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The Washington herald. [volume] (Washington, D.C.) 1906-1939, March 13, 1907, Image 10

Image and text provided by Library of Congress, Washington, DC

Persistent link: https://chroniclingamerica.loc.gov/lccn/sn83045433/1907-03-13/ed-1/seq-10/

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10 THE WASHINGTON HERALD WEDNESDAY HASCH 13 1907 1907
MARKET AGAIN QUIET QUIETFeyerish QUIETFeverish
Feverish Activity of oftlie the Past PastFortnight PastFortnight PastFortnight
Fortnight at End EndBITIL EndBUll BudBULL
BUll MOVE GAINS STEE STRENGTHnifctl STRENGTH STBENTKFulled irTH irTHI
I jiiicd Stalen Steel Common I Lnlt nst toFall toFnIl to 10Fall
Fall Slmrply SharplyNew New ew York IJnwks l1nn1 IOMO IOMOto Io c cto
to 1 Snbtrcnsury Subtrcmmr1Jol1c Money Situation SituationOvershadow SltuntlonOcrsluulous SituntlonOvershndows
Overshadow All Other Influence Influenceas InfluenceIas
as Stouk Pclcc P iec Ifnctor IfnctorN lnctortIW lPnctorNw
N Nw tIW w York March llTfco moat notable notableisitjei otab1ensIlIc table tableil81
il81 nsIlIc isitjei pteaeittetf Ited by 11 trsinasrrtims In the thesrturtty thettJdty theettlty
srturtty < market ket today 1 w waa a a quieti quietilown quietilo qn1etIiIUfl
lown lo of that feverish activity nt lit the deaf deaiings deail18 deafings
ings il18 which has s for over a fortnight been beent
t feature of the trading The market was wasstn wastf1 wa wastnflg
stn stnflg tf1 < ng in n the morning dull around mid midiaj middal midia
dal iaj ia and weak in the uie afternoon follow following following fofluwing ¬
ing the course ourae which tor a long time it itpursued itPUf48ed Itrurued
pursued earlier arlit > r in I the year It was wu w in infact Infact Inact
fact act practically a duplicate of the mar market market market ¬
ket yesterday except that its I I firmness firmnessWHF hrmDe hrmDewa rmne rmnewaf
WHF wa more pronounced than it was on the thepreredlng thepmedlne thepie
preredlng pie edIng day and that a late rajly I in inprices 1ftpricc hiprk
prices pricc succeeding the fall in the ute earlier earlierportion earlierponlon earlierport
portion port Ion of o the afternoon att JIOOII Indicated that thatresistance thatresJiIaJIce thatreslitnce
resistance to efforts making maid niakIii for a break breakin breakill breakin
in price was gathering ptberl rather than los losing 108i leeing ¬
ing i ng force forceTltere forceThere forceThere
There was no stock or group of stocks stocksin ookain stocksin
in which 1aich purchases and antes lea attracted attractedspecial attractedspcdal attmetedspocial
special or particular attention unless it itwas itwa KvI
was wa perhaps perhai the Unjted States Steeltnmmoo SeelmT1flOfl Steel Steelnrrtraon
nrrtraon shares In I h which dealings dealt lately latelyhave latelyIue latelyhae
have been relatively larger largerInited larserInit largerI
Inited Init I nlt States Stat Steel common stock warn waathe wut
the t h he last to fall sharply In the general generalletline xeneralJedille generalleeliac
letline In the market which wbi < h as is now nowvident ROWident nowvident
vident ident at least temporarily tempo rily culminated culminatedlast eulmlntedlast culminatedlant
last Friday and since nee that time the stock stockas stockla8 Mock1as
la8 as rallied with greater quickness than thanihat thanillat thanhat
hat of any other security actively dealt dealtin dealtn
in in n by speculators speculatorsReaMoiiM lfPCCulatonRealfulllf spcculalorelleanoiiM
ReaMoiiM for Stccla S1cel Strength StrengthThe StrclIJcthThe StrengthThe
The reason n for the movement in the thestock tbetock thestock
stock during rI the week thus tit far seems seemsto 8eem8to seemstc
to tc have been an Impression that the theprobabilities therob therobsJdUtlei
probabilities rob lU e8 strongly 1 favor an aaaclvance advance In Inin Int
t in I tu he rate of dividend distribution on the theshares thehare8 theshares
shares to I or eYen 4 per cent at the next nextterm nextterm nextterm
term term when the directors of a the corpora corporation corporat corporatkn ¬
tion t ion would naturally take such action actkmThe actionThe aetkinThe
The busts bR for this impression Im hC 1 of course coursethat counet coureethat
that t hat the earnings of the corporation are Arcmounting arelIIountina areiuouitttng
mounting continually to new high records recordsand reconIsa recordsand
and a nd that despite the fall In the stock stockmarket stockmarket stockmarket
market market the outlook is exceedingly ex eedlDtrly bright brighttor bliPtor
tor or a prolongation of oCtbe o the earnings at their theirpresent theirlresent their1resent
present or even in larger volume through throughout thro throollt throughI ¬
out I tZt the remainder of the year Were ere this thisin th
in 1 n > only factor in the case there is i very verylittle veryIi Verylittle
little Ii t tie doubt that the dividend on Steel Steelcummon Steelummon > 1 1eommen
cummon stock would be advanced It i ito b bto Isto
to be remembered however that the theUnited theLnited theUnited
United Steel Corporation is engaged in inlarge n nlarge nlarge
large and costly plans plan of Improvement of ofits ofits ofits
its plants and in construction of new newvorks newOra newworks
works and that It has formally an announced anIlOunced anIloInced ¬
nounced its mt Inte intention ntion of accomplishing accomplishingthese accomplishingI ng ngtllf
these tllf I se as far as possible without issuing issuingnew IssuingflfW
new 1 fW securities of any kind kindGH kindQued kindUnuil
Qued GH I Chance in Future FutureIf
If I f the directors of the corporation hold holdto boldt
to t this policy Icy the chances for a dividend dividendwould dh1d11dwould dividendwould
would be Increased in the near future futurellowever futurello future1Ioever
llowever llo ever the matter of dividends may y be bedecided bethdded bektided
decided it is of course unquestionable unquestionabletiat unq e etlat
tiat the intrinsic values vatu of the common commonand CODUDOnad commona
and a ad preferred stock of the United States StatesSt StakHhel Statestel
Hhel St tel el Corporation would be heightened heightenedy te1ted te1tedII
II by > y the expenditure of earnings and the theTation theatlon theritlOfl
Tation atlon of new property covered COY by the thestock thetodt thetOCk
stock tOCk In the manner described describedObviously clMcrlbedbvlo1l8ly describedObviously
Obviously the dominant influence in the themarket tilearktt therket
market arktt rket today was the announcement hi himorning IIIt
t Il I < morning newspapers of a visit to the thernstdent thePItsldent the1ii
rnstdent 1ii sident of the United States of the most mostilipvrtant J808tjnpqrtant mostiflpQrtant
