WSJ PRIL 1912
r 1 ' paa, a f r fm -THE WAIL STREET JOHAt , W:DAY CONTAINS ABTICUI ON . , Cjnlral'a Contolidatloi Plant. TO-DAY CONTAINS AKTICLI ON ; Reading and ttio Coal Strike. :;;;,;i.:.-Vr,.-:;V VOL. LI X. NO. 88. MORNING EDITION -NEW YORK, TUESDAY, APRIL 16, 1912. C EIGHT PAGES PRICE FIVE CENTS. EM WmmM Morning and Evening Editions. PuUuhed by Dow, Jews fit Co, the Oldest News Agency n Wall Street . ' ,v; laige Qculatwn'tjf the American Fnancial Papers. 1852 ' 1912 JAS. B; COLGATE a CO . . Bankers and Brokers . S3 Well Street, - . New York Florida Cent. & Peninsular Cons.5s, due 1943 I-aStX, Mobile & MontjV Pv, ?5 lttissour I, Kan, & East'n 1st Mtge 5s, due 1942 Members New York Stock Exchang$ ' .. ' Mraaeh Oacei TJ jBtk St. N. W, Waahlaartaa, D. C. '. Private Wfree ta Pkllaaelakla, Balttaara aa WaaalBCtaa. WE WILL BUY: Edison Elec OL of Brooklyn 4s Kings County Gas & Illuminating 5s Minneapolis Gas Light 5x . Sioss Iron & Steel 6s & 4s Associated Merchants Co. 1st Pfd. C G. Gunther's Sons 1st Pfd. . Central New England R. R. Com. & Pfd. G. W. WALUEU 6 CO, T.leaar.. is Eml S BROAD IT. HBw'TOHK . J. K. RICE, JR. A CO. - Will Buy - Will Sell SS Aaae Kxaraaa ' . I Alaska NtraaMhla )0O Am. ImI ProdBrta am. J 01 Am. IMat. Tel. of N. J. SB Aaaerlcaa Ckleta cam. 90 Awmrr. Barak. Talaakaae SS nNi Meter 1 Atlaatto Fruit i. BO Aaaerlcaa Btpma ST ellaaraaBiteB Railway - SO Atlaa Portlaad l .a. na, -allaa Rit. . ram. SO Bafcvorfc A Wllrax MS Camaatt-TabalalllManl. SA Santoa Milk pM. . l Ita' lk. MirmU Vaal SMTll Rraaa . 1M MM Mlara t'- I.ld. - M -aaala . af Aatvr. pM. IWt Raam Stval aaat. 1M tat.rk K. A K..B. RR. Ialna. A Cllrkab. It. tarn. IM Child. Rra. a. pfd. 1M lat. Ctaar Mapklaarr 100 Trippla iTrrk Vmmt. worn. 80 lateraatlaaal Htlvar pfd. SO Ual'aat Pwai ram. - ! lat. A Uat Nartavra . lee Kh, W. Ilelaw eomi. . 100 Int. Smelting; NrSnlaa; SK H. W. Jaha-MaaT. anat. 40 Marehaata Natloaal Baak ISO H. W. Jahaa-Maav. pfd. ' Maaawk Taller SM latmatlaaal Palp -pfd. 'U L, r' SO J. . Walte A Ca. pam. " SS Kaa. city. -x. ,. 4 'J? m.JTT9j.r 1M nid DamlalM 8. B. !J VifT 1M Varabaata.laaafjall.aaai. J KrMad Ta .K'!f2 "'Tf P"Wl ' ' Waaaja pfd. 'J2 ,.wi5L.t,, ' 1" I'. . lta . A ptA .22 i "J I? lat A SA pf. as Vlatar Talk. Staealaa aaal 1? J-ataa Typawrttw aaaa. 4A Ward Eaalaaaaat Sea V. a. Vtaratad aaaa. - l aje A Tawaa Bffav . , r J. K. RICE, JR. a CO., S3 WALL ST. . Tvtfpbaaaa TfSS ta T4M Vaaa XTe Trade In mtkU MaJAl Hiiit& Pere Marquette Ss and 6a United States Steel 1st 5s Pennsylvania 4s, 1931 Washington Terminal 3$s . ;. Southern Pacific Ref. 4s ." N4 Y. Central & Hudson R. Deb. 4s ; COFFIN & CO. Tolephaaai SIPS a SI 07 Jska Wc Finance Electric Light, Power and Street Railway Enterprises r with records of established earninpa- '-WrOffer-, : Bankers and Investment Dealers Proven Public Utility Securities . ; Correpondence Solicited Eectric Bond and Share Company (Paid-Up Capital and Surplus, 87,800,000.) -J p-Broadway New York Bnffalo A Suaqarhaaaa 4 Ha Ilanamr A Aroaafk (all laaaaal f aL, KratarfcA Baaav. Ba , llulfala A l.aka tX Trar Ba falKBnvharal..A NawarkSa Huffalo A Suiqnabaana 4a '' Cb'da Ktraaialrip Ba . Iatnlt A Suharbaa tiaa Sa liaatarn atramahlp Sa - Kadaral Hakllahlaa Sa ladlaaa.ColaaianaA Eaaf.Sa llndaoa lllv. Klar. I'oww Ba ' Kaa. Cltr. Max.ArtaBtda Hadaaa Rlvwr Ulee. fa. Sa Kaataa t Hjr Vt. Sa 1 ladlaaa fltoal Ba Maaate. Hartf. A W. Wmym Sa .l4irk. Inn A atari Ba . WalKtrr "taaawalp Ba K. V. t'aaa Mall s. S. Sa IVarta. Blaaai. A aaaip, 4a