The Wall Street Journal from New York, New York • Page 7

BIRMINGHAM DISTRICT SELLS 150,000 TONS OF IRON BUSINESS BOOKED AT $18 TO $15.80, AND SOME AT $16 THE GENERAL MARKET FIRM Birmingham Birmingham dUtrict iron men have aold not leat than 160,000 tons of iron in the past two or three weeks. Leading in "the felling hat been the Woodward Iron followed closely by the Republic Iron I Steel, the Sloaa-Sheffield, and the Alabama company. Tennessee company doe not report large tale, bat it probably haa had little to sell, on account of ita own requirements. The business was booked on a basis of and $15.60 for first and last halves aa a rule, but a good deal of iron was also listed. The Alabama company has obtained as high as $18.60 for its high silicon and high manganese Clifton brand, and is out of both special and foundry markets for the time being.

Recent bookings approximated 15,000 tons. Activity in the market makes it more than probable that the company will resume at its two Gadsden stacks. Woodward Iron Co. has announced that on July 1 it will put rta 400-ton stack on basic iron, and operate on basic until January 1. and possibly for an indefinite period thereafter.

With only 100,000 tons of free foundry on the Alabama yards, this additional prospective with-drawal from the foundry make is the basis for serious thought on the part of the consumer. Altogether the iron market is so much ttiffer that, although at the close of the week, the operators, adhering to their conservative attitude, had not advanced above the $15 and $15.50 levels, a rise in price; under existing conditions, seems imminent and unavoidable. The coke market has never been as brisk. There is practically a minimum price of $4 f. o.

b. beehive ovens. A great stimulus to -the coke trade has been imparted by the Louisville A Nashvill Railroad's publication of a special milling in transit rate of 17 cents on coal to coke ovens in a 25-mile (one of shipment. This will enable the assembling of proper coking coals at ovens, and their manufacture into coke at a much lower price. Ovens cold for so long as ten years will be fired up until there is not an idle one In Alabama.

The Tennessee company has just resumed at beehive ovens in Bessemer, idle since 1912. Southern water and gas pipe works are very buiy. Sanitary shops are not so much so. Prices have advanced to $28 for 4-lnch, and $25 for 6-inch and upward, with $1 added for gas pipe and 16-foot lengths. NEW PUBLICATION How sweet the world wants to be is illustrated in the fact that the annual consumption of sugar is valued at three times the production of gold, four times the value of coffee, three times the value of tobacco, four times the value of petroleum and six times the value of rubber.

In the introductory chapter of his booklet "Cuban Cane Sugar," Robert Wiles presents the foregoing interesting comparisons, and shows how prosperity, the high cost of living, and even the prohibition movement have been factors in raising the production of sugar from 2,760.000 tons in 1870 to more than 18,500,000 tons annually at the present time. It is interesting to note that in most cases those nations which have the greatest wealth likewise show the largest consumption of sugar, and also that in the case of the United States the consumption of sugar has been In proportion to the increased wealth of the nation. The candy-making industry, which is closely identified with the manufacture of sugar presents the people of the United States an annual bill of more then $500,000,000, which exceeds the amount subscribed to the recent Anglo-French loan. Napoleon was the founder of the beet sugar industry, as it was through his efforts to overcome a threatened shortage in the sugar supply of Europe that the best minds of the Continent devoted their energies to the perfection of processes for the extraction of sugar from the beet root While European scientists were forcing the beet sugar industry ahead, ths cane sugar industry was practically stagnant Crude methods were employed in the manufacture of cane sugar until recent years when more modern methods were introduced. No struggle for supremacy is more Interesting than that which took place between the cane and beet sugar industries.

In 1870 the production of beet sugar was less than half that of cane sugar, but in the decade 1870-1880 the production of both sugars was about the same. For the twenty-six years following, the beet sugar industry forged far ahead of cane sugar in production, which was due to the activity of European scientists aa explained above. In 1907 cane sugar gained the ascendency in production but lost it again in 1908. Since that time, the production of cane sugar has been ar ahead of beet sugar and in 1914 there was a difference of about 1,000,000 tone. With the beet sugar industry of Europe paralysed at the present time, the world must look to cane for its supplies, and the production of cane sugar for 1915-16 promises to be one and a half time that of beet sugar.

