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;i5 RUSSIAN BONDS GO ' TO 86 ON THE CURB "aStn,... Cn. il '"jywt n of n. 59 Xerlngton u 0... 4 S4 1 -1V4 BONDS. 25S5o? on u i'inu iosu in M Vf I....1104H 1UU IK UMO Pswf .K. tn.. sck 4... MH M THfi' SUN; FRIDAY, JAKtJARY; 12, ,l9rr' 1 1 " - f ' ' 11 " ' Sjelliiiff Sends Price Down After Dissolution of Under writing Syndicate. TltADK VOLUME IS LARGE Prices Irregular, With llnllles Near Close Following Early Vcnkness. i u li p . w m nut no in i r sk. Crossed. Odd Trading was rather Irregular In the . outside market yesterday, with a general recovery In prices, near the close arter tirl)' weakness, although mo.it Issue wire attll slightly below the closing levels of Wednesday. Huslticta was on a large scale. Russian G'.j per cent, five year bonds were weak, selling as tow as 88, with & recovery to 90 near tho close, at which price they opened. The syndicate which underwrote the bonds ha been dls solved and a selling movement quickly ssnt the price down to the lowest level. Motor shares started weak, but near tka close they rallied and came within a sort distance of the opening prices. Steel stocks were Arm after being weak, with Mldvale advancing fractionally. 'Fractional declines narked trading In (tie Independent oil shares, while copper stock sold slightly higher. Chemical and munition stock gained a small aaaount Sales and quotations: INDUSTRIAL!. Isles. High. l-o. Lst. Chja. m .n cyiv....... . MS Am Drac Srnd.. tJi M Am 1st Crp $50 pd ti y Am Writing I'sp. 4H M Rri-Am To Co ord. n 4W Brl-Am T Co or B 0 "4 Butterworth -Jud.t U IN Cat Shlptmlldlng.t 1SU 44 Csr L P SH BMCsrwen Steel .... 1SH 14 Central roan pfTt 41 NChSTrolet Motor.. 11D 1M Kut Steel 1st pf. 7S 174 l&sersen rkoao.... mrtll Moters t W0.lt n'Car Co... 40 4 Itollj Sugar Corp. HV, tM Holly Hat Cor pMM VMS Joplln O Spit nwtX S m Kratnn T A It... ii iW Late. Torn Hot..t t Use T Most 1 p WW IJme 1 ,000... Ej 1M Uni Lore nw pf t t It lAitni StMl l pti MH 1M Minksttaa Trans.. tM Man Eire dap & MO Man Hire (top pf.. MVs 400 Marconi of Am.... 1 W M lt Kip t tOH m MMtale gtrel t flV -S400 Han It n 6H. WHu.. Dot tVU. 50000 Klnrlalr Oil ... tL'nllatM n.. , " '-k air ana ria. nlsf nt rhan-es aalea of lfa tban 100 tharea are dlirtgardM, aicept Rtandard Oil liauea, when a ten share limit la need. MONEY AND EXCHANGE. The foreign exchange market yester day wsa dull. Sterling firmed to 4.75 1I-U, and francs were unchanged nt S.SiV. Marks eased off to 70. while Austrian kronen firmed somewhat to ward the close. Itublea were slightly firmer. Lire declined to Ml. Pesetas easy at close. Scandinavian exchange firmed. n following tables, when the "de-J-! "alahl" or "check" rate is quoted In United Statu currency It Is said to "JSTor'i ' rountrr It leas than car. but when oooled In foreitn currency It Is said to be Sfalnat" this country If leas than par. For the convenience of readers such rales are Marked "F" whan In favor of and "A" when aistnst tbls country. RRITI8II. I Tar tt.lMJ.) Jan. II. Ifl.t. r ClOM. hit Prer. close. 4.7SK 4.Ti I Shtpbldi X 44U. IP 4S F... IS 11 rv.u " uaa v am ihiim SN Old Colonial Caoct 31. 0 I'lerce-Arrow ...,t BtU to rp Motor Tfock.t MOO SmIU M Tnirk...t IK 14M Steel Aliora Corp.: T SW Bb Boat t t ctfa.