I. MI ..I I III I lilil? M OI i ? i i \ ; INDt'STRlA I . . .1. -.Im? ? l l'-?4 I . a I l'l.. '? .!.? . IMir II. . . . Ill 40? nasas i ib Ata iao.4voa ni,.su m laS 114 All iti aaa m m ltl.431 111 AM i mi Mt IM ? '-> lit?is i.'- . loa i u I?I3 I...? t. laxa !?? 11.? i. f. . - r .l.iriui'a ?r lii ? ? iiilirr r 11. . , inl.rr ? r !>? , inlirr ? 1,1 41, I.,... r H . .r ?.??i.ta-inl.fr I ?.?? t..r -a.|,lrintirr" Hl4.li I?, \.i?i,.r I ?.? f..r \n..i?t II lac !? fas L.I. Im. f,.r .tul. High fi.r .luiir I ..?? lllal' ) .m lllKli. l.?w. Hill. I o?. tat .lulir f..r Ma.? for M?? ?nil tarn full >r>ir, full >.ar full ji-ar. Ml, It'll mu 1H14 I0M40-* - IOI in? laa j 17 ios tea ni mi i..| IM i ; 1.4.1.1 i..i im: IXUSI m.* imi?j - I l-T I s Bl I'HI !.. ISI ?il .3,1 H4 BU .. : i asa '??HI?, si.iaa t#, .40 M.1M ?7 *oe ?.?a ::\ I aatoa B1.44J at i?!ni H? M-ai BSJSB Bal. ISM S?.tv>n staSia BJ ?IS 71.311 s.?i ir/wr "4 470 t>?.7(?U B8.M3 ?I ?M ?7. ?IT Bank Clearings. gh tba bsr.ks at the ?ve Ualtod .Mate? tanttal volume, the to? tal last week, according to "I'un's Ke ? ew," amounting to $?t,.'-tl9.-tS0,19(', an l'< r cent as compared I?>I last veer and of ? i .?.red with the eor : .'14. ngi at *? ? York are main -. ? ? -y high point, with gains US pel Boat, r?'ap<-ct:%elv. i Witn tha KHPie weeks in aan Citiei out ? . ? f SOJ ?.M? I4.fi per ? ? A-- ??..?? band eleartng? for the1 > ?-ai t<. date are g - ? |. ;.. r for 1 4 ' * " ! I ? ? J ? * ' . ,' '.' " ? ? ? if.: t.: oc. i Wl,S?l,*4'? l.??*ll.'. ? ???4.1.II.I .1 l.lrWI Ml.m.f?f>l Ul.sei.ii?! NEW YORK STOCK EXCHANGE SATURDAY, l nun \hy i, Ittl loi a I ?air? of ?lock? Saturda?. .1.4.100. Sgalasi ??07.1.00 Iri.la?. SIMM I ??-???k -m,, an?1 It I.-500 a ?ear an--. I r<"? Jaaaarj 1 lo ?laic, l?.r.JO.hlH?, Bgaiii-l 6.631.300 a year ar>> ?Shareli Quotation Range. , .N'.t ; aold. ??pen High Low. Final chge. | Bid. A?k 147'. 2S ?4. 148% ? iTpTT 100 11 4 2,700 - ? 66 1,64 11.'a 1? - 200 . - ? l'.L'1'i' 284 -?? ' ' '4 4 ,A?lam? l.xpress..... tlaal S G 1 Mine.., x , ? i : ,,:-.-.? .. . ? Allla-Chalmers i a. pr. 100 x aaka Juneau. MO -- Am. Bel I Mia'nr. 200 Am. (an. 1,700 \:n. I i.r .*? I ....t.iiry t'6 700 T Am. tar if?- 1'. pr. 100 1174 T ,Am. Coal I'ro.i. 400 l-'-l I Coal Prod, pr. 100 116*14 Am. Hide ? leather pr Am. Ice Securities. ?- ?Am. Linseed.| ?? .Am. Locomotiva.i ? \ roell k'. 1 Ani. Smelting r**., 6 Am. Smelting pr. A .. Am. Smelting pr. B... Am. .?-Tel Fory. \- igar pr. 8 |Ai i. I. ? Tel. 20 Am. Tobacco. 6 Am. '1 nbaeco pr. new. Am. Woolen ct;'s. I ! Anaconda . 1,400 \ .I t ltd ''I . Hal.).? n Loiotnotlis.... Bald I ? motive pr Ba timi -?? B Ohio Batopiias M ?ning. 100 ," I Be . ..., i H-.r- ? Brothri _ so Butt. ??. Su.i i op I Cal. i', tn I? um. i ? Petroleum pr. ... - i ? ?1 4 10 Cam ? : ' Chesapeal i 0 Gt. Weal. 4 1 ?.:. V. ? ? pr. 1 ' I I . ft St P M. ft SI P. pr . R I .x- I'hc. ? 68 61% 66'?, 1174 1174 M4 163 ? ''a I 674 1174 mi ?. s 111 M - .I'? ll ?','7 115*4 116% H ". ?. . 1004 100 114 114 100 924 924 ? ? . - ? . 