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I 10 THE SUN. MONDAY. OCTOBER 2, 1911. Deposit Accounts Subject to Cheque All funds Iff I with IM on de posit ore gubJtOt toehen'ir at all liOIMi stitl vn ny llbtfnl lu te: st llwnoni in ocontonw with prcvnilinn nmnry rate. COUpOMi interr-M mid divi ' dend collrrttM and prm-rotts remitted without ( harge Ccrrtspvience ind (ntmtlWt '.'erf Plympton, Gardiner&Co AMKBM tTWIIIlim SI. N Y. til St). La Stilt St.. Chlciio S Old Broad St . London, E. C THE FINAMtAti MITtATIOX. l had not hmn for an utter riot of specu lation for the decline inch M Wall Htreet even In its varied and tumultuoua hiatory Whatever may he the course of aertirity priren in the fnl tiro the time hns arrived when it clear ding-nosis can at lenet lie I made of the Cannes that brought ahout I their decline in the Mat. These were I fright on the part of all penpV interested in financial affalra over the efforts of politicians of lioth parties to curry favor with the rahlile by at tacks t hat threatened to he subversive of the established order of business in this conntry coincident with UN play of forces of an essential economic nature making for a fall in value.-' During the first half of the present year there was a substantial con sensus among financial and businessmen that tho indications gave hope of better ( haa rarely before witneaaed. Peaalmlam became ao broadcast and intense in the Stock Exchange commission houaea that appreciation of intrinsic values practi cally vanished there, and the idea pre vailed Just aa It did. notably in August. IStM. when fear aa to the possible election of Mr. Bryan to the Preaidency seized possession of the land, that the country waa bound for certain and total destruc tion. Putting the case in another way, the stock market one week ago waa to a prepoaterous extent oversold, and a great short interest in it seems to lie still outstanding. As to prices themselves, it is only fail lff lM- nt- ,v - isti Sulfa, til. til. inj Oft fffgnLew I li'iclM r,aas inns toot lonH I, tot too s Dtt EdltonSa.tflo inn ino - ' tot i S'4 tin an", n t it 7 Dlt Sec Cor St 71 34 Du Pont 4' m t KT TIM S4 no tsH -ms 7 7ft Ihinna .,,,.1 ,.f I.I.U.. l...l..r tha ,... IT . ,.,; 1 'o y that in the judgment of most con year was over. There was no expectation I . , ' ,. ... , ... ... . , ... servative people they more than dis- or anything resemb hng a boom because . ' ' . n . i j .i . m i -j tounted laat Monday an adverse con it was realized that fu recovery bad not f ": .., i , . , ... ,,, ..I. i ttngencies that are at al likely to happen yet been had from the financial trouble.. .. ,L. ol IB07. and that taken os a whole busi- . . . , " " ? ... . , uitvimiiw anu some reoiiciions in ness and the markets were not in shape i .. . .... . ... , I 1 1 i, m inn M.anii'.P II iivii i probable. But in substantial) all caaes even if they occur. Strong Combination If you hae eUirpU. fund ftVAllahlr for tarestmfnt. ih wlw and ffintvcn nt p thin to do Is to nnrrrtJit oun1 ln eMmfnt horn. tCldlBff a ftfttltfarToiv in'r of Im-nmt tod sckrrt up by foorl wi urli, . Bond rrprf ent simply a morlrZAfr divided Into me erAl piris; the unit bring usuaIK m mjiiip ttituft $eou. and In a few i as?. S1U. shall tie gin. i lo irrommrnd to nu lavcsimtot bonds, which. In our Jtnlgmrnt. combine: Safely as to principal Reasonably broad market A return approximating Sr'0 When von 1m t you r m"niv In a n dlveralned Nat of bond combining ihe faiure. von ma fel a'ircd thm irou an adhering lo th prtnrl;lr undeil lnf j.i dlrloua lnvftment. Writ for Bond (irrnUr o. a "In est merit Ser aril lea. Spencer Trask & Co. 43 Eachange Place, New York Albany- Rotten, t'hlrsgo. the opinion of good judges everywhere j, " "r """"-"" "" seem to have alreadv measured their the liasis for this was the volume 01 nqui- ' ,i brrtl ' -i,. i inn- im nun aiivi iivi business is poor aa compared with bualness net , , , I iu iwg nr inree great years in ine pasi KT aoeoBSt mi 7 Rrlttttrontt. H th Ertcrvtttr A. B Rrtterutr B. H14 Eii fa IS.,. 1 ;.v. i B T H lit '' Itt't HIM 17 PIsBsstOIMS, as v 1 riWt) m in in iu in 21 Un Motors, ta 7 ft 1 01 Not ska, im, ' ion 40 ORW Scb R. IU) II II in Htvr.lRyraat t , mi sj , 1 Mock VSlSHMitSIM 101 IS1 1 HaiTeiCcaOt ioTj. 107 io;t I HtTdl'filli SS 9 go 73 lllCrftttSM. M't tO't Mi, I 111 on t ISM aaa, gat, t4 . 