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FINANCIAL BUREAU i Tribunc Building 154 Nassau Street Wealth?Markets?Investments TELEPHONES: Beekman 3000 Beekman 8243 m fe FOUR RAILS Cost, $3,612 Value of year's coupons, $200 An income ol mora than 5Vi%. I'aid in six different months. Attractive yield if held to maturity. Illinoi. Central Secared 51 ^i, 1934 Chicago, Rock Uland & Pacific Ry. Collateral Tra.t 6?. 1922 Milwaukee & Northern Csnsolidated Extensioa 4'i?, 1934 Wi?coo?in Central First Gen. 4s, 19-%? Tricrs subject to change. Orru/orj on request TheNationalCity Company Msin Office: N?ti?o?l City Btnk Building tlpt.wo Office: Fifth At?. at OrJ St. Correspondent O&ees in 47 Cities The Philadelphia Stock Exchange will he open for regular business on Tuesday Securities that are listed on the New York Stock Exchange may be dealt in at Philadelphia through members of the Philadel? phia Stock Exchange. Investment Opportunities MARINE SECURITIES From time tr, tlmp wc offrr invest fn First Mortgage Miiriii" Konds. Su'-h Isaues nrf underwrltten by us and ? Ith our n con mendatlon. Theae hmulu urr aecured >v Kubstan tial Cash klqulties (n I'rop'rtiea, lAberal CSinktng fund Provtalona and other aafeguarda which proteot in veatora. Partloulara on requcst. Hannevig & Co. Marine Finsncinr; Marine Securities 1J9 Broadway, New York Foreign Exchange letters nf Credit SINGER MFG. Stock J.K.Rice,Jr.&Co. Pboncji 40*10 to 4010 John. 36 Wall ftt.. N. T. Liberty bonds A.'l denomlnatlons hought for ra.s't Baaed on the eloilng we pny to-day 889.0fl for a, $100?3 Va% Bond, r>7 Coupons S?*.OI?t'or n *1IM>? -d l? Bond. li t'oiinons X94.U for ? SlliO?.'td I1, ; Bond. 'i < 'ptn t*S4.43 tor a $100?tth Wa7o Bond, 4 C*p'ns. PURDY & CO., Tel. .lohn 8174-5-6-7. 34 Pine St., N. "f. STANDARD WEEKLY O WELL Bl tCMMAKT ^f MA1I.ED ON TO ?TANDARD OIL ? INVESTOIW IbSl ES ?^ ON lu.ta Kflt CARLH.PFORZHE!!VIER&Ca rtion>48flO-l*;.a-? Bro?ui. 25 Broad St. tf.t. Pacific Pr. & Lt. 5s 1930 FREDERIC H. HATCH & CO. Phone ICertnr 6310. "4 Kroudway, Nevr Vork. Pftftts telepbm.e? to lloston ?nd Philadelphia. Liggett & Drexel Uemhcrn New York Jtock Exchange American Sugar Ref. Co. Summary rjrt Reqttest 61 Broadway?New York lOfl Deronshlre St., Boston Bonds for Investment Harrls, Forbes & Co. PLne Htrrrt, torner HilUaiB NEW YORK Citizens National Bank or M.tV VOHK, ,'.'ev.) York. Mnr 21, ujt. "he lltMird of Itlrc Ivra ha? deelared a 'tvtrterty divitlmd of lv>o and OM.-half pm cent. '2'A%'. paynht? on and after April !?', 1?19( to Itoottholdtr* nf reeorit and at tht cl'iite of l/uflnei* Marrh l 1919. AMMO> K. 'HAPA1VN, fasbl-r. JUVHJKM) NOTICE8 V1trrV.ti OVIWOOIJ t OMPOHATIOV. ??? XoiH, r"rhrii.tr/ 21, r-H'*. ff'trrrrd t ?(,i?i.l rWaiu IHvldVud No. 10. ? MnSUFfl t uplti*' HtOeM IXvlrtni.1 Sit. JO. 7 bo fotjowinf dividends b?v<) been de* elersd ot I rwjks ??i ibi? Corporationi n dlvl'*?nd ol II V. pef sbxri (fiom H. miin **?. ??id>, for ths wyment ot %166 per ?Jkere f'/- ti ? , on the Preferred ?t/efc, * d>Vl4?nd ?f fi ?') vr ?bMr?! On the {*<???'",-<ti stock; both psreCle April i, nm, : ',f /? - ord <-f Preferred and ?n *>'i>y* ikt tbq Cl?S** Of huslrittss transf*r t/oeha will not ??* etoMd ". wiil IA im .;. d r, / Tb? t4?w York 'tr tpi ? <,f, (?,../ f,t '?' t# */orlr. TrsMursr. (Copyright, 1919, New York Tribune Inc.) Jcsse Livermore will go down in Wall Street history as a symbol of intellectual bankruptcy. Thc bank? ruptcy is not Mr. Livermore's, but that of thc financial writers. The reference is not to Jesse Livermore the man, but to Jesse Livermore the explanation. Whenevcr Steel com? mon goes down without an obvious reason, why it should go down or when it goes up without such obvi? ous reason or when its movements are violent and transactions in it enormous, even though other reason is apparent, you will find some one invariably to ascribe it to Jesse Livermore. Friday he is reputed to have covered thousands of shares j of Steel common. No method of trading is thought by the financial writers too absurd for him to adopt, no whim too extravagant for him to be moved by. Wall Street com ment will have him throw 50,000 shares on the market all in ono day, because hc is going to spend a week-end in thc country. Hc covers a similar amount within an hour. Hc can become an entire short interest in himself. He is blamed for all the inscrutable things of this day's market, like Mark Twain, who must stand sponsor for