The New York Times from New York, New York • Page 16

in THE NEW YORK TIMES. WEDNESDAY, MAY 20, 1014. 1 I I KIDDER.PEABODY&CO. IIS Cerasiln SI icstcn 17 Wall SL YORK Investment Securities Foreign Exchange Letters of Credit Correspondents ot, EASIhS BROTHERS LTD. LONDON FINANCIAL MARKETS Prices Move Little; Trading Dull Our Foreign Trade and the Cold Export Movement.

We otter MUNICIPAL BONDS Yielding 4.05to5.25 Exempt front lacont Tax ZAtt Hstabers New Tart Btork rxrhaase. IU bM4W Tint ymt'l Buk BMf. BUY CONSERVATIVE 5 INVESTMENT BONDS SELLING AT A DISCOUNT To toadeocy thsa woold bo for roar pr.ncipal Lo gradually tncreaso. This Inrnut woeid represented by tha Olffereoeo bttdtl cost of tbo dl-rewat bowda as4 their face Tartwe at roaiarttr. It is aisslbto.

roortowr. thai owtag to toaxkot eoaditlooa. or for ot bar raasa. many bonds sow. eiUa at a discount mlsht come ta eoli at yr.

or even abovo par. prior to thotr nsatarlrjr Oat. Wo shall HH awoxt oa Cfarralar o-arnbtng some attractive boada now elUag dhtcoaal Spencer Trask Co. ITETM OT SECTKITIES Exckuft Place, New York INCOME a GUARANTEED BT SEVEN Wo offer, at a arte ta yM4 f4. ta First Moruraco Honda of a Tsrmraal Cnapav opersung la oa af tha lanree, railroad en-troa la tho United States.

The Cntwpawro atock la aaaol aa4 tas-toraoc oa aoaoa -aaraator4 by aioasi tlliawrtaal railroad ojstoaua. CarTojaoajilrafo- md Pmomal iaartves toUcited. I al T. a raaraso But nan, 30 Braaa St, Now Tark lliaatlPMIA MASTrOSO CMieaOO City of Oswego, N.Y. Da oeriaDy 1920 to 1129 PHce a asoMeertoo.

I XewTsrk Stork Esraaa 1 Hloay Stork Euauit 24 Braad St. Mow York Fres Fioa Tax Istl.ttg. on Gas Co. Yields Cloard tlortjata. Piop ty con-tr0ed by America Lifht fl Traction Co, Earnings times interest.

CssasMs Cii caJsr aa rrqwast. BAVKEES Tiao Street. Mow Tark U5JTDO.V LIVERPOOL John Muiiroe Co 33 Pixt St 4 Post Office Sq. XEWYORK BOSTON LETTERS OF CREDIT atoia faaaa for trarrJors aa sal aawt tfco world. coiivrwntL LprrERs or CREDIT ruRKUaX AXD COLtEfmONg CAULS jTRXNOrEKO 7 bite orarnE.

fabis. Tro- opoay .1 i ii Luhun otioaJ riaak Mxtuwt MtaU attoaal flank Aantna btri numoa riofriro M-ro Hrokr Ptrtrttrtl owMWio-TaatitaK-larataa; Oa stn. P. PELL CO. If "ill Ko Tt Wack EKaaaa, 9al.

Haaovor. XT WaU N. T. V. N.

COLER CANKERS. Eatalfllakoi 1X70. 4 CTDXM OTBEfcTi KEW TOBK ITT. NEW YORK CITY ami tW kigk graaW bbOiucIpI bonrla. fyociai elrura a nnai Both tha learned cUvlty and tn meacr.

prico cha.ngea revealed yesterday tha slacken; nc of the forward Impulse, which for many days had been bringing improvement on the Stock Exchange. Tbo halting tendency we apparently due to the foe Una that eome definite good news was needed to ripen the recent change for the better in sentiment into a more expanded forward movement on the Stock Exchange. On the other bend the market was not called upon to real at any considerable offerings of stock. Yesterday's disposition to question the solidity of the rise which the market has lately enjoyed was perhaps due more to the mere un-stabieaesa of the market viewpoint at times when as now the trading ta largely In the hands of habitual traders than to any real change la underlying factors. Sentiment was adversely affected by the testimony of Mr.

Mellen before Uie Interstate Commerce Commission and much more heed was paid to that than to Information bearing on the crops, although that of course touches upon a factor of far more fundamental Importance. The Government weekly weathr reports have now entered upon the staar in which favorable and unfavorable are necessarily placed in Juxtaposition, for It la not within human probability that weather conditions even in the most favored years should be uniformly favorable tor all crop throughout the country. Thus yesterday's weekly summary told of conditions which are retarding the cotton crop, and of too ow temperatures over the Central an-1 Eastern sections, and yet the favorable far outbalanced the unfavorable in this report. Deapite some damage by fly. Winter, wheat Is described as having retained, on the whole.

Its earlier high promise. From -some -points of view the moat Interesting Item of the day's news bearing on business and financial matters was the report of the country's foreign trade for the month of April. It showed an excess of imports over exports of $10,271,000. tha first excess of imports which has occurred since Aujuit, 1SM0. This showing1 did not cause surprise In view of the earlier report of last month's agricultural exports, which were much below those of April a year ago.

The change In tariff has undoubtedly been a factor In bringing about the tendency recently noted In our foreign trade, but other factors have contributed probably to a still more important extent to the shift from a credit to a deb't merchandise trade balance. Thus the decrease In agricultural exports last month was due primarily to the shortage of last year's crops. The decrease in that one department of our exports amounted to $17,200,000. or. $7,000.0" 0 more than the excess of Imports reported for the month.

Had we had last year as good crop aa the year before we ntlght have shown for April this year a moderate excess of exports Instead of aa excess of imports. 'It Is still too early to draw conclusions In respect to the Influence which the change in our tariff policy will ultimately exert upon our merchandise trad balance. Meanwhile, however, there la Co doubt of the part which the change in the relations of our Imports to exports is playing In the foreign exchange market which lately rose to the gold export point and which advanced enough yesterday to lead to the engagement of $2,000,000 In coin for shipment to Parts. Sterling exchange touched the highest figures reached since November, 19U7, and bankers wre prepared to a considerable further outflow of coin. A rate thirty-five or.

forty points higher than yesterday's rnaxiiftum would seem to bo needed to shew a profit on coin experts to London, but shipments to that quarter would probably be made at a less advance in exchange If bankers should find themselves In need of making large remittances to that market. Tbo money market was very little ar-fected by the renewal of gold, export, and this fact has of course Important bearing upon the possible extent of the outflow. The Bank of Ens-land waa ap parently successful la retaining part of yeaterday's arrival of South A fries a gold, and If within the next week or two a lartrer share of this new gold gore to the Bank It will materially lessen the pressure upon this market tor gold. No Immediate change, however. Is to be expected in our foreign trade position.

