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xx d C o rn. m e r c e Mackay?Co Short I crm Investments ( ular OH Request ? ? 14 Wall ?Street ! elk Public Utility Investments We ????il and o?ei ?* '?-"?*?* and diviMlird lisl ot bonds, not?*s ?nid itockl ot Public ? (omp.mirs with et ?tI ie?ords of earn uiz*. ? nett ?ecuritki pio \idr liberal incone irturn*. and liavr tiir advantages of a rridv bul iiori-speculative Barket. \?Vc ?will be ?lad to srnd on requr?t our Circular No. ')) '"-A. which drs-rribr?, briefly twelve of these se curiti?""*. William P. Bonbright & Co. it??i 14 Wall Street, New York |.,n.l... rurts I ; I I ?__IwTTZ___. -a. . ?a. ass- -*. mm ^_". HUTTQN&CO. I*lr*>* YorK Cirarlnn-m Sttt York Sio'i: b.-cl\ang* u . J .*.??u. Vo?-.? .'olton ?-?"ir-rian?"? .nrmktrs ? ('<n~?,u]ii .?roc*? /-.'TrAa^? ^ I'r.tcugt Board ef Traste Cincinnati Securities D.RF.CT PRIVATE WIRE "fr Cincinnati Office OUR WEEKLY MARKET LETTER UPON REQUEST. Addreu Dept A 60 BROADWAY, NEW YORK Tetemhent Rector "'?To Fractional lot Service Orden executed in thy ?mount of Sl?xki ?nd Bonds for c??h. We carry 10, 20 or 50 ?hare lots of it? ?oned, safe stocks, dealt in on any of th? x^lianges, on margin. On the Consolidated l-xrhange all our ?rdetl. reports and quotations ?re transmitted ?y lignai, affording instantaneous service. Certified accountants' statement of audit s| our book? published quarterly. Wilson & Chardon M Coti-lidaiaM rVvk Kicbaxi? of H. T. 52 Broadivay, New York Telephon* Broad 1SS?. MARCH Bond Circular Va a ?I be ; leeaed to send a ?opy of Merci?. Onrral Bond Circular to inveitors on request. This circular describe? a comprehensisr list o! ? ?? fu'ly put l-?d munK ipa!. railroad and oiporation bond? IM N aaOBCOO 'or in>e,tm?*nt. ?ir l.rrinul 1 m ni i Harris, Forbes & Co I'rjr V-.-ft. I ?irnrr \\ il'liim NEW YORK I nilcd States Bonds - n (I ?i t li c r ? h o I c I ln\eslm***nt :-?c?: untie J Hitrvey I ?sk -V Sons hi cedar St. IS Last 4*>th St. V*a York New England Navigation 6% Not?, 1917 American Power & Light 6s, 1921 Detroit United Railway lit 4"?i, 1932 Toronto Powrr 5?, ]b?A GEO REITH & CO? II WALL 51, H. Y. no?, Jot,? 34)00 Finance - Economics * ; ?H ]?!< E; Telephon?: '' Hanover 6514 n tenet dan, M? ?'?' "Speeding up" tch phi Glancing ?-'as??; igh the ni?ii ? ?reader ;<'?' ?perhaps the the p* ng a ?swifter p; . -- . reac the point " ;"':' ot ? nmenl officials al W ashi ig ; ; pear to ha*?e cs igi ?ter. In looking aboul foi in more i tion, they ha-> <? tingled out fai r:irr, urging him I production of foodstuff?," : i thai railed Upon to fight with <i are can 'l" m on full stomac Pannen ai ? elai are patriotic, ? . they have the ui . wheat. So, if a couple ot ext lashes with ? new cul willow swil will advance the cause of patriot! and viel?! more 12 grain, old Dobh : to ihr* plough, is i fool an incentive lo i tep a lit livelier along the furrow. There c be little doubt that- our f?. i ?iu their heel to produce bumf yieids o? foodstuffs. Hut the speeding up | farm is likely to encounter a ?'he when all hands have done their be and arc then forced to stand asi vhile nature takes charge of t '?chemc of production, because natu has a way of her own and refuses he prodded. Just at present advic from Nebraska, Kansas, Oklahor and Texas and elsewhere speak a reactionary. The winl wheat ?Top, on which BO much mi depend the coining season, is thret ened with disaster in numerous di tricta, ?Reports of damage to wint xvheat are just as seasonal a tl crops th? maches, but seldom, if ex before, have the predictions been dire as they are this year. Sob private estimates place the Kansas as high as ,"?0 per cent; Nebraska at .''."> per cent, and almo cAcrywhere the crop is said to be COI siderably below a normal conditio It is probable, however, that many < the reports arc exaggerated. It too early to make an accurate for cast. Discussing* winter wheat coi ditions, "The Chicago Price Currei Grain Reporter," a trade authont; says : The prolonged dry xxothor in Ka: sas. combined with the lark of mo covering during the winter, has m doubtedly resulted in hca\y losa? in some sections, but it la believe that privat-c estimate*? indicating 7 per cent lois in that section xvi prove extreme in any case, and c? pecially so if rain come? within th next fortnight. Condition.