every joke of his generation. If the market were now going down Wall Street would be dis cussing the depressing situation in the traction stocks, the receiver? ship first of the B. R. T., next of New York Railways, now of the In? terborough Consolidated and the possible receivership for the Inter? borough Rapid Transit. Wall Street would be discussing also thc dis turbing state of foreign exchange. It would touch on Italy's threatened bolt of the peace conference. It would make much of the terrible copper outlook. It would be upset by speculations on how the rail? roads were going to get their funds. It would even talk in a bad way about the effect of the cut in steel prices, in reducing the profits of steel companies. But marvellous is the effect of rising prices on the mind. Wall Street either does not discuss these things or it talks about them in a bullish way. Two months ago thc atmosphere on the floor of the Stock Exchange was so blue you could have cut it with a knife. Yet there has beon no particular change since that time in thc industrial sit? uation; if anything, the news is worse. If retail business is amaz ingly active now it was amazingly active then. If there was no busi? ness borrowing then, there is none now. But stock prices then had been falling. The breaking of Steel common through par is a gorgeous adver tisement. It will doubtless attract more of the public to the market. But there are some things it would be well not to forget. The market has been rising since February 10. That is six weeks ago. Such move? ments, without reaction, usually last only four to six weeks. Dur? ing the present rise Steel common, counting its dividends, has gained 14 points. Another 10-point gain immediately on top of that would be highly unusual. The technical position has been weakened by the enormous short covering of the last few days. Fundamental conditions behind the market are still vastly alluring. But there is such a thing as a transiently unstable condition within a market. The investment market still con tinues to mark time. Liberty bonds declined fractionally during the :Week. The present dilemma is this: j That Secretary Glass will not make j up his mind what interest rate the 1 new loan will bear until immedi ; ately before thc loan is floated. He j wants to determine the rate by con | ditions in the investment market. : But those conditions are themselves . being determined by uncertainty as to what the interest rate on the loan will be. Meanwhile the new loan is still a month away. The money market of the past week was exceptionally interesting. 1 In the first few days, Monday and Tuesday, rates were extremely easy, j the rencwal rate on Tuesday of 4 | per cent being the lowest since Jan? uary 28. This reficcted tho pay? ment by tho government on such of the $704,000,000 maturing cer? tificates of indebtcdness as had not been used to pay tuxes. Later ln jthe week the tax payment checks began to come from the govern? ment to the banks. To meet this the banks had to call in day-to-day loans, and the rencwal rate went | on Thursday to 8 per cent for the I first time in two weeks. The tax payments already total $1,001,244, 000 and are not yet quite complete. That leaves moro than $200,000,000 surplus over the recently maturing rcrtifieatcfl of indebtedncs* that iihould eventually find its way back to the member banks. The govern? ment has also announeed its will ingncss to redeem upon the holder's option f,hc $613,000,000 certificate issue maturing ordinarily on May ' 6. This will further relieve tho banks in preparation for the com- \ ing Victory Loan. Now, a government loan is com-! monly thought of as an operation \ that ties up an enormous amount of banking funds. In reality it is an operation which releases an enor? mous amount of banking funds. For before the campaign begins the banks have already taken the loan in the treasury certificates they subscribe for. A loan campaign is esscntially a process of unloading the bonds from the banks to thr people. The government gets the money and with it pays ofT the maturing certificates of indebtcd? ness. If thc bank purchascs the bonds for a customer it merely de lays the process of relief; the bank pays for the bonds with certificates of indebtcdness already held and the customer begins paying money into the bank at regular intcrvals. On the present operation the banks have already taken more than $4, 000,000,000 