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The sun. [volume] (New York [N.Y.]) 1833-1916, January 31, 1910, Image 10

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10 o THE SUN MONDAY JANUARY si 1910J
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37 27rItxt 27rItxtANKES rta 1IaBAN Mroct MroctBANKERS
BAN BANKERS BANKERSSECURITIES ANKESI RS RSj RSllfF1SIMINT
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I llfF1SIMINT llfF1SIMINTSECUlUTIZS EM YES TM F1f 7 7SECURITIES
SECURITIES SECURITIESNew
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u 1 New YM Stock 1OkWe be beWe lEXWe
We Are Offering Otteringx OflulaJy
Jy y 6 6WeD
x Well Secured Notes NotesThey NotesTAeucanbuddatanlltime NotesI
I They TAeucanbuddatanlltime can be sold at any time They TheyasT
asT haT a wide and active maiket and are arerejxy ceby
rejxy 1 sccepted by h Banks si collateral collateralTax collateralIou collatealTix
Iou
Tax 18 Free la Pennsylvania PenasylvanlajOi
t
jOi 1 Writs for official statement stitemectfuU giving givingfull elvlnefUll
full details ot otPlympton Issue IssuePlyinpton IssuePl
Plyinpton PlyinptonGardiner Pl PlymptonGardiner pton ptonGardIner
Gardiner Co Cot CoMW4a
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Jivestment iiyeStm ent Securities SecuritiesMembers
fl Members Mtm rs of the theKIWI theIEI theV
V KIWI IEI till PHILADELPHIA MD BOSTON BOSTONiJIKI BOSTONJTICI BOSTONi
A i iJIKI 1jie EXCHAWESA EXCHAWESBANKERS EXCHAWES EICII1HElI EICHAt E3 E3l E3IZE
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I ImE IZE BRIT BROTIIFMS BROTIIFMSBANKERS ERS ERSBANKERS
BANKERS BANKERSFeVeifB BANKERSI
4 FeVeifB exchange bought boughtold and II1dtold andacid
old at rdint ru1ia market rates ratesIttue raleatue ratcibiuc
I
Ittue Letters of Credit Creditt Creditavailable
t available throughout throughoutthe
the World WorldEROADWAY WorldRO WorldIROADWAY
EROADWAY RO DWAV AND CEDAR ST STNEW STNFW STNEV
NEW YORK YORKWANTED YORKI YORKWANTED YORKWANTED
I
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WANTED WANTED1o I Ijo
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SOO Albany Southern Corn t rd rd1BO Ptdseo
1BO Amer Brake Sboe Com Com13B
13B 12 Amer Jfter Coal Product Productoo
100 oo Amer lAer Dlst Teleu of N J JIOO
100 Brooklrn Brkl Union L Com Com1OO Coinion
ion flux X L Lake k Erie Tract Cora CoraCO Comao Cornso
CO Consolidated Car Heating BuUneao
ao 0 Del Lack West Coal Coal10O
100 Hartford Carpet Cora CoraJOO ComaOO Cornzoo
zoo Lawyers Title Ins tn 01 Trust Tr1utI Trust1eo
100 I 00 Loiter Le lar Motor Motoraoornagara otor otor100NIeera
100 100NIeera Klasara Falls Forcer ForcerO
ao O Norwich A 01 Worcester Pfd Pfd10O
toO PaclBc Gas 4 Elec Com Com1OO
1OO 10 Royal flaking Powder Ffd PM1oo
100 0 Safety Satet Car lUg lit II T Lii Lii2D tlt < K
90 81sser Manufacturing Mannfacturlns10O
10O Standard Coupler Com Com10O Comleo
leo StLonls St Leah Rockr Roekllt Sit A Par Ptd Ffd1OO Ptdzoo
zoo Underwood Typewriter Com ComSO Comao CornIo
SO Wells Fargo nicbts nicbtsWe CIbtWe Rlghtsw
We w haw rood markets la i unlined and Inactive InactivetteurlUes Inaellertuca inacllepuftt4ea
tteurlUes rtuca and nd respeclfullx Invite Inquiries InquiriesJKRiceJrCo InQulrleJK InquiriesJJfRIceJr
JKRiceJrCo JKRiceJrCo7tiones74 JJfRIceJr JK Rice Jr CO COJlIoan Cobone74IO
7tiones74 Teeo 0 to 74M Hanover 31 1 Wall all St X Y VNew YNew YNew
New York State StateTax
Tax Exempt 4s 4sand 43and 4sand
and other Tax Exempt Bonds BondsPrice BondsPrIce BondsPrice
Price on Application ApplicationN ApplicationIWHARRISCO
N IWHARRISCO IWHARRISCOPin W HARRIS GO GOBANKERS COBANKERS
BANKERS BANKERSPin
Pin Straat Corner William WilliamNEW WilliamNEW WilliamNEW
NEW YORK YORKWANTED YORKWANTED YONIWA1TED
WANTED WANTEDgao WA1TED3OGAmriran
gao 11 3OGAmriran American 1IC0f1e Coal qal Product7s Product
7 7s Line ilhovel Jt Tool PfdLtOfllaarc Pfd PfdLOO
i LOO LOOIore IXIavmre lArk A fle net t Coal Coaloo
r 700 IO Ijackananna steel MteelSO steelgo Ie Ier1
r1 SO Nlaitara Fire Iniurance lnuraftceA
100 00 Snen fien Chiclet ChicletFREDERIC CIIICletFREDERIC
A
FREDERIC H HATCH CO CODealers COOe COheatu
Dealers Oe cilD ID Upnued Utn d and Inncilte Securities ol olBalltoada 01lIa1ltOtl otRailzoals
Balltoada and lid Other Corporations CorporationsJoins CorlOrallons1lt1he Coriort toqs toqsin
Joins in lbs United Stale Sta und 11 nd < 1 rliewnere IIeThreaOBt tisewbereao
20 aOBt BROAD < OAD STREET NEW YORK YORKf ORKcTtmrVI8
f Tel 0140 to SIM Broad W sdn Inclusive InclusiveBrajirhOmc lnrlusttearaebOeca I
BrajirhOmc cTtmrVI8 CO CONOICESS CONGltE4S ST f1 IIOSTON HOaTONTelpboneI r STON STONTe1aphouel
E Telepnone 23402S41M12 40 ZS4lI I Fort Hill
K r PqTate > irsto telephones between New ew York and lid Boston DottonFIRST Boatonr BoatonFIRST BostonFIRST
FIRST MORTGAGE BONDS BONDSto
t i to yield 4 to 5 5We 5e 5We
i We e will 11I on a request requ I end our list of hb f rra grso grsobod riio riiofeoiids e
< feoiids 411 tb Chat t WO a have lor sale salef salf1I1S saleTIftu
f This list consists of 0 bonds of fi Gsa Eltcirlc n Rail Railr Railt ll llvioTaad
t vioTaad 1I1S and Steam Railroad 1 yC Companies nlts that he ltAer
d 4 beau b a r la operation tn tO1 or many ears searsEFFINIHAM v earsI
I r EFFINIHAM LAWRENCE CO COt COVembe COWemberi
flANKFR flANKFRr nA n nYire