- over th greater part of the South . probably below normal, and soakir rains are needed over the entii Southwestern belt. Some se ?tions c N'ebraska will probably rescod wir ?<?- ?'heat X-, ith the spring vr.r.et: Indiana, Kentucky and Trnncsse bettor reports, and only moil crate losses have been experience in Illinois and Ohio. ! ortunately. the outlook fo spring wheat is said to be mor promising, and there is every reaso: to believe that there will be a latg increase in acreage. Unlike other metals, the produc tion of gold is relatively less profit able in war than in peace times, ex ?rapt, perhaps when it is obtaine a- ;i l.y-product of the indu.Mria metals. The bullion price is fix?e but the purchasing poxver decline.? The coal of getting it out of th ground increa - appreciably owinj t? rising price.- for labor and othc commodities utilized in its produc ?ic?n. A case in point is to be foun? m the annual report of the Trans vaal <- hamber of Mine-, just receive? "." this side, xvhich give.s some inter | facts relating to South Af ?.??un gold production in 1016. Th? output of the metal reached a tota ?/?loe of 1197,424,670, compared wit! ,187,305 m 1010. This was ? record and xxas achieved partb by milling 101,600 tons more of ok m the preceding year .. treating ore th?- .muie of which ev< r higher. But, owing toe funhei I ?coats, the total profits ol f] minei amounted ?to o?*,4.47'i, compared with 160^80^ !?? 1015. The amount dislrbutel in dividends was 186,867,945, againsi ? - ' .'n,'.?!?:. the year before. Every day the conviction grow? ? Kf-r in the financial district that selaratkm of xvar OB (?ermany I not raus.' a serious break in prie,?.. |-(i- several %ve~ks xvar generally regarded ?^ la evitable, and broker? say that a majority of tho??- who expect war to <"< l prie? advenely ha.c already rj their BCCOUnta. Therefore, a? I i , H li ergved, would no li?*piidation, 1? I '?'".Tipame?! I?;, drive against value??, Itch a ?Irixe might temporarily I' ? real el ing to put the market down .iM(i keep it down,and there il little to indkato that that is likely to t.'tke IiVhal more probable, in the opinii ? y, i; tha? a minor ??real?, in price?1 My, ot live point*, on ih<? ?vi rage would be checked bj .1 " ave ot i . inp. Public utility companie* ar -??inning to fee! the high cool of liv? ing. Groas earning! continuo to rise lily, an they have throughout the war period, hut a majority of the il reporta .-.how that ?aspantes ;i"ri taxes have ri=r*rt even fa ter, with the resull thai nel earnings mailer than they were a year ago, ? a* If?-, art ?vr ? r? '.< r dey, 1 - are maintained ? I qiaolable ehange, Loans? based Oil In? dustrial securities continu? to rule at 4 to i1? per en*, depending on the ma'iii ; ? ? reel of ?he mai - ? ?luie!. (?ill monej mied unchanged at . ' i per cen! I: : retel "? money yesterday. compared with a \car ago, were as fol ' i?'! ??? Year ago. Call money.. . . 2'4"0 2 \ 1 ?. money (mixed eollateral) : fiodaya...... V/t*93%% V/sQZftV? m day?. eVem*}S%*)', 2*H93 % ?month?.... 3"V"4 rt 3 % ? lo li mo.?.. 4 'o 3 % I 4 ommorcial I'aper. Trading is dull r thf limited supp'y o? p?per. The range ?if ratea for prime regular maturities is 4 to 4'-. per cent. nfflcia! rate? of discount Of each of re ??(?Tal ?iatl ic'.s i.re a-- foi Doyi-? Ov-r Over Ovei I6ap80op - _e*? ?r I . -i? BO . 31 2 4 4 4 fiew Yoik.4 4 4 4 . 312 4 4 4 Cleveland . ?' ? 4 4'. ? -V .. I' ?-hrnond . 4 4 4 4 Atlanta . 4 4 4 4 Chicego . 3i,2 4 4 4'/a St. Louis. 3 4 4 4 Mil n< ?ipol:?' . 4 ?' 4 4"i* Kanaaa City. 4 4' j 4',2 4'/;, . 31 ; 4 4 V ;, ? inc eo.. y r. 4 V/t ^2 Hank Clearings. -Th? ?lay's dealings at New York and othrr eltleoi L'xchaagea. Balances. New Vork.$543.330.678 $22.007,470 Raltimore . 9.640.159 1 ..227.697 Boat! ti . 39.035.28? 6.274,656 Chicago . "?.029.550 5.339.372 Philadelphia... 