The Wall Street Journal from New York, New York • Page 8

I. INVis-aXMlilMX KCUKIT1E9 i i A 1 i i iff, If: in1 if 0 mm. BOUGHT AND SOLD MEMBER KWT YORK STOCK TSO r' KA88AP ST, K. T. BANKERS, 20 "Nassau Street, New York SrVESTMENT' SECURITIES UST OP SELECTED INVESTMfiN ti UPON APPLICATION VAN SCHAICK CO.

New York Stock Exchan? Members of New York Produce Exchangi I Chicago Board of Trade wall rrnmn new york BROAD 1, 9. ace bast euau sr. Baltimore CABLE TARPOLKUM. TELEPHONE 1S10-J1-13 RECTOR i STOPLPAM St HOTCMM ('- MAIN OPPICK, a BHOADWAT Tetepfeaaa IHIe nMUt STOCKS. BONDS.

GRAIN i Boucht and sold for cash and on maralo. Bniack OSle OIK) SROAOWAT IMS MOMTAfiCB ST. RKLYV. tlS WHIT 1SSTH RT. BIS ST.

JAMAICA. eea east moth anuiBrr United New Jersey R.R. Canal Co. 10 Guaranteed Stock ROBERT GOODBODY CO. lftmbers of Maw York Stock Exchsns tS MOADWAY.

NEW YORK Relr New York City Banks and Trust Company Stocks A. M. POLACK CO. SpmtalUU la New Yrk City Baak Tra.1 Vm. Btacka.

Phone 3100 Broad 25 BROAD N. r. Wm. P. Bonbright Co.

BANKERS alambar N.w Tork Stock Exohansa Oaten, spriasa ttKUAD SlKUti Calaraaa NEW YUKK Bastaa ELECTRIC POWER SECURITIES Eatabllahra 1WH Trlaatmaa taiT BMtaf llaM.CK TM'KB UitliTY PHOENIX. HOME. NIAGARA. CONTINENTAL. ETC RaSfc Saia.

E. S. BAILEY ITAOADWAY y. n. EDMUND CHARLES RANDOLPH Usmbera Nov Tork Stock Exchange 111 Ursadwair, Hew Vark.

1laafcaaa Call I 490 Raata. OPEN MARKET SECURITIES DEPARTMENT Kings Co. E. L. P.

Rights BOUGHT AND MOLD L. A. NORTON SB BROAD ST, N. T. TaL Braa Mississippi Valley Trust Company ST.

LOUIS Manaaaaaaa Capital. Surplus and Profits $8,400,000 ACTS ASl Trnartee under Mortgage Register and Transfer Agent ol Bonds and Stocks Financial Agent lor non-residents A General Traat Company Business Transacted Caaraaaoiaaaea lavHeS GUARANTY TRUST CO. OF NEW YORK S3 Haaaaa Stravt, Haw Terk. Effth Avanue Branch. Btb Ave.

A SdJt: N. adoa Branch. BS Lombard I traat, C. v.aJi 1.1 Surplus iauMMxooo AAA UNJTED STATES MORTGAGE CO. New Tork CAPITAL ana BURfLVS Personal and Business' Accounts Invited CLASSIFIED ADVERTISEMENTS.

MOVING PICTURE SYNDICATE A lare corporation Is bains orsranlsad to eradicate tba saovlnar picture bualiwas. Thia bualnoaa ahuara poaalbllitlaa of extraordinary proflta If properly handled. A plan of or-. hu baan formulatad and wa una uptiM willing; to Invaat a faw thooaand dollars to join, la the promotion of this ayndloate and. of eonrae, they can expect a promoter's prone No nnanclnc asrenta need apply and we will only conalder aabatantlal, Inveatora of honorable reputation, Addraaa Box SO.

Tha Wall Street Journal. t. FOf SAM0A RABUB Any' one with 112,000 to 15, 60s nay pnrahaee toadlne r.fell srrobeT 'tore which has bam opera tiki 10 or 40 yeare: aader Draaent manaxement 1 rears, a thriving; bual-neaa. Splendid location In heart of buaineea center In olty of S0.O0O In centur jf New Xork Stat. Beat of reasons Slvea tec aeMng.