1 111 C l,eu st. a.v, a.Vj t i Ind D AW lit io 104 iot i III C W I. tit. ftit M't W'a 1 91 Intsrtmro R T S ir A IS9S I03H mi', tni', M Interboro Mtt eol ir SltS,. 7', n4 7i; 1 IttflOIN tit. to io ins I let Paper e tost, 101 ir3S 9 IniPaper cvSa as M' m , low cn IStttllf mi' Wilt m as't lit SO ts 01 7SH 100 71 als IS?l H 7S Wl lll't III". 7 ' II IPI idatmn in every direction that had I accomplished lint e 1007. the great , provement in our loreign irane, mo iigni . - . i strx-ks of inercliondise carried, a rortined banking position, the Supreme lourt 'l r Tears: and the dividend, on the 'decisions in the Standard Oil and Ameri- 1 nl,d " lean Tobacco cases, which modified the ?" tThere has been a great dea extremolv unfavorable conatruction of J ,-ik a,'out a ron',n" "f"2MJ "f ! the law that formerly obtained, and U the emintry by people who do not Ifact that although business waa going understand what is meant by this ! on ut rate reduced from the abnormal I """" who doubtless only mean to fx- raara l.tween I SOS nnd lBUS it was stil 1 ' genrrai i.n.i 1 greater than it was at any time liefore the period named. To this was added a crop prospect of exoeeding brilliance. costs ought to lie somewhat reduced. A real liquidation of labor onlv takes place in any country when the quantity I fore among speculators, and even people w no ara not can tnemscives specuioiors. lo make moderate commitments for the Dependable Service for Bond Buyers I he firvt essential in buMiis nond i the selection of an In vestment Banking House on whose abilitv sod purpose ou can rcl . to .dfeguard the funds entrusted tu It. Our abiln snd purpose to give Bond Ruver. 1 dependable service is indicated r the character of our organisation and h the record of our offerings oser a period of years. lvqnri Invited N.W.Halsey&Co 49 Wall Street, New York Fhlladr pt.11 Cbteato San I rnn-lrn -I,r wa. a nrnvsilina. rfiatwsait i..n there- ' " uiiruipioreu oecomes so greai iiioi I UliriB IO '.-iMlll HI H IIIFPI ISIS7 III compensation the work done by men already employed. No such stale of affairs ; exiats in our couutry or is likely to. The j work of aupplying Hie actual and neces- I sary wanta of the country seema great enough to keep labor employed in the j main. It may be stated without fear' that pro-i rntradiction that the heads of large, iitiijsiriai Him rdiiwnv 1 ot 1101 i n uis uu not look for any reduction at all in the pay of skilled labor, although they do con- 1 aider it to tie not altogether impossible ' that some sort of economising process should be seen in unskilled labor. Rut this economizing will, it is believed, take the form of a laying off of men rather : ' than a rerluciion of wage schedules. I Upon the trust question the country I may have to wait, if the national Admin- 1 1 istration retains its present attitude, j upon a further emphatic reiteration by the Supreme Court of its favorable construe- i tion of the law given in the American j 1 Tobacco and Standard lil cases It! I seems certain that a suit to dissolve the! I'nited States Steel Corporation, after the court's recent construction of the law and the conservative and unselfish policy that has always animated the corpora tion, would be a failure, and in spite of the distorted notiqns which the Govern ment's law advisers eeem to entertain I there arc people who think that President Taft will upon mature consideration de Ilut as the weeks passed the situation slowly but steadily changed for the worse. A force of adverse nature that bad liegun to be felt even in the earlv I portion of th" summer was cceding from the extra session of Con gress called for the purpose of acting J upon the Canadian reciprocity bill. Busi i ness men. while for the most part favoring 1 the reciprocity programme, snw no par ticular reason why the matter could not I have tieen delayed until the time of thei regular session of Congress meeting in , December, all the more inasmuch as il j ' was known that the lower house of Con gress had Isen captured by the political parly opposed to the President and was sure to endeavor to natwftS much political Capital M it could during the session in preparation for the next Presidential campaign As