51.460.575 3.095,899 St Looii. 18,654,693 2.845.033 Sub - Treasury. New York bank? gained from Sub-Treasury tS>#4St000, Silver. Ban? in I/ondon. Xt*/p pence; \*e\v York, TL'*?s coate; Mexic.-.n dollar?, ".?".?", cent'-. 4iold Currents, (iold ?,.? tha amount of $] 0,4)00,000 was received yesterday for the account of .1. I'. Morgan ?? Co. The me'.al araa shippe-rl from Ottawa, 16,000,000 con ing to New York ?rid '4,000,006 going to Philadelphia. Total impoits fro.n all loorcei aiace tiie fir?' of the year now total 1243,200,000, and linee .January, ISIS, 11,810,704 Canadian Bank Statement. - O-Uwa. March L'S. The principnl items in the con??t ?on of the chartered banks on February 2S last were as follows: Feh. 21,'17. Peh.29,11. Circulation ...$138.^7.295 $113>52?,v237 Demand dep ... 430.331,801 389.825.667 \'< tiee den... . 880,456.637 728.242.609 Pep. c! ?".-her 156.498.668 116.675,028 (,o',d . 67.133.736 68,177.347 Dominion notea 142.272,399 153,431,005 Call loans In Canada. . 78.786,535 81,949.125 l Call loans clse vrhero . 162,344.556 139.138.651 Cur. loans in i aaada. ?13,302,717 760.873.181 Cur. loan? el-c ?c. 86.944,450 56.099,719 The Dollar in Foreijrn .Exchange Humors of a new external Italian goi-err.ment loan to he float?*?! iri this market failed to IBBtain Italian rv rbarf' ?. ai-.d Ule lire ratr i'ell to 7.80 to the dollar, comparu! with 7.77 the day before. In important banking quarters th?' report of a new loan received littl" credence. I' was pointed ou' I at Italj iias already un? dertaker: !o sell a portion of her last external loan in the I nited Stat? in addition to that step.? havi been taken in [aOndOB whereby certain Kng lish and Scottish banks are granting large it.i! an ?redits. Exchange on London and Paris held ?t<a.l? while Roaeian roble? declined ?til fraction to 2S.40 eenta. Ger I rrnn murks ?en? hrm. Closing rates \cnteiday, compared i with a veek ago, were as follow?: Week Tooterday. ago. iQootrd dntlara In the pound, i Sterling, d<rnand.$4.75". $475'2 Sterling, sixty ?la)? ... 4.7 V 2 4.72 Sterling, cables. 4.76?, 4.76fi Sterling, ninety days... 4.701 2 4.70 ? (Juotrd nnit.a to the dollar.? , demand. 5.&434 5.84-g F'ranc?, cables. 5.83-1.-, 5.83"-* l Ire, ?hecks . 7.80 7.78 Llr??, cables . 7.79 7.77 Ehriee, ?hecks. 5.04' 2 5.03-A Swiss, cable?. 6.03' ? 5.02*4 iQgoled rent? per *> marl??.? ? marks, checks. . 69? ?> 69 Reichsmark?, cable?... . 69'4 69*1! iQuotes) ?.ii? In Ihf unit ? _ 40 - 40 '? 1. ulders, rabies. 40: (j 40*"4 I: ii.!-?, eahlea. 28.40 28.65 AnatrlM, kronen, ch'ks. 11.48 11.25 -? elm, kr., ch'ks . 29.70 29.60 ? ? i ? ? ..(-. ? , kr. ch'ks. 28.80 28.90 Prietas ?hecks. 21.40 21.35 BelOW ? given the current e\r; ?.?lue i ' loreigri 01000) m del ten ?nil ctnti, t?ij-eih?*r ?rit!, the intrir*ic gold parity, as calculated by the United ' States Mint. Current ex-har.ge Ir.trinsi: valse. ? iliif. Pounds, iterling.$4.75'. $4.86*>8 Trrarc? . 0.17 1 0.19.3 Guilders .0.40 ? O.-'iO 2 Marks.0'7.3 023 8 K-jhlex . 028-10 0.51 2 Lire, checks.O.1."! 8 0.19 ?. Crowns ?Dennurk 028 80 026 8 CroWM - .0.29.7*9 026 8 1 he abox r rg'i eat of foreign money in term? of ihe Am?r. ? r.n ?.'-?.la'. Vou buy ar, Knplish pound Iterling for $4.? ?rnsi-.- par Thai, xoj 'her thai pan .d;. are et I COOnt <<r that dollars ?ire at n pre miliM, \?h,ch '- Owing t.. ll.e fact in r.njrlan?! the damai d fat dollars with which to settle ?scoento In * hi* count? r than ;iie ?Jcmar.U in tl.i- country '.,,: paaadi with sahi? fettle .i England. Relevant Facts _: lateraaraagji ?Sapid Transit. The iny report?; for February groi ! earnings at fS.240,164, compared with .>:;.o.'?* ?.??:. m 1916. Sei after ??**?? amounted to 11 .??'.'?'.."- !. against ?l.'"i lv. ?Ml. The number of paaaengars cer ried ws SI - ? mpari ?i n its *'7. ."'?.'i/?n:; in Pebraary, 1916. In the ? ig | month? ended with February the Inter borough earned net of 116,363,273, com pared v. it h .112.422,961 in the corre? sponding period ?