The Wall Street Journal from New York, New York • Page 1

WW 2 A TEE MIL STREET JOURXAL' THE WALL STREET JOURNAL TO-DMT CONTAINS ABTICLK ON U. S. Stall's Unfilltd Tonnage. A iV'W. I Rtciproclly and'Eatttra Railroads.

Ml VOL. 82. MORNING EDITION NEW YORK, MONDAY, APRIL IO, 1011. EIGHT PAGES. PRICE FIVE CENTS.

mmmm ju IJJLJDj" vv Moraine and Evening Edition. Published by Dow, Jane the Oldest New Agency in Wall Street Largest Circulation ol the American financial papers. ir Georgia Railway Electric Cons. 5s, 1932 Georgia Railway Electric Ref. 5s, 1949 Atlanta Northern Railway 1st 5s, 1954 Electric of Kansas C.

1st 5s, 1914 Kansas City Elevated Genl. 4s, 1922 Kansas City Rwy. Lt 1st Ref. 5s, 1913 Detroit Edison Co. 1st 5s, 1933 Fairmont Coal Co.

1st 5s, 1931 Spencer Trask Co. 41 Eukun Place, Hnr York. Albany. N. Chl4adro.

Bo.ton. Maaa. Members N.w Tork Stock Eschanse. J. K.

RICE. JR. CO. Will But Will Sell IM AMUu-Wrk. P.

A T. mam. S. AMrtni t'Alele m. ao Awr.

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Car. M. 1st. Tmr Herordlaat eoaa. 1M l.arkawaaa.

Steel IN Madlaoa ftouare tardea BK Katloaal Surety Ba A Mrrtm HpuBT aoak AO Bllrkraederfer Mts. 1(M Rontrnl Milk na. IOO IMi Trrolal roa. no Morrle Caaal Ilka. ram.

no Morrt. Caaal aid. ao Natl.aal Park Baak 10a N. Y. Mortaaare A Weetirlfy lOO Rlrkmood M.bt K.

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V. City laterbor. fie. ao Itortkweatera Commercial no Hlaav Maoot.rt.rlna lan otu Klevator pifd. Taa Partar Sao Oft.

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ino al.a Tyewr. lat aid. aa Mlla Parao A Ca. E. J.

K. RICE, JR. CO. 'Pkaa. Tao a T4M Haaarar.

81 WALL. T. T. WE WANT WE OFFER Pac of Miasuri 1st 4a N. Y.

Ac Watchestcr Llg htlnj 5t Sbeoaoeo L. E. Ut 5. Ohio River Gcnl 5s Charlcs'on Savannah 7s Del Hudson Ref. 4s CoL Springs it Crip.

Cr. Cons. 5s Central Vermont 4i Bess. L. Coos.

5s Standard Pfd. ConsoUiAted Rnr. Dab. 4a Fort Vortb Rio Grande 4i Motile fc Ohio Ext N.Y. Cent fcRR.

1st 3, Reg COFFIN CO. Telcp hoses 8im to 107 Joh Missouri, Kansas T. of T. 5S, 1942 Hudson Manhattan Equipment 5s N. Y.

Hoboken Ferry Gen. 5s, 1946 W. LANGLEY CO. PANrCERS 10 WALL STREET, 'NEW CITIZENS BY. LT.

(MUSCATINE) 6, 1917 CHICAGO JUNCTION R. R. 1st 4s, 1945 GENERAL MOTORS 6 NOTES, 1915 HUDSON MANHATTAN CONV. 4s, 1957 JACKSON CONS. TRACTION 1st 6a, 1934 MISSISSIPPI RIVER POWER Cs, 1961.

BOND DEPARTMENT. FREDERIC H. HATCH CO. civ York ItoBton 30 St. 50 CongreH-.

St. Private telephones between New York and Boston. Northwestern Commercial Co. Curtis Sanger MEMBER REW YORK. BOKTON AMI) CHICAGO BTOt'Ji Kkf-HAfcUKa 4 Wall St.

NEW YORK Boston Chicago WANTED Niagara Falls Power 1st 5s Due 1932 a te on 1083-188S-1R87 Rector Co. aa BROAD ST Tl. W. T. F.

