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10 THE SUN, THURSDAY, MARCH 1, 1917. 100 Years of Commercial Banking THE of the City cf New York Capital & Surplus, $5,000,000 Resources, - $80,000,000 Charter Member N. Y. Clearing House Member Federal Reserve Bank Untied Stales Depository 149 Broadway (Sinner Ilulldlng) Cor. Liberty St. Brunches Greenwich and Warren SU. Bowery and Grand St. Ninth Avenue and 14th St. Broadway and 18th St. 2 Weit 33rd Street 67th Street and Third Ave. Broadway and 61t St. 86th Street at Second Ave. Broadway and 104th St. Lenox Avenue and 116th. St. 125th St. and Lexington Ave. Broadway and 144th St. We Invite Your Account FINANCIAL NEWS AND COMMENT 1 Infprnntlonnl Crisis Restrains 1 Trading Further; Stocks Set Back Again. BETHLEHEM DROPS HARD Rears Get Little Ammunition for Raids in Reports From Trade Centres. Public Utility Bonds Our Public Utility Booklet ii now available for the use of investors. This booklet em bodies a summary o recent in formation regarding 99 Publi: Utility Bond issues which we recommend for investment. Send for Booklet No. 51 Harris, Forbes & Go Pin. Sir ret Cernor William KEW YORK American Chicle E. W. Bliss Singer Manufacturing Winchester Arms J.K.Rice,Jr.&Co. Phenes 4001 to 4010 John. 36 Wall .St.. N V. United Sugar Special Letter on Request l Toole, Henry & Go. Xlcmtxrt I A ir Yurk !otk tlrrhana: 1 AYtx York Cotton Uichanq: EQUITABLE BUILDIN0, NEW YORK Movement In the peneral stock mar ket yesterday were not significant of any cliaiiRO In Wall Street sentiment or In Him nttllude of tlie public toward upecu Ihitlio opcratlonx. Prices again fluctu ated under the Influence of the transac tions of professional traders, who were unwilling to make extended commitments ror either account pending a clearer view of the probable outcome of the interna tional situation as between the United States and Germany, while the price changes from the preceding day, as a rule, were unimportant and not Illumi nating tin a guide to the course of mar ket values In the Immediate future. It n as a stupid speculation, but not an Illogical speculation. No one had looked .for active movements. And no one will look for expansion In dealings until cur ' rent uncertainties have been eliminated. Wall Street Is not at all enthusiastic I regarding the situation In Congress, but .it believes that the various elements wilt 'get together before final adjournment, and that the thing which may bo best for the country will lie aqreed upon, de spite tho efforts of lawmakers of tho I llryan typo not only to Impede measures upon which tho financial and Industrial prosperity of the country may depend, hut also to tie the hands of the l'rcsl I dent In the conduct of our relations with 'fi reign I'owers. Tho Street never has been particularly enthusiastic over the work of the present Congress, but It Is I not openly criticising the legislatures at I this particular time, while It Is extend , Ing In Its advices to Its correspondents In Washington the promise of financial assistance In any undertaking which may 'appeal to the Administration In the pres ent crisis. The uncertainty, however, as to the probable course of affairs in Con- Kress Is intensifying the seml-stagnatlon In the securities markets, and to a cer tain extent Is Inducing selling pressure from stock market operators who find In the absence of public support an argu meat for lower prices. Pressure of this sort was rather marked at times in yesterday's) deal Ings, particularly in the Industrial shares. The movement failed to attract outside liquidation, while on the decline. especially that In the last hour, some buying wa.s reported for the account of siittantial Interests who apparently were willing to ndd to their holdings any amount of stock that might be offered. ActunJ offerings, however, were light, the gi eater part of the business repre senting little more than efforts on the part of traders to make profits on quick turns. In a few issues declines ran In excess of one point, with an escentlonal loss In Bethlehem Steel, but In the. greater nuvber of Issues final . quotations were riot materially off from the closing of the preceding day. Itenorts from trade centres presented little upon which bearish arguments could be bated, and the move ments In the loan market represented nothing suggesting an unfavorable change In the position of money In this country. Mates for call funds ruled on an easy basis, while for fixed periods accommodation could be had at attrac tive figures. The time money market, however, was practically lifeless. In foreign exchange the volume of Business was light, with quotations fluctuating w ithin narrow limits, except In the case of Italian lire, which declined to a new law record. More than usual Interest was shown tn money market circles over the prop osition In the Senate bill to provide iihivv for emergencies, particularly as the suggested bond Issue of 11 00,000, oni) Involved the conversion privilege. With buyers knowing that they will be able tn convert their 3 per cent, bonds into a Cinvernmpnt security bearing a higher rate of Interest there will be no lack of response to the offering, not withstanding that the' bonds cannot be used as security against bank note cir culation. Sales were made In the course of the day In the Stock Exchange of the Panama 3s at 101. NEW YORK STOCK EXCHANGE PRICES. Wednesday, February 28, 1917. 1917. Pay's isles 186,200 Year to date 10,441,200 1918. 750,900 30,912,700 1915. 228,743 9,979,700 Annual dividend rates are quoted in dollars. Closing. Hid. i Ask. Analyst Denver & Rio Grande Ref. 5s. We havo prepared circular out lining position of the" bonds, which are nuw sellliu about 0. W. C. Langley & Co. JntrMir.tnis. IIS Broadway, New York. Suggestions for Investor! msr be bad on request A. B. Leach & Co. In vast ment securities. Cedar St., New Yor e Oklcaco Stou i'tillauelpau tlallliuura Uultalo London PUBLIC UTILITIES. KIDDER. PEABODY 8 CO. lit Devonshire St. 1 7 Wall St. Boi'nn New Vork Cnrtcapondanta nf BARING BROS. & CO., LTD., London filRARD TRUST CO. PHILADELPHIA .en ai rr.it ti item OpM Md Surplus, S 1 0,000,000 B. MORRIS. President W. N. ELY, Vicc-I'rroldont A. A. JACKSON, Vice-President E. S. PAOK. VIce-lYnddant O. U. STUART 3rd. Treasurer 8. W. MORRIS, Secretary Am Light A Traction. Am Light ft Traction pr.112 Artlroiulai k Pico Power. 