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10 THE' SUN, MONDAY, JUNE 28, 1915. Two Sound 6 Bonds at par Net earnings of each issue large ly in excess of all Interest re quirements. An excellent opportunity for the investment of July Funds Ptrtiailan on request for Circular AD-51 N.W.Halsey&Co 49 Wall Street, New York rblladetphlt Chicago i en Francises Demon I nlttmora ut-l.oji New Secured Debts Tax Law The text of the New York law and a summary o5 th estential detail of the tax and tax exemp tion statutes, which directly af fect bondi and similar securities owned by retidents of New York State, will be tarnished on rentjest. Send for Booklet 61 Harris, Forbes & Ct flaw Street, Csnssc WHMarn NEW YORK J. K. Rice, Jr. & Co. Will Sell Aetna Explosives Com. Stock Atlas Powder Com. Stock JBush Terminal Com. Stock Comput'g-Tabu'g-Record'g St. & B. Du Pont Powder Com. Stock E. W. Bliss Com. Stock Hercules Powder Com. Stock Intcrborough Rapid Transit Stock Internat. Steam Pump Cm. & Pf . St. National Fuel Gas Stock New Jersey Zinc Stock Niles-Bement-Pond Com. Stock Phelps Dodge & Co. Stock Singer Manufacturing Stock Victor Talking Machine Com. Stock Winchester Repeating Arms Stock We have rood markets In Unlisted and Inactive Securities and Invite Inquiries. J.K.Rice,Jr.&Co. Phones 4001 to 4010 John. 3WallSt..X.Y. fr9wlllCMil6il0 8laOCM Franklin TruSl CoAipany, i S7 t 1 if. . . ttr.fi e. . ' 4a Brttilfm ) 1 66 Monti roe Street Off Hit i) 569 Fulton' Street JJTruwtoe hxfmmal Trtntjt. , ?nra"AT a e HUs a owTaHa avNCOIlPMUTia 1 INCOnPOftATSO' CONHL'I.TINO and 1 CONSTRUCTION ENfirN-RmtaK riBUC NKKVICK ritOPKHTIBS KINANCKII AND MANAGED. 59 Fine Street, New York. Ii.rilng.tn It Missouri Aim Railroad Company In Nibraska Cinsalldatid Mortgage 6 Par Cant, lands DUE JULY I, 1918. KOTICE IS HKrtnriY GIVEN TILr In pursuance of a Trust Morteaee Deed axe. cuied to The New Eneland Trust Company, Trustee, by the Durllnston A Mlaaouri lilver Railroad Company In Nebraska, dated July 1. 1I7S. the followlnr B Con. olldated .MurUase Honda due July 1, IBIS, of aatd Hallroad Company, secured by aald Deed of Trust, bae been drawn (or pay ment, vli.s Throa Hundred anil Thirteen (SIS) Bonds sn.uuu r,acn. numnerat S17 133S 2073 27S1 1245 115 7337 642 136! 20IO 2100 3244 4042 70S! 64 1401 2121 2121 JS7I 407S 7144 67 1409 2141 2160 3213 4019 7117 665 1417 214S 202 1297 4111 7541 (IS 1417 2147 2(63 3338 4121 7710 721 14S0 2215 2174 1146 4141 7735 751 1455 2217 2S7S 1164 4171 T7CI 770 1501 223S 2119 1165 4111 7157 771 1635 22(1 2907 217S 4227 3021 77S 1546 2274 2909 1380 4217 1076 7 0 156! 2217 2969 2314 4241 1267 101 1673 2296 2971 2391 4241 1111 S07 1641 2106 2982 1405 4267 S47S S45 1664 2309 3005 1421 4270 1551 149 1677 2312 2020 3500 4217 1710 161 1691 2346 3027 1526 4293 Sill 574 1707 2160 3032 152S 4295 S241 S01 1701 2394 3032 163! 4121 S4I0 S09 1751 2397 3054 3647 4141 SS20 916 1758 411 30CO 3511 43(0 961! 941 1768 2420 IOCS 3584 43(6 9620 073 1717 2421 3076 3606 4171 I78 575 1120 2447 1097 1611 4374 10311 911 1123 2459 3113 3617 4197 10111 164 1021 1885 2479 1117 3656 441! 10316 295 1046 153 2511 3157 1744 5011 10565 417 1016 1171 2522 31(1 3746 5253 10780 437 1111 1002 2547 3169 2831 6294 101(7 441 111S 1905 2557 3171 1834 5411 10191 477 1121 1910 2(01 3176 31.72 5505 10974 411 lies mil Z6.6 3144 3896 5592 11011 611 117! 1920 2(38 1196 1925 5539 11196 510 1202 1915 2671 1107 1921 6942 11211 C61 1216 1951 2(77 2207 3911 6991 11477 Sit 1224 1979 2698 1227 1951 604 11106 69! 1279 2016 2742 3215 3975 647S 11701 694 1109 2045 2754 3218 3911 (542 11809 K99 1230 2061 2760 1242 3990 (713 11161 (03 And Sixty-one (01) Honda 1600 Each, num bers t IS t( (1 11 SI 9? lis 121 147 161 19S 211 220 2 247 249 250 257 :n CO l 301 310 317 341 3 I! 274 426 66S (5! IS 97 293 429 U0 616 IJ 141 324 4(9 670 659 64 154 327 482 573 711 65 175 120 491 (01 725 17 184 142 510 603 764 70 220 3S7 631 605 773 17 233 400 557 (IS 774 119 823 841 867 871 11 S14 930 940 948 SIS 918 1000 The bonds bearing the above numbers will be paid at par at the ofnee of the underslsned, 135 Devonshire .street. IIos ton. Mass.. on the l'lrst Day of July, 11)13. Tlth accrued Interest to that date, after uhlcb date Inteirst M mIi! llonds will ceaso In conformity with the terms of the Trust Deed. Tha Maw England Trust Company, TRUSTEE, by JAMKS n. HOOI'j:it. President, Boston. Mass.. June 15, 1915. I (lit H.W.K .ST.ITK MAINi: TIMIIKK- 21,000 acreai entire tcmniWp; will Inter est investors! Income p-ivlng; Invtstleate. Adnrt-ss uWNIlll. llox 3)3 llnrhum. Me. DAILY FINANCIAL CALENDAR. i:x nivinr.Ni). Company nnd Term Stock Electrical hcurl'l Corpora. $l,?'f '"""lit. "tuurterly. . com 1 UN,.,,J..bnu,Ilm.r1,..'',r,''",,'' 2 cwc.so.,;!i!,r'Ij:;m. semi-annual 1 J.etileh A WllkislMrroVnal. ' JH1 Vjulncy Mining, ipi.iru.