the extra session lieeame I prolonged far beyond the time thai every liody had thought probable its harmful in- , Que nee bSCAras more and more a financial factor Proceedings in both housew de- veloped,into a veritable hell broth of radi calism, resembling only the character of ; Populist legislatures iu' the West in days gone by A movement for a general revision of the tariff was started and thirty-four investigating committees set tS'S tttj f's fa'l OH 7 in 71 M', 03' 4 ts ts 131 Ml S7 At 74 74 M ins . fit 08', 07a M', S' 114 ' 7 W ta'i on W7 to ' ax s tit ts 171 MH M'I 7'l 4 74 74H H 10s ss tit ;s 4', M at work tearing up flnam ial and business id; , fttir ! wise think or-him . TT .. .. , , ... ... . to do will lie to leave the United States Oil Fields of Mexico Stock Du Pont Powder Co. Com. Union Trust Company Chatham Phenix N'at'l Bank Astor Trust Company New York Curtain Company Autosales Gum & Chocolate ts Windsor Trust Co. Park & Tilford 6s Western Pacific Railwav Diekerhoff, Raffloer & Co. N. Y. & Long Branch Steamboat Stock International Nickel Securities American Express Stock National Silk Dyeing Pfd. Rome Wire Co. Pfd. Motor Securities Standard Coupler Co. Com. S. H. P. PELL & CO. Mpmher. Niv Vorl; Sl'trk Kirhar.fr. TValfM In I nHMM anil lnartlvr s-.-.- t'c Tel 7Ai a 7 A :i Hanirr .17 W all St X Y GUARANTEED STOCKS Must Guaranteed Stocks decline because of recent changes in the Tax Lawi of New York Stat; Our New Circular dis cusses this rubjecl. Copy on requetl F. J. Liftman ft Co Members N. y stork Uxchtnge 30 Broad At., New York RiliMphia Chicaii BalMmsre Hirtford Our New Circular STOCKS OF MERIT With &'i(5Kestioim as to their Purchase on a Scale v. rlt or ("all fur a Copy Thompson, Towle & Go. 1508 Broad Eachange Bldg.. N. Y. BOST"-.. SPniN0KIKI.ll, n'ORCBSTER N'BW HUI.MW.S inoarna ngni ami ten rnss in ano of iiself desolated the hope of a eafefiil hllllntiaa naiiimr Hot weather and i drought of unprecedented severity put in an appearance, finally extending lo I ! Kurope. and resulting in injury to crops i here as well as in our own country bsurd demands on the pan of labor, i -ii.fi to lie experienced -and the con-i iroversy lietween Fram-e and (iennany j over Morocco had the efTer t of fiaralying I ' financial activity abroad und of causing u withdrawal of cupital from other markets i ! for the use of Berlin and Paris Under all thaM circumstances the idea of a bull I I market in stocks in this country in the I inimwdiate future necessarily disap- I l-arel and there w,i nothing left for j fculators to do bill to retreat 'as lies! I lihey could The retreat in fa.l assumed i ! precipitate form. . I The decline was. however, assisted in I 1 the strongest way by the attitude toward : business adopted by the present national j 'Administration. twelve years ago the I business men of t he count ry came to appreciate, as their brothers in Kngland, J .Germany and France hid come to ap- , preciate years before, the wastage of j 1 capital, the harm done to consumers and ; I the immense economic evils involved in ; such methods of unrestricted com pet i-1 1 Hon as had previously been the rule. In ' great measure they substituted for uu- I restricted competition t rule of moderate and proper competition, attaining this , by means of corporate combinations, i and the result was the greatest era of prosperity our country haa ever known In mi far as forms of these combinations j were pushed in some instances to extreme limits no one can object to steps being ' taken to place them in legal shape, nor I would the slightest trouble in the business world bo caused by this action. But Mr ! Taft, so far as can be judged by his public j utterances and acts, is blind to the benefits that the country is enjoying from the ' corporate combinations of the last ten Stcel Corporation alone. But just what the President dogs decide to do in the mat ter is the factor of greatest importance in the immediate financial situation. FINANCIAL AND C9MMKIWIAL. tan urn n asp oraaa bostds ftift- t ow- ciei- KM Unl et --. !- t aw. 'a i l i fUf wt n s; ' . 