4'" 111" HT'- M . a - 127 800 l . ?? I 2034 100 107%( 1 100 ; ? : ? i ' - ; . 4i"' 61 ?* 884 ' ? 200 103 1104 11 . : ? 108 108 284 ?? 114 924 864 1174 i ,; - ' ? . 115s, - 170 ? I ? ! ' 88 ' 470 116% ? 80 V? ?51'a 169 61%! . 61 66 !'!.*. 114 924 64 S - ' 102 . ins ? . 170 1 1 .*. 4. 84 - 170 ' '.'7'a I '. 1% . i ' ? 7 H 66 61 ? 674 117 a |68 111 . : ' ; , 61 i 1144 ?a - ? 1 . na ' 106 - ? 68% 103% 112% 108 ?- < 161% 11 ? . 61 4 4 !%.] . . - - ? 100 11?% 1954 199 loo ; 3.100 1,300 ' l 1,700 100 1,80 ? 11"'. . 100 111 : 9.1% 171 111 i, 106 i'i ios f?o Chino < or < oppei 4 ? . ? : ? ody. . b It. ? ? ' Ca? . 1 m Produeta.... . r icible Steel. 45,601 7 . ni. ble Steel pi... 1<| Cuba-Am. Sugar.... el. ft Hudson., Dist Hing Securities 20 Doi . . Erie 1st pi . 100 .1 Co. rr ? !"" - Gen. 1 lectric Co .. , Ge i It .? .,? \. ? ? re. ?ub? 5 Ulli : ral. m I oppcr * ? ;i '? ? ter borough-Coa . % 17 -- Int. Mer. Marine pr 6 Int. Harv. of N. J. I0i 110s? 11 - Intel Pspei n 11 10 Im ... fl In*. Nickel pr..., : - II? 110 Kansai South. . ? ' Lack? '-"5 .... 8,100 - , Lnkr- Eri? i W. 100 11 11 . Max?. toi ? 70% riH 7 M&v ell Motor let pr - Maxwell Motor 2d pr i ? ?can Petrol. 18,400 |i I . inn Mia 1,0 ' iai .-i Pacil c ctf? 7 Mont_Power pr. 11 : N'a* 1 ? ., ... 1,001 ? . : Nat Enam. ft pi 3 ?Nat Lead. - .to Neva ? Con. Copper *> N Y. A.r F'r. .111 ? '-' Y. \. H ft H. . - N. Y . Ol ? I . ? ' : . I'l-.l " . ;. 1. - . 100 1 ' - a I . ', I' ?? Pr. pring ' , 1,700 Ro ' - . Rock 1 i ? St. L ft S ? pr 7 5? ich. - ? .-r . ? & Iron 6 ?iSoul .... ?-rn K. K. 6 St i.'i. baker . 7 stud' baker pr. 12 IT? I <? ta ? .'. 1 ? ? '?. l(i Texa? Company. 4 Third Ave R. R. 8,1 . 4 Union Pacifti pr 7 Unit? d I Ig ?r of Am... ? U. S. C. I. P. ?V I pi ?* United Fro I '". S Ind Alcohol. U. S. 1 ? R< * S Rubber . i? U s. Rubber 1st pr... :. U s Steel . K Steel pr. .I 1 . Va era. 400 ;. ' Uta . 400 r,' ? r A. 200 pr Ii. 1,600 '?X . -t Marxian,!. . . . IOC '.. it? rn i i Ion Tel 10 ij 88 i< Mfg. 3,2o. 68 W , ?tinghouse Mfg 1st 100 7 Woolworth - 100 12a : Wheel, ft L 1 200 .\ .", ? 7:1 414 78% - - 116% ' - . - . . - 1 - * 214 824 11 ''.l? 864 I 117 204 107 IS , - 112% jta 2% 1 112% 84% 774 814 170 62 12% ?7% ' . 116 111 14 14 116 171 111 - 121% H 1 16% 73% lin?; 110% 444 - 83 1164 . . ' - - 11 I 118 84% 7" : ' 68 ; 1,114 68 ? 1 1 !% 1 C', "? 1 18% ? - 78 44% ?... ? * ? 1164 205 1.1 18% 37% 634 a 118 ? :? 11 11" - ? 1 i ? ? : 11 ' 69% 11 205 110 ?''? 14 - -- ? 113 ? ? . 15 IM 111 93 1 44 ? 14" '? ? 16 ? . 110% lit 10- II . 1114 11 714 ? ? 122 i 4' ? 17'* \ 71 l'a ?1 -- 71 - 13 14 '? 116 ! ? 42 ' ? I 42 . ' 1 - 178 a - i ? 21 1,700 '. 100 200 . - 100 . 700 ? ' , 1.600 21 I It ' 100 112 1,200 1,600 7;v 7', 800 : I . -no .... . 2,8110 ; 100 : 100 . .? ? 139 - . -1. - 1. ' - . ? 774 106 4 113 141 105 674 ? 110% 113 113% 7 . 114 ' 1 144 II " a 4:' ' - 1 ' ? ? 1 '"? 19 - : - - ? .5 , 149% 19 - 17 If. l'a 17* 11; 1 112 112 74 74 204 - 4 ? 1 - ', 94 94 484 \ 1384 1 ? . - '. - 20% 111 133% 94 1- ? 