- -JW in Trsasoo W B F..t 41 W Triangle P t t eft :u 100 U - L H Corp. iZ J U fl ftteamahlp Co. Mi lf United Motors..,.: U14 no I'n Atlors 8 C...t 41 1M World V C T t cfs 1 W Wrltht M A Cp..t li 150 Zlno Concent Co.. J 4!a IUILROAD8. W Chi Northw rtat li MM Rock lalsbd w ..t ail WSItoelt lal pf A...sU eunork ui pf B.... n m Tfeatexn radnc.: M OILII. H Burkere a flhlr. nil 43 Bland Oil O Jt T.tn KM Parnrtt O 4t a...t S4 100 Con Mex O. s prt 1 lM Cowleir tOO't,! 17i WOO Cosden. O & C.,...t 15V. 1000 Colen O A O pf.J 6S mm Batin 7. I Iteiplre Pet IW Kederal Oil J '4 M0 General It ft I'M 400 Houiton oil .....1 SS txm Kenors O, a nr.. 1-U TOO Merrltt Oil Corp.) 13 BOO Metropolitan ret.. J'i J MIUWVSl un ....it u (4 4U 1H 20 41 14 i'i IW ri 41 100 St 1IH ft WW . se tot. so M 44 t; .s1 s IVi 4?'k 4T 1 IS 4 sw !.' ,. U .. 411 .. 1H .. to .. M . 2 - its w 41 t I0 -s w .. I4 -U 40 "! 4 . 100 I M til h t 4.U a 4 40j Si H. 41 1 13H 4',i 1 14 M 14 rn. Hi I Mil 14 .TI ' If Pipe L..1M I Co I 1 ST TOT no nii ?94 I JO JS1 til - H IT isv; S'4 7H a ai ti 1 si a! j-i I 17 134. U 7V 6 14 - H -la - U A1' Jp 400 Mouonsah Oll'co.t 1 4 .1 1I-IS 1 13-14 1 13.11 Km v v L t- 1NO0 Oklahoma Oil tt 11U ll 7400 Oala Prod ft Bef.I 13 i:u IMM Omar 4ll ft Oaa..t 60 .42 llOOOOiate Horn OII...J IP. H 1M0 Penn Gasolene 14 1U 100 Itoral Untch 1 4Si 65 MO Sapnlpa OU ft nt Ml. ST4 14(0 .leqqojah O ft R.. 5Vi 2 1-1 MM Sinclair Oil t 41 404 TOO Xouthrm O ft Tr.t T T 41 Tidewater Oll....j:ii til M3 Utah Pet Co. pr..t 40 to 4x Cn Western Oil.. t 4 H 1(09 .Vacuum ; ft Oil fr-1 H CJSJ Victoria Oil....... t 5!4 2 4790 Wnt Knit t ft Ott B M M Wyoming Vet t t4 1!4 mining: KM 11. TI n Xf&l.t. II I' 5no Alaska Mine-....'.'.! J-Si'l l.'t 1 4-4 - 14 ti 1 -'4 Vt IS ti4. ii T S-ll .. l-l -1-H zt U H uemand (F),. 4.7SU 4.TSII wm 4.I4A 4.74A 4.7' TIMS BILLS ON LONDON. ' , . Banker..! Commercial . f 4.7U4 64 c!aja 4.W4 94 dare .5 ,j,y. RANGES Or DEMAND RATES. January l to date, Year 114 Year 1913 Tear 1911 Year lilt ., 4.7ja4.:sj; . 4.TSK4.7V ..4.nS4.7l .. 4.10 014114 .. 4.I4U . .. 4.141 VfH Jan. i. Cables s.tjij FRENCH. (Par i.lIK francs ! ITer, Low. Close. i'.oao. i.M'i l.SI'i 5.H! S.MVt S U High. RANGES OF DEMAND RATES. -January 1 to date S.IU4 tis im; r Mil .ti Year llll bi S.14V Year 114 .............. ....... IWi 4W Year i ..."v::;;:::::::::: lirVuws i. :i. GERMAN. (Par 5.r otnta) Jan 11 .fl-l. Demand (F).... 70 vaoiss 71)14 I jaw. Close. T TO von n RANGES OF DKMAKn R1TR Jsnuary 1 to date December Year 1914 , Year llli Year 1114 Year 1113 lVer. cloao. TO .. lisftni ,., 7 1U ,.. li!4T S.XTES O.V OTHKIt COUNTRIES. W.l.nl.v 1m, Cables- IJcnianil. Demaml. Ilolland-Guilders (Al 40) naij ure in .9i Ruaala Rubles (F)...M.40 Austria Kronen (F). .11.65 Greece Drachma (A). 5 03 Spain-Pesetas (A)....1.30 Denmsrk Kronen (A)tlM Sweden Kronen (A)...SJ Norway-Kronen (A),M.m Swiss Francs (F) s.01 Braill-Mllreis (F)..,. 3T Arrpnltna; Cold (A) Currency India Rupee IA) Japan 1 Yokahoma Yen (A) vnina 1 Hongkonr il Sh.nrh.l c? iu . --"" .......... ...a .uv mw.iM Approximate parities of above are: Holland. 40t centa; Italy, Greecn and Hwltserlsnd, 11114 lire, drachma and franc rraprctlvelr ; Den mark, 11,41 rents:, Aoitrla, to.t4 rents; ln; mark, Rweden and Norwsy, 14 4 5 oenU; Bra rll. Si.44 renu; Arxentlns. paper. 