The sun. [volume], December 06, 1915, Page 12, Image 12

About The sun. [volume] (New York [N.Y.]) 1833-1916

Image provided by: The New York Public Library, Astor, Lenox and Tilden Foundation

                
12
THE SUN, MONDAY, DECEMBER 6, 1915.
Will Utty Will lull
BO Ingirtoil Rand 25 Strip Irm
40 Inditn Ref. Pfd 25 Cmt. Oil
25 li'n Eipl. 25 Vacuum Oil
30 El Bl.4Sh.Pfd. '100Sludtbiktf R'lt
3 WlnckitlT 25 S. 0. Colrl.
100 Pic.6 4 Elie. 10Q Pae. GatAEtte.
Cm. 1ttPM.(lMi
Gude, Winmlll & Co.
Werner r S'nt Ytk Stoei Etchtnp
20 Broad St., N. Y. Tel. Rector 8880
Babcock &
Wilcox
American
Brass
FREDERICK. HATCH & CO.
PbuM Broad SIM. :n Braed At., New Trt.
Private telephone to DoMon nd Philadelphia
December
Bond Circular
We will br pleued to Mnd copy
of our December General Bond
Circular to inveator. on request.
This circular describe, a compre
hen.ive lilt of carefully .elected
municipal, railroad and public
utility corporation bond., which
we recommend for invert ment.
Send for General Circular 91
Harris, Forbes & Co
Ptmm Street, Ciraw WltUem
NEW YORK
Amer. Gas & Electric Co.
Amer. Power & Light Co.
Cities Service Co.
Pacific Gas & Elec. Co.
Standard Gas & Elec. Co.
Utah Securities Corp.
Lamarche & Coady
Phom- 9970 Rector
14 Wall St.
I'niltdSUlf tGoTfTiWrCilfcwitrirti
on hand $6,642,000
Lake Torpedo Boat Co.
Earnings on the above should
(how at least 50co on stock.
Th, is mil tnt Ikt ftmr$ Ml with
in tut i inula!
Bluett & Holllns
li Braaa St. Ma Vaeta
Winchester Arms
American
International Corp.
CLINTON GILBERT
a Wall nt. Tel aaao Rartor.
gjgejssjv - '. ,T?w'rTa'5,N
bankcrs trust
company
Act. a. Truatee and
Agent for Per.ona and
Corporatiorui.
BUSINESS TROUBLES
It, LONDON .t- BON Petition In bank
ruptcy flis.1 iy creditors agalnat I.ev.n.
md Benjamin London. composing tha
irm Of I. ',, ndon A Hon. manufactur
er, of fur hat., Baal itishth etrset.
Tn. firm mad. an aeatgnnient on No
emlier B.
J 'VVAVAOH. managar, Ml
1'av 174th nirce'. n1 a patltlan In
bankruptcy llabllitt., l-'.sili ait. I:.
BXAVTOS C MRISWOLD, merchant. Hurt
a.m V v . tli.Mi a p. iitton In bankruptcy
' llabllltle., f!,0l; aim-in. IMI.
Ilerelier In Bankruptcy.
2citir. r.i BNOVRAVINO co.-judga
Hand hai appointed Danlal u TomUn
eon re. . r for rt.. I nti-rtiori) Enxravln,;
I'oinpaiiy, lev K.dton street, vlih u
thorfti in irry un bu.ln.sa for twant)
uu Ha Wtt. tha assignee.
Haakraptey sa-heduie.
flC(. a NHIUI.HR, cloak mauufacturwa.
IB i l.xiu.,th atreet. ....... in...
' lUbllitl.., Ill.lOtl asset. 110,141
Bh IN Pal AN .v HENBOUjT, OfC., manu
faeiurer nf fltwm, 1.1 Wast Seventeent h
trt, I'litMlul. .how llabflltl, 17, Hi
...a,..., IK! '
rlAimv OOODMAW, men' fiiml.hln
,,' '''"'"''."s avenue. ohlulb
mow llabtlttl. :i.7.n: aaaota, tun.
--.'. ureaa r mni hi.
:. t.ii'l.,r,
aehadviaa ohuwin
ae1. of unknown
u-abiiiti.-, i
value
Wh.i.m M V BRWT. woman', furnteh-
boa llablllllra, 1I,.U; aawta, . ni
Aaalyninanta.
IAMVBIi RK'HMA.N. lry aoo,la and
mM , to skunual C, laviu.
.l ? ",,V''"-U-OWKT, woolon., I4H
Hjataf atrial, aaOduuaut ta Morrta la-
FINANCIAL REVIEW
OF THE PAST WEEK
War Order BurincM No Lonjjor
Sole stimulus n Pros
perous Activity.
OUTLOOK FOR RAILROADS
Trmlltlona of DamnW Mock market
Irraculartty. hnlt Wnd alar.knei, which
have not always bean maintained and
which have to contend now aralnst the
operation of powerful constructive forces
In the money market and general buM
neaa, have held WiUI Rtreet rrtlll In the
state of check adffllndetarad laet month.