ilipvrtant private banker and In the ar ari
i th titgehientz n lmade made for a conference eool reDee at an antarly aftrly ankaYl
kaYl tarly rly dateV dat between the Chief ChI f Executive Executiveand Exeeutheand Executheand
and the representative ntattve of several of the theleading theadiDlr the1ading
leading adiDlr railway systems of the country countryThis rountryfhis countryhis
This his news was interpreted by Wall street streettoday ueetnday streetnday
tnday in a hopeful and favorable light lightn U ht
v < n If skepticism n was expressed as to the thelH theJte thepkwer
lH Jte pkwer > wer of anybody at this time to stay staycurrent tayit staycurrent
it current eurn > nt of hostile legislation against againstth
th t hr Ii railroads ral1r ads which is now setting in introng Intronc Instrong
strong iW the legislatures legislaturesChnitKc legislaturesCliii latures laturesChnnJOc
ChnitKc Cliii uge Vwnld ltl Conic Cuni Soon Soonit Soont Soonit
it t is undeniable on the other hand band that thatmuch lbatII thatituch
much II uch of this legislation tJon has received its itsstimulus ittinnl itstiijiuhji >
stimulus tinnl front the provocative atdtude
that t ha t has been bee maintained by the national nationaliHimintstraUon natJoaaJitdminiatratIon nationalidrnIn1atratlon
iHimintstraUon and it is undoubted that Umtif thatr
if I r I existing t policies at Washington ashlnton ashlntontn were wereTo
To 1 be materially altered the generally generallyinneflclal senerallyl generallyheneflelgl
inneflclal l > effect e ect of such a chance e ehuipg wo would wouldom wouldorn W Wo
< o om > n become apparent It is admitted by byUII bytI
1 UII tI 1 ic law officers oII of the government and by bylh byt byU
lh t U I President himself that the present presentantitrust presentantitrust presentantitruef
antitrust law is defective in that it for forMds fords fords
Mds ds combinations of capital for worthy worthyas
as t S well as for unworthy ends If it could couldi
i > announced for instance I that here heretter MJeft here1tr
tter ft > r government prosecutions under the theSherman thehenBall theherma
Sherman herma law would be limited to those thoset thosi thoseNe5
t i ies that were plainly in restraint of oft
t mtle fitde and as such worked distinct Injury Injuryt
t to < > the community that would be eonstd eonstdtvcl eonstdrtrI
4 tvcl in the financial naei community as a ar arltt art
r rltt < > sU step lit toward an improved condition COtHIltiont conditionaffairs
t If > f affairs affairsAt dllatnt tkalrsAt
At At t the moment die one influence that > Is IsI s smntg sj
j < > mntg up as a stock market rlret factor factorvorshadowtng 6aetorIJfndIadowt factorv
vorshadowtng v a all ethers is the character characterii e r rthe
uf ii the money situation situationIlnnics situationDnRkItse situgUonDnnksise
DnRkItse Ilnnics Iuse to Snlit Snhtrelumr SnhtrelumrThe Snitreziiiry SnitreziiiryThe rensu ry ryThe
The local banks b nks have lost to the sub subtreasury Vbt
t treasury in the week thus far 11I8 3 3iN 0ftOM or ora orI orU
a I sum sumcient 8U to wipe out the surplus surplusreserve snrplus1tSfrve surplusrseere
reserve in the clearinghouse clearl bouae statement statementla5t statemeatt t tht
la5t t Saturday turday If bank loans loa have not been beenin beenIn
in 1 n the meantime corfespondinajly COItetlPO d ly re reiluced reIuoed retIued
iluced Within a fei few days da payments paymentsmust paymentsrnust yment ymentmust
must be made upon subscriptions A to re rent re yent
< nt railway stock stockand iand nd bond issues agare agareitlng agreatlnc aggregitlng
gitlng itlng over ion while in the same samel sameJtri1CI samejried
l Jtri1CI riod there must also a be a calling caW ia of ofHinds 1 1flmds offunds
Hinds for certain large Ia e dividend distil distributions dJaU1IJutlo distillUtjifl ¬
butions butionsH IJutlo IJutloHc lUtjifl lUtjiflRvond
H Hc Rvond < yond this money rates are displaying displayingsuadfly displayingstiadily
suadfly gt M y rising tendency in all the titian flnanin titianiiI
in iiI al centers of the country and an4 for that thatiiiatter thatiatter
iiiatter the world Odd In Boston recently recentlyjs
js l s high as 12 l per cent has been paid by by1iou
homes 1iou there for the purpose of carrylnger carrying carryingver
t ver er Copper stocks of the most marketa marketaiJe marketaIo
iJe Io t lass Ia In Chicago Ch today to ay time and andill andall
< ill 11 money rates advanced adv while whJI here hereas hereIS
as IS high as 9fr per cent was paid for the theuse tileII theuse
use II sc if f funds for nearby maturities it Awas itWas ItVis
was indicated In his column yesterday yesterdaymd Yefierdayand
md formally r < rman made known today that a aiirfw aJrgf argt
iirfw rgt national banking bankl institution had se serure 8e 8etured soureil
rure tured ureil I 1 ttJtJlIfm 1tiO MOW in Holland for export to tothis tothis
this 1 hl coiHitry but this resulted In an ad advamv Rdam sdvane
vamv vane am Jn th tltt discount rate of the Bank of ofHolliind 0HolImtl ofiOIlPt1
Holliind from to C per cent and ia a arise ari arc
rise ri rc lc > in i I II discounts dl uunts and the price of AmeYl AmeYlm rt rtan
> an m iKhs hles in London LondonIt LoadonIt
It is very n > ry clear that whatever protec protective protect probeflvt ¬
t tive i mtitonres 1 can be adopted Jby foreign foreignountrtes tentirnlountrtel totdintouflttle
ountrtes to prevent loss of C gold in any anyquantity anytl anyLflt11Y
quantity tl Ian ti t y from uropc P p this side de will willbo wlilbe willa
b a bo c pm into force forceMT fo foU forceMi
MT U Fish I blh Bleeteil Dlember of Bonnl BonnlSt BonrdSt BonrilSt
St Lows 1 March 12 lThe The stockholders stockholderstf
tf c th the Mfssouri Pacific PacI Railroad at it a anietfcis aIi aaetin
nietfcis Ii aetin 1ttIl here today elected fleeted Stnyveaact StnyveaactFish StuYYentFIsh uyveu uyveu1tsh
Fish a member 1 of o the board of directors directorsPoint direewnlPoint dlrectrlnlnt
Point for or the I he 4thcrtJerThe 4thcrtJerThen Ailverllner A lvcrtlNerTh The Thenewspaper C CiiWipaper i
newspaper n parer that goes Into the thehoTTirs thehom thehnms
hoTTirs hom issthe i the newspaper that brings bringsadvertising bringsadvrtlIng
advertising resiilt 1JH More pcopl pcoplhe ptoplthcrp pcoplhere < > I
he here IP l hy > y thousands are rending The TheWashington Tbea TheVisIuington
Washington a hillgtO n Herald thaw tha ever bc bcT
1 r rejui Iplwl a 1 morning 1ewspaper newspaper at f
NEW EW YOU oax STOCK MARKET HASKETQwrtatfnna MARKETi MARKETQeatIon
Qwrtatfnna forataM tar Cfcarlw < i Cain 5 Ii Oa OaBMaBbeta cNew Osmbee
BMaBbeta Saw Yotk y Stack Exchange Uunaey BoW BoWiae JIuIWlag aild aildSnieji
lag iaeSale lagSnle