152 162 59 ? ? 21 ISO 114 664 74 206 61 133% . 9% 60 2.700 Ii ?% 154% 151% 152% 2 ; M',, 51 514 " ' 100 . 107 83%I 824 B2% ? '? -..", 1154?) 116 ,11:'. ? 800 11.'?'-. 116 : . I51 I ' 19 1 15 44% - 27 88 ? ' 76 - 123 123 ' 174 18 44 . -? 66 7..*. ? 17 11 . ? - - ' IS - ? 47 . 15% 46 - -. - 88 704 1 CLEARING HOUSE LOANS EXPAND Surplus Reduced $7,OOU,000 -- Deposit Liabilities Up Total Reserve Lower. Tba actual Clearing House statemfnt showed a decrease in surplus of IT,? SH?lXi to IITOADS^TO. IietT.and depos? its Increased 114,04*11,000, tine ikpoaita increased "1,043.000 and loans Increat-ed f.^.f'O&.OOO. Reserve in vaults and Is the Federal Keserve Bank decreased |7,2KO,no", while specie Is own vault.?? Increased 1913,000. Surplus reserve in the avirsg.* state? ment oecreased $2,21*7,720 to |lTt,S01, 91*0. I'emand deposits increased 116,? 676,000, time deposits decrea.-i-d 11,781.? : 000 and loans h.creased |i$,SU,000. Re , seri'e In vaults and la th< F< ral Re? se?e Hark decreas*-.' |8T4 I ' and epe ! cle in own vaults increaaed ?74'2. A.Ti At. BTATKiaa . I - -???? t-ana *?- 13 I'T ?44 1 ?1-4 ' ?tVa?r? fv own ?au.*? ? ? ? ??la?. I? ... ,4-4 ?Raa',a : 1 ? * R?a M l7S.SIT.tVM) ' ?R?* ?? a -r ?- all t Nr? i?,-- si * las? a ? I.JTI.l, * I ? ? . .' ? *. '4 ? 1. 4 ... .4 O' ? ' 'I ?a.. .|| a mana MIJ -.- I? ? i ?as rn-'il. Il f M " - I? -??'? I 'IB rr-aaa AM-.IU'iB STA! I I - ... 13 . ? I ?Raw - rn faults - .? ,. ?H-. .. ?? f.a-t Re?. M ?' -a -.- ' -? || . ?nil arla-mita ? ???' ? * ' ? ? ?,,? ?,. .? ? '??? J " ? * - . J } M '.IM.IH? "I I ITS Hl'.K- AM> Ill'-: I LOMTafSaS IV ..1U.ATL? M.'?' H'Rk. NO*l i.i'Aiiiv.. Doma matk M Ig ? e i.' kli ? I?: . D* M" I , , , }-?!-.- ? " ' - | ? ? tA,*\ lander? '.i '.?? '"i . . ,., . - .. ,-? ?' ?.-.-,? ? J ? ? ' ? ' . "a- - -. - - e ? ? ? ? l ? Ne? 1 ? SI r p..., ? .?.. ... . r?ah In tau i . I ?4 ? ? -- ? - 1 I Tniat cvrri; ?' ?, Cuii In ??Uli ISI.101,10? I IT Il 1 'r ni . u a -l T lai I ?? . I 4.. -a?. ?' 11*? HIT.4M.100. 1n I - I l'a' a ? ' -,? . ? The ?tatement of the c, nditlon ol tfce Federal Reserve Hani of New Y rk at the clo.?.e of businsss on ht binary 4. compared v?:th t.- \ r : - uerk, fol? low? : anotmex ? Goli ertn H ? , ? ? c.Tja-4'?? 1 ? ? ? - - ? .' ? ? OU f. ?. I ? , 111.34' i h ?a? ?? . - ? ? T al |-, 1 r-?ar?T I ' ' ? " I'll ' I-a? - M r '-a . Nf , ?? a - ???? t ? -a.T41.Sri ...a | '.-. ? | ? I ? ' ? 1 a- * ' , -? . 1-,',-r 11?' ' ? I" ? !.. - ? a.? .-?a i '?. -?! | ,-4 'l * .' . II1.-IS?.I4I 114 I re, , . ?,..,.1, pi l??,'l,| I' f 1 H -.-a. . ? at i" "4 .' ? . I ,? '? "via '-?? n ,? . ? ?cm ! ?i? .u i ::i ??? A : rrv ..- a, ? ? ?? ? ... -, t | MAPI' i . I ? ira 119 . 4 ??? I ' " I- ? ' i ? ? r . ? ?, rai tu ,' . ?. - ?. t. :, ? i? :? STOCK EXCHANGE FOR THE WEEK Felle-Hag I? (he nsDB) table glflng Ihe numl-ei* of al*?r,.? .if ..II stork, de.il? In l..r tbo week ended I?>l.ruar> -". lofrlhrr Stitk Iht* \?****t. *??*'*' and linsl pil.es anil ?he net . hstie.? si 11??