Vembe Yire Yireri r New e York Slock s lcli Ezriane Ezrianein nse nseBnOADWAV e eCarpenter
111 BROADWAY ri o NEW 1OHK 1OHKCarpenter UItKCarpenter J1
Carpenter Baggot BaggotGO
17SI IwI WIIJlam St 8 t tMainbers GO
UHOlhD LOm J JUalDbenew 0
UalDbenew Mainbers New Yor Yor4 SlOfk COI Coitn ColIee and andL4
eh ee tllOcka aDd Ba boteb
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TBE FINANCIAL SITUATION SITUATIONConditions SITUATIONCondltJona SITUATIONConditlona
Conditions that have been long matur maturing maturIng niaturirg ¬
ing but which hich only In the present month monthchanged monthchanged monthchanged
changed from om merely potential Into active actlvaforces activolorces activeforces
forces were again last week rigorously rigorouslydisplayed vigorouslydisplayed rigorouslydisplayed
displayed in the stock market During the theweek thoweek theweek
week tho floods In Paris perhaps influ influenced inOumced Influeuced ¬
enced eecurity pricoa to some extent and andyet andyet andyet
yet it Is doubtful whether if the market marketd markethad markethad
had d not been in a discouraged mood for forother forother forother
other reasons the event would have been beenconsidered beenconlldered beenconsidered
considered a factor of any moment Of Ofcourse otcoune Ofcourse
course tho only way ay in which hloh the affair affaircan aftaircan affaircan
can affect values here he adversely 10 that thatLho thatthe thatthe
the expenditure of money In France Franceo
to o repair tho damage done there may maystrengthen maystrengthen maystrengthen
strengthen money ratea in France and andBO
BO possibly induce gold shipments from fromthis rromthIs fromthis
this side Experience proves that Ithe IthefinancIAl Ithofinancial the thefinancial
financial losses of such disaster dl astera are arealways arenlways arealways
always greatly exaggerated at the time timeof
of the trouble and although the blow has hasbeen hasboon baaboon
boon heavy it seems improper to put it in inthe inthe inthe
the samo class with the San Francisco Franciscoearthquake FrancLsooearthquake Franciacoearthquake
earthquake Early in the week the direc directors dlreotors directora ¬
tors of the Stool Corporation Corp ratlon settled the thequestion thequestion thequestion
question that had long been a cause of ofagitation ofagltatlon ofagitation
agitation in the financial district of the thedividend thedlvldond thelividorzd
dividend rate on the corporations com common common cornmon ¬
mon stock for thequarter the quartqr r The action actiontaken actiontaken actiontaken
taken by the directors in declaring an anextra anextra anextra
extra dividend of throoquarters of 1 per percent percent percent
cent on the stock making up to the theehare theehareh share shareholders shareholders ¬
holders h lders a full 4 per cent distribution for ror1m for1g09
1809 was universally approved but here hereagain he heagain hereagain
again the despondent attitude of Wall WallStreet WallStroot WallStreet
Street was such that the general comment commentmade commentmade coxnmentmade
made in speculative circles was to the thoeffect theeffect theofToct
effect that the extra distribution had al already oJready ulready ¬
ready been discounted dl in tho price of the theSteel theStool theStool
Stool shares The dally reports of the thevoting thevoting thevoting
voting at the English elections were little littleheeded lItUehooded littleheeded
heeded inasmuch as the English security securitymarket aocurltymarket securitymarket
market appeared to be itself indifferent indifferentas
as to what was going on Right Rlghtatpresent Rlghtatpresentthe at present presentthe
the indications arc that the th life of tho new newSllnistry newlInlstry newMinistry
Ministry now about to assume power in inGreat InGreat inGreat
Great Britain depending as it does upon uponthe uponthe uponthe
the coalition co ltlon of discordant political ele elements elemente olemeats ¬
meats Is apt to be rather short There Thereare
are indeed fears that it may be found foundimpossible foundhnposalble foundimposaible
impossible to frame a new Ministry at all allAnother allAnother allAnother
Another general g neral election Is therefore thereforelooked thereforelooked thereforelooked
looked upon as likely at a reasonably reasonablynear
near date and whether this is or is not notgood a agood agood
good thing from a financial point of view viewis
is a matter upon which opinion appears appearsto
to differ At any rate It has thus far cut cutsmall cutema11 cutsmall
small figuro in the American stock market marketTho marketThe marketThe
The real feature of th the American stock stockmarket stockmarket stockmarket
market last week or at least throughout throughoutthe
the greater oter part of last week eek was what whatseemed whatseemed hat hatseemed
seemed to be its inherent weakness The Themarket Themarket Themarket
market was plainly not receiving the thesupport theIUpport thesupport
support of the larger financial interests interestsexcept Interestsexcept Intoreataexcept
except in a temporary and desultory desultorymanner desultorymanner desultorymanner
manner On very weak days a certain certainamount certainamount certainamount
amount of buying of stocks was noticed noticedbut
but the stocks thus bought were we generally generallyfor genen ly lylor