4LiS centa; Argentina, cold. L0S43 pesos; India, 33.44 ceata: Jspsa, 49.lt eeat. 4IS (0 101. M.40 It. S.M tl.i 7.40 t.4J S7.SO 5.0: M4 K4 ton 1.11 t9.W '! n.xi ZiM J7.90 S.02 a4 M4 4IH 3tli mi S4.10 11.00 January It.. January 10 : Jan. 1 to date.. :' Year 1914;. ...... .11 CALL MONEY. !Hh. I"-. I.i.t, . t'4 1 tti lit 1H l Interest On Your Idle Funds Funds, awaiting permanent investment, if deposited with this Company in an ac count subject to check, will draw interest. They will earn a higher rate if placed on a time certificate of deposit. Deposits may be made and checks will be honored at either our downtown or our uptown office. We shall be glad to have you confer or correspond .with us) Guaraity Trust Company of New York " 140 Broadway Fifth Arenua Office, - 5th Av. & 43d St. Capital and Surplus, Rmouixci, more than $40,000,000 500,000,OOQ In our new publication "lailrtW tori .sues Officially Itfirittt As LtfaJ livistMRts m tM Stats sf Rsw York" there is attempted, for the first time, a concise analytical ourvey of this whole field, comprising 226 issues. From this survey, conclusions may be drawn as to the relative merits of these issues. By utilizing this book and our supplemen tary service, including "Current Quotations," EXEGITORS, GIARDIAN3 ANI TRUSTEES may obtain exhaustive information as to Best Values, Intrinsically and Marketwise. WOOD, STRUTHERS & CO. 37 Wall St., New York it. Itul Re in, newel . 3 II3V, . 3 S :U3H SUIT dars Nlnstr dars Six months Sixty days... Ninety daa., Six months.. '8 i 41 io!i IS 52 i'4 1H SOW lfrt) Am Commsndertt I'M! Aria Chloride. ..tt 10 ttOAru Copfields...t V, tvo Atlanta 1H .MO Auilln Amaxon..t la, JW Blr Jim 1? Bir lecre cop.... 100 Blabeo tJop. prs..t ROO BHter Crlc nr.? J5 Booth ! Boiton Crtelct 1 J-ll .Mi) Boston Mon.... 17 Hrsdahaw o M.,t If, W Butte o k Z t t c 10 M Butte Detroit li joo CaJedonia tf M ? Calumet Jer...i 1 jo Canada Copper.,.. 114 caahbo7 .r...::::i r J Cerro de I'mco C. i'.Sl JMCom'w'lth M Co. 4 20 vmoi jiris em.... z R Ton ItomeaUs4.,4 IVTIstIs Daly ;.; t'i Wnund-A C. pros.,llMI Kir Coniiolldated.. II '"J r-rama Cona 13 Ml l5 Kr,t Nat Cop....." 3i ,2 i01' O Brla....t 70 ljMr.oia iiiii rtt IMJ Oo'tneld Cona..,. til -M f,oliHleld Wrrter.tt 7 jj Oreenmonalsr M4 : Harf rarea Mlaloc. SO "Wllowc Hound 774 7VJ JJS Iniepfndfnt Iadf ll'.i Iwla Mlnlnc. ., 7!i 7'4 Wln.pir N f, pro,., i? 7-11 I" i.?rt'' Proa.... H, 1 s-ll 1JW Jnrnho Kt If 33 S3 a2b'"r ,-,k0 !) Kewanas ft 1 11 '2 Utah t 18 II J0 1n ljke....,...t 49 41 ivn Uuliiasa Cona,.,. w J!,,m" Conper.... 4i 'JJJ sleatle Mines... H 13-14 M) Miun Valley 41. ( J MfKlnley-Iiarrathf CO 44 W Mrlntirr D Ill lit Mlanffons a pr K 1 SS M Monitor Hllrer 1 , 1 IjJO Moniter Chief... .t A A .5 Montana O M,..UT 79 , "oilier Ixide nw. 4 3H 1J Nancy Ilk. Jlonrt M J-Nw Utah Bin-.!; K 14 .X'Pl'aliic Mines... 34k VI Oh o Con nir w It 111 1U V.Sr.'"rM,, I-ake,...Tj 10 x 2i2 rofress M M. A ti ftay Hercules M,.i 4 4J 1 ex Cons M t? IS 47 JJJJ Itocheater Mines., f 1 MO Hound Mla tt 0 40 1W) xirrsweato Vsl C m l4 Moj-ilen THIrty 4 11H 11 ,"5"ta RltaDsr.ill.lf ll-il 1500 TonoDaei UATrl.Bllir. ,2. Tuolumne Copper. tU wsiiea isaaten,, s JSS n Yards Xavsn.i 10 Unity Gold Jf tia. iTiniiTiti":::::::! : t l s-sj l-M 14 14 7 14 4Jl T4 .. 