* W94M, and It.e hiKli and ""? pri.i? ..f Ihe ?ear 191?. and the hlf,h Bnd low prlrei of the ?.at 191-.. Total ??al.s for Ihe *a.eek. 4.J-.?*>0?>. against 1,.'.?il.10.7 a WStk a?., and l.jlh.1. 700 a ?ear as;... I nun Jannar*. 1 la dali*. If.r.'.O.MM?. ai*.iln-.l ?. i?.11. ?Oil in I'tl.V I>i? in? ? ??. ? ? a I l, ... ? ? .IM Tir IM' , . i 1 1-4 '? ?' I I ' I I I, II ... ?I , '. I?l , |t '' I Ptfl ? ! ? | , ?. . . \ i.A. . ?? .- I | \- . ? I ? . | . '? ?' ? 4 ? - . nil , ? I I, KM I I . I ? I i ?i : ? i? . . ii i i ' . ??-. A : I a-' tin | -.? . ? I . ? I V . ? ? I ?.' . " ? ? i (par I I ? A". Ill- II ? . i . I ?? ? ? . i ? .a . ? ' I ' '? i ? ? I , . I 4 I 1 - - I'.r . ? ? Buff H at? I' ? i 'i .?. pari . ? - ? i i i . . ? : - a Ohio :, 4 a | ? . at r ?.I : 1 4 4 ! I A la ? . . -a I I, ; " ' * - 4 ? ? ' per I ? * 4 ' ? ? - ' ? 4 ' I .-.I ? I ,- I. . . Ill*? U . "': a 114 II- Il '?. .'. 4 "' 111 - . I. . I'. . !.. I I 1 ' . r*??i . ? ? ? - ? ? - ? ? k i i ?. .-' ? ? . ? ?.? ? i i '. Illl ? ' I '1 a X A II .' il. '. ! j -? ' ' ? . [ r?f ? ? .i - ' ? ? ' ? ; ' 4 ? ? ' ? 4 ? 4 .I il .. ? ? r I a, i' ! ' '. ' Intel - : '. ? : ? . ' i. ? ?' I ? i '? I - . 4 , U \ ?' * I . \ | . ' I' ' !.. VI . . i - Ml - 1 ' .... . ' \| a a 1 ' . ?f I a at . ' I ? a a. ?1 ? re?a, M " - - ? . I fi \% ? . 1 ? 1.2 ? 1 Il i. r Mes lit I ' ? ' n ? IT I . ? ? s *. . a .- ? i. . i r"* -. ? -. Il I II s | ? ... ' ,v U ' ? ' ? - ?' - '.' I ? . A 1 - 1 t I ? ? I A ' 1.' ? . -- ' ' . . ? ?'? - . ir ' - ? I .. ?.*??' I . ! a . ? ' ?? ? i ? . ? a ? : ? '. 4 I < . I |?.. ? ? - ? ? 4' ? I ? ? - ? 4 - . 4 ? - - ' ' ' " ? . f " ? I a? I ? 1 : ? - ? ? ? a a- - - . ? ? ! ? . ' ? - - - - - A - - Vifir , ? a '.- . ? - ? ? Rail?, ' < ?? |ti '.,., ? . . - ? 1 i ? . ' . ? ? ? ? 4 : ' i 1 44" 1 17' - 14 ; ?, ? ? ? ? II ? l'a ? a , ? Il 1? If ? -? ? , ? ? ? ?. - - " ? 4 1 * : . ' ? - "a . ?Jaa ? :a . , At Railroad -, - . ?? i -?r 1! T -- Bai A Papa, . ? ? ? l*i - 4 . , ..... - I- ' ? . |SI .?? r ? ? ? |al "a ?* ? - ' .- 1 1 1C ; ' , . I* S I ? f ? ????? . ' - H? . * IlW ,?'? ?. ' - ?? ? . ' ' ? * ? I ? ? ? - ? . . ? ?? ?? ? ? ? . a i ? u rai . ? ; ?'- - a ? ? ???? par 15? ! .? > 3 Wat-en l I T,i . *4 . 44 ?? < - ? - ??? ? __ T* . IfH -? - ? : . ? ? ? ? . i ., m-. i-?. -, 114 v, : . , ? . ? . ? . - i ?? - . - ? ? . . ?i ; ' . ? i . ?-X . ? ; . i ? . ? -, * a ' ? I ? Il I ItHl SHORT INTEREST IN STATE BONDS Curb Brokers Can't Make Deliveries of Recent 4 Per Cent Issue. NONi: OFFERED AT PUBLIC SALi; Dealers Will Try to Effect Pri? vate Settlement Buyers Mold Whip Hand. An unusual situation hrn Brisen an ? the Broad Street euro market because of the unexpected purchase by the i ir-* National Bank of the recent of |25,l.i . . "' ."*??< State 4 p> - ,,.