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FINANCIAL lil REAL Tribune Building 1 .*? 1 Nassau Street Wealth?Markets TELEPHONES: Beekman 3000 Bookman ?213 Maury Rogers & A uchincloss U. S. Steel This retieivsent '? upon request Membera N. Y. Stock Exchang? N. Y. Cotton Exchange Chicago Board of Trade 25 Broad St. K. Rice, Jr.&Co.Buy & Sell Arollan Weber P. i I*. Com. & Pfd. \m ?? i-nn ( li lele < ?m. & Pfd. \mrrican Cvanamid Com. it I'M. Im ri,.,,! Meter Hunk of Commerce Stool? Jus. Uni 1er < oui. A- Pfd. e .il mmem Chemical Pfd. e ont inental Inmii unie I) I.. I m k. \ Yi stern Coal . plaj en I.nsky Fnrmcr? l.<mn & Trust Stuck Fidelltj IMi iti-s Insurance Franklin I'iro Insurance Ilouerai Baking Moil, & lioneln . ? ?? '. umher Com. & Pfel. i ehlsrli Valley I mil Sales Limn Locomotive torn. * Pfd. ; owe Star I ms Midland Securltle? Nati. AnIKnc ? (liem. Com. * Pfd. ? itli nal t'ii.'l <.ns ihi .m Steamship R. ... Re; Holds Tob?ceo Com. ?nicer Manufacturing . . \.i:. Pacific I oal & Oil Ictor Talk tir Machine Com. ?K.Rice,Jr.&Co. Wall .St.. N. Y INTERNATIONAL PAPER ???'?? s <? analysis show it in industrial icorld d appraisal of its securities. ?rettlar ?1-41 free on request. W. Wagner & Co. ubUshcd J8.S?, Chicago v- ? 1 ork Stock Exchange mbers , \. York Cotton Exchange cago l?-iart? of 1 rade NEW ST. NEW YORK ' ? ? . l/eidi on 11 e. ?f ',2d at. !e. ?ENTRAI. UXI?N TRUST CO. .if ."?cev York 10 Broadway 54 Wall Str?*t BRANCHES 5tli Avenue et 60th Stre:. Stadttor- Avcr-e at 42nel St-??J 5th Av?pu? at "58th Street ?? ?t>il. Snrjilu? and Undivided Profits S30.OU0.00O. lore ('. Corivi NOBLE & CORWIN New York Equitable Tr. Tex. Pac. Coal & Oil mty Trust Otis Elevator Telephone? 1111 Broad Dividends Decreases it. lo&eph Lead Company.?The reg trterlj dividend has been re om -0 cen? i per share to 35 ? ? . re, ] ayable March 20 to i ? i : of : ? cord March 9. Regular Declarations Holder: of ? : cru..I Payable, record I, Q Mar. 15 Fob. 28 ''??-, . com, Q. . Apr. 15 Mar. "il pf, Q . Mar. 15 Feb. 28 '? ..- I, ?5, com. A.. do .. pf, a . Oil i N .1, ,-: O Mar. 17 Feb. 20 : '.'.Mar. 1 Feb. 1? '??? ? i . | . pf, Q Mar. 1 Feb. 20 .-:. Q. , . .Mar. 31 Mar. 15 St. Joseph Lead Company Shows Deficit for 191? The conso ?:.:?<-.l income account of Jot ?.' Lead < ?ompany for the ear ended December 31, 1918, Bhows ???? of $5,121.164, a decrease? of ? riim the preceding year. tion, etc., amounted to $1,297, 981, or $3,222,305 less than for the before. A reserve for Federal taxea ai nting to $2,000,000 was put aside. During 1917 no reserve for lade. Halance of ,183 v. a equal 'o $1.29 per siiare i on $14,094,660 capita] stock. $10 par value, which compares with $5,610.273. or V>.W per ?hare, earned ?ig the previous year. Dividends I ?2319.004, leaving a deficit ir of 399f>,821. The company has declared a quarter? ly dividend of .'?5 cent.? per share, pay .'arch 20 to stockholders of record March 9. Thti is a cut of 15 cents per compared >.vi*h the rate of three month.s ago. Ajax Kuhber Company Karon S8.554a Share on (Capital Stoek The annual repor? Of the Ajax er Compas?, issued yesterday, amounting to $2.915, ',>>', which compares with $1,065,293 for the preceding year. Federal tax'-.i wen ?.J .700.000, against $496.000 for tha year before. The stockholders of the ''ornpany shared in dividends to th ? extent of $852,000 during the year. ? ot $363,368, added to previous IS of $768,^40, accounted for th? profit and loss BUrpius of $1,132.208. Pren'ii-m. Jf. !.. Mci'laren in hi* itoekbolders ?aid that to war Sime conditions the financial a? well a? production and ?ale? d?-partrnerits were affected. He the uncertainty of sup ? on and other unusual -, obtaining < i odi materials o;- on "f abnor ... ? -.r (rude material. ??y had to borrow ? . mote money than m nor ' I ' A declino ?n prices of many com-. modities has been going on for nearly three months. That decline has not been great. Some persons think it will go much further. It is called "the readjustment." But if we compare prices now with the high prices during the war we find there ha3 already been considerable ? readjustment. For instance (prices in ce??s i : High War 1913 high Present) price.' price' price Leal (lb.).... 4.75 12!/2 5 Copper i Th.). 17.22' 2 35' 2 18 Corn (bu.)_86 $2.45 $1.50 Tin (lb.)....51.12'/2 112.00 71.50 Cotton lib.). 14'2 38 20 Print cloths (yd.) . 4-.-. 