"After fourteen centuries of experiment with cane," Kays the author, "two spots have established themselves as pre-eminently suited to Its culture. These spots are Cuba and Java. The secret of Cuba's superiority lies in both the quantity and quality of her soil." In Cuba there are many cases where fields are yielding cane from one planting made over 30 years ago, whereas in other sugar-producing areas, annual plantings are necessary. Cuba produces by far more cane sugar than any other country in the world and the resources of Cuba in this direction have only begun to be exploited. To use the author's words regarding the future of the industry: "Cuba sugar can be as big as Mind and Capital can make it and therein lies America's opportunity." There is much that American fed and Capital can do in the way of improving agricultural and manufacturing methods in the production of sugar.

In addition tha industry must be centralized, markets must be opened, and up-to-date methods of merchandizing muRt take the place of antiquated and out-of-date practices. Large producers can experiment to determine the relative merits of the various grades of cane and with the introduction of modern machinery there will be less waste and a larger precentage of sugar will be extracted from a given quantity of cane. Some work has been done along these lines, but the Cuban cane industry offers a large field for further advancement. In connection with a description of the process of the manufacture of sugar, several views of the interior of factories and the conditions surrounding the manufacture of the product are given. Statistics are given showing the comparative consumption of sugar and wealth per capita of the principal countries of the globe.

Another table gives the production of the principal cane-producing areas of the world. Cuban Can Suaar. A sketch of the lnduetry. from oil to sack, together with a jurvey of the Wrcumtiince which eomblne to make mim th lumr bowl of the world. Hy Robert Wllra.

Illutrat) by six photographs. SS duki-i Bobba-Merrill Jndlanapolla, jmbll.Uer.. a 0 FEDERAL TRADE 00MMIS8ION MANUAL This work traces development of the legislative Idea embodied in the Federal Trade Commission Act and the Clayton law, viewing the Trade Commission as a protecting supervisor in so regulating industries as to free them from restraint in their development due to' constant fear of Sherman law prosecutions. For practical guidance there are grouped here the statutory and constitutional provisions, leading cases and authorities, principal debates and memoranda of Sherman law litigations, together with considerations of principles governing trade relations when question of unfair trading arises. By Harvey and Bradford.

Johi Byrne ft Co. 45" pp. 5. THE HEEL OF WAR This is a reprint of the articles by George B. McClel-lan, published in the New York Timet, with which the reading public it familiar.

Mr. McClellan has traveled extensively through the countries at in more peaceful and is well acquainted with the political history of Europe. After the outbreak of war he spent six months in those different countries in order to obtain information at first hand, and embodied his views in the aeries of Arti cles, published as above mentioned, and now issued in Iwwilr farm. "The Heel ef War. by 0or h.

McCUUan. IT, tl. fi. W. ZMUtacham Co, New Tork.

LIVE STOCK STANDING TITE i HARD WINTER Lcuei Ettimattd a Uttlt Greater Then Venal tnoreaeing Hay Production in CattU State a Great Benefit io the Herat Mlnneapolii The livestock industry of the West Is pulling out of the severest winter In thirty years, with losses only a little greater than normal, and stock In better condition than la usual in the first days of March, Secretary A. A. McKtrhnie of the St Paul Union Stock Yards Co. express the view that considering the severity of the season the herds will be found to have done well and this opinion is shared by Vice-President W. E.

Briggt of the Northwestern National Bank, Minneapolis. John H. Rich, reserve agent of the Ninth District Reserve Bank, Minneapolis, says the passing of the old time practice of open range feeding through the winter and the increasing hsy production in cattle states accounts largely for the difference. Old time cattle men say that there has been no winter comparable to that just breaking up since the season 1686-1887, which was notable for heavy losses. MISSOURI PACIFIC Washington The Missouri Pacific reports to the Commerce Commission, for January and seven monins, compared as follows: January: Mileage Freight revenue Passenger revenue.