I'alla. A Read, t.aal A I. na . era Cra A Parifle 4 'Aa. Slecia A. S. rtraa, Pt.A" A-B" ' bond Department. FREDERIC H. HATCH S:, CO. , Naw Yark . . Doataa a BraaA St. 00 Caaaraaa St. Privet telephone, to Boaton and Philadelphia. Standard Oil Old Stock,. , 1 ' Standard Oil- Subsidiary Stocks Standard Oil Subsidiaries En Bloc NEWBORG & CO. Members New Tork Stock Exehanaa Telephon, 4390 Rector . SO DROADTVAT Prtvata Wire ta St. IuU. ; Standard Oil of New York and other Subsidiaries x DEALT IN BY POUCH & CO. Wall U JT. T. Meaifcara Kaw Tork , tack Bxeaaaae lalrraatl Xlekal Hacarlttae CaBpatlda-Ta-RarAlaa I', a. Matar aaearltlaa Aotaaalaa Hum A 'kalaM Kaanlek A Wareaatae Raaaa n K. L. A p. lat Ba. tan I'BlM Carbide Hayml Bakiaa Pawdar Saear. EASTMAN, DILLON & GO. -, -t Mtmbft iVsia yar Stock Esehangi. J - tl Raatar flSSe : CHI. HIU BT. PAUL COST. DJT. 1 ' - CHU MIU 4k BT. TAVt. RIJHT8, DIV. I INDIANA STEEL CO. B .. r - NATIONAL TUBE CO. Ba ; Kallarar Eaalaaaaat laaiia sTCEEMAN & CCiaPATalY . TL S6a Jaka . - ,U rtXC STREET, XEW TORK ' -lr : Wanted $25,000 Lae Shore 4s, 1928 ivr.2. KniiPATcn' Tl kaaa iX Reata v - - V; ... . aj WAU ST, St. V. REVIEW AND OUTLOOK , - ; : , ,,.. - i ( ; . . . NATURE AND HUMAN THOUGHT r; Slowly iiut surely numan thought it neutralising tha largely Incalculable forces of Nature, This is not the rst lesson hicn will lie generally drawn, from the Pilaster to the TlUnic But such a lesson is certainly implicit in the facts so far as they are 1cnown.: The largest steam- ehlp afloat, traveling at a cpeed unheard of ti&u' a decade ago,, with 'a displacement so terrific as to tear another vessel not much smaller from its moorings, seems to have hit a submerged iceberg1 of enormous bulk, head on, and survived the encounter. . . . -1-, ' . In the northern lanes'of the Atlantic steamship traffic, this peril must have occuned many times before.' Great vessels have gone to sea and never been heard of again. Their injury was necessarily largely below the -water line, and sinking1 was often only a matter of minutes.' The gravity of the damage to the Titanic is apparent; but the im portant ipoint is that she did not alnk. Her "water-tight bulkheads were, really water-tight. The .forward part of the ship must have been flooded, and it is not surprising to hear that she was down by the head. Nevertheless, she kept afloat after an 'experience which might weH appall the stoutest heart. . . -. . ' iMan is slowly but steadily bringing into order and usefulness the devastating forces of Nature. He . has conquered the air in principle; he has harnessed the lightnings to his chariot, and the cataracts obey his will. His inventions destroy him in the beginning, but save him in the end. He pays a fearful price in human life, and the cost of his lessons is incalculable, measured in the mere terms of money or sacrifice. The individual suffers, but mankind gains. Every experience makes for greater safety, greater comfort, greater rewards. Man k the weakest and most formidable creature on the earth.' His physical means of protection and offence are trifling. But his brain has within it the' spirit o: the divine, and he overcomes natural obstacles by thought, which is incomparably the greatest force in the universe. Chicago cabman placed on Congressional primary ticket for Joke won by over ' 15,000 votes , Present brand from Chicago is no Joko. . ' :u:.r: A CHANCE FOR THE CONSUMER. Protest has been filed -with the Public Service ComT mission by on attorney