16 7% Some people think that for the first phase this readjustment has pone far enough. However true that may be, this much truth re? mains: that the decline of stock prices since the high prices of the war has fully taken in this decline in commodity prices, ami the de? cline of stock prices since the* armis? tice has taken into consideration re? ductions expected but not yet made. Therefore, it is almost inevitable that stock prices, having begun de? clining first, should stop declining first, and even start to recover while commodity prices continue to fall. That explains the possibility of the stock market rise beginning Monday a week ago and becoming more decided on Saturday ami yes? terday, while industrial news eon tinued had and price cuts contin? ued. Even yesterday some leading producers were willing to sell cop? per at only lT1^ cents a pound, compared with the previous IS cents. Edward S. Jorelon of the Jordon Motor Car Company talks of the world markets rapidly opening up to American automobile production, ami numerous inquiries from prac? tically every country in the world. This calls attention to a state of affairs to which little concern seems to have been given. Nearly all the automobile concerns in Europe worth talking about were converted into munition plants during the war. England practically ceased. producing cars. It will take some time for these foreign countries to get back into production. Mean? while American automobile makers can supply what must be a greatly accumulated demand. That is, they can do so provided they can get back into production quicker than Europe. As American concerns did not abandon pleasure car man? ufacture as completely as European ! plants, they should be able to do so. Several possible consequences ought to be considered before Sec ' retary Class definitely decides on the plan to make part of the com? ing Victory bond issue tax-exempt. The plan has this advantage aver that adopted in the first 3% per cent loan: there is no direct dis? crimination against the small sub? scriber. The first loan could be floated at that low rate largely be? cause it was tax-free, which meant that subscribers in moderate cir? cumstances, buying bonds largely through patriotism, were compelled to accept a lower return on their money for the benefit of subscrib? ers in affluent circumstances. An indirect discrimination against the small subscriber still remains. He gets a smaller return on his money, the Victory loan means less to him financially than it does to the wealthy subscriber. For if the tax-free issue is offered at 4 per ?cent and the taxable issue at 4% per cent, say, then the subscriber ! to the 4 per cent issue gets, or ex ; pects to get, a higher return than 4% per cent on his tax-free bond, otherwise be would not subscribe to it. He gets this increased re? turn by escaping taxation which he, would have to pay if he held instead taxable securities of private cor : porations. 'It is never the bonds that are taxed, but the holder; and : the greater his income the greater return he realizes on tax-exempt , bonds. Radicals would be certain ; to call the government's income tax | schedule a farce. With its left hand it levies taxes and graduated ! fluper-taxes on income, and with its right it provides a bond by which those taxes may be escaped. It may be alleged that the wealthy 1 subscriber would merely put his current income, his income for less i than a year, say, into the tax-free ! government bonds. But if the tax 1 free provision is attractive enough for him he can, in order to buy more of the new issue, sell his j present 3%* and. other bond issue?, i depressing their price; for until they fell quite sharply only persons in moderate circumstance? would want to buy them. The safne might , follow with other securities on the ' Stock Exchange. The old 3 % per cent tax-exempt issue lias been slowly gravitating into the hands of the very wealthy. It would be interesting to speculate on how far this process has already gone, and how much selling there was of other securities in order to effect it. Money and Credit There was a noticeable easing of call money rates on the Stock Exchange yesterday. Though most loans were made at 5 nor cent for a mixture of in? dustrial it 11 tl railroad collateral, the rate fell in the late trading to 4% per cent. This was in spite of the increase ?n stock market trading. Ease anel tightness in the day-to-day money mar? ket reflect largely the deposits and with drawals of the government in the N\\v York banks. There was no appreciable change in time money. A little money is lending at \'i per ce-ut. em all industrial col? lateral for two-month periods. Bro? ker- arc bidding 5*4 per cent for loan.-. secured by mixoel collateral, and there' is a better demand for all-industrial loans at 5 ! ?_? per cent. Yesterday. Year ago. Per cent. Per cent. Call money: On mixed collateral 5 5 On indus, collateral 5' 2 Time money (mixoel collateral): Sixty days. 5' 4@5'/2 6 Ninety days . 5,/^@5[''2 6 Four months. 5'4@5'/2 6 Five to six months 5',4(a5'?;. 6 Hank Acceptances. - Ratas were steady in a ?airly active market yesterday. Thirty Sixty Ninety Spot eh- days. clays. days. live i y : Per cent.Per cent.Per cent. Eligible member banks_4A@4 4'4@4-"j 4f,?