HEPBURN WJrAiU- WASTED Dnlutk St. Rr. lot IPa, 1030 Kaaaaa City Gaa B'a, inn AUo oBTrrtaaa of RTOCKJI aad BOKDB of STREET RAILWAY EI.IXTR1C I.IBHT GAS, POWER, TELEPHONE AND TELEGRAPH CO'S Tkroaa-kaat Ska Ualted Slatra Mora oaacotally I boo. of Now York Ulr Railwaya Brooklya "ly Railway. oBMilldaled Gaa Urooklya Gan Now lark Edlma Co'a Urooklya Edlaoa CVa Pere Marquette Deb.

6s, 1912 WoKock ile 1Q13 jaw tt auaou -x a Hamilton Dayton Gen. Mtge. Inc. Cuyahoga Telephone 5s ifi Short Term Issues Wanted Toto aa broad rr. Christopher Ac 10th Street R.

R. Central Park. North River R. R. JOth Street 23rd Street Ferrr U.

Catusltr GEO. H. PRENTISS .5: CO. 62 WALL STREET 3790 Joiio Cent of Chatt Div. 4s St Louis, Rocky Pacific ist 5s W.

S. BANKS Toloykoao SSOS SmM AS BROADWAY, H. T. ROVTHBRN RAILW AY ST. LOUIS DIV.

lot 4a CENTRAL PACIPIC aHORT LIME do, OCT, ISM UU MSU A MICH. SO. DBB. 4a, MAY, MS4. TM E.

JRtkin Co.ZzxL REVIEW AND OUTLOOK. DEVELOPMENTS OF THE WEEK. Stock prices Tan np a in the carry part of lat week and eared off in the latter part, without either movement having any real weight or significance. The volume of business dropped down to the lowest figures cf the year and there does not seem to be much ahead to stimulate it. Wall Street went through its usual Monday of nerve-racking uncertainty over the possible Supreme Court decisions in the Tobacco and Oil cases an experience we may expect to see repeated to-day.

With all due respect to thjit augurt body, matters might be handled differently in tho Supreme Court without imperiling the Constitution of the United States. After all, an associate justice, in reading a decision, is not merely mumbling to a few persons in front of him. He is ialking to all the people of the United States, and only by arranging an intelligent and rapid system of delivering the news can he make his voice audible. We are not living in the middle of the nineteenth century, and the last thing we want from the Supreme Court just now is in the wronir place. The better kind of conservatism too urgently needed to justify taking risks with an institution which is the sheet anfhor of our national system.

Business reports lust week were mixtd. It is satis fuctory to see that the anthracite trade is picking up I little, making a better showing than it has done for i couple of years past. No doubt stocks of fuel had been ullowfd to become unduly low, und this is the time of year for making contract on the most favorable terms for next winter's supplies. It does not appear that this im prevement is due to any increased industrial activity. Thi steel trade has tended to lose ground.

The United States Steel Corporation is operating about 72' nf capacity which 1s no worse than a week ago, but orders have fallen off probably The textile trade continues very dull the cotton output in particular being restricted, and likely to continue so until raw cotton experiences something of the liquidation which has the feature in other staples. The treneral buEiness of the country need not feel unduly disturbed because wheat is selling at the lowest figure since the depression of four years ago. Large crops are indicated in the price, nnd it will do the country no harm if the profit for once goes into the pocket of the industrial consumer ratner man toe Jarmcr. Hank clearings show a further falling off, and it is generally reported that col lections are slow. Against this, commercial failures pare favorably with those or this time last year.

n- we are a Ballon oi superlatives. vntn times are good with us thej- are very, very pood, and when they are bad, like the little girl with the little ruil. thiy arc horrid i ne siocx marKot nas tieen just as in times past as it is now, but our memories are short, and our appetite for marveb and new "records" is immense. In spite of the drifting condition of the stock market, the profesMonal would say that it does not act badly. Supposing the Su prcme Court decisions are the worst that can le imagined.

