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

i i V.7.H IV. i TO-DV CONTAIN! AHTICU ON In fra-3. Ti.E STi.lT TO-DAY CONTAINS ACTICLI ON of Missouri Pacific. Ln i.J';::" JlI 'mm 105. 1I0RNTNG EDITION NEW MONDAY, MAY 3, 1912.: FJG.IT, PRICE FIVE CENTS.

al Morong And Evening Edition Published by Dow, Jcoe Co, the Oldest New Agency Well Street. Largest CrcuUtioa of the American Fauna! Paper. 1 Circular Entitled Ci UwtuUl wwi) (Twenty-fifth Edition) We describe In this circular 127 Usui of Railroad and Industrial Stocks listed oa the New York Stock Exchange, and classified by us at follows: JnvsstWit; The circular also contains suggestions as to low to effect a purchase or sal of stocks, and tables showing net Tetorns from dividend paying stocks. A "Write for Circular Ho, 431 "Railroad and Industrial Stocks" Spencer Trzzli Co. SS BwSwsi nam, KfTlrt -AllMinir ChloasoBoston Hambere Maw Tork 8 toe It Exchange.

J. ILEICE, JX A CO. Will Buy Will Sell Aerae Tletleael taaalr. 1 lee iMrtna SfM Am. Cm I Prealeeta eaea.

)M Ah. 'Oal Piaaaata ate. ma i 111 In aaaa. a Hwiliii CaMe mtmt, A marl ra a Ctaar em. Am.

Im Steel AeMfiraa Wat at. 1 AHm Partl'a tiaaet aeae. SwS MaMSW Uw Rn4M Milk ere. JS Rklya. Walee) Mm.

IN cab Tat Ce. aaae. SO Ckllee Reet.) Ca. Sen Crlaata Crk. Gut, eeee.

S6 Am. Seraklac Teleakeao ao AtMatve sratt a. a. 1 Hakwfc wum 10 tlaakara Treat jeo Baek ivnalaal aaaa. 16 1h.

WMt. Caal 9aa HIM Oa- I A. im SOaatvra MtMl la KmtI ar ma. 4S tiMffal Bahlaa; IM Oaaaral Baklac TM lat. Clirar Maklaarr IM laaBalaaal Ut aaai.

Sea ilp.ia ik. ra. 'Je piftini! 1 nr. 1 1 ff. V.

Mh-Mbt. mm lMarkataaak Tr. 1A Kaa. cur. m.

as i. Mr A TB7wr aaafc 1 1-awrwa jaa laa. fiaa. Rlatu aaaa. oa HfrttM Tillmr a Nattaaal I.larta aia.

i SI Nat. Ml. P. jaa Nat. ailM Wyataaj alA.

a Mlaklaaai XaltaA Ka. a Si. SI NIU Biat-Paa4 'aas. IM ntia Stlavatar pA. Pkalaa, IWl A Oa.

aa Mm kaa Ckfcrlat 4 Vatoa Aawr. I'laar NL la ITataa VrmrwHtm aaav IM ttalaa Tra. Sat at ptC A V. a. Matar aaat.

U. S. Matar aa. Urtaraatlakal BUT. acTta laa-tiu Daailalaa S.

an Paaaa. aait Kinir SA FnIh Trait iaa tural Hak'tr Paw, aaaa. Aafatr ar Rts. aV lita TA aiaavr MaaataafaH Ala-aarA I.lakt aM. At taaamnl CM Umt mtmt.

J. IL RICE, JIL C0.f as waix sr. TdaafcikW Tat ta TaOS Baaarar We have orders in Dock Mprovement 5s Austin Northwestern 5s V0TATI0ir Bigelow Company 49 Wall St. BANKERS New York We Wont 1 ji aiAainT- "i1ki'-' 'TJfilteBtates gteel 1st 5s Augusta Terminal" 6s 1-Chicago Western Indiana 6s Raleigh Augusta 6s Raleigh Gaston 5s COFFIN Cl CO. Talif kaaia aiee ta tsar HOCKING VALLEY PRODUCTS 5s, 1M1 BEECH CREEK COAL ft COKE 6s, 19U ADAMS EXPRESS 4s, 1M7 PROVIDENT LOAN SOCIETY 4s, 1921 ONTARIO POWER 5s, 1943 NEW YORK ft CUBA MAIL S.