-. last ..ear. The company cm ne?! on its varions line? dune?; the eight ?month'-'-' peno?! I I .? rs, compared xvith ' ? ?14,456 In the corrr'P'iiiding period of last jrear. Steel ( ompanx of ( anada. \c* proiits in 1916 " ire 66,021,891, com? pared ? it;. | 162 n 1918. The balance available for dividend equal to 18.19 per cent on the 111,500, mu eommon ta? k oui tending. llri|tff..Seabur\ Ordnance. -On deal? ings of ?3*000 lharei th" common stock j sdraneed ' on the exchange yesterday, ?losing a' the top, ft%. This comnr.re- with a high pri?e of lf?0, .... 1915, ?hen the ttaeh ?was on the enrb, aid a 1" i January, of 15. The company m?nu -,-, ron . ?-?? te? ! projectiles, can non ihelli and firearms. The ?d? u ompanied by ru that Ihe concern wonld r? " 'r lar?r-- contracts for munitions from the i . overnment There is i."00 of common stock outstand? ing of a., authorized i??ue of 119,000,* tUtO, \ .I of 7 per cci ' cumulative firsl prof? rred stock and .. Hks smounl of ? per cent non-) cumula?.'?o preferred will be retired in time and replaced by an equal amount of common. The company na?sed its dividend on the common stock after j ! paying 7'? p< t coat in 1916, \\il?.nn "xi- Ca. Shares al 9 ilson * (o.. Ine.. the meat packing concern or ?gaaised ?' tiie sueccsor to Sul*ber?*er * Sam I ompany, had sa?ather ac tive day. and on s turnover of 16.000. ? shar?s ?o?e .'i'j peints, t?? 771:. [_< 'company ha- |9,679,206 of 7 per Mat 'cumulative preforr??! itoch onti landing ' and s.'o.ooo.ooo of eommon. Last year 21.06 j,ef cent xxas earned on the com- ' i mon, but st the present this issue does ? not draw d Roston & Maine. This railroad xxas operated a; a lo.-s during the first two month? of 1!?17. according to a stnte meiii i?"ued yesterday by .1. II. Hustis er of the road. The deficit xxas ?i, i .impared with a ol ; 5,782 in ?he correspond? ing period last year. Mr. Hustis that ?le eight?houi la?, as applied to men directly affected by its provisions, X-ill add at least 11,600,000 a year to the road's payroll?, other wage ad justment? will add $.".00,000 more. Fuel at existing rates, in his opinion, ??ill I cost $4.nil0,000 more than a year ago, and materials and increased car hire chn-i*"s will further increase the costs of opcratior. Immediate relief of some kind is required, he ^aid. Miff-ale Ste?*l Stock. Linie-*. The stock of th: ; Company, which has been' i dealt in on the curb market since it-, organization in the fall of 1915, was sdmittad to tradinp on the Stech Es change by the governing cams yesterday. The amount listed is $loo. 000.000 out of a total authorized issue lof $169,009,000. The share-, have B par value of $50 each. Other securities listed yesterday wer? 11,966,126 com? mon stock of Ihe ">V?!lys-nvcrla_d Company, 'jOh.iiOii additional common ?tock of tee Underwood Typowiltei ? ompar.y. 110,009,000 additional con mo'i stock of the Westinghouse Air Brake ( omaany, 1139,006 ndditionel ? first mortpace 'i per cent, twen? b"r ?1 of the I'rnted Fuel lias Cam? nui;.-. ?11.1oo.ooo sdditioi ?' t.ick of the Texa?. Company, 648,666 shares of the Sinclair '?il & Refining Company. .*.'!, lOr*. 000 of err' I ,-,, p.. . ? ,, ( the United States Mortjrap" k Trust Company, representinj* r.2.nnl of ?tock of the r.onf- Island Railroad : Company; 16,669,909 cumulative first preferred stock and $j,762.^00 common stock of the American Malting Com? pany. I niled State*? Smelting;. Kefininir, and Mining. The director? issued th.. fol lowing statement yesterday: "The earn ing-s in tne rear \f\e u,.r,. $8.r?s;?.ai63 a'ter providuii* all inter? Si charj*es, ? ncludins; interest on the $ I L'.lH'O.OOO and makir.?? usual reserve? for depreciation and exploration. The?* earning:? were at the. rate of 7 per cent per annum on the preferred stock, plus 120.66 per -hare, or 41.1 per cent on I the common stock. Additional re.ier.es | for depreciation amounting to 61,000, 000 were prox-ided out of profits ?? ?he ?nd of I'll?* ' International Paper. A?, the special I meeting of stoehholders the eon I unanimou?.';, authorized the proposed new mortuaire ami apprared ?the "fl?r Is sd . t th? ?J? '? ' ? i .? lands, At the directors' mcetm?- held sahse?