Supposing that a recent utterance of Associate Justice Holmes forecasts a minority only ugainBt restoring conditions as nearly approauhing free competition in the oi and tobacco trades as may be. Supposing all this aKoTa ridSuon'ot two" IKHSe pAlnW It! "Wom. The Supreme Court is not going to hand down a decision impossible to enforce. Allowing for the decline we have suggested, in a market which contains no speculative position to liquidate, the subsequent movement more probably than not would imitate what huppened after the Northern Securities decision, which was all that the most pessimistic had feared. It 'broke up a condition of dullness exactly resembling what prevails at present and it was the precursor of a vigorous revival in general business.

V. 11 need nanny lie saul inut money continues cheap, when measured by the call rate. Capital on the other hand is shy and dear, lt demands high rates of interest, and is sufficiently well entrenched to force borrowers to the issue of short-time notes rather than loryr bonds. The same condition obtains ubroad, although the demand for securities there is better tiiuii it is here. Even ut that, the investing appetite in London is capricious.

(Ine recent issue there, not perceptibly better or worse than oth ers put out in the punt few months, was a failure in the respect that the underwriters had to take over cf the issue. Doubtless with a revival of stock speculation call money would rapidly harden here and abroad, and the chances arc against unduly low rates during the summer. If the Bank of England rate remains at the money markets of the world will be fortunate, although it must be admitted that a rate is a possibility of the later spring. It would be misfortune, us in present conditions it would indicate contraction in industrial and commercial business, und what affects our neighbors affects ourselves in the broad world markets of modern times. Moro activity in commercial paper Here is greatly to be desired, and should lie closely watched for as giving the best promise of general improvement.

A With all sorts of political possibilities in the extra session of Congress, there is less hysteria at the threatened revision of the tariff than there has ever been be fore. The Democratic parly will be short-sijrhted' indeed if it fails to pass the Canadian reciprocity agreement as soon as possible. Nothing could give it greater popu larity; while the attompt to pluy politics with the meas ure. in a bungling revision of the tariff piecemeal, would amount to throwing away the Presidential chances in 1912. The intoxication of success is exemplified in the pervading presence of Mr.

Bryan in Washington. He is doing his best to addle a promising setting of eggs, and he has an unexampled record that way. It is satisfactory to tee that conservative Democrats won out in the Senate; but "radical" leadership is likely to bring bout results similar to those of the precious Bryan deposit guarantee plan in Oklahoma. Nothing could do more to atrengthen the Democratic party than the demon ORIGINAL CHARTER 182S. THE GALLATIN NATIONAL BANK OF THE CITY OF NEW YORK Capital -SURPLUS AND PROFITS (Earaod) OFFICERS SAMUEL WOOLVERTOX.

Pmldoaf. ADRIAN IS ELI Vloo-Prodoflt. OKOROM K. LEWIS, Caaktaa. HOWELL T.

MAN SON, Aaatetaat Caoklrr. DIRECTORS W. EMLEN ROOSEVELT. CHARLES A. FEADODY.

ALEXANDER M. STEVENS. SAMUEL WOOI.Yfc.KTON. AUNIAK llltUK, IN. CHARLES H.

TWJUalAX FREIWIC W. STEVES THOMAS DENNY. stration that the business of the country can be carried forward in peace and security finder its administration, Newi abroad has been of second-rate importance. To a large extent controversial topics am hung up in England and are not likely to become acute until after the Coronation. There it th.

usual friction in respect to Imperial expansion enterprises in various directions. The Ruaso-Chinese matter is in an unsatisfactory post tion, and there is always the makings of trouble along a line -which may be said to extend diagonally across the map from the upper Danube to the Persian Gulf. In this respect, however, the world is in a reasonably peace ful state. Possibly the "Great Illusion" of large armaments is becoming apparent, even to professional patriots manufacturers of military stores, war lords and other myopic persons. We have by no means reached the mil lennium yet, but in this regard signs are not unhopeful CROP FACTORS.