- bond I e traa actions erare "? ported uotil ths day oi the ... ? try 27, un.l then wl <-n the bid began te sppear in the financial di trie! eurb ; - . i. **aa ? brisl trading in the 122.000,. I fty \ ear born??. The dealings erere mn?le oa the as? ?umptien that the ?il or none bids of ? , Kuhn Loch-William A. Road or th? iuaranl 1 real National City Baak yndicate? would be successful Then the b 'i "f 103 11 ef the Fir I N'a h o . -topped all the el ei and the "ijb--equent anno.iricement that Issue had been almost im? i mediately resold privately, presumably to George F. Hakcr ami Rockefeller m t.- ra*?? ? ?. About 1500,000 of ?he bonds erere '? dealt i:i mi the curb be'.'ore ?t. wn known that, there might be coaeider able difficulty in getting the bond? to make deliveries. 7 his IS the condition that the broker? are now facing, am! m ? ih? rt of the bonds, v. it h the fact facing them that they cannot got th. in to turn o.er to the purchaser?. 1 he to? ( change firm of Herr ck <?* Bennett has Invited all parties liav iriHt open contract? in the new bond? ? . sttend n meotii s* to b?> held on Tues? .in;., ??? hen the matter of hi-, adjustment ???ill he considered A representative ? t'rm explained the situation ' j ?? -?. rrday ?? fol ' "Those who are short of thf boi.d-, .prospect? of making (rood on thpir ? '? have to nrrange B ? ettli raenl Juat what the amount ' ? lement -?ill be seems to re I entirely with thoae who are lore of ?id?. They hold the whip hand, for they realize that, if objection is , mad? to 'heir demand? all they have to do is to tell the seller to get the bond?, Tvhich cannot be done, *?< the First Na tional Hank ha? announced that no bonds are available f'ir publie ?ale. "1 hs contract? are valid becau?? ?rere made on a 'whan and as if ; ? sued' basi?. The b'ind? have been le? ?ue.l; therefor? either a ra?h ?erle? rnen' mu?t be made or the actual bond- ! ?red The situation is unprece dented, and eo we have called a meeting of all those, holding op^n contract? t< se? if the demand? of those who ha--" bought th? bonds cannot be met ?rlth-l out squeezing the shorts too tightly." 1 i? bond sale recently helrl by the State I ontroller was ana <'f 'be mo??. essful in the ?rate's history. The ?ate of tl - bids amounted to ap ? ? ,000. The first I ? nal Bank refused to make public ? ? pai ties t.. whom th? kly re?ol.|. In vie?? of the attractiveness of th* bond?, because of th.-ir exemption from |] edi ral Im "me taxe?, m well l informed bond circles ths report that ? ? of great ?realth like George F Baker ana I Ici Fellers had bough* them 4?.a^ believed to be true. MONEY AND EXCHANGE. ril'FRA' Itf-V "-? ?' 1 :-?"' --T ITATT PIN paper .??.-.? ?? pw up I ;?' ? i Al l. MO.NR1 ? | (VMS :", * : ?v-T -. i IIMI. MI1NE1 - .- ? ? ?Ml ?a? M?ad) It? a. . . ? '. . ? ' - ? I ? '. ' r . . . . 4 | ' .? ? Mt for f - ? , MERCANTIL!! lU'HI -?a? MM altll '- -. ? ,-,?-.. ? Ruling r.'a- ? ;?- Kit *Of e*)\ ' a- . a 4 .*? f- ' ' U ?HIN., inn'MR STATEMENT Ei-Aaaaaj I??:.- . ? ? ?. . ?? ft i- - . - - ..? dltor to th* ? . ? f Sl.ltT.SS3 -I >. Till 4SI BV Va?? \ .-* :..:. ,. ,.. (otta - f KAI IU?mM: 1M?,'II1\T*UTT? ri.IT tVlll.i'.V 14 ?? ' 4:? .er - ? fer ran ... ? ? . :. - i- ? up -o i - ? . ? ? ? ! roi Im ??. ? '. - < iltly to ni ?? 