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

8 THE WALL STREET JOURNAL SATURDAY MORNING, MAY 16, 1914-EIGHT PAGES. MONEY AND EXCHANGE POSITION OF EXCHANGE IS MATTER FOR THOUGHT DOES IT MEAN THAT THE COUNTRY IS ON THRESHOLD OF AN EXTENSIVE GOLD EXPORT MOVEMENT? Market Already Higher Than it Has Been in Over Five Years -This in Itself is Significant, But a Higher' Level is Predicted--The Lower Tarif and a Money Congestion Are the Causes Almost dally the foreign exchange market is reaching up to a new high level. At 4.8825 for demand sterling it is necessary to go back to March 27, 1909, to find corresponding quotation for' exchange. With the market displaying this persistent strength, foreign exchange bankers are almost unanimous in saying that the will soon be reached when a general movement to level export gold coin will start in. But so-called "special transactions" may start the ball rolling even before the regular export point for gold coin is arrived at, which is close to 4.89 for demand sterling.

As the foreign exchange market advances, the serious aspect of the situation becomes more pronounced. As above stated, the market has already attained an exceptional position. In other words, it is sufficient evidence of something very unusual taking place in the monetary situation. Should it attain the level forecasted, it need hardly be said that an economic condition will have been brought about that will call for careful study and attention. The question arises, are we to witness an extensive drain of gold out of the country, running perhaps into the hundreds of millions of dollars, which was prognosticated by economists and banking experts months ago? Two material factors have within the past year been injected into the economic condition of this country.

One was the lowering of the tariff inviting larger imports of merchandise. The other was a banking bill which was primarily designed to make money easy. The first is in practical operation and is already bearing out predictions made for it. The second has not yet been called into operation, but at the moment the same result is being strikingly presented. Banking funds are surfeiting the money market; not because of the new bank bill, but because of business depression.

Both these factors are essentially influences for high exchange, because they both mean a drift of credits out of the country. It may be, therefore, that the present development is the inception of a matter that is going to cause our bankers, and even the Government, much concern in the near future. It may be that a problem is being unfolded that will tax the ingenuity of those who are to be chosen to administer the new banking system i in its early stages. Call and Time Money Call money opened high low renewals closed ruling rate Fixed date funds are stronger in tone, which is reflected in an advance of in the asking rates for four and six months maturities. The volume of lending continues light.

Rates are for sixty and ninety days, for four months, for five months, for six months, for over the year. Commercial Paper Mercantile discounts continue to display a ing tendency. Only the exceptionally attractive is now moving below For prime names the regular range of rate is from to A small volume of business is being turned over. Boston Money -Locally, the money market remains dull. There is quite a margin in rates, and every loan has to stand on its own basis.

On call, money holds at to quick, brokers. and Time money is for quoted six from months. Outside money could be probably obtained at for five months on the highest grade of collateral. Outside commercial paper for six months sells from mostly November maturities are not in urgent demand at Banks quote for six months to their mercantile customers. Domestic Exchange All quotations are in cents per $1,000 premium or discount.

Chicago-N. Y. exchange 10c. premium, off 5c. Montreal-N.

Y. exchange premium, up St. Louis--N. Y. exchange 30c.

up 5c. St. Louis--Chicago exchange 15c. unchanged. Bank Clearings 1914 1913 Changes New York $368,397,587 Dec.

$86,469,790 Chicago $51,019,263 $51,892,698 Dec. $873,435 Boston $27,560,302 Dec. $1,546,595 Philadelphia $24,652,265 $26,622,237 Dec. $1,969,972 Baltimore $6,068,964 $6,040,513 Inc. $28,451 Bank clearings for the week ended with Thureday, May 14, as telegraphed to Bradstreet's, aggregated 820,000, a decrease of 12.9% from last week and of 5.4% from the same week last year.