Peace talk and political dlecuaalon have
helped to keep speculation quiet. The
enrce salvo conareetlon of axport frelaht on
the raltmada, whlcth haa required aome
thtnej In the way of an embargo, haa di
rected attention to aome of the dimcul
tlea of prosperity, hut aside from specu
lative Inertia there hUa been plenty of
continued activity In various fields
which atiowa that intrinsic values are
twiner enhanced.
Investment demand for securities out
standing Is not no exteiwlve as It was
Imply because new securities nf ap
pealing attrnctlvenees tire now coming
out. The brilliant succeas of the Balti
more and Ohio refunding bond trans
action Is of vastly greater significance
for the financial and business future
than in Interval of deeult'iry dealing
and surface uncertainty of pries move
inentH In the stock market, do also Is
the buoyant actlvtty of trade and In
dustry. There ta no letup tn the for
ward buying of Iron, steel and other
nietajK, of lumber and of textiles. Rail
road earnings are rolling up new records
In gross and net and banking conditions
still gain strength and ease from the
steady Inflow of gold from abroad to
augment banking reserves.
So far as the war Is concerned the
financial community Is Inclined to at
tach a good deal of meaning to the
growing weakm-ss of German arid Aus
trlVin exchange, while British and French
exchange have hern recovering with
aome flrmnesu. These are the tokens of
a fltuatton which does not conduce to a
great prolongation of the European
struggle. The thoughts of wui' banker
and business men are. however, less oc
cupied with the war factor In our corn
menial and financial prospect than they
were. They are turning to the possibili
ties of achieving a more stable pros
perity In the period of peace, using the
enormous Increase of our resources as a
result of the war to establish founda
tions tt permanence for our structure of
values raised In the prosecution of do
mestic and foreign enterprise.
There can be no (Uestion that the
groundwork of our prosperity Is helng
broadened Mr. Vanderllp's well ad
vised direction of attention lBKt week to
the certain and not distant curtailment
of war created trade was hut an Indi
cation of the extent to Whfch plans and
projects for the future are now taking
Into consideration the inducements to
enterprise offered by our perpetual op
portunity for domestic expansion and hy
the enduring International commercial
relations which our greJU store of wealth
and our splendid productive equipment
will enable us to cultivate. Already the
lift of donMstlO enterprise has begun
to he of more consequence than the ex
istence of war orders In our markets and
one of the things which Wall Ktreet has
undoubtedly been reflecting In It. stock
market halt bus been the shifting of our
businesa conditions to a wider baste.
Ther Is no doubt that thS stock mar
ket has been marking time, for one rcu
sun. bet-ause of the transition from wur
influences exc.uslvely to OOndKlonl n-hers
the factors which ar to fc-ovevn In the
future will be more operative Nexerthe
Wall Street huH given a stubborn
if somewhat Inert vote of stock mar
ket confidence In the outlo.ilt for vnlucu.
even when dOTnSStlc political culitl luxu
ries have been ndvertlsed as containing
portantj of disturbance In the ConaTaa
lonal session which begins tils week.
I'tiquestlonably some line on political
purposes has been awnlted, espe.inlly
with respect to Administration policies,
for the Administration should have a
good deal of control over the purty In
power, whose chances for a return to
Vower depend on the favor In which tl.e
Admlnlstriit ion a held by the electorate
next year. Although It Is likely that the
politician will not he able to damage
very much the prospect for prolonged
prosperity which has been vouchwf.'d
Wall Street reallxes how much politics
can do to hinder or assist the country's
buslneea progress
A great chance will be lost If Con
gress merely avolda tha enactment of
obstructive and destructive legislation.
Constructive enactment can do mudi to
promote our prosperity at a time when
financial and business confidence has
recovered so strongly as la evinced by the
activity and strength of the Investment
market, for Investment le the main
spring of enterprise In the modern busi
ness world The whole situation In re
lation to poMMcs Is Illustrated by refer
ence to the extraordinary opportunity
which offers to encourage railroad de
velopment by relieving the railroads
from the crippling restraints of oppres
sive regulation.
The railroads have always contributed
enormously to our era of business ex
pansion through their expenditures for
extension and lurprovement of trunarsir
tatlon facilities. They can be Just as
great a ftictor tn the immediate business
future If Investors are once more encour
aged by public policy expressed In rail
road regulation to venture capita! largely
Into the railroad Industry.
Oood news and bad news about the
railroads continue to go together. The
carriers are making larger earnings than
ever before and their position and credit
are being helped to that extent, but they
have been hurt no much In the past
that they huk capacity to handle pres
ent and piVMjpectlve traffic and the v)un
try's business Interests have already be
gun to suffer from the congestion of
freight. At the montent when theee
facts onnwnand recognition Washington
despatches announce that a movement
Is on foot, championed by Senator I'n
derwood of Alabajua, for an Investiga
tion of the condition of the railroads
under Federal regulation. At the same
time polmt Is given to the argument of
necessity for such an Inquiry by the an
nouncement of the Interstate Commerce
Commission's refusal to reverse Its rul
ing compelling the Eastern trunk lines
to give up their steamship service on
the Ureat Istkee.
