The Wall Street Journal from New York, New York on March 28, 1913 · Page 1
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The Wall Street Journal from New York, New York · Page 1

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Friday, March 28, 1913
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- mm - . w w . m m i I I : A A ,( .Ql - m , SFECIU ISTICIE TO-CXT ttcfelson. road'g Eirnlnsfc Alter-Flooi Financing. ' -t VOL. LXL-NO. 70. V i MOHNIKG EDITION -NEW YORK, FRIDAY, MARCH Q 8, 1913. EIGHT PAGES. PRICE FIVE CENTS, :' w . ir . Moramg and Ewwi EdfcoM. PutliJed by Dow, Jonm & Co.. thc OUett New. Agency Wal Street Urgee! GrauUtion of the American Fauicul Papers. tlOHE THAN S3 YEARS AGO uahiiA uiliKv .marine, wera nracUcellr unknown to tha iMMn invMtar. Hoenrer Trtik -A Co. financed the Vdleoe Elect Ho lllm, Co. of New York, now the New York Kdleon Co., which l controlled by the Coneolldated Oaa Oo. of New York. Subsequently, we oraranteed and financed the : Kdlaon Klectrlo Dim. Co. of Brooklyn, now the operating - company of the Kin. County Electric Ua-ht Power Co. ' WeJInce have been prominently Identified with the nnano- Ins of num.roo. publlo atllltyenrporatlone In different aee-tlone of the reentry notably The Milwaukee Klectrlo Railway Lla-bt Co., Tee Cleveland Kleetrln lllumlnatlne- Co., The Detroit Edleon Co., the Ueoraia Ry. Klectrlo Co.. At- ."'ilanta, Oa-.-and ether well-known propertlee, many of which are mentioned la our ' : 4 Circular No. 651 -: : ' "Publlo. Utility Investments" fwe ehal W pleaeed to send yon a. copy of thU fear-page talreular. Spencer Trask & Co, -J. . ,' laTaadaooat 1 43 Exohanee Plmtoe, IViXBANT ' e. CHICAGO. New Yorl BOSTON J. K. RICE. JR. a CO. Will Buy WW Sell Akuka taawMe ' Aaaerleaa tlear eei. i Aaa, Ceel Predoeta eat Aaeer. Kaekaaae Baak Am. Llaat A Tract, eat M Aeellae-W. PJtT, e.afaf. no Aaaerleaa Clear eea. IS Am. Llaat Traa. aoaa. lee Aaeaaalea Uaaa At Caot.L ee larlw Craaa BrlaCo M Hiewranh Cewtaaar Ana. veaklaej Telefka 1 BhI Menno timmr. AaMrteaat tterety M " Coal Ceke eaea. AaMTleu Tkread fd. ft Ohlld'a (Meet.) eea.Aprd mewrae eeay ' laa City laveat. eaea. A aid, Ceek A Be rm later aaam. ! taao. Ry. A l.ts. eaea. Oaa A notak.lawjr afd. . JM alaaMa Mllla Dal, Laek. Weat. Coal 1IU) raaiaatlav-Taav-ReearA, ISaatera Meal eaea. l'Hle Creek Ceat. eaab Kaetera llteel let efd. 0 Craeaxer-WkeeleT H. KHaaa. Tr. R.R. eaab M DeL, ImK. A Weat. Oaal naailty fbeala laa. an (iee. W. Helaee eeai. Oeaeral Mak'c af. A eaea. Hartfard Carae eaea. H. w. Jakaa-MaaT. aaaj. ! lateraatlaaal Meter eaea. aaia afa. SO lateraatlaaal Meter afd. Aniliea Meter at. HaielttBC A Heaeias a naneaai m Nat. Water eaea. A afd. 1 Har-ae-Yea-! 8 Natteaal Rahlkltlea -Kat. PaHae Ceaet Sad ra. M Reealaa. Tra. tat ad of. o pake, ra mi. eaai Fireae Maaafartartaat ReaUaataa Tyaawr. eaaj Rlker-Hee. Cera. eaea. a J. Raalda T.ka.ee aiaaer Maaafaetartaa; Valtai Claarette Maeh. Vlrai'laa Railway Weat era Paaiaa Ry. . , M Rayal Rak. Pea a. eeatAaf aa Hafety Car Ht. A htm. Jen aea Sea Chletel M 1latea.BHr. Clear afd. an Vataa Kaekaaaa Raak )aa I', a. Metal Fred. eaea. SB IT. S. Metal Pradaete afd. IM Ward RaklaB earn. Ill Weyatea-Rratea real, J. K. RICE, JR. & CO 9 SS WALL ST. Teteaaaaa Tlsa Haaerer New Orleans, Texas & Mexico 5s, 1940 New Haven C. V. 6s, 1948 . Lake Shore 4J Notes, 1914 I Oregon Short line 4s, 1929 B. & 0. 4 Notes, 1913 Bush Terminal Cons. 5s, 1955 . Short Time Equipments STRUTHERS & HISCOE S BXCBANOB PLACET, N. T. Teleaheae Haaever TRW Terminal Railroad Association of St L. 4$s Connecticut River Power 5s N. Y., N. H. & Hart. Conv. 6s, $100 Bonds Central of Georgia Cons. 5s Missouri, Kansas & Eastern 5a . coffin a co. .