The Wall Street Journal from New York, New York on December 28, 1907 · Page 1
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The Wall Street Journal from New York, New York · Page 1

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V rnjm 1MB Mi I :..a U a. VOL.Ii-NO.149. MORNING EDITIONNEW YORK, SATURDAY, DECEMBER 23, 1907 -TEKjHT: PAGES. PRICE FIVE CENTS. TOT V.'iijJjU 0 i v t V 7- v r: :v- 'A-;' i". Romaic and Evening 'EdoM. PuLUied by Dow, Jcae & Co. tBe Oldest Newt Agency m Wall Straet Larrest ' ckcukbcn el & Amencaa financkl papers, Cl2asDlBarney& Co. AND BROKERS V .1 T ' OF KEW TORK AND yHUADKLPHIA, BTOCK EXCHAKOS& 25 Broad Street avnd Sherry Main ':6t and fith Floor. 4tn NEW YORK 122 Sotitli Fourth Street PHILADELPHIA G. W. Walker & Co. BANKERS Ztcartftei for Constrictive mvtztmtnt . CS BROAD ST., NEW YORK Telephone 3048 Broad P CONNECTICUT RAILWAY & LIGHTING COMPANY, ":: 1st and Refunding 4s of 1951. ; ' CONNECTICUT RAILWAY & LIGHTING COMPANY, Preferred and Common Stock. . ; CENTRAL RAILWAY SYNDICATE .'' MV" AT ; McINTYRE & CO. ; ttamber Hew Tork Stock Exchange. .71 BROADWAY. T.l.pboa. iphoa float) NEW YORK aim WE WILL BUY Underlying Bonds t t United Railways of St Louis A. G. EDWARDS & SONS 1 Wall St.. NEW YORK 410 412 Olivet 8t ST. LOUIS Phono Raotor 1385 BANKERS No. 10 Wall Street, New York nnmi inn tobk ajtd phila. stock exchanges Order for ".taaka wl Bead axeeoted at all Exchange aaeeiel attention liw to aspirin hlrh-claaa INVESTMENT SECURITIES. 1 t'' 1 Stack Exchangt, V ' Ctntenaf 4 Ntw Yark Product Exchange ( Chicago Board of Tradt. ' y TfAULSTRCrr. NEW YORK f OIAST GERMAN ST . BALTIMORE. ' ' 768 BROAD ST., - - NEWARK. N. J. nUPBon w.ua uu rbcto AMERICAN LIGHT & TRACTION Common and Preferred DEALT IN. - Toby & Lamarche Xf BROAD bTBJZT. NEW YORK CITY. American Light & Traction Co. Stocks - . DEALT IN BY : V, A. LINCOLN EQLINTON & CO. nm 1191 Ummom 43 EXCHANQB PLACE The National Bank of the Republic CHICAGO ' CAPITAL TWU.. MILLION. DOLLARS Surplus m4 raflt 81,000,000.00 OHM A. L.TNCH, Praa, B. U CRAJ1PTON. Aaat Caablar AH SWAN, AM Caablir W. I. FBJNTON. Vlea-fi S. M. HoKiNNCX. Ttioav. jAwaaw. Aaat CaabJar r; Pa nunLcur acoixpany BANKERS ' INVESTMENT STOCKS ANO CONDS SS WALL STREET !:"!-;. -..-.j: . - NEW YORK . POUCH & COMPANY , aCavikara Hw Tark Otaek Bsekaasa, '..':.-;.' )8 WALL ST. EOriDS FOU INVESTMENT tIEW TORK CITY 48, . 1 007. - BfcO Pitts JCfc Kid MY3&S Am.T.LT. 5 Notes mo v FOSTER & ADAMS . kUmbara Naa Tofk Otack Sxcbanc .Tal. Nv 8840 Ror 2 Wa St ' - - 1 ' i , Republic' Iron 6 Steel Sm ' ' Btandard Mtlltns . : Westoheater X,i(hitlne Sa '. . PCCSON. PELCUZET A CO. PUBLIC ACCOUNTANTS ; 2 CSOADIVAY. KEIY CrMcbiaa 'lit CMICAOO. ST. LOUIS ami BUTTB ' of Leslie's Weekly, writes a -I.T ' :irtr." Portland, MeJ Aa axmllent mag- J-'ir ofut wba wUbea ta atudy Wall Street ' la tha Tidcer." ,lt iawell adited, In- ' ." -and mieraminit. -vrr nn to Tn ;!.!)? Company, w 1 o.k, and e- REVIEW AND OUTLOOK. ' ' A SENATE OF FINANCE. About thraa yaira ago James Stillman, praidant of the National City Bank, in an address to the Claaring Bouse bankers, spoke of the necessity of greater "banking cooperation." Mr. 8tiltman'a idea of banking cooperation waa interpreted aa being of the concentration kind that is to say, a cooperation that would mean some such financial leadership as would put one Institution and necessarily one individual in control of our national banking. It is safe to say that the American people would not consent to any such kind of financial concentration. It is safe to say also that there is enough rivalry between the great competing financial interests to prevent the establishment of any new banking system that would give to one of these financial interests authority over the others. But Mr. Stillman was unquestionably right in his ap peal for cooperation, It by cooperation is meant some ef fective system by which all the independent banking In stitutions of the country might be united for more effective protection and regulation of the money market The lack of such, cooperation has had such evil affects that it would seem as if something might now be dona to bring about bet ter conditions. ;.. The principal upon which banking cooperation could best be established is not that of aa autocracy,, but that of a representative povcrnment Our political system is magnificent example of cooperation which does not result in autocracy, but at the same time is effective in power to do things. Let us then have a system of cooperation based upon the idea of representation. Why not have a senate di" finance, just as &c now have a United States Senate, which is the chief legislative body of the nation? 