-rly , Am'. 2 l'iTe l'i iV. 11.25 12.00 FINANCIAL REVIEW OF THE PAST WEEK Hankers Wonder How Accnmu lntton of Money Is to Bo Employed. ANSWER TO THE RIDDLE Although quoted vnlues In Wall Street showed soma heaviness In tha last few' days, nil tho material factors In tho flnancl.il and business situation continue to portend an increasing re turn to prosperous activity In tho last half of tho year which begins this week. Apparently what tho stock mar ket has been engaged In has been a wholesome process of correcting a moderately Impaired technical position, and while so engaged various excuses, derived from pending uncertainties In International relations chiefly, havo been alleged as a reason for setback In the sharo list, but the substantial por tion of the banking community has not been concerned with apprehensions of any essential change In our pros pect for financial and business better ment. War news has not been to Wall Street's liking, and the newest and moat stunning defeat of the Russian armies had a sobering effect on speculative sentiment. Tho more muddled char acter of the Mexican muddle at a time when the country's foreign affairs were particularly complicated with difficul ties created by the newfangled war fare In Kuropcan waters was not ex actly cheering. The evidence from Groat Britain that the European con flict required an almost superhuman expenditure of energy as well as out lay of capital furnished occasion for a readjustment of our perspectives of tha war. Tho new British war financing projected into the field of financial consideration an assortment of baf fling questions, nor was all the routine of domestic news entirely satisfactory. Some disappointment resulted from the Supreme Court's postponement of de cision In tho International Harvester case as well as from the decision ren dered In the Lackawanna coal case. The Western rate hearing was a reminder of the troubles which demagogic politics has made for the railroad Industry. The announcement of New York city's bond Issue of 171.000,000 at 4H per cent. Interest wns a new token of tho dif ference which the war has made In the cost of capital as compared with a bankers' money market of extraordi nary ease. Crop weather advices wers somewhat less propitious, and ao on. There were offsets in signs that railroad earnings nro picking up nnd that more and more of our Industrial capacity Is coming Into employment in response to the Impetus whlah war born trade had furnished. Tho foreign exchanges contributed further to the Inordinate strengthening of our financial conditions, but In tha balanco which could be struck between favor able and unfavorable marketwise de velopments, actual or conjectural. It would have been possible for the Wall Street share list to have been much weaker without exciting uneasiness or surprise. The fact that It was not weaker was. In a way, proof of the strength of the foundations on which values now rest and the trend of opinion regarding the future. On the other hand, while the Immedi ate uncertainties of the situation evoked no very depressing reflection from stocks, the market did testify to the conservatism which Wall Street la practising, and conservatism In the stock market Is a measure or tne cau tion with which affairs are being man aged throughout tho country. Nat urally there Is caution. The times call for It and require It, but there are apparently a large number or people who think there Is nothing to do but cry restraint in the market place anl urgo everybody to a minimum or en terprising effort. On tho contrary. what Is wanted Is more courageous ac tion in a direction of endeavor to ex press adequately tho underlying confi dence which exists and mako use of the facilities which .tho war has added to our normal resources for a great forward movement In trade, Industry and finance, nattier curiously, it must be confessed that while their feeling Is one of sturdy confidence regarding the future of values our banners are worrying. II a are Bnnklnsr Power GrosrlnaT. They are not worrying about the calamity which the European war has brought on the world. The conflict, with all its horrors. Is now something which cannot be helped. It has to be accepted as a stupendous