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j " xnc sivaoxsu stock uajucht.
I EwrrtWnff h" taken plow whloh ought to I , Jl-ft activity to the stock mnrkot, awl still too B ieiMtr '"lls t0 ninnlfost Itaclf. Our wr with f . "nam hai proceeded with a rapidity and a suc cess whlcti. wlion It began, tho moat nangulne did riot loreseo. Wo hnro destroyed two Bpan lah fleets, captured two Spanish strongholds, snd taken prisoner mow than twontr thousand Brinish soldier, l'eaeeon our own torms la D within our reach and cannot be delayed mow than a few weeks, or. at most, a fow month. The subscription to tho Government war loan have demonstrated tho Immensity of the na tion's financial resources, and it willingness to tut thoso roourees at tho Government's com mand. Tho harvest promlBO to bo abun dant, insuring u asralnst a return to Europe) of the tide of cold which lias beon coming- this way durlnc tho past year, and against . dearth of carrying; business for our railroads. Neither flood, nor flro. nor pes tilence afflict us Concross Is not In session: 1 and agitation on financial and Industrial sub jects, ha, for tho moment, ceased. Moro Im portant than all. capital. In tho shapo both of money and of commodities. Is abundant, and eagerly socks employment Yet tho Now York stock market, which may be regarded as tho Index of tho condition of tho country's business, remains tnacthe. the pricos of tho socurltlcs In wlilih It deals do not advance tho cheorful click of IH tlcken Is heard only nt lone Inter vals, tho doors of brokers' ofllces swing; rarely on their hinges, nnd their dorks nit Idlo. fiomopeoplo lament as a calamity this bIur- gietitiess of stock speculation and would tako measure' to dlsilpato It Tosstbly. they aro rlsht. hut them aro also reasons for thinking i, that they aro wronc. Tho ovll thoy seok to i re!,H.,l-InotwldosDroad:ltIs local, and 11m- I itedtoasinall class of citizens, whoso loss In k tho w.iy of commissions Is tho gain of tho peo 5', pie who would pay them, and. Inasmuch as tho V profits of tho transactions which nro not mado would h.ivo beon merely tho transfcronco of " money from tho rockets of tho losers In tho P paino to thnw of tho winners, tho woalth of .. the eountrv is not diminished. Whether, too. I I the decay of tho gambling spirit upon which stock speculation deponds for Its continuance, is not rather beneficial than othcrwiso Is a question upon which contradictory opinions imay reasonably bo entertained. Xovrtholia. It Is Inturostluc to Inaulro Into the causes of tho state of things complained of. The weather Is one. to begin with. A majority of tho men who furnish business for the Stock Exchange hao fled from tho heat and conflno t ment of their city homes to their moro com- jL fortablo .iud spacious quarters by tho seaside 9, and In the mountains. Of those that remain, as f of thoo who occasionally return for temporary D visit", tlio courage, llko that of Bob Acre. ' oozes out at tho palms of tholr hands with thoir perspiration and wilts with tholr shirt collars. Tholr chief aim Is to koep cool, and for that reason thoy shun every excitement uhlchtcnds to stir tho blood and make It run more quickly through tho veins. If thoy gam ble at all It is at the raco courses by the sea ' side, whero they can bot tholr money to the ao- , companiment of fresh ocean breeze and learn the result of their betting without being kept A ' more than an hour in suspense. To overcome this indlfferenco a mora power- i'r ful force Is needed than morolya, favorable con- I A dltlon of financial affairs which has been de l.'." scribed. Such a condition is, lndood, a safe- ' guard against panicky selling, and, as we see. j at present. It keeps tho market steady, dull as I It is. What is lacking Is the prospect of an lm- x mediate profit In buying, and until that Is pre sented there cannot be that disposition to buy. without which an active and a rising market Is Impossible. If the speculation, for example, which has been going on moderately In Ameri can Tobacco stock, Atchison. Topoka and Santa I, T6 adjustment bonds, and the Baltimore and , Ohio and Union Faciflo securities. Is to be made ' i to extend to the whole list It must be aroused by tho same hope of being ablo to sell at an ad vance, and sueh a hope does not prevail In general estimation, most thing are as high a they ought to be. and no money la to bo made by buying them. ! The first thing to be done, therefore, to sot stock speculation In motion, la to substitute for the prevailing estimate of values one more favorable. That securities which promise to pay Income on the money Invested In them ought to bo ganged by the standard of i per cent on par. It not less, ha often boon pointed out In thla column. Already, the now Govern ment 3 por cents command a premium, which It is confidently predicted will soon rise to 0 points; the 3K first mortgages ot the New " York Central and the Lake Shore Ballroad com panies also bring a premium, the unsecured 3X per cent debentures of the New York Central , Ballroad Company sell at about Wand Interest the guaranteed stocks of the New York and j New Haven Ballroad Company sell on less than ra 4 per cent basis, and thoso of the New York Central, the Pennsylvania, and other great railroad companies are only a trifle cheaper. As soon as other securities not now O In suoh good credit and whloh can now be bought to yield 6 per cent and over, come to be regarded as equally worthy of confidence, thoy will advanco necessarily to tho same loveL 1 They are already being pushed up toward It by the difficulty of buying their competitors