1.'' l4 52 1'4 U w 3 37 ITi 1 li-14 .. .3 .a :: ,,.'in,Vlt.H ; : l-ii s-ll 70 70 11 II 70 71 411 7 .. H4 14 -5 H 19 M H U4 .. 'i li J'4 34 '4 314 3 TIME MONBY. (All Industrials.!1 Pp.ni Sixty day Se3!i Ninety day. , s4i.t, Four months J;ii3i, Five montlia , 3V,'HK Six months ,. 3HQ34 MIXED tOANS. Sixty days..., Ninety Uar Four months Fire months ,,, Six months COMMERCIAL PAPER (Prima Indorsed bills receivable.) H4 H04 3HO-I (Other nsmes.) 4tf 3'ii(4 3V4'd4 ACCEPTANCE-, POT DErt'EltT. so Days, to Dsys. 30 Dss. Bid. Ask. Bid. Ask. Bid. Ait. Ellrible member banks 3!4 Elltlble n o n- member banks. , J'i Ineligible bank bills :i rOIl DEMVETtY WITHIN 80 DAYS Elltible member bank, 1 3 Ellrible' non-member banks,. S14 314 Inellttblo bank bill 34 3'i BANK CLEARINGS New York, exchanaes, 1413.437,317: balances, 33.:iJ.T3; Ualttmore. exchanrra, tl.33l.OSS: balances. 1349,147: Boa ton, exchanrea. 131,391,103: balances, f4.U4.143; Chlcaro, sxchaniva, I74.t41.443; balances. t3,43.tv; St. Louis, exchanrea. 0,130,031; bal ances. t;.U7,M0. SUTJ-TBEASUIIY The Sub-Treaaury Iras' creditor to the Clearing- House SS7I.IS1. FEDERAL RESERVE BAKK-Credit bal. ance to the Clearinr House tj.471,147. BANKS Gained from the Sub-Treasury yesterday csined since Friday ts,s3.- DOMESTIC EXCHANGE Boston, par: Chicsro. Sc. discount: St. Louis. 10c discount bid. par asked; San Francisco, 10c. premium; Montreal. UHi Cincinnati, par; Minneapolis, lie. premium. SILVER, riilCES. Mex New York, London, dni, January 11 W K"4rt January 10 January ...-. ' January t 'J'.c January ':;o Jsnusry 6 ''o Averare pries ot sliver In New Y'ork In January, 191C, was it-Kc. an ounce; January, 1113, 4I.1JV4C.: January, lilt. t.7.Hc.: Jauaary, 1113, ll.Stc: January. tt.Kc. INVESTMENTS KENNEDY, MITCHELL & CO., inc. 35 WALL STREET NEW YORK LONDON 1 rlephunes Hanover ,"' 1 $2,250,000 NOVA SCOTIA TRAMWAYS & POWER GO., LTD. FIRST MORTGAGE 1 GOLD BONDS Due Decern br 1, 1946 Interest payable June 1 and December 1 in New York, Montreal and London, without deduction for Canadian, taxes or United States Federal taxes The Nova Scotia Tramways 4 Power Co., Ltd,, owns and operates all the street railway, commercial electric light and power and gai properties In Halifax, serving a population of about 65,000. Halifax, the capital if Nova Scotia, and the most important British Naval Station in North America, has one of the finest harbours in the world. It has incrsated steadily in population and commercial importance. The Government has undertaken extensive dock improvements there to cost about (30,000,000, of which about 1 0,000,000 has already been expended or contracted for. . From a letter of Mr. E. A. Robert, President of the Company, we summarize at follows: ' Flrat mortgage on properties valued at $3,750,000 in June, 1$15. This is based upon a decision by the Nova Scotia Board of Commissioners of Public Utilities approv ing this issue. Since June, 1915, substantial additions and improvements have ' been made, including a 4,000-horsepower Increase in power-station capacity and -an entirely new gas plant to replace the old one. v Further bonds may be issued only for 75 of the actual cost