@4^ Eligible non-mem? ber banks.4A@4 4:"n@4'.4 4%@4A Ineligible bank bills.5'4@4's 5'4@4'2 5'/4@4% For delivery within thirty days: Per cent. Eligible member banks. 4ir,r Eligible n?n-member banks. 41 2 Ineligible bank bills. 6 Discount Kates. -The following table gives the current rates of the twelve Federal K< serve banks on commercial paper for all periods up to ninety days: ,-Maturity-?-, Huston . ,. 4 434 434 New York. 4 4% 43.4 Philadelphia ... 4 4?4 4% Cleveland . 4' 4 4'!4 4% Richmond . 4% 5 5 Atlanta . 4 4% 4?4 Chicago .4 4% 4% St. Louis. 4 4;l4 4?4 Minneapolis .... 4 434 5 Kansas City.... 4'/2 5' 4 5'.4 Dallas_*. 4 43,4 5 San Francisco . . 4 5 5 The Fed ral Reserve Mark of New York ?as put in force the following schedule of rediscount rales which apply to bankers' acceptances: Maturi? ties up to IE days, 4 per cent; 16 to GO days, inclusivo, 4^4 por cent; 01 to 90 eiays, inclusive, 4',2 per cent. Rank Clearings.?Bank clearings yes terday were: fcixc h ange s. ? balances. \*ew York _$497.369,965 $74,522,135 Boston . 36,422,808 9,862,455 Chicago . 94.474.2C6 11,232,946 Pittsburgh.... 22,164,735 10,357,116 Sub-Treasury.- The Sub-Treasury lost $289,000 to the hanks on Saturday. Silver..London, 47%d, unchanged; New York, IOIVbc, unchanged; Mexican dollars, 77',;.e. unchanged. London Money .Market. LONDON*, Feb. 17. Closing: Money 3% per cent. Discount rates short and three months bills, 3 17--'!2 per cent. Cold premiums at Lisbon 67.00. The Dollar in Foreign Exchange An easier tendency characterized dealing's in the neutral exchanges yes unlay. The market continued nt a low obb as to dealings, without quotable change in rates from the opening fig? ures. Closing rates yesterday, compared ; with a week ago, follow: (Quoted dollars to the pound.) Yes- Week terday. ago. Sterling, demand .$4.757 $4.758 Sterling, sixty days_ 4.73 4.73' B Sterling, cables . 4.76,7? 4.7655 Sterling, ninety days.. 4.71% 4.71% (Quoted units to the dollar.) Francs, checks . 5.45% 5.45% Francs, cables . 5.45', a 5.45r* Lire, checks . 6.36'/2 6.36^-2 Lire, cables . 6.35 6.35 Swiss, checks . 4.91 4.93 Swiss, cables . 4.87'/2 4.89 J/; (Quoted cents to the unit.) ? Guilders, checks .41 rV 41'."4 Guilders, cables .41% 41A ?Rubles, checks .13.00 13.00 Spain, checks .20.13 20.10 Spain, cables .20.20 20.17 Sweden, checks .28.00 28.15 Sweden, cables.28.15 28.30 Denmark, checks.26.00 26.00 ; Denmark, cables .26.15 26.15 Norway, checks .27.25 27.35 Norway, cables .27.40 27.50 ; Argentina, checks.44 3-5 44.85 Argentina, cables .44% 45 ?India, rupees, checks.. .35 3-5 35 3-5 India, rupees, cables.. . .35% 35% India, rupees, cables, Reserve Hunk rate...35.73 35.73 'Nominal. Hclow is given the current exchange value of foreign money in dollars and ' cents, together with the intrinsic gold parity, as calculated by the United States Mint: Curwnt exchange Intrinsic vslae. value. Pounds, sterling.$4.75% $4-86^ Francs. 0.18.4 0.19-3 Guilders . 0.4m;. 0.40.2 : Lire, cher"? . 0.15-fi 0.19.3 Crovas 'Denmark) ..... 0-25-80 0.26.8 Croiras (SwudWJj . 027JB& 028.a Stock Exchange War On Fake Promoters To Be Nation-Wide Bankers and Business Men Will Have Representation on Strategy Board in 2d Federal Reserve District The Stock Exchange purposes ulti? mately to make its campaign against the activities of "predatory pro? moters" nation-wide. This was dis? closed yesterday at the meeting in the rooms of the Chamber of Commerce called for the purpose of uniting New York's leading banking and business interests on a concrete plan of action, | the scope of which at the start will i be confined to the territory of the i Second Federal Reserve District. A permanent committee, whose mem? bership will probably consist of rep? resentatives of the Stock Exchange, the American Bankers' Association, the Investment Bankers' Association, tlie Chamber of Commerce, the Mer? chant?,' Association, the Liberty Loan Committee and the Federal Reserve Bank, will undertake to carry out in a definite way the ideas of the hack? ers of the movement against stock swindlers and in behalf of Liberty bondholders. Members of this com? mittee already selected include Fran ! eis il. Sisson, vice-president of the i Guaranty Trust Company, and Jason ; Westerfield, of - the Stock Exchange ! Library Committee. Publicity Essential "'In view of the evidences of the ! vast extent to which the new Liberty , loan investors have been victimized," said a statement issued after yester? day's conference, "the meeting was unanimous in favor of some action ] which would unite all of the sound ; business interests of the country in ' a publicity and educational cahipaign. It was shown that the Treasury De : partment was already doing all that it could in the way of preparing legis ' lation which would check- the evil nt the source that is, supervise the issue of securities. The Secretary of the Treasury himself, however, made it clear in a letter 'o the Stock Ex I change that