at any price. Investment brokers are full of orders for stocks and bonds of established reputation which they cannot All. Of such stocks not 500 shares of anyono kind have been reported as sold on tho Exchange since I Jan. l. and tho sales of bonds of the same 1 character for tho same period have boon equally restricted. Of Harlem Ballroad stock, lorexamplo.the only sale reported forsoveral months was one last woek of 00 shares at 315. and of this 00 shares 70 shares were immedi ately resold at 350.at which pricothe purohasor gets less than 3), rer cent, on his Investment The next advanco In order after that of the bonds and guaranteed stocks, which may be de scribed as second class, should legitimately be one in Incomo bonds and In preferred stocks not guaranteed. Somo of these, as. for Instance. Chl nHuU.n?, N?rtllw" Preferred, and Milwaukee fjl t i . ul prof("Ted. nro so high, already, as I 2n .k.1? entltl ",era to raDk A" el". "" L' ' ri .J" nccUei1 10 Improvo tho markotforthe remainder Is faith in tho continuanco of tho in-S-li . w' Ncxt como tl10 common stocks oi railroad companies, nnd the stocks of lndus 'i iuu comi,anlOT- which, on tho basis of their dl Wends, would. If thoso dividends could be Vt c"u'edonwltri confidence, sell for much more iff W? 'hey d0 nw- It Is distrust which keeps W ,- !?..Wn' and wlth the removal of that dls I i !,,,ieJ,,ouldriso as a balloon rises when i ,hefPo that holds it is cut Jul n ,hl8 r,ao w111 com- "! whether It i no l"1' a BuJden burst " e'owly. I" . l0 ,0 prec,lct- but that 'fill come i 'ntualiy. unlew conditions not now In eight r t, I hiT Z prevcnl " ls "aeortaln as thatwin I'l ",,h, ollOB'8Mmmor. A single bold operator I D tn ,"n ,t8 frlval. and sovoral such opora- I W lWin0rklnB '"Sether. could preclplute It 1 11) itt "r1 accu','0mod to follow leaders in the R u, i. ra,1rkct. ns on tho battlefield, and without i'J 'erhoslutetoraore. Indeed.oneofthe ?L w?(? V1b ''rB4 a"'ng stagnation in tho mar lm fni nl , ?.h.et ' ,hu Initiative which would be HU j "'''''''''"e were men ready to take It But 51 IZ ,a "nrt Wllllara . Vandorblltaro dead. Ill ' , ' B0,la do not command the same fail Sir r R ilily aml iU'lgment that they did. II !,, H?,'",!,''k ,laK lonc co retired with a for Ift 2! "''eh Mtisfics him. Mr. Keene confines I i I, ihl , " t0 " ,ew Industrials. Gov. Flower II r, ,.. , myn""whosoom disposod to operate SI rr?, r.rcusoale' but h0 ,lna yet to make his I I Zlt lt,"p1w'1' the general public. The Na il t ,Tk ..' eomlnB campaign ls, therefore. I If , t0 bo diooverod. MA JTH .""" further ah wo see. ready to Win a riZ "''? ,mP""llng era ot speculation for Mj in!.,atl0t,'r collapse, such as ha hitherto tlW TiT i.V C?c?l8a a wiM ol """ nftatlon. III J " nJ'b.1'0 ta ,lt0 a ra"d train: It starts off I'M httin',,..?11 eax,ie "Peod and momontum Um mi. V.0." " Proceed; but when once it Vk -y rU;"1,";""1""'"''11 hard to stop It Tho 111-'" sin..;. . wn"b' securities participate. ill' He-sin ' ciurlCB nlorc with It other loss iil rou.r'i ".""when these fall again to their tM " 1. thoy djas Uowu with tbem M whole list This U the history ot evory flnan clal oyclo. A long period ot dulcoss result la an aocumulatlon ot Idlo capital! tho owner ot this capital, despalrlnttot Investing Itprofltably In a lcgltlmat way. take to speculating with It timidly at first then moro boldly, and Anally plungo In with unthinking rockloesnoss. Then comes a season ot sober reflection, an effort to withdraw. It not with a profit nt least without loss, and. Anally, a gonorat panlo and rout from which another porlod is required to recover. It ls to bo obsorred. however, that as a coun try grows rich and Its capital Inorease. these cycles aro less and less spasmodla and are loss and loss destructive. Tho panlo of 1803 was milder than that ot 1873, and that again more modorata than bat ot 1637. Intermediate pan ics also, llko those of 1857 and 1884. wore com paratively short lived raid limited In tholr ef fects. In England no suoh oat&strophe ha been experienced for nearly thirty years. One was threatened In 1800. at tho time ot the Bar ing failure, but It was averted by the wise and prompt action ot the great London banks. Since, too. our bank havo loarnod the wisdom ot uniting to preserve credit Instead ot de stroying it by hostile attacks upon ono anothor, 'the soverity ot financial orlses has beon much mitigated. Matthkw Masshiix. FINANCIAL AXD C03X3IEBCZAX. New York Btoek Excbnnge Sales nnd Itnng of Frlces on All Securities Dealt In Dur ing the Week ICndlng July S3, 1808, UNITED BtATBS AUD BTAT BOHDS (iM Jl.OOOs). Open- Ui'ck- Xoie- CIoi Sala. A'aiu. ng. ttt, uU iig. 07B0OOUB8,wl 104M104M104. 104 S7O0OUB,r. 1907.1 10H 11 OH HOW 11 OK SO0OUS4i,c. 1007.1 10H HOW HOJi HOW 10000 UB,r.lM6.184 184 184 124 2DO0OUB4b.c1936.1S6 1S6M 125 126W lOOOOUBCs. o H3M 113H 113W 113M 3000Loultcn4....103 104 103 104 9000 V T deb 3-3s of 1991 71M 71M 71 71M sirxnoiD akd oinsn dosdb (nt 1 1.000s). Optn- W)- tow- Clot Sntrj. yamt, int. lit. ttt. inp. 79BAtchadj 70M 70M OOH 70M OOSAtchgaUs 04M OSM 04 06U 1 0 Alt t Dtnv lit... 07 OB 07H 08 28 Adams Exp Hs. OOM 00M OOM OOH lAmBpMOs. 83M 83M 83Ji 83! fi AmTob crip.... 04 05 04 06 2 Ann Arbor 4 86 86M 86 8 CM 1 Albt8aicn7i..l23M 1C3 123 123 61 AkfcOJUtoofflOO 100K100 100H 3Atoht01st.tr. 70 70 70 70 8 D'way & 7 th Av end 120 120 120 120 10Dk06i,18S5...113W 114M 113X 114M 1 D4 06s.l8SS,r.H3J 113M 113M U3M 100B4O6S.16B0.E ctfs 108 11 OX 108K 110M 116BltJkO,Pbr....llOM 112M 110M 11SM 366BtOr..198S...112H 114 112 114H OBBiO. 