of additions and im provements made after June, 1915, and only when net earnings are at least double the first mortgage interest charges. Net earnings 12 months ended Oct. 31, 1916, more than three times interest on these bonds. Earnings last 10 years show steady Increases. Year Gross Net Year Gross Net 1906, $387,517 $171,808 1911, $502,399 $245,525 1907, 405,452 176,508 1912, 539,953 233,393 1908, 424,618 189,905 1913, 605,933 268,924 1909, 447,579 207,973 1914, 645,241 269,818 1910, 477,109 230,474 1915, 718,840 331,753 12 months ended Oct. 31r 1916J 759,513 342,897 PRICE 95V2 AND INTEREST. YIELDING AIOUT 5.30 TtmporaTji negotiable receipts icill be delivered exchangeable for the definitive bonds ttAen, as and if issued. All legal details relating to im issue tnVf be jtasred upon by Mersrs, Rope,-Gray, Hoyden & Perkinn of Boston and ll. A. iMvelt, Esq., K. C of Montreal mid the properties have been examined for ux by Messrs. Stone & H'eosfrr, of Boston. LEE, HIGGINSON & GO. POTTER. GHOATE & PRENTICE Tho statement above arc not siiarantrtol, but arw baMxt upun liiriirniatlon anil ailvleo nlilrli no bctlevo to be accurate and reliable, and uyoa which wo nave acted la nurchatlnt those securities. 34d CUd StiSfl :cal U'Jo STANDARD OIL ISSUES. ' Antlo-Amrrlran Oil Co, Atlantic It.flninr Co.,,. 1io"ii,.t,rriiisr l' ln I'll" Mi" CH br'fh Mfc ' Cons fob nlal Oil rompanj-... Continental Oil Co I'resrent Tips Mne Co,, fumlx-rlsnd I I Co lac, ICuraka Pipe Line '.,. CI 1 Oil f ' nl (lalma-Blensl Oil Co.., inois ripe um i-o.,, liana Pine Mne fa.., Inter I'ctroleuin Co National Transit Co.... Xtw York Tran.lt Co,,, Northern Pipe Lino Co, Oble Oil Co IVnn sirs rati....,.,.. Pierre Oil Corn Prairie Oil A Oss Co,., Prslrle Pipe Use Co.., holsr Itsflnlnt- Co, Hotithsrn Pine Llns Co. t,Ann nil ln H W Pean Pipe Mors,, III Munusra "i v Htandsra ii r ino,,, ut.Brf.nl. Oil sf N J.. Rlaadard Oil af N Y, Utaaoara tin orunre. HWSB JlOrll. Cy... I.'aloa Task Mas Co.. vs ..Ms I '. Vlt nt Oil SBbsT'tn OU.eM st ' Jan. 11. Jan. 10, Hid. A.Vnl. nid.Aakrd. , 1711 1U 17 .1030 10SO 1CC0 10K0 473 204 ISO St . in isi i:o 1:1 I 410 470 4S0 47i , 60 '0 SO 70 ,soo ea soo t , 4) 4i 40 13 , ISO 140 ISO 110 .Zii 340 2V, Ut fill) 143 140 111 , 111 187' ItS lil , M4 Ml Hi 24t . 113 III 114 lit . mi n ioi in; . It Mli 1 t0i . HI tt3 III S34 . 103 107 101 101 , SSI 3S1 JM 3M , &l S3 U S3 . 141J 13 11J 15i . CS0 ilO S40 (00 . 33i t30 IZt . M 370 M3 , 37.1 , 311 330 31S 4 ISO , ho sso t: im , 113 130 113 130 , .1S 171 34 HI i J 1W U0 S40 130 .87 m mo m , 4D 7(3 7M 773 , (73 MO HO CSS , 710 713 713 71( ; 371 m 73 37s . 434 4M 4 430 , 117 133 130 IS . H Jto 100 1(3 . 7 M S7I 33 , '40 49 . 40 43 .1430 ,. 1(30 ',3330 Z331 THE WHEELING AND LAKE ERIE RAILROAD COMPANY PLAN AND AGREEMENT OF REORGANIZATION Datad September 20, 1914s To Holders of Certificates of Deposit of Central Trust Com pany of New York, as Depositary under said Plan and Agreement, for First Preferred Stock, Second Preferred Stock and Common Stock of The Wheeling and Lake Erie Railroad Company: NdTICE IS HEREBY GIVEN that holders of the above-mentioned Cer tificates of Depoit, in respect whereof subscriptions have been made for fn'or Lien Stock of the New Company mentioned in said