S. 5s, 1932 MISSISSIPPI RIVER POWER 5s, 1951 LEHIGH VALLEY 5s, 1941 BOND DEPABmiBNT. FREDERIC H. HATCH CO. Naw Tark Baataa BraM St.

Cms raw Sb Frl vat tslapbonas to Boston snfl Phlladalphla. Standard Oil Old Stock Standard pitSubsidiary Stocks Standard Oil Subsidiaries En Bloc NEWBORG CO. Ji.mb.rs N.ar Tatk Stock Exehans T.UphoBa 4380 Rao tor a DBOADTtAT Wire St. Laati. s--.

WANTED Standard Oil OM Stack SaaaUtarlca Maa FOR SALE -V' Standard Oil sBslsHatT Caa. HALLO WELL, HENRY TL Br. 4S09 SS BEAVER STB BET STATEN ISLAND RAILWAY WISCONSIN, MINN, ft PACIFIC 4s HAM. ft DAYTON GENL INCOME 4s ft gT. LOUIS -r- T.Wkkaa.

SSOS BraaS tS BROAD ST. FOR SALE 71 ahares Pacific Atlantic Telegraph Co 4 Dividend OuAranteed by Western Union Telerrapb Co Price 74 ana interest, 10 net j.40 LADD WOOD rrk.a. asa SmW' Wall Straat. W. Factor arTeetlnr Market UovemenU euniinarlied in an, Saaeaatal OaSlilaaa.

.1 raas BEST OS REQUEST. Jicmblower Weeks Member New Verk Stock Exchange, FDVAT TaleatMHM mrt S7SS PERE nARQUETTE RAILROAD All Issues L' Vni. A.C. CCGGBSHALL At HICKS f.lzh Crads Investment Bonds Tel 4 Baataa tit SBOADWAT Jtrm orl-ae. r'aa.

Cat. iaa l.l.ln. l-9 vt (-. Nriara 1S Jumui A'Kaaaaa U'U. lull i Thome dHS-erss Rtrter, REVIEW AND OUTLOOK.

DEVELOPMENTS OF WEEK. ASHBP KKCTION IN STOCKS. Last week stocks registered Aha most-considerable re cession alnce the upward movement started eariy In the first part of the week a good deal of dutt strength had been exhibited, in spite of profit-taking sales and experimental raids by the professionals. It was plain, however, that the bull ascount was decidedly stale, and a wall concerted drive at the market on re sulted In a sharp It must be Ternembered that the average advance In the recent upward tnovameirt'had been quite extensive, and. that the market leaders, especially Reading, had -made gains considerably above the average.

It ii not aur-prMing, therefore, to aes the mora severe dscline in the popular stocks, and strength confined to a limited number of specialties: Looked at In the dry light of the avenges, the market may be said to have taken back the bull point it gave when tterallroad stock sold at 121 and the Industrials close to 91, after nearly montti ot narrow nucraavwno not extending to two points below those figures. To look bearish on the most practical system of reading the averages ths Tailroad atoeks ahould sell below 119, with the industrials aimultaneoushr selling below 89. The latter complied with this condition on Friday, but the movement of the railroad stocks gave no authoritative indication of more than an ntirelji( natural reaction in the market, after seeing an unusually heavy advance, CONSKRVATIVB TIADH RBPORTS. Trade reports are distinctly conservative, although the volume of the country's business In the aggregate is un doubtedly large.s Measured by the conditions of six months am. there haa been a really substantial Improvement; but it cannot be said that any of the leading Hnes of industry compare favorably with the conditions of a week or even a month ago.

Otimt in the steel, trade are slackening, although the United States Steel Corporation and the leading; independ ents are operating up to 90 per cent of their capacity. The Steel report for the first quarter of the year was a decidedly discouraging exhibit, and the payment of com mon dividends out of surplus is a practice certainly open to criticism. The current quarter should be better, but tho Steel Corporation will be lucky if it earns its common divi dend, to yiay nothing of making up the -shortage of the firtt quarter of the year. With ordors alowing down the pros pects for activity in the aummor are only fair. The coa trade is dull, and the industrial demand has not fulfilled the promise of a month ago.