of these. They have been taken over a period of several months, but are hardly reflected in total bank loans. From $5,500, 000,000 on November 2 loans and investment of New York Clearing House banks and other state banks and trust companies in greater New York fell to $5,417,000,000 on Jan? uary 4, and had risen to only $5, 583,000,000 on March 1, an increase of only $83,000,000, though these banks have probably taken from $1,000,000,000 to $1,500,000,000, and perhap3 more, certificates of indebtcdness in that time. The explanation is simply this: I That the government has been j using the crcdits established with | the banks by sales of these cer i tificates to pay off private con i tractors and individuals, and as i these contractors have been paid off ! they have reduced their own bank i loans. There has been no commer ! cial borrowing to replace this. The j banks will be called upon to take more certificates before the loan j campaign actually is launched, so at some time around then loans will I probably be at their height. But ! the effect of thc campaign will be to take the load of government | financing off the banks, and if com ' mercial borrowing has not hy that ! time greatly revived a period of j easy money will be in prospect. The statement of the Federal Re? serve Board in its March circular, 1 presenting the opinion that the issue of the Victory Loan in the form of short-term notes will "tend toward | the placing of a greater volume of : the new issues definitely in the i hands of the banks and of invest I ment instittjMons throughout the country, and less in the hands of pri? vate individuals," will not prove helpful. If these notes run for the full five years they will not be suitcl for bank investment. Even loans running for more than a year are not properly suited. When banks take a government loan they do not pay in cash, but create book credits, deposits against which the govern? ment may draw. This leads to an increase in deposit curreney, with no corresponding increase in the vol? ume of business. It means inflation. Rediscounts of commercial paper be? come greater than they otherwise would be. Indced, the Federal Re? serve Board itself contends that the note plan "would operate to in? crease the inflationary tendency al? ready noticeable in the present banking situation, and would add, relatively speaking, to thc burdcns carried by the banks." But there is no need for this. Though the board remarks that! "financial custom has u.sually dic tated thc absorption of short term ? issue- by investment institutions," it must not bc forgotten that all our previous Liberty Loan campaigns were nothing if not the shattering of "financial custom." As one prom? inent banker commented recently: "Thc public may take a smaller part of this than of previous loans and the banks a larger part, but it will not be because these notes are any tho less iit for investment by indi viduals, nor because they are bet? ter (it for investment. by banks, but simply because, under a misconcep tion, there is widespread talk that this is the case; and the belicf may bring its own realization." ,_ As a fact, an inducement for pri? vate individuals to subscribe for thc forthcoming notes exists that has not cxisted in any previous Liberty Loan but one, and that is the tax exemption feature. This is a far more powerful factor in the coming issue than it was with thc 3% per cents, for income tax rates are higher now than then. Morc im? portant than that, the tax exemption means morc, for the high taxes will probably run for the same period as the notes, whereas the 3% per cents run from fifteen to thirty years, and one accepted a low yield to protect one from taxes when taxes will cease to mean much. This may lead to a gradual decline of those bonds with declining tax rates. But the short term notes mature at par in live years or less, and would leave the holder free at that time to invest in other securities bearing a higher i yield, even though taxable. To guarantee a minimum price for wheat is, in effett, to guarantee a minimum price for corn and other grains. Thc wheat guarantee price has induced farmers everywhere to devote acrcage to wheat formerly devotcd to corn, wherever that is possible, for they are sure of the market for their wheat and they are sure of the price. This leads to a smaller acrcage for corn and a correspondingly higher selling fig? ure. The relative prices