Plan and Agreement and evidenced by endorsements on such certificates, are required to make the final payment due on such subscriptions ON OR BEFORE FEBRUARY I, 1917, to Central Trust Company of New York, the Depositary under said Plan and Agreement. The amount of such final' payment is $91.75 for each ihare of sucli Prior Lien Stock subscribed for in respect of such certificates, being 90 on ac count of the par value thereof and 1.75 on account of accrued dividend thereon at.the rate of 7 prr annum from November 1, 1916, to February 1, 1917. The' Certificates of Deposit bearing endorsements evidencing such sub scriptions mutt be presented for endorsement thereon of such final payment. January 13, 1917.. KUHN, LOEB & CO. BLAIR & CO. Reorganization Managers) under said Plan and Agreement. 1 i A Real "Peace" Stock Offering Which Neta 8 on the Investment Is. preferred as to assets and dividends. Keeps 105 net quick assets ngalnst each share preferred. Earnings over eight times pre ferred stock requirements. Convertible into common stock at par for three years. iirl of total Issue rctlnxl rach year after 11120 at S1'.0 per sliaro. Tho Company manufactured on article In Keneral usr. srlltim for 3S3&0, and numlM'rs anions IU customers tho following firms; Armour St Co. Butler Bros. Standard Oil Co. Montfonicrif Ward & Co. t'lflsrhman Teast Co. SrbllU Brewing Co. Pittsburgh riaie Glass Co. I), s. Mall Merilre. Firestone Tire Bobber Co. Singer Stwlng Machine Co. riabst Brewing Co. Tbe Trias Co. Cora Cola Co. Mllltla of Various .state Send for Special heller 333. Andrews & Co., Inc. Andrews Building 27-29 Pine Street New York, N. Y. f 1,1.1k, Nw York Phlllilrlnhla Boston ritlsburgbtiet eland Detroit Choice Investments Apartment Properties Business Properties Plota In Strategic Locations Old Buildings for Remodelling DtKrhttv Lilt sn! on rTu,( LotonH.Slawsou Company RtalEtlatt Bnkm and Atnli 171 Madison Avenue, New York Indiana Natural Gas & Oil Co. RffHiiiHI Mortgage 5 Gold Bonis , INTEREST PAYABLE WITHOUT. DEDUCTION FOR NORMAL FEDERAL INCOME TAX Iisue Cloied at $6,000,000 Due May lt, 1936 Guaranteed principal and interest by endorsement by the Peoples Gas Light & Coke Co. of Chicago The Peoples Gag Light & Coke Co. not only guarantees these bonds, prin cipal and interest, but has specifically provided for their retirement in the indenture of its General & Refunding 5 Mortgage of 1913, copy of which can be inspected at our office. These bonds are an absolute first lien on the entire property of the Indi ana Natural Gas '& Oil' Company which is operated as part of the Peoples Gas Light & Coke Company's system. The Peoples Gas Light & Coke Co. is the largest gas company but one in the United States and its charter is granted in perpetuity. It has paid dividends at the rate of from 5 to 8 annually, uninterruptedly for about 19 years and its stock, of which there is now outstanding $38,500,000, is quoted at about 106. The gross earnings of the Guarantor Company exceed $17,000,000 per annum and the amount applicable to bond interest, after liberal deprecia tion charges, has approximated two and one-half times the total bond inter est requirements in each of a period of years. Experience has shown that the bonds of