It can be predicted safely that the
public will not find Its welfare ad
vanced by the divorce which has been
decreed between the rallrools and the
steamship lines which they have been
OpanaUni on the i ireat Lakes. Prob
ably the commission Is as helpless In
the matter as it seems to lie luid has
been obliged by tho applications of the
l'anama Canal act to decree thlH dl.
vorce. Nevertheless the provisions of
the liw In question are an expression
of a theory of legislation which has
alwavs made trouble for the people and
has not conduced to the general wel
fare. It Is the kind of enactment which
seeks to mulntaln nn Irreconcilable con
flict between Government regulation of
private properly devoted exclusively
to public service and a barbarous con
certtfn of the banafloles uses of com
pulsory competition. Tho Interstate
Commerce Commission haa alroady had
a hard time trying to preserve a bal
ance between llm requirements of rail
roads for remunerative freight rates and
tho oaargea (or water trtuiaejwrtetMta
through the Panama Canal. It will have
no easier time In adjusting lake and
rallwwy rates under the circumstances of
transportation now created. The rail
roads will have even a harder time and
the public will gain not bins; In the long
run from the emlxrrassment which will
be Itiflhied on the carrier.
There Is no reason why in the In
stance of lake and rail routes Congress
should not leave It to the Intsrstnte
Commerce Commission to protect the
public lntert through the Intelligent
exercise of authority to regulate rntos
end service, Irut Congtess. as the Su
preme Court has Inferentlally Intimated
In some nf the great railroad decisions
of rc-ent years, has not been altogether
mindful of Its responsibilities toward
the capital Invested In railroad enter.
Irlse and toward the general business
of the country which Is dependent on
the ixintlnulng provision of capital for
the Increase of railroad facilities. It
Is this which makes the Investigation
proosed by Henutor l'lnlet-wood one
of the most hopeful developments of
great practical moment In the Immedi
ate political situation.
A few weeks ago Clifford Thome,
chairman iif tho Iowa Stale llallroad
Commission and ofla of the miatt Inde
fatigable crusaders agair.st any scheme
of specific relief for the railroads from
tlie severities of oppressive regulation,
said before the railroad valuation con
ference at 1'hlbulelphlu that "!o long
as private ownership continues the
haxards of the business should i... borne
by privule comiwinlea. However. if
i regulation exists li must grant adequate
rewurd to Investment." This formula
for reward Is meaningless unless It rec
ognises tihe extent to which rhe hasards
of the railroad business have leen po
litically augmented.
Henwtor rrdenveod'e proposed Inquiry
Into railway regulation should he bnsid-
I ened to ,wer the whole Hold of regula-
lion lo- tho States .is well lis by the na-
tlon. The Supreme Court has made It
reasonably clear that Federal authority
I over the rallrocds Is potentially extiu
I slve and all that Congress has 10 do to
mtike Federal regulation actually exclu
sive Is to extend the scope of Federal
i Jurisdiction hy legislation. It Is not the
Interstate Commerce Commission alone
j which has Imposed a burden on railroad
capital. Indeed the greater burden has
I probata!1 been Inflicted hy the States.
Newman F.rb, spcMklng last month before
I the Toledo Transportation Club, said:
"Ivallroad systems to-day generally
traverse two or more Slates and are sub
ject to isurflhi ing legislative and govern
mental control. sikI for the past ten
yi'.irs have been the subject of harassing,
til considered and In most OMfge unres
sonablo restrictive legislation. During
the last winter session of the Legislatures
of the several Strttes 1,091 bills were in-
troduaed affecting railroad operation and
management, of which in? wero Shaded
Into law Moat pf these bills resulted,
and were perhaps so Intended. In adding
burdens ami exiswisee unneeeiHjti v for
the saf.-ty or imfort of passengers T
i for the agpedltlotai movement of traffic,
j This was done at a time when It was
! recognised by the President, by commer
cial bod lee and by the public generally
I tl,,, th.. r, l... .1. ...-A .Im..Iv
bttPdaibld. The c.overnmemt Itself set an
example of unf.iln.ess, calculated to ag
gravate the conditions which brought
the railroads of the country to the verge
Of financial disaster, a little more tnsti
a year ago. by Its treatment of the mat
ter of the parrel post. Think of
our great QoVemmeM sending ,!'9.0U0.
ono of gold as mail matter to avoid pal ing
for Its tratisis'rtatton."
It le highly gratifying of course to
have so encouraging an event to oon-
! aider as the Baltimore and Ohio refund
ing bond transaction Apparently some
thing ilki 1190,000,000 of subscription
was received last week for this 900,000,.
000 issue of ,, per cents, which bosun to
I be quoted at once nt g stiff premium
lover tho public offering price. It ws
evinced that investment confidence bad
j derlvisi enough Insplrailon from the posl
1 tlon of the money market ami from the
I recovery in railroad oernlngi to make li
ioeelh!. to finance moderate railroad re
quirements of Capital with issues of
, 1 orss" time bonds and that recourse to the
.vicious expedient of ahort time note
i flnar.c'ng vas approaching its end.