3.1 Adlriunhnk Elec Pwr pf. 91 Am liua Electric. . 136 Am lias ft Electric pf.. 51 Am Power ft Light MV4 Am Pnwer ft Light pf... PI Am Public Ptllltlc. ... 35 Am Public Ptllltle pf.. 70 Am W V ft Electric... 11 Am W W ft II partlr pf. 25 Am IV W ft 15 1st pf.... 70 Carolina Power A I.lght 41 Camllna I'nr I.t pf... loo Cl'le Senlee, IiS Cities Servile pf K&4 Cnluriido power 29 Colorado Power pf 91 , IVinwIth Pr Hy ft I.t.... 57 . Cimiwltli Pr Itr ft 1,1 if W) I Electric Komi Sb nr.. mn Empire District Klii- pf 61 I I O'lerui 1,1 ft. Tracllnn . 1.1 ' Federal I.I ft Trartlnn pf M I li ft litre SccurlHe. 300 li ft llb'i' Seenr pf .. 92 Northern Ohio Klrrtrle . 10 I Northern Olibi Elce pf. 79 . North Out l.t & Pwr 10 ' North Out I.t A Pwr pf. 54 Northern Staff Power .100 ' ViOthflli Slates Pwr pf. 91 Ozark Power ft Water.. .13 Pacific lias A Electric . 63 PaclAe (las A Eire pf... 91 , Pllie ItlUlT pf 81 Republic tlr A I.t Co.... 43 ' Republic Ily ft I.t pf... 71 Southern Cal Edison 93 . Southern Cal Edison pf 106 Slalidwnl (las ft Klee. . 12 Stniiitsnl ft Klee pf 39 i Tenii rty, I.t ft I'nr 8 T.lin Itr, I.t ft Pr nf.. 3S t nltHl lias ft Klee 12 United Can ft I!lpc l.t pf 7 t'nlte.t liaa ft Vhc 2l pf 12 Pnltrrl I.t ft n L'llltPtl I.t ft Rya at pf.. 75 Western Power 1T i Wewt.rn Power pf 65 Yankln rilicr Power pf.. 99 Par Tabic $50. Teh. 2S. Fell. 17. Hid. Asked. Ilbl. A.ked. ..157 3l .157 U0 114 112 114 J5 21 25 4 81 84 141 1.W III 52 51 52 8 81 83 93 90 92 40 35 40 74 70 74 12 11 12 M 25 28 73 69 72 45 45 41 103 100 101 S 6 28 904 89H 901J 32 29 32 102 98 102 'fill 57 00 83 80 83 102 994 102 92 88 W 15 13 15 5S 51 55 325 V) 523 M 92 M 41 40 41 82 79 82 15 10 15 60 M AO 10.1 100 103 100 !ii 100 4 1 S3 45 C5 ft Ki 95 93 95 97 91 97 41 41 4 75 7.1 75 94 92 91 101 106 108 II 12 14 41 .19 4t 9 8 9 42 38 42 II 12 14 80 76 80 11 12 13 48 41 41 77 76 78 19 ITVi 19 67 65 67 101 99 101 DAILY1 TREASURY STATEMENT. CIIABTKRKD IM4 liion Trust Co. of New York bO BROADWAY fifth At. ft asm 8t. Pifth Av. ft r.nth St. ACTS AS EXECUTOR, GUARDIAN, TRUSTEE, Etc. Allows Irtere.t on Deposits WASHINGTON. lb. 28.-Rtatfrr.fnt of i . relpta anl disburse m. nla of the Trfaatiry: i nis amnio. Hwipta r.2,615.9S4 DUbtirefmfnta 78,814, 006 Dlr.l R1.I 5 24 82 87H 87 42 106 63 M 41 HH 60W 25 18 MM 69 49T4 49 49T4 95 1114 Ultt 100 r.9 lion 124 62 46 35 79H 10174 99 KT4 112 93 58 118H 51 T 74H 1? 120 105 rj 67 47 22 53 1.53H 84 37 T 58 H 98 "It i o 35 80 117 27 -if n.i 40 454 41 40 122 124 20H 101 63?i 112 112 38 88 29 22 25 39 40 30 240 162 110H 8S 53H 112 31H 41H 107 115 57 V 15 38 40 354 95 95 12 644 130 21 53 524 444 774 101 18 704 924 114 126 S74 254' 694 53 67 1074 84 38 53 98 55 32 24 143 94 30 43 24 25 125 854 GO 1034 95 51 99 5 914 54 2 85 364 44 111 754 264 754 1014 924 53 V Sales 10 8 7 25 82 88 89 43 108 64 424 12 60 264 194 62 69 51 51 50 96 1124 1124 1004 112 126 65 464 44 364 79 102 99 15 114 95 60 1194 524 754 1 124 107 7 684 474 23 534 154 85 39 584 IOU 118 173 3574 804 118 274 22 55 45 45 41?s 43 123 125 20 103 644 1124 1124 38 884 30 23 26 39 42 31 U6 163 110 894 ."4 113 31 42 110 120 37 16 40 41 36 954 95 13 65 135 22 55 56 44 80 102 184 71 974 120 1274 89 254 69i 534 68 1084 8 38 544 1U0 56 32 20 146 95 324 43 24 26 127 88 68 1034 110 BlU 10024 0! 93 54 27 684 37 45 112 754 27 76 102 92 534 7 4 8 8 4 6 4 7 1 8 8 34 700 I Open I lot-. I illih- low est. est. f 300 Alaska Gold Mines 300 Alaska Juneau ... 600 Alan-Chalmers .... 100 AlllH-Chalmern pf 2000 Am licet Sugar 200 Am Ag Chemical 800 Am Can 100 Am Can pf 900 Am Car & Foundry 400 Am Cotton Oil S00 Am Hide & Leather 200 Am Hide & Leather pf. .. 1600 Am lec 900 Am Unseed 100 Am Linseed pf 1800 Am Locomotive 100 Am Malt pf 60 'An Malt pf..! 800 Am Mult pi ctfs 19000 Am Smelt 100 Am Smelt pf 25 'Am Smelt pf 1B00 Am Smelt Sec A 200 Am Steel Foundry 300 Am Sugar 700 Am Tel 4 Tel 100 Am T T rets 1st paid. . 15 Am Tel A Cable 600 Am Woolen 100 Am Writing Paper pf.... 200 Am Zlno 16(00 Anaconda 700 Atch, Top St Santa Fe. . . 200 Atch, Top A Santa Fe pf, 100 At, B A A 100 At Coast Line , 3300 At, Gulf A W I 800 At, Gulf A W I pf 100 Barrett Co , 900 Baldwin Locomotive .... 800 Baltimore & Ohio , 100 Batopllas 2500 Bethlehem Steel 3900 Bethlehem Kteel B w I... 4000 Bethlehem Steel ris 1200 Brooklyn Rapid Transit.. leuu nuite A superior 800 California Petroleum ... 1300 California Petroleum pf. Canadian Pacific 7600 Central Leather , 200 Cerro de Pasco...-...., 2100 Chesapeake A Ohio..., 200 Chandler 1300 Chicago A Northwestern. 400 Chic A Northwestern pf.. auu cnicago ut Western pf 1900 Chic. Mil & St Paul.... 400 Chic. Mil St Paul nf. 3900lChlc, Hock Isl A Pac ctfs 5500 Chile Copper 1900 Chino Copper 200 C, C, C A St L 800 Colorado Fuel A Iron. 12000 Columbia O A E 100 Comp, Tab A Kec 400 Con Oas 115 Con Oas of Bait 2100 Corn Products 300 Corn Products pf 8300 Crucible 200 Crucible pf 76 'Crucible pf 6600 Cuba Cane 625 Cuba Cane pf 400 Denver & Illo Grande pf. 1900 Distillers Securities 2600 Erie 100 Erie 1 pf 100 Federal M A S pf 500 Gaston. W A W 100 General Chemical 450 General Electric ........ 5900 General Motors 100 General Motors pf 2700 Goodrich 500 Great Northern pf 300 Great Northern Ore 100 Greene Copper 600 Gulf Steel 200 Harvester N J pf 5S00 Inspiration Con 100 Int Agr Corp 100 Int Agr Corp pf 1000 Int Nickel 1900 Int Paper 100 Int Paper pf. 100 Int Paper ctfs 500 Interlioro Con 300 Interboro Con pf 400 J Kayser 100 Kansas City Southern... 100 Kansas City Southern pf. juii Jveny-springneia Tire 3500 Kennecott 2034 Kings Co L A P rts... 400 Lackawanna Steel 100 Laclede Gas 2550 Lee Tire 6600 Lehigh Valley 10 Lorve-Wiles Biscuit 1 pf. 100 Lorlllard pf 200 Louisville A Nashville.... 