Now that the storms of the earlier half of the cur rent week have passed, spring climatic conditions may be said to have become settled sufficiently to regard tho crops as entering upon the growing stage of their progress, 'it would be easy to figure out several millions of dollars in damage to property, for instance from floods in Kentucky and hail in Texas. But this is offset many times by the timely rains and snows from which the entire country's vegetation east of the Pacific slope has profited. The strength of the crop situation is to be gauged no so much by these latter rains as by the earlier records of the first quarter of the year. Especially are the rainfall and temperature of March significant, at the end of a fairly favorable winter. February showed 45 of the 156 observation points having precipitation above normal.

March has been less favorable, aVith only 27 out of 1." points, cr 17, at cr above normal jprecipitation. High temperature, which absorbed much moisture, coupled low precipitation, left the surface soil of March somewhat impaired. So much was this the case that many of the best observers had begun to fear the consequences, when the April rain and snow broke over the country, putting the land in exoellent condition for the new calendar year. Moisture deSciency is not, however, fully made gcod. even though the future for a month ahead is fairly assured.

bY THE WAV" From disclosures made as to loans, it is surprising that uny politician ever lacked funds while the Carnegie Trust Co. was doing business. Surely the talent of August Thyssen of Berlin, who has failed for more than $13,000,000 have been wasted in Europe. i Americans listening on the Bw telephone system in Peking would probably think the rires were crossed. ranklin MarVcagh is certainly protecting his house againtd a bolt of presidential lightning.

When rv-" rrff'Tttiaf" tfving an order even for a dinner he must feel envious. Wool should keep Washington warm for some time to come. HOLLAND'S LETTER. ENGLISH CAPITALISTS BE' o.MING LARGE IN VESTORS IN REAL ESTATE IN NEW YORK AND OTHER AMERICAN CITIES. Recint 'nrrhamn in Thtrt u-t hirl Streit, Fifth Avenue, l.utrrr Hrnaduay nr.d Fhefh''- Evidently Intend to Raise (jrrat lliisinrss Structure Fir rroachment on the Yamiirbilt Uoinct, Fifth .1 iridic oiid Fity-econd Street All Seem I loomed (live I'laee to impri'i.

Upon his return from Europe lust week. A Barton Hepburn, president of the New York Chamber of Com merce und prominent in the group of bankers who are of international reputation, suid for publication that he had discovered ill Europe, and especially in Great Britain, strong disposition to invest in American securities, par ticularly American industrial se unties. As Mr. Hepburn always speaks with caution, ond as this community has learned to give confidence to anything he says in relation to financial or commercial or industrial conditions, this brief statement has been accepted as having been based upon information of the highest and most encouraging character. Mr.

Hepburn feels that it especially encouraging to the I mted States that capital in Great Britain is investing with confidence in American industrial securities. Mr. Hepburn might have added that English capital is now also being heavily invested in American real es- tute, especially New York city real estate. English capi tal bought for spot cash the little plot of ground upon which stands the building for years occupied by the Union Dime Savings Bank. It is a part of the triangle which io made by the intersection of Broadway and Sixth ave nue nt 33d street.

In real estate circles it is the under standing that somewhat in excess of $1,000,000 was paid for this plot. This property could have been bought hve veara ago for noout jawi.uvw. English capital has also recently bought property at the corner of Broadway and Dey street, across the street from the Western Union building, paying $1,400,000 for it. And a few days ago English capital was invested in (Continued on Second Page) FRISCO BONDS SOLD. Sptyer Co.

Conclude Negotiations With French Banks to Place $7,000,000 5 Gofd Bonds. Speyer Co. have concluded negotiations with a group of French banks and bankers covering the sale of or about 8000,000 francs, St. Louis San Francisco Railroad Co. general lien 16-20-year 6 gold bonds, due 1927.

The bonds will be offered for public subscription in Paris by the Bsnque Privee and Messrs. Benard 4 Jaris-lowsky. These bonds constitute a second French series, all in $100 pieces, similar to the first French series of already official'y listed on the Parquet of the Paris Bourse. The $7,000,000 general lien bonds are issuable under the mortgage for the following purposes: For refunding notes maturing February 1, 1912, for refunding equipment notes, for additions and betterments, 11.557,000. Bethlehem Steel Orders Cars.