companies supplying gas in sub stantial communities are among the safest of all investments. Price 92 and interest yielding about 5 ' These Bonds are listed en the New York Stock Eichange We unreservedly recommend this issue. E. C. BENEDICT COMPANY SO IROADWAY ESTABLISHED 1157 Members New Yerk Stock Exchange TF.I.BPllO.VK RECTOR 624 NEW YORK CITY EX DIVIDEND TABLE. To.dsy American Dset Sugsr. Hay Htate at ity 1st pt Kontman Koilsk extra Inspiration , Cons Copper, North Ilutte Mining Monday American Cigar..... American Light tt Trac American Light ft Trac (stock).. . American Light t Trac pt American Zlno L Is till , American Zinc li 8 pf., Chicago I'neumatlc Tool.., cities neryice.... Cltlqs Service (slock) Cities Service pf....... Elk Basin Petroleum Inl lCureka ripe Line..... , Oulf States Steel M pf Holly Sugar Corp pf.. lnternntlonal N kel pf KellySprlngHel Tire Merlin Arms Corp pf Midwest Iteflnlng , McKlwalne, W II....... McHlwalne, W H. let Pf McKlwalne. W II. !d pf 1'lttsburg Coal pf....... Republic Iron A Steel Inl United Coal Corp pf United Drug 1st pf........ United States Rubber 1st pf....... United States Rubber :d pf Va-Carollna Chem Tuesday. Crucible Steel pf accum East St 1 Hil.rbn pf Wednesday American Malt Corp pf N V A llondurss Roi.... N V Honduras Roa extra Public Service (North 111) pf Bloee. Sheffield B ft I Thureday .Qranby Coneol Friday, January '11 Lou ilvllo ft Nsshltre PA1IS MA1KET, mina JH. 11. Trad I ii r nulst an the tours te-day. Three per cent, rentes, 03 franes BO centimes i far. cash! eschepae on London; 1 franc 4)1H eentlmeil t per eSt."Jli. , Hajsjejs.'ijr cemimes. IH .IJ.oo . 10 .12.00 . 750 . 1'4 . 3i . 3 '4. .11. SO . 1 li : A .14.00 . 114 . Mi . I .11.00 .:7ic . i'i DIVIDENDS. Stock of Record. l'j)Hble. .1. (I. Hrlll Co. pf. n. ll. ..Jan. 1'eu. . I Consolidation Coat Co,, q. U-Hxli). 11,50 Jan. 20 Jan. St Con, foul Co. (stock), 5Ct . IVb. i Hume Hro., lm, i. lU'VFeb. 1 IVli. li inirne nros., inc. pi, ci, Ht Jan. 38 i:i,'C Horn! & Share Co., q. :r', Jan, 13 Hire llond & Shara Co., pf, I. Hi',t Jan. 17 Mli'h, l.imestonn & Chem Co. pf, q. 1 K fe Columbus lly. rower He I.t. . . q, 114 Jan. 11 Cnlumliua Hy. rower & l.t. DAILY TREASURY STATEMENT. WASIIINflTO.V. Jen. ll.-Ststement cf the receipts and dlibureemrnts of the Trrstuy: Tbls month. Flecsl year, iteceliits izo.yj.m oe,iu,iu lll.l,urrmvnt 31,341,419 MS.tSO.St; Keb. 1 Jan. 15 I'eb. 1 Jan. 11 Feb. 1 Keb 1 lieliclt i i r 2" Hi 75c f. er. 11. . 1U Jan. 11 tlen. Ordnanco Co (Conn.), I t Jan. IS Jan. 30 I'rnnklln Co., H.-a ti Jan. 10 1'eli. 1 I I'enn Traffln Co., a.-a.. J.Jn. IS Feb. 1 I Ilnrrlnun Nat. Ilk, 100 .Jan. 11 Jan. 11 RAILWAY EQUIPMENT BONDS. 110,408,703 JlM,7:i,U3 llecelpu fnmi ruitome, 401.443 ; from In. tf-rl leienuf, onllnsry. t.420: Income tax, 4I3.UOO; iiilxt'llanmue, t:40,; nallnnel bank miti'a rnt'lled for redemption, 11,702,054, Stitrinrnt ot United Statu Treaiiurer tor January 10: (iF.NKItAI, FUND. Aiallable gulil Aiallalili- sllier FnltiMl Slatea note atlnttl hank notes and Federal Itettcrio notes Crrtttliil rliobH on Iwnka Subxldlary "liver, minor coin and allrrr biilllou. t'uclalni'd (unaorted) currency.. Hi'ixiilta In banks and 1'hlllpplne 'maeury I74.143.40!! lO.SM.S) 4,4:5,192 I4,13,3S0 