1088. r...H2M 118t 112X 113M 43 Bit OU, 1683, V Mctf. 11BM114 H2M114 8BltBltnt gi.. OOH 00 OOH OOH 6Bnr,CHNHtlOGM 107 100H 10GH 6B.OBftNot&.107 107 107 107 CB-klrnETBi....l03H 103H 103M 103M 7B'kl7aWfc7es 06 00 06 00 27 B'klrn Qlit.tr. 02 02H OIH 02H 17B'klrnUnOMSiH4H 116 114H 1147 37Qnt0cn6s....H4 114H 114M 114H 163Chs&OgaUHis. 84 84M 83K 84 8 Chi k O B & A Htcn4. 103H 103H 103M 103H 3C.BAN6. 10OH 100H 100H 1O0H OC.B&QCDT6S..112H 112H 112H 112M 08C.B&Q4,Nez. OOH OOH OOH OOK 10C.BQ7 116 116 115 116 30,BiQ4s,Idlvl01K 101H 101H 101H 6C.B&Q.sf6i...l04H104M 104H 104M 0 O.C.O 8tL4s. BtLoiv. 06H 06M 06H 06ft lConOuot06s..l04 104 104 104 2G,C.0&Xen....l34 134 134 134 4CuBolit. 108H100 108H 100 18Cn8o2d 100K 109M 100M 100H 22ChloTnnl4i.... 80H 80H 80H 8GH 10 Col fc 9tb.Avlst.ia0H 120H 120H 120H 7 0&EIgnlCa...l07 108 107 108 lOOolUld 9-4.,... 67 67 CO 60 lChlotErlUt..ll2 112 113 112 27 Cent of Oa en 6s. B8H 88M 88 B8 61 Cent of O let In. 88H 30H 38H 30X OCentofOaadlna 12H 13 12H 13 6Ch.Ina&Z.ei...l03 103 103 103 3DenKBOltt...l08 100 108 100 84tXnfenOcn.... 04W 05 04 05 20DnfcBai6... 01M 04M 01M 04H S8Det,MliltW... 10H 17H 10H 17M 142 Bet City Ou 6s.. 02H 02H OIH 02H 3EATUlit. 114 114 114 114 3ETncnlBi... 84 84 84 84 6EUz.LbBSlst.103 103 103 103 lErUcnlst. 143 143 143 143 81 Kris prior bds... OIH OIH 01 OIH 84ErigalUn8-4s 73 73H 72H 73K 40ETenn6i 110 110H 110 110M lOOBTumlst. 106M 106H 106H 106M 3ETennllen4-5i. 00 00 00 00 &EqO&Vot01itl02H 102H 102H 102H fiFAFU lte..110 110 110 110 3FPH6s,pna 01 01 01 01 44It Worth 1st 74M 74M 73H 73M 63rtW4ILQlit8-4 68H 60H 68H 60H 6O.U'gfcSA3d..l0& 106 106 106 e60,S'c&BAUF 6s 06H 06H 06H 06 70t AU 1U.... 88 88 88 88 HOrcenBtydebA 42 4.4.H 43 44M 3anmodsbBs.l04H 106 104H 106 7BoaV16i,5p 78 78 78 78 81OT0gnl4a... 81 81H 81 81H 60n.E&WTeiHt 01 02 01 02 628IronMt6 08H 100H 07H OOH ITU Centra, 196S.101M 101M 101M 101M 4Int0tN lt...l20 120 120 120 10IntOtH3d.... 86 80 80 80 B2IwCentlit....l01M 103 101M 102 73KntTox4i.... 8 OH 00 80H 80M 123 Kan h Tex 2s.... 65H 06H 05H 06H 2 Kings Co H 1st.. 66 67 66 67 3KnoxOhlolst.U6 115 116 116 2 Kentucky 0 1st.. 00 00 00 00 CKiaGAPlst.... 74 74 74 74 80 KO. Pit Q lit... 73 73 72 T3 2Kaniwh4U 4s 78 78 78 78 12Lacleds0ulst..l05 106H 106 105H llSTDmSi.,.. 01 01 01 01 13LE4Tv2d 1004 100H 100H 100H 4LakeShlit.r....l06H 106H 106H 106H 4Lke8n3K 104H 104H 104H 104H lLa&MoB2d....l07 107 107 107 81LNg4 88H BBH 88 88H BLouliNcnL 117 118 117 118 lOLfcN. FAB lit. 07- 07 U7 07 1L&N, NOAM dlvlst 122 123 122 122 1LA-N, NOAM dlv2d 106 100 100 100 10L&N,MfcMi.lOOH 100H100H 100H Oh k N, 8 AN A gte 100H 100H 100H 100H 4X.feN,NDlitl06 106 106 106 4MttBtn'wy6s..ll6 116 U4H 114H 4Mo,KAElst.... 00 OOH 00 OOH 121MexInten 70 70X 70 70K lMA8tLen6s...l00H 100H 100H 100H 2UorrltEilit..l40 140 140 140 6Mo, K&TofTBi 82H B2H 82H 62H 47 Uo ll'wsy 4s.... P6H OOH 06M OOH 10 Met El 2d 102H 102H 108K 102M XOMobiOl.t, N..120H 120K 120H 120H 24UobOgnl 77M 78 77H 7B 20UobtO,Md6. OOH 100 OOH OOH 6 Mich Cat 7 113H 114H118M 1 14H lSOUoPucn 103H 103M 103M 103K 30 Mo Po col 1st 6s 70H 77 76H 77 22UoPut6i 80 80 70K 80 1 Utile LB lit.... 136H 136H 136H 136H 4MorPaoTerlit.,113 112 112 113 404 Nor Pao prior U. 08H ObH 08 08H SBANorFsogalSi... 63H 64H 63H 64H 62Norf Wcn4... 81M 82 81H 82 3NTl:Baical.... OIH Ol1 OIH OIH 2NJOcn,lS88...103 108 103 103 iaNJCenidebi,.110H 110H 110 110 11 NJCeagrUti.r.110 110 100H 100M 0NJCntgnl6..113 112H112 112H 7 NT Centfli 10SH 10&H 106H 106H B73NyO,LScol8H 04H 06U 04H 06M 6NT0.L8oolSH.r 04H 04H 04H 04H 803NTC.M0eol8tt 03 04H 03 04(4 B8NMhChtcn..l03H108H 102 102H 71NV.0 BtL4i.l06 106H105 106H 43NorBBofClS102H 10CH100 102H INYltME HI...113H 113H 113H 113H I iN'WdebBi.SftyrilO 110 110 110 04NY,0AVTr4i.. OOH 100 OOH 100 $J0Ojillsilitidl06H 100 106H 100 13 0,BkN4s 00 OOH 00 OOH 0 Ohio BoUt, 83 83 83 83 22OreST,0t 127 127H 187 127H liOnBLca Si,..,104H 104H 108H 104H 41 OrebLtoo A.... 76 70H 76 70H Opt- BlfX- ew Ctes. SiUt. Iftwtt. ino. fit, ttt. inc. 48 08LlnoBi... 63 63H 63 63H 2raocf Molt.104 104H 104H 104H 10rOoutl.t....l03H 103H 108H 103H 8 Peo A t too... 10 10H 10 10H 12Ptno4H 112H 113H 112H 11BH llitUATVnlit... OB OB 02 03 87Pltti'Wn6 60 63 60 63 6PlttiAOonr4s..l00H 100H ljOOH 100H 3Bo,'WleOex6s,.lQy 1C3U Ifl3 183M lStlociI.lCi, r,...120 120 120 120 161 Bocklsliral 41..103H 104 103H 103H 8 Bock lit dob 6.. 1 07 107 107 107 7nhDnvlst....l20H 120H 120H 120H S86Rtdgnl4i S1H 88 81H 81K eonioownt. so eon 80 eon 7 8tP tMlnn cn..l3SH 130H 135H 130H 128rr,BANTlst.lS0 .120 120 126 lOBoPMofCallit.100 100 100 100 OBoPaeof Calcn.101 101 101 101 31 BoPotNUltt.,108 108H108.108H 72BoPoArUltt..lOOH 100K 100 100H 8BtPfeUaconCil28H 128H 12BH 128H B0 8tPUcon4Hil07H 107H 107H 107H 6BtPAMaex4i.. OOH OOH OOH OOH lBU.ABF2d,clA114 114 114 114 25BtLfcBFcnlflill8 118H118 118 26 BtLkBFcnl 6.105 106 104 104H 80BH.ABF41 77H 78 77H 78 008tPcnl4i, sA.,106 106H 105 105H 3BtUt,0 AUr6ill3K 113H 113H 113M lBtP.eon 146 146 145 146 1 St P term 113 113 118 113 8BtPlst.0AP...118H 118H 118H 11BH 148t Put. 0 A P, Wdlv 110H110H110 110 16St Plit,IADexl45 145H 146 145H 4BtPltt.IAI)d..l45 146 145 146 478tI.BWlt 77 77H 77 77H 478tLBW2d 30K 81H 30H 81 881 SxnAAAPlit4s OOH OOH 06H OOH 4S0A0slit. 04 04 04 04 73BoB'wiy&i 04 04H 03H 04H 12 6oB'wsyIIdlitl03 103 103 103 lOStJoAOla-3-41 70 70 70 70 lBBUnBATOi.... 70 71 70 71 130BtanBfeTino... 15M 10 16 16M 1TBB A of St X, cnCi 110 110 110 110 48reiPolit6i.l06H 106 105H 100 036TexPo2din.... 43H 43H 42H 42H CTol&OO Wd6il04 104 104 104 SOTeitNOcnBi. 