8uch a senate might be created out of a further development of the Clearing House system by enlarging the power of the Clearing Houses and by combining them together in a national Clearing House, this national Clearing House to be governed by a senate composed of representatives elected by the different Clearing Houses in the various sections of the country. Or such a senate of finance might be created aa a part of a central bank or bank of banks. For in stance, such a central institution could be created would not destroy the independence of the existing banks and trust companies of the country, and yet would combine them in a centtal Imdy which would be a sort of bank of banks controlled by a board of directors so elected as to give every state or section of the country adequate representation, the directors to be elected by the stock' holding banks, with a further representation from the large mercantile interests, others to be appointed by the Presi dent of the United States. ' Now such a senate of finance as is here indicated, ereated either as a result nf the extension of the Clearing House or is an outcome of the establishment of a central bank would be a body nf the highest distinction; it would be thoroughly representative of the trade and finance of the country hi all Its parts, and would be so constituted to prevent any one great financial Interest from obtaining an exclusive control or any political influence from prevailing. Such a senate of finance could work effectively to protect the business situation against the wastes of widely fluctuating rates of interest and against the fearful tosses caused by panic. ' . . ::- MARS. -' Look back upon tiic year 1907 ana1 pIKOtit fwhat has- been, to your mind, the most extraordinary event of the twerVe ntontha. - Certainly it has not been the financial panic which is occupying our minds to the exclusion of most other thoughts. That, after all, is a mere temporary disturb ance, a mere passing cloud. .The most extraordinary development has been the proof afforded by the astronomical observations of the year that conscious, intelligent human life exists upon the planet Mars. This proof is indeed circumstantial. That is to aay, no telescope has Jeen constructed powerful enough to reveal the form of a man upon the planet Mare. No telescope la powerful enough even to reveal the outlines of a build ing or collection of buildings such as would constitute a city of the size of New York. When a telescope is able to do that, sve shall have proof of a kind that would be con vincing even to the most sceptical. But as a result of a most favorable combination of conditions the fact that Mars this year has been nearer the earth than in a long period of time, that It waa possible in certain places to observe it under almost perfect atmospheric conditions and that the art of photography has been developed as an efficient aid to telescopic observation it has been possible to obtain such facts regarding Mara as to produce circumstantial proof of the existence of intelligent life upon that globe. The proof indeed is of the same kind and of the same strength aa might convict a criminal accused of murder h eases where there had been no actual witness of the deed. Dr. Lowell, director of the Lowell Observatory in Ari zona, in an article in the Century Magazine gives a number of photographs taken of Mars under these advantage ous conditions. He sums up the testimony of these photographs by saying that they reveal to laymen and astron omers that markings exist on Mars which cannot be explained on any other supposition than that life able to, fashion them is present there at this very moment These' markings are, of course, the lines of the great canals constructed on Mars for the purpose of irrigating that globe. There could be no more wonderful achievement than this, to establish the fact of life upon another planet For there can be no doubt that from this point our knowledge of Mars must increase steadily through the coming years, and it is by no means an impossible stretch of the imagination to believe that as our mastery over electrical forces becomes more 'complete, we may be able before the present century ends to establish some soft of communication with the people of Mars. That a more complete .knowledge of the .planet Mars may possibly have a profound effect upon Ufa on our own g.ooe goes witnout question. BRIGHTER ASPECT OF AMERICAN RAILS. At a time when American railway securities are Wis ing through a period of test, it may not be inopportune to meet some of the criticisms made of them, by comparisons with other lines. If the financial policy of British and American railways be compared in the matter of capitaliza tion and dividend records, It will be seen that for a decade or more American railway management has in a great I many cases, u no in we majority or cases, followed the an of putting coneitiemble percentage of earnings Into improvement without corresponding capitalisation. The Pennsylvania lines alone have made use of over 1100,000,- 000 worth of profit in this manner. ' . ' - ' Moreover, during this period of turning profits into Improvements there ha been a more or lest steady advance in dividend rate. In 1898, only 83.74 per cent, of the capital stock of American railways paid dividends, whereas in the year ending June 80, 1906, 62.84 per cent paid dividends. -la other words, only one-third of the stuck earnd dividends ten years ago, while at the present time fully two-thirds of the 'stock paya dividends. There baa also been deckkd gain in -the dividend- paying power of railway 3?!t3j, at measured by this cri terion.