Outside of New York the total is $1,363,301,000, a loss of from last year, but a gain of over this week last year. The at New York from last year is 10.2%. United States Treasury May 14, '14 Apr. 14, 14 In banks $51,075,933 $48,810,100 Net balance in general fund 73,679,549 86,415,099 Current receipts 2,181,961 1,835,890 Current payments 3,102,900 5,149,447 this month. 4,864,932 3,460,694 Deficit this fiscal year 39,212,420 30,711,301 Bank notes redeemed 2,952,141 1,059,667 New York Sub-Treasury Paid to Received Banks From Banks Banks May 14 $2,747,000 $3,767,000 Lost $1,020,000 Since Friday ..17,640,000 21,272,000 Lost 3,682,000 Sub-treasury Debtor at the New York Clearing House, $496,587.

The has transferred $200,000 to San Francisco. This makes a total of $3,850,000 on the present movement. Silver Quotations Zimmermann Forshay quote silver Mexican dollars London--Bar silver 26 unchanged. Washington--First National Bank of Gallatin, which was closed on March 25, 1914, has re-opened. COLUMBIA Send for our 60 Broadway KNICKERBOCKER TAX PAYER'S Fifth Av.

34th St. TRUST CALENDAR Lenox Av. 125th St. COMPANY Third Av. 148th St.

The National Bank of the Republic CHICAGO CAPITAL TWO MILLION DOLLARS Surplus and Profits $1,400,000 JOHN A. LYNCH. President 0. W. T.

FENTON, ViceJ. R. M. M. KINNEY, Cashier WM.

H. SWAN, Asst. Cashier THOS. D. HURST.

Asst. Cashier B. LAVINIA, Asst. Cash. ALLEN, Asst.

Cash LOUIS J. MEAHL, Asst. Cash REAL ESTATE APPRAISALS furnished on property located in certain selected cities of the South and West, as well as in New York City and vicinity United States Mortgage A Trust Company, B'way at St. 55 Cedar St. 125th St.

at 8th Av. in in in in in in in in The building will be ready for occupancy during next November. It has three basements and four floors. On plot 118 inches by 156 feet inches, it extends 132 feet along Wall street and about 90 feet on Broad street, rising to a height of 85 feet, 73.5 from curb to coping. The entrance, as in the older building, faces the angle of the two streets and is 34 feet wide.

The floor space will be 136 feet by 90 feet on the four business floors. Tennessee marble constitutes the facade on three sides. It is marked by the great size of the blocks. The lintel over the doorway is 19 feet by 3.16 feet by feet and is one of the biggest stones ever brought into the city. Basement A will be used for the Transfer and Coupon Departments.

The vault, with a door heavier than the famous door of the Bankers' Trust will extend down through basements A and B. Basement will contain the engineering portions of the structure. The depth of these basements is 24 feet, 12.6 feet and 15 feet, giving a total depth underground of 52 feet. Lightheating and ventilating will be all of the indirect system. The interior of the building win be finished in marble of various colors, marble both domestic and imported.

All decoration will be of the highest type of the chasteness of simple taste, for which the late Mr. Morgan was famous. The main banking room will have a screen of marble and of bronze of much beauty. The second floor will be occupied by a series of private rooms for the partners and their private secretaries, The third floor will have rooms for other general departments and also three private dining rooms, with cuisine attached, for the members of the firm. There will be, at least at present, no attempt to furnish, as in several of the large financial institutions the city, meals for the clerical staff.

The fourth floor will contain rooms for other general uses. Value of the plot upon which stands the building is $4,100,000, while the estimates made for the cost of the building vary $5,000,000. foundations of the building have been constructed so as to permit the erection of a superstructure of great height, were this to be desired in the future. TOLEDO VOTERS TO HAVE FINAL SAY ON FRANCHISE BOTH DOHERTY PLAN AND MUNICIPAL OWNERSHIP PROVISION WILL BE BROUGHT TO VOTE It is practically certain that the city council of Toledo will refuse to recede from its stand for a 25-year franchise with three-cent fares for the Toledo Railways Light and that the entire question of a new franchise for the company, as well as that of municipal ownership for all Toledo utilities, will be up to the voters of the city for settlement. As soon as the council has definitely acted representatives of Toledo Railways Light will begin the circulation of petitions for the initiation of the Doherty ordinance for trial of three-cent fares for one year and, then the establishment of a reasonable fare with periodic revisions at the end of each five years.