Total operst rev. Mslnt'nce of Mt of equipment. Transportation exp Total operst exp. Taxes Oper 1916 8.9S0.71 $1,751,129 854,293 $2,313,393 820,069 581,512 948,126 $1,981,277 108,063 Seven months: Freight revenue Passenger revenue 1,814,636 Total oper rev. Mt of way struc 1507388 Mt of equipment.

Transp Total oper exp. Taxes 2.223,711 4,764,668 $8,964,494 365,207 January: 1016 Mileage 5,087.82 Freight revenue Passenger revenue 943,455 Tot op revenues $5,041,144 Maint of way and at 616,187 Malnt of equipment. 872,745 Transp expenses 1,568,488 Tot op expenses $3,266,622 Taxes 187,690 Operating Income. $1,576,424 Seven months: Freight revenue Passenger revenue. 6,640,809 Tot op revenues $84306386 Maint of way A st 4,861 061 Mamt of equipment 6,150,594 Transp expenses Tot op expenses $22,7073 25 Taxes 1388.747 1915 Changes 8,919.68 Inc.

$1,565,696 Inc. 388,166 Inc. inc. 247,784 424,095 Inc. 954,044 Dec.

$1,784,588 Inc. 98,590 Inc. $8,813,731 Inc 892.119 Dec 6,084.28 Inc. $2,962,827 Inc. 864,168 Inc.

$4,126,481 Ine. 661,911 Dec. 843,185 Inc. 1.454,681 Inc. $3,191,482 Ine.

178,769 Inc $28,601,165 Dec. 1.251,818 Inc 11.03 $185,433 16,126 $225,673 72,284 107,416 5,918 $196,698 9,473 Operat'g income. $273,222 $252,212 Inc. $21,010 Seven months: Freight revenue $18,188,325 Inc. $417,594 Passenger revenue.

8,108,443 2,916,148 Inc. 192,299 Total operat 18,285,088 Malnt'nce of 2,756,180 Mt of equipment. 8,708,117 Transportation exp 6,472,716 Total operat exp. $18,904 87 Taxes 709,989 Passenger revenue Total oper rev. Mt of way struc Mt of equipment.

Transp expenses. Total oper exp. Taxes $2,140,284 147,392 882.858 762,843 58,650 $17,506,541 Inc. 2,205,586 Inc. 8,262,425 Inc.

6,695,927 Dec. $18,061,111 Inc. 690,180 Inc. 1915 880.55 Inc. Inc.

172,516 Inc. $1,585,639 Inc. 1S5.393 Inc. 342,942 Dec 692,691 Inc. $1,269,040 Inc.

58.500 Inc. $728,546 550,594 445,692 223,210 $843,276 19,809 Operafg income, $3,600,991 $8,746,806 Dec. DELAWARE HUDSON Washington The Delaware Hudson reports to the Interstate Commerce Commission for January and seven months, compared as follows: January Mileage I Freight revenue 1916 885.63 $135.1381 192,194 Changes 5.08 19,678 $554,644 11,999 10.08.". 70,151 $89,624 150 $722,068 $257,061 Inc. $465,006 $10,944,141 Inc.

$1,534,388 1,814.925 Dec 389 $18,606,284 Inc. $186.067 982.652 Inc. 224.73C 2532,731 Dec 9,020 4,899,998 Dec 135,430 26,911 Oper Income $8,760,458 $4,299,945 Inc $1,460,512 LOUISVILLE XASITVILLE Washington The Louisville A Nashville reports to the Interstate Commerce Commission for January and months compared as follows: 1915 Changes 8.54 $780,023 89397 $914,712 46,724 29,560 108,952 $76,140 18,931 $165,984 Ine. $820,489 $22,095,671 Inc. $3,203,999 6,704,578 Dec.