Addreas Bos O. The Wall fltraat Journal READY FOR OCCUPANCY MAY 1 19JI Jtoickcrtocker Jmt to.Mfax: BROADWAY, EXCHANQB PU and NEW STREET at 8 ACRI Will lablat f-ak oe ttk Soar of 1 AD STREET I 'snltaole for brokMra oOlce. WU1 Wrtde. to WAJlXSJi 41 SWU4N. a74rniton Street.

OFFICES FOR RENT, ilauovef National Bank Buildinf. Will sublet L-om I'ar iient PKnt occupant, to move to larger quarters. Xaiuire Room 11125 fiUHU Straxfe 1 THE WALL STREET JOURNAL, Fill DAY MORNING, -APRIL 14, EIGHT PAGES. TJ. S.

TREASURY, TN ITS DAILY. STATEMENT, NOW SHOWS AMOUNT J0F. GOLD BULLION HELD BEHIND GOLD, -CERTIFICATES. TOfe it fns JJasua las Low Recently Pasted Permitting Jiket'Seeretary to lu' Certificate Agalntt Gold But. to" TA Present Certificate Art Secured $WJi7jtiO Gold Coin and SkUmn Good Demand or Aonsy 4n Canada ehang Hove Up.

An innovation has bm started compiling the daily Utement of the United States Treaaury. Thar Is now shown the amount of cold coin and also the amount of gold bullldh held In the trust funds against the gold ear- tincates outstanding. This, of course," is the result of, two-thirds of the fiscal year 1010 the average cost of earn-and was only made possible by, the law passed at the fug each dollar was 70 cents, the average for this year has ciose oi tne last Congress permitting the Secretary of the Treasury to issue Bold certificates atrninst cold bullion as well as gold coin. The current statement shows that th t9B0.10O.ee9 goid certificates outstanding are secured by $946,679,810 ox gom com ana of gold bullion. In addition, the statement ahows that the gold reserve fund of 1150,000.000 is made up of 50,000,000 in gold coin and 1100,000,000 in gold bullion.

There is nothing of special moment" in this at the present time, but on future occasions it may be of inter est to the general public to know in what form the gold in the Treasury is held. The disbursements of the Treasury are now running htnvf, and therefore eSsettiftr to some extent the enrwit payments by the banks to the Sub-Treasury. Pensions are now being paid out in large amounts as well as pay menu for transportation of the mnils and the purchase foreign exchange for money orders. A further drop of ten cents in the rate of New York exchange at San Francisco brings the Quotation down of to 20 cents premium, a point that heralds a movement of resume its interrupted improvement plans, but, even in funds to that quarter by telegraphic transfer through iU5h Mie th blsnce after charges promises to be sulli-the New York Sub-Treasury. ciently larse to make it voasible for the Northern Pacific New ork exchange at Montreal is st a fair discount, and reOects the much better demand for money prevailing in Canada bs compared with this market.

According to re ports business is quite active in the Dominion and money in the Eastern centres is earning 6 and 6 on good col' lateral. It is said that bank circulation in Canada is about 6tk larger than it was a year ago at this time. It would not be surprising therefore, if this difference continues in the two money markets, that gold may D. shipped across the border before the end of the month. The most striking feature in the international money market at this time is the firmness displayed in London open market discounts.

Quotations there are now above As a consequence, foreign exchange here has startci to move up again. OUR LONDON CABLES. London Call money eased off to 2, and the joint stock banks were offering more freely than had been ex pected. Bills were weak at 2H. Gold to the amount of 496,000 will be offered in the 'open market next week.

Markets generally were affected by the impending holidays, but there was a good undertone. Home rails wore well supported. American stocks were idle snd feature less, with a merely nominal curb market. Mining stocks were firm, but rubber shares were neglected. Oil issues were in request, LONDON 00 U) MOVEMENTS.