300 Mnckay Cos 6850 Marine 14000 Marine pf 700 Maxwell Motor 200 Maxwell Motor 1 pf 100 May Dept Stores pf 6500 Mex Pet 900 Miami Copper 100 Missouri Pacific pf w I.. 200 Montana Power 400 Nat Lead 900 Nat E A K 1100 Nevada Con 600 N Y Air Brake 2100 N Y Central 100 N Y, Chi & fit L 3900 N Y. N H A H W0 N Y, O A W 100 Norfolk So 400 Norf A West ox dlv 74, 7 25 82 884 88 43 10774 64 4S4 114 61 257i 19 524 69 60 60 504 98 112 1124 100 60 111 124 454 65 47 44 37 80 10274 100 15 113 95 594 119 52 764 1 125 112 12 68 48 23 53 163 86 38 58 98 118 172 35 804 11774 274 23 65 401 46 41 41 122 125 21 102 65 11274 112 39 89 307s 23 26 394 41 314 246 162 113 89 54 113 32 414 110 117 57 15 38 40 37 95 96 13 65 135 21 53 63 454; 2 102 19 7174 94 115 126 88 26 71 54 68 1074 874 394 7 I 7 24 82 874 88 42 10774 64 42 11 61 2574 19 624 69 50 50 494 954 112 1124 100 5974 110 124 454 65 464 44 364 794 1024 9974 10 113 92 584 119 6174 75 1 120 ion; 6 674 47 22 02 1534 8474 38 584 97 117 172 354 80 1174 26 Clot-in. 100 200 500 100 Norf A West pf. No Amer Co No Pacific Nova Scotlu S & C. 14' 16 34 2244 ivtb-lt l.cal lear $504,114,147 676,S3e,155 J172, 192,008 temal rev Trustee for Personal Trusts rUth Avaniia and 36th St., New York PARIS MARKET. PARIS. Pah. 28. Prlcia stenrly on inn Boursa to-day, Three p.r rent renin, 61 francs 75 rentlmea for t-uah. KxcIihuko on bondon. 27 frnnca 83 iciitlmra. 1'hu pur seat, loan, 17 franca 90 oentlmcs. J25,9!.021 from cii.lotn. S779.I3S enue, urdluarj, I2.n78.D13, Income tai, 12.17,794 ; mlxi-ellniieoiiM, S201,o56, national bank notes re i rlied for redemption, $1,398,161 Statement of Lulled Matrs Treasurer for ibruary 27 ! OI'.NKItAI. FUND. Uallahl cold $52,790,845 Alallable fllrer I'nlted Ktatea nutra. .National biinlc notea and Pfderal lpMrie notea .....,, I'ertlned rherk. in banka SubHbllarr allrer, minor coin and allrer bullion Ptu'lBUKlfled (un.orted) currency leno.ltH In banka and Philippine Treasury M,6o4,Til Amllablo currency In Treasury and bank. Pediiit rurrrnt llabllltlea 20,613,192 13,051,070 20,304,064 9,186 11,414,129 880,109 $175,667,.107 107,4.,7) ,N'rt balance In cenrral fund $08,211,607 RKSKRVIl FUND. field coin and bullion $ts:.79,025 TRl'HT PIINP. To redeem nutatandlnc cfrtincatfi..2,Ml,OX1,ltr7 Grand total cash asset la Trtasory, .t,U,IT9,M 3 224 26 20 92 179 27 58 984 102 144 22t 144 40 52 137 84 98 78 87 7 19 139 1194 56 51 106 10S 117 109 20 374 54 12 47 24 474 924 14 38 33 138 21 93 180 274 59 99 107 15 223 154 40 62 137 84 99 79 90 9 21 140 119 62 108 108 11774 109 20 38 57 124 48 25 48 934 14',? 394 3341 140 I 34 6 300'Ohlo Fuel Supply.. 1400 Ohio Cities Gas , 100 Ont Silver , 300 Pan-Amer Pet pf , 3203 Penn H It 200lPere Marq w I lOOlI'ere Marq prior pf w I. 2100l'hlla Co 1200 Pitts Coal ctfs 200 Pitts Coal pf ctfs 300 1'rensed Steel Car 1300 Kay Cons Copper 3500 Republic Steel 100 Republic Steel pf .- 15600lReadlmr 200 Saxon Motor 200 SenlMiurd A L 200 Seaboard A L pf 300 Sears-Roebuck 200 Shuttuck 400 St L & S F 815 South Pac ex dlv 100 8 P R Sug 2200 South Rail Co 400 South Rail Co pf 6500 Studebaker 150 Studebaker pf 600 Tenn Copper A Chem.. 1700 Texas Co 100 Texas Pacific 400 Third Ave 600 Tobacco Products 3900 Union Pacific 200 Union Pacific pf 200 Un Cigar Stores 100 Un Drtirr Co 200 Un Drug Co 2 pf 600 Un Rv Inv 100 Un Ry Inv pf 300 Un Fruit 20900 U 8 I Alcohol 460 U S KmelUns 1200 U 3 Rubber 100 U S Rubtier 1 pf 82500 U S Steel 1511 II S Sleel pf 9500 Utah Copper 400 Utah Sec Corp 100 Va-Caro Chem 200 Va Iron, Coal A Colto, , . 100 Wabash 1580 Wabash pf A 800 Wabash pf B 6900 WcstlriKliouse. Electric. , 700 Western Union Tel 700 Wheel A L E 1000 Wheel A L E pf 2600 Willys Overland 100 Woolworth, F W 74 7 25 82 88 88 43 10774 644 434 114 61 264 19 624 70 50 50 604 98 112 1124 100 60 111 125 454 65 47 44 37 80 102 100 15 113 95 594 119 624 76 1 1254 112 12 684 48 23 534 154 86 38 68 98 118 1 35 81 11771 274 23 65 10 46 42 41 122 125 21 102 654 1127s 112 39 89 3074 23 26 394 41 314 246 162 113 89 54 113 324 414 110 117 57 15 38 4074 37 96 96 13 65 135 21 53 63 45 2 77 102 19 7174 94 115 126 884 26 71 54 68 1074,1074 7 7 244 82 87 88 42 10774 64 424 11 61 26 19 524 69 50 50 49 9574 112 1124 100 6974 no 125 464 65 464 44 364 794 102 9974 15 113 93 68 119 62 75 1 120 105 4 674 47 22 53 154 85 38 584 97 117 17 33 80 1174 274 40 454 41 41 122 125 20 101 63 11274 112 38 88 30 22 26 394 41 304 246 16174 1094 89 534 112 32 41 106 117 67 16 38 40 35 95 96 12 65 135 21 534 i3 444 2 1 1 102 174 70 94 115 1264 88 24 68 53 67 S7li 3'Jti 5341 534 nrif .' 'inn 66 32 25 146 9474 31 4274 24 25 127 8674 67 103 105 614 1004 5 7s 94 54 27 67 38 454 111 764 27 77 102 934 53 14 32 4 226 274 21 93 181 27 59 1004 103 15 226 154 39 62 137 84 98 78 90 84 19 140 124 56 5 106 108 117 1104 20 38 55 12 48 254 49 93 15 40 334 139 664 32 25 146 95 31 434 244 25 123 8674 67 104 105 614 1004 574 94 64 27 67 38 454 111 76 27 77 102 93 53 14 32 226 274 21 934 181 27 59 101 1034 15 226 154 40 52 138 84 99 78 90 84 19 140 124 66 52 106 108 117 111 20 38 55 12 48 254 49 93 15 40 334 139 844 384 534 997i 66 32 2474 1424 94 31 42 24 25 127 S6 67 1034 105 51 100 6 92 54 67 36 44 111 75 26 7574 in: Vet- Ctaanre. 1 34 74 .8 H 14 i 24 i 2 SVt "v 4 4 4 1 74 4 1 8 7 7 1 BID AND ASKED PRICES. Closlnr prices of stock a In which were no transactions yesterdsy: t tiers Hid. Asked. AcmeTea. M do I pr. n.i AdanuKx.UR AdvK.. Mii rln ill an A sxKub. nun AArCh pi "u AIlkNote. 41 H un pi av AllrShoe. do pf.lTR AIltRu pf. it'. ACrftK pfllH AmCoal.. 36 ACotOpf. or AmRlDr. 110 Ami .or pflO.ltj AmMalt.. lii ASR pf n. 0.1 Am8nu(T..IKO do pf,10:iW Ut) Amfluc Dfll7 121 AmTob, .207 li 20K f nn pi,iua AWoolpf, M AinZlncpf 06 AnnArbnr do pi Assets RI.. 3 AssolJryO 211 do 1 pf. At do 2 nf 40 AnsoOll. . 70H Haldol pi 100 IliOpf . 7 Ilarrett pfllii 07 12.5 10W .14 70 100 4.1 10.1 20.1 07 Un'l 44 101 1211 104 X H Oil 140 14 1 1 " 4 1 4 2 14 1 " 74 " " 2 1 3 1 1 4 4 24 14 14 1 "4 1 HethHtl pill (Hi '11.120 100 SI" :io uo 4 21 bO 4R 7.1 102 7.1 H 11R 1311 12.1 0 7.1 100 1U llklvnl iininnier. HrownSh. ni do nf O.l RufRftP.. OO uo pr.107 Rurn.lira.USH HO RushTor.. 100 Huttenrk. I7J 20 CanSouth f.4 r.7)( Cae nr . . KI r.1 nilRofNJ27B 325 CenftHATllSC CIathpfli:iH 114 Chl&Alt.. ir 1R do nf ir nn ChlOtWat 111, 12 il.t 40 454 41 41 I-- V 125 204 101 64 1127a 112 38 884 30 22 26 394 41 31 246 16174 110 89 63 112 32 414 106 117 574 15 38 40 354 95 96 1274 65 135 21 634 53 444 2 77 102 18 70; 94 115 1264 884 26 69 53 67 107 85 38 63 100 56 32 25 146 9474 31 43 244 25 127 8674 67 103 105 51 100 574 92 54 27 67 V 36 ' 14 :hlNVpfl70 ChlSPAO.ICM 00 nr iz.ri i:i;ui,pi rj CluettP ml do Df 107 ColftSo... 