Sale Snieji to noon 422500Total J 422500 1Z500Total cOO cOO1otnl
Total sale nJcof HSO100 HSO100Call USOJOOCaJl
Call Cu niqney JIIQaL High UI h 0 I low 10 14 1 5 done cloCt C CAB o11oI 6I
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x New ew York Crattal L L LXorfoIk s3 314s a SK SKNorfolk 44
Norfolk sad Western WnaXcriolt to toXcrfoft 4
Xcrfoft aadWeaten sail WNteoa WNteoaN lDcahsaaai to 91 S SNorthern
Northern 1acttc 1adIcX to toXortbna o 144
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UBVM 01 a week a0 stsiasd > and 1111 19I1444 IJH a anOS1ON year yea aao aaoBOiJTON soBOSTON
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1
I
WALL STREET NOTES NOTESlIorgall NOTESiorgauis
Morgans s Visit to President PresidentPuts PresidentPuts PicideiitPats
Puts Bears to Bout BoutSTEEL RoutSTEEL BoutSTBL
STEEL RESISTS ALL ATTACKS ATTACKSSIioYts ATTAOKSSh ATTACKSSlith1s
SIioYts Sh hf ISspccttMl R ljtcttl to o Cover Co 01 nt SO 10 or opAbove or1it
Above 4 IVe lint Irice rlc After KeiiiRT elng Hum Ilanimeretl Hummere llztiiiniered
meretl mere to Z ai llefuncd to Go Down Downor Downor Dowzior
or to t o Slay Sta ut That I IcclEhlo Jcvc1Unortiiou Jcvc1UnortiiouTraiiaotions evcl ISiioniiou ISiioniiouTraii nouft nouftTrll1l1notioJlx
Traii Trll1l1notioJlx aotioiiN In Common SharesNew SharesNeW Shares Shnrcate
New te York Man MardI U 121 I have hud hAab1II7 a abusy abusy
busy time thu covering Ii up P thte thu inornl IltOrnlg IltOrnlgaN inornInsaid g gaid
aN aid a weHknuwH bear trader about the theeiid tbeeM theend
end of the second bear of bualnew tx txday to today luday
day and I f feel el more comfortable c now nowthat now nowbt nowtht
that bt It ia I over I 1 still UII thouebt there WM WMa waa weea
a najhtina tlahm chance on the abort aide when whenthe whenthe whenthe
the market closed oa Monday erenii ereniibut evening eveningbut eftt efttbut
but when I read in the morning paper lpetIJthe papersthe paperthe
the report rePort of Morgans call on the Pro ProWent Pr Prklent Pros ProsIdent
Went and the annouaoeraent that Uie UieCalifornia t1aeCalifornia te tecalifornia
California legislature had decided to drop dropIta drOJaIta dropits
Ita antiJaimnrse antiJapa measures and when on ontop ontop ontop
top of Uteae I received r lved a cable teUtn telling of ofthe ofthe otthe
the engagement e lnent of a llo USUSO Mt W in Holland for forimport forImpertto forimimet
import Impertto to New York York I concluded Aha Ahathere ctht cthtthere thlLt thlLtthere
there was nothing DOtId left for h r we in to do bat Ddt DdttIwow to tothrow tothrow
throw up the apongie There are lots of ofbean etbean ofbears
bean stiD left in there but Im mat sus Ido I Ido Ido
do not notkDOW know how they are going 80 to toout get getout getout
out outIt outIt
It la not often that the street reet receives receiveaan recehes3n receivesan
an item of news like ethe the statement tement made madeby madeit e ebs
by it Morgan after af < r his b visit to the Presi President PZellldent Proddent ¬
dent for there was no mistaking the theroeaninc theIDeaIaiQ themooning
mooning of the importance IDtporta of f the word wordof wordsof onI8 onI8of
of the banker It was brief and Incapa iucapahie incapatjl Incapable ¬
ble tjl of misconstruction The Presidents Presidentsvisitor P FreeldeietavIsitor a avttor
visitor had suggested 8UC ecl that In order to allay allaypublic allaypublic allaypublic
public anxiety anDEt as to the relations between betweenthe betWeeJIthe betweenthe
the government and the railroads acla I the theChief theChief theChief
Chief Executive Ex lve should arrange arra with the theheads eheadB theheads
heads of some of the most important importantrailroad ImportaDtrailroad importantrailroad
railroad systems and tlMTsuggeation thealJAtll On had hadbeen hadbeen hadbeeb
been gladly adly accepted There was w no dif differentiation differentiation differentlatlon ¬
ferentiation between the administration administrationand
and the President The President Presldntwhat was waswhat I Iwhat
what the t statement said said and the Prod President Preetdfnt Proddent ¬
dent it meant Turn it how they would wouldthe wonidthe ouId ouIdthe
the beam IJII could not pick any nawa ftaWIi in k kand haDd itand
and they were forced to admit that Mr MrMorgan btrMorgan r rMorean
Morgan hnd succeeded in establishing staNhibtn staNhibtndiplomatic i8h i8hdtplomaU
diplomatic relation re1at1eM the outcome outc me ne of which wtalehCOuld whielicould whichcould
could hardly fall f 1I to be of great benefit benefitto belaefttt beandito
to t the railroads and the community at atlarge atlarse ailarge
large The Wall street view was that if ifthe Ifthe II IIthe
the President could be induced to change changehis cia ciah chsn chsnhis
his h personal views on the railroad situa situation ataatioo sitnalion ¬
lion much of the hostility to corporatkms corporatkmsthat eorporatioaatbat corat1o corat1othat
that has sprung dp in other quarters quarterswould I Iwould
would speedily disappear disappearSteel disappearSteel fiPr fiPrStetl
Steel is aD right Mid a very YfIf7tracler shrewd shrewdtrader sInei
trader Tbe pilot has come aboard Any Anyone Aarone Aa Aaone r
one who cannot make that out from a aWashington aWubl e I IWashington
Washington Wubl paragraph in the morning morningpapers morahi 1 1papers c cpoeis
papers entirely fal talb fa I to to grasp the dieCDCe again significance againcanoe ¬
canoe of the clay days newaNot news newsNot neW1LNot
Not in a long time have the bean re received re reeelnd recelved ¬
ceived such a snrpriM as they tbe have Just Justhad J Jhad L Lhad
had in Steel A week ago they thought it itwould ItwuuId II L Lwould
would be a cinch to sell OK u stock snortbelieving ort orttieIe snort abortbelieving
believing tieIe they outa could cover at almost a any anyfigure allftzvre su sufigure
figure above 9 that might m seem to them themto Itemto I Ito
to afford a fair profit t on stock pot out at atTMy al
42 4 They talked of holding 1aoJdi Steel in re reserve Fe Feene resere ¬
serve ene so that ttbe they might t crack the themarket themarket
market D wide open with t in their own owntime ontIIIK m mtime
time and when the time came m for the tlteassault theassault I I111ult
assault they threw all their force into it itwith It ftwith I Iwith
with the result that the price dropped droppeddown i iowu
down owu to 37 Once there however it would wouldneither I Ineither I
neither yield further f nor sta stay down downHere downHere I
Here lere was a surprise but there was wa a agreater e L Lgreatsi
greater tn one in store when the rebound reboundloft reboundleft
left little opportunity to cover eov r short until untilthe uatllthe iuut2the
the greater part of the decline had been beencovered beencovered beercovered