The entire campaign of the company has been made on this basis and with no idea of adopting a sliding scale similar to that in Cleveland. With the exception of the rate of fare all provisions of the Doherty ordinance have been agreed upon between the company and the city council. The Municipal Ownership League has started the cir. culation of petitions for the initiation of an ordinance providing for the taking over by the city of all utilities, with the exception of a steam heating plant, but this does not provide for three-cent fares on the street railway. The municipal ownership ordinance will demand the furnishing of all utility service at cost to the consumer.

In regard to the street railway it provides that co the rate of fare shall be such that it will care for maintenance, operating cost, taxes, fixed charges and a sinking fund which will retire all bonds at maturity. Under the Ohio law the bonds issued for acquisition of utilities are a charge only on the utility and have not behind them the general credit of the city and bonds issued under the proposed ordinance are to bear interest to make them more attractive to bond buyers. A specitic clause is included in the municipal ownership ordinance that all street car, electric light, power and gas service must be furnished to consumers at cost. Under the ordinance the city could either condemn existing utility plants, or parts of them, or build new plants. The initiative and referendum law of Ohio provides that unless a special election is called initiated measures must be submitted at the next general election after the filing of the petitions.

Councils have no authority to fix the date of special elections, but in case a petition of of the qualified electors of a city is filed, asking for a cial election, it shall be held on the fifth Tuesday after the petition is filed. Without petitions both ordinances would be acted on next November, while if both parties filed election petitions with the required number of signers, there would be a special election on each ordinance, unless the petitions were filed on the same day. The city council plans to insert advertisements asking general bids for furnishing street railway service to the city. Authority to do this given city officials some months ago, and it is now planned to take up this proposition in the hope that outside capital may be interested and offer to accept a straight 3-cent fare in return for a 25-year franchise. Real Estate Money Chicago The real estate loan market here is much easier after having been held at for months' and several loans of $100,000 or less on business properties have been made this week at 5 to Application for a loan of $250,000 at is under consideration by one big money loaning house with indications that it will be accepted.

Several of the recent industrial loans cover purchases of property for business improvements in hand or in contemplation. 'Cramp, Mitchell Co. Philadelphia- Counsel for one of the creditor banks holding securities whith had been pledged as collateral by Cramp, Mitchell Co. will make a motion next Monday in the U. S.

District Court to have vacated the order issued by Judge Thompson restraining the bank creditors of the failed banking firm from disposing of any such collateral securities. OUR LONDON CABLES Money in Demand With as High as Paid on CallMarket Better London -Money was in demand and up to was' paid on call. Some joint stock banks were calling loans 0:1 account of heavy requirements for new issues due. Bills changed hands at early in the day, but closed" 6rmi at The stock market was better. The elimination of weak positions is creating a better feeling, but business does rot expand.

American stocks were quiet and firmer, with some support from your side. Rumors persist of difficulties in St. Petersburg banking circles. Paris Bourse, was steady but irregular at the close. LONDON GOLD MOVEMENTS London--There has been withdrawn from the Bank of England £50,000 for Scandinavia.

FOREIGN DISCOUNT RATES. London- London discounts off 1-16. Paris discounts up Berlin discounts unch. BANK ELECTIONS BY GROUPS IMPLIED IN THE LAW Answer to the Statement That the Organization Committee Has Not Conformed With the Federal Reserve Act-Question of Voting The point has been made that the Reserve Bank Organization Committee, in its recent circular, giving instructions as regards election of directors for Federal reserve banks. has made a ruling which is not in conformity with the Federal Reserve act, inasmuch as the committee expressly stated that the appointed by the member banks of a district were to vote only on the nominces of their own group, and not on all the nominees of their district.