-T;.:rr.k. Private Telephone! to Boston and Philadelphia. 'ADAMS EXPRESS U, 1947 B. ft 0., PITTS., LAKE ERIE ft WEST VA. 4a, 1941 BUFFALO GAS 6s, 1947 CLEARFIELD BITUMINOUS COAL 4, 1940 CONSUMERS POWER 6s, 1929 NORFOLK ft WESTERN DIVISIONAL 4, 1944 SOUTHERN INDIANA RAILWAY 4s, 1951 .UNITED STATES FINISHING CONV. 6s, 19S9 v. . BOND DEPARTMENT i FREDERIC H. HATCH & CO. ': Row York id St. " Ceaaim St- Private telephone to Boston and Philadelphia. St. Paul &-Kans. City Sht. 4Js Helena Light & Ry. 1st 5s .' St. Louis, Roky Mt. & Pac. 1st 5s 4 Bangor and Aroos. St. Jno. Ext. 5s A. E. FITKIN & CO. ito Broad St. Tel. Broad 560 Brooklyn Rapid Transit 5s, 1918 jiriternational & Great Northern 5s. 1914 la Tfc "A2 r 1A1 i ' ' dfti-LSSOuri racinc os, xvi Curtis & Sanger Memaera Raw York, Realea aad CMeaaa Klerk Kaeaaasea. d WALL ST. Tel. Haaever alee RBW YORK We have for sale a first mortgage guaranteed 5 bond to net 5.15. W. E. R. SMITH & CO. 20 BROAD STREET, NEW YORK Perk it Maaaal mm Standard Oil Stocks Wa have prepared an up-to-date Manual en these Is-Jiaea, and will aend aame to Invettora on requ.at. E. BUNGE & CO. : PO Broad Street. 'Pbone 4735-4716 Rector. DEL, LACK. & WEST. COAL Bought and SoU WILLIAM J. HOEY TeL2271 Kactor MS BROADWAY Up State SecurlUes FOSTER ADAMS - . Wait St. eater ' Vitvate win '. xie Utiaa . ' . CHKMICAI, NATIONAL BANK WESTCHEffTEn FIRB I.N8URANCH NIAGARA FIRE INSURANCE OERMAN-AItERICAN INSURANCE nOSHEll & WEC3 fd RROADH AT. R. V. WANTED To communicate with parties tUalrlot; to Invest la Souther Timber Lands. Plae or Hardwood, .la. buyers of Hardwood toga aad Timbers hew a or awed. Address WABASH HARD WOOD COMPANY, v.;"--,.'.-' .Beaumont, Ttwa. ' REVIEW ANTJt OUTLOOK. AN ASPECT OP P0 LITKS Doubtless many reasons ould be adduced for the political unrest at present so strikingly In evidence. There eaems to be a widespread demand for change rather than progress. It is visible in the perversities of decadent art; in music, cacophanoua and unmelodlous, designed apparently to surprise and startle at any cost; in literature which would have bees suppressed by the police A generation ago, and in social conversation upon topira whose mero names would not have been breathed in any mixed assembly. ' Our politicians and their pernicious activity might be explained on the theory that the aame heady leaven la working in them. But there ia another explanation more flattering to hitman vanity, and more promising f good to come. Much of he attitude of the politicians towards the corporations seems to be -actuated by no better motive than revenge. Since their irregular profits were cut off, they are endeavoring to indemnify themselves by retaliatory legislation. No harder blow to the politician's pocket was felt than when the railroad pass became illegal. Thia waa a law which could be enforced, and it has already worked enormous benefit in the purifying of railroad management, which at one time required disinfecting as much as our politicians do now. , Corporations also are declining to pay for protection against strike legislation, and a large source of illicit revenue has thereby' been cut off. Perhaps the politician does not realise it, but under this heading would come vexatious regulating laws, the costly and unnecessary "full train crew" law, and other measures which will be familiar to everybody. It is doing no injustice to Albany to say that had the Stock Exchange been willing to resort to meana Wall Street considered allowable a generation ago, no