68,763 $80,970,709 Inc $8,886,676 4.911,826 Dec 6.857,778 Dec. $10,645,294 Dec. .60.765 2Q7.187 $601,779 $798,880 83,433 Operat'g income $10,246,820 $6,214,949 Inc. $4,031,571 Ohio Cltie GaH Columbus Substantially all stockholders of Dayton Gai Co. have assented to the proposition for the purchase of the company by Ohio Cities Gat Ce, on the basis of the exchange of $1,650,000 6 preferred stock of the Dayton Company for an equal amount of the 614 preferred stock of qhio Cities Gas.

The latter company will acquire the $660,000 of common stock of the Dayton company at $70 a share in cash. Former Governor Cox of Ohio will enter the board of Ohio Cities Gas at a representative of the Dayton interests. Security Issue Legislation Washington Legislation giving the Interstate Commerce Commission authority to veto the issue of railroad securities was recommended to the House for passage by the Houee Interstate Commission Committee. The committee voted to recommend the Rayburn bill, giving the commission the power to supervise and prohibit all necurity issues except issues of notes running not more than two years, and aggregating not more than 6 of the outstanding obligations of the railroads. Appropriation for Good Roads Washington The Senate post office and pott roads' committee recommended reduction of the appropriation in the Shackleford good roads bill for the next year from $25,000,000 to $5,000,000.

Appropriations of $10,000,000 for 1918 $15,000,000 for 1919, $20,000,000 for 1920 and $26,000,000 for 1921 are also recommended, instead of the flat $25,000,000 annua) appropriation of the Shackleford bill. Anthracite Rates Modified WashingtonThe Interstate Commerce Commission has further modified its prder of July 80, 1915, in the anthracite coal case in so far as it affects certain items which refer to joint rates for the transportation by the Pennsylvania Railroad Co. and others of anthracite coal from certain points on the Delaware A Hudson and the Delaware, Lackawanna It Western to Perth Amboy, N. for reship-ment by water. Grants Wilt Against Alleged liucket Whops Harrisburg, Pa.

The Dauphin' County Court Rranted a writ In quo warranto returnable March 27, requiring the Pittsburgh Stofk nnd Produce Exchange to show why it, is operating ns it is, and whether or not it js violating the anti-bucket-shop laws of Pennsylvania- INTL NICKEL DEFENDED vs IN CANADIAN HOUSE CABINET MINISTER IN SPEECH RESENTS ASPERSIONS ON GOOD FAITH OF COMPANY'S i MANAGEMENT Teutonic InUrtti Only One Short in Thoueand Britain Paying Leas Ttum Before WarNe Metal Sent to Germany BriHtk Government Approved Detail PeHey Company Friendly Attitude Ottawa Arthur Meighen, solicitor general of Canada, la a reply in the House of Common to charges made by 3. G. Turriff, of Aaeiniboia, against the International Nickel Co, made a defense of the company in which he aid: "So far from being controlled by a corporation if people in Germany and 'Austria-Hungary, they have only one share in a thousand; se far from doubling their usutl rate against Great Britain, they are selling at a leas rate to them than before the war; so far from giving nickel to Germany at any price they want to pay, there has not been a pound of nickel sent by that company, or through that company in any way, to Germany or Germany's allies ince the war In the course of his defense against allegations the export of nickel Mr. Meighen said there had been laid upon the table of the House within the last four weeks papers showing absolutely that there was not an atom of fact in the charges made. Mr.

Meighen dwelt with emphasis on the he said, because the situation with regard to nickel involved the very fidelity of Canada to British interests. Referring to correspondence laid on the table of the House on February 11 disproving the statements made, Mr. Meufhen said: "That correspondeneehowa that after the outbreak of the war an arrangement was entered into between the Government of Canada and the International Nickel with the approval of the. government of Great Britain and not only with the approval, but with the unqualified approval, and with a special note from that government appreciating the conduct of this government for its action in the interest of Great Britain and her allies. The government of Great Britain are with us on this nickel policy, not partially, not in principle alone, but in detail.