07 07H 07 07H 11 T.O.IiBOi.Bd 80 60 86 86 UTol. BtL A KO Ht.tr 87 88 87 88 1646UnPao4i OOH 07H OOH 07H 334UnPot4Hi.tr. 60 60H 6&H 60 3tntAIellst6i.l00 100 100 100 08 Un El ist.tr..... OIH OIH OOH OIH ai34CP.DA01st.tr 00 73H OBH 73H 2VSIldlndgnl..l07H 108 107H 108 73 Wibaih lit. 110H110H110 110H 38-n,baih2d 87 88 87 87H 6tVb, D0x...l03 103 102 108 1 B Vest Un Col &i 110 110 HO 110 0 WestSh4i 108H 10BH 108H 108H 11 vreitSh4i.r.....l08 108H 107H 108H lOWh 4LEcn4t.. 36 36 36 36 lBVNYAPagnl.. 64H C4M 64 64H lWSIshtoo., 14 14 14 14 85VniCentlno 6H 6M 6 & 18B0YTiiCenlit.tr 44H 40H 44 47 eWUkeiAEilit.. 08 08 08 08 Total ! of railway bond! (par vslne), t ltt.933.000. IUILWAT AND OTHEn BBABES. Optn- llioK- Lev C7o SaUt. Ifame. inp. tit. tit ina. 120AdnsEx OOH101H ODH 101H 65375 Am 8 Bof 131H 133H 131H 132H 1163AmSBef P....113H 113U113H113H 7790Am8Mfg 12H 12H 11H 1154" 3B60Am8Mfg p... 34 34 32H 33 92AmCble 04H 05 04H 06 J1715AmTob 117M 120 117H 110H 8515AmExpMH...132H 140 132H 134 l7fll5AraCot011 21H 24M 21H 24H 6473 Am Cot Oil p.. 76H 76 75 78 2470Atch.TASF.. 13H 13H 13H 13H 86580 Atch.TABFp 34H 34H 33H 34H 160AmlIaltp 70H 70H 76H 70H 6863 Am Steel A W.. 40M 40H 30 30 880 Am Steel iiWp 80H 8 OH 8BH 88H 200AnnArbor 11 11 11 11 1600 Brunswick M... .12 .12 .13 .13 40 Braniwlck Co. 11 11 11 H 19487BJdt&0hlo.. 13H 13H 12H 12H 7290 Br Stiti On. 3 3M 3 8H 24575 Brook It T 64 66H 63H 56 04 Brook Un flu.UDX 120H 110K 120 TCOCmSo 52H 53H 62H 63K HOOCiaPao 84H 85H 84H 86H 6840 Conic 37M 42H 37H 41H 800 Con Ico if 00 00 00 00 D370ChOt WMt.... 14 14H 13H 14H 82tiOChOtWpA... 33H 38H 33H 38H SOOChOtWpB... 24H 25 24H 85 1070 Centric 14H ISM 14H 15H 8146 Cheit Ohio... 22H 22 22H 22H 300 Chi A EI11.... 64H 64H 64 64 100CM&EIUP...108H 108H 108H 108H 2114C. C. CiStL.. 40H 41H 40M 41H 7050ChleSNW....120M 120M 120 120H 18204 NWp 172H 172H 172H 172H 231)08 C,B SQ 106H 106H 104H 105H 83064 aM & St P.... 06H OOH 07H OOH 480 0, 114 StPp..l61H 161M 161H 151M 102020.BIAP 06U OOH 05 OOH 815 Col Fuel 20H 20H 20 20 115ChloTer 7H 7H 7H 7H 160ChlaTerp 20 20 20 20 100Col.HV4T... 6H 5H 6H 6H 100 Col. II V it T p. 22 22 22 22 2000C.L&W. 14H 14H 14 14H 1794ConiolOaiCo.lOO 100H106H100 47C.I&L. OH OH OH OH OO.lkhv 20 20 20 20 1603DelA Budion.106 106 104H 105 482D.LAW. 163 163 162 153 1200 Detroit Gi 00 UOH 67H 67H lOODenABO 12 12 12 12 2074 Wen ii UO p.. 48H 60H 48H 60 lOODMAFtD.... 16H 16H 16H 16H 110 Erie nil 13 13 13 13 2360 Erie B B lit p. 34 34H 33H 34H BOOEdlionEI 133H134 131H 131H 100EdEIofB....122H 122H 122H 122H DOOEnterpriioM.. .35 .36 .36 .36 100E&TU 25H 25H 26H 26H 100 EuternEl.b 10 67 67 67 67 178FtW4Doi.. 24 24 24 24 SlBOdtNorp 120H 127H 120H 127 8880 Ocn Electric... 38H 30H 38H 30H leoiUrlem 360 360 346 345 601IomciUk 63H 63H 63H 63H 075 II C BuKar 21 23M 21 23H 100 111 Cen leased 1 07 07 07 07 2DU3 Illinois Cen....lOBH 10BH 107H 108 827 Illinois SUel.. 68 68 67H 57H ' 160 Iowa Central.. OH OH OH OH 200 Iowa Cent p.. . 31H 31M 31H S1U lOOKeokukADM. 4 4 4 4 8ULE4 Weatem 13H 14H 13H 14H 846 1.E 4 West p.. 70H 71 70H 71 eoLake Shore.. ..100 100 100 100 80 Lone Island... 40 40 40 40 2R40Lacledi Qas... 60H 61 60H 60H ' 14886 Louis 4 Naali., 62H 63H GUI 63H 22864 ManCon 106H 106 104H 105M 140MlnnIron 73H 73H 73H 73H 07B3MetBtBwy,...161 163 140H 161H OlSMlch Central.. 100 106H 100 100H 16Mln4StLlp 60H 80H BOH 80H 100Mln4BtL3p. 68 68 66 60 85051UuouriI'ao..'. 36 36H 34H 36H 100 Mo, Kan AT... 11 11 11 11 1700 Mo, Kan AT p. 34 36 33H 34 lli3Morrli4KMerl71H 172 171H 173 bOONatLOIL 13H 16 13H 16 7076N J Central.... 88H 00 67 88H 6803NYCntral....ll7H 118H UGH 116H 14424NatLead 33H 87 33H 36H 669 Nat Lead p.. ..108 110 108 100H 1606 North Aruer... OH OH OH OH 3120 NY Air Brake. 40 40H 40 4BH 14NYANII 1B8H1B8H168 18B 300 Norfolk 4 West 14 14 14 14 178 Norfolk 4 W p, 61! 61H 61H 61H 19169 Northern rao 88H 30 28H 20H 1B174 Northern Paop OOH 71H OOH 71H 263 0nUrioAWeat 14H 14H 14H 14H SOOreu-ou BL., 28 20 26 20 1700 raclllo Mail.,.. 28H 28H C8 28H noo I'eo, Deo 4 Er. 1M 1M m m 1746 Pacino Coaat... 34H 30M 34H 30W 80 Pao Coaat 1 p.. BOH 86H 86H 86H 71.1PaoCout3p., 67 67 67 67 IU22 Pull ral Car CoS 00 20QH 207 200 1676 P, 0,0 4 St L.. 43H 43H 42H 43 100P, 0, OiBtLp 03 03 03 63 422I'itU4Wnpf., OH OH OHi 6H 680PemiBB UOH UOH 110H UOH 10870 People's O4 0 08 08H 07H 08H 1200PhuinlxM 12 .14 ,12 .14 6840 IUadlmr 10H 17H 10H 17 28029 Beading 1st p. 38H 30H 38H 3 OH 3100 Beadlni: 2d pf. 20 20 10H 10H lOOltloOraude W. 20M 20H 20H 20H 220UloOWpfd... 07 07 00 COM CO MLS W 6M 6H 6H 6H 700BtLSWpfd. . 10H 10H 10H 10H 200 8tP4Dulp, 80 80 80 80 3180 St P Omaha. 81H 82M 81H 82H 1110 MP, Mi) M...168). 164! 163H 164H iiiiiiii liiii iiiii inn in' i -'i Oft- it Ltw CUt- ItaUt. A'ane. ot. ttt. tttg. ISOOBoathtrnPM.. 80 8 OH 10H 80 1439 Bou them nwy. 8H 8H 8H 8H eOMBoKwrrf. SOW 81H BOM 81 313Sto4 0L.... OH 7 OH 7 lOBtJokOIlp. 00 00 00 00 630 St Louis 4 BF. 7H 7H 7H 7H OBtLABFlitp 01 01 01 01 1331BtL4BF3dp 8BM 88H 87K 88 eoOBUndardBAT 0 OH 6H 0 1676TennOAL.... 84H B6 84H 85 116ft Tern Pacific... 1CH 12H 12H IBM 3740 Union Padflo.. 83K 84H E8H 84H 16903 Union raopf.- ODH OOH COH OOK 33104UnPao.DAO. OH 7H 6M 6H 48826 US Rubber.... 80 32H 88H 81K 7643 UB Rubber p.. BOH OIH 88H OOH 4004 UB Leather... 7H 7H 7H 7M 47874 US Leather p. OOH 00 OOH 08H lOWabaah 7H 7H 7M 7K 760Waba.hpfd... 18K 18H 18H IBM 6302 Wast Un Tel... 03 02H OIH 02H 604BYVALE.tr... 1 1H H 1 1703W4LEpfd.tr 8 8H 8 8 1600 W Chi Bt It wr. OBH 0211 02M 02M Total sales, 747.604 aharea. SANXBTOCS. Opt- Utah- Lew- C7o- SaXa. Kkkk irv. t'U ttt. int. BBFark. ....801 810 301 310 8 Banket OotamercsBOO COO 800 200 Bondat. July2. Tho Treasury balance at tho closo of business on Saturday was 9203.070.001. of which $180. 