It Is Interesting. If not significant, that the heaviest outflow of gold In 1910. when last our Imports exceeded our exports, occurred In the month following tbo heaviest debit trad, balance of that period. It was In March. 1910, that tha excess of Import rose to $19,000.00.

but It was not until April that gold began to flow out freely. That movement, on the other band, was stimulated by the remlum bid by the Bank of EnsUnl or American coin, and on this occasion, thus far at leat. the itnnk of Enxlsnd has refrained from making any such special bid for American gold. H0NCY AND EXCHANGE. 0b call 2 A year ago 3 Plnce Jan.

1 1 Same period 191X. 7 CO days. On ttma 2V3 Commercial paper (prime High. Low. Renl 1T 4 moa.

3 1 6 mo. 833 3V3 E-iehanre. Falncea Clearings $23,174,391 Sub-Treasury credit balance 441.047 Banks lose sUce Friday Rates abroad. Check Discount Money on London. London ....2 1 VIOV33 24 Faris.

2-f lR'4 Berlin 2f, .214 20m FOREIGN EXCHAltfiE. The rang for demand sterling was: IMfh Inn- Is' Teaterday A A $4 $4 40 A jroar ago 4 Since Jan. 1 4.KH4.1 4.tC-!3 Same period 4.r7iM 4hMu Foreign exchange closing rates were: itomaixl. t'ahlo Si. 5.11 1-32 MS-lfl VT, l-oZ 40 29 altera Tlaai CO 6v a London Parts 5.1 "1 Berlin 04T4 Baakera Coaaairrclal Utile.

00 dars. PO days. London 4 V4 M.M Paris Si 5.201-32 Berlin 04 ftlf Amsterdam 03 39.01 Domestic Rates. Rates on New tork were: Chirac 20 I San Franclseo.lOc hL Louis I Loeton Par I 8U Paul Me Discount. BAR SILVER QUOTATIONS.

London. 2ftd. per ounce, off VA- Jitw Jjirk. off Vfcc London Pari Berlin Swttxerland Holland Belgium 40 33 5.1S'-J-32 Bit la. 0l dFS.

$4 6.1S TOPICS IN WALL STREET. Mellea'a Reaalta. An lntereating commentary on the) tangible results of the way in which C. S. Mellen managed the New Haven.

as J. P. Morgan's man." was supplied yesterday by the publication of the New Tork. New Haven Hartford's earnings statement for the quarter ended March 31. 1014.

On a gross business of which represented a loss of $1,248,000 from the corresponding quarter of the previous year, the net operating revenue was $2,840,000, and the operating Income after taxes. $1,200,000. Other Income brought the total net up to with whlrh to puy charge of That left a deficit for the quarter of almost $2,000,000. A year ago. in the aam quarter, the company pald out in dividends, which made the deficit for that quarter Traer PI ct area of Wall Street.

Moving picture producers have received a letter from the National Board of Censorship asking them to avoid future presentations of scenes purporting to be laid in the Stock Exchange and vicinity which are not essentially accurate. The board says' that many complaints have been received of pictures showing the commission ot acta which are Illegal under the laws 0 the State, and it holds that the time has come to discard such plays. producers are promised that If they want real pictures for stories staged In the financial section the Exchange authorities will co-operate with them in the interests of truth. C. ox O.

Dlvldead To-morrow. On relatively heavy dealings yesterday Chesapeake Ohio fluctuated from C1T down to a range of 2 points, and yet at the close it had a net gain of point. The downward swing was occasioned by a report that at their meeting to-morrow the company's Directors would -vote to reduce the dividend again, putting the stock on a 2 or 3 per cent, basis. When the notes were sold a few weeks ago, on the understanding that certain large amounts must be reinvested in the property out of earnings. Chairman Trumbull said that he saw no reason to fear a dividend cut.

This view of the situation was- taken by the market after the early weakness. For many years C. O. paid only 1 per cent, a year, which was increased to 3 per cent, in 1809, and to per cent, in the year following. Railroad Baflag la July.

For three months the railroads of the Eastern group, which are especially interested In the freight rate decision, have practically no supplies from steel makers, according, to salesmen whose rounds of the offices have become decidedly wearisome. Non-success in selling has brought much discouragement to agents of the steel companies, but they are beginning to see scattered rays of hope. This state of affairs cannot continue, and some keen observers of railroad needs have decided that In July, at the latest, there should arise a substantial buying movement Before that month arrives action by the Interstate Commerce Commission la expected, but. whether It is favorable, to the roads or not, the mskers of sup-piles believe that extensive purchases must follow If track and equipment are to be maintained in fair working order. A Glaaee lato the Fast.

An elderly cltlsen watched yesterday a crowd iT momentarily unemployed gathered ou Broadway, near Wall Street, about a street vendor. It is easy to draw a great number of people together down here," said he, but I hardly think they ar as Interested in what they see as the crowds my father used to speak of. Wten the Sub-Treasury tbo Custom House It was then was being constructed In tha lat 30s. he said everybody along Broadway would stop work whenever the teams of oxen came along with tha big sections of granite which formed the pillars of the building. Four ox tennis were attached to the wagons bearing each giant block ef stone, arid their progress was a triumphal march.

On Sunday afternoons the bankers and merchants would gather in front of the building, coming from their homes within a block or two. and discuss th work of construction." Reaewlasj Work la Oil Fields. Dtapatche received In tne financial district yeslerdsy from the Mexican oil fields said that most of tho employes of tha Mtican Oil Company had returned to their placet, and that within a few days production Would prubt.bly be again on the liasls prevailing before the Constitutionalist forces Invested Tsm-plco and Tuxpam. This encouraging information liad little effect on the stock of the petroleum company, although there appeared to be a demand for the share at timet during the day. After advancing ellKhtly.

the quotation fell back and ended the senalon with no net change. A Professional Market. Professional trading put some issues up and others down, and left the market at the close without a definite change of complexion. On the board It aa said that floor traders and two-dollar brokers did practically all the business of the day. which was not a great deal all told.

The bullish element took eorre satisfaction In noting that few of tha really prominent Issues failed to make some gain, even thouith it appeared to bo the product. In great part, of short coverlnf toward tho end of the session. STOCK MARKET AVERAGES. The avarsg quotation ot lead-rag railroad and tw.nty-fiv industrial limu rastarday and of theao two groupe of stocks comblnod with comparisons OUTSIDE SECURITIES Quiet Market for Stocks on the Curb, but Bonds Are in Cood Demand. Hin.