This Is excellent as far as II goes,
jbut how much more the Investment
situation would mean if railroad regalia.
tlon litered scope to private itntlntlve
and enterprise to build for the future in
leintlclpatlon of remunerative profits. It
I has often been said of la'e year that
; railroad expansion is no longer limitless.
but wh'le great additions to railroad
, mileage may not i,e required i,n Immense
i provision of improved transportation
I facilities r.,n vet be supplied. For
' example, what could the railroads tic
I do to forward the country's business in
terests If It were poaolbla for them to
raise the capital necessary to sulvst'.tute
eiecjric traction for steam power, what
atimulus 10 Industry In every I'ne would
' be furnished by the engagement of the
railroads lr such a tratisionns'lon of
I their equipment.
LAST WEEK'S BOND MARKET.
High Ixw-fToa
wt. "'. 1ng
Its 4tt0 -ith
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FREIGHT JAM CUTS
FLOUR SUPPLY HERE
Dcalcri' FHlntorlnosi AIM Is
BlAlllHl for Hand to Mouth
Conditions.
RELIEF IS NOT IN SIGHT
TYoig'it -'oturesthm at th" port of Nsjw
Vork has leached a point st which the
trunk Inn- ftUlrYMttl In 1111 sfTofl to hieet
the sit nation and prevent It from grow
ing steadily worse have agreed upon
cutting the free MoraO time on export
freight from thirty to fifteen dnys. Km
bargoes have been snitOttnOOd also on
cei tain material on Ave of the roads -one
currier declaring a complete MR
Largo -ami there 1s no Immediate re
lief In sight. A short supply "f flour
in New York is also tho result of the
tletip.
Primarily the lack of merchant bot
toms caused hy the Kuropenn war is
said by tho railroad to be the reason
for the general Congestion, while, there
lire many tther causes. Tho SIRMIROtM
I III' I .SBS in export business N one, a fci
lurc of this being that many of the
munitions manufacturer, a. cording to
their contracts, have only to deliver
Iheir pnalticts f o. b, New York.
Then many shippers send their exports
to New Y'ork under a domestic bill of
lading When these shipments lire
loaded they ai4. cn-igned to forward
ing .gents In tlii-" o;ty or are billed to
Me York for 4'Msni.
Shipping interest- have protested
salnsi the time Until reduction, and In
addition have .hnrged Hint an Inade
quate supply of Hgiiterngc facilities has
been op,, of the principal causes of the
fr ghl lleup, The rati roe Is Insist that
i ides the lacs of enough bottoms the
local Hi vedores are not familiar with
the holds of the nondescript vessels
making this port and have to study them
before quick loading can bo effected.
Western nallroaiht are raow unloading
rheir cats a! middle West joints anil re
fuse to allow their equipment to leave
their own rails far eitoURh to tMOOlM
:i4l up in the rkuvtecn f.-eidht Jiun.
The general condition is so Uol that
New York is 1l nig almost iMilyd b mouth
to fat as flour Is cm t..l This Is due
to a peri. 1:11 extent 1" :! slow Height
movement, but not so milch us to the
sct on of the Hour Interests in waiting
until lorig past the usual season to do
their buying. As far as the danger of
flour famine tn New York Is OORCOrnod
the I S 111 fSsfle' ropresert.itivfi wy ihat
should such a condlthei thratn lh-y
Mould go to any lengths to Itrlug 1n tho
barrels.
The itMtJoMty of the trs.-ks rtttUllntf
Into M inh itt.1.1. Tlie Hronx, Staten
IslatHl atel ,lers,'v I'ity hold long lines f
hsuled cars At spurs which have been
pt t,-t ally umiaer for the laat three and
tour years every available bit Of tracK-
aga is ,.-cup',ai.
F41ouLs are tied Up at almost nil piers
ot. the m iterfront with loadstd freight
cars als.ard and the sh'pplng iors ate
pills! high with fre ght waiting for ves-e-o'.s.
CertAhi Boot Ion of the wnterfmnt
strtstrt ore congested bexiaitgo of the
crates, burrela c;uses atnl 1mxos awn.lt
ii g so pmenl and In sutw IntMJtoai im'rit
pile) of attnMurail Steel and Iron are ,
standing. j
041411 f tgh rates have shotvn un-
procMlvlitasl IncieiLs,... and almost tatty
thli .: thai floats and has ys.wer tjn prois'
It Is in di-muml.
The . .tnmittee of railroad exper'a
faces a hanl task in deslding upon meas
urea to clear im tin. ii.turestlon. As vex
the members have not had sufficient t'me
to digest thoroughly the m.ise of details
oontftfontlni them.
I'obsi'eo lloresii Opens To-day.
Th- Tbacco Mer.-liants Association
if the fnite.1 States will open Its lie- '
is.nal headQUarters at .". Heekman
-tree t-4la Arrangements have been!
made to supply Information regarding
all phases Of the tobacco industry to
tobacco nen and to the g... .n; public.
High v Clea Ve- u 4
Bale . -t mg. Cth High. Los
33 i''rl lu.', 14 1 113 10., - 14 luj., ;,,
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ig
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0 Ills I en sun
4V Dill I . Ill , hi , ar.) ... I ai
Bond Snlra.