The argument is put forward that as this ruling does not appear in the Federal Reserve act, in 90 many words, the electors can vote for any of the nominees of the member banks of the district, irrespective of groups. A little thought, however, will show that the Organization Committee right in its ruling. Voting by groups is clearly implied in the law. Otherwise there would be no object in grouping the banks into three divisions, cording to size. As pointed out by the Organization Committee in its circular, the member banks restricted in making nominations for Class directors to bankers affiliated with their own particular group.

The whole district is open to them for the selection of nominees. But when it. comes to voting, the grouping of the banks would De absolutely futile were their votes not to represent the choice of banks comprising the different groups. In other words, someone has discovered a mare's nest. PHILADELPHIA CAUTIOUS OVER FEDERAL RESERVE ORGANIZATION Money Market Expected to Stiffen While the New System is Going Into Operation--Subscription 738-Philadelphia Banks' Loans Philadelphia--The general expectation in banking eircles is that the new currency system wlil be in operation possibly by August 1.

The' first subscription of the 800 banks of district No. 3 to the Federal Reserve Bank of Philadelphia will amount approximately to $2,000,000 and the reserve of about $20,000,000 will be provided out of the present reserve of those banks. The prospect of this has caused the banks to adopt a cautious attitude and the effect on the money market will be to stiffen and maintain money rates. It is believed the bank will be organized and in operation in three months. The area of district No.

3 is 40,449 square miles and the population is 7,932,065. The number of banks is 758 and the subscription amounts to $12,500,738. This is exceeded only in the other districts No. 2 and No. 7.

The amount of the item due to banks by all national banks in the Federal reserve district was on March 4, 1914, 320,384 and the total due from banks was The net balance due to banks on that date was $25,103,462. The The loans and discounts of the Philadelphia banks last January according to official tables was $219,044,000. Of these loans $3,789,000 or 1.73% were held in New England. The greater portion of the loans were held in the eastern states, the amount being $188,594,000, or 86.10%. In the southern states the loans amounted to $9,398,000 or 4.29%.

In the middle western states the loans held were $16,013,000 or 7.31%. In western states the amount was $580,000 or and in the Pacific states $670.000 or These details of the geographical distribution of the Philadelphia national bank loans is interesting in view of the pending changes in the currency system. NEW YORK STATE BANKERS Election of Executive Committee, Joseph B. Martindale, Chairman At the annual meeting of Group VIII. of the New York State Bankers' Association, the following were elected members of the excrutive committee for the ensuing year: Joseph B.

Martindale, chairman; Thomas Cochran, secretary and treasurer; Charles Elliott Warren, Benjamin Strong, Stephen Baker, H. R. Eldridge, Louis G. Kaufman, and Joseph Byrne. A vote of thanks was also accorded the retiring committee for the general success, and particularly the international stope, of the annual dinner of the Group, held January 19 at the Waldorf-Astoria, at which addresses of the Liverpool; Robert Masson, were delivered, by James H.

Simpson, general of Credit Lyonnais; and Dr. Jacob Riesser, the German banker and Privy Counsellor of Justice. FOREIGN EXCHANGE The foreign exchange market open.ed a shade casier, with demand sterling at 4.8815@4.8820, off 5 points from Thursday's close. Following the easier opening the market soon turned decidedly firm and regained the initial loss by rising to 4.8825. The advance was predicated on a strong inquiry for exchange, coupled with the hardening trend of the London discount rates.

The continental exchanges were steady. After midday the rate of 4.8830@4.8835 was established for demand sterling, the highest, with one exception, since the panic of 1907. On March 20, 1909, 4.88⅜. The market closed strong and dull, with demand sterling at 4.8830@4.8835, up 15 points from the opening and 10 on the day. Cables Demand 90-Days Sterling open .4 S850a4 8835 881504 8890 8425a do closed .4 887084 8875 4 883084 8835 4 8420a Francs open.