One single fact is worth a ton of theory, and here there has been a month's idleness among the anthracite miners wiOut causing any suspension of industry or any inconvenience to the private consumers of fuel. Probably the ahowing in the bitu minous coal trade Is a little better than this, especially in the Middle West BUSINESS SLOWER AND CROPS LATE. In the dry goods trade conditions are 'quiet, but there is nothing abnormal in, this, as the spring activity hi over and the aumtmrr wvemnU49xtilea begun. Oondltiona ai sound eniagh, aSl the sanie' niay be said of kindred industries, al.Wgh in manufacturing business gentttfly the one iywnwryittiyeBJiiihajrornias of broad industrial. improvement has hardly been fulfilled so far.

T-'. Perhapanore light can be obtained from the figures shown io-Ute bank clearimrs. There still an Increase on 'theweekv but only some 6, as compared with the five successive weeks preceding, showing over 20. The increase, moreover, is in New York, and the returns of cities in the Middle West and the South are decidedly disappointing. A good deal of this can doubtless be ascribed to the lateness of the season.

Crops are at least three weeks late, and although the conditions are highly promising for corn, hay and oats, in view of the ample aupply of moisture, it is still worth remembering that the abnormally cold weather for the first six weeks of the -year struck deep into the ground, and must necessarily retard the growth of vegetation. Something considerably exceeding 6,000,000 acres of win ter wheat has been abandoned and will doubtless go to swell the corn crop; but we need wheat, and-have already to reconcile ourselves to the fact that the aupply will be scanty, while the continued floods in the Mississippi delta have done irreparableaamage to Commercial failures showed some increase on ths week, and compare unfavorably alsd with the corresponding wetk of last year. In this respect there has been no serious and it is worth recalling that the crisis of 1907 was. not followed by the crop of bankrupt cies which ordinsrily ensues after a panic year, RAILROAD auiKT. Railroad earnings are decidedly good aa far as the Eastern roads are concerned, but the figures for March, which are row available, make a poor showing of net, erpecially where the Western figures are available.

They suffered more heavily from weather conditions than most people had 'supposed, and the general result is not balanced by a fairly good showing in gross iu the South and East, which continued throughput April. The increase in the number of Idle icars shown in the last fortnightly report was large, even when it is remembered that something of the kind is in order at this time of y4r and that the fullest activity is not reached until the approach, of the harvest. Idle car statistics should always be considered in the light of the fact that cars which are in the shops and under repair are not counted as "idle" Jhese are beyond the estimate of the central authority, but railroad expendi BANKERS TRUHT CO. lWYlilW T1TL.U INS. TP.U8T CO.

FLINT ft PERK MA HQ. Ct. 1020 IAx TOIH JdlUlllUAN 4ftS UcGeorge a Vanderboel S4 S-IXB ST. 4S8S Jaka NATIONAL BtTtKTr ATLANTIC FRUIT STEAMSHIP WOMAN'S HOTKI, STOCK- 1-1- 8EN BEN CHICLET LEcriAED CO. TeL SS StMtaa OB BROADtVAT.

STANDARD OIL SUBSIDIARIES TmJtwf' ft "0AD If. T. 'Va Tti. 4ty-0-7 Bector TtUmbers New Tork Stock Exchange WILL XJUY, INDIANAPOLIS OAS ST6CK ALBX LE SS BROADWAT. Telephone 2431 Broad.

KICCKERDOCCE? TRUST LAyYCr.S' COr.TANY FRANIC J. a DILLON WALL V. SM HElTOK. tures on rolling stock in the last four years have only been maIs cn the most conservative scale, and the num ber of cripples, therefore, must be considerable. EASY MONEY AXD DEAR CAPITAL.

