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The sun. [volume] (New York [N.Y.]) 1916-1920, March 01, 1917, Image 10

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

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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.

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