.79.40 Railroads Industrials COMBINEI 45 14 W.M IS "5 1 00 May 12 Mar May MV May May t.oir. Mot. CI' 74 79.21 .07 blt.ii .13 AVERAGE. M.H OT.31 -f .07 or r.i 57 itt .5 113.1ft .1 ny.wi tt 1:1 .) os.sa flH.43 4- W.19 Raixt ot Fifty Stock. Lat 7 41 May U.4:I ul 44 May 1 KO.irt May SI MM 7H.4 My II hl.ni 6.V24 Apr.

25 60 Jun. l' 74.14 KVb. 7 to a.7 Sep. 2i 77.v i Hlah. May to data.

75 May May. M) 21 May. May May. My 22 Tr. to oats.

7.1.) Jan. Si Tsar lull. Jan. Tear P- Tsar Jan. TOBACCO STOCKS.

Ktna Km A A A liii Conley John Mac A 1 Porto P. K. fa May 19. Bid. Asked.

10 Mi" 14. Bid. Atkod. I H', 1K mcHraa CI (far irtan Clear tr. u.rh a VArr 1 now 22 22 2 tail on Tin 13 1.j 8.

1'ouns l-i a KurhM lu.1 rA. A Forbes l' Klre-Am. i- Zt mit 140 li J. P.eynot's 2U 275 Sli J. Beyn 'i ecrlp.l"! 101 H1 w.

PnJnrti nf. itd Clirsr f-s "Mi Clear storva pr. 11s 112 FreUt 6barug O. lob 2- r.ir. 175 115 HO 27 7 113 Transactions In the outnlde security market yesterday amounted to 29.SM shares of stocks and of bonds.

The sales of stocks were divided as follows: Industrials. 8.0.H0; oils. Ml. and mining. 30.CV.

The range of prices In all lusura In which trunxnet iona wera reported was: INDUSTRIALS. Sales. Open. gh. W.

200. Tob Zit z'm 1UO. 22H 2S 22H 224 20. Sprins- flld Tir r.2 o2 1.2O0. Mot.

11 11,. ll 4 Maxwell Mot. lBt pf 44 44 43'4 Maxwell Mot. I'd pf IS IS 17 li Smoit- InR A 2H 2 21 S' tc M. US 3' 200.

1 1 1.100.. Vn. ris. Stores of Am SO1 So1 4.500.. United Profit Shar.

Corp. 6 6 100.. Wa land Oil fc Can r.4 2.. Willys Ovorl'd 69 170 6b "a STANDARD OIL SUBSIDIARIES. Net.

La.t. Ch K- fill' I 20O 5 4-.) 2 27ii ISO Sales. 1. 15. 10.

1 ft. IO. 4. 110. as.

10. 25. II. 22. 21.

100. 10. 25. Hlsh. Ref.

.612 P. I 4 Kvi'rks r. I. .270 ill.im Transit. Y.

Tran.27t Oil 17 O. A 4.V4 f'enn. Oil 27l Pipe L. ..21 O. of Cal .112 (.

of Ind.4.V! O. of Kan. 45 .8. O. of N.

J.411 S. of N. T.21" Tank L. OU. 220 Low.

ri2 44 77o 1 to ITS 17'i 412 2PJ 310 42) 411 217 hOVfc 271 I77H 4- 1 4S2 2 T5 2ltt .111 4i 411 217 KH4 21a MISCELLANEOUS RIGHTS. 60. Reaver Con 2f 1.0m. Four 400. Mont.

l.OOO. 8 MO. 1 5.0IO.. Chile Cop. 7S.10H, l'O.

Cob. KiO. Arix. 8. 7-l Corper.

9-10 l.Hoo. 54 70 1.00. of Am. 2-, 32 4.10O. 11 I.011O.

1 t. 000. Meraer. 5 9.700. W.

Knd Con. 85 1 SOU. K. 4H BONDS. 120 000..

C. P. nt 104 104H 104 104H S25.O..C. cv.0s.115 IKS', US Soli cents per share. fOdd lot.

Ji-x div. Hlirh. Low. Laet. 4 1-lfl 3 3 101 CKS.

yo. i 2 fo. fi 52 S4 10 8 4. ls 14 1 5 102 in I', 102 tta I1 7-lfl 7-11 7-16 5 0-l 9-16 0-I6 75. 54 53 53 8 7o 7" 12.

Ht. 27i 3 S2 32 32 no 12 H'4 25 1 8-19 1 3-16 1 3-16 no 57 51 57 Jrt 85 WJ i-i 4H 4H 4H 1 8H0RT TERM NOTES. Sorority. Rata. Due.

Amal. Copper 5 Mar.lS.'lJ 4m Lot-oni. .5 Jni. lf'S A. T.

A T. ab.5 1916 Austrian lov.4S July. 14-1. Bait. A June.

115 Hton B'klyn it. Can. 6 Ches. 5 CM. W.

I. .5 Chi. El. Rye. 5 -h.

A 1. ft Erlo R. n' Krle R. Erie H. 5 Ap'-.

Federal Sua. 5 Nov. Gen. 6 Gen. Rnr.her..4fc July Plv ft MlV.

Hock, valit-y-a uu III. Central ..44 July. IU Int. O. Int.

Harr ....5 Feb.lVlJ IjscW. .5 Ml-h, Cont 4H Mnr. 215 A St L.6 K. T. .5 Mo.

pacific. 5 Mont. T. P. rnr NaT.

6 N.Y.C. H.R.5 1U Ma. 1913 n't' Ali'6 May. 1H15 Nor. Pacific.

6 Pae.Oaa Kl ft H.Corp..N.J 6 Seab. A. So. PSflflc So. 5 gopothern erate of Tenn.ft Sula.

Sone.O C.M.R4M...J I'nlnn Tvnew.o lnllr-1 Fruit. United 5 Utah Co 6 W. E. a Wastem West. Power.

July. 1918 Mar. 2. 24 June. 1MI 1015 July.

191 Ms. HM7 June. 1915 1917 1UI4 1U15 1915 lltlS Mav. 1915 June. 1914 Mft May.

1917 Bop. 15. 14 No. Inlv 14 Mar. 15 19M 11fl Jua 15.14 Feb, 19'fl Julv.

1914 June. 1W14 Jan. May. l'H" May. 11S 191ft July.

1915 July. 1915 Bid I DOS liii 100 liO'l 10O 89 9V, 91 ns-i 9M 99 98 loo, 99 4 9SH 1'ioS lOO'i ') 100S t.i, 1.i, 94 91 93 99H 10OV l'f'S l'Vll, 98" 101, 99 lOoVs 99-S llK.S, la 97 9'a 101'i 90 981, Anked. 100'i UHI loon UK 1 100 HHV 97 100 18 99 l.M. 100 loi 91.. l'O 101 93 lOO'i l.io'a 9.1 94 1 99t 1O0S 9 10 1IU IOOH 1(KH loo ions ions 98', 102 99 10tl KC 96 too Tld.