|aentl] ?he ??ificers of the ?ompaiv wi ??? n'l thoi tot to dec?an th? sdjastment plan opera' r Astor Trust Co. Is Consolidate With Bankc CombintK? Deposits of 1 Institutions Are More than $300,000,000 ?ion of the B ? ?? t the Astor Troal ??a* ?? otcil yesterday bt 'he ?1.rector ? ..-. -. Tnc A about to move iatO it? OOW ?;-i-. rter Perty-eecond Street aad Fifth A-.-e h ,ii ),. ?rated later Bn of the Banker Troal ( ompa-iy. The merirer plan. a?-cor?iing to the ?icial announcement, doea aol cont plat?? any imm?diat) ineroaae of combined i spital of thi hro trial c paniea. Bai ? i i ' CooioaBy el amount of SI.-'"?0.000 ?rill he sued in exchange for the >i.'-!?'??"? - f the Astor Trust 4 ornnany, ' dividend has been paid the i'orr.icr to it?- own shareholder? eqoalise lh< l.h raloes of the ?to two concerna. Itig Sp?*cial Diiidend \ committee has been appointed apprai i' the aaael ? of the two cc panic? and te determine exactly w the difference U between the book ? m. of ih- I we itocka, to .:? ? ran ?rhal the special dividend ?ill be. S< ard Pros 1er, president of the Hank 1'iu?'. laid it would probabiy be fot to approximate $20 a share, makinj total disbursement to the Rank? ?toekheldcr of about ttjLMWjtOO. "i In February tS," S StatOM by Mr. l*ro-*?r rea?l. "the capital the Bankers Trusl Company aras $1 0m?.un.-, ii irplu I U $10,000,000 a its undivided profit* were ('6,731,013. ' the -ame date the A-tor Trust Co pany had capital of $ 1 ,'.'30,000, surpl *i.j.V..M)n and endivided proiits $60 4 71. A? | that the special di drml to ?Qualit? the book valu amounti to -J.oon.ooo. the Bank? 'i ru--' Cempai ;. after the consolidate is effected, .?.il! bave a e?.p?tal of $1 ?jr.o.niio; -':ii.i?j ?, >ii..'-,?>,i?of); andivid | ? MO; tota -.'?.- 14,084. .sjoo.ooo.ooo Dopcstta "Ihr . ; - . ? combined in-t tutioi ri . . ? naiderably in excet ??' - ?ihi.ii'iii.i. The earning'! of boi companies for Cue la*t year have ?how a steady, constatent iaereaae. Tl Bankers ha' been paying an annu dividend of 20 per eenl since 1913; tl Astor naul an i-.tiniial dividend of 8 p? cent in 19)13 and 191 I and of !'5 per cet in 1911 a".il 1916.*' Mr. Proeser >a;?i that there would I: no change in the Operating staff o:' t'n A?tor Trust Company as the -vault I elidation with his laatitntioi Those directors v ho are not already o the I'.&r.k?r* Trust board will be fleete ? ? merger ha.? been approved b the stockholders of both banks. F. ? . I ?* ' ?-. u ho has been Detains presiden! the A.itor Trust, will re l:r.(-ui?h that title as soon as the mer get beeoir.es ?ffec;i\e. Mr. I'rosser, nos president of the Hankers Trust, ?a formerly president of the Astor. It is understood that the State Bank lag Department has approved the con solidation. ??-#-. Connecticut to Increase Food Production for 1917 Hartford, i eaa., Mann tS To per feet a plan for increasing this year'? food productio.i in Connecticut a con ference. under the State Chamber ol Commerce, was held here to-day. Those present included officers of the State Agricultural College, the Agricultural DopaitmSUt, th? Kr?nge, societies for promotion of vegetable, small fruits and poultry raising, bankers, manufactur? ers and business men. A Correction ('wing to an obvious typographical error it was stated in The Tribune on March 11 that "the Harriman National Bank eelebrnted it?, vi.rtirth anniver? sary as a national institution." The item ?hould have read, "... celebrated ' ; firih anniversary," etc. Orders for Ship Steel Swamp M Advancing Price* Fail to Ch the Demand?Governmer Work Comes First The Americas steel trade whelmed with the ikmar?! for p^a'e? vessel construction. it is cs?tm that more than 100.000 tons of arc ?ranted for deliver;, with short period, but the mills are no tioi " accept the business. te nah? ?-?." sj "The Iron T '.:? ? x" ?n its weekly summary of mai R' t, "are quoting on only ab??ut -i\th of the busin? offered leading Kastern Penn-ylvania plate has advanced is price fol the ;l time in less than three quotes 6_0e, mill, or Pittsburgh, tank plate? and 7.60c to 8c on Lie specifications ship pla'e?. Th?