They have approved of every step taken as being ir. the best interests of this empire." On December 24 Sir George Perley, Canadian High Commissioner in London, cabled Prime Minister Borden as follows: "Hopwood, chairman Restriction Enemies' Supplies Committee, charged with such matters, assure British government quite satisfied with arrangements trade by you regarding nickel. Appreciates steps you have taVen to assist them in this important matter." Mr. Meighen said that an official of the government a WIIEAT condition Complaint Damafe Come Chiefly Frem the Soft Grain State The Etfort Outlook Chicago Soft' winter wheat states are tht principal complainera of crop damage. Kansas and Nebraska gen rally send in good reports.

Illinois and Indiana make numerous complaint. The flrat complaint on the corn crop for 1916 was received from southern Texas, which said that on account of dry weather the seed was not germinating properly. The export wheat situation is not regarded at encouraging for American wheat holders by tome exporters who have made a close study of the conditions at tht aetboard. Manitoba wheat it said to be scarce in the East, the wheat shipments prior to tht close of lake navigation having been closely toM while the rail shipments have been disappointingly small. This situation has' created better demand for hard winter wheat and United States spring wheat, but it is claimed that about enough has been bought to fill the bulk 6f March-April bookings.

Oper WIIEAT IX has had access to the books of the International Nickel 're'Knl revenue Co. with its friendlv consent He said further: "He haa 1 "nger revenue had all the access that he required or asked for to enable Total oper rev. mm to rnerx to tne run tne carrying out or truu arrange- jft of wav A struc ment Having had that access, and as a result of that I u. Mminment I inspection, knowing whereof he speaks, Mr. Graham Bell i Xmngp i fintnrir.l comptroller of ths Department of Railways and in Canada) rives me such assurance that I can i Total oper categorically aay to the House that not one pound of Ca- i Taxes tmd nn nirlcel has reached the enemv since the war beran.

1 It is a fart that cannot be contravened that by vir tue of that arrangement, not a pound of nickel sent from this country, at Sudbury or anywhere else, has reached I the enemy since the war began. It Is true, of i course, that the arrangement might be violated, but the To a querv as to whether, if riirkel exported by the Freight revenue company got to Germany, it would be shown to the in- Passenger revenue spector, the Solicitor General replied: "They could not avoid It. The system of Inspection absolutely covers thst point They could not do it under the system of Inspection and the British government ratified the arrangement. "As respects this nickel, our blockade is so effective that not a pound ha ever got on the water. The British Cab'net does not have to come in at all." The Solicitor General commented on the complaining member as making "a lot of wild and turbu'ent rta tern en ts at foreign to the fact a his main statement." The Solicitor General rrad a letter to the Rouse written by Mr.

IWtwirk, assistant to the president of the International Nickel to Graham Bell, dated November 24, 1914. the facts of which, the speaker said, "were net only confirmed on inspection later, but remained substantially true today, at all events, there is less stock owned in eremies countries now than then." The letter said in part: To our positive knowledge, the Krupps have absolutely no influence In the affairs of the International Nickel and it Is our implicit belief that they have no ownership of any securities of the company. "Our 1lt of stockholders on record shows that only 158 shares of common and 263 shsres of preferred stock are owned bv stockholders resident In Germany and Austria. An examination of the Mst of stockholders on record is open to' any one of our Canadian stockholders, and we rhall he glad to extend the opportunity of examining the KANSAS Report to the State Board That the Improved 1916 1915 2.049.01 2.043.59 $3,907,207 $2,560,438 481,957 837,884 $4,538366 $3,03850 438,366 328.514 875,307 626.593 1,210,517 1,023,669 $2,643,638 $2.074517 175.COO 168,000 $1,719,640 $995,986 $20,610,477 3,502,172 2.915,784 $32,700,685 $24,519,570 8.905,754 348.683 6,781.656 4.816.812 8.132,645 7.390,662 $18,608,428 SI 6.1 8 1.74 6 1,190,000 1,038.000 $12,900528 $7,299,709 ILLINOIS CENTRAL Operating Income $1,133,886 Seven months: Freight revenue Pafsenger revenue 8.029,538 Total oper rev. Mt of way 4 struc 5.850.148 Condition NORFOLK WESTERN Are Topeka Reports of improved conditions of the wheat plant are coming to the State Board of Agriculture from nearly all sections of Kansas.