of the two grains tend to remain unchanged. The prosperity of the farmers, then, is enhanccd all around. But it is not fair to compare thc present wheat crop with thc cropa of past years, because the 1 01 !? yield will this time be great partly at the cx pense of other crops. Nor is it fair to take the guaranteed price of $ 'J. 2 (> as a dircct measure of prosperity. The figure which will indicate the addition to our wealth will lie the price under the free play of the forces of supply and demand in the world market. If j that is greater than $2.26 a bushel nothing more wonderful coiild be desired; if it is less the taxpayer ! will have to make up the ditTerence. 1 The difTerencc will go from his pocket to that of the farmer. And ; this distribution will in itself have an important effect on thc demand : for ditTerent classes of commodities, and therefore on the businesses ! which produce these commodities. ! Greater wealth for the farmer, en | larging his purchasing power, will : enlarge, his demand for automo j miles, for tractors, for farm imple | ments, for buildings, for good roads. If any part of that greater demand from the farmers comes at the ex pense of the taxpayers it will mean in general that much less money will be devoted to facilities for pro? duction ; for the vast part of taxes are taken not from money that would otherwise be spent, but from money that would otherwise be in vested. Price Trend on the New York Stock Markel 1-1 ,"/'.'"'i '- "7 r* 'n""K" |,r'C0 "' "*'",y ?Mr"a<1 ?""?''" "' ">?' "?? and Il.lrtv tadurtrh, rtock. h. th. other .,? ,he flrat bu.ln?. day of eaeh moo.l, fr."anuaT ml lo Deeember, 1918, and tho wcekly high, lo* ??,! c.,g .verage price. .Inc. JuLry 1.1919 Credits Here Are Necessary for Quick Behrian Recoverv Banker Deelares Devastated Country Cannot Wait ou Indemnities From Ger? many for Reconstruction Belgium will be seriously handi cappcd in her efforts at industrial ra habilitation and will bo forced to en durc further hardships unlcss meas? ures are taken quickly to establish commercial and industrial credits in this country to supply Belgian manu? facturers wilh tiie wherewithal to re? store their devastated plants, buy new maehinery and purchase raw materials. This is the opinion expresod by Albert Breton, vice-president in charge of the foreign departnient of the Guaranty Trust Company, in nn analysis of thc liscal status of Belgium. Mr. Breton declares that the Bel gians cannot wait until the Germans are made to indemnify them in full for the wanton destruction and tlamage inflicted upon them during the war, which competent authorities have eon servatively estitnated at not less than $6,000,000,000. This sum represents the monctary value of the damage done to state and private property, to agri culttire, to industry, to commerce, and by enforced expenses. "Belgium is full of resources and vitality," says Mr, Breton. "and ought to be able to rehabilitate itself rapidly if it can be supplied with the means to do so. If the needed credits are ob? tained the working population of the country will be able to return to their occupations and to resunie. their former ael ivitics, Blow Well Sustaincd "But, despite the territic strain which the war imposed on Bclgium's finances, they have sustaincd the shock with somewhat the same hardihood as the people of the country. "On October 31, 1913, thc paper cur? reney of Belgium aggregated 1,067,000, 000 francs, or $206,000,000 valuing the American dollar at 5.18 francs. Five months after the declaration of war against Germany that is, on Decem? ber 1. 1914, the paper curreney totalled 1,614,000,000 francs. or $312,000,000. On November 11, when the armistice was signed, Belgian paper curreney amounted to 2,600,000,000 francs, or $502,000,000. On February 4 last this curreney aggregated 4,000,000,000 francs, or $772,000,000. "These notes are serured, first, by gold curreney and bullion to the value Of 300,000.000 francs, or $57,000,000, nnd, second, by (lermar, banknotes (Reichbank) aggregating 5,000,000,000 marks, or $1,217,000,000. "While the ratio between the gold reserve and the totnl amount of notes in circulation is only 7,5 per cent, if, in conjunction with the gold reserve, the notes of thc Reichbank are taken into account, the ratio is much above 100 per cent. "Tho amount, of marks i 5,000,000,000 l originated as follows: "The subscription to three-year 5 per cent Treasury notes, in