1WH 101 S7'a s 1UJ v. - ' tni im K toe Ml I H i:t :'! i 't or i tuH III lOS'l - i'i litis tos ', litis 104S S', -, et't s OS tell tos i'i', s, ssit Halt tut. ttl. 1 Adan-.a Ri 4t si'a ' i Mb lu Stat ') -v , n aiiii i -h i r .s. :'7 Am Afrtr c'h cv IS 101', I0I-, I Am col 0 -sa : a s s Am H a I. tta t't s m AinSmliaKSa I'll loo'l Am Bptrlli ( i w , 1st AmTTrv 4a lV, I0S ? AmTe rntta. si'a i tOtl Am Tcib 6. . IIS I0SS I II AmTnbSarf 111', nWfi III'. 1:104 Amrr 'l oci As TrustCeetl n:t IIS A Amrr Toll Sa Triialrtf.-f III', 111', 41TB Am Tob 4a 4 si to m Tob 4a rf. M'a M 4JS Amer Tob 4t TruttOoetf M'j ss , m', ? mr Tob -is Triltl rtf rf AT S AmTob 4a lai raempt.. Ali a Am Writ PSl m 3 Argent Gov Sa JI'MaCoctf 07S an Armour 4'S IM ATSF cv aa. 10 UHM ion K ATASr.v ta lU.Vt IOC) I'll 810 AT A SI" n II 110 S OA' j 07t 0.S AT 4b Mr go 4t 00 OA', OA' II AT SF Mb I. OS 0't 0J' I? AT 4 Sir art 4a 91S 01' el1, in at t s rid Maul . . . Ol't 01 SI'S - II All C US! 4a 00' Its i 09H 41 AtlCoMtLIa eol tr a ,,, OS'S oi 3 M ISO fold 4 SC( 07, 07', iu ntone w v u ,., sn, BSOS'ti ... 91 H S WrO SsVS!,t.0'S :s Beth Jteel 9t 02 J B R T ft ,, .104 lit IS AA', IIS, 71 etlt .', IMS 17 AAS m'i 07 , 01', ASH SO', 07S I'I , us III 09 MS 111, ASH OAS lit toy. r.S1, ios I0A', H m I ot'a S 1 , aji li MS OS1 WANTED Mississippi River Power Com. & Pfd. E. k C. RANDOLPH Uembrrn 'w III Brnalum, m ark PEN MARKET SECURITIES DEPARTMENT Horace Hatch. Mgr. T I Nhlrlda Bonda Dealers In las eainent anil '"h-i tseeurltle of the fnllert S'air, i anada ami Metleo. INVESTMENT SECURITIES October Circular Hailed on kequent Curtis & Sanger Ml uiu ns MW YORK. BOBTON sn rHII'AlKl TO K K.Xl'H Mil AWtJ M WALL STREET ftniton N" rk ClllrAfl FOR SALE lan American Sleler in American Bank me Com (in I roi ker-W heeler l inn Jllll Hudson A Si, nihil 1 1. 1 ii R, I! I nm All North Id ihu A II. .ni I'OHtl I'frt IOII lrlnh Iron. 4'usl A okr l if. FREDERIC H. HATCH & CO. ajn tort. Huston n Hroart si r.e I aagrfai si prt- it telepli one between e Vork mi' I Uu .''in 1 years and is wedded to the idea of a return j no B R T ev t Htf . to the old fashioned cutthroat competition I days. He lias favored a prosecution of combinations of capital even more un sparing and indiscriminating than that ' nhich waa inaugurated by Mr Roosevelt. , and all this is regarded the more bitterly by business interests because they feel ,111a! the present Administration has in terpreted in a way far from correct the j great decisions in the trust casss recently I handed down by the Supreme Court. Mr. '1 aft affirms that the business men of the i-ountry must return to widely competi I tive methods and must "throw away the crutch of combination." while Attorney (ieneral Wickereham, and apparently Mr Xaft too. believe that a combination of corporations formerly comfieting is on its face a prima facie evidence of unlaw fulness. Such an itiiernretaticin of the Supreme Court's decisions seems abso iilly and totally without fout.dition. , The entire pith and point of the Su preme Court's decisions in tho Standard ' (lil and American Tobacco cases wes that t'ie reasonableness or unreasonableness 00, OI'S SO' ass 104 a IOS Oft 00',, 0IH AS1 OS 104 AS 10A Oft llkn U Haa lailO 0 Cal Os 4 K at 0.SS is rensoeii iti leu mi', loi', 1 Co So Id ino loos ions, Cent Ga M S 10 in', 100 1 Cen i . a 1st Inc certiorate! 07 07 07 1 ( en (ia 2d Inc 03', OS'? oft', .10 0 leather It Oil, OA Of U Ten N ! n U. 02H 02S MS IA Cent Pan tat 0't OS OS I Cent Par J'jl 00 00 SO 'JOCIfll'll 100S 100', nm1. It 0 O ee '.,. 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', II KC FtSAM ta. 70 on laaosarl s. so KajiCliv tarta 9 1 K a DetU tat . so I LkMteUalKI 17 lft Lknteeisoiii on S l.ksteelaa i960 7s 14 L9aU94atnS 91 17 l.!tM.S4tlSS1. K 1 I S MS J',a to ft i.soMst.,, , a 1 Leh Val a', tS!t IOOS 100't I. Itl eea t S3 03 03 I i. a N M o a M tt HI 44 L N tt SOS ft Maohaitant 9", 3i Sfabtta ttd. 07' II Marine rltti,. St 1 Met St nv 5. 71 17 MatSltti fta el. 74S 2 MetstR-4a rt. 4SS ft MetTATatla IOS ft Mlrh Cen .1 ,t ss I Mlrh suierel IS MS 1 UM'ASSM ta. Of, 2 MKATetSt 100 It M.t K T 4 071, ft Mo K A T 2d. 04', 21 MKaTlMS. 04 0 Mo I'ac eon too,, too', uA't 2 MoParSa ISIO.ton', 10914 iooi ft MoParSa 111 7. ion MS MS 00 Mo 1'ar cv 0. s.v, Ol MS I Mob a (I 4a 10 a aft in x cast t, tat lot't to4S lots 9 XRMei4S. 01 Ol't 01', 0N1 Air Urk rv 0a 00 2 X Y (-anal 4t 104 12 X Y 0 db ta. 00 et N Y ceo S. Ill 20 S YCS,arei A ft NYtlLSUta, 7 M N YCMCS',. 