London The Bank of England bought 170,000 goid bars in the open market. CALL AND TIME MONEY. Call money loaned on the Stock Exchange Thursday as follows: Opened at 24, high 2tt, low 2)4, and closed at 2. Renewals at 2. The -time money market was at a standstill, and rates are unchanged.

The Easter holidays have reflected the market in that Stock Exchange houses are entirely out of it. Rates are 2i2 tor sixty days, 2S3 for ninety days, 3.1K for four, five and six months, and 344 for over the year. Commercial paper is unchanged at tor the best names. London London discounts 27c, off Paris discounts 24, unchanged. Berlin discounts 3, up 4.

United States Treasury. Fiscal year 1910-11: Apr. 12, 11 Receipt 31,895,862 Expenditures 2,809,668 Deficit. 914,364 This month Fiscal year 19,859,862 $521,918,903 23,219,353 622,260,501 8,359,401 341,598 Corresponding period 1909-10: Receipts 11.940,982 $20,272,302 $507,904,156 Expenditures Deficit 8,129,424 1,188,442 Apr. 12, '11 .126,672,058 21,913,227 525,695,390 1,640,925 17,691.234 Mar.

12, '11 Apr. 12, '10 Working balance $24,616,751 $22,642,180 In national 32,627.726 In Treasury 26,878,731 32,153,500 84,972,179 26,37104 26.694,137 Avail, cash 86,179,416 82.140,456 84,308,495 National bank, notes received for current redemption This day, this month, fiscal year, nsuontu uaua. nuusa kmci lunu, Ar joi mo ono in New York Sub-Treasury. Paid to Received Banks From Banks Banks April 12 $4,609,000 $4318,000 Lost $209,000 Since 2672,000 28,261,000 Lost 1,679,000 The Sub-Treasury was debtor at the Clearing House Thursday $1,704,175. The banks have lost to the Sub-Treasury since Friday $1,679,000, and in the same period the Sub-Treasury was debtor at the Clearing House Foreign Exchanjr.

The foreign exchange market opened Ann, with demand 'sterling 4.86404.8645, up five points from Wed-tiesday's close. As high as 43650 for demand, and 4.8680 for cables was asked subsequently. The market did not like the Bank of England statement, coming, as it does, on top of rather firm discounts in London. Notwithstanding tba unfavorable Bank of England statement, London discounts and money iates cased off and the local market became' alightly easier fluting the morning trading also. Demand sterling declined 6 points to 4.86354.8640.

Trading was light as ia usual on a Thursday. The market was dull and featareJess In the afternoon. and at the close demand sterling was steady at 436S5(? 43640, oir five from th. opening, and unchanged on the day. I 1 I OO-Days I Cables 'Demand Sterling opened 8670a4 8675 -4 8640a4 8645 vdo 8005a4 8870 4 86854 8640 4 84K tO-IMys 88- 1 less 188 MX Opened v4'f Closed FranoB open.

.8 30 plus f-M 8 20 20 plus 1 83 80 less 14. 'less tu Marks 8-18 9ui less 14 04 718 --do doted. iM 8-1C less 1414 95H le 1 7-10 Outlders oped 0H pl 1, piusl-18 Paris exchange on London 1 2 Berlin exchange on London 20m. unchanged. Tha rate of Rio exchange on London was l-82d- dearer with 16 8-82d.

quoted. This is the change, in the rate iince the Middle of February. Quotations! -3o Ziromemann ft Forshay quote silver GZ.i "Mexleanj dollars 45 and Mexican exchange 201 H. v-, iondon--Bar silver 24 pff 1464 I I i 1 BURLINGTON'S EARNINGS p. OF LINE WHO NEIGHBORING ROADS.