it was essential that legis? lation he supplemented by publicity ' and education. "Before adjournment if was decided to form a permanent committee of : men experienced and qualified by their studies of tin- problem to draft a programme which would, in a prac? tical manner, permil the various busi? ness interests in the Second Federal Reserve District to unit," in the sup? pression of stock swindling in said district. As soon as the campaign is . actively launched in this district it is proposed to extend its scope that eventually the entire, country will be included." A letter to Mr. Westerfield from Carter Glass, Secretary of the Treas? ury, ululer d.ate of February 12, was read at the meeting, in which he said: "I am genuinely glad to note that the Now York Stock Exchange is starling a general movemenl to check vicious operations in worthless and fraudulent securities, pending enactment of suit? able legislation by Congress. Very likely the work of the Stock Exchange movement might be profitably contin? ued even after Congress shajl have acted on the bill sent up by me some days ago. It is quite certain that in the absence of the proposed legisla? tion the Stock Exchange movement will not only be desirable but almost essential." A communication from Charles S. Hamlin, chairman of the Capital Is? sue's Committee, also commended the plan of the Stock Exchange for bring? ing together representative business me>n and bankers in a body to sup? press the stock swindling evil. Many Interests Represented Those present, at. yesterday's meet? ing included Alfred E. Marling, presi dent of the. Chamber of Commerce; Pierre Jay, chairman of the board of directors of the' Federal Reserve Bank of New York; .lohn J. Pulleyn, repre? senting the savings bank section of the American Hankers' Association; II. 0. S. Nubie, H. K. Pomroy and Mr. Westerfield, representing "the Stock Exchange; G. W. Hodges, W. II. Max? well, jr., and II. F. Hoobe, represent? ing the> Investment Bankers' Associa? tion; John Price Join's, head of the Liberty Loan publicity committee; Francis H. Sisson, vice-president of the Guaranty Trust Company; E. (). Stan I ley, of the Title Guarantee anel Trust \ Company; George E. Roberts, assistant ? to the president of the National City Bank, and .1. W. Bramhall*, representing the .Merchants' Association. Keniiecott Copper Pays 6 1-2 Per Cent Interest Borrowers From Bankers' to Carry Over Stocks of Metal The Kennecott Copper Corporation . has arranged to sell to J. P. Morgan i & Co. and associated banking interests $12,000,000 of one-year 6 per cent notes. The cost to the company will be <>'_> per cent, as the notes, which will be dated March 1, were purchased at 99^. Among the banks associated with the Morgan firm in the transaction are the Bankers Trust Company, the Guaranty Trust Company and the First National Pank. This same group early in 1917 fur? nished the Kennecott company with $16,000,000. which was used to acquire about 200,000 share's of Utah Copper stock. The purpose: of the present loan is to provide the company with funds to carry its stocks of copper, estimated at between 50,000.000 and 60,000,000 pounds. The loan, it was stated by : one of the interested bankers yester day, is to bo regarded as insurance ? against the possibility that the com- | pany may be compelled to carry cop per on hand for a considerable time. ! It is said that the company has in its treasury sufficient cash to retire on ! March 111 the last $4,000,000 instalment of the loan negotiated two years ago. There is no intention em the part of the bankers to make a public offering of the new loan. I-" RelevantCommeiit While American Traders Wait While the merchants of the United States are apparently awaiting some more stable state of affairs in Russia and Silieria before launching an active trade campaign. Japanese traders are getting the bulk of the foreign busi? ness with those parts of Siberia that are open, according to advices to firms i here with Russian connections. The island empire has the advantage of being geographically near to Siberia and, therefore, of watching the changes in conditions from a closer range. The recent cut in shipping rates, however, may be expected to have the effect of bringing the United .States nearer to Siberia. Business interests which have their eyes, focussed on Russia seem to be waiting for the peace conference to act, and also for the results of the proposed Prinkipo conference. Mexico Ravaged by the "Flu" George II. Carnahan, president of the Intercontinental Rubber Company, who has just returned to New York after several weeks spent in inspecting the? company's properties in Mexico, stated that the republic south of the Rio Grande has suffered with terrible severity from the ravage's of the influ? enza epidemic. In some communities he found thai more than 30 por cent of the