24 do 1 pr ao do 2 pt nx ('onCalla 1 7 5a 1'untl 'an s" do pf tl Oonlna .. .14 "rel.'ar, :!.' CuAmHu lA.i dn pf 101 Delftllud.140 DLftW . 22' lecre-r IC DenftUdr 12 rictKdlMi.ttt.lc PetlTn .1111 DlaMaU-hl22 OomeMIn 10)j Drlw-S.. .V) DulSgftA. 4fj do pf Kit ElecStorll 61 Krie2pt.. .11 KrleftPtts .10 FedMAS. 1.1 KWIIelm.tr.0 do pr 111) OenChpf.109 (Idrrh pf.ios Oranhj-fn S4 OulfS 1 pf 101 do 2 pflol Ilartnian 70 llarv.NJ 11.1 HarvCorp 7St do pt 110'i llomeit.M12tc IntNlcpr 101 j lowaOn It JeselTea flo do pf IOU JKyvl pfll2 K (' Ft S AM pf OR KeuDeaM 3 dn pf KetlyTpr B1 KlnK.F.IerllA LFrleftW 17 do pf lis UuMToli 2.10 do pf!20)$ lxing!Id .10 Lorlllard .200 LnoseWII. 22M do 2 pf AA Markaypf CA ManDcb.. 1H 1-a 110 140 7.1 70 1 tn an r.: 4ft mis SOVj :n 170 10.1 143s 2:1.5 os'i t4 in.'.c 1 pi 1:10 20 11 :i2'( 70c lRJi 200 124 11.1 112 in- 130 71 11.1 fsO 132 R r..i 10R 120 AO OA 1I7H 20 4ft 2110 122 41 220 2A 7A B7 a MallFI Manainrt. 70 MasM-'pf .'It Mavl)H. . no MeiPelpf 01 MlrhCeu. 11.1c MAHI.new 23 MHI'ftSH M 107 MHPftHH Mrr 12.1 MSPAS9 MM.. . 7.1 MKftT... 7 do nf . . 141 j Monl-rpf 112 Mol'ac... WH do eta... II MorftF.s.. HOi N.'ftsl...t:io Natllla.,,110 do of. . 122 NatCftS. Rid. Attted. .120 120 72 34 Aft 04 U 12HC 24 110 135 nr. .7! 1H 1I7M 2 ? GOSSIP OF WALL STREET. Overt Ada and Investment. Overt acts against the peace and pros perity of this country are being com mitted by Germany, but apparently the Investment community is not Alarmed for the future of American corporations, the earnings of which are back of actual Investment values. There Is no Invest, ment liquidation and there are nolndl cations that war with Germany will bring out Investment holdings. No good reason can be advanced for a panicky feeling among the holders of high grade securities, but naturally with nil the current uncertainty regarding Interna tional developments new buying or 82 do pf. . 112 NalF.ftrn NatlytlnlT, NltyAflp. - 108)4 Nlt-.M2n. NYilftSI. tnf do 2uf. NYllock. 70 At 12 do nf .IK NVIAW 112 NOTAM tK PacConsl, AO do Ipf OR do 2pf. OR Pac.Mall. 20 I stocks and bonds Is limited In splto of the lelatlvcly low prices prevailing. Bunkers who are aEked what they be lieve the market will do say they do not know how market movements will run In tho Immediate future, for If they did know, they say, they might become rich. Hut they are quite willing to go on tccord with the statement that It would I requite a tremendous reduction In the earning power of our corporations to make stock market prices dear at ruling levels. HO 140 UO 127 MH 114 OR 113 23 "OK A. in 40 120c 21 (,.-. 1KI M) 22 120 30 O'l All 04 ' 12 AA 77 00 iln nr . . OS I'acTftT.. 211)4' do nf . . OR PettlftM. do Ipf . PeoftF.as. ft PereMnpf PCC'ftHI.. 7A IMtkCnal. 47 an pr. ..111)1 izu PFW40..1A7 IMtlsStlpf. 08 100 liresStCpfl 1011 , PuliHertl 12A 130 11illman..l0OH Uulrksuvr z do pf. . 2 RyHtlNpi. 48 U do pf. . . 0 Readlpf.. 40 Rrad2pf.. II I j RcnaftSarlCR Rl.ftNFpf :m HIsAV. . 2A do pf 4H S..aliAl.pfl2(l',' SloMhef AO do pi . IM'j StlilAllll.. OH j do pf Suit?. 41 Teil'l.T. tilt Tolil'dpf 1 U !'' , TSbftW.. I do pr . 12 do cts.. 7 do rt-pl. IS Twll'UT 02 do pf .120 Underwd 101 do pf 114, UnllftP . M dn new.. 112 U UnCUMf. 4.1 40U 101 43 1 42 H 4.1 2N All b0 4 lis 07', (Ml 4ft 1711 44 J in 0 20 tn 13ft 10ft its 12'i lift BOND BUYERS WAIT TO GET WAR PRICES Believe Further Complications With Germany Will Lower Quotations. . One I'.fTect of Market Dnlnras. Tho perceptible slowing up of business in the financial district, due to the Inter national crisis, tecalls to tunny house managers the dull days of midsummer. There has been a decided weeding out of employees In the last three weeks and the Incompetents and misfits are leaving the Street. The tremendous markets of a month ngo, when million share days were of common occurrence, compelled brokerage houses and firms handling commodities to put on extra men, and even with the extra help work until far Into the night was of every day occur rence. In the present restricted markets, nceordlng to brokerage houso managers, the clerical work necessary hs been reduced approximately 50 per cent. do nf UK! ttnCtofpflia PnDelpf A2 WW-MP. lKs .1 , r r.7 I llSIAIpf. IM 1 UNRIP 1 I IWmelpf. AO PSH&lm. 1 1 1 VaCaChpllO WellsFF.l. Ot WealMd.. 2.M4 do pf . 30 Weatelpf. 00 wvnr 210 dn pf 112 Whlti-.Mo. 4 , WllsonftC 112 If do pf 102 WltlvsOpf 07 Wlff'en 4li Woolwpf 12A WorthPM 21 '5 do A... . 00 do II.. . 83 Ex-dlv. 10ft UN A3 10M 111 Ij lllft AO!, IN 111 100 24 tj 41 270 110 .Ml c.:l 10ft OilU, All 1211 211 07 Aft Ex dlTtdend. Where ,,c" follows a Quotation It lorn catea a bid or tor ten share. Ilethlrhrm Rtrrl Dnsrn. Poor old Bethlehem Steel apparently no longer has any friends among the speculative element In Wall Street. The stock, which speculators bulled to 700 last year, Is not In demand, but the corporation It represents continues to report a big volume of business, al though It Ii under the necessity of going Into the loan market for funds for work ing capital. Big .business requires big working capital and the Tlothlchem notes recently offered are going well, accord ing to Interests Identified with the financing. Bethlehem Steel A stock, rep resenting the old stock, ex rights and nx the 200 per cent, stock dividend, sold yesterday at a net loss of 8 points, at 121.!,, as compared with 140 on Feb ruary 20, when It first sold "ex." while the I! stock changed hands under 106, against 123 a week ago. The rights sold down 6 points. offer SHORT TERM NOTES. 1 74 14 '3 4 1 14 24 4 2 1 3 14 4 444 111 75 26 76 102 92! 924 1)3 lt 1 t3Vi 14 I 14 32 32 224 274 20 92 181 27: 58 98 1034 14 220 144 39 51 1374 84 98 78 90 84 19 1.194 1194 56 514 106 107 1174 109 20 38 54 12 47 25 47 924 144 38 33 474 27 20 92 181 27 58 99 1034 1474 2214 144 40 62 1374 844 99 78 90 84 19 139 1194 66 51 106 108 1174 109 204 38 54 12 47 25 47 92 144 38 33 139139 1 1 1 1 4 14 4 4 'i 4 1 T - 14 4 2 1 1 4 4 1 4 " 4 14 5 1 2 4 1 1 1 1 4 74 v 1 4 V, 4 14 FeeurltY. Rate, Bus. Am Cotton OH .... 