4,1' a ;??? ? . i.,- ? pet rol . - ?a ? ? ?niy .lay?. ?, ^1,'r ? , ? ? i ?, -? la?,'. a I 4 ;- r . t \! .. . ' . (Ulf ?'.???. t r-r --a.il a i , Il - ? ? K?: ??? i iry. r - 'a ? ?'?. ',-.- ? '. Up ?? ...? 1. I.a.laa || ? ' . ? for t? '?:??. < ?rt MOI 14; tl.ir'y t?> ality J?v>?. 4. all'? to! ? ? ? . 1.4N.? .llalli'-.,-: I.?-m r?. a? . .a, |? . ? '. a , . .? . J .-?? ' ? ?- ,1*1 Uavla :. la, ei ? . ? I - ? 1 1 . -, | rill.vr.R ?lAiihi ' Bav -?-?-, Ue?m mee " -. ' a ,? - - - ', , . , .. .? Il > ?? roai ion i m n 4-..,i: -??- , . .-... t ?. ? I a ?-.. ?.--. : ? . .. ... . ? 0 ? ? ? |i , , II ? . ... :???-. I ' . ? i ' ' 1 ,- . E ? ? -, ? . 1 4 ? , ? ? ? | ? ? ,,- ? - I ? ? , I la II 4 i .1 - 4 | ? ? ? RAILROAD EARNINGS. Un.?s earnings of I'nite.l State? rail mad? making weekly return? to "Dun'? Review" continu?- in *?!lisfactory vol-l ? the total of roads that hale re? ported for three week? In January' amounting t,, j? J 1.35 ?..'.' I, an increase Of 16.0 pr-r en* h? empared w I corresponding period of last rear. The; gain ii not quit? so pronounced ?- ? ?hort t ime ago, hot this 1? in pan ird the end of January, 1915, : . sd traffic began to recover, while ? iton .? end Roods la the thw? '. have been a re itlve influence. Following are given gro-s earning*? of United States railroads reporting for three weeki in January, and gun SI compared with earnings of the ,.ir-.e for the corresponding period a year ago; also for roads that reported f? r ths ?am? weeks in the two preced .?ths, together with percentages f gSil - ?a-t ;.. ar: I ... ? r>- ? - ? 4 a? ' 1 . ? ?:' ? ?-? rjf ?. -..? ? i Grtat ??.--? j ?J ...", . " ??.-'II' I ?. u raltr A I-,.-. '. ?'. A ~ - ? ? . ? a," , A . .- ?. ... ?. A . ? . ii. a ?a ?a? *r T.-ia.? II? ?17 ntai'nel I ? ? ' ? ????-"?i ., ?at ? 111 44 I ?IT?? r. -..a, ? . .-,, A ... .?,, . : J ?-??' ? -? - * ??-? . ? i?i 4 i - ::; i ? ? ? .?.is? u.m\ *?le.tr*,.e PUBLIC UTILITY NOTES '.ertfr.il News and K.irnin-t? af ??iriou? l orporafiun?. Th.- 1915 < ai ., ngs report jsrd '."' a"') Electi ' rod a balaaee af WUM* , |o .. of the -.'-air', after paya ?1 ? | bond laterest, scrip latei ! ing for Interest on the n?.- I ? 12,500,000 ? ???"' ty year I r."' et i I i,..,? - ? srning? amounted to II, ai compared with 11,453,584 m ?f '" eember 31, 1514, aad aot op?rai : revenues after i pe? ir sa?i ta i ? , . , l.l? 3,219, au .'; ms I "' ? >. Omaha AV ( iiuncil Blaffe, i;.'.- apara! ng in? oase af thi i I t Boaeil Bl iffi Btro?H Ra '-1 ' pany sheared an Ineree s o sli s per eeat la December, 1915. srhile net 1 income made a gam of >?? er ?'?'? per eent, compared with the corre ?ponding month n 1514, Total rtvenui - ?'? - tha moi th were 1264,609, a-.! op?rai ng expense tax? ? ar.d ; I : . .,??.' '?'! to ?169,? 943, s decrease ' net ean ngs o! 1105 ? afrer it? n I srg? . , nation fund waa ISSjOl I, I af spproi.?':.^?'