population had died. Mr. Carna? han branded as false recent reports to the effect that his company had de? veloped or was considering the envel? opment of oil in the Belgian Congo. Action of "Pan-Pete" Surprises The continued strength in Pan American Petroleum shares yesterday surprised oven those who have been most optimistic on their market action. The stock, which rose on Saturday more than 5 points to 76Vi, jumped to 80 yesterday before a reaction set in, .which carried the price at the close down to 77%, a net advance of l\s .points. This company owns the major? ity of the stock of the Mexican Petro? leum Company, Cuba Cane Bonds to Guaranty Trust? A syndicate headed by the Guaranty Trust Company is expected to market the issue of $25,000,000 bonds author? ized by the stockholders of the Cuba Cane Sugar Corporation at the annual meeting last week. This institution, it is known, has made a definite bid for the bonds and the management of the company is expected to announce in the near future its acceptance. Railroad Shares More Active Those who have refused to become optimistic over the future trend of stock market, -prices because of the backwardness of the railroad shares found some comfort in the announce? ments from Washington yesterday that the House Interstate Commerce Com? mittee would take no action on the McAdoo five-year plan and that the ? House Appropriation Committee had decided to report favorably on the amendemnt adding $750,000,000 to the "revolving" fund. These developments, which were regarded as favorable, were : followed by a buying movement which ; was most noticeable in Reading, Cana daill Pacifie, and Union Pacific, which ! showed substantial gains at their lop | prices. Controller's Case May Go Over Reports to the financial district ! from Washington indicated that the matter of the reappointment of John Skelt.on Williams as Con? troller of the Currency would be held over until the next session of Congress. The hostility of many New York bankers toward Mr. Williams is i no secret, hence the favorable comment I on the latest developments. Significant Money and Prices: Stock of money gold in the country.. Relations $3,080,510,011 Loans of all national hanks. $10,097,000|000 Their Hurplus reserves. 69,000,000 Bills discounted and bought by Fed- r?,t ?.,,?,. eral Reserve Banks. $2,111,969,000 Federal Reserve notes in circulation. 2,468,388,000 Total gold reserve . 2.119,347,000 $3,040.449.343 Nr.ire.-it period. ?9,535?527eO00 95,071,000 $145,607J3OO 291,839,000 492,392.000 Yesterday 77.94 87.11 Average price of fifty stocks. Average price of twenty-five bonds.. Food cost of living (Annalist index L&st week. number) . 281.723 General commodity price level (Dun's Feb. l. index number) . 220.050 Production: Dee, m. Unfilled IT. S. steel orders, tons.7,379,152 January Pig iron (daily average), tons. 106,525 PreTlous .-ion? 77.50 87.11 The week bet?r?. 280.793 Jan. I 230.146 A year ?fa 76.96 85.92 A yeir ?go. 285.570 Feb. 1. 191?. 227.020 8,124,663 1 10,762 Wheat crop, bushels. Oat crop, bushels.... Corn crop, bushels... Cotton, bales . lUlS \lel,l. cal I m s I Ml. 917.W9.000 1,538,359,000 2,582,814,000 11,700,000 A year ato 9.381,718 "77,799 Die 1'.'17 .Top. 636,655,000 1,592,/40,0OO 3,065,233,000 11,302,3-5 Distribution : 3 mail: ????rut week In Keliruary Gross railroad earnings .,.(102.4% Laut week. Bank clearings .+ 13.7% tm-reaaa or drcrraiu* from ?ear before--, - - All Ci a as 1 ron.I? Month ..r IT.i rond? frum 1. 1 to Dee. 31. 1 21.6% General: Januarr. 33,856,47;? Janturr. 673 Active cotton spindle* . Commercial failures (Onn's): N nmber .'.. UabMHIea .$10,736,398 Ituilding permita (Bradstrcei's) : tmtuaj n>"> (132 cuira) .$20,721,629 ! 31% Week befo?. -I 11.4% rieeemher. 33.652,612 lV?VTnh*r. 683 $12J249,4B3 Tear to ilat?. ? 18.3% A year a?o. 33,550,338 A vr am. 1.178 $19.278.787 JHJI-OJQ.T. ISM $22,841,008 Railroad Gross Nearly 5 Billions In 1918; Net Falls Operating Revenues Great-1 est Ever Reported, but Expenses Cut Down In? come; Returns byDistriets WASHINGTON, Feb. 17. The effect' of war on railroad expenses, revenues and net earnings was shown to-day by the Interstate Commerce Commission's final report on earnings o! 195 prin? cipal roads, those whose revenues amounte 1 to $1,000,000 or more, in 1918. Operating revenues amounted to $4,913,319,000, the highest in history, and $863,000,000 more than the $4,050, 463,000 of the previous year. Oper? ating expenses arose proportionately more, however, to $4,006,894,000, or $1,148,000,000 more than the $2,858, 1100,000 of the; previous year. Operating income which is the dif? ference between revenues and ex? pense's, with deductions for ordinary taxes, amounted to $719.159,000, but because of other adjustments on ac? count of cai and facility rents, the net income to the Railroad Adminis? tration fron operations amounted