representing isolated electric plant interests, equipment manufacturers and installation en gineers alleging that .the rates for electric energy, charged to retail consumers by the Kew York Edison Co. in Manhattan nd the Bronx, are extortionate and far is excess of what would bring a fair return upon the 'capitalisation. Although petitions filed with .this latest protest are signed by actual retail -eoftsumers In order that they may have a proper standing tefore the 'commission, there is no concealment of the motives that inspire the movement. The grievance of the isolated plant interests, ss well as that of '.the stationary" ongineers, ia that the wholeale rates charged by the Edison; jcompariy' are far too tow- in iesVbeiinr the cost ;of'Tff3du'Atoarf tSTe'lfpnsumers find.lt cheaper to buy current than to manufacture) it, with a resulting patalysis ofTmiiness for isolated plant equipment and few jobs lor engineers. 'Ability to adopt this policy of underselling, it is claimed, is made financially possible only through the over charging of small consumers. So "Pro Bono Publico" is painted upon the banner at the head of the column and the commission is asked to fix a maximum rate of 6 cents a kilowatt-hour for retail customers. ..This, the proteetants allege, will more than provide for every proper charge upon the company and leave a comfortable sum to be added to the surplus every year. It would also, incidentally, necessitate the advance of wholesale rates to a point where private generating installations would become economical. . - .-. - Probably the- private -consumer, and more than 90 of the uaeraxLelectricity ere in this class, will care little what tho motive may be.. If his monthly bills can be cut 40, he can afford to wish the engineers and equipment makera joy of all they can get. - . . Strawberries come high this season, thanks to the weather not.only in the pri:e but in the bottom of the CROP SUMMARY. Definite information is still meagre as to the exact condition of the winter crops or the precise state of progress to which the ceason has advanced in spring crops. On winter wheat and rye conditions the Government's report, from observations taken up to April 1, was not greatly reassuring, Jargely because the crop itself, on account of the slow return of warm weather, had not disclosed its real strength or defects. Nor has the weather been such since as fully to clear up this aspect of the situation. Speculators with or without the flour milling industry, are giving the long side of the market the benefit of the doubt by putting wheat up to the highest level of the tea- son. How much of this is the annual game of boosting prices for May settlement is a question. , But no doubt the conditions favor those who are playing for an advance. None the lets, outside of three East Central States winter wheat has one of the best chances in years to yield a good crop. . . ' - April's main achievement in' field work has been in the seeding of oats, involving the preparation of some 38,- 000,000 acres of land. Barring cloudy weather in the East and dry conditions California, this great feed crop, which is especially dependent on ample moisture, may' be considered as town under fairly favorable conditions. Throughout the corn belt the fields show evidence of a great deal of plowing outside'.of the lowlands. ' , i These two crops together with spring Wheat represent about 165,000,000 acres prepared and preparing. Probably no more than one-third of it has