5 Not. HIT Am Tel A Tel 4V Feb. ins Am Thread Co... 4 Jan. lull Rethlrhen Ntel CoS Feb. 13,'U Hratil l.t A Tr Cxi nm, mi Bklyn Rapid T Oo. si July 1911 Canadian No By. . ,51 Canadian Nor Ky . ,61 4'juiadlan Nor Ry .61 Canadian Pac Ry .61 CM lllir A Q R R . .41 Chi Wind R R...S1 Cuban Am Sugar. 61 F.rle Railroad . . .Mv Fed Hun Ref Co. . . .SI Oenernl Rubber Co. 51 ) Trunk Ry of Oan.51 O Trunk Ryof Can. 51 Hocking Val Ry. . .31 !ntl lltpvMt,. rV..&. Kanaaa city Ky. .si". J"iy m Kan City Term Rv 4i1 Nov. 1918 Kau City Term Ry. 4H1 July toil Missouri Pic Ky 61 June. Ml! Hon Tram A P Co. 61 April 1911 Morgan Wright. .51 Pec. ims New Kn Nav Co . .61 May H17 N Y N 11 A 11 R R..4l1 May 1917 Otis Elevator Co, . .51 April 1910 Pennsylvania 4t1 June 13. u PubSrr Corof N J..61 Mar. 1919 Hem Arms U M C. .51 Ken. ll Pnltwl Fruit Co.. .51 May 1918 Utah Securities Cor.61 Sept. W!3 wabaan Kail roan.. .41 .11 ay Westh K A Mrjc Co .51 Oct. 191! Wine Rep Arms Co. 31 Mar. 1914 Sent. 1917 July lo.'l! July 10,'H Mar. I.'2I July 1911 Sept. ll! April 1511 , April 111! Jan. 192) Dec. 1911 Nov. 191! Aug. 1918 Nov. 191! Feb. 1.VI8 nid.Asked. ioo'i inotj 130', 100', l, 99 981, CM, 97 Vi 100 99 68 'J 99U 1001, American Tobacco. The retirement of $25,989,400 In pre ferred stock of the American Tobacco Company, with tho accompanying reduc tion nf Its authorized preferred from $80, 000,000 to $54,010,600, Is another el dence of the stable, manner In which the enmpnny has dug Itself In financially. The proposal, as recently announced In this column, will be considered by stock holders on March 14, and they undoubt edly will follow the desire of the direc tors. This preferred stock, now In the treasury, was received In exchange for preferred stock of the Liggett & Myers Tobacco Company and the P. Lorlllard Company. "The corporation has no ne cessity to dispose of this stock," said a director yesterday, "and considers its re tirement a benefit In further stabilizing the remaining stock outstanding. In the Event of War. There Is no reason to anticipate that a declaration of war by this country would have any Immediate effect upon the busi ness hltuatlon, other than that resulting from additional stimulus, says. the Na tional City Rank in its March bulletin. And It adds: "The Government has al ready entered the market for equipment IPOs llnn supplies, nun is cuniniuira 10 Kirai 9ij I expenditures upon me army ana navy, 10l, lOJW t7: pi 1 97, pu 991, 1001 1 101 191!, lit1) cat P9, looi, ( but doubtless Its orders would be In Im '!' 1 created and expedited. The evperlenca loo ioo'i of.otber countries, and our own as well. snows 111.il war mascs enormous ae mands upon the Industries, hence thero noubl be no reason to apprehend a sud den reaction from the present activity, The dancer would be from the other side, I. e, from an overstlmulus In certain di rections at U10 expense of normal devel optnent. The industries of this country arc already working to capacity, and It Ik dlfllcult to se how they could do mote. Under such conditions tlovern- I ment orders would crowd private busl- iooi-j tot', I lot 102 100 100', ' V9' 1001, V7t4 99 100 I'll to'4 r:' , 9l-i 9, (91, ni, 1001, 101 99'4 1001, ' 78 13 1 100'i 101 96 W7 The demand for bonds continued quiet yesterday. While Investment bankers report plenty of funds available for In. vestment, It Is found that whenever a block of securities Is offered to Individ uals they express a desire to wait. In the belief that further complications with tlcrmany will lower prices. A fair demand is reported for the new Southern Unllway two year notes. Lee, Hlggtnson & Co., as the head of a syndicate of bankers, have practically sold nil of an Issue of $5,000,000 of Pub lic Service Company of Northern Illinois 6 per rent, debentures. In the railroad department of the bond market on the Stock Exchange St. Louis and San Francisco issues were fairly ac tive. The prior lien 4s were a shade higher, but the Income 6a were slightly lower. Foreign government Issues were heavy, Anglo-French 5s losing mora than half a point. United Kingdom loans were also slightly easier. Industrials were Inclined to sag, United States Steel Corporation sinking funds 5s declining one-quarter of a point and American Telephone and Telegraph one-eighth. Lackawanna Steel Es were under pressure. Total sales amounted In par value to $.1,165,000, compared with $3,491,000 on Tuesday and $3,248,000 a week ago. Quotations on governments and sales of other bonds follow: II. 8. GOVERNMENT BONDfl. Feb. . Rld.Aaked. , 99 100 Teh. 27. Rld.Aaked. 99 100 2. reelstered a. coupon m .. 09 .. 3a, registered 100'i . lorn; .. 3a, iiimiii ioo , too ,, 3, coupon. 1946 IftO .. 100 3i, registered, 1946 100 102 100 102 regmered 108 ins 4s, coupon 109 1" .. ranama, registeren,. 9SI4 y .. Panama, coupon 981 98V 3, Panama, registered. .100 10' 100 101 3s, Panama, coupon 100 .. 100 RAILROAD A NO OTHER nONHS. I! S Pan 3s reg, Canada No 6a . .Mo Pac gm 4s 4UUI .1(11 21X10 . lliy:U wnen laallen Cent Pacinr 1st mono. .. lioij 2000 .. HO Anno . tloti 2000 . P.OI4 101100 . tlolj Cent Pac3Us IKlOll . Hi loisai. , rl ll-U' l"ni'i"'i. ..oil AmForn Fee 5s ftooo .. Drtlj 7000 . itfi.v anno. . .iisij AnffloFrench Ss nuia 014 f I 7 n 114 IM I) cv In 46 NOTcxA M 6cA 4000 .. II 1 Isl moo . OK-" 2llOl . HDI4 toon Hi) Cbl A AlUin i IOOO . Oily I'll, O lolnt 4, Dl.la 7IHKI . (IHI4 n j,i4 moon . nws II 11 02IHHI , II M Nl Cell dell 6i limo .lOHAa aoo .1011I4' 1000 .lt8s reirlstered t(XK) .108 NY Cen 4141 4000 . 1)734 ,OOII . . II M D IN Chi A E III en Us N YCen I.N Hi's .MUl VM NY (las Kloc Lt II P 4s aooo . 8 a 1D.I 9514' lllil. Government and Municipal. Rale. Due. Hid. Asked. Argentine Oovt . . .61 ncc. ivii iooj4 lot ness to the rear, create new demands for labor and materials and probably raise cfts to a higher level. 4SOOO aoo 13OO0 2A0OO. AOO nnOKD 2SOOO 2500(1 " AOO l.MXKI, 70OO 30000 . n 1 3 200(1 inn Chlneaellovt 5s CM (It West 4s 2000 . 72 .".(XXI . 7 1 Cltv of Paris as' C MAStP cv Ss1 IOOO . mils irxxl . 1 04l8 N Y N II A II won . 