Fuoal eki 4 oOl.OOii.
Prevloii seel,, ISU.aJUT.OOt),
Jan. ilo date, IM 4 II. 4 11 N O O 0.
baine period Inn, I I a el.H , Hl.O II O.
1 Heller 20 dam Oat. 1 seller 9 days flat,
lasher 10 da Hal. Hsiktr a day. oat.
PROSPERITY LOOMS
AGAIN IN ARGENTINA
Johtl H, AHon Writos of Ton
ditioiis to flip National
City Bank.
rroBperrty Is returning to the Argen
tine, according to a letter received by
tho National City nanli from aTottll II
Allen, manager of Its Buenos Ayres
liTHtll h.
The balance of trade for the first nine
months of the year wis ISiin.nnn.nnn j
the problem of unemployment, which was
so pressing last year, has been relieved
by the emlerntlon of MO.nnii men to the
war. and confidence Is slowly building
tip, with the promise Of a reasonable
restraint which shall prevent any such
wild booming as precipitated the crisis
Of 19in-14. It Is too early to Judge yet
of the condition of the coming season's
crojis. on which the welfnre of the -otin-try
Is largely dependent, but so far all
lnilU-atioiis are favorable.
Thai Is a brief review of Mr. Allen'a
analysis of the situation. He closes
with warning to American business to
meot the people of the country half way
I In dealings of credit The otie great
thing to 1 feared, ho says, is BpOCUln
tfon tn land. There are 1,900,090,000
pesos of paper money In circulation In 1
addition to Tnn.oOO.onn pesos In cash
BhOWn in the bank statement, nn 111 - ,
tiei-easary nmount of currency, and agii- j
cultural land prl oej are low. til this Is I
practically the only form of speculation
Indulged in in the country the DOBal bill try
Of n wild rush thct will sweep nway the
restraint taught by the lost crrlsls la '
evident.
.Mr. Allen explains that the e-rpo-'a-tlon
of moat and hide I the chief'
pmfltable .-itnmeroe of the country, due
10 the est of preparation of cereals and
grain stuffs and the lock of adequate
homestead laws In farming. Herauso of
the speculative tendency the large land
owners will red tlo up their farms In
leases of over two or three years, and
the result Is thst the tenants have little
incentive to develop them.
I'Vr the nrst time. Mr. Allen OOnOludM,
the eX4'ess of exports is lNg'nu!ng to
build up 11 favorable exchange, which
has been running at from 1 17 to 109 on
the dollar.
"There Is nothing In th Argeti'lne
business situation," Is his final state
ment, "thai makes it necessary for the
1 tot.d State, cxporer to be anv more
cnutlou In extending cred.ts now than
heretofore. In fact, mist L'nltad State I
alt porter, have been too exacting 111 this
respect They are making a great nils-1
take In refusing to extend credit Srhre J
credit is warranted "'
THE CURB MARKET.
TPsMlMctloiM in dttsUI !n th market I
la: .voi'k ' t f'Ii'iv;
iNirrHiAi
S 4le.
cos Am-Britiah 01 2.
MM Am M ar. OOJ t 4
33JM Am .lis T",
9M At Quit A W I... Ilk MS
ISM A li A W I pf.,.. 'v -
IM Ani Int COrp s- 1 lax 1
041 lint Am Ton new. 1 u,
sun Cn Gar .t- Kdv . . a
1143 Can Cai A t pi l -
: ''' I'ar laibl .... T'a 4',
4-1-44. I'iui Nai i.ua Saf
G3 Carts, n Sleel ... vn 47,
1 4& 43am are Fa-sor.. : .'t,
"). Cliandfer Motor .', - ;,
1 IM Chevrolet Mot . .... Ill
M Coaden Ref " ,
" Chalmers tf.l IA
1 '
1 eni r ound pf
42f. Dri.--s-Sea .. Is. " IM ;'' IM
o Knier-on Phono ., lei, II
tttn ouaMaitatato 7114 a a .'. ..i
MO Hall -14 n il ,,, SI SI :'
rdfi llsislee Mrg n U ti m
4M llotikin. Aiien ... ''. K". '; '".
iTwo HouaSon int. .. 34 ,114
Ion Houston im pf tstt, Uj Ml '',
It.'.C. HOW Solllsl ..4 4 .'4W 4
s.o.i Int Mi r M .r, ne n 1"S 1" 17',
tMUO I'll Mir Mar pf. . C Mst Ml.
:''. Inter Motor . fl Ml ;3l
7':"' luler Petroleum . 14k, 1,, l.k,
''. Int M Pump w t, M Us r.i
Int s Pump pf B M M M M
"'Int Rubier. 114 134 l-'i IS'i
v.- ,'4'i Tee w 1. 4- Ml Ma
...l. .lea..: Tea w 1 pf lo, .... , f-.i j
k k. Hy s raring T 3.' 14., 1
EM KellyApr T pf... f.-. H ck,
H.4. K. Snr T w t . 74 - . 71', I
r-.' Kath sl.on 11 nf 4 . i,
o l.n ie Tor Bo it . MI14 pt i. i,
M Chilian Trana '. '.el ' .