15 1-16 0 3-64 5 19 4 ao closed. ...6 15 1-16 3-61 5 103 Macks open 95 5-16 94 11-16 de closed 1-32 95 5-16 1-64 V4 11-16 Gundersopen. 40 5-16 1-42 do ciosed. 40 5-16 Paris exchange on London, 25fr. up 1c.

Berlin exchange on London, 20m. up Chicago Reserve Bank Chicago- -Chicago member banks have selected James B. Forgan and George M. Reynolds as nominees for directors of Class A and appointed a committee of six, headed by Charles G. Dawes, to issue circular to all 957 member banks in the Seventh District agreeing to permit outside banks to name Class directors if they will agree to give Chicago two Class A directors.

UNFINISHED BUSINESS The completion of the Panama Canal may not prevent from ranking as unfinished business in the eyes of the United States -Washington Star. NEW MORGAN BUILDING, MONUMENT TO THE FINANCIER MASSIVENESS, BEAUTY AND SIMPLICITY MARK ADDITION TO GREAT FINANCIAL HOMES OF NATION: Structure of Imposing Quality, but Built for Practical Purposes! Unique in Details and ArrangementBanking Room and the Vaults--Interior Finish -Foundations Strong Enough to Sustain Many Stories Completion of the imposing structure to be occupied by the firm of J. P. Morgan Co. is rapidly approaching.

The Morgan building will be unique in appearance and it differ from the majority of those the financial district in that it is not to be used for commercial purposes. This new home of P. Morgan Co. represents the taste and the ideas of the late J. P.

Morgan. From the exterior design to the details of the interior finish, he had worked out with extreme care the of the building and had embodied in it experience gained by study of the improvements incorporated in the construction of the Bankers' Trust Co. and Guaranty Trust Co. buildings. In conjunction with Trowbridge Livingston, the architects, Mr.

Morgan effected a resuit which gives an unusual impression of massiveness, of strength and of beauty. On a foundation of Greek architectural lines there are Italian suggestions as well. But the aspest is imposing and proportioned. Erected under the supervision of W. E.

S. Strong, consulting engineer, who represents the firm of J. P. Morgan and building by M. Eidlitz the structure replaces the old Drexel Building, whose demolishing began May 1, 1913.

The corner stone was laid on December 30 by the present J. P. Morgan. CITY ZONE SYSTEM RESULT OF BUILDING CONTROL LAW COMMISSION OF BUILDING DISTRICTS AND RESTRICTIONS TO BE APPOINTED WILL RECOMMEND DISTRICT BOUNDARIES There will be a public hearing May 19 in the City Hall by the Board of Estimate on the adoption of the resolution proposed by the committee on the city plan of the Board of Estimate and Apportionment asking the appointment of a Commission of Building Districts and Restrictions. A year ago a special committee was created to consider the height, size and arrangement of buildings throughout the city.

This heights of buildings committee consisted of the presidents of the boroughs of Manhattan, Brooklyn a and the Bronx, who appointed an advisory committee of nineteen architects, real estate experts, werchants, lawyers and representatives of labor and social interests. After study of the problems invoived as seen in American and foreign cities and many public hearings, the commission found that health, safety and the general welfare of the city, with protection to real estate and to business, demanded building control. This meant different tions for different parts of the city which in turn required districting and restrictions adapted to cach district individually. Governor Glynn has approved the charter amendment permitting division of the city into districts and the regulation of the heights of buildings, the area of courts and the location of trades and industries and the open spaces, crection of buildings designed for specific uses in each such district, and it- is now law. But this law requires appointment of a commission to recommend the boundaries of districts and regulations to be enforced therein.

The resolution proposed by the Committee on City Plan of the Board of Estimate and Apportionment proposes the appointment of a commission on building districts and restrictions, to consist of not less than nine nor more than nineteen members, serving without pay. Public hearings will be held upon recommendatione of this commission. FAR WEST: WANTS MEXICO J. J. Mitchell Found Pacific Coust Favoring AnnexationBusiness Slow, but Outlook Good Chicago- John J.