restrictive measures would have passed either the Assembly or the Senate. "Lobbying" was unquestionably expected, and not the lasa bo that Its resulta would have meant the introduction of similar legislation every year. The Stock Exchange in this esse, as in the case of the stock transfer tax of 1906, has firmly refused to psy ransom. The situation will cure itself, A generation of politicians will auecetd lacking the unholy ' experience of graft and corruption possessed by their predecessors. The whole country will be the gainer, and for the present, we must possess our souls in patience. Bill pending in Kansas legislature providing that "when two trains approach a crossing both shall stop, and neither shall go ahead until the other has paused by," could hardly be called progressive legislation. QOLD CONSUMPTION. Perennial interest in the dally contest of the world's great nations for possession of the gold arriving in London does not promise to abate. The dearth of gold, which is ao conspicuous in Berlin, so evident in Paris and so commonjlaee in London, ia due in no small measure to the growing prosperity of all commercial countries and to the consequent increase in the industrial consumption of the precious metals. Consumption of gold in the industrial arts has been estimated at about $115,000,000 per annum; but, in fart, it is probably nearer double the', amount Assuming that all the gold not serving as money either in the banks or in general circulation is consumed in the industrial arts, that consumption is estimated as follows: Wnrld'eOold Production l.'UI.S.tl..VHl 'j.i)i.iM.'i,'.n i.iii:.n,-,,u44 .:llM.DHV.4.Vj 812.U10.1IMI Et. Industrial Conaumptlnii Period 1010 to 1012.. IftOS to I0IO.. lno to 10O.V. 15 to 1000.. ISM to 1803.. Per Cent. 4.1. Rrt 44. IM 44 48 4.1 Wl 43.11(1 4 -.-.', I H.1IM 074.5:w.7a3 71N..M2..-M4 H7:i.tKUt.Vi 3M,7M,7H(I Theae perlodt are. from the Drat mentioned exclusive to the follnwlns dale inclusive. year. Industrial consumption of gold has increased, not only in absolute amount, but also in proportion to production. The world is now producing at the rate of about $475,000,000 per annum, as compared with $118,-000,000 in 1890; and yet 45.3 per cent, of this huge output ia used for other than monetary purposes. From 1890 to 1695 only -43.7 per cent, was so used; and so long as the per capita wealth of all leading nations continues to increase, the amount of gold used for jewelry and ornaments will probably continue to grow. It is quite possible that the world's industrial con sumption may be, strictly speaking, somewhat less than those estimates; for British India is absorbing a vast amount of gold, much of which is not counted, and for lack of data cannot be counted, in computing the aggre gate stock of money. From 1900 to 1910 the absorption by India waa estimated at $433,000,000 and by Egypt at 1146,000,000. Athe present time India is absorbing in the net seventy to ninety million dollars of gold annually; and this is as completely lost to the world's money mar kets as though it were buried with Captain Kidd's treas ures, for India has a net merchandise export balance of $270,000,000 per annum, and her vast population of 315,-000,000 peepe has an appetite for gold which is far from Mtisficd. With the world s industrial consumption, including a part of the Egyptian and Indian absorption now up to about $211,450,000 per annum against only $71,000,000 prior to 1S95, it is little wonder that the world's money markets are fighting for gold. Railroad firemen who want pay for loss of sleep might set it off against the loss of rest