fact and dealt with accordingly. Our bankers tice that the war hns brought to this country a vast economic opportunity, together with the means for realizing It, and they cannot see, the temper of our people being what it Is, that anything is likely to happen which can mater ially qualify this opportunity. Much of the mischief which domestic politics has done In recent years is In the way of elimination as tha result of the lessons In the nature of business which the war has taught us, and a fact which has to bo accepted llko the fact of the European war Is that the United States Is in a condition of wonderful Htrength for the achievement of an unprecedented expansion of profitable economic activity. This, Indeed, comes vory close to what it Is that the bankers are worrying about. They are worrying about the way In which money Is accumulating In the country, not only In the hands of the people, Dut more especially over tne way in which funds are piling up In the banks and endowing tho mnnagers of financial institutions with a superfluity of lending power which bewilders even the most ptolld of practical financiers. Our bank ers are wondering what to do with all this money; how to make It work profit ably for themselves by mnklng -It work usefully for tho country. It Is tho pro verbial plethora of riches bcomo an ac tuality which Is giving the hankers con cern, and they are asking themselves what Is going to be done with the bank ing power which is growing night and day. Now nnd tnen a banker hero nnd there gets up and utters a solemn warn ing ngalnst a surrender to temptation to permit funds to be absorbed In specula tion of any sort, but for the most part the banking community secnia to give only nn ncademlc recognition to the most obvious and serviceable manner of em ploying tho funds In their care. It Is doubtful If there are any bank ers who ilo not ceo that much of the financial strength which Iho counlry has acquired should be devoted to building up tho finances of other countries nnd exercising the present international as cendency of American finance for 'Zio benefit of tho nntlons, whether at wni-or peace, which out of their own necessi ties have been placing our tlnnncfts In the ascendent. They know nt bottom that Hero Is tho thing which should be done; that wo should be making the dollar the slnmlarrt of value In the In ternational money market ami the vehi cle of liitermitlonnl trade. TViey know that we should ho lending heavily abroad nnd making a market here for the for eign securities with which other coun tries enn ray for our goods nnd on. modltles, nnd yet they urge all manner or argument against it. According to tha latest return of con dition the national banks on May 1 held more than 1786,000,000 cash, which In effect represented Just about the excess or their reserves over requirements un der the stipulations for the Federal re serve act,. This Is about five times nny surplus reserve which the national banks ever held In the past under the most redundant conditions. Returns from State Institutions, which largely out number the national banks and exceed them In banking power, nro lacking. but their position may be inferred from national bank conditions. On tho face of their reports the Federal resorve banks, which have been In exlstenco a little more than a half year, havo suc ceeded in employing less than 15 per cent, of their total of 370,000,000 cash, nnd In relation to the business possi bilities of the Federal reserve banks this percentage Is only a negligible frac tion. Moreover, what the reserve banks have been able to do In getting busi ness lias been largely under forced draught. There Is literally almost no causo for the national banks to avail themselves of the privileges of the re serve , banks now when tho national banks themselves have such a super fluity of resources. Only tho other day tne reserve oani: or .New York sent n letter to Its member banks explaining In patient detnll the mannor of resort ing fo Its rediscount facilities nnd pointing out thnt the national banks of the New York district had about ,300, 000,000 of commercial paper eligible for rediscount. While the letter bore tho guise of an explanatory communication it was inferennally an appeal for the member banks to do business with the reserve bank. What la going to be done under bank ing conditions like these? The clear line of action, as every banker knows and as every business man who Is big enough to appreciate the opportunity now vouchsafed to