francs, issued since thi? armistice, 75 per cent of which the buyer had the option to pay in marks, nnd the exchange of mark curreney against Belgian banknotes have brought into the cofTers of the Banque Mationale de Bolgique 3,400, 0(10,01)0 mark:-, or $820,000,000. In ad | dition, Germany has already been obliged to roimburso Belgium for the Hums of money which it confiscated from Belgian banks and private lirms. This reimbursement has amounted to 1,600,000,000 marks, or $380,000,000. "The National Bank has credited nll marks so received on the basis of 1.25 francs per 1 mark. Therefore, the National Bank has now a credit against Germany amounting to 5,000,000,000 marks. This credit is guarantced to the National Bank by the Belgian gov? ernment which has, in turn, the pledge of the German government to redeem the marks on the same basis of 1.25 francs for 1 mark. War Expenses I.arge "The Belgian national debt before the war, that is, on December 31, 1913, amounted to 3,743,027,438 francs, or $728,000,000,'to which should be added treasury bonds aggregating 584,272,400 francs, or $103,000,000; so that the total debt was then 4,277,299,838 francs, or $826,000,000. Expenses during the war amounted to 5,000,000,000 francs, or $965,000,000, which sum was ad? vanced to the Belgian government. by England, to the extent of 2,000,000,000 francs, or $586,000,000; bv France, 2, 000,000,000 francs, or $386,000,000, and by the United States, 1,000,000,000 francs, or $193,000,000. "Thc Belgian government ought to receive full reparation for the destruc tion and damage indicted to ita rail- i ways. railway materials. harbors, roads, ! eanals, forests and public buildings. "The Belgian railways, tho greater part of which belong to the state, and I formerly provided an income in excess of the interest charges of the pubhc : debt. and represented an outlav of nearly 3,000,000,000 francs, extendod j over 4,719 kilometres at the end of 1912. There were besides secondary railways of loca! Interest generally ' called "chemins de fervicinaux" i rurai | railways), which covered a distance of i 4,74"i kilometres. No country in the world possesses such a network in pro- i portion to t'ne size of the country. In Belgium then* are .1'! kilometre of rail ways a square kilometre of territory. ; while in France thero are only .07 kilo- ; nietre, and in Great Britain .12 kilo- | metre. "With regard to population. at the end of 1 n 10 Belgium had 7,423,784 in habitants spread over a territory of only 29,451 square kilometres- which means that in 1910 there were 257 Belgians for every square kilometre of land. This is significant when com pared with the ratio of population to area of the great powers. For instance, France has seventy-four inhabitants to each square kilometre, nnd the United Kingdom and Ireland have 144. Intensive Development "In order to live on such a re stricted territory the Belgians must devote themsclves with great intensity to commerce and industry. ln fact, be? fore thc war, Belgium occupied lifth place among tho great powers in th?< commerco of the world. She surpassed countries greater and more populated, such as Russia and Italy. "Living in Belgium before thc war waa 50 per cent chcaper than in tbe neighboring countries France, Ger? many and Kngland. And Belgian work? ers received lower wages than those in the countries bordcring, which made it possible to procure very skilful, high class workmen in Belgium at a very low figure. Cost prices, therefore, were low, and Belgium could compete ad vanlageously* in tho markets o? the world. "The income tax and the personal property tax do nr,! exist in Belgium. Before the war there was a tax on land, which was calculated upon the renting value of tlie property, but this renting value was. instiluted more than lifty years. ago and was much lower. of course, than the present. renting value. The taxes in Belgium, consequently, are very light, which is conducivn to cheap living and a low rate of military expenses. The direct taxation in Bel? gium amounts only to 60 francs per inhabitant; in Englarid and in France the rate is more than double that. "The past should be a cuarant.ee for the future. Belgium has .shown hcr self to be chivalrous, Industrious and energetic in tho past; these same qualities will undoubtedly help her to build a new economic structure, which may be greater and better than the Coal Output Smaller Production for Wt-rk