to only $600,418,000, These figures are somewhat differ? ent from these reported by the Rail? road Adm:/ Vtration, w.iich reported Federal ineume as $688,000,000. Rev? enues were placed at $4,842,000,000, and expenses at $*,006,000,000 by the Rail? road Administration's statisticians. The a.'t income in 1917 was $974, 778,000, or $284,000,000 greater than last year. The resull of increased freight and passenger rates was shown by the In? terstate Commerce Commission's re? port that freight revenues in 1918 amounted to S3.450.000.000, as com? pared with $2,834,000,000 in 1917. and passenger revenues to $1,031.000,000 compared with $827,000,000 in 1917. All expense items showed marked increases. Transportation expenses, in which most of the cost of running trains is included, were $2,051.000,000, as compared With $1,534,000,000 the year before. Maintenance of equipment cost $1,108,000,000, as compared with $690, 000,000, and maintenance of way and st file'?ires $653,000,000, as compared with SI 15,000,000. The average number of mile's operateel during the year was 234,022, or 1,328 more than in 1917. For the Eastern district, operating revenues were $2.230,000,000, expenses $1,914.000.000 and net income for the government $209,000,000. For the West? ern district, revenues were $1,899,000, 000, expenses $1,089,000,000 and net Federal income $334,000,000. For the Southern district, revenues were $783, 000,000, expenses $608,000,000 and net Federal income $146,000,000. 31 ill Stocks Strong Anticipation oi Melon Cutting Sustaining Factor Business News Bureau Spec ia '. Co m \i po ndc nee NEW BEDFORD, Mass., Feb. 17. In spite of the dull market for clotu and yarn and the continued labor troubles mill stocks of New Bedford and Fall River remain at a strong figure. This is owitig chiefly to the expected re? lease m the near future of $2,300,000 of cash dividends, practically all of which will be available for investment in textile securities. This is the amount of the melon to be cut for the benefit of stockholders in Boston, New York and New Bedford of the Mechan? ics National and Firsi National banks of this city under the terms of a con? solidation soon to be effected. Corporate Returns l'acide Telephone and Telegraph Company.?Operating revenue for the ! seven months ended December 31, i 101 S, aggregated $15,362,773. Expenses land taxes of $12,330,466 were de ? ducted from the amount, leaving ! net of $3,032,307. Other income was placed at $157,151. After charges of $1,929,431, balance was $1,260,027. I)iv i idends were $960,000, leaving a surplus j for tha period of $300,027. Keystone Tire and Kubber Com ! pany.?Net profits for January were $42,335 compared with $23,900 for the corresponding month of last year. Manufacturers' Light and Heat Com? pany. Gross earnings for 1918 amounted 'to $9,693,573, compared with $9,122,218 for the preceding year. Net earnings were $3,527,775, against $3, 459,010 for the year before. After dividends, depreciation, etc., had been taken care of, surplus was $.102,952. ?Vlackay Companies. Annual report shows income from investments amounting to $4,695,497, compared with $4,519,365 for the previous year. Operating expenses, etc.. were $301.677. j After dividends of $4,388,677, surplus ; for the year was $5,699. Cuba Railroad December gross. $772.172 Dee.$270,913 . Surplus . 27.855 Dec. 169,796 Six months Kross... 4,966.425 Inc. 414.909 Surplus . 454.284 Dec. 54,274 Refining Earnings Increase The Oklahoma Producing and Re lining Company reports gross for the year ended December 31, last, of $4,540.380, compared with $3,246,491 for the' year before, an increase of $1,293,889. Established war taxes were $600,000, an increase of $280,975. During the year $803,173 was spent for the development of land. After d?pr?ciation, etc., of $1,624,813, not amounted to $1,512,394, an increase of $72,960. Balance of $1,300,559 was the equivalent to 65 cents per share earned ; on the $10,000,000 capital stock (par : value $5), compared with $1,083,845, or i equal to 55 cents per share, earned in ; 1017. Dividends totalled $988,375. leaving a surplus for the year of | $312,18-1. i Nortlnveslern Mutual Report The Northwestern Mutual Lifo In j surance Company, in its report for ' DM8, shows total receipts of $78,028, '51i*, an increase of $2,5:14,810 over the preceding year. Disbursements during the year were $4,839,879 moro than in '. CUT, caused mainly by the unusual increase of $5,190,621 in death claims : end matured endowments. The total amount of insurance in force ?t the close of 1918 amounted to $1,680,936, ?