77' I NY CftStu, u 99' n X Y llljr t, 107 I0SS M , 101', 17 X Y Cltr 4S 1M7 new . IOOS loO't I0SS 11 .X Y City 41,1 117 I0SS io?' lost, 7A ,x Y CUT ts 10a 10BS IP3S ill XYCitrtaisoo "" ft NYCItvtalOM 100 41 NYCllytal07 IIU 00 N Ua fi I. Heps mil; top; uii 3 .X Y (las 11 L H a I U . 07', If 7 A 'V(inad I. ftaiuz1, iocs, lut, 3 N Y 1. a W ta. 00 A 0 2 X Y X It a H i t 0a .. 100 120 , 13(1 i MT X II a II la IOII 00 M M M X Y X II A II rv S1, SI Al, A X Y O W 4. 04', 04', ion XY.Statta si tens ton', 1113 Aft YTel ime ton', M 10 Nor a W 4a . 00' , A 274 XoraWcvta IOI', ft N a Vt' dtV 4. 92 I, 111 xaw Poe 4a. 0', A I Xor Pr ter lit ill 12 Xor Pac 4a ta in 17 Xor Pac ft, ah CO 22 Or RyAXv aa 03 , u A Or Short I. re 111 a IU 1 Or Shon 1. sa 109 H Or s f. fdf M 0JS in Or aCC lit fts 93', I Pac Coaa. lit 100 20 PtcTaTrlfta OA 1A Pa 4 I04A . .HQ, iu Pa 4 1000 OA 9A 17 I'a c v.C -a 1112 09', Ml' 233 Pari-SijalOl. 9', 2 Pa S'.a lOia r 00', 4 I' (ia A Coke Mi oi ise 11 Pen f 1st BO I'eo a T. Inr 41', I p 0 C a as 1. ia ear 01s 23 PiibllrScrvic Corp N J ia 03t 09 Hdi cen M. . . 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(av, 100 Am Br Shoe pf. 1 2B 23300 Amal Copper. . 001 2000 Am Can. in "000 Am can pf.. sss 10000 Am Car IF 4tt :oo Am cr a r pf . ns, ISAO0 Am Cotton OH . , IP's too Am Eipreaa 201 con Am Hide a beam Its 400 AmHIdeai.pf. 114 1100 Am lee See 171 0n Am l.lnaead At, 00n Am l.lmeert pf. 20S moo Am lx-o iot 1002 Am Molt Corp. .. s IMS Am Mail Corp pf 42S S ' innt. MN MS 77S St I fS s 00 7 S2S MS SO 71, S IOOI 100,. 90S RSa IS 122', I13A, S MS AS S M M MS St 7P 73 4SS ie MS I'a OA'S son IS 7S' 4S 104 0 S 101 M i', toss "4 M S ', At IS HI U 103 S im . s set 1 17 ', I07S 104S S OO", SI 7 90', WV, MS MS ioos inoS MS 04 00 t' ins oaS S tovt ioo, S Mlf MS n 1; Pi oc, 00 S 00 7A, S 70S 77 I lOtS 04 S m', lot. S IOSS 1011 S IOS , 100 s toos lorn 4 iocs. 103 1004 MS SOS, -- ', 104'i 101', '. MS 07 I'i 1021, ton', I', Ml, IS ', I US I2AS ' a U4, rets ICSH US', -93c, sa -0 AO' , f III III - M (0, i 6A AO MS 4- 1131, !(, 02', . 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'js 91 00, oos dftS l SS K0S aa aa AS'., 71 IS 73 127S 12ft lieS lifts, S31, M rrt, 7 7S 0A, M 74 , art St S M MS S 100 4' 10', lots S M ass MS 74S S mo loss -MS 07S ftS 07', iois ioi'i 111S 110 70s oo lot', inos A OAS MS 94't 90S 1001, OAl, MS S3 MS OSS MS JftS OAS 7S 99', 00 mot, 70S OAS IOS', 101', I 74S 7 I AOS 7', S 09 07 1 too too IS 100 M ', 103', 100 S MS MS I ' no', 100 I ' 7?S OS', 1 S 73! 7A '4 1014 100, 1 103 10 j ', 1t M'i I too tots i Mt ti us; in mil, j ll'S'4 1011 , to 10.7 j 02 97', 70', ITS Alfred Mestre&Co 37 W.ll Street New Yerlc if combinations in so-colld resiraint of I vmAm ne rwimtifsf it ion must be il.-f en n 1 n.-, I ' 191 0111 l HR 40 71' , . . ..' ,. 1 ... 01 0R1 a P rf It. OAS, .,. awt iwaiisiuse. v...... -suuy ui 1 cStPMtSOCI 12&S 123S I III" riSOta Ol ine case piSWWItSU, anu inai m ChlneaeliovSe if IheM rest rattl ta were reasonable they v on. not unlawful. So far as published 'Xpreaalotia of opinion go the President and bis AttoniHV-tleneral seem to think thai the Supreme Court has not in any gray altered the exlremely radical and literal interpretation of the law hinded (l"sn in tho Joint Traffic Association and "tli"r rasci that came before the OOUrl previous to the American Tobacco nt-cl Htandard Oil cases. All this served to InoreatM, nnd in a very material way the downward tendency of ths slock market, nnd yet mnking full allowance 1 for tho effort of s'irli impulse it is very i'ear thai even these alone would not have In ought the market to the low stage touched by it 011 Monday a week ago if 02 o.s, 701, AAS MS M , 77 on 2 ;' 701 A7' IS 1', 12.'.', 123', rrla full I'I 07S III Chlno Cop Al reta full pd .ino'a ton A 1 lul.MI.eda OAS MS ft rccastl. g ta 02't '4 ColJn Ml tr 73 74 i Col Mid 4 ... 00 00 27 Col So 4a. OA 94S 0 (V1IS3 et 4'a. MM A 07', 0!', 100 0a 01', 74 ro 9ft, Oft III 97 9ft 70S OS IIS gas 107 09 100 90 93 71 on 04, OA ir.31, IS MIS 103 US 07 SIS M S3 sis ! 'a tos 'a os IS 100 17-4-1 07 07S S 100 sos t ' Melt 11 4-IS M OS - S SSH I 2 f-ilAfirrenO IOS', 10', I0A', I AA COM TOb 41 AA', aS ', -12 1 Corn Prod Aa 1031 . . 07S 7S 07S 4 S 07S M 2 Corn Prod 3a 1034 . . OAS 2ft ruhan fta . ins in Cuban 4S '' ft rubs v SiifOa 07 32 Del a H cv w S7S ii" Del a H ret ta MS 1 D a R Or tl . 