covered Just a week ago the stock sold soldatf eokIat I Iat
at fly 41 Yesterday it sold at 40 40 eq a that thatvery thatnry thgivery
very little of the weeks week decline hi left leftalthough leftalthouCb leftalthough
although there th can be no doubt that a s
large part of the abort Interest remains remainsuncovered remaInauacovered I Iuncovered
uncovered uncoveredDriving uacoveredDrh1nc uncoveredDriving
Driving United States eel eei down at the thed theend i iend
end d of hut week week the bear clique was wasobliged wuobltced I IObliged
obliged to make the tbeoelr stock very active aetlveto and andto I Ito
to distribute orders among a great many manybrokers JDaDybroken mansbrokers
brokers so as to give ve an appearance of ofreal ofreal 01 01real
real liquidation On Friday transactions transactionsin tranaa eC1ou eC1ouin tloai I Iin
in the common reached the enormous enormoustotal ua uatotal I Itotal
total of mm III 0E and on Saturday Balllld8Y iaM iaMshares m mhafe8 i I Ishares
shares were traded in during the two twohours twoboon tw I Ibours
hours session What proportion of these
large rge totals represented bearish operation operatioacannot operatIoncannot operationcannot
cannot cannot of course b b t Mccwately 1IiCuna ly deter determined determIned determined ¬
mined but in the light of what has hap happened happened happrimed ¬
pened since there is no doubt that the thelarger theIaICPl thelarger
larger part was of this th character Manip Manipulation Manipulatlon ¬
ulation conducted on such a aInvolved largm largminvolved 1argeee1 1argeee1involved
involved the he payment of a great greatcommissions llld wishy wishyc y
c c commissions 1D1Dla1 mmlaskIns s and when these are set setagainst etagalll3t setagainst
against the small net decline < n the price priceof prtceof nIce nIceof
of the stock as compared c mpared with the open openIng sgiontug
lag on Friday morning mornl it looks as if the thebear thebear thebeat
bear campaign eam in the stock has not been beena
a conspicuous financial success successAt sucedaAt succetsAt
At the annual lftU U meeting of Pennsylvania PennsylvaniaRailroad PeftuyJtan1aRaUroad PennsylvaniaRailroad
Railroad stockholders the Increase of ofcapitaHxat ofcapltallaatfm ofcapitalization
capitaHxat capitalization m proposed at the time the thecall theeall lbscall
call for the meeting was wail issued two twoi twomoatbs twomonths
i months ago was approved and the state statement statebent te telnent ¬
bent was subsequently made that this thisi th thInereaR thisincrease
i Increase would cover provision for ma matu11ty maturity
turity of the notes recently sold The Thestock Thestock Thestock
stock ruled fairly strong throughout the theI theday theday
I day keeping ahead of Reading although althoughat
at times the difference in price between betweenthe betweenthe betweenthe
the two stocks stochwas was very vetysmaJl small A house housewhose hOu8ewhose housewhose
whose transactions in Pennsylvania have haveattracted uneattracted haveattracted
attracted a good deal of attention re recently re recently yecently ¬
cently was again a seller but traders traderswere traderswere traderawere
were inclined to be suspicious of ap appearances ap appearances appearauces
pearances m In view of the fact that while whiteon whileon whileon
on the surface the setting appeared to be begood beOOd begood
good and the buying of indifferent IndUfefent quid qnali quidtty quaIty
i tty the stock nevertheless nevertbel acted about aboutwell as asi aswell
i well as anything on the list list listThe liatI
I The traders took t the London bidding bIdI biddisgol biddisgolUnion of ofUnion o oUnion
Union Pacific as a good lead iNd and fol followed 101Ioweocl to tolowed
lowed to a considerable extent Having Havingbought HaviDlboucht Havingbought
bought the stock they talked about a aquick IIquick aquick
quick rise predicting Pftdictln that the price would wouldcress wouldcCaS wouldcrons
cress HI before the end of the thetiut seaafon seaafonbut seee1oibut
but when they saw that there was little littlechance littlechalice littlechance
chance for the fulfilment of the opti optimistic optimistic optimistic ¬
mistic predictions they sold out again againnot pinnot againnot
not caring to take a permanent position positionuDtil positionuntil
i until the money outlook became dearer eleArerThe clearerThe dearerThe
The Ivan sought to make capital out of ofthe ortile 01the
the failure taDu of the bull tips jui ud revived revivedthe mindthe revivedthe
the rumors of A a suit to sever BeVCr the exist ext exthis existlug
his relations between the Union Pacific Pacificand Pflclftcand Psclgicand
and other tber Important roads in the Harrt Harumo
man 1113 system but with no more success successthan sucee suceethan cees ceesthan
than had been achieved on the other side sideby lIk1ebv a13 a13by
by the rather premature bull efforts of ofthe ofthe
the the traders tradersSome tradersSome tradersSome
Some of the closest observers of the thestock tite titeI thestock
stock said they could see nothing more la lait I IIt hiIt
I it at present resent t than a waiting market marketKrie marketI mrketrie
Krie rie which ra In the early of
I part pertoC r 1 1sold 1JOI 1JOII 3sold
sold above 58 and < in every year sure M ft fthas
I 1901 has jId W well abov 40 hag hn many manyfriend ntaa ntaaI inyfriende
friend i at the present level lenlor of prices It Itis ItIs itIs
I is argued a that a stock which in every one onedisposed on onlof oneof
lof of the past six d yea could have bfen bfeni beefldIsposed
i disposed d of above 40 is a very fairspecu fairspecujtatton fair S speu speuatIoii Ii Iii
jtatton i IaUon at abmt 30 3u > seing 8 if1g that earnings earningscontinue earningscontinue < lfnlngsecntinue
continue to grow and that the company i ii
i through it Its ownership of the Pennsyl Pennsylvania Pnn Pennsylvaala y1 ¬
vania Coal Company is participant in inthe inI inte
I the pTBBpftJtv iitv of th anthracite trade tradewhich tradehicb tradewhich
which In the present prf Sf > > nt year promises to tojti tot toasree
asree jti itil t l records recordsTiuit rtordsfln reordsTiue
Tiuit was as quite a little profittaking proftttakin in inReading InReading i
Reading Readin on tht th rumor that the usual usualapliti usualsp14a I
apliti ifduction nd tlon in the price of anthra anthraldte
ldte might not fe njudc m Iiiad < c this year c < r Whether WhetherJ
J
the selling of this kind came from the theinterests thehter theIiterests
interests hter which hn had < l made the upward upwardmovement upwardmovem upwardmovement
movement movem nt or merely IDfrc in reIY > IY from traders trad rs who whohad whohad whohad
had traikd on to the advance was not notaltogether notaJtoKeUwr notaltogether