Many fields which showed signs of serious injury from the January ice blanket ten days ago, are greening up and promise to make an average crop. The main, or tap root of the plant has not been injured materially, the reports state. There are scattered fields in twenty or more counties, on which tho wheat is so thin it will not pay to let it stand. The growers and elevator men report that fields where the promise is not greater than a 40 yield will be plowed up and planted to corn or oats. Spring plowing is in progress all over the state where the ground is not too wet.

-There is no frost in the ground and the soil is' loose end mellow, a fine condition for all kinds of crops. Washington The Norfolk A Western reports to the Interstate Commerce Commission for January and seven January: Mileage Freight revenue Passenger revenue Total oper Mt of way ft struc Mt of equipment. Transp expenses Oper income. Seven months: Changes 6.42 $1,346,768 144,072 Inc. 109,852 248,713 186,947 $569,421 7,000 $923,653 17.538.458 586,383 657.070 965.054 736.982 152.000 Washington Illinois Central reports to the Interstate Commerce Commission January and seven months.

arrangement Is not violated, and we ar in a position to I compared as follows: know that through the inspection of an officer of this January: government. Mileare Total oper rev Mt of way A struc Mt of eruipment Transp Total oper exp. Taxes 1915 4.767.14 $4. 13. ",,093 1.107.M5 653.435 1 1.371.118 1.914474 323.000 1 THE WALL STREET JOUIiNAlv SATUHDAY.ilOUNING M.UtClI.ll, 1U1U.

7 mm AMERICAN i 1 EARNINGS DEFICIENT ONLY 8.4 EARNED FOR COMMON IF 1 DIVI DENDS BE CONTINUED, SURPLUS MUST AGAIN CONTRIBUTE For Three Sueeeeeive Yean, Earning Have Fallen Short of Dividend ReqMtremenULarge Cash Surptue Ha Enabled Company to Continue 7 Dividende on the Corn- Stock i same to you should you so desire. and turn to supplying tremendous home demand especially dry goods liufinef! continue well ahesd of last year for TWf ownership, said Solicitor General Meitrhen, con- immediate an.i future shipment. Sale for fall delivery stltuted "less thsn one share in a thousand. There Is a i ConnelNville coke users will begin active buying unus- are much larger than any previous season. Home record believe more In proportion than that of this company; in fact I am informed by the Prime Minister that it Is very much more.

No more absurd suggestion could be offered to the House." As to the question of prices. Mr. Meighen said: The Iron and Steel Trade The Daily Iron Trade says: Indictment of 'ron and steel concerns has aroused amused 1914 4J, and in 1915, 6.45. The packers have always enjoyed the reputation of netting the smallest profits on sales of any industry. But it looks a if the mantle of supremacy in this connection has passed to the sugar refiners.

American Sugar's' grott sales last year are understood to have been approximately $1. profits from which were leu than 2. Swift A 'Co. on its $500,000,000 gross earned 2,8. The high prices for a raw sugar which have ruled since the war began have been of no benefit to the refinery operations of American Sugar, which does not itself pre- duce a pound of raw sugar.

But by virtue of larger dlvj-v dends from Itt holdings of beet sugar stocks the company Is a decided beneficiary. The gain of $700,000 in Jneome from investments last year it traceable to this aonrot) and, moreover, the securities still held by 'American Sngmr in seven beet sugar companies appreciated substantially In market price last year, although they were not marked up in the balance sheet. The consumption of beet sugar in Iho United States in 1915 Increased about 146,000 tons, or over the previous year, whereat the consumption of refined sugar manufactured by American Sugar and other refiners actually declined. American Sugar's profits other than from factory operations just about provide for the on $45,000,000 preferred stock. This leaves the refining business proper to produce 7 for an equal amount of common stock.