they cause the shippers and railroad stockholders. INCOME TAX "AND THE REVENUE. There would be little necessity for levying an income tax upon the business of the country at the present time if the existing moderate duty on sugar were retained in the tariff.' The proposition to make augar free of duty involves wiping out $52,000,000 in revenue, and calls for a radical overhauling of the entire national budget ' It is impossible ta calculate the fiscal effect of the proposed reductions on manufactured articles in the tar iff Chairman Underwood " WW9 n1 means un' mittee ia committed to the principle of reducing duties to the-"competitive point," which means that he anticipates an increase of importations where duties are lowered It ia doubtful whether the reduction of revenue from tar. iff changes will eaoeed $40,000,000, apart from augar. . . The Democratic administration is assuming a good deal of responsibility in entirely upsetting the existing scheme of .income and expenditure. The Treasury waa never in sounder condition than at the present time; and it la doubtful if even the large appropriations of the last CongrjM wJU really causa ft rieflcjt, wh$n it s squsidered J BURLlXOTOy & QUIXCY. : No Damage to Road From ths'Wbf Tornado Out-look Promving for Plentiful Crops. :J, ' , " Darius Miller, president of the Chicago, Burlington ft Qulncy, aald that the recent tornados in Nebraska did no damage to the line, of the system. Mr. Miller aald that the general outlook along the Burlington waa 'most promising, and everything waa very favorable for plentiful crops, although Mr. Miller pointed out that it waa too early to predict definitely. Soil conditions cannot be Improved upon and the stand of early grain is excellent... s , FLOODS AXD TIIE MONEY MARKET. Seqvtl to Floodt Will A feet Balanct Held ffere for Ac counts of Interior Corretpondent. The natural aequel to the floods and grest loss of property in the Middle West, as far aa the local money market is concerned, will be a drawing down of bslancea held here for account of interior eorrespondenta. So far. however, the Mew York banks have not been appealed to to ship funds to the West This Is due largely to the fact that communication with interior is still demoralised. It is the genera opinion among bankers that before long, the monetary needs of the stricken districts will be felt here, anf this will have a tendency to keep money rates firm for some time to come. UNITED STATES RUBBER. Speculation a U WlulUr United Statu Rubber Common . Dividend Will be Inereaeed mt Direetorm' Mooting. The directors of the United States Rubber Co. will meet to take action on divldenda next week and rumors have been current that certain directors would icmmend an increase in the common dividend from 4 annually to 6 -annually. That there will be some opposition to an increase ia evident from the following reply of a director when he waa asked whether there was any truth in the report that the rate would be raised. 'If I have anything to say in the matter I will oppose any increase in disbursements to shareholders." REPUBLIC IRON & STEEL. Recent Strength Duo to Continued Large Eaminge and Dividend Proopeeto. The recent strength of the shares of Republic Iron ft Steel is attributed to a heavy increase in earnings and the fact that there has been some accumulation of the stock by prominent interests who recently became identified w'th the property. Republic in the first half of thia year is expected to earn at the rata or ifo annually on the preferred stock and over 10 on the common. This increase in earnings is due largely