altogether clear cl artor for there were indica indications indkatlons indtalions ¬
lions both ways W37but but of course it might mightbe mightbe mightbe
be unsafe to assume that the rise had hadculminated hwcqlnated hadc4rnhlated
culminated even if it could be shown that thattHfe thatU thattfl
tHfe U tfl insiders Insiders were > sellers for In the most mostsuccessful mOllts mostsuccessful
successful s ul stock market movement minor minorturns minorturn minorturns
turns are often made within the main maInllWiog mainswing
swing those in charge of the operations operationsmaterially operationamaterially operationsmaterially
materially reducing the cost of their theirholdings theirhoktlngs theirholdings
holdings by the intermediate profits profitsIt
It might for inslarce be good business businesstor bwdnessor
tor or th the insiders to market some aoll1 of 0 their theirstock theirstock theirstock
stock on a strong short with the expec expectation expectation epectation ¬
tation of buying < it bark somewhat what lower lowerbut lowerbut JOWOIbut
but the trader who jmw 1 w one part of the theoperation theo theoperation
operation o flUon and failed to observe omer e the other othermight othermight othermight
might place himself in an awkward po position posltlon position ¬
sition by b trying trytn to follow it itIVBW It ItXEW itN1V
IVBW YORK aioftonr aioftonrNew iJOiRlNew iIIONI2Yev
New ev York March It 12Mossy Money > 0Be1 iNs < M DB n at the it ita its itsadssiie tw twCMbMse
CMbMse a todajr opened at 4 4 per pereIOIiq SPilt binbHt binbHtkMMat 4 4Iwspt
kMMat 4 4 date eIOIiq I 1 Moat 11 of Uw taaas WOTeandt WOTeandtat one sa salit adeat
at I p II r cent t Thae auwey uory waa w i in erjwJderable 4e 4eMtas 4kbot k
Mtas but w ses not enKcWU pfcBtfftil t1f1l Aa vI 15 hub as asM
M 14 par cent was quoted ia rertaia < iattaacn for forthirty fertWrtr iO iOtInily
thirty and fer f 1rU1ft ftve day kwaa The T market wet1IIownw t is SM SMcrat maass
ass kmwver kwes WM Ai t I ft per cent Batea Bat Bateat Ana 4i at atpar S Sgor
par eat for M aIImtia mtvfttk MacaatOe eIItI paper KM KMMath saHIL 51duB
duB Math Boacy aa the Market foraiabvd waa de deilssad deeIIIIateraI dosd
ilssad sd 4v4 nt for oofiktenl toaaa and this thhtt1Ided de detracted dotM ¬
tracted froai the iii dented for to paper Taerv waa waaMMMiai Willif1I 50m
m aute f1I sug os the bat a lDOIkrate lDOIkratefill mo4sratrSMnOM
MMMiai of d M eavsbls iraMe bIe aaaMs was aecra Rates Ratesor 1it51mi CafH CafHpar
par cent for or nUty t to aiarty days iadoraed Nib HttseaiaMe NibIIIR 41b is isj5914
eaiaMe j5914 M IIIR for choke four to Is > U i sweAta ostha sincl sinclaasm sibilad ehigh >
aasm M ad abme tlme for M others Ion well known knownStertta kDrnnaaiCIIrUIIa knownn91dhg
Stertta aiCIIrUIIa was qswt t t today 4ay with rate naebanacd naebanacdKatM dJtat nncbnjeds
KatM s for ertual ctaal uaJ boater wws we a m f foltoir tMxty tMxtyaya KixtI4IIW itlatysy
aya sy 4nMa4nM 4IIW demd d m Di iMSMM tIi4 cables C13 aM a IMS IMSaLM umeUI L LaL
aLM aL CiiaaniLlal l Wnt were CTMtatJBK 2N TIM lOp aupply lOpplf sipply
ply of t euttoa biDs was a au4ertr au4ertrLOCAL 4erte 4erteLOCAL tr trLOCAL
LOCAL FINANCIAL GOSSIPIndications GOSSIPIndlcatJon GOSSIP GOSSWIndications
Indications are not wanting on the theWashington thEWublngton timeWashington
Washington Stock Exchange that the theholders theboIdenI theholders
holders of long stocks are suffering au erlng from fromthe fromthe rom romtbe
the temporary discouragement aooura t generally generallydenominated generallydenominated enerctnydeftOllllnated
denominated cold feet The Tb movement movementof movemt movementof n t tof
of unloading stocks begun Monday day was waarepeated Wd Wdrepeated wasrepeated
repeated yesterday sterday some of the tales be being bfoI being ¬
ing I on falling taUl prices It Itwaa was intimated intimatedthat InUm t4 d dtbat d dthat
that some e of the holders 00 of stock are arebeing arewiDe arebeing
being forced to sell 11 to realize money to topay topa topay
pay pa loans and for other causes Whither Whatlrerthis Whethrthis Whitherthis
this be true or otherwise brokers came cameupon eameupo cameupon
upon the floor with good quantities to sell selland soiland I Iand
and there was w not ot much haggling ba Unc over overprices overprices er erprtee
prices pricesWashington prteeWasb
Washington Wasb Railway common sold off offquickly oftquidtb offquickly
quickly from M to 9 3 and stiffened stiffenedback stUreaedback stiXenedbeck
back to a quarter In aB aD aDc fit di shares shareschanged aharesehaaged
changed c hands and sttH 401 m there was a call callfor caDfOl callfur
for more on options and otherwise otherwiseAbout oCIaerwIMAbout otherwiseAbout
About B shares of Washington Gas Gaswere auwere Oarwere
were offered eN4 for eels MI and the active bid bidding hiddi bidding ¬
ding di for too Iota offered kept the price pricepegged priceat priceat
pegged at at i both botbbefore before and after call callMergenthaier caILft a3J a3JMergenthaler
Mergenthaier ft tbaJno started m ilia briskly brJ a point pointand poiataDd pointand
and onefourth 1b above aboJe aboy the low of the theprevious UMpre theprevIoi
previous pre prevIoi day but gradually lost the lead leadclosing IMAIeIotIIaa lendclosing
closing at at rn with eighty hty 17 17WuhlftIItoD shares soldWashington sold aoWWashington
Washington Railway Bail and Electric B1ecttIcterred pre preferred proferred ¬
ferred was In good demand and recorded recordeda
a number of aaJea les losing a fraction in inprice illprice Laprice
price aa one lot after another < was Md in inOpiRloHM In InOJlIduH inOpimtlmmne
OpiRloHM on the lie r C ow v Yttflz ylo ilnrUoU ilnrUoUO Inrkel InrkelG
O L L 3 Edmunds of Dick Bros a 91 Co CoThe 00Tbe CoFhe
The Fhe market opened fractionally higher higherand htCherand higheranqi
and continued eontiauel to rally during the WD WDios mornTransactions morn morning ¬
ing Transaction however boWe er became more moreprofessional moreprof morepZOeeeOnaI
professional prof l and after the noon hour hourprices hourprlee hourprices
prices became more or less Ie irregular and andthe alldtile andgeneral
the general list was inclined to sac Read Reading Beadtbe ReadLag ¬
Lag was the most active stock Irt k and andvance4 ad advanced advanced ¬
vanced a couple of points in the early earlyafternoon earlyafternoon earlyafternoon
afternoon but t later reacted with the t rest restof restof restof
of the market Union Pacific was also alsoprominent opIOIDIuent alsoprominent
prominent In the early trading tnI na Steel Steelstocks Steeltucb Shotstocks
stocks were w re strong roD and seemed JUed to be bewell bewell bewell
well bought Call II money advanced to toceat f fper 6 6r