for Bale as soon on 4 the market rallied ralliedSpeculators ralliedSpeculatoJB ralliedSpeculators
Speculators for the th decline were appar apparently apparently appalently ¬
ently allowed to have full sway over overaffairs overaffalrs overaffairs
affairs and consequent bear attacks attackswith attacksltb attackswith
with ltb quickly following retreats were the theorder theorder theorder
order of the day Toward the end of o the theweek theeek theweek
week eek the excitement quieted down and the themarket themuket themarket
market exhibited a somewhat stronger strongerundertone strongerundertone trongerundertone
undertone Essential market conditions conditionsremained condltlonamalned conditionsremained
remained however unchanged If there therewas thereW8S therewas
was any anyone one stock whose fluctuations ex excited excited axcited ¬
cited particular attention it was Union UnionPacific UnionPaclfio UnionPacific
Pacific common This Is the stock that has haslone baalone haslong
lone been n the leading leans in the railroad railroadlist
list and Its persistent heaviness did as asmuch asmuch asmuch
much to unsettle the entire entl market from froma
a strictly speculative point of view as asany asany asany
any other one thing It is now evident evidentthat evidentthat evidentthat
that large liquidation of Union Pacific Pacificcommon paclnocommon Paciflocommon
common for socalled inside Interests Interestswent Interestswent Intereatawent
went on steadily for several months last lastyear lastyear lastyear
year after the price of the stock was wasnuhed wasrushed WILlIru
rushed ru 1ed up to 218 a share in August on onrumors onromon onrumors
rumors of a segregation of the com companys companys cornpanys ¬
panys assets As there la every indication indicationthat Indicationthat
that this rumor rom rurnbr r was set afloat for ulterior ulteriorpurposes ulteriorpurpoees ulteriorpurposes
purposes and had its origin in circum circumstances circumltanceS circumstances ¬
stances connectM with the Illness and andapproaching andapproac andapproac11ng
approaching approac lng death of Mr Harriman It Is Iswell Iswell iswell
well to place a quietus upon the matter matteronce matteronce matteronce
once and for all There Is not now never neverhas neverbAs neverhas
has been and never can be any such euchsegregation suchtegregatlon uchleltrepatlon
segregation of the Union Pacific oeeets oeeetson
on Is commonly referred to In Wall Street Streetgossip Streoetgoslp Streetgossip
gossip The Union Pacific has no assets asbetethat assetsthat assetsthat
that were not bought for tim company companyout
out of the proceeds of bond sales Theee Theeebonds Theeebonda Thesebonds
bonds are btill In existence and to divide divideamong dlvidamong divideamong
among the stockholders the securities securitiesbought fiecurltlesbought securitiesbought
bought with the bonds leaving the bonds bondsstill bondsstili bondsstilt
still outstanding would mean that the thecompany thecor1p3uy thecorip3uy
company had bonded itself It ell for the purpose purpoteof
of obtaining money with which to pay payextra payextra payextra
extra dividends The only way it can candistribute candlatribute candlatrtbute
distribute or segregate the assets in inquestion Inquection Inquestion
question is to liquidate by their bale the thebonds thebond8 thebonds
bonds that were we issued to buy them and andit
it Is very doubtful If the court of o the thecountry thecountry thecountry
country would allow the company to take takeany takeany takeany
any other course than this even if the themanagement themanagement themanagement
management really desired to do so Irre Irrespective Irrepectve Irrespective ¬
spective of what the courts will allow allowand allowand allowand
and the management might desire the thenecenvary theneCCfllary thenecessary
necessary estimation ef > remains unchanged unchangedof
or the effect upon the credit of the oom oompany oqmpany cqrnpany I
pany of such a transaction as Wall Streets Streetsimagination StreetsImagination Str ets etsImagination
imagination has made out outNo outNo outdoubt
No doubt hesitancy in the stock market markethas markethas i ihas
has been becnand and must continue to be caused causedby causedby causedby
by financial anxiety over the character of ofthe 01the ofthe
the decision of the Supreme Court in the theAmerican theAmerl theAmerican
American Amerl < m Tobacco cab Ca that will bo bohanded behanded hohanded
handed down probably some time In the thecourte theI thecourse
course of the next two or three months monthsTlwre monthsThre monthsThere
I There are ar perhaps few people In tho thofinancial thOfinancial theioancial
financial community who entertain hopes hopesthat hopesthat hopesthat
that the Supreme Court will ever In the theTobacco theTobacco theTobacco
Tobacco caw ca or Standard Oil case or any anyother anyothr anyother
other cam that may b 00 submitted to It Ithold Ithold ithold
hold that whero a combination of corpora corporations corporaI ¬
I tions has E set t out to control and has con controlled conI controtted ¬
I trolled prices of products or commodities commoditiesI
such a combination Is legal Indeed the thefact theI thefact
I
I fact ractIR in as all sensible people must realize realizethat realizethat I II