IMS. Maxim Mutitt Ion 11 ' ". I a,
icjii Mt'ltral Meal '" TtsUj i , : ',
.1" M.dseat Ret I a
."' N v Trailer in 1714 1 1..4,
41" Ptrleaa Bfi at :i,'.
Mlne
4.'
II... py-ne
:;. k a if Corp
. 17',
. t.l.
;s
J:
I3U
1 .' Humeiy 71
."' Rumely pf wl 47
4'.4 lavoy Oil 12
201 Steel A Radiation 17
Mtal S'ibinarllie Hoit 43
1 1 1" Tobacco Prod . .it 's
:a' Tiiaiurl Film
IXTfai fniled IVoflt Shr "4
!Mfl I' s ll a Heat 4S
' r U A nt pt -a,
ttfrJO Ventura 13
44
114)
4
44.
f'
71.
r.
Ittaj
1
.1
Ml
3071 I'tah Securities.
1' n Vii toria
IMn World Film
II
MA
4'
'-'W
15
'S
417:1 rn Frt rta 7
MIHIHll
i-n Atlanta a f M Nd
110.41 "Alt:, u 12 ui in
Miuu Rrsden t opper Ilia , 11 -t
SMI 'Booth ..4;", 42'. fi :;i
00 Uuft.ilo Mines .... 1 1 i
Ial If. ldf Lev ,', v 44, az
1 14XU Unit, t A Zinc 1 ,
rata.' Butts New York. 4 1 to, ;,
ijuu Cerra ds Paaao., 14., 3414 r,.i4 ,
1Mb acaledonla Mm k 1. t. a
ISstoCanada lopper. .', u uj
MVCdna i'op M .... . ", it'. it, ,. '
pteai Coin Anion iv, i, , ,1,
I'lo'l'Mutt Re., rve , '.,
7.44. 1 Kmms 4 upper
7.1.1 K-rat N'.it Cop '.', Ali ,', "...
4)401 Hold Con. .. 1 I S-U 1 T l
a- ' 'Hold Hew ana .. M SI .1 -i
i.old Mer.er '.' IS t. 14
I 41 Hold Hill 24 l'i -.3
,i v;o, 1 Klor 37 tl 5 .,
U4UJ 'liolll O-o .1
. Hold f4.Iv li.-k . ', ;u -i,
L',.,.,1 Infer Mine. .... 2 ts ":i
.4.1 Iron llloaaoni ... N M '
lunit'O tjtlxtsn
itl
IV,
H
I
n
iiu
flj
.11
14
r
S
II
i,
JtJ
NO
N
. "
m "
"H
4'
1 4
lV
U
i
.
J'.
I1'.:'; Keniieeotl Cop . i
100 Kerr l.ake . .4'
SMM l.i Roar t
Ml .1 -vi, Kiilley liar 41
15441 Mssiiis Conner
.'.' Ma .-.lie Mine4 . . I'-
'Marsh Mm
MSI Mines of Am RU
37iS) N.it .hie St r,,l
li' Niptawing 4',
4, a' 'Nort Ii ir ,,.,,l
aw North Rtitta ex . ,
S4V4I Ray Hercules
.441 . I nn. ,,, X
-.v.. shut lick Arlr . 1771.
I AMI 'Sim Tor 114
II"' M .1 nn lead . 1444
i. Mm, I Sliver .e.id , !
. "! Hies art S
11 aSiioiwa. Mm ... 4J1;
0: " Tet'iewii iMmont i",
.0 Tonop ih Merger '
i.i' Tbnopah Mm . .. ,
liixi 4 ponopsli Mont
moo To ih .41 11, nm 1 1,
134 Tllliopah Kit. 11 ..',
f.i':'.'. rint.il Verne .... t,
70.1 r c,,n Mt ila), . 1 1
' . W'nle kneii of ',
'Writ Rnd c.ni 43
iiom li & 0 :.. v. 1 100S4
: jam) cmi de I' iu. .Ian
1.44,
r.
ft
1"1. 11X14.
loot,
ill'
it: c Ki iua4'ott c .ii 3:", "i,
.'44' Rune ly del. I. at 41 44
UTANUARLI mi. si inu i it 1 i:s
1 ' Anglo Am
'.! At I UIM"1 Rellinn.
11.. Biiekey hips 1.
In CimllitsiitsJ ihi
j Crsftcsri pins 1.
tun 1 li, le 11.4 SlansJ Oil
31.. llllllOlI 1 M ,l.
3 Indians I'ms- 1.
tax". Nation.il Transit
K'l Ohio Oil
.Dl."" lier.e I el
in.. Hrtirl. oil
itffl I'raine 1' I, w 1
Kr Penn Me
in south Perm Oil
: 41 stun,! Hi! of CJ
T, siami ml of ind
Uk Siaul (HI ot N .1
4 Maud fill of X Y
to I'raon Tank Line
SI H. WUtll Oil
. Waahiniion oil.
It N 17', Itl
is. ..." i::,i ,i,,i
tlx U0 I1 7
: .'74 .7,
. 4' 4.'. 47, I.