been turned, which is not a bad abowing for'the first two weeks of outdoor activity. The streams everywhere appear to be full but are 'again well within -their., banks. Freshet conditions have disappeared, and there have bean no heavy rains outside' kf the lower Mississippi of general note for an entire week.1 Every flay, puts we sou .in oeuer cuaaiuon, ana no lime U 'Being lost by farmer folk, as their main tasks of planting and seeding re two weeks behind the normal. lv- f , : ' ' . Throughout the South and the Southwest the main want baa been drier weather." But in spite of floods and rains, three-fourths of the cotton lands in the Memphis dis trict end ijr Arkansas opposite are reported ai prepared for planting. Cotton interests say that the extent of dam age to cotton territory is greatly exaggerated, outside of a few noteworthy districts.' West of the river in Texas and .Oklahoma there was little interruption last week. ' The Eastern half of the cotton belt while less forward with , corn ana cotton nas nsa its run xorce at wort - j The noteworthy advance In cotton prices makes acre- i age reduction the more Improbable. Meadow, and ranges have seldom been in ad promising a state aa at this season. Ttr'Ua -aB kijula of pi'icea of lavau products maiaUioeJ -or advancing, agriculture has the beet inducement to do its utmost, and it may be assumed thst the speculator is playing unfavorable news for all it is worthand more. '-.'. "BY THE WAY-" " Colonel says he is "too Uppy to" talk." - Should be encouraged to pursue his inalienable, right. Don't call Philadelphia "the sleeping lion of politics." Naturally sensitive. ' - -, ; , . When the irresistible ship bits the immovable Ice- Reciprocity is better then intervention. I','; .: .. M v TRISCO SELtS BONDS. St. Louit San Franfitco Hai Sold $ltjt00j600 Sew Or- leans, rra & Momco .Divition Ffrst is. Sb Louis A San FrsindKcXas sold to William Salo mon 4 Co. and G. H. Walkef k Co, $1200,000 New Orleans, Texas A Mexico division Arsi morta-aze Z bonds. . The bankers will offer hese publicly in the near imure. : These make $28,300,000 outstanding, out of a total authorised mortgage of 130,000,000. Proceeds of these bonds will be used in part to retire $3,000,000 St. Louis A Ska Frandsco three year 5 aecured gold notes, due March "1. 1918. which hiva tan called for Tedeniption on June L After pa-nent of the nows, proceeas wiu do used xor new rails ancT equipment for the division purchased for ordinary development The division 1a not undertaking any new mileage of consequence. .. - : . '' The notea-calling tor nsyment were acurd hv lift.. 000,000 of the first mortgage bonds. Retirement of the notes releases tlus block of funds now included in the present sale.1 Their payment takes care of all Triseo maturities for over one year, v ; V Trisco, on-at least two earlier occasions, has retired loans before maturity. , '. '.?w;;,'v:: Jt is intimated that Tnsco may do further inancing. This will be solely for equipment and internal development, which anay be necessary to handle the expected large crops ia the Southwest, and increased business, of which there Are many indexes. Gross earnings of New Orleans, Texas t Mexico divi sion two years ago did not exceed f 3,700 a mile. At present earnings Are running at about fapo a mile. CANADIAN rAClFIC EXPANSION. Growing at Suck is Pace on Land and See That $50,000,000 Aew capita Juey o A4dd Soon, We understand that the Canadian Pacific is exDand- ing on land and water at