I that a combination of this sort never has hasbeen halbel hasbeen
been bel legal in any civilized country and andparticularly andparticularly andparticularly
particularly not under the common law of ofEngland 01t1 ofEngland
England t1 ll1nd and the United States Whether Whetherthe
the two great industrial corporations corporationsnow
now defendants d < before the th bar of the theSupremo theI theSupreme
Supreme Court do or do do not come < < within withinthe withinthe withinthe
I the Inhibition of the antitrust law in inthis Inthis inthis
this n regard > strd i Is ft 1 matter of evidence that thatdoe thatI thatdoes
doe not call for discussion here But utwhat what whatis
I is hopwi hop and believed by the best lawyers lawyersand
and the be best t financiers of the country is isthat isthat
that the th Supreme Court will put In plain plainand plainand plainand
I and unmistakable word what It has here heretofore hereI heretofore ¬
tofore etated in past dociMona rlecl lonll hut In a amore 11more amore
I more or less vague aud Indefinite way ay that thatwhere thatwhere thatwhere
where the result of a combination of cor corporations curI ¬
I porations Is not a control of price tho thomere themere
1 1 mere fact of acombination dos d a not no make makeillegal maketho makeI
I illegal tho new cor corporation > oration thus formed formedSuch rormodSuch forruodStick
Such a declaration would point n way out outfor outror outfor
for tho socajled c8Jed Rood corporations of ofthe ofthe ofthe
the country lint Is to say ninetynine ninetynineI
I out of orfl hundred of the now in ex existonce e eI oxistonce
istonce to tf do tb business without fear of ofGovernment orGovernmnt ofGovernmttt
I Government harassment dud if such suehdadeiun a adecision adecision
decision shwill bo hnndod down it would wouldbo
bo tho most important 10331 event ecnto ecntoYC3r of ofyears ofyears
years from a financial I point of view viewIt
It fmut inll tnii uo B tuld however that it seems seemsto etmsto
to aber br rnltidd fclks that a great deal dealtoo dealtOI dealtoo
too inutih baa 119 loitn h mad In Wall Street StreetIn
In the last rminth mJn h of all alllhitl this Waahington Washingtonscare
scare Whatever sound reason there is IsfOId1MaUltaoUtI1 IstStcset
fOId1MaUltaoUtI1 tStcset Mat1Jt Mat1JtJH
JH < III tL
and operation of the antitrust 1 ttruat law the thePresident thePreelde thePthnt
President t of th the United State baa said saidnothing aidoothing saidnothing
nothing or done nothing on the subject subjectrecently lubjeiJtlfCent1y subjectrecently
recently of novel or startling character characterHe
He has announced no policy other than thanthat thanthat thanthat
that which be has steadfastly adhered adheredto
to ever since he took the Presidential Presidentialchair Presidentialchair Presidentialchair
chair and whlcn was clearly outlined In Inthe IntheRepubllcan intheRepublican
the Republican national platform On the thecontrary theoontrary hooontrnry
contrary the construction placed upon uponthe upontho uponthe
the antitrust law by the th present Ad Administration Adminlatrntlon Administration ¬
ministration is far more liberal consistent consistentand
and conservative than that adhered to tcby toby toby
by the preceding Administration if in indeed ind Indeed ¬
deed d Mr Roosevelts Roo eveltl views on the tb subject subjectcould subj subjctcould t tcould
could ever be said to adhere adhe to anything anythingThe
The real powerful POTorfulllnd and truthful cause cau e of ofthe ofthe ofthe
the decline in the stock market that has hasgone baalone hasgone
gone on so rapidly since tho first of toe toeyear tileyoor theyear
year is first the enormous amount of ofliquidation ofliquidation ofliquidation
liquidation dextroualy and quietly con conducted oonduoted conduoted ¬
duoted by large holders of stocks In tho thoclosing theolosing thoclosing
closing montas of 1009 consequent upon uponthe uponthe uponthe
the discovery that the security market markethad markethld markethad
had gone stale and secondly the pro profound profound profound ¬
found apprehension of thoughtful people peopleregarding peopleregarding peopleregarding
regarding the resultI of financial and andeconomic andeconomlo andeconomic
economic nature that may follow from fromthe fromthe fromthe
the present high cost of living in the theUnited theUnited theUnited
United States More MoreandmooBtbedaya MoreandmooBtbedayao Moroand and more OB the days daysCo
Co o on the gravity of the situation in this thisrespect thlare8ptCt thisrespect
respect has impressed d itself upon serious neriousattention llerlousattention seriousattentionand
attention attentionand and this has gone so far as to topresent topre topresent
present pre ent the issue squarely whether in inthe Inthe inthe
the face of existing conditions not to tospeak tolpeak tospeak
speak of those that are threatened the theeastern theeastern theeastern
eastern part of the United State at least leastcan 10000tcan leisatcan
can be sad to be in a state of prosperity prosperityas
as compared with that of former years yearsSome ye yearsSome rs rsSome
Some signs of reaction from this high cost costare OOlltare costare
are already apparent The price of cotton cottonhas cottonhas cottonhas
has declined to a more reasonable level leveland leveland leveland