ENDED FEBRUARY WITH MORE NET ii THAN AT THE CLOSE 'OF FIRST EIGHT v'yw kio. the Remaining four Mouth Only Equal tko Com- ponding Period of Loot Year, Company Will Earn Around JS on 7tt Stock, as Compared With famed in 1909-10 Gross Earning iJavo sGainod HJtOSf OO0, Wkilo Exp Nav Cut HjiUfiOO. Without an 'snarent necessity for snch action, the Burlington has cien applying pressure to its operating expenses to such good affect that whereas, for the first been but 65.8 cent. Most of the savins has resulted from smaller exendl tores for takinar care of the wwerty. where liberal ex Denditare'in nast years have nude it nossibl to economise now.

The total appropriation for maintenance or way to tne end of February was 28 less than Tor tne correspond- ing period of last year. The Burlington's revenues have not been consistently larger this year, but the total for the eight months shows an increase of $1,806,000. Total operating expenses were $118,000 leis. Last yeas the company earned 12 on its $110339,000 of stock, or 14.440.000 abom itm Hlvldsnd reauirements. Of th halanm mttrr iluiHonrf.

to 89fi wu annronriated for bettensrats rtM 4 waintanance durinc the yetr. if the lead maintained up to March 1 held through the remaining four month, tha Bnrlinirton will and 1910-11 with a surplus equivalent to 18 on the Stock, or about $7,500,000 more than the aum necessary to pay 8. nt ni iintin mnidlv if tha and r.t Mr.rth.rn th.ir nmfltahla atih- for an extra dividend to help out their other in- come, if their own earnings do not suffice for their stock payments. NATIONAL MONETARY COMMISSION, Wtotern Banker Expect a Meeting Will be Held This Spring in Denver. Denver According to letters received by Denver banking and commercial interests, the National Monetary Commission will hold a aeaaion in Denver this spring.

Thomas F. Dawson, assistant secretary of the commis sion, was in Denver recently and conferred with many leading business men regarding the sentiment in the West toward the work of the commission. A speech delivered here a short time ago by Gordon Jones, president of the United States National Bank, attracted considerable at tention in eastern financial circles, and it is believed to have been responsible largely for the desire of the commission to meet here. MONEY IX THE WEST. Country Correepondenl Calling for More Currency to Carry Grain Butinete Slow.

Chisago Local 'money market was easy with high- grade commercial paper going as low as SVs. Demand for money from the country is improving, and is expected to help out the local market. President Reynolds of the Continental A Commercial says: We are beginning to hnd a aemana irom our country correspondents in order to carry grain loans. The average western fanner does not like to sell his pro dues at a low price, and is a believer that higher prices must come if he will hold on. In consequence there is a considerable volume of money needed to hold western grain for higher prices.

There is no suggestion of speculation or that borrowing is due to inflation of any char acter in the western country. In fact, it is something of a relief to us to have our correspondents find use for some of the funds they have been placing with us. General i business rules rather slow and the demand from the pub lie for accommodation is in consequence not large. Still I think we are about through buying commercial paper at the low rates quoted." Domestic Exchange. All quotations ars in cents per $1,000 premium or discounts: Boston At the Clearing House New York funds were offered at 10 cents discount for cash.

No sales. Chicago New York exchange 35 cents premium. Montreal New York exchange 81 cents discount; unchanged. St Louis New York exchange 40c. premium; advance 6c.

St. Louis Chicago exchange 5 cents premium; ad-vanco cents. San Francisco New York exchange 30 cts. premium; advance 10 cents. Bank Clearings 1911 1910 Changes New $350,239,704 Dec.

ru: VJimaKv $49,094,553 Inc. $9,307,505 $27,021,802 $27,130,217 Dec. $108,416 $25,257,961 $27,668,762 Dec. $2,410,801 St. Louis $14,128,936 Pec, $5,608,622 $4,549,167 Inc.

$1,534,400 $1,059,365 New National Banks. Washington Charters have been issued to the fol lowing national banks: The Shattuck National Bank, Shattuck, capital, J. H. Stuart, president; R. S.

Oates, vice-president; C. E. Bigelow, cashier. (Conversion of the Shattuck State Bank.) ADDlicationa to organize received: The Noedham Na tional Bank "Needham, capital, H. G.

Pender, A. T. Baker, N. H. Suren, N.