such a rate as to need 50,000r 000 of new capital in the near future.' The company nrually keeps 150,000,000 to 160,000,000 in. cash and avail able securities and makes its financial plana well in ad vance. . : v; - ; .The question, therefore, would naturally arise Aa to whether this spring is not about the time for the Canadian I Pacific IRailroad to pln,ior itsjrnpital requirements, for tne next twelve mouths, ana nt ;ije tame time girt . tha stockholders some recognition from th, eompany'a growth and prosnetitv. ;: : ' i." . ; ,. If stockholders had rights to subscribe to 20 oj stew sto at, say, lo0 per share, 900,000,000 ef capitel would oe quickly forthcoming and. the company and the stock holders would both be benefited , : . Montreal,. Canada President Shaughnessy, on being questioned on Monday concerning the truth of the rumor that the Canadian Pacific Railroad would shortly be in the market for new capital, said: "We have not thought about the' matter. When the question comes up we will make our announcements in the customary manner." FEDEILVL SUrREJIE COURT SESSION. Virginia Ordered (o Pay fSO.OOO to Counsel in Went Vir ginia. Case Government Atka for Mandate. ' Washington Supreme Court ordered $20,000 paid to counsel in West Virginia-Virginia case by Virginia, and credit same to that state.. - The Government, in Supreme Court, asked that man dates of the court in cases of Interstate Commerce Com mission vs. Goodrich Transit Co. and Interstate Commerce Commission vs. White Star Line be sent down at once, as opposing counsel consent These are cases decided last Monday in favor of the Government requiring uniform system of accounts, interstate aa well as intrastate busi ness. STRIKE SETTLEMENT EXPECTED. A Scranton B utmost Intereete Feel Confident M inert Can Not ." Stand a Long Sutpention.- , ' Scranton, Pa. A canvass among representative busl ness interests of this city discloses a general confidence in the settlement of the coal mining auspension at an early date. There Is no indication of any departure of working people to other parts of the country or to Europe, as wss the case in earlier suspennons in the same industry. Gen eral business hss been good. Jt is the impression that the miners are not financially in a position to stand a long suspension. ... HOLLAND'S LETTER. SPAIN TURNS TO AMERICA FOR MONEY BUILD A RAILROAD WITH A TUNNEL THROUGH PYRENEES MOUNTAINS. TO Samuel McRoberls Sails to Negotiate for a Loon of Per haps $60,000,000 Secured by the- Spanish Government AH Europe Inleretted in the Successr of American Engineers in Overcoming Difficulties in Canal Construction ' at PanamaSpain Now' Turns to America, , Samuel McRcicrts, vice-president of the National Cltf Bank, will probably be, by the end of this week, in Spain upon a finencing.miwion of international importance. . He may stop in Park for a few days, since Paris continues to be the real financial center for Spain. ' : " Shortly before sailing Mr. McRoberts spoke informally to en eamest-mindedgroup of young men upon the topic "How Business is Financed." -When be returns he may be able to deliver a second informal address ah owing bow one of the great railway propositions of the present has been financed. - . ' ; ', - .Mr. McRoberts visit to Spain follows a preliminary, although encouraging, s-eport resentiy made by John 8. Stevens, at one time chief engineer of the Panama canal. Presumably, if Mr. McRoberts' financing propositions are accepted by Spain, Mr. Stevens will