A fraction over 2 on gross sales of $150,000,000 would do it, go that when competition in the manufacture of an essential article of diet compresses profits to such a low figure as this company reported last year, it is reasonably safe prediction that a recovery is Impending. American Sugar's stockholders numbered 19,665 en Dec. 1 last, New England holds Qrr of the $90,000,000 stock. Massachusetts alone accounting for $44,814,100. In fact, the amount of both issues held outside of Massachusetts and New York is less than $20,000,000.

The net working capital of American Sugar at the beginning of the present year was $39,316,000, of which was cash. The salient financial figures for the past four wars follow: 1915 1914 1913 1912 Net earn. $6,101,341 Pfd 3,150,010 3.150,000 3,150,000 3,150,000 Available for 2.447.980 1.951.341 on com. 5.4 4.3 Net cap 39.274.4S8 Cash 19,110,779 36,492,083 17,587.854 DIVIDEXDS UNCHANGED throughout the steel trade, which declares to be absurd 0f aat year, and prices are firm. 3,527,995 7.8 40,750,363 Pittsburgh Pittsburgh Plate Glass Co.

has declared the regular quarterly dividend of 1 on the common stock and usual annual dividend of 12 on the preferred stock, payable April 1 to stock of record March 16. Philndelphia The West Jersey Seashore Railroad has declared the regular semi-annual dividend of SHTr, payable Anri' 1 to stock of record March 15. Co. has declared regular quarterly dividend of IV. on the preferred stock, payable April 1 to stock of record March 21.

Montreal Tramways Co. has declared the regular semiannual dividend of 24'; on its debenture stock, payable April 1 to holders of record of March 17. BufTalo Buffalo General Electric Co. has declared a DRV GOODS TRADE Chicago Field i Co. report current whole sale distribution of dry goods much above a year ago.

Road s.ale fir irmnciialo delivery are in greater volume and continued heavy buyinir fr fall indicates that merchants realize the situation and are getting under cover. More customers have in thp market. Collections are grand jury charge or a wage ana price nxing irusi. Vir mills refrain from shinoine to foreign countries- Chicago lohn V. Karwell Co.

saw general wholestm sort of nebulous shad w. on one-thousandth part of truth, vnv farlv this year, thus showing confidence in the sta- show that a lart-pr number of visiting buyers are here than In what he (J. G. Turriff) said. The Canadian Pacific mjt'y tie prisent extraordinary conditions of trade.

la: year. Collections are good. Fancy knit goods show Railway Co. would be a German corporation according to jj0J eagtern railroads will close shortly on big rail ton- unprecedented 'Jcmand for fall. Ileady-to-wea lines are the argument of the gentleman, as the stock of deliverv next year.

unusually active. i. i i v-i i I i inal company is mrxiy neiu in vjt-i aiiu nuBini i Mt of equipment. Transp expenses. Total oper exp.

Taxes 9.528.382 12,672.933 Operating income $8,041,120 1915 Changes 4.768.81 Dec. 1.67 83.878.752 Inc. $256,341 1.01.-..395 Inc 91,639 $5,279,314 Inc t38Ts7i 519.161 Inc. 134,273 1.099.264 Inc. 271.85- 2,021.691 Dec 107.416 Inc.

$321,340 2G9.000 Inc. 54.000 29,046 Inc. $27,118,587 Ire. 81.802.5S7 7,924.875 Inc. 104,662 Inc.

5.091,055 Inc. 8.239.885 Inc. 1,288.497 13,600,106 Dec. 927.171 1 $28,560,967 Inc. $1,366,085 1.907,000 Inc.

$89.101 1 $7,422,520 Inc. 1 Maxwoll Motor American Sogar't 1915 results were dlsappointlngi It would be tpecious to argue otherwise. Although tht company's treasury Is well lined, for three years in tue cession earnings have failed to equal common dividend requirements. It goes without saying that the company cannot continue Indefinitely to pay part of common dhri- dends from surplus and still maintain Its enviable place In the esteem of investors. In the past three years American Sugar'a surplus hat been drawn down $5,096,817 in order to intact the 7 dividend rate which has been a fixture for years.