H. Cardcnier and W. C. Freeman. Correspondent: Edward G.

Hcrdman, Needham, Mass. The Hamlin National Bank of Holcomb, N. capital $25,000. Henry M. Parmele, Holcomb, N.

J. S. Hamlin, F. H. Hamlin, G.

W. Hamlin snd H. S. McGlashen. The Ensworth National Bank of Waterford, cap ital $26,000.

R. O. Woodruff, Waterford, H. P. Gillette F.

W. Enaworth, W. E. Briggs, F. E.

Ensworth and others. Panama Bond Issue. Washington Secretary MacVeagh is complacently awaiting his time to issue Panama bonds. Revenues are nd.Pwer Mt C'n1 PU JS gaua wvaaw vt tii uv WNrVU a axasaw TN art 1 jr mm 1. be issued when Secretary MacVesgh gets ready to invite bids.

Everything is in jreadiness. Boston Money Market. Boston New Cell money is mostly 2. The larger banks have been obliged to meet that rate. Some loans are outstanding at 8.

Time money is unchanged at 8 for short dates, 84 g4 'for six months and 44 for a year. In commercial paper the best names go quickly at Fort. Dearborn Trust Co. Cnicago---yort Dearborn National Bank officials say that If the Aldrlch currency bill passes, their plai of financing the Fort Dearborn Trust Co. is likely be changed go they will place the new capital stock of the national bank in trust and continue operating the trust company, as now the latter hat 250,000 fully paid capital.

Stanley (i. Miller, formerly of Lee. Higginson ft Co. assumes man- agement of Its bond department. ff; Ilagenah Report, 'M cagHagenah Gas report is expected the first of next week.

tm company is conndent that To cenu wui be the minimum recommended. I CEXTRAL OFFICE MAY CHECK vALL COTTOy, IflLLtj OF LADING. ftoprttoniativtt of Bank and Rattroad Favor Plan or Eotaiiithmont of Ofio to Attitt in Negotiating Cttton Shipment Thit Soaoon, After the conference Between representatives th southesstem nd southwestern railroads and th cub-corn mlttea of tha Amerioan Bankers' Association on bills of lading held at the Chamber of Commerce, Wednesday, it was announced that a plan calling for the establishment of a central office in this city, which would check all documents issued, had received the approval of both the repre- sentsnves or the railroads and the bankers, Fred I. Kent, vice-president of the Bankers Trust Co. and chairman of the sub-committee, issued a statement after the meeting which said in part: "The meeting was called for the purpose of putting in motion plans which would make it possible to handle tne omiQg cotton crop without friction and alone lines satisfactory to shippers, railroads, steamship companies, American and foreign banking interests and cotton buyers.

"A resolution was nassed eiDrexslncr annroval of the formation of a central office in New York city, to which all advices of bills of ladinfr limed are to be sent, nrc vided such an office can be established along satisfactory lines. A committee wss appointed for the vurooae of out lining a system, under which such an office could be es tablished, consisting of representatives from the cotton carrying lines, the Liverpool Bills of Lading Conference, and the Bankers' Committee. "It is confidently hoped thst a way has been found to properly ssfeguard bills of lading issued for cotton, and make their acceptance by financial interests, both here and abroad, justifiable." DENVER RESERVOIR IRRIGATION CO. Enlargement of Barr Lake SeeetAtate Changing Court of the Burlington Track. Denver Upon the petition of Joseph Standley, re ceiver for the Denver Reservoir Irrigation Judge Allen, of the District Court, entered an order making pos sible the immediate enlargement of Barr lake, one of the principal impounding stations of the system.

In order to proceed with the proposed enlargement it will be necessary to change the course of the Burlington tracks for a distance of several hundred feet. An agreement has been entered into between the receiver and the railroad company whereby the latter is to remove its tracks. Rip-rapping, grading and other work of like character will be done by the Oasis Water Supply, Park A Improvement a subsidiary of the Denver Reservoir Irrigation Co. PRESIDENT MI DGE'S VIEW OF RATES Made to Yield Only a Fixed Return, Would Turn Invettor From Stock to Bonds Retult. In an address before the Topeka Commercial Club Wednesday, H.