Money last week was easy, especially as regards call loans, both ut home and abroad. It is probable that (he surface showing la somewhat deceptive, and that the gen eral. money tate tends to work higher, in the respect that the investor 'is asking and receiving a good prica for his capital. Loans offering a liberal return are well subscribed, but there have been some algnal failures where too much has been assumed from 'old-established credit The Bank of England did not. reduce its as most people had expected, even when its -return pointed strongly to a 5 minimum discount rata, as compared with the present 3H.

Foreign exchanges on London were weak and it is probable that political considerations enforced caution upon the Bank. It is natural lo that the Joint-Mock bank should cooperate with 4he Bank of England in maintaining the higher and more profitable rata. Some reduction, however, seems to be indicated in ths near A High prices for commodities must be considered in this connection, doubtless providing large profits for somebody, although production costs must necessarily be high also. Underlying all other conditions still remains the heavy cost of living, with its deep and fir-reaching influ ence upon economic, financial, and political questions. The philosopher will hear with a cynical smile the claims of politicians that the Presidential election is to be fought on the tariff or the recall of or the investigation of the "money trust," The.

underlying influence in ths contest must be that serious unrest growing dally in ths breasts of a large and intelligent section of our population, whose earnings' hsve remained stationary through. out tho past decade, while the eost of living has increased something like 60 in tho necessaries of life. MOPEI.KNS t'OXFl'Sipit IJf POLITICS. So far from the developments of the oast week shed ding any light on the political situation, they seem only to have made confusion Worse confounded. But It it some thing to record that, to a considerable extent, the general business of the country tends to ignore politics.

As an influence, of coutue, this consideration cannot be entirely eliminated, and with the approach of ths conventions the matter will demand much earnest consideration. Voters with sincere Republican convictions cannot but feel disquiet ovor the results of the primaries in Massa chusetts, whichever wing of the party they may prefer. New England has been a stronghold of Republicanism for century, and its gratitude hitherto. has been effective enough, even if it was merely lively sense of favors to come. But the old Republican party is split Wide open, and it is Significant to note, in.

the Democratic primaries of Massachusetts, a (rowing lcaninr towards Governor Foss as the one Democratic possibility who has demonstrated beyond question his ability to break uo the solid North. Summed up, it may be said that the Republican situa tion temia toward a deadlock, for no one can count with confidence on Mr. Taft's retaining the mercenary pro fessional delegates from the South. With the Democrats ths situation' is different, and ha 'principal feature Is ths harga number oT" available candidates of a sort.t.'.imong-i there must be included Mr. Bryan, whatever he may protest Failing him, Champ Clark presents the possibility of one more triumphant Democratic failure, with the best opportunity for a aweeping success offered since 1892.

BY Trie House of Representatives declined, by an overwhelming majority, to cut down the preposterous mileage allowance to members. Charity may begin at home, but economy doesn't' Secretary Knox off for another long trip to the Southern and Pacific states. Can it be that he cherishes "dark horso" a a a Undo Joe Cannon may have lived economically all the years of his public service, as he says, but he never voted that way. a a a United Mine Workers prefer to work the mine owners rathor than the mines. HOIIAND'S LETTER.

REFORM ADVOCATES IN POLITICAL METHODS STUDYING THE RECENT ELECTIONS UNDER NEW PRIMARY LAWS. Remit in MasachuettShow Little More Than Half the Republican Voter Expreteed a Preference for the PreidencySytem. Perhaps Catted CandU date to the StnmpLaw May be Amended State Bank and "Money Trut" Committee New Currency Syttem, Aside from the purt'Ty political Interest which the recant uso of tb Presidential primary in Mauachusette has inspired there is ansther ftaturo this preliminary struggle or skirmish to which some of the meat earnest advocates of change or reform in certain, of our political metkoda are now calling attention. In 1S0S Massachu setts cut approximately 266,000 votes in support of the candidacy for President cf William H. Taft, This was 111,000, in round numbers, in xce of the votes cast for William J.

Bryan. At the recent primary voting in there appear to have been cast, about 160,000 votes by with a slight majority in favor of the candidacy of President Tsft. This Republican vote if, therefore, only fifty thousand larger than ths majority obtained by Mr. Tsft in 1908. It is probably safe to report that from 115,000 to 120,000 Republicans did not vote at the' primaries cn Tuesday last A little more- than one-half of the estimated Republican vote in was represented, therefore, in the primsncJ.