Shows a Slump of 3,000,000 Tons WASHINGTON, March 23. The pro? duction of bituminous coal for the week ended March 15 fell 3,000,000 tons short of the same week last year, because of lack of demand, the Geo logical Survey reported to-day to the Fuel Administration. Thc output was 8,065,000 net ions. The survey estimatcs that. tlie close of the coal year on March 31 will show that the production will not execed that of tlie previous year by more than 8, 000,000 net ton . although it stood at an excess of more than 40,000,000 net tons *>n November l. It is estimated that tWo actual pro? duction i'or the coal year will be ap? proximately 558,000,000 net tons, as comparcd with 585,883,000 net tons dur? ing thc ealeiiil fr year 1 91 8, Production of anthracite during tho week ended March 15, estimated at I, 200,000 net tons, waa approximately 20 per eent. jn excess of tho output. of the previous week. The same week of a year ago the production was 2,099,000 net tons. Total production i'or the coal year to March 1.', .. <? timatcd at 89, 317,000 net tons, as compnred with 95, 370,000 net, tons during the samo pe? riod of the previous year. During the four months from Xovem? ber 1, 1918, to March 1, 1919, the pro? duction of anthracite and bituminous coal combined ha been from 23,000,000 to 29,000,000 tons less than during tho same months, one, two and three years previous. Market Barometers Stock Exchange Transactions Stocks Rail Other All stocks. stocks. stocks. Fast week. 320,500 5,403,500 5,724,000 Week bet'.. 575.100 5,431.100 6,006.200 Year ago.. 403,500 1.263,200 1,666,700 January 1 to date: 1910.4.559,200 37.285,400 41.844,600 1918.3.796.300 26,986.400 30.782,700 1917.4,873,400 40,637,600 45,511,000 Bonds Week Year Fast week. before. before, r. S. g.$45,818,000 $42,199,000 $12,354,000 ItTds. 3.726,000 4,338,000 2.009,000 Oth'rs. 12,523,000 10,293,000 6,056,000 All kds 62,067.000 56,830.000 20,419,000 January 1 to date: U. S. gov,mcnt$455,494,000 $123,658,000 Railroads - 47,443.000 41,375.000 Others . 170.167,000 85,159.000 M! bonds. 673.104,000 250,192,000 Stock and Bond Averages Stocks Fast week. Week before. High. Fow. High. Low. 20 Rail roads..71.95 71.40 72.85 71.90 80 Industr'ls..90.50 89.33 89.90 89.40 50 Stocks.82.94 82.06 82.88 82.40 Bonds 10 Rnilroads..80.50 80.15 80.65 80.35 10 Industr'Is..94.82 94.71 94.93 94.75 5 Ftiiit.ies.. .86.00 85.84 85.8/ 85.80 25 Bonds.82.29 87.02 87.3/ 87.22 Sftme week last year: Stocks High. Fow, 20 Rallrosds .69.70 67.40 30 Industrial:' .79.30 76.97 50 Stocks .,..75.46 73.14 Bonds 10 Railronds .79.33 78.96 ID IndtiHtriiils .90.40 90.08 B Utllltlos .86.36 86.10 26 Bonds ...85.57 84.86 January 1 to datei Stocks ?lan, 1,1019 to date High. Fow. 10 Railrondn ,72.85 68.70 ,10 Indti-'tr'lH..90.60 79.20 0 Stocks-82.94 75.32 llonds 10 Rn il ron dn..82.80 80.15 10 Industr'Is.,95.00 93.72 R milities...87.76 84.72 21. ll-iiMln.87.88 87.02 Executor . Trustee Chartered 1822 The Farmers' Loan and Trust Company Nos. 16, 18, 20 & 22 William Street Branch Office, 475 Fifth Avenue At Forty-Srst Street New York Londen Ptris foreign Exchange Administrator Guardian Member Federal Eeserve Bank and New Tork Clearin-r Housa Coal Commission Plaiined to Handle Trade's Problems Government, Operators and Labor Would Be Kepre sented in Body to Aet Dur? ing Readjustment Period WASHINGTON, March 23,-Plansfor more effective cottperation between the government and the coal industry, with expected benefits resulting to the gen? eral public, have beon submitted in ref erendum form to the members of the National Coal Association, representing threc-fourths of the country's bitumin ous production. The fuel administra? tion, in making this announcement to day, said the plans were the outgrowth of conferences held by Administrator Garfield with coal operators and mine workers. The plans, which tho fuel adminis? tration said were submitted to Presi? dent Wilson before his return to France, provide that during the "period of readjustment and thereafter" a com? mission consisting of a member of the Cabinct and reptesentatives of opera? tors and miners shall consider all problems afTecting the industry. The commission would act as an advisory body in mattcrs of cost of production, labor conditions, transportation and other problems of thc industry. Will Hold Meeting Soon Officials of the National Coal Associ i ation, it wns said, have urged operators i in all producing