U. Mudge, president of the Rock Island, said that the new theory that even rates that are uniform and fair in themselves ought to be reduced to yield only a fixed return on the physical value of the property, would take railroad stocks out of the field of speculation aqd turn investment to bonds instead of stock. "If the return is to be limited," said Mr. Mudge, "the investor will Insist upon some security, and we shall be dependent entirely upon borrowed money for our improvements, with the result that our fixed charges will increase very fast, and finally there will come a time when we cannot meet them." NOTES FROM DENVER. Large Railroad Siriick Factory to Be Built OfJir S'eu Industrie.

Denver Denver is to have a large railroad switch factblfT The Call Switrh 4 Frog recently incorporated, will at once commence the erection of such a plant here. In addition to the Call automatic switch, tha company will manufacture other railroad supplies and will make Denver the chief distribution point for its product. The company is a subsidiary of the Call Switch a 81,000,000 corporation. The Detroit Barrel Co. will open a branch factory in Denver if a suitable location for the plant can be found.

Figures showing the demand for cooperage in Denver have been declared satisfactory to that concern A large metal factory for the manufacture of car brasses, babbits, solder, type and bell metal also will be established in Denver shortly. J. E. Richards of Denver has financed the project and declares that $200,000 will be available if a suitable location can be obtained. NOMINATIONS BY THE PRESIDENT.

Ministers to Turkey and Russia, and Appointment in the Home Scrr ice. Washington The Prefidcnt has sent to the Senate the following nominations: To be Ambassador Extraordinary and Minister Plenipotentiary, William Woodville Rorkhill of the District of Columbia, to Turkey; Curtis Guild, of Massachusetts, to Russia. To be Auditor for the War Department, Elton A. Gonger of Ohio; Assayer end Smelter of the Assay Office at Charlotte, N. Frank P.

Drane of North Carolina. To be pengion agent at Topeka, Abram W. Smith of Kansas. To be registers of land off toe: Truman G. Daniels of California, at San Francisco; John F.

Evans of Nebraska, at North Platte, Albert Kiercher of Montana, at Miles City, Mont; Reuben N. Stevens of Bismark, N. at Bismark, James G. Quinlivan of North Dakota, at Dickinson, N. D.

To be receivers of public moneys: John J. Deane of California, at San Francisco; Ira J. Bare of Nebraska at North Platte, Neb. To be commissioner of immigration at Baltimore, Bertram N. Stump of Maryland.

Fort Dearborn National Bank. Chicago Fort Dearborn National Bank stockholders have ratified stock increase from $1,600,000 to $2,000,000. Personal. Chicago Frank C. Enright, recently appointed representative in South America of the foreign trade division of the Chicago Association of Commerce, goes east Thursday and will sail from New York April 20 for Buenos Aires, which will be his permanent headquarters.

Chicago Passenger Traffic' Manager Allen of the Rock Island, back from an extended California tour, re ports coast business good and San Francisco already preparing for the Panama Exposition. Every Urge building there is displaying electrical signs reading 1915. Hermann Winter, for many years assistant manager of Oelricha ft Co. and of the North German Lloyd Steamship Co. in America, has resigned and will take a long rest Hunter Wykes, manager of the bond department of W.

E. Hutton ft leaves for England next Wednesday on thg Lusitanla. Bernard G. Amend, of Eimer ft Amend, left an estate of over $200,000, the bulk of which will go to hla two sons and daughter. 1 A.