Mitchell, back from winter sojourn in California, says: "People of the Pacific coast states would welcome annexation of Mexico, and those along the northern border are demanding instant intervention. People near the line are all stirred up, and under arms. Business in general is rather slow. There can be no denying that, and yet the outlook is good. California crops will be very heavy, and all the way back across the entire country I found that in ten.

years there has never been a better crop outlook. Suit Against Hallgarten Co. Suit has been brought in the New York Supreme Court against Hallgarten Co. as managers of the Maxwell Motor syndicate, by a member of the syndicate who claims heavy damages, alleging fraud and -misrepresentation in the flotation of the Maxwell Motor securities. Maxwell Motor is the successor to the old United States Motor which failed.

San Francisco Reserve Bank San Francisco A meeting was held here Wednesday of five banks for the execution of the organization certificate to the Federal Reserve Bank. Bankers within a sixhour radius of San Francisco meet next Tuesday to. nominate candidates for directors of reserve bank, as per resolution of Coast Bankers' Conference. Assets Realization Chicago--Local members of the organization committee selected to liquidate Aesets Realization and to transfer the business to new company admit there is some disagreement over details which will necessitate another I meeting of the committee in New York, I BROOKLYN UNION GAS AND EARNINGS BROOKLYN COMPANY'S INVESTMENT IN THE BRANCHES SMALL AND OF COMPARATIVELY LITTLE REMUNERATION Chief Difference Between Consolidated Gas and Brooklyn Union Gas So Far as Subsidiaries Are Concerned is the Latter's Lack of Electrical Business, Which Has Proved So Profitable for Consolidated Gas Unlike the Consolidated Gas prosperous ments in subsidiary gas and electric companies, the Union Gas investment in subsidiaries is small ir. amount and relatively smaller in income return.

Consolidated Gas owns all the capital stock of the New York Edison Co. and virtually all the stock of the United Electric, Light Power the companies that carry on the electric light, heat and power business of Manhattan and the Bronx. But the large electric field In Brooklyn belongs to the Kings County Electric Light Power an independent concern, and the Brooklyn Gas has only the Flatbush Gas a $200,000 concern, which: earns a substantial deficit each year and which supplies gas and electricity merely to the Twenty-ninth Ward in Brooklyn and Ocean Parkway, north of Foster avenue. New York Edison Co. earned $9,500,000 net for Consolidated Gas in 1913 and was the system's biggest money maker, but Brooklyn Union Gas has no similar remunerative source.

In fact, the combined net earnings, before amortization, of all Brooklyn Union Gas subsidiaries added less than $110,000 to the parent company's balance for dividends in 1913 and less than $100,000 1912. The small subsidiaries, however, pay 50 cents thousand cubic feet for gas purchased from the Brooklyn Union Gas Co, and in that way indirectly add to Brooklyn Union's earnings, for the 2,182,127 thousand cubic fcet sold to the subsidiaries added $1,086,063 to Brooklyn Union's gross earnings in 1913 and the cost of production was approximately $870,000, or 40 cents a thousand, so that net was increased by $216,000 from that source. None of Brooklyn Union's operating subsidiaries, which include the Flatbush, Newtown, Jamaica, Woodhaven, Richmond Hill and Queen's County Gas companies, has ever paid a dividend to the parent company. The cash investment in the subsidiaries' stock, all of which Brooklyn Union owns, amounts to $625,000 against a par value $730,000. The following table shows the free investments of the Brooklyn Union Gas Cash and Book Cost Divs.

or Par Value. to B. U. G. Int.