the United States knows also, was pointed out last week by Governor Strong of the New York Fed eral reserve bank when he said In his address at Saratoga before the New York State Bankers Association: "The situation Is one that might eaally lead to a riot of speculation. Inflation and exploitation. If the bankers were so un wise as to permit it. Wo may, on iho other hand, employ this vast credit to meet the demands of the commerce of the world at a tlmo when we alone of all the great nations are able to nil the gap In tho world' credit sys tem which has been created by the European wnr." Chance for American Finance. Kverv rap nf 1.1.1. - - -" ' vllll.,.lliaJl VU!CJ1 American finance has worn haa been uuiicruiK in ine oreeze or banking dis cussion All nvr th u. .i ineluctable fact as stated by Governor utiviis hub come up ror discussion In re cent weeks. We have been told that Americans will not buy into a war and that they do not want foreign nccurl tles anyway and that "when things get coins: strain" to iti ..... -.1- . v nc 11 11 1 j or. use at home for all the money wo can ...... . urn in a position to ac quire a billion dollars or more of for elgn securities In the course of this year and tho next without any dlslodg ment of our own securities, nnd If we let foreign securities come here to set tie to a large extent the balance of tl'u U.iie whlch ar8 btln cI--"l through the present commercial nnd financial centres of the world. Now ZVk T!W 1 fln? .tnnt ,he commerce established .faior narrn.n..it ra of peace. KraILAnr nnanc,al analrsls which can be mndn wm r- ,M i. . . . -- novo to xport capital and have an entire sufficiency for ounerex Tt..i ,,, can extend a hug. volume of credit abroad to be- v. Jil "u 01111 our oanKers k.k .... 1 .1 lor lne country to .1 ,hAOUt. Vhe "nlerwritlng of trade Shl-1".i,J,?r,,Lprore" ln other lands. ir- .v. 1 I: . 00 not "now how ong the war will last nor what will be of itoiSSJL0' Ve conom, 'or war ZltH rt"rent "untrlea after the ,.... v "! ocen Drought against American bankers, that thev were onlv hnnw.. i . r l"'y tlm.. --.. in fuuu snq easy t mes, and brokers In bad and hard times. Dees American finance look only unlefa ,tUrhthln,r7 W1" Jo no'""B unless It has a copper riveted certainty ?L!h?eqVel7 Th0 trmh of course Is that this Is precisely the time 5f all ,me!! W.ten ?ur balng should bo tak" ing on the character of banking for the world with 11. iliimitohi. 1.-C..?.. " . nri?.,?"d "tlc banking power nnd 1. V 7 ' . " lne European war Is belnr iv.irl 1, " . ini? "nnne8 o o the big things ,.,, a l nance 10 do. After the war It will 1e too rate. Now and only now Is the time to begtn to lend freelv to nthor nnllnn. .....1 i . .. securities of other nations In that spirit of enterprise which takes calculated risks to exploit business opportunity and A real banking community confronted with the opportunity and the power to take advantage of It now possessed by the bankers of the United States would not reckleanlv nmm ... . ... - -- 1'iuunivg 10 ine winds. It would, however, deliberately fltlrl t11naVavMtseitu an vuw.ubuh.v . xiore is com Rood builnesa tn h .-1. hw . u countrlea which need money to butld tin rtmmrma !.,! .1.1 - . I . ..re., uiuusirica una paironire ours by trading with us. Let us make them iur ii, uui 101 us give tnem accom. modatlon." If Mav Tvrk i. ..... . i.. come a real world centre of finance and If the United States Is ever to become a real world market there will never 1e a more auspicious occasion for Inaugu- '"" mo unuenuings wnicn will es tablish Our flnAnrlnl n n1 mmm...1 supremacy than that which the Euro pean war la affording. Nnthlnp I - mnr. ....ruin , V. - n . t. . n - n . . . ...... .111.11 II 1 11 1 IV C are not going to get anywhere by In- mims un gom payment ror everything thnt wa Tnnrt nHnv thl. .iii. - U......B iinii ii 1 1 linn porlod of worldwide strain, nor by con. uiiiiik uur ioroign iroae to the Duslness which other countries are doing with lift nut nf ehulr nwn ,11m i mialtu buslness men and bankers have been trusted for decades by the finance of other nations. Our good faith has been confidently relied upon and It Is time l oliu r wiiil- vo IIJIYO (JUaillMMl 1 fcr fi folfrli nlnfta In tVlsk annnnmli by recognizing the good faith of other countries. When tho European war Is over all the countries- Involved In It or nffected by It will devote their en tire attention and so much strength, as thoy have to doing business again. If we become bankers and merchants for the world In the largest possible sense during the war all nntlons will be more than anxious to havo good credit with us after the war. LAST WEEK'S BOND MARKET. 