So the 'questions are asked; Were the 115,000 Be- i "x-- (Contimtsd on Second Pagef Freight Jlandlers Compromise Vote. y'L -V Chicago Freight handlers' on compromiss here shows that old members ars fsvorable and younger element belligerent, but acceptance is likely, and even otherwise a two-thirds vote for strike is necessary before Inter-national Executive Board acts. Electric ty3. Washington The General Electric has been awarded ths contract for electric pumping equipment to operate on the Panama canal, at $175,000. r.

National Eark Circulation Decreased. Was'liniTton National bank circulation for ths week decreased niSSCUItf PACIFICS FIRST YEAR IJNDEIt THE NEW MANAGEMENT. WORST WEATHER AND FLOOD CONDITIONS. IN MEMORY OF OLDEST OPERATING OFFICIALS PROVED SEVERE BURDEN. Expected ta Earn Fixed Charge Jot Xtrrent Year Thnra Snow Stoma March and Flood in Aprd 'Hare Changed the Outlook Befkit May be' Sim Month' Cross Ow a AfiHtonTratia- par tat ion Coett Lower Fixed Charge Increased.

v-, Wssouri Pacific's decrease of 127.000 in net earnings for March changes the outlook for sauarina its surplus in come with fixed chsrges at the end of the fiscal year. In reorusry last net earnings increased $663,000 and follow, ing this performsne there was every indication that on. der favorable operating conditions in the last four months of the year the company could make up deficit of about reported for the eight months after deduction of nxed charges and taxes. Since the end of February, however, the Missouri Pa cific In common with other lines In the same territory bs been confronted with the worst snow and flood conditions In the memory of the oldest operating officials. Julius Kruttschnltt states that he has never seen worse winter and flood conditions' than those, which have marked the past For this reason th's Missouri Pacific, which in February with large increase in net, just about earned its fixed charges, in March with-decreased revenues fell behind fixed charges by approximately 1200,000, bringing the eight months' deficit of $1,600,000 up to $1,800,000 for ths nine months to March 81.

This is a handicap which the company would find it to overcome under the most favorable of operating conditions. With flood conditions prevailing during the greater part of April: with water over about .850 miles of line and with numerous washouts, the damage cost amounts to about $500,000. Outlook for recovering any large proportion of the deficit after charges now shown for the nine months is therefore not encoraging. It is not unlikely that the deficit at the end of the year will be in the neighborhood of It must be borne in mind, however, that in the nine months to March 81, the company expended on maintenance of equipment and rcadbed, $1,602,000 in excess of such expenditures in the previous year Fixed charge were approximately $00,000 heavier, or a total of charged out in the nine months in excess of similar charges in the 1911 year. In spits of these larger deductions the for nine months Increased only $90,000, the offsetting items being an increase of $1,200,000 in gross revenues and a reduction of about $900,000 in transforation and other costa.

Flood conditions along Missouri Pacific lines art still threatening. President Bush looks for more trouble ir the Juno rise unless breaks in the levees are repaired previous to that date. Trains in the flood district are now running in better shape and the line to Endora, it is expected, can "apain be opened for traffic about May 10. Excessive rains have injured the whest crop to some extent but President Bush, from the present outlook, expecta an eighty-five per cent crop. Merchandise stocks, he Says, are low and if the country could get straightened out on the tariff and politics he believes there should be a heavy fall and winter business.

American Refrigerator ft Transit Co. of which Bush, is just 1st contracts to -the American (Jar at oundry to. lor construction 01 bin-refrigerator cars and will shortly be in the market for 500 more. The Missouri Pacific Railway will shortly be in the market for between 25,000 and 30,000 tons of 90-pound steel rail. MISSOURI, KANSAS TEXAS NOTES.

1 f-' 'f 5WM "Sprier Co. of $1,000,000 SU Bhh Two Year "Fi'naS F-novgk to Lett Some Missouri, Kansas ft Texas'tos $1,000,009 5 twe-year notes to Speyer ft Co. These notes of the authorised issue of $16,000,000, dated May nd due May 1, 1913. With this latest sale all but $650,000 have been disposed of. In March, 1911, $12,850,000 were sold and smaller amounts were marketed subsequently.