03 S3 I'OH Or rtf S SO' 07 104 001, toss 07' US'-, OAS OA OS S4lt 11 T St I. AW 4a. 07 A7 07 -P 4 TSll.AWSSe. 37', ITS 7S 1 TrlCtyRAUH. Hit 7', I I 1 ill Pel lat 100 lit IDS 1 1 1 o r i.a pit Mi mt o', 130 U Pao 4a 101 ion lot 04 U Pac ref 4a MS IAS 11, 044 U Pac rv 4a I0IS ion mis is t !tnsffd4a. 00 as, IM4 4 t o Ry Sll. ta. 7ft'. tl'.S 70S :i'S!i coup IOOS 100", pint, I U S l enih a H4S 12', 1 ix? 1 , A CSofMeiSt 00', SO M , so I S Pan 3a to:s icrta 1021, 00 I SHIIyt 1st 90 A0, AO', 10 CSRubberOa K0', 1011, 103', 1 1 AIL s steel Of St '03 100!, 1011, ti csstiaftii'i ioi' tons wis - 1 ISO Va c Brown PreeiYOe eld on 11 oo , a gru 14 V CarChiet. a t$ MS I S nn 3 v 1 0 a co. cos va'., MS S m Wahaah lat. .107', inT', 107' - 14 tin ft Wabaah 3d . Oft Oft 03 -S , 101 1 Wab equip fta 100 100 ton -t im ma Wth pitta Ter Hvllttartf 41', 311, 40', - I', VI 41 ISabPTRs tal (a Col T rtf 4U, W, 40 -l, 10 4 WabPltliTar Ry 2d 4 . . I 1 I I IU 1334(3 ahaer, ei It st' 47 3S - 4S 0 WeatnElerla.103 ins 103 30 W ealn Md 4a AOS AAS Al - S 20 WeatShoreta 100' a M, MS S I0IS OS I WeitShtarf 171 07', S7S - S 1001 97', 7 Well 1 n Sa 1U3S Itl 101 IOSS SSS I 1 snuii'ii ms et' 4S i ms ms 1 Wettlnghouae Pier rv Aa l, 91 Ol't -', 0S 01 s:, Wia Cent ta . 93', M 3 SSkj MS Total talea of bond! S17.I0? 000. ssn an, is asp oTsr.ii aSAaaa fl0 fllf Ciaiinu Xtt aSfjes. . MS, .tepl SO CO . 400 Alii fhlmer I0O0O Am Daet Sugar OS 4S u U zmzm Am Smelllnf . .. 04S 2400 Am Smelt pf . . 101 200 Am Smelt Sec... M'4 200 Am Snuff pf . . M 240 Am Steel fdy. 214 1100 Am Sufr 110s 240 Am Sufar pf . . 110 10200 Am Tel a Tel 1IMS 2000 Ara Tobacco pf . MS Son Am Woolen. 2S 410 Am Woolen pf S7' 4M Am Writ Pp pf 20 4200 Antrnnda . . 32', 1 0000 AtehTopaSFe. 10SH 2S00 AtchTaSFpf 102! 3200 Atlantic Coaat I, 11114 240M Baltimore Ohio BSC, 200 Baltimore tt Opf. S7t, 100 BotopIlM Win.. 2 3:IO Bethlehem St . . 2S isso Beth Steel pf . ft.se, 12000 Brooklyn RT ... 7H, 000 nronklyn I n Ga III 100 Brunawlrk Co.. . e tens Canadian Pac. 22s 0200 Central Leather . 21S 400 Central 1. ther pf 92 2400 Cheaa a Ohio .71 100 Chicago a Alton. 17 2Aoo Chi a Xorthw'n 141S 2500 Chi tit IV -Hern . 1 1750 Chi Ol W pf IT,- 14300 Chl M a Si Paul 111S 000 chl CnTratmpd. it, 24200 Chlno Copper. . . 174 .on rccasti,. so 2000 Col Fuel a Iron . W, 100 Col Southern . 43 ion Col So lit pf 70 100 Col So 2d pf A3 700 Comttork Tun I.. 20 1100 ConaGtt. .. 134 4220 Corn Prod Ref g. lis 1ISO Corn Prod Rf pf 7SS 200 Cuban Am Sug pf tm -cm flel Hudson I01S :i" net Leek A W.., 510 IA'0 Denver a Rio Or. 2, 20A0 Den a Rio Or pf . 47 soio Dlatlitera Secur. sp, 100 Dili S S a A.. 10 100 Dul S S a A pf. IB', 30700 Krle. . . 31 s 700 F.rie 1st pf oos 1400 Erie 2d pf 41 s ion I'ed lMlnaSmel 1ft', ISOOfl General F.lecttic .150", 23110 GoldOeld Mining. A 37000 (it Northern pf 124', 4.100 Ot Xo Ore etf. . 44, A40 General Motors 3', j AJJ Gen Motors pf . 7oa4 twai ntrsrster top, ."00 Hirveater pf 117 330 llomeatake US Itoo Illinois Central 1371, 1040 Int Paper to', 1B00 lot Paper pf 17 2100 Ini Pump ..... It 400 Int Pump pf A2 0000 Inter Met. 141, 5100 inter Mel pf 424 200 Iowa Central. in, 100 Iowa Central vl . IS', 1000 Kan City So .27 000 Kan City So pf . 0334 1200 taetSdO Gal. 102' 200 Ijke P.rlc a . 10 IS2100 l.eh!tri alley 12', 7003 Ixiula a Xaah , .Milt l(i slarkay Cos 02 210 Manbattao 132 200 Marine pf . 14 7i May Dept siore 7ftt, 100 May Dept st pf im (000 Miami Coppgr . I7S 500 MlBtl a St 1-oiils 141, ion Minn a St 1. pf. go 300 M St P a S S M 1271, into Mo Kan A 1 e tai 20A, tun sji Kan a T pf . 0" 3700 Mls.o i,l PaclOr . 3A fkl7 Nat Biscuit 12', 4725 ai Ufad.. Ml, 2110 Sat lrl pf 1(1 :on at R a I. 14 a) .at R a s pf mi, 100 Nat Ity of M 1 pf Oft', 1200 Nat R of U 2 pf. :os 20773 Xes da 101. . it, 3343 Sew York Cen IOOS 2111 S Y Chl a St I.. is , 40O N I" a St I. ! pf BAS 21S0 X Y N II A H 132 2.300 X Y Onl a West so 531ft Nor a Weal 10:74 too Xor a Weal pf ao son No Amer Co. as', S4S50 Northern Paclflc 111, 5000 Pacini- Mali .'os, 500 Pacinc Tel a Tel SA', 20473 Penn R P. 1211 , 1AO0 People, Gaa lOR'a 200 Philadelphia Co 101 son Pitta CO tt tl L . Oft too Pitta ccastl. pf lop, 400 Pitta Coal of X.I . I7S 4:0 Pitta C of X.I pf An C7J Pr'ad Steel Car.. 27 .'OO Prad Steel Car pf 04 523 Pullman Pal Cr 135 ltf.vi Ray Con ,., 1.1', 400 Railway Sieel Sp 27', 3270 Republic Steel 2;-, 1310 Hepub Steel pf. . S5 S702OO Reading 13S 100 Reading 1,1 pf an 900 Reading 2d pf 93 11550 nock Iiland 241, 5000 Rock Island pf . 