to development work over the last five years. Production has been increased, c sts reduced and products diversified. It is believed that the floods in Youngstown will not tnteriere witn operations beyond a week's period. HOUJTO'S LETTER. HISTORY OF FOREIGN COMMERCIAL DEVELOP-j M ENT . PORTRAYED IN,. FINANCING ..NEEDS . OF THE GREAT NATONS OF EUROPE. New Interpretation of "Dollar Diplomacy" Preeident WiUon'e Principlee oit Thio Subject Americas Ranker First Participated m Foreign Loan in lastLargeot Loons With South American Countrieo Ttet of Theory that Trade Fol-low Investment. The history of foreign trade developments among the great commercial nations for the past aixty years, at least, is the history of the financing of the needs of foreign nations by Great Britain especially, andalso to some extent by France, Germany and Holland. It has, in fact, become almost axiomatic that the nation whose bankers furnish other nationa with needed funda ia also the nation which geta a proportionately large amount of the trade, of the nation thus aided. This, in fact, !i all the meanino- there is in the term "dollar diplomacy." It has been observed in thia city since President Wood row Wilson announced that his administration would be conducted upon very different lines irom tnose characterise of the so-called "dollar diplomacy" of his rc- ( Continued on Second Page.) Union-Taclfic Dissolution. Washington Attorney-General McReynolda said yea- tarrlav there was nothinar new in Union Pacific disso lution matter, Partiee in interest were still working on a solution that would meet approval of all aides and con form to the dissolution decree of the Supreme Court that many items will not be entirely expended within the ..... tnr ahii-h thnv are annronriated. The excess of jini " . - -.- ordinery receipts over expenditures thus far for the fiscal year ending June 30, 1913, ia about $10,000,000, which is I2P.000.000 better than the record of the previous year. In view of the fact that receipts from the corporation tax (o "the amount of $26,000,000 are paid in June, the indi cated surplus for the current year, under the prenent Trenail rv ImdireL is about 165.000,000. Some of this could be spared without embarrassment to the Treasury. Income tax ought to be reserved for time of war or .ther ffrcat national emergency. Because the states have placed it in the power of Congresa to levy such a tax; it does not follow that Congress should mane naate to exhaust this reserve resource, which would be ao useful in time of national need. Even if anch a tax is to be levied, the rote might wisely be left at the minimum, without gradations for large fortunes and with a liberal exemption limit, leaving a higher and jtraded rate and a lower exemption limit as. reserve resources for the future. Tho Treasury will suffer no embarrassment, and the Democratic party will be just as well off, if it "leaves well enough alone" with respect to the sugar duty, seeking popular support upon what it can accomplish in relieving the bnrdene of taxation to the consumer upon manufactured goods and the raw materiala of industry. "BY THE WAY-" If the income tax does not make up the loss In tariff revenue, by all means compel all amployATs to raise sal-arlea to the $5,000 mark. - OOP: When the strike brings higher wages, the striker still wonders why the things ho buys coat more. e a a . European aardine crop has failed, but the subway supply is growing all the time. . . '' . . .. . Didn't Epictetus advise thinking twice before aceua- Intf ESTIMATED $100,000,000 NEEDED ; FOR AETER-FLOOD FINANCING. every