0:114 cMAStPgm eves ipooo . tut 1 4i. 1000 .102 7O00 .. OH 3IXX) , 1 O 1 34 ' N Y A N J Tel 6s Dom Canada 5a O M St P cvl 2000. .. I OO I9JI 4t,s NYOntAW 4s 1000 . oh linoooo. .osir' -nno . ,7R7s 000 . UBIsiOMASt P new NY ft Put 1st 4s fd ihjt 2000 . I) 1 la 0034 3000.. 11 A34 NY Its adl Ss 117 AOOO . DftSs 3000 ... :io 01114 ciu MUAStPis 1000 . :in 07 1923 IOOO . :it)lj 2000. ..0 4 'NYTelgm4l,s 071aChlA N WW lomxi . f)H3 0734 noon . R2Si 1000 . OH7H 1)7 ChlHIAI'ltv Isl VIIIK1 II KI. Ct'lteilKlngrtml R000 . 81) .'.(X)0 n7s 15191120000 . 8OI4 NY Wesfch'ler 1240X). . (IR 9 ChlKIAPIty 5s A Huston 4l,s 2KJO . OHIj, rlfa I std . 400(1 . OIU4 41000 . tIR 0 lOIKX) 70 Norfolk W 4s 3000 c 11:1,14 ctrs2std 200(1 n'l 7000 OHOiir.rxxi . t)H 1 301x1 . OUI4 temShsll9 ChiltlAPrrrts NorthernPac 4s iinv ....I . 41, OO . O'Alj riHi.l 1000 .lonij ' ,.! .'? OH 9 Cleve SU I, 4V,s Ore Mash RR DHAg 2000 .IOOIr -Jj."' rri 4., 1)14 As 30(X) .1 0034 ,om MO;4 (18 9 CCCStIjrm4s Pac Coat 1st DHV. 3(XXXI . 7 7 3000 OH.Tj Ulll'IK1num Col F I gm Js purine lias 5s M 1910 I 1000 . 0.MI3 lnmi . 0U4 AOOO . tiaijl 2000 nUI PrfC Tel T5a 30O0 . Ilft34 Colo est 4ljs KXIO lOOti 02000 . Ofilj KKX1 8!l fa 200(10 .IOt)7s 1 1 " s 1 . lio. lolosnutlKs I'rani gm UvKMSI HOl2 HXKI II 1 AOOO lvl 1931 Com'rblbs- Cs 20IX) IIIL'.la 2nmxi . i)46s 10011 . 87 IVnna 4hs inn 4!XX) . (1 4I3 Ciiinii Tel 5s Knoo 10.1 fl.'.OOO . t)43s AOOO . IOOIr P lirillard 7a AIOIX) (14I4 IlelAllud r 5s lOfxl 'jni A(XK) . 043 201x1 1 (KOa Pub -Jerv Corn aixi .104 or N J 5s 1000 .10:112 1000 . nit Del lllld 4t,s, 100(1 .100 1(1 OelAlluil rer4s IOOO . Illllj lien A Kim; 4s KXVX) HOAf. Dee III) ror Is 'OO'I 41 TI 1926 500015 1000 . looosts IOOO .. 1931 0000 . l(x)o . 300015 AOOO AtXXI 700(1 74OO0 4IXXI (WXXl 1AOOO 20000. 17IXX) . noon 22IKJ0 gm 4, . 1 oai- Atsrnnttnn Oov't . . .61 Argentine nr aieri. .a- City or Bord'x, Fr. .91 Cltyof Lyons. Fr., 61 City or Montreal,. .51 Cltyof Montreal,, ,51 Dominion of Can. .51 Dominion of Can. 51 Dominion or Can. .51 Italivi (Iu 't 61 Newfoundland O'l 31 Norway (iov't 61 Norway Oov't. . 61 Pruv of Quebec , .51 Republic or China .61 nepuiutcoi rrance May IS, '33 May 1520 Nov. 1,'I9 1 19 17 1,'ls 117 l.'Jl t.'Jl Nov. Dec. May Aug. April Dec. Oct. 15 '17 July l.'li Oct. 1S,'I7 Feb. 1,'21 April 1.'2) Nov 119 Issue or I9is 100 100', I 971 91', 9P, "41, 9I, 100 IO0I, 9t'i 100 ICO tool, 971, IM, 16 I fil a 17 ( 96 "s 9i4 ira1, 10! 106 Slj 1110 96 I'!', 114 M4H V4't kSl, Economic DeranRements, Ruhj.lan lloirrtlint 511 llec. 121 Russian Oov't. .51,1 Feb. 1476 1270 1272 Ituaklan Oov't. . .61,1 July 1019 M (41, Switzerland Oov't .51 Mar. 111 9'i's loo', Nwluerland Oov't ,51 Mar. 1iJ ihii, too', United King or (1 11.61 Kept, l.'li 10', (OS United Klngof (1 H.61 Feb. 1,'IS IH, s, United KlngofO 11.541 Feb. 119 VH, 'Dollars ier 1.000 francs. 1 Dollars per 1,000 rublos. "Knllstments would necessarily ag gravate the scarcity of labor, and the amount of business In sight would be likely to stimulate further construction unrk for the enlargement of industries. These nic the Inevitable economic de rangvments caused by war, and in soma degree ' wo have already been experi encing their effects. War Is not recom mended by any one who understands its economic effects an a means of Increius tug the wealth of a country, but If war must come It Is certain that the I'nlted States Is more fortunate,!)' situated to wiiiisiaiiii ii, uiki iwts ureaier i esinirces (k, with which to prosecute lt than any of I loou the countries which have sustained such ! aoo marvellous exertions for two and one half years." United King 5s lnrxi . noij lorn . nni4 iboo) . no 1 1 741X10 . t)Ol4 toon . nni Rnrxxi ..,nm4 4(xxi . nnv IOOO . lulls NntlivMel 4',s 3O0OS10 11 O NYCIty 4l(s 60 20OO . 1 O a NYCIty 41;s 64 snoo .1 ()!&, . 1 1111 4s 1957 4000 .10IJ!4 Aliska O cv 6s Series A inoi) .. 74 AOO . 7 4 Series II KXHl . 7 I lrxsi . to Am Cot Oil Js 2ixxi . mi AmTA Tilt 5s Unix) UKHI . ()()7s 1.VK10 NEW YORK BANK STOCKS. Bld.AsVed America . ..660 575 Atlantic . .190 165 Am Ksch . 140 245 flattery P... 150 Bower) . . 190 4! ) Bryant Pk 163 170 Hronx Nal. . 162 170 Butch l. 90 loo Chase . . 346 355 Chat P. . . 343 JtS Chelsea Ex - 125 Chemical ..390 400 (It Cen N . . 191 201 City ... 495 505 Coal Air, . 191 7f6 Commerce 190 IM Colonial . . . 45) Columbia. . . 331 133 Corn F.i rh . 340 350 Cosmopolitan 65 100 Fast River. 70 (0 Fidelity 150 163 Fifth Nat 350 270 Firtb Ave. . .4300 4S0O First Nat .looo K.'J Oarfleld ISO 190 Oer-Ant 136 140 German E . , .371 190 Oermanla B.. (00 dotham N. ..860 Greenwich .310 !33 Bld.Aske I llarrfman N..J21 701 111 ''ll , S 591 371 2V) Hanover lm Trad. Irving Nat . Liberty .. Lincoln Manlit Co Mech M. Market F Metro'n Metro poll. Mutual Merchant New Vetland:!! N v .N rl A 4"i N Y County. Park .... 511 Pacific . . 27(1 Peoplfs.. 221 Produce Exc 195 Public 230 Sherman. . 131 Seaboard , . 440 Second State 2d Ward Union Ki Wash Ills West Hide, Yorkvllle . 2(0 710 .Ml 2J.1 v. j.i . 3M 213 IH 300 600 515 2000 . II 1 Ry S(eel Spr 5s ini OOIM I) o Heading pm 4s 2(X10 . I) 4 2IXX) . II m 2IXH) II Hi iwxxi . fl7lailte-i.1 JC clt 4s Del Ed 5s 1940 .1000 OA 101X1 .10 1 (StlAlrnn M 4s De'rolt Un 4's AOOO B 1 14 KXKi . H4 St lAan Fran l(XX)0 Hlllji lerii-a A DlstlllcijSis- 5s 2(XX) H7U 20IX) 11014 !i(l . (17:tR D'llA I R 1st Ssl AOIXI H7li :i(xxi 10a .iMi'xi (I7.'is Dlll'ollt Pis , MUX) 117.1(1 201M1 1 04 Nt lSan Fran I'.rle 1st con 4s Series n A(Xjn HH4 Ifxxl . 8.11s Ellecv4sser H lldixl . HA AOIXI . II 1 j AOO . .HSU 20(10 . 11 1:14 ,it I, s Fran Krlecv 4si.er D ndj (.ixx) . 7.H3 isrex) . 7au 7 4l4 1,'rfXX) , 72I4 74l! NtlSn Fran 1 ii 1 i.ne ven is tnc 1007a 2(XXI (18 221X1(1 ,. .in IOI Ool llarftan A Hfxxi . ,nlj 100 l Mes AP.ic 1st Ft I. S W con 4s I I) I I 100(1 . 1 OOI4 20CXI . (IT I, I OOI41 (ire it Nor 4 .s 1AO(ki . H7lj loi)7gB2iKin tinSi aooo 117 101 liulfAShlplslia SollellTelATSs IOI . KXXI . 84 1 KXX) . 1 OO l007HHud M rdglHniithl'ae cv 5s 1(1014 Is Series A 13'xio .IOOI4 1 11 I im.i nriy UKHI Till 4s IIXXKI . II M I :,(XiO 0 111 -11X111 . tlH A(MX) A ... I, .1,1.. ..I, ... II..., If. II ,.W..lr. Railroad i-onsestion. blgber nrieea and con ! ' uuin unr, 1 1 ' 'j . 