Pd. Subsidiary Oper. Flatbush Gas 2d mtg. bonds $35,000 $35,000 $2,100 Do, 200,000 372,772 Newtown Gas 60,000 60,000 Richmond Hill Queens Co. stock 250,000 26,759 Jamaica Gas 200,000 145,000 Woodhaven Gas 20,000 20,000 Equity Gas' (does not op-.

erate) stock 250,000 318,065 Do, debenture 250,000 250,000 N. Y. City 500,000 512,422 20,000 Total $1,765,000 $22,100 A combination of the earnings of the Brooklyn Union Gas Co, and the subsidiaries, compiled from Public Service Commission reports, shows that the Brooklyn Union Gas system earned $2,435,152, or 13.5%, on the $18,000,000 stock: in 1913, against $3,044,383, or 16.9%, in 1912, a decrease of $609,231, due to higher gas oil costs. Such a for dividends, however, is shown beamortization. Were it conceded that amortization charges come before dividends, being, a charge to income instead of to surplus, the earnings amortization would have been $841,598 in 1913, or 4.7%, on $18,000,000 stock, compared with $1,512,104 in 1912.

Brooklyn Union Gas elects to report its amortization as a charge to operating expenses. In that way it showed a deficit after dividends in 1913 and will show another one in: 1914. The surplus for dividends of Brooklyn Union Gas and the subsidiaries for 1913 compare with 1912 as follows: Surplus for Divs. 1913. 1912.

Change. Brooklyn Union Gas $2,327,490 $2,957,557 Dec. $630,067 Jamaica Gas Light. 18,315 7,617 Inc. 10,698 Rich.

Hill Queens 10.079 10,470 Dec. 391 Woodhaven Gas Lt. 34,823 27,682 Inc. 7,141 Newtown Gas 47,173 62,774 Dec. 15,601 Flatb'h Gas deficit.

2,728 21,717 Dec. 18,989 Total $2,435.152 $3,044,353 Dec. $609,231 Per cent. on B. U.

G. stock 13.5 16.9 Dec. 3.4 Amortizat'n all Cos. $1,593,554 $1,532,279 Inc. 61,275 Bal.

841,598 1,512,104 Dec. 670,506 Per cent. on B. U. G.

stock 4.7 8.4 Dec. 3.7 Div. paid, per cent. 8 Gross earnings of the Brooklyn Union Gas Co. are running slightly more than ahead of those a year ago, but higher gas oil costs prevents an increase in net in 1914.

The company's gas oil contract ends December 31, 1914, and Brooklyn Union may be able to make a better one at that time. CHICAGO NOTES Report That Chicago Eastern Illinois Receivers Will be Discharged July 15 Chicago- Bankers who extended the Avery notes now seek the listing of its stock on the Chicago Exchange, but there is some opposition from members of the governing committee. It is reported that Chicago Eastern Illinois receivers will be discharged about July 15. Public Utilities Commissions of Illinois, Michigan, Ohio, Indiana, and Missouri, will hold a joint meeting at St. Louis, on May 21, to consider the Wabash reorganization plans.

New White Star Liner An order has been placed with Harland Wolff, of Belfast, for a steamship of 32,600 tons, for the Oceanic Steam Navigation Co. (White Star Line). shipbuilders The new liner is to be named Germanic and will be operated in the trans-Atlantic service. Insurance Notes National Surety Co. on Thursday filed with the New York Surrogate's Court a bond for $3,000,000 on Frank M.

Tichenor and M. Joseph McCloskey as temadministrators of the estate of Henry T. Cutter. These porary men have been appointed temporary administrators pending the contest of the will. Six other surety companies joined with the National as co-surety on the bond.

In order to recover $406,000 in taxes, fire insurance companies, as plaintiffs, have R. filed eleven suits Robert in the Superior Court at Providence, against O. Eaton, former collector of internal revenue for the district of Connecticut, and against James Walsh, the present collector. The suits are brought under the acts of Congress of 1909 to recover taxes which it is alleged were unlawfully levied and collected. Lincoln National Life Insurance Co.

of Indiana" has secured all the stock of the Michigan State Life Insurance Co. As soon. as legal formalities can be complied with the business of the Michigan company will be reinsured in the Lincoln National. Standard Chemical Iron and Lumber L. M.

Wood of Toronto has' been elected president the Standard Chemical Iron Lumber succeeding A. G. Peuchen, retired. Personal Chicago -John A. Lynch, president of the.

National Bank of the Republic, leaves this week for Switzerland on a vacation extending over two months..