E. Fitkin, A. E. Fitkin ft left for Chicago Thursday to attend the opening of their enlarged offices. CHICAGO raaONAIat.

Chicago One 'group in Rookery office Monday included John W. Gates, Charles G. Gates, John Lambert, John, Dupee and Orson Wells, the only absentee, as one of them remarked, being the late Isaac Elwood. Jamea B. Forgan will make the principal 'address on the subject of banking and currency legislation as pro posed in the Aldrtcn pian oeiore uie meeting ex.

ins executive council of the American Bankers' Association In 7 r- A. Weber, cannier ano omoe nutngger 01 reaooay. TTniio-htaling A Chicago, has been appointed treasurer and auditor or tne national ivauroau at Port-au-Prince, Heyo-, 1 1 lUroad of Baya, with office. BANK OF ENGLAND. ANOTHER DROP IN RESERVE, NOW 43.55, WHICH' COMPARES WITH 47.7r TEN-YEAR AVERAGE.

Seduction No looked Upon riou So Far Pan Had Ut 'About tSjoOfiOO in Two Wtk Bullion if Holding StiU ajOO.000 Abovo Figure a rr Ago tfedWiioae a ,000,009 in Publit DtpotiU-Bank Rat Remain at Per Cent. (V London Bank of England minimum rate of discount remains unchanged at 8. irv. to 1 u. onui weekly return compares as follows 1 VV This Week Prev.

Week Last Year winuiaMun ......28,661,000 Public deposits 17,851,000 Private deposits 41.B2l.MA 28,375,000 ,19,786,000 828.665.000- 10,658,000 43,052,000 42,065,000 18,474,000 29,824,000 28,623,000 43.95 34,143,000 .15,136,000 36,460,000 27,981,000 46.22 87,712,000 Govt securities 16,096,000 Other securities 86,167,000 Reserve 25,873,000 Prop, of rea. to liab. 43.65 Bullion 85,880.000 Bank rate 8 4 proportion of reserve in i- ,1, um bank return compares as follows: Yesr PerCenl. Bank Rate 8 4 4tt 3Vt 2Vs 3 4 3 4 1911 1910 1909 1908 1907 1906 1905 1904 1903 1902 1901 43.66 43.95 48.70 60.06 44.65 43.71 61.67 46.68 48.10 60.19 49.37 It must be admitted that the bank return for the first time in a long period makes a rather meagre showing. There is another drop in the reserve to 48.56.

which brings the figure below that of last year, while it compares with a ten-year average of 47.70. The reduction is not very serious, especially at this time of year, but the movement is worth watching, and would have considerable significance if continued. Changes in the particular items of the return are unimportant, with the exception of the loss of bullion and the corresponding drop in reserve. The bank has now lost 3,500,000 in two weeks, and this accounts for the general poverty of the showing. The outward movement of bullion was decidedly unexpected, but it ia worth noting that the bank's holdings are still 1,700,000 above what they were at this time last year.

The reduction of nearly 2,000,000 public deposits indicates Government disbursements, in all probability. Private deposits tend to decrease faster than loans, but the items in each case are not very large. It need hardly be said that the bank rate remains unchanged at 3. With the present tendency of money this seems likely to represent the low point of the money market for the spring and summer. A 3 rate is, not extortionate, snd it may be taken for granted thst the joint-stock bsnks will co-operate with the Bank of England in making it effective as long as possible.

DEATH OF RORERT GOODHODY OF THE STOCK EXCHANGE. Educated in Trinity College, Dublin, Came to 'ew York in 18S5 Membership Dates From 1891 Student in Economics and History. Robert Goodbody of Robert Goodbody A 80 Broad way, and a member of the New York Stock Exchange, died early yesterday afternoon at Haledon, near Paterson, N. J. By the death of Robert Goodbody, in his sixty-first year, the Stock Exchange loses one of its most distinguished members.

He had a wide circle of friends both here and in his native country, Ireland, and in Eng land, and was warmly esteemed alike for his high personal character and his fine abilities. Robert Goodbody was that unusual, combination, an Irishman and a Quaker. He combined the good qualities of both in a way to win the affectionate amusement of his friends, to whom his engaging personal characteristics greatly endeared him. He was a profound student of economics and, outside of the universities, probably the finest historical scholar in America. He was a Master of Arte of Trinity College, Dublin, where he took a high place, gaining the gold medal in mathematics.