4 200 Seare Roebuck 120 1000 Sloa Sheffield .3 IjSO St 1. a S F 3d pf . IMS 350 St I. South n 32 too St I. So w n pf . ft, S23I0 Southern Pacific '.no', 30100 Southern Ry . 201, 1400 South Ry pf 15 100 S R M a O ctfa . US 4100 Tean Cooper . 33S 700 Tent Co 371, 100U TWO Pclflc , 00 Third Ave RR A 1000 Tol St I. a Weal 114 2200 Tol S3 1. a W pf . 41 S 300 TwlnClly RT 04'4 100 Cnderwood M 100 Cnderwood pf IMS A10 Cnlon Bg a Pap ft', 1110273 t'nlon Paclflc ilia, 2700 Cnlon Paclflc pf eo4 Mm Cnltcd Dry Gdt M Aon l u Dry Cdi pf. 102 I.A0JI t nlted Ry lav .31 Aon t'nlted Ry Inv pf .10 2001 ITiOefU Ir Pipe 12', IO) CSCasl Ir Ppf 4) , Leie Cle( fflj etf. SfBf.SO. CO . M M 125 AO'S s W' 44S 113 4 201 OS IS 17'4 s4 V 54 Mt 4S MS I is ! 107', M Ktl ' mi 1 I MS 7', I 714, 47 1 or, ioo!4 100 t'nlted States Ei 81 ton U s Ally a imp 01 I1O0O C S Rubber ;(0 , lion I S Rubber 1.1 pf in. 1 100 CS Rubber 20 pfj 09 70:2220 1 s sieei. j anu t s Sieel pf 113 03400 l'th Copper. , 41 1710 a Carol Chem.. 47 1.100 Va CarolChmpf HA', 100 I'a Ry Power, tl OlSn U'ahash ono Wabaah pf IB. Wells Cargo Bt 3701) Weatlnghouae ftAJO West Mar) land 5310 West t nlon Tel 000 Wheeling tl.K 200 Wheel a I. E I pf iwn Wis Central 12S ;sia 130 02", .12', 7A 3 120 44S OS AO's 4IS lis 4ft'a sm i IA 17 27 MS I I7S SOS A4 Al M 25 1121, 1114 1134 91 2S S7 MM 20 ses 101s its M' 17 IS 2 54 72 130 233' 1M4 91 S AOS 17 I OAS 1 tit OS IM IS IAS AA 23 4.1 ' 70 A3 20 ii, 104 73 M 110', M 22 45-4 2SS 10 US 2S ISS 30', IS', 112', Mt ii 4.3S 37' 4 7ft 90". ItMt Al , 115 S' 1 , 27 AO', IIS 0t It SA' -J 23', tm iois 10 I lilt ISA A2S in it it 74 IIM IAS S3 en 127 27 2, 331, 123', US KM', II an' 1 AA'. 2', IS', M , 4S MM I .VI", 374, 90S A9 A4S me, 2A .-.A 1 IAS 10214 101 00', 102', 17'. 2.1 92 I St 12 MS 21', !' 1.14 on sp, MN 44 120 34 .37 s Ml, 1041, 34S 021, Ol't 20', Aft s 1 s s M IS 13 M It 511 131, 40S IMS ASS 10A S'l 1.13', AO', ', l'l, 2A', .12 11 40 S3 AA 314, I'll 00 31 s, IOS', sa IS', III I'I 111 19 ISO 3A, 10', 714, 5 1 tl 1001 St so 21 IMN 11s IV, OA't ses A7', MM S3 10S4 102', ISO BA S74 2 20S 501, 74'4 130 220', SIS 02 nit 17 1411, 1 2.7S IOS' IS 17' OA 2 4.1 70 M 20 134 11. 75 M wit 505 22S tl fOt, 10 10', SOS 4t, 41 ISS 1(9', 5", 123 4'S JA't 70S iois 1131, AM, 135 OS 40', 2AS n 14 421, 18 MS 20 A3 4 IDI'-l 10 150 1404, ant 132 14 7 100 US MN on 127 2A'4 8.1 S7', 120 434 105 14 MS AH, 2AS 10 IMS 4A OAS 132 -.S3, 102', AO AO1 4 114', sna, MS 120', rait 101 9.3 102', 17', 70 204, VI ISA I Hi -7', 22', AS 130S 00 ei s 234, 44', 120 .1 37'4 32 AAJ, 100 2S 041, MN AA 87', 23', A iss 41 S lots so 100 ss 100s . 07', 102 31 50 12', 40, Ai Oft SB', ioS 00 01 S HO'i 40 4A1, III', 40 II si, 13V 02, .12 77', IS H as S s S4 IS IS s IS IS 4 s s SJ 1 IS IS 4 s s '4 IS 1 I IS s IS IS s I H I s 4S 1 IS IS I s s S s 1 IS s s IS s I s IS s s IS IS s IS ''. IS IS IS Potter, Cboate & Preotioe v AMKKRS N. Y. til 3 Transact a sntral bokinf and i business, q DeaJ in hifh gratis) UTfMtjtMOt iuuas. q Execute errjers ia all wiriM q Collext and reessit interest and tfindesaris, q Allow interagt en funds awutiitf httsiirjnsinl iir NATIONIL Cm MNK tUILOINO U WeN fgireet tils geioai Mtil swoe) tw tom, . v. H .t2R 000 Erie County, New York 44 Registered Good Roads Bonds $90,000 due October 1, 1916 225,000 due October 1, 1917-31 inc ($15,000 annually) 10,000 due October 1, 1932 A legal investment for Savings Banks, Insurance Companies' Executors and Trustees in New York and Insurance Companies throughout the New England States. Available as Security for Postal Sayings Bank deposits. The Net Debt of the County is onlylone-half of one per cent. PRICES TO WET 4.10 Wm. A. Read & Co. BANKERS 25 Nassau Street, New York BOSTON LONDON CHICAGO Bertron, Griscom & Jenks 40 Wall Street. New York. Land Tide BlrJg-PhiUdprut. Investment Securities We make a specialty of organizing, operating, financing aad selling the securities of public service corporations. Jfember Veto Yorl: Stock Exchanyt. is, :'t '4 1 4 4 I'a' 4 lit ' 4 1'4 l'4 4 I .V, William