-lti. Mexico Confident of Banking Aid Here Expect Financial Assistance as Soon as Oil Controversy Is Settled New York bankers are now more open to proposals to aid Mexico financially than at any time since the Carranzista government came into being, accoreling to a statement made yesterday by in? terests closely linkeel to the present Administration in that country. This new attitude of the bankers, it was stated, came to light in the informal conversations which Rafaelo Nieto. Mexico's Acting Minister of Finance, has had in New York during the last week. Mr. Nieto came here for the purpose o? sounding out the attitude of the financial community in the mat? ter of rehabilitating the national and railway -i 'bt of the nation below the Rio Grande. From ;.n." same source it. was learned that after a solution of the oi! lard controversy had been reached in April in an extraordinary session of the Moxican Congress, as is expected, the Mexican representatives feel that it will be possible to reach an agreement with financial interests here. It is now recognized by the Mexican agents that the Carranza government will remain ep against a stone wall so far as finan : cial aid from this country is concerned until the status of American invest ; ments in the republic to the south is : clearly defined. It was said also that the Carranza government is willing to , confer with foreign investors in re? gard to the fixing of new tax rates. The change in the attitude of bank? ers, it was assorted, lay in their will? ingness to discuss Mexican aid and in ! their expressions that possibly an ! agreement could be reached. The plan I of refuneling, still vague, involves the issuance of now- bonds in exchange for i the $250,000,000 of government bonds i outstanding. Including the railway i bonds, which were guaranteed by the ' government, the Mexican foreign debt amounted to $370,000,000, Mr. Nieto i said. Sales of Foreign Securities in U.S? To Be Fostered Investments of This Government Officials ? lieve, Will Increase B^. iiig by Other County WASHINGTON, Feb. 17.~To a^ age American investments in fotii' securities the government has t?. ! ?"" :" i '?<?'! i 01 the cti. terprisi . to nunin??M .-aie- of foreigi ?f doubtftl value in t - t ? ,ted States ami strengh ' ate securiUci The . terest m \i, ?, arises out C' 1,10 <lr:M:' '" '-? Kovernnnct loan- to atrii s as ead, to get priwt cap tal ? . taki up : ireign gecurit?a .:?.<?. This Uli] RIQ for'.' ei?n '?? '?'. large pur ; "?ted States " n si curities instead of il foreign '"?? hange will 1 irer a parir.' i flfic ib e: plained. Industrial Cotton A further advance took place in the cotton market yesterday, with May deliveries selling up to 22.88c, en- !?', points above its Saturday closing and mein than 3c a pound above the low level of last week. Profit taking by . recent buyers was sufficiently active to cause reactions of several points in the late trading, but the closing tone of the market was strong, with last prices shewing net gains of 42 to 75 points. The more cheerful feeling as to gen? era! trade conditions which had de? veloped toward the end of last week seemingly was conductive to an im? proved demand for spot cotton from both domestic mills and exporte-rs. Liverpool diel not fully meet the local advance of Saturday, but houses with English traele connections were good buyers here at the opening and there we're also buying orders from the Con? tinent. The demand from these sources helped the opening advance of '.i to ?I!; points, and there was good buying by Wall Street interests. Offerings increased around the 221??c level for May and the market reacted rather sharply late in the morning with that delivery selling off to 21.91c anei with olel crop months generally showing rol losses of 12 to 30 points. Profit-taking sales then appeared to have been ab? sorbed, and in the absence the market here for Southern account the' market firmed up again during the afternoon on a renewal of the early buying movement, reaching a net. advance of ":; to 86 points. The support from Wall Street sources was more aggres? sive on this late upturn, which was probably influenced to some extent by the firmer tone of the stock market. Private advices have been receive.! confirming recent reports that the French government would modify re? strictions on the cotton trade to per? mit the importation by private firms of 100,000 bales a month for 5 months beginning with May. Unconfirmed re i ports that the embargo on export; was I soon to be removed were in circula ! tion. Exports for the day wore 23.510 ? bales, making 2.(578.878 bales so far I this season, against 2.?il5 904 last ye'ar. The feature in the Southern speit sit i nation as officially reported was an : advance of 100 points in the Eastern [ market, which reported sales 'of 2,081 i bales and quoted middling cotton at - 27c. The local market for spot cotton ! was* steady and 70 points higher at : 29.20c, compared with 26.50c on Satur? day and 31.45c a year ago. There were no sales of spot. The range of prices follows: Saturday's Year High. Low. Close. close, aso. Feb.. 23.55(3)23.80 22.S0 30.05 Mar.. 23.85 22.87 23.70io-23.75 22.99 30.18 Apr.. 22.95? 