20&B27 waa gold. Tho Import ot gonerol merchandise. Includ ing dry goods, at the port ot New York lost week wer $7,000,552. against 0.022,275 tho previous .tok and S7.C17.70O for tho corro spondlng wook of last year. Tho Import ot epeolefor the week woro 108,038. of which $30,000 was gold, making total epocio Imported since Jan. 1, $73,009,072. Exports ot spoolo were: Gold. $13,408, and silver. $870,073, a total of $803,378. against $804,145 the pre vious weok. Tho exports ot spoolo since Jan. 1 have been : Gold. $4,080,017. and silver. $23. 830.473. a total ot $2873.000. Tho weekly statement ot averages of the Clearing Houso banks showst July 18. JulvtS. Changes. Loans. ,.e3P.8G3,r,oo f fl34,iu6,P0O Deo. 84,907,1100 Deposit! 767,7RH,300 741.8:8,800 Deo. 16,467,600 Cll5l,U,n 14,638,800 14,434,800 Deo. 104,600 L'R'lt'ra 02,04(1,000 60,703.700 Deo. 1,843,300 Specie... 170.766,400 107,041,600 Deo. 9,134, WOO Bes,ve.2a8,812,400 $228,344,500 Deo 810.4CR.20O Bl'ver'd 189,446.676 185,832,200 Dee. 14,114,375 Burplui 149,306,825 843,012,000 Dec. $6,353,826 Tho surplus a venr ago was $47,301,575, and two years ago $18,400,550. Tho North American Trust Company an nounces that it has mndo armngoments for the establishment of a branch office at Santiago do Cuba, and is prepared to buy and sell drafts on that point, and to makn remittances for soldiers and sailors now in Cuba. Tho company has also facilities for doing business with Manila, and has correspondents in all tho capitals and commercial contrcs ot the world. Messrs. Dean A 8hiblny of this city and Provl denco Invite subscription at par for $1,700,000 7 V cent, cumulative preferred stock and $500. 000 first mortgago 0 9 cent, gold bonds ot the United States Envelope Company. Tho sub scription books will bo open in various cities from July 25 to July 28 Inclusive, and subscrip tions will be payablo 10 9 cent, on application and tho balanco on allotment within ten days from tho closo of the books. Goldman. Rachs A Co. offer to Investors a e lectlon ot railroad bonds. efintmrinl. AUCTION SALE STOCKS AND BONDS Tuesday, July 26, at 12:30 P. M At the New York Real-Estate Salesroom, No. ill Broadway. (For account of whom It may concern.) 10 shares American Steel Catting Co., Pref., S100 ea. 6 aharea American Steel Caetlne Co., com., $100 ea, 25 nharri Com Exchange Bank. $100 ea. 3 aharei Central Trnst Co., $100 ea. Llati at Anctloneers', 71 and 73 Liberty at, High Grade Bonds. $100,000 Erie RHvay Co. 1st Con. Gold 7s ON A 4.10fe BASIS. $30,000 Long Dock Go. 1st Mtge.BoId Bs ON A 4.05 BASIS. . $100,000 St. P., Minn. 8 Man. Cons. Gold 6s ON A 4.25 BASIS. $50,000 Ghi.S Northvv't R'yDeb. of 1933 ON A 4g BASIS. FOR SALE BY Goldman, Sachs & Co., 31 NASSAU STEEET. MERCHANTS' NATIONAL BANK OF THE CITY OF NEW YORK. 42 Wall Street. Capital, f 2,000,00a Surplus, 1,000,00a Deposits, $15,000,000. FOUNDED. 1803. 188th Consecutive tieml-Anaiul Dividend Declared January 3, 1H9S. OFFICERS t Itobert SI. Gallawny, Preililont. Klbert A. Urtnrkarhoff, Vlrr-Prrildent. Juaeph W. llurrlumn, Cnsliler. Samuel 8. Campbell, AnUtant Caikler, DIRECTORS I John A, Stewart, l'rei. V. S. Truet Co. :ibert A. Jlrlnckerhott, Capltallat. Sbai. Htenart Hmttli, Merclinut. ultnv II. Srlinnb, Oelrlcln It Co, Ilonnlil M aokay, Venutljn ft Co, Itobrrt M. Gallawny, Prraldrnt. Chnrlri 1. Dlrkry. Ilrown Uroi. A .Co. Henry W. litinki, llrnryW.liankifti;o. (Irorse Slierman, Vice-Free. Cen.Tr.C'o i:dwurI Ilolbruak. I'rn.florlinmJtfr.l'o Orrli K. iaredge, tVlieelwrlelit, ! dredge ft Co, THE STATE TRUST CO. 100 nitOADWAY. Capital and Surplus, $1,800,000. Acta in Trnitee, Itrglatrnr, Trnnafer nnd riiral Acent of Corixirntlom, unit m Kr ecutor, Admlnlttrutor, Trualeo, Guardian, nnd Committee of Kitatei. Legal Ilepotl torx for Court and Truit Fundi, Take full Charge of Real nnd l'enonal Eatatei. Intereit allowed on depoilU, FRAKCIS B. HANDS, Pruldent. W. A, MABII. Vlco-Proiiaent. UAUniCT. 8. DECKER, Beoretarr. U. M. FR1MCW. Treainrer. U. 11. UEIUIV, Truat Officer. TRUSTEES. Wlllli B. rain. Cliarlei Beribner. Henry II, Cook, Charles U TtlT.nr, Walter H. Jolin.tnn, Oeorse W, Wblle. Jo.epb N. lUllock. 1'eiriTal Knautb, E.liu A. ilcAlfiu, Krancla R. Ilansi. Andrew Mill., Knuu-L Ljiiilo fltetaon, William A, Kub, Thoutax A. Uolutre, Oeorze Foattr I'oabod, Edward E. I'oor, J. D.lTotwt. Anon 0. McCook. UenrrBUeri, It. A. O. Sraltb. Oeorue v. QulnUrJ, i'l.01. F, Una, JorrtitU.Partsr, , iiif 11 1 ft lii 11 11 iiiilir mil - - iiir-nigTMi Innnclni. ''aaiaNaiaawvaaiaysaaaj Baltimore & Ohio Railroad Co. BEOBGANIZATION. To the) Holder of tho Following Honda and BtooJul ' Baltimore and Ohio lUIlrmd Company Itonda. Loan of IBM, Extended to 103S at Fonr Per Cent. BalUmon and Ohio Railroad Company 100-TcarriT rerOent. OonioUdated Uortc. Condi of 1833. Baltimore and Ohio Railroad Company Rtorllng Bit lr Cent Loan of 1872. Doe March 1, lool. Baltimore and Ohio Railroad Company Sterling Bit IVrOent. Loan of 1874. Due Mar 1, 101O. BalUraore and Ohio Railroad Company Six Per Cent. Loan otl870. Due April 1, late (Account Farkeri burgh Branch Railroad Company). Baltimore and Ohio Railroad Company Fir Per 'Cent Bonda, Loan of 1888 (Account PltUburgh and ConnelliTille Railroad Companr). Baltimore and Ohio Railroad Company Fonr and One-half Per Cent. Terminal Mortg. Uondiof 189a. Baltimore and Ohio Railroad Company Sterling Four and One-half Per Cent. Loan ot 1883, Philadel phia Branch. Baltimore and Ohio R. B. Co. Sterling Fire Per Oenk Loan of 1877. Dm Jane 1, 1617 (Account Balti more and Ohio and Chicago R. It. Co.). Baltimore and Ohio R. R. Co. Flnt Preferred Stock. Baltimore and Ohio It. It, Co. Second Preferred Stock. Baltimore and Ohio Railroad Co. Oommon'Stock. PltUburgh and OonnelliTllla It. It. Co. Fint Mortg. Bond., Extended to 11)40 at Four Per Cent, rittaburgh and ConnelliTille R. R. Co. Flnt Mortg, Siren Per Cent. Bondi, Due Julrtl. 