- ! torpedo be,.t destroyers which arc :? bud? for the United States ^vernm will ?require about 24,000 tons of st ? ?being (cured rough!; ?that appn rnateiy I??') tons of shape! and 320 I of plates will be require.i res sel.*' The foreign inquiry far steal ?* linuesnn important factor. The Uni *-'ta'"s Stee| Products Company i taken a .-ontraet for 1 .?">00 tors foi bridge in Norxva*'. An inquiry 200,000.ton? of rails for Mesopotamil reporte,), and fresh lo' - ef 10,000 1? ore waated by France sad Befgii while Java would buy 18,000 tons. Pri?es a' which steel mill pro?iu ?.?il! he supplied to the rro'c.rmrnt : U'liier discussion. 'Without regard to the eonccssl which will be made, i; is to h? ?reme bored," says "The Iron .Ace." "that t total consumption for government pi poses doc; not bid t'ai'' to e\ce?d 'J ? cent of the country's productive < paCity. Much Of it. Of Course, will f first attention, and by that fact peni ze domestic consumers in respect | delivery and price." Steel pipe manufacturers in t Pit??burgh district xvithdrew all prie iterday, and immediately after, a a le.^iin-* interest announced that : I of .standard t-el pip?- had be? adxanced $10 a ton. The same intere eleo stated that it ?xas quotir.?* prie on oil country Rood - "only on applic ?ion." other concerns, is usual, a expected to folloxv ?this lead. Shipbuilders on the Pacific Coast Bus Shipbuilding construction to tl amount of S125.0OO.000 is new und? \?ay in the cities of Seattle end Tl coma, Wash., according to (icorcc .' I.ee. secretary and g?neral manag* of the National Shipbuilding ? ompan of Seattle. Mr. i.ee, formerly Attorney 'jener? ' of the State of Washington, eras a '? I ? tor in Wall Street yesterday. He pre dieted that the next five years will be th most prosperous period in the histor of the Northwest. During 1916, li ?aid, the export and import ton ",ar?*e of Seatle ?ans the fourth larges . for any city of the country. M the shipbuilding, he declared, had ?beei ' done with New York capita!. Another Credit Given to French Banker.** Will Be Used to Make Purchasr.? in This Country A credit of *1*.,000.000 to French bankers has been arranged P. Bonbright I < o.. Inc.. making a , total of f0O.OO9.OOO that has bean ? loaned by syndicates headed by this firm. These credits are for the pay? ment of raw materials and manufact I ured articles bought in this country by French m?chants for export to France. The loan becomes effective by the French banks drawing their drafts on American banks by an arrangement under which the drafts are accepted ? payable three months after acceptance, and are in turn discounted and handled by banks and brokerage houses dealing \ in commercial paper. The acceptances i are taken up by the proceed? of the re i newal draft?, the total credit : unninpr i for one year. The drafts arc secured i by pledge of French government notes. The third and final $5.000,000 instal Significant Relations Money and Prices: k Siock ?if monrs gold in the country $2.96-8.355.434 $2,318,973,327 ? . .. ? r.a-?'. ,| I ?. ? f. tttI iOU? ftt ia?vins of all national banks. $8,340,626,000 $7,233,929,000 Total reserse (i. e., rash in national hank . aults and on deposit with Federal RooOffTO bank?). $1.493.433.000 $1,212,950,000 li.iiio i?f this total reser\e to gross depo-it liabilities of national banks 12.1% 11.9% Discounts of Federal Keser.e banks "?1 (.0,271.000 *?>6O.?jj?.00O Their liabil?4> for nole?. net. 16.725,000 9.977,000 Their gold rOOOTTO ?gainst deposit? and circulation. . 79.0"- "4.2% ... ..,m , Th?* .la i r- - Average prire of 15 railroad Mock?.. 115.34 114.32 114.99 \\erage price of 12 industrial ?lock?. 98.42 93.10 93.55 1 aat w?i?>k. The ?>???: !>? f re A <>?r ?go. Food cosl of living (Annalist indei number) . 23-3.875 235.397 164.191 Production: ?^ , l nfilled I. S. Steel orders, tons. 11,576,697 11.474,054 8.563,966 r?0reai. ???? ? ? . ,, Pig iron (daily average), tona. 94.180 101,643 106,456 \.ti\e cotton spindle?-. 33.117.090 33,008,609 31.980.240 ?'?-.. ' ?????,-,--,? H heat ? rop. bushels. 