per r cent The dose was somewhat more moreactive e eaetIve orE orEaid
active and ended tth A silent rally in inprogress IeJJeuJ infienjainfa
progress progressBenjamin
Benjamin Woodruff W jrf o Pea V Flag FlagLondon JkA JkAuLo Flagg FlaggL0n4014
London was a fk large buyer of stocks stocksthis IIIOckatlda stocksthis
this morning momI mornliig and this gave we new aewto impetus impetusto
to the market The bearish pnmfrodonaln pnmfrodonalnhowever m rrf iBniimalf iBniimalfhowever I Ihowever
however ever since sinceI sinceearly I early last autumn autumnhave auam auamhave autumnhave
have merely had to aell stocks on rallies ralliesto raD1e8to ralliesto
to to make large sums of money and they theyhave tbehave theyhave
have gotten so educated up to tooa grading gradingon tjsdiagthis
on ° this th skis that they sell II whenever wheneverstocks wheDnleratoelui wheneverbeg
stocks beg to snow any aD strength This Thisthey TIdtbey Thisthey
they promptly did today but the market marketclosed mufEetclo marketclosed
closed with Ith quite material advances from fromyesterday fromOtenSaYfI fremyesten1ays
yesterday final Ssurec ures There is I no nodoubt nodoubt nodoubt
doubt that liquidation today and sadterday yes yesterday ¬
terday bus been less Iea apparent appa t than of ofbite oflate oflate
late in fact fit ct I think there baa been n nlittle very verylittle verylittle
little of i it and anj under ordinary condition conditionwe condkionshould
we should have a sharp rally sufficient
to get away from the danger point to towhich towhich towhich
which prices might be hammered down downProbably doImPn downProbably
Probably Pn the reason that this does not notoccur BOtoccur notoccur
occur Is that time money is almost amotobtabaable un unobtainable usobtainable ¬
obtainable C per cent being bid for the thelong tlJona thelong >
long periods even up to six months 1DOfttM and andvery aftdvery andvery
very little lending at that where h for forthe torthe forthe
the shorter periods h per cent is the rate ratecharged rateebarpd ratechanged
charged Naturally the big bull interests interestsdo latere1t8do interestsdo
do not feel like taking taldB hold of the mar market morhot 1 1kg ¬
hot and starting < an active campaign on onthe ODthe onthe
the uptack under suen conditions concUtloaaS
S H Agnew of Henry Clews A Co CoThe CoTIIe CoThO
The market rltet today exhibttod a soothing soothingeffect sootbln3e sosthingeked
effect upon the investing public which it itIs Itis
Is calculated the conference between the thePresident thePreaickat thePresident
President and the heads of several rail railroads ratlroa railroads ¬
roads roa arranged for by II Xr Morgan orp8 would wouldhave wouldbave wouldhave
have What the final result pf if f this con conference conf conftretire ¬
1 ference f mJCe may be cannot be foretold fOfftoht but if ifIt ItIt IfIt
It establishes more friendly relation relatloDtween be between between ¬
tween the government and the transporta transportation baaspottatJon transportalion ¬
lion companies it will be a step st te the theright therl theright
right t direction Meanwhile it will cause causesome caueIIOme causesome
some short covering and will be apt to tocurb t9eurb tocurb
curb the aggressiveness of the beat beaQ On Onthe OntM Onthe
the other hand hand whatever the outcome ou it itwill Itwill Itwill
will not prevent State legislatures from frompassing frompasdn frompassing
passing pasdn < antirailroad laws A bill wits witspassed w wMUSed witspassed
passed in the State of Kansas Kan yesterday yesterdayreducing yesterdayredeclag
reducing passenger rates to 2 cents per permile MrmUe permile
mile And to this state of affairs must be beadded beadded beadded
added the bad money situation Nearby Nearbymaturities NrbytnaturltieJ Nearbymaturities
j maturities are not offered at better than thanP4
64 4 to Cfe I per cent Under all these con conditions conditions conditions ¬
ditions it is not expected that the forth forthcoming forthCCmlng forthcenting ¬
coming conference will bring bri any anyIouneed pro pronounced prononuced ¬
nounced new buying either from the thegeneral theneraI thegeneral
general neraI public or from the large inside insideinterests IDskJe1Dterests InsideInterests
interests The money situation is too seri serious 8el1ous soilOtis ¬
ous to warrant wJr t it It I still think I 1L11t that t ad adwhicb aAIvRtatP 4 4vntage
vRtatP should 1 taken of rallies on onwhlcb o owhich
which to sell sellG 8dIG sellG
G Bowie Chipman of EA E E K Chapman ChapmanCo Chap ChapCoIt ChapmanCoit
Co CoIt It was S a traders market JI1trltet with withan withan Ith IthaD
an upward tendency Transactions were wereen wereen wereen
en a much reduced scale but at all Ucnes Ucnesthe UIDesthe tjmesthe
the market showed a firm undertone and andnotwithstanding aadnot1f1thstandm andnotwithstanding
i notwithstanding not1f1thstandm < the reaction which car carried erm4 carrind ¬
rind the leading stocks considerably below belowthe belowthe belowthe
the days high points the final prices priceswere priceswere price pricewere
were firm with a slight rally reflecting reflectinggains reflectinggains ect1 ect1Pilla
gains Commissionhouse trading td was wassmall wassmall wassinai
small There was no evidence of liquida liquidation liquidation llquklatiout ¬
tion other r than thano of a scattered and limited limitednature limitedture limitedrmatuue
nature ture Call money showed a decided ed ten tendency tencJeney tendency ¬
dency to work higher hff and it is expected expectedthat ex1HICteCithat expeutedthat
that toward the end of the week money moneyrates moae moaerates moneyrates
rates win be considerably stifiCer stJ than tn at atpresent atpneent atpresent
present Th The banks so far this week are arelosers lirer8 arelosers
losers r8 A feverish fffr h find irregrtrlnr IrTEg hr mnr mft merket merketwill rt rtwill ttt
will probably continue in which profes professional professfonal profesalcoa ¬
alcoa trading will predominate predominatethis predominatethistbe thte for forthe forthe
the balance tf the week I expect that thatthe thattite thatthe
the market will take tak > a stronger tone tonealong tonealong tonealong
along the first part of the coming week weekHerbert weekHtrt wem k k1ertwrt
Herbert Htrt t T L Jons of Charles G Gates GatesCo GatesCoThp GatesCoThe
Co CoThp The market id a purchase on all allfair allfall tillfair
fair declines but advantage should be betaken bet betaken
taken t ken of sharp rallies to take t1Ik profits profitsThen profitsThfn profitsThere
Then art indications indic tiOns that announcement announcementf
< f a inorj morl fnvorablf nature are soon to tobe tob