4.0 4 4.96 .1.30 4.35 f. 110 6.40 A 70 500 8 53 6.65 5 5o 5. 60 3 26 6 il 6.00 4.80 493 8.12 3 20 220 87. 00 3.W 7 70 12 25 49.110 ft 40 6 23 2 75 3 20 4.10 6.12 1 50 SIM 5.40 4.95 1 50 jiij 2.00 .1 80 3.60 6 8O 6.14 5 25 ft 80 4 20 S.BO 6.00 RAILWAY EQUIPMENT BONDS. on a percentass Tha followlns ra quotsd baels: Kama.

Maturity. Rate. At. Coast il4 21 4 lll Halt. Ohio Roch.

4Sf't5 rhea. a OMn I l4 17 4 Chi. a N. l'-'M 21 Ind I iim -J Del. Hudson 4S Erie Railroad ...1914 2J 4''J5 Htirklat Vallay ..1914 23 4 -l3 Illinois Central Int.

Ureal North. 4 23 5 Louis, a Nssh 1914-23 5 K. 1914-23 Ml.url Paclfle ..1914 22 r.nt lnea Hill 4St5 Fr-lrht. l'tH-23 4 i St. L.

a I. Ml a flukA.nl Air I inm I014-1M 5 Southern Railway I 1'4 4Uit5 South-rn Pacific 114-23 4H Viriflnl-in Ry 19H-U 6 Wsl.asU ii-i I1. 4 IV) 4.50 4.70 4 80 4 no 4.8ft 4.30 4 no 4.50 6.0O 4fO 6.30 6.90 4 63 4 0 5.i'3 4.73 4.7ft 4.50 6.O0 6.00 Ask. 4 4-1 4.40 4.4 4U 4.40 4.0I 4 40 4. AO 4.60 4.40 5 23 4.40 6.0ft S.00 4.53 4 30 4.90 4 i0 4.00 4 4' 4 75 6.00 STANDARD OIL STOCKS.

Anrlo. Am. Oil Atlantic Hot no-Scry niser Huckevs fl do Lino. Colonial Oil Continental Oil Cresurnt I'll' Cuinberlanil Pipe L. Eureka I'll) riBl.A..Kl.nrit Galena-Hlrnal Oil pf Indiana i'lpo NatlonHl 1 rantt New Tork Northern f'lps Liim.

Ohio OU Prairie Oil A Solar liefni'tix Southern Pipe Lino South I'enn. Oil S. W. Penn L. Standard Oil Standard Oil stan-liirl ll (Kan.) Standard Oil IKy Standard Oil (Nab.

I Standard Oil (N. Standard OH (N. Standard Oil (Onio. Swan Klnch Union Tank Vacuum Oli Till Waters-Pierce 3 Tuesday. Monday.

Bid. BI1 Aked Irti, IT I6'i 17 K. 810 25 2-J-i 27 .141 143 140 1 6-1" 67" lot) 110 9 D3 .212 217 213 41 4' 52 .64 67 54 5 7 27y 20 I 270 ITS l- ITm 141 111 142 148 .13 1 II" 14" Mi '1 40 .275 2x0 27 27H III 117 113 117 .177 17" 171 .450 44Si 31'. 2t 222 21 2-2 .275 2t 273 271 .143 IV" 14" 150 812 87 Slo ft2 4VI 4.V 42' 4 ,0 410 420 261 211 2'Pt .145 33.1 845 .411 412 4rl 411 218 216 219 .40" 410 4O0 410 200 ll 2-" 7 rft 8S .217 220 217 220 47 52 47 52 t.2u MINING STOCK QUOTATIONS. SAN FRANCISCO.

Alta Alpha Con Andes liel-her l.e.i a Ilelchor. Caledonia Confldeni-a Con. i ll. Va. Con.

Import! Crown Point a Norcrsj. Julia TONOPAH. Belmont Jim imtler McNaroara MIsih1i Exton Montana North Star Rescue Tonopah Tom.iah West Knd ILDF1BLD Atlanta Itooth C. O. M.tl.

.01 'Vrldental Con. Uft Soa sierra I nln "on 24 l'trn Con Yeltuw Jai ke. 7 201 .3" 2 53 .50 84 .17 .03 C(nih Krsi-t field DalHT -ri pi. '1 renco Vfteid C-n. iT field JUTibo Hxleo at Star I'lck Wmhl Nvdl Mills Ki.un I MANHATTAN Minhat-an Con.

Man. 11 .01 .05 .07 07 .07 01 .19 0C, Oft ,51 42U, 1 21 (.1 ,04 4 24 ,04 o7 STOCKS OUT OF TOWN. BALTIMORE. STOCKS Sales. Mlh.

Low. Last 50.. Am. Indera. 5.

52' 52! Power lm, Fuel 22 22 22 100. Kairmont Gas 32 10.. Federal Leartie 6i 1 10.. Fidelity Trust 3rt 300 300 Oil pf ctf. 55 55 55 IOO.

Merch. Mertl. Itnnk. .11 31 .11 l.MV. II vs.

A 27S 27 27S Halt. A. pf 32 32 2 4vs 1.00O. 5. 7 ooo.

2 Onl 1 I8M. 4 IXXI. 4 4.000. 41.ii. 1 0.IO.

2. Ooo. BONDS. Bait. Spar.

PL a C. 97', Chas. City Ry. hlcaao P.ys. let 5s.

9-s City Unit. 4 -34 :7 Con foul 6s Fuel fte. 95 Fair A Triii-. MrluiMl Kl.f. 3s Mt.

V-i -in. I nick 5s. I E. L. a P.

4. 91 In. Ry a El. 1st 4a 84 I n. Rvs.

A Inc 4s R5S Kt KI.rdRfts h. Bait, a A. 5s tt2 -n. Wa 97'i 102H 98', 97 1I0, 98', 31 93 84 2 81 82 BOURSES OF EUROPE Peruvians Weak and Mexicans Higher in London Prices Weak in Berlin. 97H 102 US', 97V i 95 9-', -is 1 9d 84 5 8tl r21 BOSTON.

MINING. Sales. Iw. Ist. 275 273 275 loo.

A Is omah 95c 95c 9. .15. 4t, 40- Zinc 17 1. 475 Anx. (Wl 4 13-10 4S 4 10.

a Balak 2', 2-, J.9:i7..Hutle a 4o 4'i 385.. Cal. a Arts 1" Wli 64 a Hecla 425 423 423 831 Copper Range 37 37 15. 1 1H Hutt IOH 310. Granbv 8-Mi 3H0.