639.886,000 1,012,000,000 < orn crop, bushels. 2,593.241.000 3,055,000.000 I otton crop, bales (etc. linter?). 11,356,944 11.068,173 Distribution : . . ? . larch i r?i ? .- ?'....$??> Set shortage of Ireight cars . 124.973 10*9,998 Nel surplus ?if freight cars . - 20,299 ? ?a ??" I - ? ?? | m lam -?.?' : - ?-?H Uanta nt Jul. t ??? ' ' " . Januar] i ?. ,.n ? i r..??.? ? ? ? . 4.ro?s railroad earnings . 8.0% 15.3% 1-6% ' ? 1 s? 1 .-i ..**: Th? waxH ... furr. Y>*a ( Hank clearing. . 27.6% 1.77% 13.0% ivt'i i?r? leaner] a ear ??" l oniiiirrcsl failure? . 1.165 1,540 1,688 Investment Insurance A subscription l?> mir Service ?> inxist mriil insurance of the highest ortlrr. Thousands ?>t ?investors ?have avoided losses ?*?ul eliminated chance by ?making ?regular use of ?mr c\|?rrt facilities. I i t us t? ?I von all about Ulis Scrx ne, xx hlcfa is in us?' l?x inxestors all oxer tlie ?United Stat? i. Sead for Booklei Ko. i.'.' f MooDY's Investors Service John Moody.president $5 Nassau Street. Neu York V J men I on th? I 119,009,000' Preaeh I Ho llir-glit I ? ?. ?rill 11 pe ?? a? "!' ??? itjr m April rordiag ?to ?? itatt neat by thai tir:n. News Digest Foreign nheai Finliariio Hits ?.rgentine Kails. London. March 28. the ?tec? market was dull and onintorootl ? day. The war loan, with other gilt . declined on moderate Rubber stock?, were firm and ? on provincial buying, and ship? ping rilares har?iine?i under the load 0 i r?.?iri?*. Argentine rails declined two point? on minor? of the prohibi? tion o." the e\port of wheat America?! irities were dull and neglected. Money wea plentiful, owing to the parnsents of maturing Treasury hill?. lint rates were quiet and iaclin td to *ag. Money wa. niiot?*?! at ?"?'? per int rates, short am! tar? * n hill?, t'. per cent Gold premium a Lisbon. 80. Paris Hourse. Parie, Man et on the Bour?" to day. Three per cent reates, '?I .cen? time? for ? ange on London. ? '-'T francs B1 ' ? een( In s ? Pii i cent loan. S3 francs 30 centimee. Nrw York More Sat? 'inrk ( it) Financing.? Th?? I York ?*. to-day new -?"'? ?! financing to the ?mount ol 0. Bids will he open?'.! foi 110,000,000 corporate dated Joi ? '.' un.I maturing Ju?.?' 24, and $."?.(?(10,(101) revenu i billi 1 ami maturing June ?, This ?i second financing ttie city has done thia month. New Haven Note Issue. -The M" Ooo.OOO one-year 5 per cent note- of ti. ? company purehaaed l>y .-? ?yndicst 1 aded by J. P. Morgan & Co. ? offered, to y.ei.i approximately 6 p ? cent. The value of the collate::-. I Will be placed I? hin I the notes will have a value in excess of 50 per ?" of the face amount of the OOl Eschoago to <"lo?e t.ood Friday. Gorernora of the Sto? lowing the custom of previous te ? if' le on Good Pr ? day. This aetion eras taken without any petition from the member?. Exchange* To Be Represented .it Tai Hearings. Committatei repreaen4 tha Btocl r end the Cornell - dated Stock F\ri . go to AI ext Tueaday to attend tee bear? ing ei ?? erease tl- ? as of lock from 12 I ? $1 for ? ac':i on? hundred fcrred. Elections Stockholder* <>;" t'nr Ban .mpany, at the annual meeting, elected Theodon Roosevelt, jr.. Ralph F?au. J. II. Ful? ton, Isaac I?. .Iohn???n and I). T. Parry, director, to rucceed A. T. Perry W, H. Rankin. William M. Orr. F. .1. Steer and W. A. Penaaa. Corporation Returns I ?nnilian Paritic 1911 1011 ?? greil ?2.353.600 -2.0S9.200 . "03,200 129,100 Eicht months- k ??>? ? 26.822.700 21.??27 6C0 N"t . 6.985.400 6.909.3C0 Illinois Ontrisl 191?. |9I IVI.r.i.sr groas . $6.229,683 J5.871.545 Net after taxes 1..?96.661 '.218.29.1 I"., months' uro??. .13.024.070 11.532.21* la-.-? ??,rA,2V> 2.332.. 76 Vi'?? t: Mi- i??ip?,,i \ aller 191 <1 J1.228.968 ?-?94.172 - ?? 271,381 162.200 l??o montli? promt 2.6-*??.736 2.1*3.183 Nat aftr:- tau??.. 632.851 471.001 Central of Ceeeofa Keh-j-i - :?-...? $1.133,56*3 I1.?M.H4 235.776 222.399 2.33*,944 2031.111 *"?'<?<? *>'? 492,'*'3 433.C99 New York Dock Co, ' '? ' . $;'5.7a8 I,*"? ?V? ??.? - ???? A rhg ' ? 13.305 T?o inonihV groa?... G34,->24 .-.'.l?'.; er tea ?a < 138,350 77.901 n?jrston ,". Mura (-??? < *>4.1i;.Sa3 J4,023.0,1 Net after t-.xe* 242.? i?. 884.613 DeAett i ? \t 'i,:":: ?.