He passed the qualifying examinations for a solicitor, but preferred to join the Dublin Stock Exchange, founding the firm of Goodbody Webb. He came to New York in 1885, where he established the firm of Goodbody, Glyn A Dow; and, after naturalizing, in 1890, became a member of the Stock Exchange himself. His membership dates from April 16, 1891, when he formed the present firm of Robert Goodbody A Co. He was a Cleveland Democrat here and a Whig of the Cobdcn type in England. His political influence in Paterson, New Jersey, wss considerable, in view of the high respect his neighbors entertained for his personal qualities, and his part interest in the Peterson Guardian.

His illness really dated from an attack in 1909, largely of a nervous character, and a return of the malady with complications resulted in his death. He is survived by his wife, whom he married in 1885, and ten children. He was a member of the University Club, Dublin; the Whist Club, New York; th Hamilton Club, Paterson, N. the North Jersey Country Club, the "New" Areola Country Club, and the Reform Club, London, and a member of the New York Chamber of Commerce. Lighterage Vane Before Commerce Court.

Washington The order heretofore made by the Interstate Commerce Commission, requiring the Baltimore Ohio and other railroads to afford equal lighterage facilities in New York harbor to the Federal Sugar Refining Co, as are accorded the Arbuckles, and which was to have become effective April 15, has been postponed until the 25th. This case is now pending on appeal before the Commerce Court Soo Line's Earnings The Minneapolis. St. Psul Sault Ste. Marie, includ ing Chicago division, reports estimated gross earnings for a hrst weex or April, oecrease e.a;.

num juiy to April 7, $17,061,197, decrease 8.4. NOTfCBB. Minneapolis, SL Paul Sault Ste. Marie Railway Company ISSUE OF NEW CAPITAL STOCK In pursuance of resolution, paa.ed at the Annual Meeting of 8liar.hold.ra, brld at Minneapolis, ou 17th rioplember, HHr7. Increasing the Capital Block of the Company, the Director.

Iiav. by further reaolutlona adopt. March l.ltli, 11.11. authorised laaue forthwith ef Two Million One Hundr.d and Elgbty-aeven Thousand Kour Hundred. Dollars of Preferred and Four Million Three Hundred and Bevxniy-four Thousand Elg-ht Hundred Dollars nf thu Common Stock of th.

Com pa iv. The aald Block to I), offered at par to stockholders of at the cloalng of the book, for th purpose. The present laeue will, be on the baala of 21 shares of New Stock for each 100 shares of old Capital Htock. to be subscribed and paid for upon the following conditions: The subscription must be for Beta kinds of Slock In the ratio 'of 1 ahare of Preferred to 2 shares of Common, to be paid for st par In the following manner: 0 or YlO per ahare on Suh.crlptlon, on or before May 8tb, 1011. it a p.

wbaa tba rtaat le So scribe will eaplre. Jio or 120 per share Tth Juno IBM 2r or iw per share lulK or 120 per aha re August 11)11 20 or per shar Kith October lull Payments will be received at tbe First National Batik, Minneapolis, or tbe Bank of Montreal In New York, Montreal 0" 'The 'respective classes it Stock cannot be segregatod the. payment of tbe first Instalment on May th, mil. for each class of Block aubacrlbed for. The Transfer Hooka of the Company 1 the purpose of thla Jesus i at P.

Apr 1.." oi until 1 P. May gtb. 1011 whan aeparate eninca.ee w. ill be closed for rll litfe 10 U. and remain The New atoCJC upon wniCD ai uarinvni i.e wwn uu.jr a ae called for.

will rank for dividend for tha bait year December Slat, ml, and will be lyued on and after mad fu nt fln.1 nayment and not before. a Mriuilar atatlng tba terms and conditions the Issue and Subscription will be mailed to (b Hteuanoiaars after fd'arMlnnewoTu this 3lh day pf MSrcb, JML Hv rdrrof the Hoard, mmaamrB B. PENN JNflTON. Secretary. hi i.r 1 mmmMMmxmmmmv.