33.IKH 11,193,472 1,471,473 71,411,033 .11.00 . S It. SVi 3H 1 Bank ot France gtatrmrnt. rAIlIB, Jan. 11. Weekly statement of the Bank of France: Oold In hand Increased 13. IM.ooof.: silver In hand dea. l.su.ooof,; notes (n circulation Inn. loi,T40,OOOf , j treasury ile- B tails Oc, t.lZt.OOOt.; general ilepoeils dec. ,71l.ooof. Mils discounted dew. 4l.lK.ooor.; advances Inc. 10,T44,000I. Quoted on s penvntagn lis Name. Maturity, llaltliuore A Oblo,...ltl7.: Itxff Ilruh Jb lllttf...ialT.m 'Canadian Northern.. .1817-34 1 Canadian l'arlnn mi7 3H cnetiapi-akc .v iiiiio,.,iuii..q Chi . NorthHeaH'ru..llil7-M Chi, It I Fsc... .,11)17.27 I III, PI 4, . W. . ..Wi.'Mt fl I JL- HI Ivtiila. IfllT.?, Cuba Hiiilroml 14l7-.'4 lirlawarn iiunaon, m." Krle Itallroad 1B17.34 (irsnd Trunk M17-34 Illinois Central 1817 M Ixiularllle 4c Nsli..,ltl7.l Mlihlzan Central 1417-M Mlaaourl. Kan It Tri.l17-S3 MlMnnrl I'sclrtr 1417-23 Mobile k Ohio Itl7 :i N V Central I.lnea, ,19l7-2 Norfolk VMtiTii..,l173l New York, N II k H,III7-M Fenn Gen Frel4ht.,..l17.S3 St Iula Hnullmeat.,,11117 24 Seaboard Air l.liie,,..l17 :i Soutliern I'aiinc 1917 24 Soulbrru IlilUar,,. .1917-31 all! Itatii, 4-41, 414-:. w 41. 4' 4W-S 414 4)-5 a 414-s ft. Illd. At. ' 4.1 4.20 4.V) 4.31 :,..Vl i 00 4. (W 4 40 4.00 4.30 I 4.2.', 4 kl 1 11.11 4.70 , 4.3S 4,J 4 42 4 3? s.oo 4.3l 4.1!. I I..V, 4..V I 00 4.40 .3i 4.13 4..15 4.11 4.M 4.3J SM S.0f 'S.uO 3 (10 4 Ml 4.M 4 40 4.23 4.30 4.10 4.K 4.23 4.25 4.00 4.S3 4.at 4.4 4.40 4.W 4.11 4.',0 4. S3 Available currency la Treasury snd bauka 217.74,117 Ileduct current liabilities , 114,CKM.tX3 Net balance In general fund . ... 4103,479,131 Itr.HWIVK FUND. Cold coin and bullion JU3,SH,0 TRUST FUND. I1,, re,l-eai miLtauilllls rtlltcates.t2.4M,lt3.4S3 (hand total cull enacts In Treasury, 2,434,?20,lj Arlna Kxn Hi 9) Am llraa..,.Si', A ft I) Mtg,,. i A k U Mf p( 20 Atlsa I'owderl.Vi Atlaa l'ow pf n llah k WI1...11S llllss (!: W.6:.1 llllaa IF.W) p( 73 Can F 4V F..200 Can V k V tif K0 Can O ft F. W Ci C ft F pf 73 Can Kxp 400 Can Kxp pt .101 ORDNANCE STOCKS. Did. Ask. Bid. 35Carbon Steel.. 47 33iCar H l.t pf, i ItlCsr 8t 5d pt., li JJColta Arms., .743 IbOIDu V new,.:) 102 11 p j Un4ptW4 1301 cool Ml VM 100 M 44 too 1101 Here Pow S95 nerc pow pf., 11 Hopklne-Allrn. 4 llonkins.A nf. X, Int Arms,,,,.. 23 NIIei-H- ,...170 Nllee-ll-P pf..10S Srovllls Mfg.. (74 Winch It .1, S Aak. 101 1M 10 I3 244 104 305 114 IS M 24 1M 110 400 1000 $4,973,000 CITY OF PHILADELPHIA Five-Year Four Per Cent. Bonds Due January 1, 1922 . Exempt from the Federal Income Tax, and all Taxes in Pennsylvania. Executors, administrators, guardians and others holding trust funds are' authorized by law to invest in the above bonds. Individuals owning these bonds are not required to make a statement of income derived therefrom or any declaration of ownership to the Federal authorities. Acceptable for Postal Savings Funds at 90 of their Par Value. We offer the above bonds subject to previous sale and change In price: Price 101.57 and interest; to yield 3.65 Negotiable Interim Certificates u ill be delivered, exchangeable for engraved bonds when ready Mellon National Bank PITTSBURGH, PA. Salomon Bros. & Hutzler 20 BROAD ST., NEW YORK aT-swsiraTnaaianmiOT vnannwu r