-'irplus. I.rhia-ti V?ll?y 1917, Fchmary ?rro.- ..53,304.n3 Dor. $175,094 Net aftar taaae.... e:.872 Dae. 655.838 Divuler.tds Norfr.lk & Weeirrn lUilsrar. P-?ular qnarterb dividend ?>? l per eeat en tl juatment prafwred etr?.?k. pajab'e M.sj. 19 to ?todl of ra*--(ir?l April . B, Dr?a? arc, larkawann? A erstem I oal. Regular qoartefl) di dend .'f ?\* per rent, pajraMa April i?? ta ?te?h ?f rae ni March ::?. Manufarturrrs* I.lfliC a-d Hoat. ??ular nuar'-'-lv dlvUUnd Ot . , ?* ? i->ri?. pi??.?l>le ?\l ril u to ,?<,,-,. et tri-uni Maiefe I i. t'nited Slat? Smtltin?. l<-?flplnt ?r-i Min? ing. K-a-tliitar div*d?*n<l? of i\:.o a? iriare on ? th<? aaeamae and I7U eeata an Ike prefarn-d ?<t.?ck. U?*h pa>aMr April 14 to ?tock of ret erd April .. Iiitrrnalinnal l'ap?rr. lUsuIar ?via-Wl. divt-tamd ..i p. p,.,- ,?nt M th? M?f?ri?U ?tock, '?'mI.V April l-i in ?t.*a?\ <?f ?a-co-.l "tWstintl.nuaa i:i*rtri<* and Mannfariorin? it?*ii?iiiir ???..i -???: ?i ? i.i.-.'kIs . ( i 4 *m net ?n th?> roa?m?a and pref??rr?<l ?(...la? Pi? , i?-r??l dividend i? payabl?? Apnl || '.? ? el r?*.??iril April o. and ?rommon pajrahlr Apnl M t.. etmtrn "f ro<ord April I, William T. Bnnhrlat-I * tV. Kawular quar t?*rlj dividend <?f I \ per cent on iu ftrat Diversified $100 Bonds n !?n U ? ax??r .. K ? i I ? ho put* I '? ? John Muir & Co. ***** SfECUUSTS M v Odd Lots Xle?iliri ?> *?. I'. Mo? I? Kirh*jn<x Xluln ?Ul'ii'. <.l llrnn.l??'-?. Y Y. lid 8 ? ? : ?,../, v - It. II ' Statut ;i.i'?mr ... ? ? ' ? I ?t Bway Surface R.R. 1st 5sf24 Edison Elec.lll.(B,l(ljn.4s,,3i N.Afnsr?amGasGo.Gon.5s/4E Sou?hn Blevard R.R. 1 st 5s,45 VV in. Carnegie fcwen Soot?allsti v ' ?'?-?' pOAmHt ! niiiyB**it 100 Bro&dway. N. Y. Tel Rector 3SS0 High Grade Investment Securities Kuaiulj-Nncljob&KuljM ?< il IKTTOtED t??r Linien Trust Co. olHei?t 80 BROADWAY f ??-. a? * '???*> s?. SMS ?? tin * Al.'oxr? loterett un l>*-i?mt? ????: :i liecclor, Guardian, Iria?'t?.i't ptetet cd t*.oe*. payakkl '?" *'--x* ' ' Ml??? Electric lllomin??inr thmp****' fetten. ''*.,?? ? M, < on?un-nV Boctri? I .ifh' an-l i'*?*> Cea r..i, . . 's- ?irlf.ii. I>.'..?' *<*r?? dividend of r. p* ? - nonm lock. payable Mare* ' ' *?'****"* March 10. \?rth?rn IMH Po-er lag? ?JSj# diride d of a per -' " S_55_J? W.bl. April '? ,.. .?n.*; ..:r?co?d# 4 ?'-o reculai quarterly di ??*?*"? ?J 1,."J, rent on lb? rorBinon. rayibl? April ?"? ? " - ? ."1 Bee? r Hilton Hoi* Machia?. ?'?^?n? ?,r.v dividend ?I* 3 per ?'?? ???. -.?yibbA?**1? - .,.?.i a?t.; Intern.tional Untton Boh ?*""*',,-'"f^? Regular qu? I ?l;.y v,_. . .... ., ., remet ft?^ K.?'? Knl'in? M.rhln? K?x?:?r ?m*?! I of 1 ,...- ?-: -, pa ? ?"""?? **" Ctoek . ?' -w, ,".t April t. An-.ri.an R.llin*- Mill. ***** gES dixidendi of _?! . -Mi Arm *-"'< ": ' ?i a?t) ,l|l:?.lH Brfefc. Kwlir -IM***' , ?2 ,| o, ? . ?!'? htet ?? t??*0? "' l?ariH o?rtcr Moll? Sun.r ? nrporition. R*?Ul'Li/i-H : ?-...i ?f ? i ,7*!^ ?torit, payable May I to ttott of ??-" NattoMl T~.i ? m&Zfvlta ,.e \z v? ctni on the preierr-rt ??J'J ' ' I art n..w, icaia . '.,recite? eent on lb? ?preferred the rom. pable KftO *; Fish Leave Japan Ceait Re -,??;; than I ? *'v'*' ? /Vi** ifaag Iks eaasl ? ' Japaa. ?"?"?*? ?** |, ftaeral "u'''"l5,:, ; w an-li*?e.iu-.iiiK?iim-hconcrni ??"?,?? ii# (?varamant aatkarltias I ?",'r5' pert.?, have bren called la * ?*',cU*' ...rua.ion. ... The Fishery Bureau of As IW"J ment of Airr.rulture sad I '?mm'r\i| ? luoted by ?M Japan "Mall" *-? '*y :; ii true ti II ttk B U ** "'* ,r0 T ]aaaa hava racaatii ,1,cre,l3t^ til t:iou^'ii no laasaa ?-an ''" '?"'n t ^ ? lawtalll en?l ?almon l.a?e b*,'n ???orce. Piaetieally ? ?"->'w,nffr * ' _, number ai ftllawtalls Is taken ? ^ -.okio maiket. but this >oaxr they not ?een at alL L'atU ? ttm ftnnm l.rg. sardia ? eaafbt of the M?J MMtmri "???Trtl!lSf_L3 :l,^ ;,,'.? Sal been seen in theiri bai atuul ? n , \, haWat^.*_^?*5 ?re hatched yearly. The.? ????U' lli:il :,?,? il..- neatoil.eorir"? a'trr . ft* >e.r*. but las? >'" , x-.c.e obitrved. snd conaequ""1' fc -.null SBIOUBl ?<r ?almon *???? f* * ^ Japan.