1 High- Sales. est. 2 ArtamaKiis 7? 10 AlbASul'is Sl!i 2 Am AcrlcCli cvSs 101 1 Amll&LCa.iaci 3 Alee deb (la H3 SO A.SroS.Ms.ltn 231 Am T A T cv4Hs.,.10?5( 08 Am TAT rlt 4s Mi 41 AmWrltPSe ftt 1 AnnArlstts 65 2S Armour4ls b t AriOov M. 03 4ft A T isr CTls toili 17 A T It S I' cv a 100H 1H A T S I' cv4i.iwe.l0li,' US A T 4 B r ru s ua 1 AT3F fa Iow-CT(si NM 191 6 est. Inc. Ch.Hlch.Iiiiw. HH H 7.S ;o M 6J J, so rs mi IRI i 03 Ml loa no lain loojj 83 1 V.i Mi m lom mi a ica loan 101)j 101U -I ID1)( OA M S7M tv,i a M U V'i 111 01 DS 101!( 101V( 100H loon iooj, iooh Ilk MM - H sU st H 70 BIT, -t! 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S7M 1 KCSe rf Ca. IOVj S KanC ter 4s 88)4 3 KC i:i L&P cvCa 1033.118 21 Lit Steel 3s 1923 02)4 01)4 01!4 4 03)4 tt ICS I.k Steel Cs IV50 71 7 LacinavVUOl 18 Lacl lias at Ml. rfc 6100 2 Lc Val Coal Ca 102M 103)4 103M H 104)4 102)4 1 LehVaMMslOOM loo)i 100'4 J4 101)4 uo?4 0 I.eliVal con Wi oo 4 oo)i tl!l 9i!4 - !( 0314 9o)( 00)4 j 4 03 fCN tf2' 84 124 124 M 121M 123 123 123 123 123 113 118 MM8 115 T2!l 101 72)4 -1M 78 101 101)4 es loo; 4 09! 4 103 4!s 01) 10 ISAMS42! 01)( 71 I.S4MS4S31 01)4 0 I.S4MS3'4a H?i 8 l-UA M 7s. 121 2 I.leftM7l r.123 10 l. 4 M 4l.l()l)4 1U014 101 6 I, Isl Ma. . t,H 81)4 SVi 1 IAN en lis. 11214 112)4 112)4 14 I.4.N eoU5al07 Ku!a UKi' i I.&N col tr Ca 1024 I02!stl02!4 33 I. AN 4s... 93)4 03!4 u!4 B l.&NNOft Mist Ill)4ll4i 1U4 23 Msnhtn 4a. Wi Ml; 101 07 97!4 00 n!4 i li !4 1JJ (ioi $ MM 3' iiillC lloa It I07M loo) k 10314 103)4 W,H HI 113 B3 Manhts std 89 221 Marina clt 4!4s Bt Ml Marine 4! is clfs SI 10 Mex I'et On Series A. 103 1 MlchCdbla M 2 Mlinaslstla 91)4 1 MA St!. Be. 87 161 MA St Ms. 53 0 MoKAT4t. 77 1 MoICATid. 37 74 MoPao con. 100)4 10 MoPaocvSa 38 M)4 cn, CO' 4 102 po oiM 37 4014 76M B7 M 38 11314 "!4 M 91 as ' Si mi M)4 tl)4l)4 tl!4 1M 20! 4 33) 4 C3)4 78) 90)4 102 1J4 CO -3 01)4 7 74 MM 3M 77 1 87 M 33 33 9M M 101M 93 384 UM u in 83 03)4 Kit 83 W 4') 31 73)4 Low-Olos- Net 193S est. Inc. Ch.lllgh.liow. 87 -1)4 M!4 87 00!4 ii 98)4 S0)4 87M -2)4 03)4 37 37 4 00!4 87 100 91 03 7)4 100 01 03 93 100 100 93M 8314 !4 08M 92 - M wj 08M 11) 108)4 Hlfh. Rales. est. t MoPaetazO MM 10 UoPaoBsl7 01M 37 MoPao4a.. 39 1 MAO M lat 1st Bs,...10O 33 Xlontl'owSs 01)4 3 KstnnamSa 03 18 Not Tube &s 03M 20 N V canal 4!4s 100)4 109)4 100)4 1 IS Y Canal 44 1905.. 104)4 1044 104)4 M 104)4 104M 742 NYCdbfts rets f p. ..104 103)4 10SM 101 00)4 30 N YOdbes ' rets 1 pd.103 1024 103 4 101 100M 37 NYCen 4LJS 80 M)4 83M 4 MM 86)4 43 NYO deb 4s 83)4 88 8)i )4 69 MH BO NYCen 34a 83 70 70M J4 81)4 78)4 2 NYCLH3MS 74M 74M 74)4 M 73 7114 1 NYCIIJ-4'is 1917 .Nov. 101)4 101)4 101)4 )4 101)4 100)1 t NYC44s03.K'3M IU3M 13M H 103)4 101M t NYCIty 44s 1937May.l03M 103)4 101)4- H 103)4 103)4 3 NYCIty 44s 1H7NCV. 108)4 103 l( t 103)4 103 C4 NYCIty 4!4t 98M 98M J4 IM !6)4 KSO 00! 4 4t N Y City 4)4 1984 00)4 t NYC 4S 1030 05! 4 1 NYC 4s 1038 0SM 1 NYO 4s I0C7 03)4 10 NYO 4s 1033 Ttt 07 83 NYdaaKI I, it 4 I' Be. 103)4 103M I03M H 103)4 101)4 10 NYdasltl I. S3 83 83 08)1 ts 03)4 osh f8M - !4 Ioom eSM t ii tin Wi otM H 97 03 0t)4 9714 03 07 07 3)4 97 04)4 110M 111 - M I3 8 83 101 60 80 63 68 80 80 68)4 eiM M 101)4 101 '4 M .. "CM 78M 7U HAP 4s. 3M 23 NY.MI A II cvrs Ill t NY MI A II ,4s ion.... so 3 NM1AII rv3M... 63 1 NY4NJ Tel Bs 10114 101)4 101)4 II NU)AV4S. 734 78 78 31 NYItvsfela 71M 0M 1M 73 NY His aJI Bs f3 ro4 n im m :o 1 NYS4)4s..lC9M 100M IW!4 M 109)4 10S 1 NY.S4S6I .100)4 10014 10OM )4 101M 0974 1 N V State 4a aire.. I0OM I00M I00M 1M IOOM 100M 3 NY.S4s0O,.l0OM ioom ioom 100)4 100)4 63 N Y Tel tf 4s 07 MM 06( M 07M 4M 4 N Y Wcslch AUoe4!ie. 78)4 78 78 2)4 73)4 6f!M 4 N A W cv 4)4S K3M 103)4 1P3M 103 100M 37 NorftW4s. 01)4 00)4 00)4 M 01 10)4 1 N4W 10-20 yrcv 4a.. 103 B NAU'l'oo4s 84 2M NorPao 4s.. 01)4 MS NorPaeSa.. 61) i 6 Onti'orf is. 04)4 23 Or ACallst ts 100)4 loo4 1031.4 M 101M 90M 20 OrltyAN 4a M)i 68 M'( la 01)4 83 3 OrShortLCalOS 104!4 104)4 1M 108 100M 20 UrSI.fdc4s MM 87)4 87?4 M Vl?4 87)4 7 I'acotMo4a 8554 83M 834 )4 87!4 63 0 PacTAT 3a. 07)4 97)4 07M ii S V414 127 I'a 414 1980 tern ctfs. 103)4 M3M 103)4 M 10474 103M 3 Pa 4!4a3l .100M 100M 100M M 103)4 00M 814 )'agm4Ms temctft.. 08)4 MM M)4 08)4 97 17 Pa 4i 1011.. 