18PS. PltUburgh and ConnelliTille Railroad Company Six Per Cent. Conaolldated Mortgage Bonda. Akron and Chicago Junction Railroad Company Flnt Mortgage Fire Per Cent. Bonda. kron 1c Chicago Junction B. R. Co. Preferred Block. Waihington City and Point Lookout Railroad Com pany Blx rer Cent. Bonda. THE UNDERSIGNED. RSAT TO THE PLAN ANJ AOREEMENT FOR THE REORGANI ZATION OF THE BALTIMORE AND OHIO RAIL ROAD COMTANT, DATED JUNE 82, 1898, IIEttH Bt GIVE NOTICE THAT THE TIME FOR FURTHER DEPOSITS OF THE ABOVE-NAMED BONDS AND BTOCKfl IIAB BEEN FIXED AND I.IMITED TO AUOBST 1ST, 1898. AFTER WHICH DATE DEPOSITS OF SAID BONDS AND STOCKS WILL BE ACCEPTED. IF AT ALL, ONLY UPON SUCH TERMS AND CON DmONS A3 THE UNDERSIGNED MAT IM POSE. Dated New Tork, July 14th, 1898. sii:ri:n & co 80 Broad Street, New Tork. KDHN, Z.OEU ft CO., 27 Pine Street, New York. SPETEIt BROTHERS, 7 Lothbury. London. Reorganization Managera, BEWARD, OUTHRIE k STEELE, ETARTB, CHOATE k BEAMAN, FBESHFHXD3 at WILLIAMa, New Tork, London, Coumel to Reorganization Managere. To Tlolden of Tlio atercnntlle Tnut Com pany' Certlflcntea or Ilerelpti of Depo.lt for First Preferred Stock, Second Tree ferred Stock, nnd Common Stock of the Iloltlmoro nnd Ohio Railroad Company, The nicceae of the rian for the Reorganization ot the Baltimore and Ohio Railroad Company, dated June 22. 1888. appearing inured, pursuant to aald Plan and Agreement, the undersigned hereby call for payment of the flnt lniUlment, being 35 per cent, ot the cash payment of (2 per share de posited to bs mads by depositors ot the First Preferred Stock and $20 per share depoalted to bs made by depositors of the Second Preferred Stock and Common Stock aa consideration for shares of the New Company. Payment of each Instalment, being at the rate of FIFTY CENTS PEK SHARK of First Preferred Stock depoiited, and FIVE D01 I.AIIS PER 8UARE of Second Preferred Stock and Common Stock deposited, must be made to the undenigned for account of the Syndicate, at the offlco of the Depositary, The Mercantile Truat Com pany, No. 120 Broadway, New York, or at 1U London Agency, The London and WestmlnsUr Bank, Limit ed. 40 Lothbury, London, OK Oil BEFORE AUGUST 1, 1808. Payments muat be receipted for by the Depositary or Its London Agency on the Certlncatea of Dspoilt. Failure to pay such Instalment on or before said daU will subject the depoiited stock to forfeiture to the Syndicate aa provided In the Reorganization Agree ment. Dated New York, July 14th, 1898. SPETER ft CO.. Kunx, Lorn co., SPKYER BROTHERS, Reorganization Managera The Baltimore &flhio Railroad Co. Five Per Cent, Consolidated Morlgafe Bonds Issued under Mortgafe Dated December 19, 1837 ' (Known as Bonds of I9S8). . New York. July 14. 1898. To the Holders of Certificates lamed under the Bondholders' Agreement dated Norember 1, 18S7; representing B. k 0. consolidated Bonds of 11188: Referring to our circular of Jane 22, 1808, we hare now to Inform you that holders of the aboTe-deacribed certificate! representing more than 78 per cent of the bonda depoiited with us under the said Agree ment ot November 1, 1807, have ghon their written assent to the deposit of such bonds under the Plan f or the Resrgsnlzatlon of the Baltimore and Ohio Railroad Company, dated June 23, 1803. By the terms of said Agreement wo are thus em powered to deposit under aald Plan all ot the "Bonds of 1088" held by us. Any non-assenting certificate holder who falls to notify us ot his dissent on or before July 28, 1899, at the offlco of J, P. Morgan tt Co., New York, or ot 1. S. Morgan k Co., London, will pleass take notice that we shall presume conclusively that he has as sented to a deposit of his bonds under the said Flanof Reorganizations or he ma,r surrender his certificate at cither of aald offices on or before that date, and in return therefor wi will deliver to him the bonda rep resented thereby. All bonda not so dissenting or withdrawn will be deposited by ua underlaid Plan. J. P. 3IOIIOAN ft CO. DROWN BROTHERS A CO. ltARINQ. 5IAOOUN ft CO. London, Jnne 22, 1808. navlng jointly made an Issue of tho above-ds-scribed bonds In thlauarket.underdateof May loth, 1888, simultaneously with that made In New York by our respective represcnUtlvc., who have signed the a bote circular, wo strongly recommend all holders of certiacatcs for such bonds to assent to the terms proposed for the bonds under the PUn of Reorgan ization. Signed "AssenU may be sent to Messrs. J. 8. Morgan k Co., 22 Old Broad Street, London. J. S. MORGAN ft CO. BROWN, SHIPLEY ft CO. BARINO BROTHERS ft CO., Limited. The Baltimore & Ohio Railroad Go, Six Per Cent. Gold Mortzage Bonds Due April I, 1919, and Known as " Park- ersburg Branch Bonds." 