P. Boribright & Co. BANKERS 24 Broad Street New York IS George Street Mansion Houte London, E. C. Colorado Spr agt Colorado Selected Public Utility Securities Bonds and Preferred Stocks Detail Upon Application HanryClews&Co. BASkKIIS. II. 13. IV 11 ANU I BROAD ST. If EMBERS V T. STOCK RXCBANGI Stark, and Bang, bnugtlt anil aolit for lavratora and rrritl on llbrrl term. Banking Arroaata rrirtsccl aublert t, drrk at tignt. Int'int a-j on dally- bata ctt LETTERS OF CREDIT lavnrd allahle the wnrld ever. Simpson, Pearce & Co. Members New York Stock Exchange Telephone, 44SO- 44M Kect r 111 BROADWAY New York A Sterling Investment c are nflcritifr an issue of Y irst Mortgage & Sinking f-und liiild Bunds lecurra by first lien on one of the Anest. safest and best lixated lanls of commercial limber (in iludtng Undi on the American Contintnt, Th t toli1a ram- ss 1th ihrr.i firllrlpa 'ion feature whlrh shmild s't thf In s'slor n nrl rriirrn ceeiHeraOll In ctt of rhr 0i tntrrral ufl thr tiutlds Circular grflg ,'uil details (in rtqueti American Finance " tfr Securities Co S Nassau Street New York l4 Mt it '4 lit I lit ' S l ORIQINAl CHSITES fill THE GALLATIN NATIONAL BANK OF THE CITY OF NEW YORK. CAPITAL, . Sl.000.000 SURPLUS AND PROFITS (Earned) 2.500,000 OFFICERS. SAMUEL W00LVERT0N, Prat ntnt SOMAN ISELItt. Id., Vict-Prttldtnl. aEO0E C. LEWIS. Cathlar HOWELL T. MINION, Sttittant Cdhitr. Investment Bonds AND Tax Exempt Guaranteed Stocks Lift gOflf up in regueet Joseph Walker Sons V. ....... . v m . . .. . i in. sivra r.irnmi' ao Broad si. BE Tork frl.Hla lr lo I'hlladrlphla Atnrlran l.lghl at Trarllon Co. 4 lllra Srr.lrr fo. "fnsrr I. as A Flee. , lottt Wee, Bono A Nhar I'M. Hepuhllt- Iti. A I lent lr. H, Us. A l.lBht Wsrn Pot Of 4 ii. Williams, MeGonnell S Coleman Stock. Fn i tir a Bond an H si. i. Phimr tai .Inhi . DIRECTORS. IONIAN IIELIN. IN. CHARLES A PEtBODr I FREDERIC W. STEVENS SAMUEL W00LVERT0N ALEXANDER H STEVENS CHARLES H. TWEED 1 W. IMLCN ROOSEVELT. THOMAS DENNY. Mils. SS60 I .a Hoar, son Mints CO of Am loial salra of alorWa. 4.7U.HM Itgres, Hi dlvldiad. 'Bi rights, THE CI UB MAHKt T. Tranaactlon in detail in th market Ut nerl. iters a follow: Salts. inc. IS Am Light a Trar lin 2ISS Am Tnbrro 34 lt4 RrltlahroK np . 11, 4Jn Bull 1 oll Hon . "mo Ftradan I'oppn jaiin rhlragn lubwil', tm nvla.nly R IIM Flnranrr INO 1 iregfM Caatnat 131)0 Dlroua Copper lm Inttr It'ihbtr 400 laaplratlns rop 1406 Kerr Lake 14', 4'l 1. t-14 fl0fl til. MM 41 . UI 111 IS 1 f.O'i!- glj, 3S lit 4 I1 II I lining-. nt 411 S' It.', lit 1 IS 1 I I I 4 IS I S 1 .11a It, lS m SH 4 it, ' I 14-1 144 17', 4 131 500 SW1 I'SSS SISIl luuai MU I I3M5 inn 4 Ufl 3M1 III ion IN too II a: mi :7onn ,s,i7non favmi anno ;ono 10000 UcKln I' s u Co tlaton VtUey, Unhttn 'I ran. Mgvata iuii Mplaatng Sllnrs 1 Ohio 1'opprr Hay CefSlrgl',, . Stuilcbakri Miutlebaker if I 1. nnpah M of N . I nttrd Coppgf 1 nlted cigar M ( U .1 Light a Hi I SI.lt III pf . I S 1. 1 A H tins ukon (."i.i . Bon n Hi a. If n Cop la. . 10,1 N V ' Its 4', a. . IOS II n i tvaei a B tit 7 Or) Wash ts.. on, SoBcl'Tflfts . We lent Paeas.... Tetat lull. 9o ifptii- llich- Loir- Clef" ind. tit. tm. ino. 4'a 4 3 ia 1 111 4a is, 3 , 4 1 16 l' IS 1', 14 la 7'. ', 1't I 13 1 I'i I', a' 3 3t m :i ' S', "' 7', t'a 17 1 1', ., I .1 1 I', I .1 in 1 1, J4I, It .14 .1.1 I'll lilt I'M lll a', i',', .,7, H, I'a I', I I . 4(1 12 ,11, (ill, I 7 I H, 1 .1 la 1S( -4 "'I 7',, las, it !a,, If 77 7I', 77 7', :i it in .is, ,31, ) 6 Mortgage Bonds OFFERED AT PAR .100' ANO INTERESf Denomination, of SI. 000 S600 SI 00 mortgage ..n oarefully aeleite'l Improved. Income pmcim inc real oaiato in 1 he imsi busjnes an1 ret ilontial illsfriil of Sew ork til . ISMOUrlt) foi these bond. I hero ia no lielter MOUrlty. The prlnulpal la thoroughly aale an iniereat Is aasnreil at 1 he fate ol rt per annum. A runners nt ive Inseatment foil ran ilut nfloril to he unfamiliar Wlltl Writ for lnfopmllon-Clreulr "3" NEW YORK REAL ESTATE SECURITY COMPANY 42 BROADWAY N. Y. CITY Aaaeta mo.nnn.noo I a pi 1 .si as.Bin.ll'l" 40st in-, 1 lot- m:, B7 1.1' , t.7, IM, US f'l I'I 171, '., 10.31 , i:t, 1,7', HI', 1174, Ml, W V.MalNKP.RSi. H. M. Byllesby Co. encinbkrs Examinations and Reports 200 south la salle street CHICAGO firtlMt, St CklUiBi CUf, Skit Not t I