be the engineer in charge of a new international railroad. Estimate of the cost of this new road is about f 60X100,000. i - ' The railroad, it ia understood, win surmount the diffi culties offered by the Pyrenees mounts ma bv a etraight piece of tunneling somewhat similar to that done when the Hoosae mountain in Mesiachusetta waa oierced by en J ' Continued HOURS OF LABOR DISCUSSED AT ANNUAL MEETING OF U. S. STEEL COMMITTEE OF STOCKHOLDERS INVESTIGATING LABOR CONDITIONS GIVES STEEL A ' . CLEAN BILL OF HEALTH. Charles M. Caoof, of Botton, Get in Argument Witk Judgt B. H. Gary, the former Witndrojping Resolution for t Further Inquiry Eight-Hour Shiftt Not Popular With Men Jfetirtirp Direction Re-' eleeleiiAt of Shareholders of , the Corporation Invetti- ' , gationtExpentive, The annual meeting of the United States Steel Cor poration, at Hoboken, Monday, was a long-drawn-out affair. The question of labor conditions occupied most of the attention of the shareholders. This was due to the presentation of the tcport of the committee, consisting of Stuyvesant Fish, chairman; Charles A. Painter, D. Miller, T. De Witt Cuylcr, and Charles LC Taylor, appointed to investigate labor conditions in the mills and furnaces of the United States Steel Corporation: The report practically gives the Steel Corporation a clean bill of health. The meeting of the United States Steel Corporation opened with E. H. Gary in the chs'r. . . , The following directors were j a-elected for A term of three years a , ' Henry C.Frkk, William H. Moore, Norman B. Ream, James H. iReed, Perdval Roberts, Jr, Charles Steele, Peter A. B. Widenar and Robert Winsor. Charles M. Cabot who instigated the investigation into labor conditions, was present. He represented about twenty-seven shares of common stock. Report of the Labor Committee contained the follow ing: .Closely allied with the Question of the seven-day week ia that of the excessive hours of labor involved in a continuous process, caused by the changing of the working shifts day turns to night turns and vice versa. An ex amination of the time sheets of many of the mills shows that this practice hss been entirely abolished in many of the departments and not in others. We recognize that at rare intervals there may come emergencies and unusual conditions that would make absolute enforcement of any exact schedule of work hours impracticable, a fact equally true in any field of industry and commerce. Our inverti-t gstion, however, leads us to believe that it is feasible and practicable to eliminate the long term formerly I'ollowcd in changing of shifts in continuous process wor'ev and that it should be done; further that conscientious efforts should be made by all to reduce to positive minimum any undue length, in work hours that emergencies and t-foreseen conditions may sometimes demand. . Committee on steel labor condition, m its report. went into four subjects in detail, namely: The seven-day week nd long turn; the twelve-hoar day; the speeding ef the workmen, and the repression of the men. . , The report recognizes the difficulty to ba encountered in patting into effect a six-day week, but the committee says: "We are strongly ox the opinion that no matter what alleged difficulties in operation way seem to hinder the Abandonment of the seven-day week, they must be met .Tne resordt of to-day indicate that with the ex ception of tw or three plants, the seven-day week has been relegated to the past" " - Having examined . the . records ef 