01 07M 07)4 M MM 07 77 fa cv 3141 C103M 100 1M 100M 90M 8 POasACcn.lll 114 114 1 113 110 1 ptjasACoke fde ioom ioom 100M M 101M 100 1 Pf-oAK 1st. 60M 60)4 60M CS 60 11)4 11M UM UM 103 3 to 63)4 04 103 103)4 fM M ou)4 vom IX 9314 MM )4 68 00)4 67)4 a 94)4 1M 04!4 924 t PereM refia 11)4 1 I'CC A M L 4)4s aer 11 M)4 2 PCC A at L 4aserD.. 03M 1 PLorlltil7al20M I 28 I'lxrllM Cs. 094 10 PocConaOol efts (64 33 Publloflerv CorpNJts 87M I IUyOCop6sl33 3 ndctento. MM 3 Hde-JO col 4a M 14 niAS.'s 40. MM 81 IUoOn-4s.. 71 3 Rio O W ool trie BOM MM 934 -1 101)4 MM MM MM M MM 03M 20)4 120M M 134 120M MM 00M 102 08M 64 H M 33 88M 7 - M MM M 133 1 110 103 2M H oM OIM 87 133 3M M M 71 - M s - M 71 M MM 03M 73 com 3M M com tt 1 mVAUcon.lC2M 102M I02M M M I03M 103 30 StLAIMt 4s 6t 63 63 -1M 71 63M It StLAIMt Ba 04)4 M MM M I01M M 8 StLAIronMt ItlvAOUts t7 M M 4 M 14) 1 StLRockyM APBstScIf 81 I StLASt ra 6S 108M 106)4tl06M 81 81 -1M 83M 73 38 SlLASKfdir 67 It SlLASP em 3S1027.... 46M t StLASP ren Bs 27 clfs. 46M B StJ,ASP3s 1027 rre.. 46 10 mi.SW 1st. 74)4 6 StLSW con 4S 34 11 St l M A M 44s 101 101 101 8 StP MAM confta.. ..110 110 tllO 68)4 )4 46 74M MM -1 6M1M 4M V M 108M 104J4 71M mm 61)4 M II 334 44 74M 40 M iT74 t7M- 44 73M i t34 toi)4 loon 12014 U7M 1 StPANPOs.lOOM 10014 too)l 114 111)4 100'4 Z HAAAl'ls.. 73 73 72 1 SO 72 3 Scabd Air I. AtlAlllr 4a S3 4 SratxlAL 41 slimprj. 79 79 70 20 feabdAL rf 4a 67)4 67!4 t7)4 70 46 SeabAI.adJ 6314 0411 63 7l 1 So llell T4 T Is 07)4 07J4 07)4 0M M)4 3 SANAIaBs 1963 100)4 10074 100)4 )4 105)4 210 SoPao cv Ba 00)4 00M 00)4 i 101M 113 SoPaccr4a 62)4 8P4 6IV4 !4 S-Vi 16 So I'M 41... 62 K2'4 62M ) 83 3 83 81 70 IS14 78)4 68 33)4 218 SoPac ref 4a 864 16 i Pan S 1' ter 4 80' 4 t SoRyMplst 100 63 Soutbllyts.100 1 SoRytsree M 15 iiolty em 4a 64M 2 Stand Millie 91 MM 83M-1M M)4 tl C9M 03)4 S0)4 1!4 MM 80!4 60M 87M 77M 100 100 H 103 08)1 vo)4 100 14 tot oM 06 03 -CM M 03 64 64 H 60 63 01 01 M MM 8SM 1 TCAIiatn.loiM ioim I0IM M 014 100)4 1 TO 41 IstT.lOlM 101M 101 M M 101)4 101 1 TennCoallA 101 101 101 100 99M 9M4 M 100)4 07M HRrnCt.ioi 11 TcxCocvfta 0M 12 Tex A I 1st Ce 04M It ThtrdAvret a 60M 26 Third Av ad I U 60)4 MM 3014 774 93M 1!4 COM M 60)4 - H 01 03)1 S2'4 70M SI 7.1 1001 1 TAOCenlet IOOM 100)4 100M J4 103 1 1 TilCIUHAI. Ca 04M Wi 041 M 97)4 94H 172 U Pao4s... OCM 03M 03M M Wi Wi OS Ul'aeref 4a 634 87)4 67)4 IM 9314 87)4 M IJI'secv4t. 0OM 80)1 00M M 91)1 8314 7UnInSrfd 43 43 43 68M 43 4 US8sree.,.IC0M 1C0M lno'4 -1 101M 100M 7 US4acoup.Ul 110M U0M M 111)4 110)4 JUS Pan 3s coup 101 101 101 Mioiuioi 3 US Pan 3s r 101)4 101)4 101)4 M 101)4 101M 7 USltubCa..l2M 1X2)4 102M !4 103)4 101 U 201 USStlsf Cs. 102)1 101?' 102 M 02 0M 3 USSII SI Cs rre 10IM lotM lolM - M 102M K)4 10 UlaliAN' Ct.l03)4 10.1)4 IM'i 103)4 101 221 VAMiiruicn en 07)4 01 03 )4 UruaACrtt 631 14 Va -Car Chi 07)4 1 ValCACCs. 63 S3 eS 7 Va)()'3a... 03M 91 03 20 Walmah lsttni 4 lot lot fOM 4M 71 07)4 ?1 MM M14 9!l 10:14 87)4 7M4 73 71M 51 93M MM 17J 4 91 4 Wabash 3d. 03 011 03 1)4 63 wabntiTor llylstlactf t 4)4 6 M um 4 63 Wab ex Is.. 23 20)1 2011 1)1 34 IS' 4 23 VAbcx4sKq Trust ctfa 22 20j 20)4-1)1 27M 19 60 Walicilnlli Tr ctfa std 20J4 10)4 19)4 )4 3) 17 31 Westu i:icu Ca 101)4 101 U 01!4 )4 t(3 0u 20 U NYftPa III Vi I02.M 102M !4 I034 I30M 1 WNYAl'u een 4s.... 76!1 76)1 71 !4 6 WtbtMd 4S CS 67)4 68 1 B WciiUnCis U1I MM OIM M 1 West Un Cs. 06 00 DO 14 311 ckifnuiisa l.leccvCs.1004 103)1 101 101M "M 137 Westehouso KlovCsctflOlM 103J4 104 M 101)4 103)1 Ot nrsMuouso notes 100M 100M 100)4 ) 100)4 ssw 3'VhALKcn 34 B214 62M M 63 B3!4 Bond Snlos. Last week, tl .1,0 1 3,000. JTfYlD'H sreek, 114,703,000. Jan. 1 to date, 1387,074,000. Same period 1014, 13 70, 1 34,000. t Seller M dart fiat 1 Seller 30 days Oat. MERCHANTS TO SEEK GABLE CODE CHANGE Four Interruption of Business Service on Government Owned Lines. The Merchant Association of New York, It Is announced, will ask the State Department to obtain (Jreat Drltaln's consent to the use of the general tele graph code In sending business cable messages. The object Is to protect pri vate business against the nets of Gov ernment owned cablo nnd telegraph lines abroad. "Tho committee on telegraph and cable codes Is convinced that the continuance of the free use of cable codes, which Is of great Importance to business Inter ests, may be prohibited unless this coun try nbtalns the right to participate In the International Telegraph Convention, which regulates tho use of Government owned cable lines," says Greater Now York, the Merchants Association maga zine. "For most of the communications necessary in foreign commorce some of the telegraph lines managed or controlled by foreign Governments