An order has been placed with the American Car Foundry Co. for on. hundred all-steel coke cars by the Bethlehem Steel Co. Iowa Utllltlea Bill Tabled. Des Moines Public Utilities BiU bas been tabled in ti Senate by a vote of 25 to 18.

NORTHWESTERN RAILROADS WIN IN THE MINNESOTA RATE CASE NORTHERN PACIFIC AND GREAT NORTHERN ARE SUCCESSFUL IN CONTEST WITH STATE OF MINNESOTA. Judge Sanliorn'i Decision in Circuit Court, Eighth Diitriet May End Four years' DiMigrerment Finding of Master Otis Sustained State May Appeal Cose to United States Supreme Court Will Limit Interference of State Boards With Interstate Rates. Minneapolis The railroads won on all points in the Minnesota rate case. Judge W. H.

Sanborn in the Cir cuit Court of the Eighth District upheld the findings of Judge Otis, master in chancery, at St. Paul. This is victory for the railroads, particularly the Great Northern and Northern Pacific, which made the fight against reduc tion which the state tried to enforce. Jjdge Sanborn's decision probably ends a disagree- ment extending over a period of more than four years between the state Railroad and Warehouse Commission cf Minnesota and the Hill roads. If the case is appealed will have to go to the United States Supreme Court An investigation of the commodity rates was begun by the commission on August 18, 1906.

On December 14 that body made an order reducing all freight rates w'th in the state on an average of 17.37';. The roads at once to the United States Circuit Court for an injunc tio to restrain the commission from putting these rates into effect, and this was granted in January, 190. The legislature was in session at the time, and the matter was taken up then. The former reductions were withdrawn, and a new schedule, effecting an average cut of was promulgated. A train the roads obtained a restraining order, and the state was called upon to prove the reasonableness of the rates it would enforce.

Judge Otid was appointed master to take evidence and the Railroad Commission set about that the proposed rates wero fair. The state held that charges fchould be based on: 1 The cost of the service: and, 2 The value of the property devoted to the service. The carriers asserted that it was impossible to de termine the cost of the service, and the part incurred by the pionger and freight departments. The commission set about determining it bv examining hundreds of thou sands of way bills, tra'n sheets, general accounts, and records. They proved to their own satisfaction that the reduced rates were liberal, as applied to the cost of service.

was the second matter that proved the crux of the case. The companies maintained that a fair valua tion must be based on the cost of reproduction; they state that this method ignores present value, original cost, and tho actual investment the storkholders. Judge Otis nccepted the railroad's view, and found the value of the Northern Pacific and Great Northern to be nearly what thev claimed i. to be. Disregarding equities of the North cm Pacific asserted to be worth $200,000,000, Judge Otis fixed the value of that road at $1.12,000.000, and of the Great Northern at and held that the com panies were entitled to earn 7'.

on their valuations. Chicago Yice-Pres. Burnham of the Burlington says to The Wall Street Journal: "We are told that Judge San born sustains Master Otis on two main points involved in Minnesota rate case; namely, interference and confiscation. We have not received detail, but if the court sustains railrisds' posTtrgrr, ami its-derision is upheld by United States Supreme Court to which we are told itate of Minnesota will appeal it will very much clarify the rate situation in the Vest Interference with state rates by state legislatures and commissions, as we testified to the Commerce Commission in the brg rate case, continually reduces interstate rates. Two-cent rate laws reduced through rates from Chi cago, for example, to Twin Cities, Kansas City, Omaha, and so on.

Burlington is not intersected so much in Min nesota as tome others: but in the effect of the decision it is interested more than most because its lines ramify through entire middle western countries besides North west and Southwest. If Judge Sanborn knocks out the two-cent law in Minnesota as it was knocked out in Mis souri assuming that the Supreme Court su'tains decision of lower court in Missouri and Minnesota case there no doubt that roads will go beyond two-cent fare in other states. I am not predicting restoration of three cents per mile, nor any other rate, but it is significant that herever two-cent legislation was tested in courts it was knocked out Pennsylvania last two-cent fares, and the other day Oklahoma lost them, leaving only Kansas, Nebraska, Iowa and Illinois as controlling states in passenger rate-making in central western section with two-cent fare laws to be attacked in May. Advantage of Sanborn decision, how ever is its limitation of interference with intf restate rate by state boards." Lhe Stock Rat cm Suspended. Washington- All proposed advances in rates on live stock between the Missouri und Mississippi rivers, which were to have become effective April 10.

have been ordered susnended until June 1 by the Interstate Commerce Com mission. The railroads affected are the Illinois Central, St. Louis 4 San Francisco. Chicago. Rock Island Pacific and Chicago Northwestern.