This sale of $1,000,000 r.otes furnishes the M. K. ft T. with sufficient fundg to )a'-t well through the current calendar year. It is possible that after the present inspection trip by Frank Trumbull, chairman of the board, and President Schaff, over the lines of the road, an improvement programme may be mapped out that will call for additional financing, but this is contingency of the BLAIR CO 24 BROAD NEW YORK Domestic and Foreign Bankers IKVESTKEKT SECURITIES Travelers' Letters of Credit WANTED Du Pont Powder Common International Nickel 5s International Nickel Common S.

IL Pa PELL CO. MomUers New Torjt Stock Cxchanse. pttalera In Unlisted and. Inactive Securities, let Hanover 8 Kschange PI. N.

XiUUMl P. B0MBMGHT CO. BANKERS Colorado Speinsa' WALl STJUCET London Colorado HEW TORK EogUsul Selected Public Utility Securities Bond Preferred Stocks Dauila oa AppUcaUon Registered Bonds FKECEJlICli W. tUDlVIG Specialist in Registered Bond. Trl.

SS7 Braa. i KOA KSTIV YORK POPB MANUFACTITRINO CO. PRErERRED SOUTHERN CAJJKORMA EDISON COM. PFD. AMBRACAN eURTV CO.

co. Meanberf Hew Tark Stack Kxekaase TeL OS Rrrtar. IPS BraaSwar, W. r. Pataa l.ltAtla'a Co.

fat at SlWat. Sa liartea funtf A Ukt Caiaaaar aav Staadard Matar tea. John Vi Christiansen fit? Bread WltUAJI SI, SKW XlUJ The Wall Street Journal read 3a3y by more investors than any other financial daily 1 publication in the world. RAILROADS TVbcn tragt-rorthy Information about the' railroads daslred. Iaara Maaaal at RallraaSa is lwy comult.d.- It 1 tits bean the tempted amhorltr for nearly half a csntnl-y.

1 Th tomplet. record the growth of tba railroad slnca 1K67, twenty jrrari before the Intentata COmmerca Com-mlsilon. ti UbIlihd, li found In "Poor's Manaal" and nowhera INDUSTRIALS are fully covered In the companion book, Paara Maaaal at 1 laSaarrMla, now In Its 'third year. The 191J edition will-contain S200 patrea, covering- the entire Held. No other publication devotee ao much apace to the subject or com-parei with It for completenes.

PHtMi RallraaS Maaaal, Slk.Mi tadaatrlal Maaaal, 9JtMt katli teartkrr, SI, kayakta Warn dettverea. ORDERS RECEIVED NOW WILU BE FILLED EARLT. Poor's Railroad Manual Co. Tel. 4888 Jobs .69 William Street, New York 34 and 36 Wall Street Hotel IHaxa Fifth Avemss Building Prodace Exchsagi MEMBERS New York Stock Exchsags Mew York Cottoa ExcfcMgs New york Coffee ExehHg CINCINNATI UlNOHAfrtTOI WILMlNOTOrt SCRANTON WILKESBARRB WILLI AMSPORT Chicago Board of Trad) Cblcago Stock Enchanj) PhDadelphU Stock Exchann Oatsii Securities.

Department MOODY'S ANALYSES FOR 1912 This standard publication, which com- pletely analyzes the American Railroads and rates their securities, is now ready. It is not a mere statistical publication, but a book of deductionsr showing the TRUE VALUES of all railroad bonds and stocks. Price $12 per copy. ANALYSES PUBLISHING CO. UOHH SlOUDr.

Vmi 35 NASSAU N. Tel. I20 CortUndt. WAJTTKO FOSt kSI.P. lea tMtrlmi Irv pt4r le tawrtraa Tfcfwad afd.

las Aaa. Traa. a4a etllk caa. Ia Aatrrlraa t'l-ar raaa. lea A ail itraa (Iaa rmm, IOO vaaer tfd.

tea (Mi, Rlrrr Pmmrr Raltr Klw. Patter M. See Mat. Maa. K.