30c 3K: 65.. Indiana 5V, 5 5H 2flo. Creek 494 49i 170. Keweenaw 3 2T 4'i 4 4V, 3... Mass.

Con 6 5 23. a 45H 45 43 175 New Arcadian 6V, 4 6 4i. North liutte 27', 27 27 113 I olony 41, 44 41, Iounnlon 48V, 48 48 7r.i 7h S.8..Pond Creek 191, 18 69 50 59 HO. 5 RH 5 U. 24' 24:, 24" 15 St.

Mn-" I-and ..354 354 354 K13 a 2', 2 2S 25. erkir Copier 29V, 29 291-, 3 20. .17 1HO. U. S.

Smelters 344 344 344 221... S. Smelters 45 44', 45 2" Con 1" 14 14 Jou. 50c 50c 50c IyONDON. May 111.

Money was in strong dpm.ind and discount rates were ptrady to-day. There no forelpn demand for the new gold offered In the open market, and it 1." rxperte.l that the bulk of will ti. the It, ink of Ktiu luti, I The sto.k market iin-ulnr N. issues clerked home and I'rruvian issues were weak on unfAVur-able rejrfirt.i. I.i: Kaffirs were supported by I'arlB.

and Mexican rails advanced 14 points on rrpurts that Hiinta a as wilhriK to retire. Anicrican securities were quiet and steady Hid a fraction over par ty during the early tradirnf. In th- afternoon 'rices moved Irregularly within narrow imitd. but finished Kteady. PARIS, May 10.

Prices were generally firm on the Bourse to-day. Three per cent rentes, SO francs 43 centimes for the account. BERLIN, May 19 Trading was dull prices were rather weak on thj lioerse to-day. RAILROADS. a Albany.

..181 BO. ltj fl.ftno. 4 2,000. BnKtn Elevated 824 Hoton A- Maine 414 pf 84 Elec pf 61 N. End St, Ky 67 MISCELLANEOUS.

Aer. Chem. pf. 954 6I4 Jet. 4 8.

T. pf. IO.14 Ry. Elec 1204 Ry. A Elec.

pf 87 Gas 854 River Pow 62 Cotton Yarn. 20 3'4 Krult Shoe 6711, Shoo Much. pf. 29 BONDS. T.

a T. cv. 44s 99 c. J. a 8.

T. 5 1004 tern Tel. 6s 984 Il 83 41 84 61 103 07 94 6f 1034 1204 87 844 62 20 lirti 4 137 57 29 ISt 82 41 84 61 13 67 05 V4 61 1034 12HV, 87 83 62 20 lo4 157 r.7 29 CHICAGO. STOCKS. Sales.

HlRh. 610.. Chi. Series 2.. 25 20.

Ed Lift 20. Miitrh 97 6O C. Hy Hi ight 21 10. Ward pf 112 93.. Swift 10W, BONDS.

J.1,000. Rv. Bs 94 r.fOO. Tel. 6s 1'iOH Rv.

5s r. msi. Edison 6s 1013, IO.OuO..Mot. Gold 4a 83 99 99 loo', IO04 98 98 Low. Laet.

34. '1'14 135 97 97 112' lOt 5. 112 1064 98 9S 1004 100 UNI Ia- lol 101 83 83 LONDON CLOSING QUOTATIONS. Lon- N. r.

N. Y. X': don. Kijulv. Clote.

Ch re. Consols money. 74 13-16 Consols amount 75 Amalgamate 1 74, 71 Atchison 1 90 90 4 Bait. A Ohio. 944 92 inn.

imv, lt4 i hes. A ftl 31 till, (it We.it.. 14'. 14 1 St. Paul 114 Denver 134 1 Krle '-0', 21.

Erie 1st pf 454 44 41 Illinois Central. 11. Louis Nash. 144 1.174 Kan. a 174 17 N.

Y. 904 94 94-, 4 Norf A West. .107 liM'j l', Ont A 274 2'c Pennnylvania 57 1 1 1 112 Keadlns 854 1614 165 58 Souihem 25 25 4 -54 a South. PacK'ic. 185 9.1 4 -r 4 Union 101 137 157 U.

S. Steel 64 62 4 a hash 1 1 1 Sales. 4. 245. I'll.

20. 9). 3. 110 922 13. 25.

4. 2.140 1.479. 1.16. 19. 58.

376. 91. $1,000. 1(81 5tn. l'.

J.i.. 8.000. '(. 1.00.1. ino.

l.uoo. PHILADELPHIA. STOCKS. Hlah. Am.

Rya. pf 102 Cambria Steel 4H Cent, leather 3.1 Storaae 62 (leaernl Asphalt pf. 774 Ins. Co. of N.

A 22 Keystone Tel. 57', Lake Superior Corp. 194 LrhlKh Nav 7S l-ehich Nav. t. 78 Mlnehill 5 Phlla Electrlo 20 lis.

Hap. c. li Thlla. Rapid Transit 18 Phila. Traction 81 United Gas 84 Union Traction 434 West.

Jar. a i'ea 60 BONDS. Am. Gas a Elec. 3a.

83 Am. iaa A Flee. 5s. 85 rtty 4s. reK'd.

Elec. A P. 4s. etfs 4 Harwood Elec. Ke Tel.

5. 91 Leii. c. 4W I r. 994 P.

W. A B. 4s. t. 97 Phlla.

Klec. 5 12 Phil. Elec. 4s 82 Phlla. Co.

con. 87 PITTSBURGH. STOCKS. Sales. ft 2O0 25ft 150 IS 2r 175 20 16 30 21o 415 10 170 50 M.ooo ft.OIKI 1.0) Ex Am.

Wlnd tj. pr. Gaa t'rucihle Steel Hieel Brewtnir In I. llrewma pf Mfrs. l.iahl Fuel ruel Oil Hrswins Brew pf Plato Pure Oil Union Switch Westmahouao A.

B. Wwtlnshouse Elec. BONDS. Pitta. Brwlnr 70 Pitts.

Cool deb. 9.14 McK. A 0. dividend. Hlah.

lis. 10 13 92 -44 22', ft. 424 "A 25 l'4 18 ls4 1264 844 Low. uni 47 3d 77', W- 574 18 77 78 58 20 174 17 81 834 44 4 60- 85 85 101 84 ll'2, 91 97 82 87 I-ow. 1" 15 92 44 22 ft.

14 42 11 25 18 PM14 1214 18 Last. 102 47 30 774 22 574 19 78 78 6 20, 14 184 81 84 454 60 5 85 84 K'2 91 994 97 102 82 87 I Art. lis. li 15 92 4 4 32 Ita'i, 42 11 94 25 I'M IT, 1HI4 12I4 384 70 TO 9.1 9.1'., 1014 1014 PUBLIC UTILITY SECURITIES. American l.trht A Traction Aml'in I.lrht pf Adirondack Electric Power Adimn-lack Electric power pf American Oaa a Electric Anerl-n 'ia A AmoTican Poarsr A Llaht American Power A Mirht pf Am-rlcan Public Utilities American luhllr Utilities pf Am Works KLK-trle Am.