Important class of corporation WILL NEED I NEW CAPITAL OUTLAY FOR . REPAIRING OR REBUILDING. States Affected by Flood and Storm, Represent 1 1, 000,000 inhabitant, Si.OOO Miles of Railroad and if 5 Town and Cities betide Damages to Cor- porat o Property, Country Roads, fridges and Village Property aa Well as . Farms Must Boar Heavy' ' ' Lots Financtng. ' - . I aaaaaaaaaaaaaaai ' What will be the after-effects of the destructive floods 'f and storms in the central states, is a question which commercial and the financial people are trying to answer from the- cuis of the meager information at their com mand at tliia early date. There are many different views held aa to the possible losses in property, to say nothing about the tragedy which has taken toll of fully three thousand lives within the short space of a week's time. But there are few who venture to question the estimate which places property impairments and losses of a cor. porate and private nature at not much less than $100,-000,000. . In banking circles the view ia expressed that we are still in the exaggerating stage of loss estimating, but that the real impairment of wealth of productive character ia bound to be enormous. "I do not care to be quoted," aald said the president, of a large institution, but wherever destruction hss occurred to the working resources of the country there will be need of some borrowing to resume business. Many corporations have temporarily no income and that will require other leas urgent uses of funds to wait" "These flood losses may not raise money ratea much," said another banker, "because ratea have been growing easier .internationally at least for a week or more. But there will fall a special burden on the financial resources of the country, because of this series of calamities to our western communities. The demand will, however, come gradually after the first rush, and it can be taken care of without any serious consequences." The storm areas over which devastation hss done its work eince last Friday, when it began in Nebraska, includes aix of the most populous of the North Central states on both sides of the Mississippi. These are Nebraska, Missouri, Iowa, Illinois, Indiana, Ohio and portions of Western Pennsylvania. The states west of Penn-ylvania have a population of 21,000,000. They contain 50 cities of over 25,000 people each and 522 towns and cities with populations of 2,500, and over. . All of these Continue3on Third Pago.) VULCAN .SHIPBUILDING CO. Past Year Paid fft Dividend Against life m 1911 and IS to HYo Previously. It Is reported that one of the reasons for recent weakness in the Berlin market was the unexpectedly bad report issued by the Vulcan Shipbuilding Co. of Stettin and Hamburg. For the years 1900 to 1907 the company paid dlvidenda at the rate of 14 per cent For 1908 and 1909 it paid 12 pet cent In 1910 and 1911, 11 per cent was paid. But for the past year it Is able to pay par cent only br having recourse to the reserve. The cause of this lies in the fact that while the great and rapid enlargement of the German Navy led to an unnaturally speedy expansion of the shipbuilding industry, there haa not been developed a business of orders from outside. With the new plans for the expansion of the army rather than the navy, the future of the shipbuilding trade ia not considered to be favorable. Recognition of diluent? Republic Urged. Washington Dr. J. F. Zaman, president of the American China Society, urged President Wilson to recognise promptly the Chinese Republic. He warmly ap proved the President s position on the Chinese loan question. BLAIR & CO 24 BROAD .ST., NEW YORK Domestic and Foreign Bankers INVESTMENT SECURITIES Travelers Letters of Credit Do you want specific anoVcomplcte information regard ing the controlled companies of the newly formed AMERICAN PUBLIC UTILITIES CO. The 1913 edition of Moody's Manuel of Rati, road nnd Corporation Muvuritiev. Vol. J. will give you thia data, alio Income account to Doc. 31. We are giving our subscribers this year more service on more corporations than ever before, and at no increased cost. The above is but a single illustration. Send yoKr ordVr today; both volumes eott but $1S? including monthly oupplentent. .Always up to date. MOODY MANUAL CO. S3 Breadaar Itw Yark WANTED BO Madtaea Alkali Wit real, jas Brnwrnry OmtUm Car . IM Aafa laveatawat See com. ne let. Kdae. A Pee. aid. aue Aaeer. Tfcread afd. SS Staadard Serew afd. 1 Vale A Tewae al. SOS Seatalaartea Haedw. Co. see C. a. Ftaukiaa mm. be V. S. Plaleklaa afd. 40 Pratt A Head Ca. BO KUea-Beawat-PoBd Ca. SS Pratt Wkltaer afd. ad Hartfard Carae earn. FOR a ALU OA A Birr. Caramel afd. SS Htrai., Kaelry A Beea. aC no MoaitoB HHr lav. C. at d. SO tttlee Servtee atd. SS Aaaerleaa Hardware Co. 10 Halaiea Ufa-, ta. tS lateraat. Silver afd. SS llayt.a Paw. A l.t. eeaa. ne Miir. a i ibriciee st. Rr. iioo llaal.trema Metal, Dear em Hrtnlei Water Ca. 45 Kdw. Miller e. S5 ta, Pablle Utilities afd. fie Dulatb KdUea fd. ne Ceaa. JCoetwear to. BO Mt. State, -iwpeaae nOTCIIKIN & CO. Dealers la VaUated arcurltlea. - cm Kmm York. 6S State Btreet. Boitoa. lf.u Teleohonea 8680 John. Private telephone to Boalon. W. C. LANG LEY S: CO. 10 nail Street - 8AXKSBJ . White Building New Tork , . Buffalo, N. T. MUWICIPAJL RAILROAD AMD COBPOBATION bOKDb. LAKE SHORE 1st ttta REGISTERED ' CENTRAL R. R. NEW JERSEY REGISTERED ' ST. PAUL GEN. 4a REGISTERED r FREDERICK VV. LLDWIG a-J ear Bread BBOAU 8Ta BKW VOBBI AMERICAN PIANO COM. ft PFD. AMERICAN NEWS COMPANY STOCK . CLt'ETT PEABOUY PKD. - ATLAS PORTLAND CEMENT COM. ' ELIJAH WOODWARD ft CO. Ag EaekAaaa Place, nr T. el. eiaa-eTM Haaevar, Aa ccanonaI ahrertkement wJ not buld op a bosom h'm penifteacy ia using the right medium that makes for success. ( POOR'S MANUAL ' ' ' . a op , ' " PUDLIC UTILITIES 191S Edition now In Preaa Ready la April A COMPLETE MaRl of Over MM rages' Devoted entirely to Public Utilitl strant ttailwava. Gas, Electric Light, Water, Power, Telephone and Tele graph Companiea, including over 1,000 statements nof found in any other manual;. . Price II.S0 ' An order tent note will secure prompt delivery. . Poor's Railroad Manual Company 837 Pearl St Tel. 3897 Worth New York C. 1. IHIUPSON 34 and 36 Wall Street Hotel Plaza Fifth Avenae Building Produce Exchange MEMBERS CINCINNATI BINdMAMTON ' TORONTO WILMINOTOM SCRANTON ' WILKESBARRB Now York Stock Exchaara New York Cotton EaxhanM New York Coffee Exchange Chicago Board of Trade Chicago Stock Exchaora Philadelphia Stock Exchange WILLIAMSPORT Outside Securities Department MOODY'S ANALYSES OF INVESTMENTS Br daha Meedr Part 1. Steoat Rallreeea. The most comnlato nnhltctlna of the kind ever lanued. Tho St.rfiit.rd Authority on Rail road Security value. Complete cnalyaea of all properties, foil dewrlmlona and RATINGS of ll Bond and fMock 1. aura, and many other valuable features. The only real analyet. on railroad. Price, SIS net rare. ii. Paaiie 1 tliitie. aad iBdaetriaia. New in preparation. Covering thia flflJ completely, all comnanlaa beina? analysed and ae.