fields of study the pro ; posals and advise the association's directorate of their atti'.ude and wishes. The matter will be taken up at n meet? ing of the association's directors in Cleveland April 14. The fuel administration in a state? ment to-day said the plan In brief pro poses: "That all facts relating to the in | dustry or any question touching it. i such as the cost of living, the cost of production. labor conditions, trans? portation facilities and other factors ontering into the cost of coal bc offl ; cially and accurately ascertained by I some of tho regular government agen cies. "That the public is one of the parti"* at interest, the other two being capital and labor, and that no action affect ing any of the findinjrs of fact be taken until all three parties, through their duly qualified representatives, shall have had an opportunity to consider and discuas the proposals. "That the detcrmination of facts, an outlined, and the formulation of ad ministativo policy are two separate and distinet functions, and therefore sl.ould not bc performed by the same agency of the government. "That the findings of facts thus pro? posed should be submitted to a perrna nent department or commission of the government. Functlon of Commission "That tha President designate some Cabinet officer or other appropriate of? ficial to represent the public in consid ering any policy proposed, and that as advisers to the commissioner there should be an equal number, say three, of representatives of operators and miners. The function of the commis? sion would be the consideration of all problems affecting the industry and the formulation of policies to deal with such problems, the commission being a purely advisory body, and "That the commission shall make recommendations to the President, who would thus be placed in close relation with the industry and all factors en tcring into it, making for its prosper ity or retarding its development." Curb Market Note.?The Tribune assumen no reapenat | bility for the accuracy or authentlclty of eurb ! market quotatlona. Transactiona and prices I for the week ended Marrh 22 were reported | aa follows: InduBtrials Net 10BOO?A-tna Expl... 93^ 91. 91/ *",, 3. Am Boach M. 67J,* 65 67y4+ 3'f 2100Am-Br Mtg.... 4 3 aCf-- 'i 6500 'Am Road M.. 38 35 37 4- l'4 3600 *Arn W I'aprr. 5 4'/, 4'/i- l/. 100Br-A Tob reg. 2VA 24$ 24'4 - .-?MO do eoup .243,i 24 94 4. 3/. 100*J G Brlll Or! 34 " 34 34 + 2E . ?Chalmer* Mot. 10"', 8=*i 8J4I I? 3<<IOO*Cltie> 8BT ih. 37', 36'B 36'-, ? 2 I'OKmoMon Phon. 4 31 ?* %\LZ. b! 4f.O ?Falrbanki Co. 86 54U 56 - fBO'Kamou. P-L.. 58 55 57 + 2 Il'iu ?Krenport T S. 43*4 M2"-'a 43% 4 3-4 19800 ?Gcn Aiphalt.. 68*i 60>4 66 1 4(4 ;,"" M-- 1-f .102* 94 * 101 I 6 Ino ?(jillot., BBwLIM 132 133 I 3 .<"> 'lliiv '1,,!, ,,f. . 37- 3n/ 3g/ , ? 53700 Hupp Mot C?r. 9?. 8? S>4- "S 200 ?I Tob of OB8. 17(5 17 17(4-1- f'? 8770 1nt?r Rubber.. 19* 17-54 18 I f/J 3176 Monw ?r Tea. 2714 22 2614? l(* 80800 Keyiton T A It 85 4 79H 841. 1 4'. 17310 "Lack Co Coal, 34(5 81 84&J 1 8900 ?LlbbyMcNAL. 28 2?',i 26>. ? ". 'U5iMi^l?riMiiil (if Am 5 4*. 4^1 |> vi 16300 *N.i(l An A Ch. 30 24.1J 26 *. 8fi"0?Ninl Coal A I. 67?4 (,!) 65 ? 2 1?o?N?tl Plreproot ? H 8 ? 14 129 * H" ?'f . 16?4 14"*4 14'4-- 1?i 900 N Y Tnuii. .. 16 10 10'! noiiiiiNnr A 1' & V. B',4 4'4 ftC-C-i. 7'_ 8000 Natl Tln Corp. -vi '* nl._* 7800 "IVarHon Coal. 3'', 2'.?" 3 4- 14 8900 Pwrltit T A M 23(5 21 21"/.-- ?(/. 82600 Ptrfectlon TAft *I ?W fc?~ li Z8B0O ?P Morli. w. I.. 11''i 10'S 1oC - '5 1 r? Jl! ?lt .? HryiioM?.400 315 385 ? HiOO HlRiidnril Mot.. 9*U fl*i 9144- 7i r.OO ?Hlewjirt Mfic.. 3ft'/? 38*J 39 1, 96008ubmar tio?r . H' ? 13'. 1S*4 U H400 ?Swlft. Tut w I, 68 52 57 4 2< , i'MW ?Th^mella Hro. IHi 10 11" ? 4 K 100'Union Otrbld* 62 M ia innoniin Pmflt Nh?r mi i,t 1A-? 14 li;iloo ii h BtMraihlp 3'4 8i". 314 _ 84800 Wnyne Soil.,, 4'4 sii 4 4- 14 7800 W?rW flU.i,?, A A Af 5 Texas Pacific Coal & Oil Stock J.K.Rice,Jr.&Co. Phonrw 4010 to 4010 John 8? Will St.. N ? ClOO'W-M Airrraft. 4',. V-k 4i> **" 1600 ?do pf. 70 68 S^J-rS Standard Oil Subsidiariet '?J?; . ***'**? * "-? cim* SL 300 AriKlo-Am Oil 18'.; s8'. IjT'j. T' 5 Atlanti.- Ref.. 1250 1250 1250 V2M* 25Gal Signal OH.105 105 105 Ii -"'111 Pipc Line.173 172 1? ti 20 Ind Pipe I.ine.100 99 100 _ ? 