Nothing was earned for the common in in Boston Ellison Co. of lloston Tie February earnings of the F.dison I'd to the close of business Thursday night, approxi-Co. of Boston a nc high record for thst 11 1, I 1 1 I' I -a had than for matelv TO'c of the Maxwell Motor warrants been ex extra cost being taken into consideration they are selling ehanged for first preferred lock, thus coming for the row at less to the Brithh government than they were Apr. II dividend. Th.s t.x before the As to he said he was unable h' 'Al J1 "i'lTleSS on j.

a a a ni. that bfore the expiration of the convertible privilege, on to Jhuane of the warrants will have been exchanged for was. DUv 11 r. jvji iniurmcu mv inai 11 wap or i month: anil or H.fi.'i la-per correspond ing month a es; ko. In eight months ended February 29 eroxs earnings were an increase of $518,311, or lOH'', over corresponding period last year.

Itnv Ir-illivuv more than 1915. That makes it clear that by virtue of Pierreu Boston-Buy State Street Railway Co. has asked ths this arrangement effected by this government, with the Pulilic Service Commission for permission to issue 7,357 pproval of the British government, the price of nickel 'jo Colonization 111 additional first preferred shares to be offered to etock- the United Kingdom has been maintained at a rate less Chicago Colonization agents expect 20 heavier I holders at par, first mortgage bonds of Boston Indeed to the company selling It than before the war." movement of home seekers to West than last season and 4 Northern Street Railway and $300,000 like bonds On the question of refining nickel in Canada. Mr. 35 to 40Tr over two years ago.

Inquiries over an sections 1 nf Old (olony Kailway money so reanzen 10 Meighen said: There may be said to remain only one feature of this question which I have not covered; that It) to say, at to whether or not it would be possible by an export duty on nickel to bring to this country the refineries tht are now in New Jersey and make all the profit Canada's and not merely part of the profit If could be done by the ordinary means, by means not too drastic, and which would not involve other countries In antipathy to us, I certainly should be In favor of that being done. When honorable gentlemen stand Up and ask us to plnee an export duty on nickel to prevent Its exportation now that the war it on, I say that, to put it mildly, they hove not a very serious sense of responsibility, if they understand the facts at til. In the first place, to place an export duty on nickel wjuld mean a prevention of the supply of nickel for making the munitions of war ordered by Great Britain and her allies in the United States. 'Would it have been sensible for us to have incurred the antipathy, or at all events the possible antipathy, of the United States by denying to that country the only source of supply whereby they could be of real use to our allies? It It a question that involves the attitude of that country towards Canada, and it it 11 Question that also involves the attitude of Great Britain towards this country; for Great Britain In the course of this war should have something to say in regard to this vital asset. "And the British government has stood beside tho government of Canada, and has said that the course we are taking it the best coutse not only in her Interests, but the interests of her allien' at well." Cottonftced Oil Price Two o'clock call: March 10.50(210.60, April 10.45a 10.55.

May 10.5210.56, June 10.40-3)10.50. July 10.45 10.47, August 10.48(10.60, September 10.38010.40, October 9.46g9.46. Market strong; tales 18.800 barrels. are for better lands than formerly, winter nome seen- provide for payment or nnating innentennest ano in pur-ers' movement is heavy and tales brisk. I chase of property necessary to operation of the railway.

The Wall Street Journal Building 44 Broad Street, Thru to 38 New Street. DESIRABLE LIGHT FRONT OFFICES OR ENTIRE FLOORS Will Arrange to Suit. Extensive alterations and renovations just completed. Liberal Concessions To Desirable Tenants. INSPECTION INVITED.

PEASE ELLIMAN, Agents. 55 Liberty Street, Telephone, Cortlandt 33J. AGENT. ON PREMISES.