be b tnaot 1 iadt 1ad Tnr Th U cIaration > elara lion of if an initial initialdividend initialdividend initialiliirideumd
dividend ou a ti per cent i iiti > tsi for 1 the theUnited tileEnited timeUnIted
United States Realty and Improvement ImprovementCompany ImprovementCompany ImprovementCompany
Company of New York is probably the theforerunner theforprunntr theforerunner
forerunner of uthtr fuvufuOle 10 vrII develcp develcpruimnts
I I nants
I
I
q
FINAHGIAL FiNANCIAL1 j FtfiANC1ALj FfNANOIAI fnM FI14AIIALI FI14AIIALIa IAl IAlIt
1 1CAP1TAL
r = 1 1I p =
It a
APITAL 100000 UndOU Under U s Governm overnment ntSuplsiOll ntSuplsiOllI SupcrvIsloi SupcrvIsloiProof
I
j I Proof 0 of the Progress ProgressOf
Of this bank is evidenced in the fonowin following comparative statement which shows its stead steatly and con consistent consistent
sistent growth Open an account here and let your capital grow with this growing and con conserave1y conserave1ymanaged atively ativelymanaged
managed institution institutionh h
Deposits September 1 190 1904 3699135 3699135Open 3699735I
I Open OpnIn In DAY DAYI y yI
I I Deposits January 1 1905 15553086 155530 86 86eposits 1 0 I
0 I Dep eposits sits January 1 1906 19O 2140588 2145 I IDeposds JS
S Deposds psits January Jall 1 15 1901 e25374n22 25374 = 22 22I i
I Deposits Fehruary191901 Ferary 15 1907 3115t1 31U21i5 05 I II I IOeposIs
I Deposits Mar 1 1907 I 9O7 33832432 33832432per 33a324M32J 33a324M32Jper
per cent lnterestpaid Interest paid on savings a accounts counts Ono dollar opens pens an account accountc
J = = = c = = UnSLrp1ssed facilities for handling commercial accounts acoountsI accountsMerchants
I Merchants and nd MechanicsSAvn Mechanics MecnancsS I
SAvn S a ai Ii n gs Dank B g a n k Corner Streets 7th Northwest Northwestom NorthwestOFFIcERsu and G
om OFFIcERsu ERSc DIRECTORS
Edward P Schwartz President PresidentEldridge PresideatEldridge PresidentEldridge
Eldridge EJordan E4 ° rdan Vice President PresidentWm PresidentW PresidentWm
Wm W m C Worthington S Semiary SaqTrasu SaqTrasuWilliam cretaiyTreai TnItCJ TnItCJWilliam p pWilfiam
William King Asst SexretaryTreasoriBr SexretaryTreasoriBrClias SecrdaryT
Chas W V Darr Attorney A ttomey
BANKING NKDiG HOURS JfUJL4 hOURSOn On O week day c17of from r 8i3O o n in to S n HI SatardaK Satllrtlft from rOI roam PuOl h > 5W n in to 9 1 12 m Open O H Sat SutMy S Satsrrthiy t tSfrtift
Sfrtift srrthiy My nlRbtn fv f ftone t m K t tim 930 H It t m M an sad INI on the C 1124 JC I d ad 3 1 15fk Itttit 8th 17th 17thaJUlIt I7tbnwd and In Ist t day days of elfh each month IIIO t1l until u at IIS p m
WASHINGTON STOCK MARKET KAEKET8ak MARKET8s1mResr AEKET AEKETte8topkr
te8topkr 8ak H > nlar rR B oclock MOO MOOC IIOGDVs nomU
C Vs amsctrir electric Liafat deb debOapKal 44 at t t0qIta1 01 01OaItl
OapKal THMtim It at 1M 1MWaahinsu 1Mw 114Wiobbisto
Waahinsu w Baiter ad Kkrtrie JCIftUteat riIe CMB 91 a a3t it itsib
sib 91 at 4 91 1 0 91 It 0 at atat 4
91 1 1414 tw 91 at 4 10 10w at 4 Rat 14 14WathnGss
w WathnGss 0 Oat at 14 9134 at 25 23M4 at
5 at tI1IM A at 1ft 5 24t at IlL WLM at 44 Sit at atx 44 44ernthabr
3t ernthabr tBthaJ r 91 at atII 14 at S94 4 S 44 at atlIatmWat IlL IlL0atIlatL
II lIatmWat lIatmWatft 0atIlatL 0atIlatLthor at 8X at U
ft thor < ealI esflMe ¼ 91 at 0 it itseem IUI IUIm IUIYJedlej
seem seemMilebeil > at nt ntBiKcte
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Wa WHWacMi YJedlejXIId Vaftwar Ssa asrf Vtettie Eet Jf4 44 at etat SHL SHLat
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91eck
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PIOHppfaic rldll LaM LaMDiatJtd fianhaiin Fenka 4kT 4 i inan 4 4bbtiut
nan DiatJtd pt 5 cisniai isfc na naA DIiIt 115 115U 115WIIIIdaIt 133041a
U 041a A 0tstv 0tstvWlaa MWDBv MWDBvWaaWactoai
WaaWactoai WIIIIdaIt Gaa Gaaw to MS MSWaahiaatM 104 01 01Wadileste
WaahiaatM w Gu Ga G Ox t out t tad Is a IB IBAOJHUJD Ii IiutIIOA 134AL1D
AOJHUJD utIIOACaIMaI 14IP91SCodlal MWanV MWanVCapital
Capital Tnetitm K IICIU R to x 01 01AmsM
Aaaeoatia aM f FMoaae Mease fc fcCekasaaa 01 01city
city ii tan tanL M 01 01
Cekasaaa K K tanM U SMSL fc fcCniiaatili 11 11t6
Cniiaatili M L B < a JB1 JB1EfrtiusalMis D1k 2l131n
EfrtiusalMis EfrtiusalMisIfetHpaJitaa 31n k is > lit 01 01M1i1 I III
IfetHpaJitaa M1i1 to II B BW Iw 1 1w
W akiBgMB By a sit Ktor to A Aw I IWaak 91 41 41w
w Waak Akx aid ML 311 VrM Vases t1MII Ba BaMISCCUJtKIGDVS 14 144 144M1aCLLLPWVS i
MISCCUJtKIGDVS 1IISGEUoA5S01JSD BOKOC BOKOCD KDS KDStRketrlefJgbtdekIn
D tRketrlefJgbtdekIn 8 Ekctrir tM 4ek law IIDuU t tU 01 01UtkLtasLnd0
U UtkLtasLnd0 UtkLtasLnd0Pstc I Ekcttic LUM ectt ItEIIdre JaA to toPMoaaae
PMoaaae ClMCrie Irrte Uatit 1 Ist btI btIXtdJIk lIs lIsgm1 fa n nNoffett
Noffett gm1 and WaaUaatcat ca tKaaaat Sa s sA ISf ISfC 144 144C
C C A P MnJtaa Tek mse 16 5 5W 01 JB JBW 291 291WI1both
W WI1both ihhi rt toii Market lat hitPUBUO to torcauc 01 01Fugue
Fugue UTILITY ffrocKs ffrocKsCanHal 8IIJCDcpttaI 4491lU 4491lUctaI
CanHal Ti TnIctIoa et 1 1Wash IG IGWasa 144 144Wadi
Wash By aad l Hce RUB 3T4 3T4W 4 3 3w II IIW
W A Bwy ad Eire efd pftl Ift 91 i iXwfott IS ISoIt 44iv
Xwfott iv oIt ad Waahtagtca W Btoaatboal osbmt S SWa 01 01Weidihena
Wa WW Weidihena btaa ii Gee i M MGee a aUccqgatom 5 5tst I
Gee Uccqgatom Gas GuW I IWaak 91 44 44wI
Waak W wI Atex is set Me Tetwaa TetwaaC v 91 91 91C
C and > P Tdepbaae I ia II IIan 91TYrS I
an TYrS ORI14 441I 441Inthake
nthake Liys m 02
IAMsim MmmAfl u 23 23012ft916
uonxc 012ft916liemse OTUCIKJL OTUCIKJLcapital 8IDOIIQLJUtdIIB
Capperuonxc 8IDOIIQLS
jCwee liemse Capper 23 S
JUtdIIB 14 0InIe 5 5 5lI 5bTtW
bTtW lI E s Cc3 Cc3sisa
sisa sisatboI 111 111ClItIa
capital aw awVwtMl rD rDCIQ 20tumi
VwtMl VwtMlXatfcaal 01 01 01Xtbnsl
Xatfcaal Cs CIQ 1M i 1 16 16L itsbis
bis L a 3tt 13tt 315rr 391Cia
Cia rr m l0Puans 11 11SJI
Puans md 39 3 01 01Im4n
Im4n J IImV SJIJiZ ana anaas 01 JiZ JiZSf 142iIstiIt
1 Sf iIstiIt iIstiItItw as asK mkiIP
K kiIP 01 W
5 im 1 i iWaaftfacten 1W 151 151Wsim
Waaftfacten W 6 f fWaaUccton 610 610WtuIIaIctaa 440Watos
WaaUccton Kaenaana 5suai44124 tS IS ISTRUST 1TRCSl 119TRCS7
TRUST OOXPAJEY SHOCKS SHOCKSAnwrtean OcE OcEaerhan
Anwrtean m Strwitjf 5m417 and rcatt fkodthmsi 9 21 > 285 285Xatfaaai S5ftIIIL
Xatfaaai thmsi Safe fe Dantiatt sad Ttanax it 153 153Ii i jf jfUnka IK IKUnto
Unto Ii Tnwt Tru W 1 1WaaatecUti 1t 1tW lGWa
WaaatecUti W Wa tau Loaa Lt and eeI Yrs t tW YrsWadiImt 30 = 2B 2BWaataiactcn
Waataiactcn W WadiImt Safe WeU OqMait IB IBUnion
Union U Treat Ti wamnts sanants83NlGS > K i i8AT1SGS
frwtau
8AT1SGS au VLGS BAKK 31A 31ASsae STOCKC STOCKCHose SOCItaae
Hose savins riDIIhit S SSfxtrbanta 230 2303kisnts 0 0kftbua
Sfxtrbanta and Mccbanfcs MtthadcsPLa1 0 0WWt
kftbuaftK
WWt IXSURAJiCS 8XQCK 8XQCKArsnstaa niocgs niocgssflt OCKS OCKSAdbcUa