ItW 17.' IOI l
141 l't 110 11
113 II'.' 113 ,i.
ili HH -'41 M
lo 177 U17 171
. in li 1.14 i
44" IM 4.1' l.l
1X71 V... ;l'l Si
. ill To M M
JM 7t;.. in. 117m
111 .hi; 137 .mi
.fill Me Mg
14X1 tm 74" lar.
jSJ u. ;ll sil
. M a, ,7 fs
.tn 3. Ml 2sl
M M ID
Sail ote pr atv.
J. K Ftice, Jr. mi o.Will Sell
fS Amer ( lo, I, pf,. mi,,,.-
41 Amer. Orsphnphiitie Cm,, Slot-It
I'M) Amer. I.aa A l.l. I em. A I'M sik
li". Mil, . rn. to. Pfd. StiM-k
tot hllda iRest.i t'eta, a Pfd -i.i,
iihi ( etitiiieniAi Insemnee hi. in.
UHl l.mplre at. A lr. I em. A Pfd Ml)
lift K It. Illlsa I ,011. Stork i
1.3 Milellt -Phenlv In.iirtinre Steel
III t rillikllti Insiinanre sleek
IIHI (.real Nortlli-rn Paper M.m U '
inn I., rural I hrmlral Com Stoell
'3.3 Herman American ln.nr stork
Iihi Interbnrntigh Rapid Tran.u sil
HHI Mllllken lire. ( om. A I'ld slnt L
lull New Vork shipbuilding Shark
tisi Nile, item, on 1 ,,,,, 1 (em sloelj
IIHI Co lli, I en. 1 t nm. Mm k
.'"" Ho, ill linking PWlter Pfd stnrl,
ItHIRoanl llaklna Ponder I nnt. stntk
IA s,.,i, II I lliiniifartiirln Stock
'2.3 slnser 'I nMifm tuiin, -tn. u
its. safeti ( ar in a Mg. stark
9 W'lneneateff Repeallni irm. -, 1
Ion H bile Rock torn. Mark
U 3 ale A Towne Mfg. Mm k
J. K. itlCt, Jr. & Co. Will Buy
.W rnrr t hl If I uiil. A I'hl. tirk
,'.' AJm lrlli liiihhoT I nm. (,,, i,
"nt Ini-t.f il UMrlRri Hlifhta '
'n t mi 1 1 tw 11 1 11 1 IntsiimiH t mill Nliirli
IA tlVlai lark, ot Uod-rn (on) ItnJ,
Ill Opo, Mi l nn' f 11m. A I'fil. mm k
1IHMr4fj)t Northi-rn fapPf sim k
'.''"H.MI Niitl TMMtOtraith Nfnrph
lltMi nit - INmtlrr ( otn A l" i sn
.'. Ilntnr Inntriitirt' Mnok
Id lii. r.i.l llii.i'l V
IIHI liiRrrMill-ICiitiil Cum, A I'fil atnrk
IS 1 11 it runt i'linii Kl?tatlni Mock
.V Miiiuni lit-iininii tiH-k
IIHI NatMltM llnnk of Initio stork
'. Nuth.nnl Turk Hnnk IMark
IIHI IVii'HIr I iihrI ( mil. A I'fil. Mtarh
IMI I'rarlltP Hunk 4fnrk
Kin I'm itti I nil WA (all i lna)rsi tfrk
mmi rn. ii. iiixUr a (i Marl
IIM HvhI llnkhiR I'ontlfr I'M.
M It Mailt 'MM'lirltll I'fil. 4-efk
ul Kli- i .nioHinter A lriil sffirk
?" I'hnmi-4n tnrr-M I ttm Mm l,
AO HrimMii llriitnii I nm. A I'M Mlt.
AO M iirthlnttiin I'unip I'fil. i.. k
J.K.Rice.Jr.&Co.
Phones 1001 to 4410 John II Wa V '
Ajnericui Bran Co.
Du Pont-Httrculeo-Atlas
Nilct-Bcrnent-Pond Com
Singer MMufactwing Co.
Yale 4 Towne
Lamarche & Coady
Phono 9970 Rector.
14 Wall St.
s-xk-:xk-x-:-x-:-:x-X4.:-xk-j
Benjamin r ran (in saj: )
"They that tvoi t he ciun e'ti,
ttin't h ht.'ffj."
THE tftrpcr:nce gained by thi
Company duruip the pa'
twenty -eight year- enaKes u
to render etlicicn: and inter:g-r.
service Truitee, Regiitrar and
Tranifer Agent, whiie the !oc,r:nr
of our New York Office, in the cen
ter ot' the financial diitrict, provi.i-i
v a rottveiiicnt place tor the receipt tr.c!
X delivery of itoilt cenificatei ind
V bondl, Officers ot corpora'ioni who
y are contemplating the isfj.nce o!
.. new lecuri'iei are invited to conn::;
t 11" in regard to our If rvicot,
,4, -
aaasiaiwa ism a
li franitfi'n TruSl Company
X tftn re Officii 46 Wal'. Stre- f
X BmMyn ) i"0 MonMgui S'ree
j Ofi,-ri tho 1 niton Street 4
x-x-:x-x-4-:4-44'
Cuaranty Trust C ompanv
140 Broad wsv
Fifth Ave. Brmcli
Fifth Ave A 4 lid S
t Till Wabash Railroad Co.