and there has been a subsidence of ofspeculative oflpeculatlve ofspeculative
speculative operations for the rise rlll In many manycommodities tnIlnycommodltleo manycommoditien
commodities whose consumption is es essential foIIent1a1 essentlal ¬
sential to human life On the other hand handthose handthose I Ithoao
those cent informed seem m to think that thattaking thattaldog thattaking
taking the range of foodstuffs altogether altogetherno
no very notaole decline in their price is islikely Islikely islikely
likely to be permanent for a long time timeyet timeyet timeyet
yet in the future Pork product it la lasaid IIIald I Isaid
said may fall in value when the die disastrous dllaltroua dieastroue ¬
astrous effects of the recent hog cholera cholerahave oholernhavo cholerahave
have passed away hut the consensus consensusIs
Is among the best judges that the prtoe prtoeof
of meat is likely to hold about where It Itis ItIs itis
is largely because tho free Government Governmentranges Governmentrangee Oovornlnentranges
ranges of cattle land no longer exist and andcattle aJldcatlle andcattle
cattle now have to be raised at greater greaterprivate greaterprvntp greaterprivate
private expenfto exp Dfie than formerly formerlyThe tormerlThe
The questions raised hero have obvi obviously obvloUlly obviously ¬
ously become something moro mo than in interesting interesting interesting ¬
teresting They have become crucial crucialIf
If it is true that the high prioM of bread breadand breadand I Iand
and meat and milk of butter and eggs eggsand eggsand eggsand
and most of the other necessaries nece sarlee of life lifein lifeIn lifein
in the Eastern part of the country and andespecially andespecially andespecially
especially in the great manufacturing manufacturingcentres
centres have whether as the result of ofcurrency ofcurrency ofcurrency
currency Inflation the growth of popu population population populatlon ¬
lation the th establishment of a too high highstandard blghstandard highstandard
standard of living an extravagant ex expenditure expenditure expenditure ¬
penditure on the part of people In Ingeneral Ingeneral ingeneral
general or of o one or all of the numerous numeroussxuses numerousc1USOll numerouscauses
causes so generally referred to as factors factorsin
in bringing about the present state of ofaffairs oraftalrsIt ofaffairsif
affairs aftalrsIt if it is true that however brought broughtabout broughtabout broughtabout
about present prices of the necessaries necessariesof neoes arles arlesof
of life are to be considered as permanent permanentthe
the country is face to face with a severity severityof
of industrial and economic conditions conditionswith
with Ith which It baa never before bero been con confronted confronted confronted ¬
fronted The great and distinctive quality qualityof
of American life has h ever been b n that food foodwas foodwas I Ias
was as relatively cheap in our country and andthat andthat andthat
that the struggle for existence here was wasless wasIeee 811 811lellS
less arduous than In the more thickly thicklypopulated thicklypopulated thicklypopulated
populated nations of the th Old World WorldWhat WorldWhat WorldWhat
What will iII it mean to us if this t 1s flattering flatteringcomparison ftatterlnccomparlllOn atterlngcomparison
comparison can no longer be made madeThroughout madeThroughout madeThroughout
Throughout all our history thus far the thecountrys thecountry thecountrys
countrys I favorable foreign trade bal balnco balaI10G balfloe
floe has always been obtained by our ourales ouraalea oursales
ales abroad of agricultural staples staplesBut
But what will be the case if our ship shipments shIpments shipmenta ¬
ments of agricultural products are prac practically practically practically ¬
tically speaking to ceaae Cease they theycertainly theycertainly theycertainly
certainly will if they go on dwindling in inihe Inthe inthe
the two or three years to come as they theyiave theyhave theyhave
have iave dwindled in the eighteen months In Inho inthe
the ho Immediate past The Secretary of ofhe ofthe ofthe I
the he Department of Agriculture and andmany andmany ani animany
many other competent authorities say saythat eaythat saythat
that what Is needed above all else is isa Isa isa
a movement of people from the great greatcities greatcltllS greatcities
cities back to the farms But even sup supposing supposing supposing ¬
posing that such a remedy can and will wille willbe willbe
be > e applied how long a time must elapse elapsejefore elapaebefore elapsebefore
before benefit will be derived from It ItIt ItIt ItIt
It It la I said that the retailers of the country countryare
are securing an extortionate profit on onthe ontbe onthe
the goods sold by them But aa a long as asthe 811the asthe
the means of distribution are in the hands handsof I
of the retailers how can they be prevented preventedrora
from rora securing this profit except as people peopleiuy peoplebuy peoplebuy
buy iuy the necetsarles nectu arleol of life on a reduced reducedscale reducedcale reducedscab
scale or except as the Government In Inervenpn Intorven intervenes
ervenpn by an enforced distribution that thatwould thatwould thatwould
would deserve the name of socialism socialismDoubtlesa eoclall8mDoubtll58 socialismDoubtleea