BLAIR CO 4 BROAD NEW YORK Domestic and Foreign Bankers INVESTMENT SECURITIES Travelers' Letters of Credit ESTABLISHED 1868 GUSTAVUS MAAS WILL BUY WILL SELL Coaa. Rab. T. 4a. 1931, Slka.

Am. Utkoarapkl. Co. Bo, lull Crown. Ski.

Eok. Rids- I Atl. (iiilf W. ladle. So, luo.

rs? lodloooaolU tioo o. Slock Colaaibaa Rr. 4a, 18S9 Madlooa Oord. 5. lork t'oataaala Metal Mrs, Ba, 1S31 ssiiJs'ra 'V k.i,icso,,m1.

iotk sad st. rr. a stoek. GUSTAVUS MAAS Telephone 1528 Roctor 20 BROAD STREET WANTED St. Louis 4 San Francisco Equipment Pittsburg, Shawmut Northern Receivers' Ctfs.

Kings County Elevated 4s. FOSTER ADAMS Tsfeafceae No. SS4S Rootoe Wail 1 1 root Norfolk Western divisional 4s Kansas, Colo. Pacific 1st 6s Lexington Ave. Pavonia Ferry 5s nuouuuuv co.

When in an effort to reduce expenses a firm cesses lo advertise, it virtually dispenses with its best salesman. I. ffi CO. 34 and 36 Wall Street Waldorf Astoria Hotel Hotel Plazs Filth Av.aus Building Produce Exchange CINCINNATI MEMBERS New York Stock Exchange New York Cottoa Exchaags Ntw York Cot lee Exchange Chicago Board ot Trad. Chicago Stock Exchangs Philadelphia Stock Exchange BINQHAMTON TORONTO WILMINOTON SCRANTON WILKES-BARRE WILLIAMSPORT Outside Securities Department WANTED Wt oollrlt offrria.

(la Meek, of frooj 110,00. of tkarou.klr oeeoro lado.tri.l aad abllc olllllr koada lrldloa over 8'V la aahatlttlas pirn fnrnUh rom-alrte data aad lowest priori otkerwlae eflertnsja will aot ao eoa.ldcrod. Pfaelzer Co 21 Ct.rtBf St. PHILADELPHIA MBMBERS OK THE PHI LA. STOCK EXCHANGE, ATKI Aaierlroa t'klrle toot.

aerlron Urata ll.hrork A Ullmt CUT Ixr.l'a Pfd. Klretrlr lload A Kb. Hid. I.lrr.'l A ari or. runt, loleraallooal lrkrl torn.

l.aerMlt H.B.I Com. olrra.flno.l I en.trwrt. wIm. Rlvrr Power rno. 0.

dlo Pouare A.Hknralrr. owtmrrrlal oil. Klrv.lcr on. Praaa. W.lrr A Power 1.

Motor Com. A Pfd. FOR fltl.l-; Amrrlma (oil Products Anicrtean PUm urn Amrr, IphutldltiK I om. AttiHrM Mrlr Pfd. Hiis.li IVrnitnn) ItrlditriMirt 4 1ml a I II) Ine-Inu Pfil.

Ilmittrr M-rl A lro P(d. ord at Tnjlor 1-t Pfd. ntlwual Urorlrr Pfd. MBirrr ManufsjeturlaaK nfeiv 4 mr Mm. at l.t.

1 al(l Hy. Int. Pfd.thK 1 nllr R. VI. it allslrdi lulled H.