28 Wall Street, New York, July 14, 1808, To the Holder of Certificates Issued under the Bond holders' Agreement dated April 1,1808, represent ing B. snd O. " Parktrsburg Branch Bonds." Referring to our circular of June 22, 1 BUB, we hare sow to inform you (bat holders of the abore-tle-scribed certlficstes representing more than 00 per cent, of the bonds depoalted with ua under the said Agreement of April 1, 1808, hare given their written assent to the deposit of such bonds under the Plan for the Reorganization of the Baltimore and Ohio Ballroad Company dated June 23, 1808. By the terms of said Agreement we are thus em powered to deposit under ssld Plan allot the "Par keraburg Branch" bonds held by us. Any non-assenting certificate holder who falls to notify us of his dissent on or before July 38, 1809. will plesae take notice that we shall presume conclu irely that he hai aascnted to a deposit of his bond! undtr the aald PUn of Reorganization, or he may surrender his oertlflraU to us on or before that date, aud. In return therefor, we will dejlrer to him the bends represented thereby. All bonds not so dissenting; or withdrawn will be deposited by us under aald Plan. ,, T. P. MOBUAN A CO dtttnnci!. ISSUE OF $1,000,000 FlrSt Mortgago Trust Gold Bonds 4?0 5.20 Year, Series G, OF THE WxM States (Capital & Surplus, $3,250,000) DUE ATJOUST 1, 1018. REDEEMABLE AIJOUST 1, 1003. INTEREST FEBRUARY 1 ft AUOUST 1. Guaranty Truit Co. of New York, Trustee. PAYMENT AND DELIVERY AUOUST 1, 1803. Prlnclpnl nnd Interest payable In United Stntrs Gold Coin of the proient stnudnrd of weight and fineness, nt the ofllce of the Compnny In Now York City. COUPON BONDS OF Sl.OOO, $500 AND $100 EACH, TYITH PRIVILEflE OF REGISTRATION OF PRINCIPAL Oil INTEREST, OR BOTH, There bonds are thi direct obligation of the Com pany and aro further secured by the deposit with the Ouaranty Trust Company of New York, Trustee, of not less than $1,000,000 of First Mortgages on Im proved, Income-producing Real EsUti In certain se lected cities ct the United States. Tho properties covered by these mortgages are contervatlTCly appraised as follows: Earn! ei,34,033 Buildings 1,007,800 Total 8 J, 410, 105 Fire Insurance 8034,300 Gross Income 183,760 Taxes, Ins., Repairs, fte fil.433 Net Income 8131,328 SUBSCRIPTIONS AT PARFDiTnE ABOVE BONDS, SERIES Q, WIIX BE RE CEIVED AT THE OFFICE OF THE COM PANY, NO. 00 CEDAR STREET, NEW YORK CITY. X.ISTS WILI, BE OPENED ON THURSDAY, JULY 88, AT 10 A. II., AND CLOSED AT 3 P. SI. ON TUB SA31E DAY. THE RIGHT IS RESERVED TO REJECT OR RE DUCE THE AMOUNT OF ANY SUBSCRIPTION. FAYMENT TO BE MADE ON AUGUST 1. WHEN THE BONDS WILL BE READY FOR DELIVERY. APPLICATION WILL BS MADE TO LIST THESE BONDS ON THE NEW YORK STOCK EXCHANGE, SERIES B, C, D, E, AND F BE ING ALREADY LISTED. Prospectus Mailed on Application. antlca StoJts IJlorlgage tt tEmst Sir. CO CEDAR STREET, NEW YORK. Metropolitan West Side Elevated Railroad Company (OF CniCAGO). rikohgakization. To the holders of First Mortgage Roods and Coupons, nnd Capital Stock of tho Metropoli tan West Sido Elevated Railway Company and of receipts nnd truit certlflcntei Issued by the Central Trnst Company ot New York therefoK Pursuant to the provisions of the agreement of January SO, 1807. notice ls hereby given that this Committee has prepared and adopted a plan of reorganization, and lodged a copy thereof with the Central Truat Company ot New York. Farther deposlU ot the above-named First Mort gsge Bonds and coupons and capital stock wiU be received by the CENTRAL TRUST COMPANY OF NEW YORK, 84 WAtX STREET, NEW YORK, AMERICAN LOAN & TRUST COMPANY OF BOSTON, and the ILLINOIS TRUST SAVINGS BANE OF CHICAGO, up to and including August 6th, 1608. Copies of the plan and agreement may be ob tained at the ofllce of any one of the depositaries. New York, July 13. 1808. FREDERIC P. OLCOTT, Chairman. WAITER G. OAKMAN, SAMUEL, TnORNE, Committee. ADBIAN H. JOLINE. J. N. WALLACE. Counsel, Secretary, B4 Wall Street. New York City. Mortgage Investors should apply tothoTltlo Guarantee and Trust Co. when cooking Investments, it ls furnish ing 12,000, COO. a month In choice mortgages to trustees, institutions, nnd Individual london. TilxE GUARANTEE and TRUST COMPANY 118 Broadway, 175 Romsen St, New Yorlc Brooklyn, CAPITAL, .... 52,500,000. SURPLUS, .... $2,000,000. 4 TRUST' CO 384 FIFTH AVE.. COR. 37111 ST. BRANCH. Co BROADWAY. CAFITAli 81,000,000.00 LKQAL. DEPOSITORY For Slate, City, ens' Court Moneys. Interest Allonr4 on Tlnie Deposits, Checks passed through N. Y. Ulesrlni-Louse, Arts is Eiecutor, Ousrdlan, or Administrator ot estates, snd ss Receiver, Reflatrsr, Transfer sod I'lnsnclal A(ent for States, Kallroads asd Corpo rations. Separste Department with Oprclal facilities for Ladles. BOBKBT MACLAY. President. CHARLES T. BABNET, Vice-President. JOSKIMI T. BUOWN. 3fl Vice-President. r'KKtl'K L. Kl.DltllxlK.fvfc.KndTrfiA. J. HENKY 'IOWSSEND. AsVt Secretary. Al.r'KKD It. MACLAYAss't Treasurer Government and Municipal Bonds BOUOHT AND'SOLD. Alee PIDHT MORTOAUU bonds of estab lished Htrnin und Utreet Railway.. APPnAIBEMKN'TS MADE OR QUOTATIONS ruitNiaiiEii ron tub puhchask. sale, on EXCIIANOU Or ABOVE BECDUITIE8. MBTtt ON APPLICATION. N. W. HARRIS & CO., 81 NAHHAU BT. tflwnlt ofTjorome rce Blilr.l. LOCOMOTIVES. nich-nonJ Locomotive 2nd Machine Works, RICHMOND, VIRGINIA. BIMl'tK OR COMPOUND LOCOMOTIVKa TO TUKin OWN DESIUNS Oil TO SPECIFICATIONS. Modernly equipped shops. Animal ruiiiulty 300 locomotive!. Terms maile satisfactory. Corifspouilenco solicited. International Paper Company sr.ciuitiTiB': DEALT IN 1IY Thomas L. Manson, Jr., & Co., oo nnoAuwAY. n. y. Haskins & Soils, Certified Public Accountants, KO. 80 .BROAD B'l, HEW YOBS. efinancint. "sssj jsa v, J-si.jwlssi's'sSssyvs.srfsssssss'S Sssssl GuarantyTrustCo. I of New York. m NASSAU, CORKER CEDAll STHECT. CArrTAU - - - - r - 63,000,000 M avnvjjVB, - - - - 89,000,000 ACTS AS TTtUSTF.K FOR CORPOtl ATIONB, FIRMS. AND INDlVrDUAl.t. AS OOAItDUN. ; EXncUTOn, AND ADMINIRTRATOn. TAKES RNTir.E C11AR0B OV IlUAt. AND TKR. 60NAI, ESTATES. INTKD.CST ALI.OWnn ON D EPOS ITS Subject to cbeQne or on certificate. nnAFTSONAI.LPAnTSOronEATBuTTARt V9 FRANCE AND OKRMANY 1 O'JOTIT AND BOLD ' H COLLECTIONS MADE. ' IRAYnLLERS' LETTERS OP CREDIT AYAH. ijM ABLE IN ALL PARTS OF THE WORLD, AND JH COUilERCIAL LETTEa0F CREDIT ISSUBOs i.j VALTER O. OAKUAN, Pros Went. V9 ADRIAN 1BELIN, Jn.. VIcs-PrMldonl. OKOBOE R. TURNBULL, 34 Vice-President, ' ( JIKNRY A. UURtt AY. Trees, and Dec. . 