Doubtlesa as time goes on all these ques queulons questions questiona
lons will be solved It Is clear neverthe nevertheesathat nevertheIe neverthelesathat
esathat Ie thot It itlatheirasking is their asking that Is the root rootof rootor rootof
of the present disturbance in the stock stockmarket Itockmarket stockmarket
market marketFINANCIAL marketFl marketFThAXCIAL
FINANCIAL FINANCIALBAIUIOAD Fl A C1AL ANn AN COUurnCI4L COUurnCI4LaAJLIIOlD
BAIUIOAD AND OT1IU BOND BONDlllf 501051IIt
lllf Lou Clot Clf Nrt 1910 1910alit IDIOtlllll llOSaI
SaI alit s 1 it ttt tOO OtotntartLov ClIIIHlohlAu2A
2 2A Adams AdamaEHs Ex < IS t1 r fc t < 124 t M M II vf II 51t4 51t4Is
18 AtbiSusS s Mi H I IT I liDO 100i 1004 < Vt 91a
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Continued on 0 Eleventh Page PageComparative PageII PageI
II I Iof
I Comparative Val Valui Valuiof i iIsdustrial
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tnent mm nicalvaluesof valuesot aues 01 their preferred stocks stocksFree stocksFree lockLFree
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INVESTMENT SECURITIES SECURITIESNew SECURITINew
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Investments ImresfmentsFor InV8Slm nls nlsFor
For substantial 8ubst tia1 investment there is no form ann which whichmeets whichmeets I
meets with greater popular favor than the better class of ofrailroad ofrailroad
railroad r and industrial corporation bonds bondsThe bondsThe s sThe
The advantages combined in such issues include includeSecurity includeSecurity includeS includeSecurity
S
Security of Principal and Interest InterestA
A fair rate of Income IncomeEasy IncomeEasy IncomeJ
Easy conversion into Cash ash and andAn andAn andAn
An opportunity to appreciate in In Value ValueWe
We shall be glad gladto to furnish copy cop of our Pamphlet No 168 1685 1685containing S Scontaining Scontaining
containing a aUst list of all n the active railroad raliroadand and industrial corporation corporationbonds
bonds listed upon the New York Stock Exchange Exch nge giving their net netreturn netreturn netreturn
return at present prices their range in price since 106 l Ol5 with withother withother withother
other details detailsPotter delallsPotter detailsPotter
Potter Ohoate Prentico PrenticeMembers
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BANKERS BANKERSTel
Tel 8300 Uroad Clew o York rork aa 1 Wall Street
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Interest January 1 and July 1 1Price 1Price 1Price
Price 86 and interest interestTo To yield 4J 4JDetail 4 4I 4IDetails i iDetaUs
Detail on Application ApplicationWm ApplicationWm ApplicationWm
Wm A Read CoBANKERS CoS Co CoBANKERS
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25 Nassau Street New York YorkBOSTON YorkBOSTON YorkBOSTON
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40 Wall Street Land TitU Bide BideNew BideNew BldgNew
New York Jbi1addpi 1ii1sdelpdaInvestment a aInvestment
Investment Securities SecuritiesW
Wo W have prepared for distribution a boakUt entitled entitledGuaranteed entitldGnaranteed antitluidGuaranteed
Guaranteed stocks and d the Advantage AclvantaaeolTheir dyantalJe dyantalJeTheir of ofThefi
Their Purchase as isTaxExeniptlnyestmenfs isTaxExeniptlnyestmenfswhich s Tax Taxwhich DX x mplnyeslmenls mplnyeslmenlswhich
which fully full explains these Stock and shows the tb increase in Net Income ob obtainable obtaibl ohtainabl ¬
tainable by their purchase The Th Booklet cites cit and summarizes summarue the Tax Taxc
Laws eS c New York New N w Jersey Connecticut Jttede Island
I MassachHselts Maine Pennsylvania Ohio and MtcMgarprepared MtcMgar IUclllrprepared Miekigarprepared
prepared by our Attorneys A list of Stocks and Table showing Income Re
turn are also included The Th Booklet U of etpecial interest to all IHTCS
ton and Institution in the above States StatelloTelephoa States1r
1940 1r Telephoa Rector 3 J Joseph OS < > cpb t b Walk r s Sons Sonsan 20 New Broad York St
Member New Nework York Stick lock Exchange Exehancephla an
Prtnte PrirateWir Wire Ire to rhlUdelph rhlUdelphMember PlllhdelphlAI PhiladelphiaHydroEIectric phla phlaHydroElectric
I HydroElectric Securities SecuritiesYielding
Yielding from 530 to 650 650With 650With 650With
With records ranging up to seven years yearsWe yearsWe yearsWe
We have prepared a special list of a few selected selectedHydroElectric selectedHydroElectric selected1lydroElectric
HydroElectric Companies the First Mortgage bonds of ofwhich ofwhich ofwhich
which we offer at a price to yield from 530 to 650 650Price 650Price 650Price
Price and full ull particulars upon application applicationWilliam applicationWilliam applicaflonWilliam
William P Bonbright Co CoBtnken CoBankeR CoBankers
BankeR Members New York Stock Exchange ExchangeCoUSlSartaf ExchangeColDrAdo ExchangeColorsdorIngS
CoUSlSartaf ColDrAdo ColorsdorIngS ColorAdo S rIDCS 24 4 Broad St New York YorkThompson YorkThompson London
Inealld InealldTboD1pson
Thompson To Towle Ie Co CoMembers Coembem CoMembers
Members of Now York Boston Chicago Stock Exchanges
25 Broad SI Springfield So Congress COD ess St StNew SINew StNew
New York Mass Boston BostonWe
i
We are issuing a special circular on Utah Copper r covering a detailed descrip description ¬
tion of the also of the Boston