Water A Elec. partlc. pf, Am Water Works A Elec 1st pf, Arizona pow-r Co Arizona Power pf Arizona Power Co lt tin, Appalachian I'-r Conuny Appalachian Poaer Couipany pf. its Ser Cities Service pf Power 'o. Colorado Power Co pf P.

A Cotrmoti wealth H. A L. Elect iren. Ele--rlc Bond 1-ikwii Electric H.nd A Shtr Co. pf F.m- Ire Tl trie ft, Km-, ire District Ki'-irle pf Federal Uht A Traction tFederal IJcht A Tnt'-tlon Gas A E'ectrlc Securltiea Gas A Electric Securities pf Oer.ral A Ele trlc 0nral c.ss Electric pf Great Western 1.

lwt 5s. 1946 Lltv-o'n Gts i- F'e-trl- Mhi'e R'octrl- 1 1" I'M-l Northern Ontario Uitht A Power North, ri on' irio l.lclit A P. Northern S'stes Power Northern States Power pf Ori'V r'-r Jv Ws'er Pa-lflc Gas Elertrlc Pa, if Fl. He pf pein.i.ite l.v A I.lrht r'o Rep-ihllc Rr. a Llsht Co.

pf Southern California Edison Southern California Edln Stan.lar Gns Ele trie Jtandnr-l Electric pf Tennce l.lehi A Power. Trn' i.ce Rv I 'cht A Power pf United I.lsht A Ry I nli. l.iKhi A Ky, 1st pf Util'. I.lrht A Kys. 2d pf Unlt-1 rinitls Un.l.

ll'liiiiss pf Uta'-. SMirlii" flni 'nn i-r Power pf par value J5. 1Ex dlv. Bid. Asked .340 845 .107 1i0 13 16 43 4H .82 40 49 39 62 82 84 43 no 72 75 1 7 22 234 75 77 3', in 32 40 80 85 4 6 15 20 ft.14 h4 72 74 15 17 85 59 61 "0 8, 91 93 67 70 94 100 71 80 75 7S 18 22 66 .100 120 80 83 3 8 55 till 81 8.1 "0 84 8'! 17 21 60 4 17 74 77 30 35 40 41 SO 82 17 19 7o 7i 80 83 93 97 74 fi r.i ts 70 73 75 74 77 69 71 25 30 974 101 17 1-4 .10 17 6..

THE TREASURY STATEMENT. COLORADO. Bld.Aike.l Bid. Asked. Vr 54 Jackpot 6 40 44 VcKlnney.

44 Kl .140 2JO till 14 Klnll.iy 2 Portland Ool.l 3 4 Vindicator. 91 laabolia. lo li ll4i. 04 48 1 II04 93 Sp'rinl to Th' Xttr Tork Tlmrn. WASHINGTON.

May 19. Uecelpt, and expenditures. Miv1 Month. Fiscal Tear. Customs $11,713 l7 $2e 47 w4 Int rev 428.4.'.: 270.052 Corp.

and Inc. tax 54.812 1.440.4.43 Oil. 916 Mls' ellan's. 199 fi25 3.M0.1O8 46 0-19. 499 Total Ml.fi.Vi :a.257.7.M 1 Er ndiiun-s 8, :id.8l4.24-.i Surplus 87.60.

Deficit 584 472 25. 733.459 6.36. 497 40.IMJ.9aA Exchange. 4.S8.1.'.54.SS40. foreigntradiTbanking.

John E. Gardin to Participate In Convention Discussion. James S. Alexander, President of tho National Bank of Commerce, as Chairman of Group 8 of the New Tork Hankers Association, has appointed Vice President John E. Gardin of tho National City Bank a delegate to tho National Foreian Trn.de Convention, tu be held at Washington on May 27 and '2S.

Hankers In New York and throughout the country are disi layiiiK Inter, st In this tiusinensmen's conference on tha perils and opportunities confronting tie) extension of American foreln trade, particularly because of the provision of the new Federal Reserve Act National banks with capital exceeding to establish branches in foreign countries. The appointment to the Federal Reserve Hoard of Paul M. Warburg cf Kuhn. I.ocb who la one of the foremost American authorities on International banking. Is accepted as evidence of the administration's solicitude for this branch of finance.

A part of this programme hss been alloted to discussion of banking In relation to foreign trade. Chsrles A L'onant of New York will read a paper entitled "The Federal Reserve Act and Its Kffect Upon KoreUn Trade." Kd-ward N. Hurley, Vice President of The Illinois Manufacturer's Association, who recentiy Investigated South American banking and credits for the Department of Commerce will also speak Rankers from various parts of the country will be heard on wava and nieann of development of American financing of the oversea trade of the United States now largely effected througli Kurope. railroalTTrnTngs. The rallrosds reported so far for the second week of M.iy show these aggre-rated changes In gross earnings, those reporting gains and those reporting losses being stated separately: one road $.1,1 R2 Twelve roads 7.240..-.M 7 Thirteen rods NEW HAVEN reports for the quarter ended March 1 P.M.

Decrease. Grow. 14 027 1ft 87ft 327 1.248 i Net after tax 1 2.4"i8 4i 777 Other 1,52 '197 1W. Grosa 3 5.11 773 3.815 187 281 412 l-f. after chg.

1.912.0!r2 1 Ii2 l04 h.M.iwts Dividend 3 "Hi 3.v.3:ul Deficit 1.912.012 4.7'l3.3l2 2.781.270 Increase. Miacellanenna Knrnlnas. BUTTE A SUPERIOR COPPER for tho quarter ended March 31 1914. Net value of rlnceuncent's 704,711 Net value or lead concent's Wl MO Other 2 Total net 8.t!..2t- operating costs 511 H74 Net op. profits 3.17.242 CENTI1AL KTATlia KI.KCTIUC Conl OHA TION Electric Ill'imlnating Co.) for April Grosa 374.122 Net after 181.

S2 Bal. after pf. and amorti 147 293 Sur. after dep. 1 mi 882 12 moi.

4.205 822 3.48a 41 Net after 2.043.0:12 1.6ftd.26 Bal. aftr pf. and mortt 1 611 172 1 250C1 Sur. afier dep. 12ll.13 911.

87 TIMES SQ. SUBWAY CONTRACT AWARDED Interborough Falls to Get It Away from the Lowest Bidder. WORK IS VERY DIFFICULT 1913. Inrr-ase. 689.141 15.640 159 239 1 7 8.V.