17o,i IS men, the Committee finds that 43,243, or J5S, are at present working twelve hours a day. The committee eays iet the Actual physical labor involved in many positions Is must less than former yra, much of the work being of an intermittent character; but stilt la of the opinion that a twelve-hour day, followed continuously, means decreas ing of the efficiency and lessening of the vigor of tne men. Steps should oe taken to reduce tne long hours oi labor. ; .. . The committee's observations do not lead it to believe that there is either desire or tendency on the part of foremen and superintendents to unduly "speed up" the men under them. The bonus system is regarded by the committee as tending ,to" have a good, rather than bad influence. . The committee thinks the corporation justified in at tempting to suppress the orgamtatipn of its workmen, in view of the practices often pursued by labor organize (Continued on Sixth Payt.) gold "'shipments: Reeumption of Gold SliipmenU to Argentine $500,000 En gaged Total Engaged Siwe January 1, $SOJ75,000. There was withdrawn from. the Sub-Treasury Monday, by the National City Bank, f 250,000 gold coin for ship ment to Argentine. This consignment goes by tne African Prince sailing to-day. The Anglo-South American Bank is shipping $230,000 gold coin to Argentine by the steamer. Verdi, sailing at the end of this week. . . This makes a total of $20,975,000 gold engaged for export since January 1, of which $8,975,000 was for South America and $12,000,000 for Paris. - RAILROAD ORDERS FOR STEEL. Canadian Pacific Increases Purchase ta 7Ji00 Cars ani Har- rtmaa Lines to 50,000 Tons Rails. . ' ; Canadian Car & Foundry Co. has bought 50,000 tons cf platea and shapes, for car manufacturing. The Canadian Pacific has increased its car order to 7,500 srs, a large part of which will go to American manufacturers, The Harriman lmea have increased their present rail or dera to 50,000 tons, divided between the Tennessee Coal & Iron and Colorado Fuel & Iron. . i , SierraS San Frafacisco PowerCo - Second 6s, Series "A" ... Second 5s, Series "B" ' Chas. D. Barney & Co t BANKERS AND BROKERS MEMBERS OF NEW TORK AND PHILADELPHIA STOCK EXCHANGES 25 Broad Street NEW YORK 122 South. Fourth Street PHILADELPHIA A. H. BICKMORE 5 CO.- BANKERS - Hick CraSa RasSa -Wet tlaar t ta S. OaaraataaA k aatlaaal Ucfct Uaat mm4 Faarar CaaaBaar, - T" Sm Pirn Stnat, Kaar Yark PENN. R, R.CONV. 35, 1915 ; ANN ARBOR R. R 51913 " J, S. tlzclxe & Co. MOODY'S MANUAL Tells you moat . anjthlnr jrou v want i know abaut eorpormlona. , .. f "ET IT . ' SfOODT MANUAL CO., 38 Broa-sjr, H. T. Wnen in aa effort to reduce expense! a firm ceases atartiing, it virtually dispenses with ib best salesman. Co I MUMOM' &: . 34 and 36 Wall Street ' -; . Hotel mas - - Fiftb Avenue Building . Produce Exchuji ! - ' MEMBERS cincinnati ' . binohamton .7 ioronto YVILMINQTOtt SCRANTON ' WILKESBARRB . '.:'V WILLIAMSPORT New York Stock Exchangs NewYork Cottoa Exchangs New York Coffee Exchaage Chicago Board of Trad Chicago Stock Exchanga . PhnadetpnlA Steak Exchangi Outside Securities Department WE SPECLAUZE lit THE SECURITIES OF ' the Procter and Gamble Company American Book Company The American Laundry Machinery Co, Barney and Smith Car Company The Globe-Wernicke' Company Niles-Bement-Pond Company ... ! Cincinnati Local Securities RWIN. BALLMANN & COMPANY CINCINNATI, OHIO. ' Circular Price List Mailed on' Application The . Pearl Contains Nothing that is not found in the Coarsest .; Oyster