property Consolidated d and Nevada Consoli Consolidated Consolidated Consolldated ¬
dated showing what the Utah Co do
can c n under combined operations
at various variousprices variousprIces variousprices
prices for Copper We should be pleased to mall this circular upon application
FOR SALE SALEMB SALEM9 I
MB 111 KT K T Si Louis Div Div1st Div1st
1st Mty 4s 4 2001 2001Gilman 2001Gilman 2001Gilman
Gilman Clucas ClucasX4Flae
X4Flae Street N Y cay atyBinaiwe cayiI1aJIcc citynean
nean Binaiwe BinaiweINVESTMENTS iI1aJIccta
ta I a8ccurftk a8ccurftkMENTS
INVESTMENTS INVESTMENTSNASSAU INV TIIENIS TIIENISi MENTS4asswNct1t
i 5N 4asswNct1t 4asswNct1tlunhI sa saPOUGH
lunhI l INA5I1At1ST INA5I1At1STUemben NASSAU ST STIf
POUCH WlUIJjfl U a iJ GO GOInvestors I If emben Stock Eicbaaes EseballeeInvetor EzcbsageInvstor New York
Investors List of Maturing MaturingBofid Maturlnc80ftdsFourth MathrthgovidsFourth
Bofid 80ftdsFourth FourthEdtIon191O FourthEdtIon191Osent Edltlon191 Edltlon1910IgiGi 0 0IS1Stent
IS1Stent IgiGi sent upon request requestle52
1852 1910 1910Jas 1910Ias 1910Jas
Jas B Colgate Co
36 Wall St New York YorkMembers YorkMembers YerkMembre I
Members lavestraent lavestraentN
N Y Sleek Ex Bands BandsKINGS BeRdI SendsKINGS
I KINGS KINGSCOUNTY KINGSCOUNTYELEC COUNTY COUNTYLIGHT
ELEC LIGHT a POWER RIGHT MEG UTS
DEALT IY IYlm lXWILLIAMSON V VWILLIAMSON
WILLIAMSON a SQUIRE
lm lm1i7Ii
1i7Ii iI ItwT Ii 1
I
KINGS COUNTY ELECTRIC ELECTRIC1IGHT ELECTRICtiGHT ELECT1 I
tiGHT Ie POWER CO COSUBSCniPTtON COSUDSC COSUBSCRIPTION
SUBSCRIPTION SUDSC lPTJON WARRANTS W
6 Gonvartlbla Dtimluraa DtimluraaWHEN Delllur1fJIEN
WHEN ISSUED ISSUEDSUTRO 1S31jEjSUTRO
SUTRO ROS 6c co coPine
I HANKERS OANKERSH
I H Pine Street New York Yorkmhe
Members mhe New York Stock Excitants ExcitantsAmer EZelllaeAmer ExekuigAmer
Amer fist Tel ol N J JAmer JAmer 7 7Amer
Amer Brake Shoe Secarlllcs
American Brass Brasslateraat Braselatenst BrassZalernet
lateraat MckeE Securities SecarltlesDaPeat Sec8rUlesDPeal SecuritiesDuPont
DaPeat Powder Sccarllles
Oregon Short Llae se 4s 4 IflM IflMHaanlbal baD8nlb 129Haaulbal
Haanlbal a St Joe 6s 6 1911 1911Dealt 1811D 1911Dealt
Dealt D 41tl la
8 H P P PELL > CO COew
Members Sew ew York Stock StockTe Exchange
Dealer In Unlled and n Inaell Inactive < SeeunU rores
Te Tel 7gaaa7 711M57a1I o Hanover 43 Uxehance 1Cban PI N 7 Y VWells YWells YWells
Wells Fargo FargoStocks
Stocks and Rights RightsDealt
Dealt In laJIl InWa InWe
JIl Wa IIA have rood marbla n rkets In unlisted sad ta luetin ettT
U4 enirttle aflrtretpectMUy nd TespecttuUy Invite lannlrls
IJKRi Jif < iKRceJrCo iKRceJrCoY iKRceJrCosJf RIceJr e jrlD jrlDo Co CoPhones o
Phones 70 748910 to 7456 Hanover 880011 > > WaD 8 81 N NY Y
1 1J
J > sJf J v i J uwto i feitoJXilLJfitf P ± I
r
trr I =
QuiteDifferent Quite Different DifferentExample DifferentExample
II Example No 10 10nurlnc 10Durlnc 10fluring
nurlnc lh r tall st n ycrs Y f8e we h Mve v f sol 1 1va tC Ia
a va vast > > l aggregate fensc f nrl of bonds comprlslnz comprlslnzt
steam > t am rJ lailroat and lndui induttrtal g3 lrl iJ l Inum Inumwith Itsoeswith
with cccaflonally Mime unique and andwell andII andwail
well II sclrctea electric df < trle ralwny Iay oblige obltfalcn obllrtll21I obligethaihilt
tll21I lcn Mit at prmrrt prtt < fr1 we ha lIae > e a bond bondillffereDt bon bonddifferent < 1 1IIllercD
different from all alllbe the rest mtRecurring restJtecurrinc restRecurring
Recurring Opportunities OpportunitiesVe
U Ve now no offer to yield elclabnDt boat SSiri SSiriIhe 5trC o othe
the bonds of C a prominent nl and g prosper prosperoils
riPJrl If Ifreal
oils Ott New CW York City corporation The Thereal Thetcal
real route boldlnc bold In ana a Improvement Improvementre
are re worth double Iou all tnr u bonds Earn Earnlues FamInas EarnInca
Inca HIT large on ant are a Incrrailn r rat ratIdly n nWly 1
Idly 1 < 11y 1 lbs bo leslie U I > lstrvl In New ew York Yorkand Voriaact orl orlaDd
and AmHTrtam The bonds are not notn nOIcallAble notcallable
n callAble liable sod tar numerous reasons rramnihojU noIIboulJ reasonsihoul1
hojU alxanc alxancCirulir a1aneCrIIJ a1anC7Cjruljr
Cirulir J S SF CIa RlqJest RlqJestFJLismanCo RqeSFJLismanCo
F FJLismanCo FJLismanCoJcmbers J Lisman Co CoMembers
Members N Y Stock Exchange ExchangeSO
30 Broad Su St Now Ycrk YcrkFbllartelphU Y YeriPhiladelphIa rJ rJPlallftelphla
PhiladelphIa Ualtluiore Hartford HartfordCONVERTIBLE lIarttordCONVERJI iIarfredflrst
CONVERTIBLE CONVERJI LE EONDS EONDSriot
riot n 3000 Oh > cope ofour 01 our r rft ecitly < ny l Irui IruiVALL lttUetWALL tuel tuelWALJ
WALL CARD 01 COXVKIITIBU co nm1BLI DON oou oouave uojtishave us ushare >
hare ave been exhausted e usteJ by b r roquc roqvea iiesu rrurt rrurtDanks rrurDank frutBanks
Dank and Investor A new nwIIII fl1WbiIIl2y kiinpy wfl wflbe H Hbe Iibo
be received antI ilitrltutta wUUa II a law lawdays ie ieday IedV
day daysTbl
dayThin Thin Card list all ICSUCT cue show ahowlac hwln be nrlte nrlteand nrltan Ttrlteand
and an < 1 Umcof Umeo 01 convinlon rule for flzurlac flzurlacprice ntrl OxtirlagprIce r rprice
price at WhICh It Is nrofltable to ranert ranertetc envertetc wert werttc
etc tc Sent tree to Baal th UroUn Uro n and aaiiInvestors andlacslOrs andinveStors
Investors InvestorsSWARTWOUTAFPENZELLAR lacslOrsSW inveStorsSWARTWOUT