22.45 May.. 22.88 21.91 22.69(522.73 22.15 29.73 June.. - 22.40 5 21.9S July.. 22.46 21.38 22.24@22.25 21.68 29.23 An?.. 21.33 21.33 21.50? - 21.00 - - Sept.. 20.90 20.85 20.90..? 20 40 Oct.. 20.88 20.02 20.64(3)20.65 20.05 28.02 .Nov.. - 20.60(5:- 19 95 - Doc. 20.45 20.10 20.45?-*- 19.80 Jan.. 20.10 20.10 20.30?- 19.65 Southern spot markets follow: Gal ! veston steady, unchanged at 28.25; sales. 1,219 bales New Orleans, quiet, unchanged at 26.75; sales, 515 hale.-. [Mobile steady. 25 points higher at 24.75; sales. 16 bales. Savannah dull. unchanged at 27c; sales. 1,080 bales. Norfolk quiet, unchanged at 24.50; sales, nil. Augusta quiet, 50 points higher at 25.50; sales, 888 baies. Memphis steady, unchanged at 27c; sales. 500 bale3. St. Louis quiet, en points lower at 27c; sales. nil. Houston steady. 100 points higher at ; 27c; sales. 2,684 bales. Little Rock quiet, unchanged at 26.50; sales nil. COTTON STATISTICS Yesterday. Last wk. Last vr. Port receipt?_ 19,993 16,737 18.993 I Exports . 23,510 30,333 5.SO0 Exports season, .2,679.878 2.591.223 2.615.9C4 N.Y.stocks. 95.936 S9.36S '55/35 Port stocks ...1.369,116 1,370.455 1.507,730 Interior receipts. 10,020 '.2,999 ',("',597 dei shipments.. 8,430 '.4,080 12,496 N. Y, arrivals... 602 4,431 866 Liverpool cables, Spot cotton quiet; 'middling 4G points higher at 17..Mi; good middling 13 points higher at 18.63d. Sales, 1.000 laics; American, 700. Imports,' 17,000; American, 7,000, Market opened steady at ?lto32] higher. Closed steady at an advance I of 17 to 31 points on the old C I and of 19 to 31 em the new. Fobruary, 17.44; March, 10.23; April 15.04. New ? contracts: May 13 , S; June. July, 12.71; August, 12,49; Sep 12,25; Manchester. Yarns i cloths, some business m low prices. Crrenh Wheat. Thr, distribution of wheat : is becoming more active with larger clt-arances for Europe, Exports from ; American port? last week Amounted to s SO 1.000 bushels and the visible sun p'y showed a loss for *he week of 3,108 000. Stocks are still large, the total being 126,191,000 co 11,818,000 a yeai ago. Leading au tho ities bi . .: all this wheat will be .vanted, now e\ er, and the ex ' :' ' programmi tl ! . od Admin istrai on is ap] ? ? king ou: .'oi bly. ?? ! ici countries are also si ;.. clear ;.i.<?? - : rom Ausl 'or the week bushels. A . ralia i wheat go? ing t< the shortage liiere. Corn.?1 feverish and after ? Iva early in the day | .. losing 31? ? i ."); : r and closing with February 1 cent higher and the - it a cent lower. ] ?-. ,.-- on - as du-- to the desire of ?oi :: to take ? rofiti Tli ? \ isible Bun ply de. hels for the v eek, ,*, it ng 4,911,000, compared with 6,338,000 a year age. rday'a Previoui Ye?* Nc - 5 ?S?. < , : OV ,$1.49! 4 $i.48 Chicag . ?v . 1.291 . 1.28'2 ? ? March '. 1.26S-4 1.273a WJ* Mav . 1.23 I.23f? Wh Oat:--. Prie.- cl : ig< s in this matVet were doi J b? the action of con close of the day ?crj :?:? i led under sell profil I tuation was compari w"s mon or . y oi reports that Canada will ? *o or three mill?? liu -hel-- o .' ?r seeding purposi ?rea cd 159,OO? the wi , brii ging the total :,. 30.1? - Hi 13.987.0W '." . V ?tei y's Previom Y?H i y0i close. ago. Oat,'. Ni .70 $'-02 , ' caK0 .60 .58' , .60 .86, M.59 .60's .?'i Rye. Previous Y??' Nov.- '-, .'. ?ft' . eal $1.48 $'.45 $23 Flour and Meal Qu t tions vcre: Yesterday's Previou? Yctr New ? close ?"**' Flour, p $10.65 $*0.70 $10.75 i ornmi 50@3.75 5.12? Rye fl ir, 3.50 ?.05 <V 8.50 12.? Bran, 16.00 47.00 4?.0C Butter, Cheese and Kegs Butter?R< ? ? - 9,211 pack , ....;. , . ? an extra lb., ,*.7;;: '58c; extras, 92 score, Sft 57c; first -. ?- to 91 i ire, 48@*5t? seconds, S3 to 87 score, 14 ? J7c; lc?'e; gradi . I, higher than c stri . 59 . 58^<gSw? .v 57c; ieci i >c; s">ie dir, y tubs, . ?> ! 55< . ^ B^O! prime, ; 46c; i . : '. ?5c; fir??. -!_'.:-.' 10c; inn?' tion crean - I*"3"* ! curre: I - ic; set; ?e-.-. lower ;;i'.-: pack ng stock, current make,** 1, 35 , 2, <?*? er6(?e*, 29 Cheesi?Ri ci i] ta ???? ' ?2,570 bo?es State, wl Rats, spew colored, '?'; . ??? . : ? average run, i 29%c; I. ?- 28c; W* . . - ? 29%c; h 'id, . - ' :. '?-, . ? '-'.; -':-. Young A skii Be; ??? good, i 1 ? 15c; ; r.< er gra le -, i ! 1?" Eggs?Rece pti w< ' <*J Frei I ?" - '?? ; ' ' : N?'' -, % .... orei :; checks, pood t ,iiv. 39 iOc; under grades. 36 a** ? :aie Pennsylva ia and nearb , m henn? rv wl , ' 57c; ordinary 1 > prime. gathered white to fine, ?g 56c: Pacific Coast, whites, -.xtras, *J ? . 50 , 5c: Western?; Southern, gathered whites. *S&7Z state, 1\ nn: ylvania and nearby, n nery brown?, 49 50c; gathered bra* and mixed colors, 48 g 47?e. Ha? and Htraw YwU-niay - (per ton). A year *W "Timothy, No 1. *?~*n?it? |?rc? Lalo?. ?8.00?3?.00 ^-??fS? No. I .?lover n.x.l 21.00a 25.00 ?$MzZ Rye straw. No. 1 13.00$) I ! M -2-?'? Cont?ttted oh following po?-j