I i.l Mo .132 319.II-4 313.931 154.13d 117.273 At. 123 2 181 1 1-V 1 1 822 17,258 40.170 29.149 3d f20 26.357 722 ".1 1 386.733 .180,342 2l9.733 DWTON LIGHT for April 7ft 377 23 41 f.2 oui Net befirs Int. 38,1.13 3U.7.U Bal. aftr pf. dlvl.l.n.ls 11874 '26 291 18.1'i 4 mos.

321. Mo 2u5.2U 116.61U Net before Int. cha.K'K 144.8.8i 80.O7S 68.777 Bal. after pf. dlv1dcnla 40.899 12.354 62.287 Deficit.

KANSAS OAS AND BLECTRIC COMPANT American Powr and Light Company Subsidiary) fr April 1'l 1913 Incrs-e lol n92 87 853 II 8.1 1 Kxp. A -4 1 11 58 2j Net 17 7 Int charges 11.122 II lnc aft. chg. 2.1,377 14t4 8,513 Twelve muntha ru ling April Gins earn 1.089.459 10.7 -4 1 18 715 A OM7I7 ll.tl ri 710 '8 N. HT TIJ 7T Int 170.O22 I'M'H 11.414 Inc.

aft chgs. 1.5.'. 191.219 Dlv. pf stk. 10r 107, mo Ilelance 116.720 50.

Section Is Short, but Trains Must Be Kept Running During Construction Operations. POWER AND LICMT COMPANY (American power and Light Company Subsidiary) for April Oicsa 10O.567 99.494 9 073 Exp. A toxps. 521 62 125 11.,.. I Net earnings.

5M.il .31.9 20 2 Int. .11 -17 27.771 3.4 10 aft hg. 2'1V24 9.5ti8 17. v'-M Twelve months ending April li i Johs ea rn Ep. a tnT-s.

Int charges. lnc aft. chgs Dlv. on pf. ilk.

Dlv on 2d pf stock Balance 1.316 .178 1.2i1 112 fUl 114 (Vji ii 1 17 2. 3'Wl HW 140 OUU lor. ooo iwi.in.5 140,01 JO 98 750 62.0U1 I'l 8'- 7 1 81.1 Kl.l'.l.l 11.244 POKTLAND OAS A COKE for April Gloss Net aft. taea. 8ui aft chgs.

12 mos. Net aft taxes. Stir afl. chc. Pat ft.

pf. dlv 52 iKll 31 81 rl 1.28.1 ll 821 3.1 Hit 1.218 623 Mil 801 6 2ro 4.994 I.8.V. 33 04 t''l 55.1181 48 19.711 VILC.IN'IA RA1LWAV A ItiWKit for Aprll- 22 279 lliim Net S'ir. aft. 1 hen.

10 mos Net Sur sfl. ihfis. 420 582 308.302 2I9.2.V) 2lHKft 1S Mr i I I 22 4 281 I 4 .127 104 2.151.783 2 Hi 310 78,570 1 1 155 9. 2.56 11.44 7 .14,54 1 FINANCIAL NOTES. In of the protests of Theodore 1.

Sliont.s, President of the Interborough, the Public Service Commission awarded yesterday the contract for the construction of Section OA of the new Interboroush Seventh Avenue subway to the lowest bidder, the Holbrook. Cabot it Hulling Corporation. This auction Is very hort. beginning behind the Times Huilding, a little to the north of Forty-Becond Street, and running up Seventh Avenue to make a Junction with the present Subway, to the north of Fcrty-third Street. However.

It involves the entire reconstruction of the structure of the present Subway at this point. Kvery one of the lullurs which Hupport its roof will have to bo removed anil neavy girders will liuvc to 1,0 placed In t'OHition to taka the place of the. present 1 beams whlcn support tho bed of the roadway in limes squure. Moreover, it will be necessary to cut a new line through the nouth-bound platform of the Timea Square station in order to permit of moving the trains from track to track as the work may require. It was on account of the complicated nature of this work and the risk of any luri'lent happening: to the trains, which must be kept run.

rig on their regular schedule, that tr.a 'nterborough asked that the contract t. awarded to It in spite of the fact tha. the Rapid Transit Subway Construction Company was not the lowest bidder. Mr. Shonta wrote two letters of protest to the commission, urging the necessity of concentrating the responsibility for the reconstruction worn and the operation of the trains in the Sitnie hands.

lie pointed out that In every three minutes period for eighteen hours a day more than O.imj pasengers might be within th danger gone, and that the subway roof had to be ripped off wiile the trains were passing underneath. i1-t hough the c.eaiance between the tops of the cars and the steel structure was so slight that it would be impossible to insert the tips of one's fingers between them. The difference between the bids of the Holbrook Corporation and of the Rapid Transit Subwav Construction Company was only and Mr. Shonts asked thai the commission exercise its right lo over any bid at IU discretion and in these peculiar circumstances grant the contract to the Interborugh. A conference was held at the offices of the commission on Monday at which wore present the representatives of both the Holbrook Corporation and the Interborough.

The latter willingly ad-milted the high technical standing of the llolbrood concern, and that they were undoubtedly capable of performing any ordinary subway work, but nevertheless In the siiecUl circumstances of Times Square tried to Induce them to retire. The Holbrook Corporation refused to withdraw Its bid and the commission has now taken the view that It cannot depart from Its settled policy of always letting a contract to the lowest bidder. If be Is financially and technically responsible. Moreover, In this case, the contract had been advertised twice, the Oscar Daniels Company being at first the lowest bidder, but refusing to compete on the second occasion, and the Holbrook Company under bidding the Interborough each time. The HoltTook.

Cabot Rollins Corporation will now have to give the Interborough a bond to Indemnify It against all damage to Its line, arid another bond of $400,000 to the city for the taithful performance of the work The Interborough officials refused yesterday to discuss the award or to say whether they would carry the fight concerning it before the Board of Kstimate where tho action of the Public Service Commission' must be approved. SUBWAYB1DS invited. Plans for Half Mile on Lexington Avenue Are Ready. Bids were Invited yesterday by the Public Service Commission for Section 7 of the Lexington Avenue Subway. This section extends from Fifty-third Street to the north of which this line is entirely under contract to Forty-third Street, where the diagonal connection with the old Park Avenue Subway will turn off.

It Includes a local sta tion at Fifty-first Street and will be a double-decked four-track line. Bid will be opened lor this section on June 12. Bids will be, opened on June 10 for the construction of flection 1 of the I. astern Parkway Subway. This will begin at the present terminus of th.

existing subway at Atlantic and Fist bush Avenues, Brooklyn, and will run under l.ubusli Avenue almost to Ht Mark Avenue, where Section 1A which has been already let, begins. In this section will be a lour-track line, part of the new Interborough extension and a two-track line, which will form part til the connection between lite li. It. I. 1 o.iitli Avenue subway and the Iirlgh ton Hem li line ii the four- track Interborough lino will bo a ninilon at Uergen street for local trams, and on the H.