- The average rate of dividend feat increased from t$Q in 1839 to something above 6 per cent in the. later years of operation. This state of things Jiaa led a corre- roo'vlcnt to t-e c r : 'i that "American railwvi jr in 5 "- v y ct confideric" . history." In contrast with American practice is the British pol Icy of progressive capitalisation of traprovemsnts, thus Increasing the burden of business to earn dividends and also reducing the ability of the rallwayt to raise fresh capital as tnav be reauired from time to time. For these reasons, at well as from the fact that the average price o'f Ameri can railway securities is Tio' 82 per cent below the level of last year, It should be clear that American rails have on their own account elements of attractiveness and inherent value, in contrast with wen so stable and substan Ual a eeeurity ai those representing British railways. ' . THE AMERICAN DESIRE. The Republican National Convention, to be held In Chicago next June, will be a political assembly of extraora Inary interest There Is to be a Teal contest for the noml nation, and the candidates named and the platform adopted will, it is probable, determine the policies of the Federal Government during the succeeding four years.. Every business Interest in the country hat a tremendous stake in the result of the convention.- ' " ' If it be possible to sum up In a-single paragraph the desire of the great bulk of the American people, it might be put In this way: The nomination of a candidate who shall stand neither for reaction nor advanced radicalism; who shall give the policy of regulation of mtersUte business on the basis of publicity and fair competition a determined trial, but who shall not push that policy to dangerous extremes of Socialism, and who shall enforee It with the least possible amount of friction to trade; who shall stand for enforcement of the law, bur witnout awning for spectacular effects, and who shall combine all that Is best and noblest in Theodore Roosevelt with all the tact and sympathy that characterized William McKinley. BANKING! AND BIp PROFITS. Banking is a profitable business-even when conducted along the most sober and conservative lines. That being the case there it no excuse for any bank to enter into op erations for the purpose of making excessive profit by the taking of unusual risks. The eagerness to make large "profits, In other words, to get rich quickly, has tainted the tanking field quite as much as it has corrupted other branches of business. In stead of being satisfied with the moderate profits of conservative business many banking institutions have sought to increase their profits by keeping their reserves to the very lowest possible point and by entering into transactions that are not within the proper function of commercial banking, such as speculation in securities, m real estate and underwriting. There has developed in this country a most -extraordinary degree of honesty in the physical handling of moneys The banking losses by reason of actual thefts are after all very small as compared with the vast aggregates of money handled. Most banking failures result from bad administration of banks, and at the bottom of this bad administration is to be found this cancer of the get-rich-quick malady. That is to say, the officers and directors of many banks not satisfied with reasonable profit have branched out into all sort of hasardoua schemes of quick money making. Some of them succeed and others do not Now the stockholders of a bank ought not to expect to obtain the Vane profits a private banker or speca later may obtain In the conduct of Jiit business. As a stock holder, his liability is limited, anCjMs investment in bank stock is much more stable and aafe ordinarily than the same investment would be in a private undertaking. Now, with his liability and his responsibility limited, he should be satisfied with limited profit and should, not attempt to enter into the field of private banking., There .is so much honor and power in the administration of great banking institutions, so much of distinction to be attained there, an much of useful service to be performed there, 'that our bankers should consider themselves members of a profession, and not turn their institutions into mere agencies for speculative profits. ' LEFT-OVER PROBLEMS OF X908. The year 1907 will close with some tilings definitely settled, but with many more things still standing on the schedule of unfinished business. Among these are a number, of left-over problems, some of which must comprise part of the burden of next year's work. Among the most pressing of these is the bank and cur rency problem or group of problems. It is not to be ex pected that there .will be any such radical reform as that of the establishment of a central bank. That sentiment in favor of the central bank is growing is unquestionable, but it will take continued agitation to bring the country to, or rather back to that ideal, which was shattered in Jackson's Administration. The most that can be accom plished at the present session of Congress is to impart a certain degree of additional, elasticity to the present bank note circulation. Another