7,, liiiursl Inrse inquiry feature the iron and 401x1 hilu Illinois stl 4l rnxxi steel miirkcts I KXVKI ()(l , iiiihi H!I4. 2'XWI Hie Imtt oe aiya -'Pir iron .sintlnues 10 .iimArbor Istls III Con rf 4s 51 7000 bnl'l the spotlnrlu Tlie spurt ulilcli the car 1 ioini . 08 I2(XX) !( 1 1. 2o,i em sesiio 1 ziite 111 iiromm of nrrv n : Arnwoip 4i,.s inri an.siM. r-. K.n.iiiiU .... 1. two ami tlyree weeks .uo ws H(ssiitu.ite,l 2(xxi i:i' kxxi .loyt .kmio 8tl 111 I tin last week by still limber and more ' T S F cv 4s interli It T refi 4ono;o Htl wldclv dlverxent price Pepeiulent Inrtely I IflflO I As tors 1 1000 . 8(1 on the !rer.ent iiiiii-na1 xlttMUou prlis1 are' irxxi ,10UI4' .kxid . n7iISoiiihPacrer4s sooner or later expcteil to lonie moie neatly ATA SF yen 41 lixxxi . l)7laUiux)0 , oy 111 Him llli contrail levclx ' 1 lixxi . (14 'tomxi ti7'(.22'X)() naiR The roll Jrmlr Heurir says- "TempnrHry , 1IXK) II4I4' 2(XXI 07lj(i ,Xx) H2lo 'IRON AND STEEL CLIMB AGAIN. 1 I'iur Mt-tnl brails llnrcli I'tisTard l.nruc lnqnlry Coiillnuea. HIXH) . IOOO . t(HX) . 11XX10 AOO . 200(1 . 7IMKI 2 KXXI 12 SCO It-UnT.l ;iimhi . I OI)7s ioihi .1(107, IDtlb . I Dills I OO'h I 1)11(4 1)111, I llll'H 2 to 1 0 Year Maturities rPHE investor purchasing first mortgaRc bonds safeguarded under the Straus Plan has an option of maturities. As the bonds mature in serial install ments from two to ten years, he has an ample range of selection. rpHESE bonds are beinR purchased in steadily increasing amounts by the most conservative investors and institutions. They arc of unquestionable sound ness and yield 5. ONE of our officers will explain the merits of these securities. Call, write or telephone for Invtment List 1203 S .W. STRAUS feu at it! 1IU ws fi'Vs liearisnlaS 40C. VtJ t 1101 150 Broadway Cortland 8064 CHICAGO CINCINNATI OETROTT BAN mANClSCO MINNEAPOLIS 35 Years Without Lobs to Any Investor. MISCELLANEOUS SECURITIES. Rid. ... 59 ... 71 ... r, a '.4 75 ...1(7 ...147 40 43 75c 90 75 57 107 103 152 .. Ill .. 99 . 94 ..100 ..160 American Oilcle American Chicle pf American Chicle American ('hide pf Amerlrnn ilrapho American (Irapho pf Amerlrnn T) Defounders . Ainerlcnn Typefounders pf., Atlne Portland Cement Auto idle ParnhHrt Pros ft r 1st pf.., Barnhart Pros ft S 2d pf.,., Hush Terminal pf Borden's Condensed Milk... Borden' Condensed Milk pf Celluloid Child Restaurant Child Itectnurant pf ProrUer Wheeler Crocker Wheeler pf Del. IHCk ft West Coal,,. Oener.il Daklng Co General Itaklng Co pf . . . Oral Not Telautograph.. Hocking Vnlley Products International Snlt 57 International sliver pf 10.1 Michigan Limestone 24 Michigan I.lnifMon pf Midwest Refining Co s.ew Jersey .Inc. new etock Oil? Elevator .... Otl Klemtor pf.. Phelps Dodge ft Co t'r.'"t niiney pi Remington Typewriter Remington Tpewrlter 1st pf Remington Tjpewrlter 2d pf Royal Unking Powder pf. ... Safety Car Ilent ft Lighting. Singer Manufacturing Tide Wuter Oil Wappler Illec , . , , Wappler Elec pf 41 3', . 19 . 93 .310 . 60 . Sf .300 103 161, M 4.1 102 97 230 Afkad. 61 l CO 16 151 151 41 13 50 1.30 93 HI 91 110 105 hi IP! l 10-, 11(1 4 40 I 10 10 , 22 310 10 17'. S3 ( . IC', 1(10 239 STANDARD OIL ISSUES. Feb. Rid. I Aiicln American Oil Co. m'4 17 IH'4 16', Atlantic Itrftnlnc I'o... 1040 1055 1040 loot It.il in- Scr ins, r Co . ... l.'i 4s0 461) (so lllli kl je Pipe Line C 10.' 106 02 A I'hcrieli'gli Mfg Co Cons, 420 4(0 aj) 410 Colonial (III Co ;,i 7i) y ,r) Conllnentnl Oil C c 620 615 (VI Crcsiitit l'l. Line Co,. 37 40 1 41 I 'urn hei! mid I' 1. Co Inc. 1.9) 140 1.10 l(i lllircka Pipe Line Co 210 220 210 2:0 Hslena-Slciial Oil Co 16.1 161 166 17) liab-lia Slsnal Oil Co pf. 13! 113 131 II Illinois Pipe Line Co.... 23.1 2(0 2.17 210 Indiana l'tpe Line Co,,. 102 106 103 107 Inter l'droleui" Co it'i I'J'i It"; ( '4 Nrlloiial TrHlisit Co 18 19 1 is New Ytirk Transit Co.., 214 211 21.1 220 Not tlieril Pipe Lille Co. till 104 lf.l H Ohio Oil Co J17 rx) 3s rai I'din Ales 1'uel r.1 M r4 Pierce Oil Col 1 12', 13 13 1 o, Prairie Oil ft (, Co . . (vl 1110 60S 61. Prairie Pl. Line Co 32S Xl 326 Solar Kenning Co 31 40.", rti". ci Snnthrrn Pipe. Line Co.. 2ol 201 I'M .rt South Pelin (HI lo. ... 32! n.10 s.l.1it .! , S W Pelin Pipe Line. . IOI liyi I0 n Staudard Oil of Cal ... 300 .101 302 tkl Slnndiiiil I'll of 1ml . Wl sr.o k.vi v Stfltidard till of Kansas. 650 A.O r.6! :,. Maildatil Oil of Ky 720 240 710 710 Stamlsril 1)11 of Neb (Isl 620 610 (.K Standard llll of N .1 M I'.'H 6'(2 (" Mnmlnrd (III or N V ... 2s1 2'i 291 J", Stnmlsrd llll of Ohio. . 470 4X0 46.1 4" Swim ft l'lnrli C l's) 110 IOO 1" I nlon Tank Line Co.... 92 96 9.1 96 Vacuum Oil (' 426 432 421 43j Was'ilncton Oil Co. ... 31 40 ri 40 St Oil Kilbfld "en bloc" 1630 ., 1611 I M (111 old stk "all on".23H .. 2.T3 391 103 120 ,154 .275 .510 200 240 130 413 110 130 163 restriction of Minnly produced by triifll coiiii-ts'tioii in an alie.-Kly sold up market tn I Iron and steel hale fliakrn pnies out of llieir niuro sittiiuiiHrv 'siiiilll (nil III It-ccul wick unit all upward iniiiemetil :i4-alu ho s'artisl Pig Iron has leu Hie march and for Hie first time in the picfcMU era of pros- Tterilv- snnt melut is cnnini ii.tl 11 - a ,11. tit,.. I dmand of its own Iliipreeedented roke ! Al l Line clt 4s prbs- hive made furnace ions a market!,.51!;'0.; ,vL;!s fador of special Importance" vJ5Jr VJw ' o(XMI . (III AOOO ni)78 l.aiuu i uu AIM) . 0:ri4llllterlHiro-Met irxxi I14I4 col trust 41,s AT SF ,idj is Itxxio ilt)lB stauipisl I .VXK) on IOOO 811 lm M Murine 6s 4(X) . 8.1-141 loixxi (I I la AlVoaxtLlne 4s 2000 . Ill 1IHXS1 II 134ilni Ppercv5s nam , 1111 0000 . O 0 STEEL AND ORDNANCE STOCKS. TRUST AND 8CRETT COMPANIES. I Bld.At.ked Alliance Rty.. 70 Am Surety , 135 Astor 43 Hankers ... 450 Hond Mtg 26) Broadway,. . 1.11 Brooklyn 600 Central ... 7,5 Columbia. . ,30ij Commercial,. 101 Kuiplre Ir ..261 Kquitable,. .,500 F L T, Franklin, Kiilmn., . . Fidelity. ,, Guaranty. , Hamilton. Hudson T., hlnga Co.. Lawyer M, 470 ..250 .375 ,201 ..440 ..365 . 140 ..640 ..153 75 1(5 600 460 275 160 (20 710 M0 290 523 4 SO 260 Vf5 441 275 1(5 6t0 15! 110 400 110 111 (isl Bid. Asked Law T A T. 123 110 Lincoln.. .100 Manu Ciu . 