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