have to be em ployed. While such lines depend upon commercial messages for tho cost of maintenance, as all lines must, there exists In tho fact of governmental con trol the theory of a use to which com mercial Interests are subordinate. "So far ns that may be Justified by consldera"ons of public welfare no ob jection enn be raised. But In time of peace, and when the lines are entirely free, there remains the possibility of Interference. "This concerns us nearly, because the rules and regulations by which all of the Government owned lines are run nnd which tho lines of private owner ship have adopted are made and en forced by an organization In which tho United States has no voice nnd to which It is admitted by courtesy only, the lnter natlonnl Telegraph Convention," TO QUIT AMERICAN REGISTRY. Dollar Steamships Driven to Sail Under British Fin sr. Sam FnANcisco, June 27. lieeause of tho new seaman's net, effective Janu ary 1, vessels of the Itobert Dollar Steamship Company are to bo changed to Hrltlsh registry. Robert Dollar, presildent of the company, Is on his way to Vancouver to arrange for a transfer. The company has five vessels, four being ui.Jer foreign charter. THE CURB MARKET. TRANSACTIONS P0R THE WEEK. Transactions In detail In the .market last week were as follows Open- Illah- XiowCloe- SV.J!-.,.. '"" "'- ln"- 4130 Alliance Film i M 4 T4 2 Am Mach A P... SS SC tt re 27400 Am Zinc cov C7'i ; UK 11909 Alaska Juneau... ili 14; i: 144 12400 Alta Con Mtnlne. 70 72 tt 72 24900 Atlanta 30)4 SH4 n 2100 Hie- Lcrtce TJer... 14 11-11 14 19-18 TSOO Illr Cottonwood, i I I 11000 Pra4en Copper... 7i 74 7 74 14S00 Dooth 80 64H C4 tl 100 Brit-Am Tob ord. 14 1H it ! 800 Butte N Y.. 14 1H 1MB 1H 2333 Canadian HOC IS 3 IS 2 71000 Car IJebt A P... 4T 74 4, 7)4 BM Cramp Ship 85 14 644 CI (IM 11X0 Caribou Cobalt.. 41 43 45 48 11300 "Cashboy 7 7 M 7 ITM Chile Copoer 2M 20Vi 20 300 Clubman Sons of 37)4 37 07 11700 Cona NeT-TJtah.. 7-13 M 7-11 7-11 7000 Cone Art son lMt 13-11 13-18 fooo Canadian Copper. 1 1-11 1M 1 1'4 KM Dome Mines...... KM 17M 1H 17 2600 'Dla B Butte a p. 3H 3i 3 3 3833 Electric Boat lit 134 lit 123 13M Electric Boat pf.lll 124 US 123 30(3 Emerson Phono.. 14S 144 1114 lit 10040 Kmma Copper... 11 13 22 27 100 Flak Tire 7C 7C 73 Tt 8BM Florence 49 U 40 C 2eco Greene Cansnea.. 40 41 U 404 SMO Qeneeee Cooper. 42 41 41 42 1410 Ooldfleld Cons.... IS IS IS IM 21700 'Ooldflolil .Mereer 221J 2H, 22 22 1700 Inter petrol H'i M. 114 is IW) Inter Con w I,.,. 24V4 2:4 24 21 1600 Inter Con pf w I 78 774 7 77i lit") Inter Mrc Mar.. :; 2M i; CS23 intrr Mrc M pf.. S M 7'i 74 70S Inter Mctnr 1J' II 13 11 2S Inter Motors pf.. 3.1 3 J3 ! S'J! Inter 9 Pump 8 4 7 ICS Inter fi Pump pf. 7 20 7 1 74i0 Iron Dlosaom fl M U ft tr.OO Jumbo Ex1en....l 17-12 1 11-18 IM IMS CIO Kelly Spr Tire. ..ISO IK IM 160 S'l Kelly Spr T 1 pf. IV4 fM M4 Kelly Spr T 2 pf.KO IM lfO IM SM Kerr Lake 44 I'i 4 7-13 4 7-13 4C00 'Kewsnas 14 1C 14 15 32OO10 Klnnecutt Cop.... 2JH 324 29 311 1100 1. Hose M 0-l '4 1300 'Ixine Star 7 7 C 64 100 1.eh V Coal Salef.tC7 147 160 187 WfO Marconi of Am.. 24 84 24 8 SCO Mutual Profit flh. 7 ti t 11CM McK D Sav Mln. 21 23 4 14 tKM Malestle Mines.. 35 100 n M 1404 Msnhat Transit.. 11-13 ;( 10 N Y Trontp 1C4 1BU 14 S 144 ISM New Utah Bine.. 3 7-18 K 8 t M0 Nlplsslne Mines.. !, 34 4 3300 27erala 11111 21 2C 21 It 18400 Oro 10 10 3 3 4o Prrene Mrt 144 104 104 10 13100 Rlkrr-Meg Corp... 7 74 tft t 49600 Standard Motors., t'i 24 4 74 4000 Sells 26 27 28 27 1000 Sandstorm Kend. 8 8 8 8 1700 Stand Sll Lead. ..19-18 1 0-13 1 8-18 1 t-lt 248700 Success Mining... II 32 77 31 11CO0 Stewart 3 3-13 3 T-33 3 Ml 2 8-33 700 Silver Pick It 11 11 11 23200 'Super Mtnlne.. .. 21 24 33 24 HMO 81 Joseph Lead.... 184 134 II 124 2000 Sterllne Outn 11-13 18-19 1 1 27900 Tononah Mereer. 41 41 40 40 1425 Tono Mln of Nev. 74 74 7 74 45! Tononah Txt 8 3 1-13 8 3 CIOOTrt Bullion t-ll S t-ll 11-31 3800 Tnlaroee, 3-13 3-18 3-18 3-11 24300 Tuolumne Cop,... H ll-tl 4 3-l 2S.v Un Cle 8t new.... 104 104 10a, 10, ceo Un Cle 8t pf new. 12 114 114 jjij va Un Cle St of Am. 10c 10s ' 104 10c 1(300 Un lYof Shar 3 3C-18 3 34 7200 'Waaatch 1 8-13 1H 1 S-1C IS 22JM 'West End Con.... 84 37 77 SO 310 Wnbali w 1 13 11 1:4 1J4 2000 Wabash pf A 43 47 4.'.4 4C 1238 Wabash pf B 23 23 2:4 224 S00O 'Weet End Ext..,. 4 4 4 4 S200 World Film 44 4', 4S 44 200 Yukon Gold : :t z 2 STANDABll Oil, RUllSIDIAniES 2100 Amrln-Amer 174 14 134 13 Atlantic Reflnlne. .. Co) CCS CiS CO Buckeye Pipe L 104 101 101 C Eureka ltpe I, 2M ::i 2M 10 Galena Slrnal Oil. ,, lis llii its CI Illinois 1'lpe Mne. .. 