3. N1OS0N BORLAND. Atiu Ttrai. ocafMa. ' J0U: OA'JLT, Uinanr Forelea Dept. H D1BECTORS. I Bsnutl D. Babcoct, Charles & Htndtrsatb 'fl Ororco T. Taker. Adrlsn laetln. Jr., ;'M Ororce 8. Bowdoln, AnjuttusD. JnlllUluV Acjust Belmont, James K. Jarvls, A 9 rroderlcCroinwell, Blcbard A. McCard.f s ffilter R. Gillette. Alexander B. Orr. hM BobtrtOoslet, Walter O. Oikmsn, O.O. Davcn. TlenryH. Borsri, Oliver JOanlman. n. McIC TwomMy, (1 aBoacnnayes, rrederlcfcW.VenaejnItts :W Harry Payne Whitney. ''v LONDON DRAItCn. jM BS LOMBARD STREET. B. Os. '.; M Bnya and sells excrjsnto oo the prtncipaf ' cities of tbs Tforld, collects dividends and coal ..M pons wltoout chart,, Issues travellers' and eet " csrclsl letters et credit, receives and paj 9 laterssl on deposit! inbject to cheque at stgbt e on notice, lends mooey on cellsttrsls, desls la ;M Araerlcsn and other Investment tecnrttles, and offers Its services ss correspondent and fisanclaA M sftnt to corporations, bankers and nurchsat , Bonkers. 1 1 BANE OF ENOLAND, ' CLYDESDALE BANE. Limited, V I RATIONAL PROVINCIAL BANS OS) Vl ENQLAND, Limited. PABR'S BANC. UmlUd. & Solicitors. A kTBESnFIELDS AND 'W1LLIAIIS. S London Commltteo. 'j AETBUR JOHN FBASER, CBaruuat '2J' DONALD a DALDEUAN. AT. KEWYOIIKi LONDON! i 100BROADWAY. 03GICESI1AM ST. Capital paid up. . . .$1,000,000 i Surplus $200,000 1 Transacts a general trnst buvtnets. II Allows liberal rates ot Interest on deposits enA j' trust lands. i Issnes Letters of Credit and Travelers' ClrctOaV yi Kotes payable In dollars or In the money ot any jl forcUm country. ' tj Acts aa Trratea under mortcaces for rail war vA J H other companies, and as Acent for tbs Registration of the stock, and fcr the transfer ot the shares ot incorporated companies. Undertakes the examination of properties offend Jt as security for bond Issnes, and the obtaining, ot $ expert Information concerning the actual facta and M prospecu of reorganization proposals. "3 Qualified and empowered to act j as executor, administrator, trustee," "3, guardian,and assignee.and asreceiveri M and custodian of funds under ardert pf Court. ' I OFFICEnSl I W. I,. TRENIIOI.ni PresldaaO & SAMUEL M. JAIIVI8, ).. ,. i ROLAND n. CONKT.IN.l"eo"Pre,,d"BW 1 JAMES DUAXE LIVINQ6TON.. .Trnst Offlcef S. L. CONIILIN Secretary S V. C. PKE8T Assistant Secrctarr 3 5. It. HARBERT London Secmtarsv M E. J. CUAPPELL .......London Trcasaroa 1? DIRECTORS: '3 Hon. JOnN O. CARL1SLK. f Former Secretary ot the Treasury ot tho U. tt. ROLAND R. CONKLIN. i M Vice-President of tie North American Trust Co, a aL, CONKLIN. Secretary of the) North American Trust Co. JJ aw. DRAKE. m Treasurerof the Rio Orando Western R"wayOal Si BAliUELH.JArtVIT.. ,' ' I Vice-President ot (bo North American Trust Oe. j Ron.ADLAI E. STEVENSON. 3 Ex-Vlcc-Present of the United States. St WAOEBSWArNE. OtUessrs.S(rayne&SwaTne,Counielors-at-Law. H Bon.W.LTftENnOLU. . 31 i'ormer Comptroller of tho Currency of the U. 0.1 ' Wmted $m I 3D CEDAR STREET. NEW YORK. ) 1 CAPITAL 82,000,000. I bURPLUS I.J3O.O00. Trnnnactsn Ceuerat Trust nnslness. Acta ' as Trustee, Registrar, and Transfer Agent! 1 Executor. (luardlan. Administrator, oVo. .5 Tnkrs entire charge of Real and Personal s Estates, Acta as Fiscal Agent far States, Munlclpalltlci, nnd Corporations. Legal 4 Depositary for Court and Trust Funds. Interest allowed an Deposits. Checks pas ' i through tho New York Clearlng.IIonse. S Moneyloanedan bandaudmqrtcnge. Issues H First Slorlgago Trust (iold Dontls. f OFFICERS. - ., 1! fporxe W. Young President V. uihrr Kouutze Vlrp-l'rrMent ',1 mill's Tlmpson.. 3d Vlce-I'rr. litest ;. Arthur Turnhiill Treasarer si Wllllnni p, F.lllolt Hecreiary - f'lark Willlnma Asst. Trrnsurer i UUbardai. llurd Asst. Secretary ! DIRECTORS. 'I Samuel D. Betx-nck. I Frederick O Union, tiuslav E. Kissel, (i. liljanl lllalr, Luther Konmse, 1 Durannt Cl,rk. rhsrlton T. fwls. Cherlei I PlrWey, Richard A. HrCurdJs 3 Wllllsm P Dlson, Thfwlore Mnrfnrd, -S David Dow, jr , Itntiert Olvphint, Ilotiert A. Orsnnlss, Charles 51. Pratt, v i 0.(1 Ilevrn, Jr . Jimrs Tlmpson. J Charles It Henderson, F.bn n. Thom.s. i Jsmei J. Hill. fleorr W. Young. m I I Manhattan Trv'st :; Company. WALL STREET, Corner NASSAU, 1' NEW YORK. itj Capital & Surplus, - $1,500,000 oFFicrns. V JUEH I. WATEEBDBY, PreiluenU $ iMHoN8TfpaETroH.fv'-r'laeB''- I On&BLES E. SMITH, Becrstsry asd Treasnrtft 4 W,HCinDUAHE, H. THAYEB EOBB, ' Atit. 8icretirj. A,,t- Trsitt-sr HENRY CLEWS & CO., BANSEllH, 11, 13, IS, nnd 17 Ilrorul St. ' Members N. Y. Slock Exchange. Orders executed for Investment or ou nisryla. ln tcli-.t allowed on iViolt. .iiblect u rbers at sight. ' Act as Financial Agent for Corporation and Inrestorl l!i2 Fill II AV.. cor. StitU flt. tm BROADWAY, Silk Kich'gsBldg. Branch Offices- 21.0 1I1UIADWAV, cor. Itcada Ht, M7 HUDSON St., Morrantlle Ex'gs. Id COUUTMt.,Hrooklin. Gltn'AT NOItTIIKRN RAILWAY CO. "" !li-Stt lino Street. New York, Iav J I at, 1H. To the holdnrs of the COLI.ATKIt AL TRUST FOUU PKR CENT IIONDri of the OltEAT NORTUERN UAlIo WAV COMPANY. In conformity with the conditions of ri aa n quired by the Deeil of Trust, riciued by this Com. panr Bepti-inlier llrst A. D, li2, notlcn Is hereby given to the holders of Bond, set'iired then liy thai sll such bonds will be redeemed at pir and arerueil lutrrcat at this ofllce on the First day of Nvt.'nitwr, IttDii, and that Interest will ceas to accrue thereon from tbat date. By ordor uf the Board rf Dlru'lnr. JA8. J HIM, President, Oreat Northern Kailway Comyaasy I)r efAtr Adrrf('xKt unitr (Mt UiiJ Kt WMXPam . J ep