305 Ohio Oil.349 372 367 411 10 Prairio O & ('.670 670 670 111 lOPrairie P T....266 268 266 ?1 20 So Penn Oil. 302 300 302 44 70 SW Oil of Cal.270 265 268 4 2 lOStd Oil of Ind.780 780 780 IS 202 Std Oil of N' ,t 687 675 685 4 7 504StdOilof N Y.35S 347 348 I| 20Swan& Finch.100 100 100 4 2 20 Vacuum Oil. ..42b 420 420 -(-1 Other Oil Stocks 4 ? 3 - r 1? ' 1 '. Nil Sales. High. Low. Clote. chm 8300 ?Allrn Oil. 2 I"*- ?ju'iT 6600?Barnett Oi)., 4 .", (!-_ 31700 *Boone Oil_ 4-"'4 3', 4KZ4. u 73000 ?Bost-Wyo Oil. 37' 30 36 I 5* 27500 *Comwlth Oil.. 5114 48 48*4 *. 950*Cont O & R.. 1'4 1 11";_? 8 I00 "Cosden Oil. . . 8 7?? 8 , 800 *do pref. ... 4! 4 4 4 414 ? 12600 ?Crystal O & R 2 1'4 2 4 Vi HOO'Distillers Oil. J4 '?? U . ?! 7800 ?EIk Basin Pet 7 6!4 6% I ' 71500--Esm Oil Co. .6 5 5 ? '? 28000'Federal Oil... 3 2'4 25. B 48300 ?Glenroc"< Oil. 3 3<4 ?'? . V, 1 'Here 1' (* A. 10 10' ? 10''. - 24000 *Gt Plains Pet 17g 1 1%- li ?,000 'Home 011 Co. 46 4? 46 3 1900 ?Home 0 & R. 17 15'4 17 + IM 1600 ?Hou8ton Oil, . 81 80 80V 32750 ?Hudaon Oil... 2.', 111 2J 21600 *Iir r Pet. . .21' . .'U<4 21', -? 20300 ?Iijland O & T 8 7">i 7% ? 13200 *Kcnova Oil... 9 l1 2 7 *'. 1/0000 ?Loii Oil .'v R. 41 38' , 38'/. ", 14100 ?Md i'e.. n , i>/? 7;, 10600 ?McCom P ^ R 2' J 1'? 2 03900 *Merritt Oil C. 31'8 24-"-a 31 &? 9500 ?Mcrritt O rU. 3 '?? 2'/. ? 46700 Met Pet . 4 ".?*! 3'j4 ', 84500 ?Midwfit. Oil.. 17j tft 1JJ4 A 6600 "do pf. 2'e 1% 2 4 * 4620 ?Midwes1 Ref 164 154 157 4 4 38800 Morton Pet w 1 2'? 2 2"4 ? 2500 N Mex O A 1. :'i4 3% S'/J -* 29600 ?Nthwest Oil . 69 48 67 410 1800 "Okla & Tex O '~a :'."? 2%? Omar Oil A (' 62 B7 oO ? * 82600 *Pennock Oil.. 16'.? l<*-? 15"? - *4i 136000 'Queen O.l ,.21 19 1/ ?- 2 68750 *Rangebur Oil. 57 46 67 410 56850 ?Rock Oil .... 47 43 45 )? 1 3800 'Ricknrd Tex C 7>/i b 7 1700 ?Kapulpa 04R. 7'? 7'4 ''*?*- '4 '?:. ?Sincl Gulf C, 41',, 33 40V l 231.Sthwe?t P S R I I 4 4'2 U0?So Oil A T. - ? . ? . ? 94000 Southwest Oil. 43 4* 42 12300 ?Stanton ..... Va '4 "*i ?' ?lOlififl ?T.-xiinii () 4 R 40' 25 33 -1 300 "Tyopa Oil ... VA I'/j 1}4 H lOOOTn WOilncw 1'8 *7g V,.~ '/1 5300*Vict O new.. 2-? 2% 2?.i+ H 2!.*W St O &. L. 34 30 3-1 -?_ iMining Net Salrs High. I.ow. La?t "hl? 19300+Al-Br Tol M. 40 38 40 4 2 60000 ?tAdel M & M 31 ?8 31 ?? ?200 ?Amer Minen.. 1 1 1 ?T, 21600 *Ara Tin A T. A ??, ?4-r A 3900 Ariz Bin Cop.. <8 7a Vt ?T 4500 i Ariz Butte . . 62 68 62-^-2 18900 ?tAtlanta _ 6 &'.'? 61A? 14(100 Big Ledge Cop. ! 3 ?'? '/ii ? 4000 ?+Booth . 15 "5 15 -J 35500 + Boston Mont. 62 49 62 + B. 200 Butte-N Y . . . ,", ,*? A- * 12500 ?TCalednnia M. 32 30 31 ?' 7800 ?Colutnet & J A % A -! 10000 Canada Copper 1's 1?8 1%+ n 44200 *tCandelaria S 64 6" 64 ? 89200 l-Cashboy _ 15 8 II + *W 5900 *Cerbat SM&M 4/4 3*4 4'/t4 - 9300 Con Ariz Smrlt V8 1 - ?* 4100 Cresson f*ol<l. . 5 15000 Kl SalvaUor Sil 2 4150 "Eureka Cr M. 1| 470(i ?tFlorence Sil 78 75 78 4S00 ?Gadsden _ 6 4 4 3250 tFlorence Con 20 18 18 47300 ?Golden C.at<- Kx. 4'-8 3v'4 3"H+ 7700 *"Goid Merjrer 6' ^ 6 7000 "H'reat Bend.. 5 4 r,: f>0 *HamiltonM&S 78 71 52500 tHattie Gold M 50 30 ?015 Hecla Minitis:. 5 4'| 8500 *.Jim Butter. . 36 3r, 5700 tjumbo Exten 15 13 9000 * + Kewanas . . 6' 2 6 643000 ?tLone St Ton 15 9 2700 Louisiana Con '4 '4 181.1 IMaoMtnara M 55 46 600 tMcKinley-Dar. 47 47 12600 ?Magma Chief 'g A 8200 -rMother IxkIp 38 30 'N'at Tin Corp 1,'? *i 600 'No Buttp Dev 23 23 1800 ?Ouondiiira M. 3' n 3 3600 *Rav Herruies 2' g 2 12000 tRochester M. 23 19 100 Seneea Copper 13r8 13T8 2600 ?tSllvcr Pick. 8'.2 8 2600 Stand Sil-Ld. % H lOL'DO tStewart _ 13 15 79000 'Tonopah I>iv. 7'4 6'2 6360 Tonopah Ex.. . 2' 4 2 320Tonopah Min. 3 27? 25300 ??TuolumnrKI* 58 45 23400 ?IU S Cont M 12 9 3600 ?Un Sulph M. A ' t 16000 ?tWard M * M 32 23 4''K00 tWanh (...1.1 W.94 88 7000 West End Con 1A IA 2600 ?'We-.t 1't Kx. 9 7 16100 Wli C?i. Min 1b 15 1000 'VVh r?p? Kxt 4 4 1700 \Vh Knob C pf. 1"8 W. 4=4 4T4 ? ['2 V/4 1J4+ /" Bond* - -J fi?1en (noonmllted). Hi*rh Kow !*?*; ,t*lf t22*ATAT l-y 8i ?i. 99>4 99' , ??'*?^ ,2 10 Mm Tob 7* '23.104 103'. 104 f in 7!' ?Aniiromla fi< ?i 98 9/'4 ?8, + Q 6 ?nh a 7*. ':::i w i.ioi'4 101 lOi'-'i - j! 1 ?Brdn 6? '?1 wi. 93 93 *\.,*lJ; 09 1 **-*** nni . ?<. 7 M-nr (i, 7? w 1.101 100 18M.i?*M fU. 'L'l 100' ,100 10014 ?^ i7*-nyi' .11. ?? wi 99>J m>u !!??"lJ: M ?Phlla Elec 1?.. 96' , 96'4 ?? '?? \Z. 17 ?Uo. aovt 6*4^. 68 55', 11,, Jr^ 109 orlo ,;.?? , flr.',, II l?!^f 7.. 'ftncUntr (Julf 6? 16 14'B M + 161 ?8o Hv 611 w l , 99?? 9H'? M'4- l 1 ?Hlu.lhkr V.. '21 ??',. II1 , t*Yr~" 29 ?Swlft C8r.wr2t.100 100 1W..f\ 245 WlWnCo ?vC?wl II ?4^? #?**+ * ?Unltaftwl. ft?U taste ? ?lM?h J|