K. T. line will be a slativn running northerly from Atlantic Avenue. The Yokohama Specie Bank Limited. In Its slxty-righth statement i.H,n for the half vear ended on 11 1 HI.

prof-Its of 11 1.7 ant net of fl A dividend at the 12 p-r cent. annum called for and I'm balance was carried forward. Tha G'-rman Kxehanco Hank i to open an uptown iiiamb si sol Twenty-ninth Street, in the lintel I rexlin Kmiding. June 1. The bank hai ti -u Mini Street and ths Bowery for thlrt -elrM wiirn.

S. E. Thaver. for John Rurnham Company oifu Iihs becnie. asajclaud with L.

Btiexnuiu Adams la that city. HARLEM RAILROAD MEETING Minority Stockholders' Counsel Beaten by Stock Vote. There was only a faint echo at the annual meeting of the Now York At Harlin Kailiuad Company at the Grand Central tern.lnal yesterday of the suit iiiwl on Monday by minority stock holders ugjinat Uie proposed merger of i i.e prupuity with the New Votk Ctn Ual. L'x-Jutke William N. Cohen counsel for tho plaintiffs in that action, who la also counsel for a Pro tective- Committee of tha Harlem alock huiuura.

was present with a large nuin tier of piuxics, which. However, were not volcu ou any question. haJi.i ey M. Do pew was elected 'huu man of the meeting, and ut one- uil-U lor nominations for Directors. Mr.

O. lien Jumped up and demanded il.at the minuies of tho last annual meeting fust be read. The minutes wero sent for and read and Mr. Cohen iook exception lo the report tney contained aa to the disposition of two lesululiona piesenteo by linn at thai ii one tailing for inlormatlon on tho tons and tiackago reutais paid other corporation lo the New 1'ora i entrul lor the uae of the Harlem's iii.ht of i uil the other cai.iiig for inlormatlon aa to leases by occupunts of the tli and Central icnniiiai Building, on tbe ground that It waa erected on land owned by the Harlem. The minutes slated thai these resolute ns nad been voted down by a heavy majority, consisting of I he shares owned by the Vora Central.

Mr olien tlociai -l thai be lore this stock vote taken the meeting, by viva voce vote, had unan.mousiy adopted tl'e resolutions, lie did not contest the validity of the sto.k vote, but contended that the minutes should state also the r-ult of the viva voce vote. He moved that the minutes be amended accordingly. All right." said Chairman Depew, "we will decide tho motion by a stock vote." The New York Central holdings were plumped against Mr Cohen's mofon. iind as he so greatly In the rrlnor-'iv he didn vote bis proxies Mr i moved that the min'Jt be I amended in another particular with the result, after which he subs-ded. The rctiiinn Uii'it'iiK of the Harlem ncie re-elected and the meeting I adjourned.

CANADA Municipal Bond Towa of St Lambert (Greater Montreal) To Yield sy6 Write for Circular No. 12. N. B. Stark Co.

Banker -52 Broadway. New York Moatrea! Teroste Bsitsa Lssaoa 50 WILL jJJ iiv log hi 100 4 50 i) WILL SELL 'J 100 CONSOL. GAS "RIGHTS" STANDARD OIL STOCKS Bought-Sold-Quoted Gudc, Winmill Co. Mtmbtrt Atf York Slock tAfi 20 Broad SL. N.

Y. Til Rector LIST sTOCKs Fn til iii Aaerican Click CoamaM A si. DUt Tol. of N. J.

National Sagar Otis EJcvator Ceawea Siaf er Mssafsctarisf Aasericaa Brass Boraes't Mak ref erree -Nttiaaal FaeJ Cat -Safety Car Hbj. A lif. Wasters Power Coausosi 9 WSziZX i-8 L4Cr4sra Plinf Rt Pofa Mnrn fie a lAiAt, ul. a v.a iiiui aj a us Dt. G'd Rapids W.4s Chi.

West. Mich. 5s. ru st, Neii. MSel.

Valio ajk Aiwa aais Aiaiwaae Bigelovr Company 49 Wall Street New Tark Private pboaea to rhlladelphU Poatooy. Atbettot Corp. Limited St Buffalo Sasqnehajina 4i Frisco Equipment 5s Gaaotanamo West R.R. Stock Cry, Mex. Orient 4 National Sagar Stock New York Richmond Gas Stk.

Parke-Davis Stock Hilberr Eliott sla Miscellaneous Securities, bl 27PineSuN.Y. Tel John 62 10 Bonds "The InTestment Banker" Wliyube? Xu tntsroatlng article la BOND TALK NO. 11 .7 It also contains aa article showing how PuWlo Utlllt bonds are sat oat at all tlnaoa, WHis to-day er Brd ToUt T. rororol4i IIS IROADttAY. NEW T0K til Arts.

Blst Alttsy filals 1 J. K. Rice. Jr. Co.

Will Buy KM Am. Hat. ka. A p. (all rla) Stoek IS Ameriraa Water Works Klortrie i ft Hordea's Milk omrao Work 110 oroborlaad orp.

om. Fid. BtecK IS Homo Insurance Stack -II loaersoU-Kaaa i as DS I ICS- wv7irwi-1 urn w.yww IS Hallooai taei Urn fctora 5 ew 4.eraoy Htoambwat So Wo havo good markota la unllatod and sS-artlvo securities, also htaadard OU Macks, n.nwilulli Invito Inaulrloa. j.K.l(ice,Jr.&to. Phono 41 to Joha Wall Ht.

K. T. Morgan FInlay Chalmers Motor PfcL Hale Kflburn Com. Sc PfcL Pacific CU Elec Moline Plow 1st PfcL N. Y.

City Reg. 3s, 1924 flroadway TeL Bector itll 115 WE SPECIALIZE IN America a Plan Aato Kaieo linn horolate liabrorH W'llros Knlckrrbwrker Ire o. ef CUeaga Moline Plow Wloeoayaia jilawa Heearltlea Leonard Snider Co. RKfTOR 496 a BROADWAY Western Power RepuhlicRy. Lijht 3.

I American light Traction Term. Light Power 1 64 Wall St. Phoaye 59S0 HaaMrver. W. T.

To Net the Investor 62 Public Utility Bonds of prospermia (Towln Core pa ay. ruealar os root. Meikleham Dinsmore 2 Broad Tork CHy. rbtUdaliifala Plttslmrgk Pootcs.