?,; ' ' I , ? r ? GOLD RESERVE SHOWS BIG DROP Shrinkage for the Week Amounts to S6.300.000 for Twelve B.isiks. i -.. V. i, Federal Reserve Bank ibowed a drop n. gold reserve ef M.300,000 for the ?voeh j'i.i' ended, according to the report of the Federal Reserve Hoard. Th? ' cago and St. Louis bank? ihowod de creases oi about * IJtOOfiOO each, a combined decrease for the reserve banks in th? three central reacrve citiea of 110,200,000, offset in part by gams ef gold ihown for the p. Richmond, Clevi land, Philadi kansiis Cl.ty and San Francisco b?nn-. The total net d? ein gold reserve? amounted to I7,JH)0,00< reservi If ,700,000, The decrease in L-"',i reserve is sc compai led by an incree ? ' rec millioi reese of $1. 700.000 ? ? .. ... ne in mi ? of :?"?.."..?"") and a '?.>??! ernment deposits of about 12,100 ? Considerable net liquidation of com? mercial pap?r la reporte 1 by some of the bar.k> most acti\< rt the d rield, A'ianta, < ricago and r. ? " reporting large decreases - ? amount? of discounts ' aid Axceptanc? - ?how but li-'.le chantre ??nce the pre? ceding week and constitute now more than .r,l per C*nt of the total bills 01 he.nd. More than one-thrrd af the pap*r held mature? within thirty day? ?? mor? than 40 p?r cent after thirty 11 - - at] dayi Federal Reserve asre.-,'? repnr? a ??*?! of 8217,500,000 of Federal Reserve notes II diag. a <l?cr?-ase since the earlier week -if about 11.200,000. With the es eeption of Mirneapoli? and Dallae.none of the banks reeeived additional note?, while ?even banks returned note, to the agents fur redemption. The statement ?how- : !;? F i ? -?? - ,-.-. ?? ? 1 '? ? ''. ' 1 K ' ? ? R ??/?? i -? a? if? Total ? " -?- ? ? i ' .. ...... 4 " ?,...-.. ? . I ? ' ??. a ' Matur ?' ? ? ? .? - 4 * , . - . '. ? ? r-ai r -, ? - .... ... I - ? .- . a | ' - .- , I.,.. ... - at | I " '? - '? fe ? ri K??-?? bank? ?. other rn Total mount I t.lal.i: : ?.- . . I ; '? ? ?? - Ra-ar" -..".. |1? ?.,.....? Ill r ?.: .'a- .-i-. 1 . <? 1 r-narra. ???., M nft d.p??lt ?' I Um II ! pe? r? ? . a.?:? ream* ?again?! :.-'. .J.;.- ? a ? ? I ? - ? I - - e I , ?. -? >? ,,, -? ? raoj.lt labl ?? a . ? apttl z la ' .1 r?.?-i- aja -. i-'iA-e . ? it ?? . ' >? .? ral Harm. -?? .? an. II ? pe? ' RAII.KOAI) EQUIPMENT RONDS. ?Quoted on a perc-entaire baM.?.) Ma- Y.Aie. ? . i i tal Atlantic Coaat Un? l?l? r> 4 f .???:?'.mor- O Ohl? I l?aj ?.'41 H-.ITVa, Rrv h a 1 letra ? ? ? M 4 , 'ana-llan Peettl II ? ? ?, i i? a . - ? ? II . i ? , ? i. i .. ? | , ? a Non - ? -?. ?' i . . i St 'a -' ? O N I > X ? -..i?, ' .- ? ? si Ul?1 ? ISA I ',...?'' 4 . ; I Krle Rallro ? ' i x . . Roe kl ne Valley . ? I ?Ml 4 r nu ;? Central I ? - ? e ? . ? . ? M . Kan?a* ?? i'??? i Missouri Tart? N Y Central Un?M ? ? ' t a "I-eaten I | ? ? ' ?ii rc ii ,-. ?????- ? . i. Pe? n i.'-?'. ? ? , . , . -?. K lr Mi * aoath imi ? ? Si tai'il? A Pan I-'-ii :... ' *??