Shell ' Two bond men are not different in substance, yet in thought, new force, expression, training and ability there is the difference between a CiinvnuHOP and a Hiiivph. ful Itond Salesman. Success means, preparation which can be obtained through Babton's Courres. Itooklct J-40 ent gratis. - Educational Department . " Babson Statistical Organizaticn, Wellesley Hills, Mass. Ijarjrcst Organization of Its Class in U. S.v WSSTKB ran aaiai 1 Aswrtraa Cisar aaaa. Sne Aawriraa Baak Xata eaaa. ! Aawr. riaaa ma. at a'A lite Aatariraa til Ira aaa. 1M AawrlMa Maaafantarias Sue Aaaarhaa Thread afA, !J? Tr"v ' "It A caab l"a Aaa. hmtawal Baa. aaaa. 12 2 " TraS a af. altb aaaa. 22 1,".T" "la tK. W. A ta. caaa. . nm I- H. . St. U Sir. a(A n Rarta cllaa. A Pawar mt. iae Makawk A allrr t a, se Cblraca, . Rach lilaad A Wartaara) Statra Paw. alS. PataW Mallwar J. Y. Btata R-ja eaaa. ISA RaAaaa A Mia. A. It, aH. iee laat Aaaja Trar, !.. A IBS Mirk. Stat Talraaaaa pL rr. aaaa. afa. . a . r. stata Rra lat bCA. B Pbataa. aa4aa A Cm. laa Oil Vi-I. ml anka la Raral Raa.Ua hwa. eaaa, Rayal Haklaat Fawecr mU V- S. Kavaiaaa aaaa. IA aaraaarA haat afa. 90 Wratarm I'awrr S(aU se WartkluatM Faaia Bfa. - FREDERIC H. HATCH & CO. Daalara In UnlUtad aa Inactive BacuriUaa ef Rallraafla ana : vnaar warparauoaa ia ina BBiiaa euitp ail a KlseWBere. WraaSes. . .;. v . ; . a Caaaraaa Ik Stew Tark ! , Frlrate talaphaaae ta Beaten ana FhrUdalpalB, PAaFlC GAS k ELECTRIC STOCKS ANf RIGHTS AMERICAN LIGHT 4 TRACTION CO. STOCKS PERE MABQUETTE ISSUES: , ' TRI-CITY &ALWAT ft LIGHT CO. STOCKS ; FEDERAL LIGHT A TRACTION QO. STOCKS. PHELPS DODGE CO. STOCK . LAMARCHE & COADY Pbaat Sees BraaS H BraaA St. Xew Yark I J : ' WAATED Cons. Gas Co. of N. J. 5s We K R- SMITH & CO. 20 BROAD STREET, NEV YORK ' CONNECTICUT HY. I.T. unitpd. 4 '4, 1351 rHfAPEAKB A OHIO cona. y. l VILAIINOTON A WKI.DON lt 8J. i35 CHICAGO, HAMMOND A WEST. 6Ci, 192T T X 8.FARL"EE'& CO.- " Members N. T. 8tock Ezehanra. Caaa. Rataal LU BartfarA It WALL ST, H. T. CHARLES CATLETT Staaalaa Vlrtiala PERE MARQUETTE RAILROAD . All Issues TaL ttS A SS Radar Wm. A.C. Ewen - WILL BUY OR SELL Cripple Creek Central Ry. Common WmTM. Clarke TaL 111 Reatar S BraaA St. - PtlR SAI.R ,- ' BOO FOUNDATION CO. COM. STOCK ; " 300 SIECEL STOKE8 COUP. PKD. STOCK ' HOSMERt RISSE & WEBB T4 BUOADWAV, XKW YORK Pama Rerlar ff lint WAKTt!I . -BIO KOI H CtlHO allv. 4a at SS'4 Mil, tl. A PAr. 4a at TS -no. HI. NT. LWI'lt ait. 4a at (ta MIS. IRS. SI P. A Ul'L. 4a at SI Aa Ea FITKIN & COa VLJH n. I.. A W. l aal Haral Baktaa; Poadar ( aafrtr ,t ar Ht. A Me. Par. Gaa A Eler. cbbj. OtaaS. tiaa A Klaa. aM, Trl-t Ur Rr. A l,t. eaaa I L A. NORTON tS BROAD ST, R. V. Tal. SAO Braaa N. W. Halsey & Co. POSDS FOR INVESTMENT Bena (or Circular 4 Uall Slrrrt Kew Yark Ban Franeliae PhlUdclphla . Chlcsgo - WICHITA YkUJo NORTHWESTERN lat Bt, J0.TJ -IDAHO-OREOON UGUT A POWBO lit t Ket Sa PKKE MARgLBTTB ISSUES. -..;..( ; Martin Judge, Jr. & Co. , S Exaeaaare flaaa, ST. T. . , Ta a Haaaraa . U, S. MOTORS COM. & PFD. ; matauyf iiuituw a w. . TeL Rector Hi - J Meobart New Tork Stock Eichanga . Wi.NTKD. , A. Union Pacific 1st Land Grant 4s, due 1947 af. A. CXARK & COMPANY 7 " aha nn - t . sa wwiia. . ' Eaat.ni CorrMpanS.nts of tk CRICAOO sviwoa R4.VR ABO ?HVST CO, Boas nat. BlitlRESS OPPORTCamEf. WILL mskt leans oa mixed curb tecurities to reputable brokers. Rerolar facilities tot institutions. Address 1 - BosT, Th Wsll Street Journal. ; --- TBER CLASiyiKOAr?ERTIERa;VT FAOR COfc. ta"