SWARTWOUTAFPENZELLAR SWARTWOUTAFPENZELLARXlembrrn SW SWARTWOUT RTWOUT AfP AFPENZELLAR NZELLAR NZELLARIembf
Xlembrrn Iembf Ner C Ycrlt crk Stock 1110 tok = Kicbvitc
44 4 Pino 11 Street New fr V Vori VoriChicago orlo orloChicago rU rURIGHTS
4
Chicago orthw arLhtrn arLhtrnRIGHTS tBrn tBrnRIGHTS
RIGHTS RIGHTSBOUGHT RIGHTSBOLIGHT I IBOUGHT
BOUGHT ANDSOLD ANDSOLDSchmidtt AND SOLD SOLDSchmldi SOLDSchmld2
Schmidtt Gallatin GallatinMEMBERS
MEMBERS OF THE T31 NEW YORK SIOCX EXCHANG2 EXCHANG2I
I III I I BKOADVAY NEW YORK YORKCentral YORKCentral YORKCentral
Central Trust TrustColumbia TrustColumbia frbntColumbia
Columbia Bank BankMortgage ennlrMotsqe sankMortgage
Mortgage Bond BendColumbia BondColumbIa BondColumbia
Columbia Trust TrustNational TruatI TrustNational
National City Bank BankChaso BankChaM BankCbs
Chaso Cbs National Bank BankLiberty BanUberty BankLiberty
I
Liberty National Bank BankChemical eal BattleChemical c cChemical
Chemical National Bank BankU
U S Mortgage Trust TrustCHAS TrustCHAS TrustI
I
I CHAS H CARRUTHEilS l e CO CONational coNUoaal CONational
National City Runic Illdl IJld N T TDuval THenryGlewsGo rHenryClewsOo
HenryGiewsGo HenryGiewsGoUANKKIJS
HANKERS DA HANKERSII KEns
11 13 IS AND A D 17 DHOAD ST STiipvnnns STItFn 1Tirnrits
iipvnnns ItFn nl N r 1 STOCK EXCHANGE EXCHANGESTOCKS EtII EXCIIANGuSTOCKS GJ
STOCKS 5 and fUNDS r r bourhl tnU sold for forIcvevian for1vaators or ornonkiDIf
Icvevian nO or Carried on Uf Liberal 1T Terms TermsUanlcln TermsRanking
Ranking account o < < out received re < < lved subject to tocheck 10fbe StchecS
check fbe at sight Interest paid on dailY balMost balMostI b74nouINaEsTu1Nr J
I VESTMENT HKCVItll 8 CtJnnIJ IKS I Ilaaued r rLJn p pLlEIEIIS
LJn LlEIEIIS lts UW CIUUU CIUUUIltd C1tlUhfissued
issued Available the World Over OverTelephone OverTlepbone OvcrTelephone
Telephone 90S 8D CortUndt CortUndtCarpenter CortlandtCarpenter 1
Carpenter Co CoStock Co9 Co9Stock
Stock Brokers BrokersMembers Brokersembers BrokersMembers
Members of the New York YorkStock Stock Exchanf Exchanfand Exehan Exehanand Xchantand j
and New York Coffee Exchange ExchangeUS Euhal EuhalI1SBrodway EsihangeIlSEroadway
US I1SBrodway Bros d way N Y City CityHerbert Cityiferbert I IU
Herbert t S Carvcnter Charles U Boil
U tAS AS
George A II 1 Churchill 1II PaSta Nelson NelsonSimpson Nelsoniiiai1 rtSouJ rtSouJDuval
iiiai1 Duval Carroll Coo Co1Members CooUembara Co1 Co1Membsrp
Members Ktw York Stock Kxcbta ExcbssI j
166 I 66 Broadway New York YorkBank YorkBank YoxkBank
Bank Trust Co CoStocks CoSlecks COStocks
Stocks StocksBought SlecksBoughfandSold StocksBought
Bought BoughfandSold BoughfandSoldTelephon and Sold SoldTelephone SoldTelephone
Telephone Rector 3US 3USJ 3553I 3553Simpson I ISimpson
I
Simpson Pearce Co CoMembers 00lIemlrers CoMeibers
Members New York Stock Exchange ExchangeTelephones El ExckugeTelephones luge lugeTelephones
Telephones 111 BROADWAY BROADWAY60l234 BROADWAY90J234
60l234 Rector New York YorkAmerican Y YorkAmerican ric ricAmericas
American Ught a Traction TractionAmerican TraetloAmerIcas TracheaAmerican
American Gas a Electric ElectricDenver ElectricDenver lectrlcDenver
Denver Gas G a Electric Co CoEmpire C CEQlplre CoEuspire
Empire District Electric Co CoAn C CAll CoAP
An marketable public atuty ullllt Mcurttiet McurttietWilliams MC1trllleLiI scvrtUsWilliams
Williams iI as McDonnell cConnelp Coleman Coleman6U To ToI
6U 0 Wall St N Y FEOBS M21 John JohnJ
I
J L Newborg t Bro BroMembers DroMembers I Ilembus
Members New York Stock Exchange EXebaD EXebaD2S Exchangeas
25 Bread Str Street t Nsw York YorkStocks YorkStocks YorkStocks
Stocks and Bonds BondsNational BondsNational flondsNational
National Bank of f Cuba CubaEHRICri CubaEIIRICH CubaEHRICII
EHRICri CO COMembers coMaben COMimbers
Members of New York Stock StockMQHANGE Euha EXChUe
J
ft1 EXCHANGE PLACE PLACEIndex PLACrIi p pti
Ii 11
Index of Value ValueTho
The worth of property Is measured measuredby
by the revenue it can produ produceEarnings e eEarning eEarnings
Earnings Indicate Value ValueBonds ValueBonds ValueBonds
Bonds secured by mortgage mortgageon
on revenue producing prop propc property property
c erty with ample margin maratlnconstitute marginconstitute marginconstitute
constitute desirable de irnbte invest investment Investmenta investmeats ¬
meats possessing safety of ofboth ofboth ofboth
both principal and interestBend Interest InterestSend
si siBend
Bend for Io Circular Vl airing a alift ISli
lift li t of bonds secured accuredbll by mortgage mortgageon
on property yielding revenue trill tceUin Ilelli trillin
i in excess uee of internS requirement requirementGuaranty reqviremento requiremeitlOuaranty
Guaranty o Trust Co CoOF CoOF CoOF
OF NEW YORK YO
28 N Nassau su St N Nw w York
514 Fifth Ar A y 33 Lombard St StNew StNewYrk StNew
New NewYrk York London E EENGINEEJUI EC ECENGIIEEEa C CENGINEERS
ENGINEERS ENGINEERSH ENGINEEJUIiM ENGIIEEEaa
H a iM MBYLLESBY M i yQ yQN Co CoINCORPORATED CotNcouroasxD
INCORPORATED INCORPORATEDENGINEERS tNcouroasxDENGINEERS N OBf RATJII RATJIIENGINEERS
ENGINEERS ENGINEERSEXAMINATIONS ENGINEERSEXAMINATIONS ENGINEERSEXAMINATIONS
EXAMINATIONS REPORTS REPORTS21S
21S 21 LA SALLEST SALLE ST CHICAGO CHICAGOHenryGiewsGo CHICAGOALL
ALL
I
I
+ 1 Jiit w 1

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