Arsnstaa ArsnstaaCobaaaia sflt II IICoI
Cobaaaia CobaaaiaCiiinimnlrt 11 11 11I UCcaimI
Ciiinimnlrt CiiinimnlrtFircataas CcaimIc CcaimIFircaims I e eC
C ill ills
Fircataas FircataasKntnkbn s h II D Dr nynkhn
Kntnkbn KntnkbnGenaaaA 91 91Geaat1ca1
r Geaat1ca1 GenaaaA GenaaaAMeuupdkaa a al 01
Meuupdkaa l juptlian juptlianstImiI W WXattoaal M Mu MIeoIJIe
Xattoaal stImiI Wriaa 7 7Proiifca 4 4Ieoies
Proiifca ProiifcalotoaMC IeoIJIe IeoIJIeIot IeoiesPoto44Sc
lotoaMC Iot wu S SUa 2iu 14 14Ittum
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TITLE F1T INSUKAJfCK fOCKS fOCKSOohnabia OCKSTitle OCXSOuimbla
Oohnabia Title W WKcal 3 5 5ntIe 3lieu
Kcal Crtata tti TWe ntIeW K 91TiUs ML MLWaaUastoa
WaaUastoa W tSOe fH S SMISCKLLAXIOOS SMI5CELUJCmUSSftlCXs sMISCRLLI9114OU
MISCKLLAXIOOS MI5CELUJCmUSSftlCXs MI5CELUJCmUSSftlCXs1cRtUMna STOCKS STOCKSSontben SYC SYCSoethaim
Sontben PiAne Scniee Seri Onaav u11 u110Iapbc Ins Ut UtOfapbcpboae Uto
Ofapbcpboae 0Iapbc o COM 4 St StUnpfcopiwct Ir4 Ir4Ura 44 441raInm
Unpfcopiwct Ura 1raInm fIII utt t3 t3bronfty ISJc 41 41boee1
bronfty 4ta atatste JS 01 t tRealty 144 144itigity
Realty Apintaaal Acaaxy Ml 9K 9KWaabtestoai 5Wsdm
Waabtestoai Maikct 3IketYldeilty 15 15Fidenty 15FIdeIIIJ
Fidenty Staoaa Sf coy HI HIUcrcUaia 144lladianls
UcrcUaia 11 TnuKfar ft Stcnc US USHEW IS ISNEW 121NEW
NEW YORX PEOBTIOB PEOBTIOBK
New Yf Ymuk Xateb IIJOOA Io it r III IIItile hie
tile K e United KaajdoB ia t91 H189 tann t tsmma npdnnt iaIIttiMe TMSI TMSIMM
ma MM time iatt year The Lcodoa Lc beet beetket aaaar aaar aaarThe rbt
bt w e it hi 1 1d far JIInta sad QIiL QIiLTIle AeO AeOThe
The local Market MarketIbaitcd rknt slO 4mm ha l suing to toed Isiiited
Ibaitcd iiited ed o44er ooWioBB Datypaid prieca me named d at at3JB at1Ii
3JB for 91 l felt at ezatrintaal SJB te 91 test mssco msscoado 1I siusude m mand
ado de and 2J It tor SI teat ttiItfairiy te aariaaan us1a mga Kctecd KctecdWM ps pswas
WM fairly active activeKUTTKRKeccipta actmJmTTU actlweSVTTgRssicipti
KUTTKRKeccipta JmTTU s Baekaam Batter BattftIN rc rcMiae ne4
Miae e4 < Brat at the aacaaasjad ms4s pries at 31 etats tor toreztnt insites w wntIa
sites cnantry cnantrylower ftaJIIU1EGGS cimarrrBGGORseitpt
EGGS BGGORseitpt 001 cuu Ep vole IIiPtt1 IIiPtt1loftr mtb mtblener
lower at H IP4 cents tftIIa feat aautet Md MdKAVAL 11IMAL 1 a aNIVAL
KAVAL AL STOltES3toc4 SfOItE8 Bate Bateeisfeits IbiD I knrb knrbepitits rres rresrmb
eisfeits tntpeuUt USU barfda tor UM feanria feanriafor ftIsSprits
Sprits tsfltb RIled a ta IdIk it Ii Iifor ITfor I
for m Dlalhwl nuehhaendt chiuf ade bnrela ets Roes qnlrt det and atcadr atcadrat
at 445 fir xranca l to sood atMtetd with tar tarst t tgtulh Insteady r
st steady dy at a t fi2 fi2MILL IUS1ULL t 5 5MlIA
MILL F 1IlIEItfarbt CI > Market Sat t Wdaaa 915 lItwiss ring bran branin branih leanhi
in Mlb 1lb lb aacks I SL25 L2S 25 nriddBnc 2LS city bran InD InDlsa hissno
219 m in bulk Western Wn m rd dot t5TSaSOa t5TSaSOaHXlR 25 25l1Hlarket 247IS 247ISt1At1lMarktt
HXlR l1Hlarket Market wnsrttW nrltltf 9prt ti4u0Is5 patent LlSa LII
465 4 srii HT r TC clear 3SOa3 3SOulO I winter sttaJatrfa 3Jla
369 winttr wint inlt r doe ci Jt 3l5a32i U z Kanaaa K fa sacka ms pat patcntn 1Mcn patcats
cats cn 375490 strajjtiit 360a 3fib17C 3fib17CRYE 70 ekan IfJaili IfJailiKYE 11k30 11k30RYE
RYE KW JoLotItt FLFItt1 > rilStisfl 1 > nn m < SrTv krT 1 h 1 II > j at XOa 111U 111eonx 301t 301ffltX XOa4J3
4J3 t
4J3COKX
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dried fr rxirt 275ai85 ccawe Jafte anal fa IDLl1olI bi biL11d12 Sank Sank11UI12
11UI12 11UI12liADull L11d12ii1
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i J 1
Jet et L L Adams AdamsIt AdamLLBaits
LBalD
It LLBaits LLBaitsA E BalD BalDA BurksA
A A JX D Carpenter CarpenterjAOLCinpham rponter rponterfle
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f aia fle fless cote cIcCIIu cote3hnsirDnrr
CIIu 3hnsirDnrr ss W ur urP DsrrP
P A A Drmy DrmyAnthony rat7AathoD DruryAnthony
Anthony Gaecler
I 1t1I1a1Ii 1t1I1a1IiTHE
i
THe THeWAS THEWAS7fl1TO
WAS WAS7fl1TO IMGT ti LOAN LbA TRUST TRUSTCOWJPAY TRJSTCapital
60MPMY 60MPMYCapital COWJPAYCapial
Capital Sttrplusand Undivided Fro Proi
1670000 1670000BANKING 1670000eANKlr 1670000RANKING
BANKING eANKlr G DEPARTMENT DEPARTWiEFJTInterest DEPARTMENTInkrest DEPAPTMEITInterest
Interest allowed on Individual IndividualSociety IndividualSociety IndividualSociety
Society and Corporation Accounts Accountsafl AttOUIItSaD Accountsan
afl accounts subject to check checkLoans checkLoans checkLoans
Loans made on Stocks Bo dsand Bonds Bondsand Bondsatid
and Real Estate at prevailing rates ratesof rataor rasof
of interest The officers of the com company comy coinpany ¬
pany y win be glad to advise m in re regard re regar1 regartI ¬
gard to ravestments ravestmentsJOHXJOY investments investmentsJOIINJOY investmentsJOHXJOY
JOHXJOY EDSONr EDSON President PresidentCnpitMl Presidentnpits1
CnpitMl sod Srrjtlwi S8 SLO09I0 SLO09I0CEmTER Itt fl I ICENTER
I IWHOLESALE
c CENTER MARKET BRANCH
1 WHOLESALE ROW g gLsdirs I LLS4K
Lsdirs LS4K karin accounts a iI1ts at either oar oarLn 1 1utbi
Jlftm utbi Ln W VUiIrU riJ1Jtn in nrn fIle cr a U tht > t tv lnnn lnnnaft nn nnare I
are 55 imBdi m m nr r > iarlicd wiini f wirui 1 auukrtios sarttt sartttto I Ito
to at8 r 1 il Uuai th5inlv0 l w cf f the owveaieneM neJ IkU af afftzdrd r rfcntd I ICbccfca
fcntd in our Ctutor Market issnch issnchtimvct
Cbccfca cashed change nnvde de Sc Sc171u1rsst c cClBttrr
ClBttrr 171 ft t paid nill Hft n drawing drawingarcuHMtK tlrawiHIJ4cut Lrswin Lrswinnoenanta inDcb11
arcuHMtK a higher J r rate ra rt < m a time timeMHiUV thueJltonr timemoney
money MHiUVIXTSRXAT1OXA JltonrIXlgR moneyINP2RtTlONtL
IXlgR IXTSRXAT1OXA TIOXI I BAKKIXO BAKKIXOCORPORATION UNKIXGCOR JItNKIGCORPORATION
CORPORATION CORPORATIONMI COR ORATIOli ORATIOlinIR
MI Mum nIR R WaKkinnrton InrrtoR OWee 0 111S lt1 I > G jrt jrttptwwn stI sitpewui
tptwwn pC WII Hmnrk 1124 4 Coaii are areConvenient aveCoaveuiest
I I ICOIJJ1
Convenient COIJJ1 1kRt for forEverybody foreJlUjbody forEveiybody
Everybody EverybodyHIS eJlUjbodyT EveiybodyPrltHls
PrltHls HIS BANK is prepared to toserve toserve toI
T I serve its patrons promptly promptlyand promptlyand promptlyailfl
and satisfactorily satisfactorilv at any any time timebetween timebetween timebetween
between 930 a m and and 12 midnight midnightBusiness midnight midnightBuslne midnightBusiness
Business and personal personalaccount personalnccoun personalaccounts
account nccoun solicited solicitedton solicitedWl solicitedfashjflgtofl
Wl fashjflgtofl hil1gton ton Exchange ExchangeEailk ExchangeBank ExchangeBank
Bank 710 FourtaenSi St StVttfx StIMIt Stpm
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