KKDKi. Wl TION
T11 Multti r of I frltM. iit- nf tpntiH isa-ip )
h Tho KiititliaMi l riit t .mi pun -f
N ork ur I aiiirtl rnir ntnpai"
if nrk rat 1 alunbta Trul (oai
im n ipt it prrriiif aannff rrprrwol Int
I ' r sat lift Mini I I k. Mill) I ltIUlttt MffFI
a: UK ItuliiN. I'rrlt-rri tM U .in. I I 11UI
Minn -iiMk nf Tha U'AsHaah Rallnw
iiiiiini :
NUTK'K IS Hr.HEHY tT)0.N that ul.
' raUrmWl. vrirt PM4 rrt
nior:v tfloHniTm Th W.-aa
Comiiaiis aaW a ff-rnr. m
't"fi gr. ilr ty V fiVituih K . ,.
' i'i rpor.it Ion rfDnli'M un) . in "i of
th st9 f iTi.iiant. ibrlnjj ih N
pany ooniainptetad by iJi Plan h 1
'int of It't funlaVfiMor. w?.: ill !t :
i'x(tt. efrii.n .'f nn1 l ip:it .. mi - 1 maoj
;.pn(ip- ii Ti.1 frBf'rh)isi. rth! --.eiA. .
thff no-w A'urltlvV uiirifr t.i I'lan
fr ."I of RMrpUI 'at
'in-tfr Ka PWfl tc hnl-lr-ra of 1 h
r'irlrjt4! -t.f !'. who h fit '-'
MymatVta nd il.-.'Tihariw,! th
,n'lfT Mid P' an atn", AiT-- I f rV
'Tu.lRitlon
Tin nw i3ris,irlt1 Will Ha - ' for i
Hvar) on or atuHit pfcambaff iv '"V
holdera "f nirtmt ..f i p
Inrg nr. Vrr-.t and ortmniin -t v
ma4a lha pf!n r'i!ro.i o '.r
th Plan An! ti 4r i ht'.'V i
..it lt-t-4t.it rtpri4 ft i .' I
itiif uii'l l.xtt n!"n9 Mor'k. . t- ! i rt
hav Itrioh.xrgad .hlr ii.ir -"ia
'tm. in fuli
in ordar t- fn.-ri'nta i
I.-- ss.Miritsi, holoiara of
t" i. p... mdv aurranrdar
rti' -.f Tin- mnltabla rr
v.-w V..rk. t: Wall Slraat 1
;it any tlmt ft - t); .1.(4 f t! '
acootttfMnlad by atatamai i of
Htid addraaaaa of the n
ii.iinM i Ii .ifa.rf.i thai 1 -- ia n " -m
ahall ba hlauaiS, and dallvafif ot
MPitiitlra will bi rtMiritt ..ii op 1
iiiiirr i., IMt, nii'i, " fai i
In tha ontar in whlab au u i
pMMiati ;nt lurrandarfHj
Rokra nf fuUpaJil rmin - of
P'fir 1 1 j 1 1 s i . i' Klral Ri I
Ralaitalona Mortis H '
antll.ad to racalva, nt tlm r
llvrry of th- i. -a n. ijr' is-s If
itiivdin c-1. tna Mim of 31 7ft I'-
lha aiiMuni of Hi rotipon
ilua .tHiiixirv t. IVtSi In
ilirr''r tn Iifat-MMtbt-r t ." '
of s. pmf crtii pr MTiinir.
HT9ldtff 'f 9'eTt!t1.si. " ' r-
antlns ii nf Rafunlli c . . n$
M"r,ir,iif Bondl actio imvt ,,n
pff ciotit of t'lr 'iri'l"! i'"
will no- lit) ant ft lad . i rta
nrltlt un! I : t hv ti .
fl1 Mii'iiiti! of .lifli .):
iv 1 li In i lie tlnta l!9r - if I
fi. rip i Vrt in .'ii tfg fur fra
-iiari aill Km laaua
Troal inhiHni of .
JOINT REORGANIZATION COMMITTEE.
Fix l ll ii s rn Ki I i o
Stock .rape Krusss
ATTENTION
" ii n t to RMuotata iv'':i .t .-. I
raiiraavietail on tii floora
York Mock in l Cottftfi Kvrtiai.rai
,i tli'iPoiigh kni'vv advc af .
pattorn mni a '.it't pffffaonn '
uth. will only iffanafat my h 1 p
tonr non api . u 1 1 - firm . .r
pllM to A. P . bi-i 1?" H in nlhpa
The ! a Fayette Funi
Wlahai la Htinoiinrt thai H hai t
Itor-i in iti . 1 1 1 ' 1 1 1 for (In i'ollt,
UbapHptionti i' 'if Kind mi
l .a Kftyatta Pund mid wnt to
rBANlil Mot nt:. Iwrt
Koom ItS, Valldftfhllt Hftta
Jkaw York City
itl
i
tlii