141 Melrpol . S1) Mtge Bond., too Mm T of W 131 Nat Surety. .21! N Y I. I T 911 New York T.6O0 NYTIIlolns 91 Peoples Olleens Co llealty Asxo Title 0 T. Union Uu States. IIS MAT. ..4'.0 OH TO I. 71 Weatrheater.-IJi WA UT .MWJ 34) 91 360 . 4M 1UM Am Brass ft Ii 51 Ig 5 A ft B MI pf 20 Mlas Tow.. 155 Atljs Pow ni lO'i Ulb ft WII...1I5 Hill (E Wl. 535 Bliss (EWl nt 73 610 Can F ft F. .175 6 Can F ft V pf 92 - ! Cm Exp . . I") so, Can Lip Pf 1H 101 Cm Westing 120 "0 Ciiibon Stl W Carh Stl 1 nf 93 Cub St' ; nf 70 V.x dividend 1020 4.11 XI 140 160 nid. Ask. I .305 3151 Colts Arms lOIDu P P nw 223 30D P I' ribWntlOl ltOlEmp S ft I 30 lojlEmp S ft 1 nf 70 120! Here Pow 0 5T5!IIito Pow pf HO 7'llopklllA , ,1 lUlllnpkina-A pt 7o . IMilliken Mr id : fool Nile BP IT: IIOINllrs-BP pf 105 13iHScoilll Mfg Ml ffllTlioiiia 1 1 mi M PXl'Wincb a A 7.".o SOllVondward Ir. Ct Bid. Ask 771 SCO 235 104 v-,'1 too 119 13 40 I) 171 110 59.1 Southern Hy 5s kxxi 1 11 1 SoulhRy gm 4s 2000 . 7 I 1000 7 0 14 20OO 7 01s Stand lias (is IOOO 1 OOla t00Os6 IOO Texas Co cv e 2IVX1 . 1 () AT. IOOO .. I O.II3 Third Av ref 4s AOOO .7 7U Prion Pacific 4s 4000 . 0 7 aooo . 0712 201X1 . 04isIAOn() . nnijIl'nlnnPaeer 4s soon . I14I4 ,vxio i)6tJ aooo . naia AOO . 0.1 'lfXKX) . Oils I'll RR SF fdg BaltU gold 4s I.011 Nash 4sl 2000 nnia 2000 . 11:414 1 moo n:t7ii 30006 :iniv irxxi . naiai 140111) 04 4(kx) .10 'WOO . nil UN AKAC 4. t' s Hubln-r 6s BallAOblo 3l ,I(XXI 88 AOOO .lOV-V (XXI . 0:114' Manll.lt Rv 4s C si Ktn1 sf Js low n Cent 1st 2000 n a Iowh Cent (s (rfXTO . ,1 7 KanCS ref 5s I 120IK1 . 0 07k H A O cv ll'.sl IOOO 8 8lj 1 1tOlX) . 0 4 14 1 Lack Stl 5s 1951 900 67 SUGAR STOCKS. CHEMICAL STOCKS. Odd lota. Whera a "o" foUowa a quotation It indlcaUa a bid or offer (or ten aharea. Atl Ref ... Atl Rrf lit. Card-Am . . Card-Am nf. C Arulrre ,, Falnrdo , Federal Federal of (It West ...360 Gt West nf..U5 Uuantrwame. IT Rid. . II . 40 . 20 6 11.3 131 62 91 Afk I lP.lllllcOS Mi'Muiiatl 2SIManalI 911 11 at Am If.'. Mut-Atu 137Mlclilgan tat National 93IN Nniucrn CtlNlpn ll.u,, llBwarner ., til Cent PI Pi Bid Ask I Am Cfanamid 26 31 Hooker Am Cyans pf II Hy lr Coke...!.' Hid. All I Cos Co of A. 41 155 bi.l D11VK.011 Cll . 1:0 How Chem., .23". 97U jtsi, 1 How Ch id . !i'l 10 Pi Kloc llleadi 1W 70 XiiFlsl Cliem !'l 9.' Fed Chem pf 01 9s', 9f, Kreepnrt T S.M1 170 ll'litirarselli Cli .'.'II ,, .. 137 Grass Scrip. 21 .100 110 Harrison Ilr.,197 I liar Bros pt, 95 Hid E C s,l 53 Hook K C 11I SI IM Ky tsnlvaj . 230 tMfrnnino Ch (.'iMlllf Co. II I! K, ".'.OiMutu.il Client 151 101 Nlng Alk til 101 ;:.'. fenn Salt Mfg 91 V'lltollln Chem 103 Ilnllln Ch pf .ViO'Semet Solmy 3:4 JlSlSnulb As Ch. .. 26Sulvay Proc ..3fti 205 Starul Chem, .115 100 1 Halt AOS W 3li Itxxxj . HI l ' Beth Sll nig 5 tiixa) DIIV Hkn Hap Tr 5s I I9IS 1 7(xi . nii7 2.i(XXI . l)II7H A(XK 1)1134 Hkn Iln El 1st stanuHM lixxi . tlOlj Brmleii Coi f,s 2IXKI . 117 Cal lias K 5s Aihxi .10 0 .VXX1 .101)18 Cell Leather 5 lixio ,IOl KOOO . I I) 1 14 damned l"(xxi .itifts,. 4000 C Hat) .'l(HXK) 1 O.lhj Mes Pet (W A reef. tens! IOMI 07 I ,-.(! 1(), It, MIchsitaleTelv, Utah Poser 5s KXKl till 2INX) . 04 14 MllftS'nre il'ss 2ixxi 11.1 HKXI 1 I) 7a' Vn Cam I'll As Mo Kan A F. 1st' HOOO .loo KXKl ll 7 b. West Mil Is loKTsf 4!yi.:H(X . 71134 Ex dlrldcnd. RAILWAY EQUIPMENT BONDS. Quoted en a percentage basis sme 31a1 iirlljr Baltimore ft Ohio.. .1917 26 Hull Itix-h ft Pitts. 1917 in Canadian Northern 1917 26 Csnadlsn Pai-lltc 1917 2s Chesapeake A "hio . 1117 26 I'hb-sgo ft .Nnrtliwest 1917 2.1 Chicago R I A Pac. ..1917 27 Chicago St I. ft N O. 1917 24 Cleve CI ft St 1 1917-29 Cuba Railroad .. ..1917 2C Delaware ft Hudson. .1922 Erie Railroad 1917-26 (Irand Trunk 1917 24 Illinois Central 1917 26 liUlKVllle ft Nah'....19l7 23 Mb hlgan Central ....1917 i Missouri Kan ft Tei .1917 2.1 Missouri Pacific 1917 22 Mobile A Ohio 1917 24 N Y Central Lines. .. .1917-21 Norfolk ft Western. ..1917-21 New Vork N 11 ft 1 1.. 1917-26 Penn Cen Frelrlit 1917-21 St Lnul PouUlwest... 1917-26 Sealsiard Air Line... 1317-26 Southern Pacific 1917 26 Southern Railway 1917 21 Rate. Bid Askerl 4 41, 4 40 4 21 Vi 5 4 61 4 --f 4',0 6 0) 6 ' 4', 4 6, 4 4 1 j 4 (VI (l 4', 4 .1) 4 no P,-5 I Si ( 5 4 50 4 - 5 4 70 4 4" 6 f M e " 4H 4 35 ( 0, 5 4 62 4 4U 5 no II. 41, 5 4 31 4 2 .1 4, 4 1' 5 4 55 ( 5 ill 5 5 SI t 4W 6 4 SO I 41- S 4 61 4 41, 4 30 4 41,6 4.CJ ((' 41,6 4 10 4 41, 5 6 no 41 3 4 70 4 ( 4', 4 40 4 ' 44-S 4 63 SS LONDON MARKET. UKHI . .JftlV t(MX . 7. (In I (MM) . 7tJU lrwo c 711 Mtnt I'wr 5 1(HM . (1(I7H Vst Hhor 4i ri'irKicriMl HUH) . HHI4 Wmt Union ll'i-i HHKt . flUl'i WiUnn 1 Co m hm I 0 1:14 4-ntni. JlKHl . HtWrt ( unloiita rtilild I l,71!U,7H. Thr total renlpit fr tlulirs fit thi fun tnm Honf vntnliy vmt" 1314,7:0.;;,. of whli'h H2,036 Tl wim fur incrflumlUd wltlidrawn from tMinded warchouxr nd I13J.624.02 for reci-nt Importntloriri. Tho tntal rectlpti for February were I10.T80,-I2MI. IsONPON Feb. Mony anl t1cnur rat wsre a fhaiif harder to-Oay In ilu''' pattnn nf the viUenil turnov?r In eoim f Ion w It h tli nr lo4n The revtsnue turns for tlit ufrt endrrj ! hrinr- hliow trfamnv b Mr atiioiiiuiup 'o f ono wro pM orf nn1 pMynH'iitt on ji-'ov of tlit nr If i.i n w fr(- M! noo fnn ,, tark ui'irUrt wttf lirulit Orni on tlnuisj kooiJ war ti A trv, orrlrs ' reTl fl fdr runlur oil n ikI llrazllm " HIIPK, H lltl' tllfTf U.IM Hiftt' I ft" luiHln"' imilntriin kIIiI rtliil -i(urMtiK ifpf -H.chr(urr liomU, Arccmitu r.il - urak on pnftr tr.ifflp return nl An.pr .m fliarn fri rrilM Hiid iitkI tfd 'niifoi fnr innnfS rlftft'cj t ' . ' Mr i -4t, p.r 4(it. lo.ui .it 50-4 M'Mio. ( cfnt Hff'inint rHtit, rlio-1 ,ih I modtlis MIU. Ji'udffi1 pei rori' ifht V ntluin at I.l-1-m, iSi) 00 II n ii U of (.rriiinny Snrtnr nl. MKItlJN. la I.oruton ? S i tn' n I nf t lm I tup1 rln I ll ink r i ; m i n i hum) rhriMr T"i il nun ,ti. ( I ilt'i'-o ihmI - ?? OttUni . k 1-1 i v ti iiviirj tintr- u 'J miiimh n- ' nthrr linkf in- M ,r. oou i .i i nnnlrd In-- lt oom nva VIS.ODOin MiM'tnirin in f '.fliii otlipr MTtirtllro dt'i m 3T 00 0 in n circulation lm. 410 000m., ijppuU. in r,6r.,00nm., otliT UablUtleH fi 9 333 OOum, Total gold holding, :1t:(0ll,000m.