133 132 ill TiIiultnna Pipe I, V) 31 so 11 National Transit.. ,. 10 204 30 10 Northern llpe L. ., M ft (ij 131 Ohln Oil 1ST 131 K, 1013 Pierce Oil 114 104 10 19 I'ralne O A (5 314 311 314 1031 I'ralne Pino I 141 110 IIS 43 Southern I'lU" Ii. .. 213 211 211 1 South IVnn Oil 273 273 273 4 B W P.i Pipe Line .. 110 110 110 143 Stand Oil of Cal .. ,, 2S4 27 ITS 15 Stnnd Oil nf Ky.. .. 2(3 SIS 2(3 C2 Stand Oil of N .1 .. 4C3 890 399 Ml Stand Oil nf N Y. .. W W 113 8 Stand Oil of Ohio ,, 423 4!3 4: 78 Union T.ink Line, .. M 7514 no 24 Vacuum Oil 2)0 im jjj BONDS. t!0W Chile Copper 7s...ui, S(W-0 Klnnecutt Cop s.l!(i, ;27(K NYC 44s '(3 T l.inj, 2000 Pierce Oil 6 73 1M0O0 Wert El conv H..107 Sell eentt per share. 117 130 73 107 1164 1144 10:4 TS lo4 U4 119 10:4 TC 107 nnllrnact nnd Other Shares. Tho following table (gives, In addition to the sales ror tho past nce range of stocks on the New York Stock Exchange, their dividend yields at th, latest dates calculated on tho closing sale or bid prices on Friday night: S3823 100 eio) 100 Dlv. yield. Stocks. falcs. 4. oO Adams Express.. 300 Alaska Gold 108)1 AlllsChlmrsMfe . &71 AIIKChlmllfiTpf. 400) S. 0 8 Amaleamld Cop. 3933) Am Beet Suear... 01 7.2 3 Am licet Sua pf.. 0100 7.0 8 Am AgChem... . 300 O.AO Am ArCh pf. Am Brake -Shoe Am Mr Shoo pf.. Am Brake ct..., Am Brake ct pf Am Can 0.0 7 Am Can pf H. 7 4 Am Car AT U.l 0 Am Car A F pf.. AmCltlenpf 0.83 Am Coal Prnl.... 1810 0.3 0 Am Coal Prod pf 133 Am Cotton Oil... 100 0.7 4 Am Cot Oil pf.... 100 4.0 0 Am Express - Am Hide A I. 210) Am II A L pf 27iT) - Am IreSecur.... 23)) Am Linseed lu Am Llnwed pf... 20) Am Locomotive.. 29101 7.2 0 Am Loco pf C33 Am Halt Corp.... 700 7.0S Am Malt Cor pf.. 200 a. DO Am. Smelting 3C30O I), 3 7 Am Hmelllnc pf.. 238 0.3 3 Am Smelt Sec 8.2 8 Am Snuff AmSnuflpf 8. 13 Am Steel l'dy.... 1019) G.a 1 Am Suear CO) 0. 1 4 Am Surer pf 830 fl.3 3 Am Tel A Cable. (1.4 0 Am Tel AT B.8a Am Tobacco a. 0 4 Am Tob pf new.. Am Woolen 8.2 4 Am Woolen pf... 270 Am Writ Tap pf. 000 2.8 1 Anaconda 43223 Assets lleallttn a. 0 0 AtchT&SF 4.0 0 Atch TASK pf.. 4.8 1 Atlantlo Coast L 0 7 Ualdwln Loco.. ..113300 0.83 Baldwin Loco pf. COO O.al Baltimore & Ohio 27000 a U I Baltimore A O pf 3723 Balopllas Mlnlne TOO Bethlehem Steel. 23030 0.0 3 Beth Steel pf BP Goodrich.. 0.0 3 11 F Goodrich pf. 0.8 3 Milyn Hapld Tr.. 0.3 0 BklynUnGas.... Brunswick Co.... llrown Shoe Brown Shoe pf... Butte Superior I 0.7 ButterlckCo California Petrol. 1 1.4 Cal Petro pf .no 0.70 Canadian Pacific. C4S23 7. ao Central Leather. 2C3O0 0.7 0 Cent Leather pf.. 4.8 0 Centrcl Bitot N J Chesapeake 4 O. Chi A Alton CM A Alton pf a.O O Chi A Northwest. MS Cld Gt West 800) Chi Gt West pf... 3500 a. a 4 chi ma stP c4so Week ended Jnne 20- llleti. HO 3 834 I 884 04U 7 00n a lfl aa 80 80 3 73s .1 88(1-1- 1 73 I Bl, OIOh 0 4l 7 30a 78 - 48 ao H4 83 ai 02 COO I 03 233 I a 71a 4 07 1 02U aota 1 13 l.ow. Closing. Cbange. 19a a 2U n la a 1 484 0 IH On 1 103 1 a7i-t-4 0l3 IOOI3 1001a A27g a 014-1-113 113- onifl 1 ao 43 1 oa 1 0013 48 tt t "713) a 3 1 1 2 2013 0414 0 713 aia 27 823s 1 one 10219 lba 1 001 3 1 onia-f- 40 431a 1 OBOb 1 1 413 4 0 0 1 "7 3 314 201s 1 2 20U 40ia 07 a 20 78 1 00M 377 I 0 7-ls 1 1 41a 0 1 34 2OI4- 1 2 2 014 a 184 0 7 a aa 80U 1 O09 178 a Ha 334 14 114 14 4 1 14 1.1 34 34 40 10789 1 1 4ia 2300 184 1 23 18 4 400 2207S 22014 aaeia 323 107 100 107 8 07s 7ia 37 8OS4 71a 381 8O84 7ia 3014 ns a la 204 3(1 7800 I O 1 3s 1000 1 O II4 11034 1021a 7fiia 7 17 138 I 7 234 lOOIs 101BH 10 034 101 37000 100 33 10 1451) 200 CO) 300 fl3l 102 8113 7314 281a 1 a 3 0 1 an 42 104 04 1 O 134 7 4B 0 07s ' 1U I 03 aoia 1 00 88 0 7la 1 OCIfl- 7714 7 134 134 I 70ia 0214, 10a 88 - 0 71a 28ta 1 4la 37 1 4013 301a 104 7 2la 2 81a 1 41a 37 148 4 03a- 104 t 710) 4 0U 3 77s 3 0 120 1 2 3 13s 0 208 127 10 40 I 261 1 Us 20Ih OO 120 1 O 43 1 2 814 1 lOs 30U 0 1 127 1 eu- 40 eooo 3314 3 1 3 2! 300 ana ana an ia 419 1400 eso) 1003 16383 100 3300 I 20ia ooia OOla .1 e 1 013 7 034 3 I Bs 8 878 8 0 1 eas 08 0 0 .1 a 1 40s 7 80s 2 8la 887g 84 30 8 87 88 200 1 4 77s 1 4 77a 14 77a- la 890 420 4 1 8 428 1 8 MOO 43300 OOI4 1 1 a'4 V713 2 83a OOI4 1 I 478 10 t 2 834 OOI4 1 1 OU I71fl 27 - 10) OO OO 00 4 3CA;i 2 734 '2 0 2O84 Ig csoo 421h 40is 4lia la 111 3 434 '.1434 34O4 114 1710 3 3 3 0 34 0 KM) 8 0 4 734 40 37s 300 1 047g 1U4Ir 104ta U 100 12013 12013 12013 a 6.0 0 CM MA St!' pf.. 200 Chi Bid Pac... 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