R. in. tda lnrrr Kartbw. Rwa? Jt fS. turn FeSrral l.t.

Tnw4. rmm. as lav. IC4. Pah.

rmm, A r'. Ie tirrat lartkra Paaar tea lilrrt.n Ump re Mil ina Maksr Uaa iilaetrle Sea Iwliaaaaalla tirnm M. lea lAkranr Barraa aM. a.nrert Taalaa Sea Ln. HeaS.

a Ut. I. fit. Praea. -A'atrr Paarar iaa ftartkw.

Paw. rmm. a t. IOO Pap Maaafawterlaa; raai. iaa Paa Maadartariac mf4.

A aM. Sat PHta, RMb SC. 0 SkirSava Wbnl mm eiblvr MaaafartaHaa (a ataadarS Ciae 4k VArr. af. ass Traa.

R'r M. Pr. raaa. Z.I Trr (. V.

Trait pi. SO Myelfc lakak Bratkrf 'FREDERIC H. HATCH CO. Dralrra In L'nlhitrd and InarllVa Swurltlee of Railroads and Other Corporation In the United States and EUewhere. SS Brae St.

SO Ceaarrea St karft Jt Baeiaa Private telephones to Boston, and Philadelphia. Paul Rights (When Issued.) Curtis Sanger Meaikrra Kaw Tark, Baetaa had Chirac. Stark Karkaaara WSU ST. XHW l'URK Kings Co. Electric Light Power Stock New York Queens Gas 5s, 1934 New Amsterdam Gas 5s, 1948 Union Railway oNew Tork 5s, 1942 Broadway Surface 5s, 1924 Western Pacific 1st 53,4933 a iiNi T.I 1B8S Rector SS BlBaKD ST, S.

WAXTEO Wlaetikiawkai Rv. 4s Mutual TerminaTVufi is Otis Falls Pulp 6s New Mex. Rr. It XSi 5t Tavlor Iron Steel 5s Cuban Gov't Intl 5s Gray's Point Terminal 5s Pitts. Cea T.

H. Becket; Co! Trl 89 Reetar SS BROADWAY, N. V. Denver Union Water Co. 1st 5s, 1914 BURGESS, LANG CO.

Baalea SS Stale St. Privaia Wire Pbeore Hrvatt 10M-T-S Xew Yerk 4 Wail St, FOR SALE Qas Electric Co. of Bergen Co. 1st Consol. 5s, due June, 1949 W.

R. SMITH CO. 20 BROAD STREET, NET YORK EASTERN PENN. RYS 1st 5s' HELENA LIGHT RAILWAY 1st 5s' A. E.

RTMN co. yy Offerings of Registered Bonds Wanted J. A. CLAI1K COMPANY" 14 aU Street KW TELKPHOWK MKCTOR 8M Eutrra Correepondeote of the Ulrica SAVlkUS BAA it. AD TRUST CO.

KmmA (eauaarrlal Tia.l at ft. Traat Vrmpmrnf 1 Dlaataad Makeer aea Rlv.r lul. a Itii U. Statwa a. U.

T. af K.w Jen? JOUN CO. Si Komss Street, Y. CottUsSl Inquiries Receive Prompt Attention. BANK OF Um ISLAND, JAMAICA, I JAMAICA WATER SUPPLY CO.

Be, 1M CITIZENS OA8 UOHT CO. (B'KIjTN) ta, 1940 E. MACKXAY CO. Specialist in Brooklyn and Long Island Securities Talepkee.1 Barter ISST IS WIU ST, StttV YftltK Aatarlraa Proa.n. raaa.

Klaaa eaalr Klre. tU AV Pr. Soraaa'a r.as.aaea Milk Stlu. Blrrr Pawn Hal. at KUbaraa itt -9i.

alr tar lit. A UL Urtml Bakiaa Peer lalsa Trarwrllrr A. NORTON IS BROAD ST, X. Y. Tel.

3SM Bread VV, C. LANQLEV cc CO. IS WaJJ Street While Bundles, Buffalo. stiyitirAL BAixaoiu aso pobpobatiox wjic, rv tv.