-uritlra RATED, etc. Price flS net. The Railroad Edition for ISIS nU be ready shortly t tho Public Utilities and Industrial Edition a feut months) later. Combination orders are received in advance for. both editions, at f!S net. (Three are the only annual nnblleatlona with which" John Moody haa any connection!. ANALYSES PUBLISHING COMPANY as Nassau Street New York WAKTKD Aoaerlraa Caal l.eoe i Adlreedark t:i. Pr. eeaa. laa Bataay M antra Mill. too t re aap. ftkla A Kb. Bide lea i titles nenrlra afd. ion i I3r ! tjuk. A U'mt. Teal loo lalatfc KAUaa Kl. raea. 3a I Kaetera nterl let afd. IM i Karearaa A V la, K.R. tan MIm. River Power eeai. Sao i Pere Mara. K. K. IM ardT ' tea i NiBB-er MaaafaetaHaa an aalafcercer A Pees afd. Sail VOH SAI.B A aw. Tkread afd. ta. Type Kra. reak A St. Imerteea Meter Rrrkaklre Cettea Mllla llaarark A V Urea t eaaertlrat K. Pr. eeaw leaver A Kertkw. R. K. Federal 1'llllttea afd. v.r, Statea Pr. eee.AafJ Seek. A I.I. Km. R.R. e'.1 taad. ;. A K. eea. A tf. I . S. Kaveleae afd. I' H. Metal Pred. eeaa. Ktaadard t.aa at Kl. eeat, Vlrdalaa Railway See 1'. a. Plalak. eeaa. A aid. ISO Vtceaera Pawer eeaa. FREDERIC H. HATCH cc CO. Standard Oil and Segregated Companies' Stock - . , aa Cnaa Private telephone to Boatoa aad Philadelphia. WE SPECIALIZE IN Cities Service Stocks Georgia Light, "Power & Railways Stocks! Utah Sec. orp. Stock and Notes CHANDLER BROS. & CO. MEMBERS NEW YORK STOCK EXCHANGE Specialists in PUBLIC UTILITY ISSUES til Broadway, N. Y. Phone 8151 Rector KHH HLE ' I.-, AMERICAN -KPi:AK!X? TELEPHONE .-. liORDKN K Mir.K COMMON KHi H. R. WORTHINGTON I'l MP PREFERRED Mt NATIONAL ri'KI. tJAS llMt lTlf ELEVATOR COMMON !W ROYAL BAKINO I'OWDER PREFERRED 7:. KEN WIN t'HICLKTH 100 6A1ETY CAK HEATINCS LIGHTING LOVVN & ROSS 10 Vi LL ST, S. V. Telephaae Reefer Idea Unlisted Securities of All Kinds r rr.ee Mf. t o. AeBBrlalea . I. a a d Retaef Slain l a. Meada Aaerrlraa Tyae fr'aaadera t aa at.a lalrraatlBBal Halt I t, aturk aad 5e vatrrlraa lll.lrlrt Tel. Ca, ef Sew York Delaware, Laekawaaaa A Vtratera Coal la. R. F. Westerlleld TeL :S98-23M John. 44 Wall St. . T. TAX EXEMPT GUARANTEED STOCKS . Yielding from 4.15 to o Descriptive List Sent Upon Request Joseph Walker & Sons Meaikera Xew York Sleek Eaehaase. ad St- Aew York Private Wire to Philadelphia. FOlt SALIC 500 Shares Royal Baking Powder Preferred I at 105J . LADD & WOOD Members Now 'York Ftncl Exchens. aae Rector T WAI.I. STHr.KT. Jt. V. CTTT) Bheae Orders promptly executed In the STANDARD OIL STOCKS TEFFT & COMPANY e NASSAU STREET PHONE RECTOR BAOO WHO WOULD LOSE? If yen were to vl.lt your Safe Depoiit Box and And It had been rifted, where would the rraponaibiltty re.tt Oar So would place the blame and secure you. 'Write lor caUloYu "BsU Depoelt lloxea Which Are Safe." NTKHIIATIONAI. SAFK A LOCK COMPAMT a.i,. Mew York. Pkeae Bread aSSt WAMTKR . FOB BAI.B ir a MaleklB eeai. Flal.fclBB aid. V " il" . 1.) af. A eaai. Ma.ta aecarlllea eea T 5. SiaS. eoav. aa, IWtS Aater, Urashopkoae earn. L1NDLEY & CO. afembera Hew York Slock Exchanse Tel. SO Beetar. IPS Broadway, W. T. Chicago Securities DAOCOCK, RU8HTON & CO. Meathera New York A l klcee Sleek Exckaaseo T Wall SU H. Y. The Rookery. Chlcaao UKLF WASTED JtALE. VVANTED A aalesmao who la familiar with both bonds aad stocks aad having a wide actjualaUnce with East, ra aoad houses. To the right man a position avlth drawing account aad commissions la open which should pay at leaet 3,000 the first year. Address Box 14 C, The Wall Street Journal. TELEPHONE CLERK Wanted an experienced tale-ohoae alanal clerk on curb wire, for a Standard Oil housel, FOB VrUE CLASSIFIED ADV, IBS PAGB S, tat Cvb X Btl ''S, I trAw-;-i inwO'n. -it b .-.1.,V...-i-i-lal

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