\-nar\ \\r un?, ini-'n ' ? ?rn r? i" ? , , ... - a Rallwar lltS-'M ? , . ? - i ? i ? ? ? l.l ?.' I > I PUBLIC UTILITY BBC! RITTES. riM Ata T. a T IT? *a pr?t i ? Adir I i . do i?r?i ? * i ? ? ? a. . -a? lay ?? l| to t'.f "i A-il w a " ~\ ? ? ? to :?? pf Car r A t. . . a '.0 rr?f 1 ? -r r\? reran c r r * r. -' to r-f re *???';? i' Men'. <? i*i sn l- 1 R t r*m r> i. ; * * *i'*r ?al.? I"i '?J ' '.?> i u i -? ? ' Gaa a ?? ?? ' - ... ' ? Ml ; : 4 ? ' H ? . | > - I ? . 'I'?- r IS a1.., , -. ' : ! ?. ' ? til ?- Ul ? , - | - ' ' v II, ? . I ?.. - r.e r u i r ? . ........ - ? . | A?k. ' 44 . MONACO SHIPPING ROOMING. Owin?? to t'.'.e congest.on of il at Mar tilles, (?enoa and o'her lead t port?- of the Mediterranean, a number of -?'.-..'e?ar>- unloading cararoi-. ,\ ? port uf Hoaaeo, in the principality of( that name, renowned hitherto be ill it has within its burdfr? tha graat gambling c?*ntre of Monte Carlo. It ia ?aid that port charge?, at Monaco art reasonable and that .?o far then coamefioa, ?ccordir.g to "The Indian-1 apoli? New?." stock EXCHANGE *?". r**.? Kiaw. a?!?-?e rt? ? rat? , I flijh | .? - ?.r-, .4'. '?? ?? ? * l.a?i? Irte.. ; .? . ? iir?r.ar 1 . I.Mi 3i.?-, ? ? III] irr*.r?l i ._?_fi ' - ? ?> ',?. - ? ,-? - ? ?ol'.ar i>ul?. ?I.I .11?! it? 1 Infll (ir cn.1 ?ajira. JSo tin? ( : for tin: week. 1'.. .' a 4" ' V?4 I! . . I ? ?I . 'a la^w r ?, a. |? ??? .-?? -? M ? . ..4?-. 1*14 -"? -\ 4 4?, -'., . 'a * l?4? . ? '.-?-? * ? ' I ? ?-. ? .4* Psi ??i.. ?' ? .-., is US! ualai ? ??.".?ei L.ii.a??! TOPICS OF DAY IN WALL STRB "The War Is Over'' Ag After "(.risis" Gets a Recognita* BERLIN'S iPOUBLHs NOI.OXOIRAMENA Five stocks Eigroii More, Mali the Day', Business , Stale 1','inds '.ornered. .a a,.' .ip'p. ' - | - ' - ' S? Menais in lle-|in 4 r.aic. ? BBJ ? ? ? ? 11 1 of Aaas - ? la teas". to gel ? ? - ? , ' " I-. ? ? || ? ?' a. ?r ' ,? ? bin ? ? 1 rCCBRM - ?v ':. I . rtieSB < ?onfinaou? i,?-rmsn -?ellin|. Th**"- f aal "i for ( mai ira sil . .- " ???r.k: er, to t ag deit ? >. apprel that then ? -???? son I Kb Tha lolling hai ? a- h * Gin itaa pod Japi fof del!' ? -? , ? I *. ? ? -1 ?1 ng whether - - Pi nh'.y -? in c elude I privi i ; "aval counter" i* 11 MmrtTifiil? of rhe Elect Ab" it half t ?-.? ? I ?ren .-'??el, 0 Patsajs ?--?>4 ? r a potat ( ? ? n? .'0 i'.i j toral ' 'r ? '? S.?"?. ? . n for a? I ! ''1 ? . ? itfitaj ,-n hid I I j-i 3 poi.t They i ' if"'-*'?' ?IB4*'* - r.ewh?*" tas as j .??ole . . ? - aljal 1 pointa taa ? ? ? prafarisd ?? coaaaai n itocl "' *_. former aras * "n*"?-'1 the cor eoai ?'?*" ?__ thouiri* r . ??.?rgsc^ili ? r? Fira'-1' ! y BOtb com? ' ? Daj ?.I i; .knninc. ?*He Who ? l ixy il on th? , - '*" a. **' - r-v"* ' . the eld """*?. , ' *?Mtl ' **_ ?r.f-tiM ??"" only song 1 ' ***ri. > ?*-?? P*' Look i..- Mora Dteeaaalaas". \ ? impuli ? th.* 1 ? ? ' ' cerr.'.tia- ntcrnal main, ho? " " __E. " ? ?, a ' I ".i*t,.r*'7 '. a W?* 1 ' I ?-..tit- -.?.n L. H-- B*aSJS* "We BOB * ', >n at I ? Of ?A.,r . down is at end ot" ? ' a 5?*. trial r. ? ' *'. ? ' - their 1 . ? - ** ? 'r***'* concen 1 wl i-* ' ?ir <?*** ??'it, *?* tracts that have h 1 "?Li ,r>* which - - /,Ja* ducUoa under iur*?rvi?,t"B "" ?Ufa "