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too so ion loo lOO sou too loo loo IOO l.V. no (Ml Mil. IOO inn I oft 1IM IIKI loo SOK no loo zno loo FREDERIC H. HATCH PraM 1m ami Inactive securities of anil (tth.T In lnit-d aii'l KNew here 3. Broad 50 I n.srrM M.

rn l.irk llo.ton Prlvnto t.7hnnr. hrtwrrn Nw York anil ftoton WHY NOT Too are In a deal on yielding; yon a Income. hy not try an active Pto with fine rarnlnici ti at will net you Write to me for partlcularp of Cities Service Co. 6 Preferred CLAUDE MEEKER Soertallot la Poblle lllltlr. Seearlilra.

COLUMBUS. OH 13 N. Y. Central Lines. JOINT EQUIPMENT 454s, due Jan.

1, 1920 Watson Pressprich Tel. 2616 John. 36 NASSAU ST. WANTED Park Tilford 6s Great Northern Paper 5s Sen Sen Ch clet 6s Sec and Ave. Cousol.

5s Continent. Coal 5s CoL, London S'iield 5s Wladikawkas Ry. 4s Dominican Republic 5s. J. H.

Becker Co. Tel. S8S Reatot s. snntnitAV. x.

B. Q. 111. Division 4s, 1949, Registered N-Y. Central 3As, 1997, Registered Continental Paper Bag Pfd.

Stock Liveright Company IIS BROIUWAV Trl. lorllaad. Missouri. Kansas Texas 5 Notes of 1913, when issued Coal Iron National Bank Stock BURGESS, LANG CO. NEW lOKJt Private wlr.

HOSTO.1 S4 I'la. S(reet Telephoua 211 -v John. so kiata Street CANADA We can quote and execute by wire all orders io Canadian Securities renicg-ton, Colket Greenshlclds fc A. 1.4 fhlla. mock Sluatreal Stock Kictmug IIS Broadway.

Curtiaiil IMS. Moalreal. Caak PONT I'OMIIKH COM. STOCK I.VrKHV ATI Al. M(KKI.

K( I HITIES l.lKHII. MO'lllHt XKCI IIITIK4 IMTKl STATES wirTOR XKCI' HITIRS I IV IT II HANK MCrr: KKCI RITIRS lTKHN TION A I. OAI.T KII HITIK1 jftlOM TVPKIIHITKH RcrRITIES H. II. P.

PELL A CO. Member. New York Exchange. Praters In Unllaled and Inactive Herurlll.a Tel. 7M3-e-7-8-B Hanuv.r Exchanga PL.

N. T. Bank of America Market Fulton National Bank German-American Fire Insurance LADD WOOD Wall Street ftewr Vork Cllr SAFE DEPOSIT VAULTS IN NEW JERSEY Buld.uta of Near Jersey siioald tbelr s.carltl.s In N.w Jeraov. If kept in New York they ar. subj.ct to Ik.

lakerlla.r. tax, of New Vork, In a'ldltlon to those In Mew jereej. Box.s may lie taken In two names, th. aurvlvor having tree inereio. Fir MI.NUT1S8 I' HUM WAI.I.

BI KtE r. THB MEW JltCHNKl- TITI.K UU AHANTOlC AND TRUST CU. oo ono IM derooy City, Now J.ruy. EDMUND CHARLES RANDOLPH Msmbera N.w Tork Stock Eichaots 111 Hreadwar. K.w Vork.

Toleakoao fa 111 4S0 Rootor. OPEN MARKET SECURITIES DEPARTMENT lie. Molar. A K.rl Mod. I.I (Joar.

4a, IllSn I hlraau A Krle lat IUMS Pere MarajMetle Rofuadlo. 4e, IM l.o.l.vme A JeSeraoatlllr Brld.e do, ItMII Florida Cealr.l A Peala.alar I nn. So, IIM3 Uraad Raptd. A ladlana da, I OS I. E.

BUNGE CO. SS BROAD ST. Tot. dTSa-dTSdVdTST Hrel.i Cnlcao a Nortbweat. Cons.

7a, lll Wisconsin A Minnesota tal 1921 FERRIS WHITE Tel. tsr-a Haaoror S7 A IX IT, N. A i -'a, r. a 1.