left-over problem is included in the numerous contests between the railroads and state authorities, involving the question whether minimum railway rates as prescribed by" act of legislature are or are not confiscatory. In several southern states the issue Is on the point of being compromised, but in others, both East and West, the ques tion is headed for the Supreme Court, where the final decision is awaited by the financial world. Some of these decisions will undoubtedly appear some time during 1908, and whichever way they go their significance will be fundamental for the future of investment A third left-over problem it the segregation of coal properties from the management and control of railroads. Under the Hepburn act, amending the interstate commerce act of 1887, it is required that from and after May 1, 1908, it shall be unlawful for any railroad to transport from any state to any other state any article or commodity, other than timber or the manufactured products thereof, manufactured, mined or produced by it or in which it may have any interest, direct or indirect, except such articles or commodities as may be necessary for use in the conduct of its business a a common carrier. This presents one of the moot difficult problems in the segregation of corporate properties. The problem is rendered all the more difficult in some of the coal companies, because of the liens which bondholders have on the min ing properties controlled by certain coal roads of the East. Any plan of separation which might prejudice the equity of security holders involved would be subject to no little litisration before K could be put into practical effect Yef there are but four months to accomplish what the law re- uires. ' -. i Another class of unfinished problems a rites out of the financial changes whkh have come aibout at a result of the panic Numerous reorganizations will have to be undertaken, especially in industrial lines. Some of the abort term note issues will during the coming year require .financing. There will still rents Hi the unsatisfied demand of railroads for capital to increase their equipment, their facilities and their general capacity to handle the growing volume of freight which they hava helped to; develop along their mutea. Evidently there it going to be tittle time to eat tb bread of idleness, tf these question are to be brought to substantia l!y permanent aouitiona. ; . $tate Banks and Trust Companlea. Statements of the condition of 29' state banks and 21 trust companies, on Dee.! 19, have been received by the atate .banking department A a whole, they show that recovery, from panic conditions hat been quick and that rreat body of depositors a.a not lose confidence. Jht i !t -' -"'ial deposit in itat banks tinea Aug. NEW, YORK CENTRAL SELLING ON PRICE LEVEL OMEN YEARS AGO. THEN AS NOW IT WAS EARNING BUT 'LITTLE MORE THAN ITS DIVIDEND, BUT PRESENT RATE IS HIGHER V ; Expantion of the Company's Capitalization and Earnmgt Meanwhile Invttttitente Play a Large Part e Company' 't Revenuee Net Earmnge Not Increased in Proportion to Grose Refunding of the OH High In- test Bond Profits of ( Lake Shore Purchase. New York Central "nas this week made a new low record for the year. By telling below 90 it has returned, ajt least temporarily, to the range at which it used to be quoted in 1895 and 1896. when it was still a 4 per cent stock. Since that time,, by the purchase of securities in other roads, it has extended its virtual ownership ef rail road lines from Buffalo to Chicago. It hat nearly doubled its capital stock and much mora than doubled its gross earnings, while the percentage It earns upon the outstanding stock, including It income from investment, has increased from a fraction over' 4 per cent to a little mora than 6 per cent ' During the interval between 1897 and 1907 the stock has advanced to within a fraction of 176, and declined again to where it was more than ten years ago. Its earn ings have at times shown a larger margin over the divi dend rate than the fraction of 1 per cent shown this year, but the New York Central's own earnings have never been remarkable, and the high price level at which the stock ruled for to many years, as well as the reputation it en joyed a a gilt-edged security, have been based more upon the latent possibilities of its ownership in sacfl properties as the Lake Shore and Michigan Central than upon actual earnings. These latent possibilities have now been realised in a very large measure, but have had no other result than to enable the road to pay 6 per cent upon itt stock, wniie they have quite failed to protect the purchaser at the high price of a few years ago from a very heavy loss oi prrn cipaL For this the purchaser must blame the present widespread money stringency more than the management of the road. . The changes which the capitalization of the New York Central has undergone in the past ten years are shown in the following table. For the purpose of this comparison the collateral trust bonds with which the Lake Shore and Michigan .Central stocks were acquired have been excluded: 1907 1897 Increase N. Y. C. 8tock.fl78,177300 1100,000,000 $78,177,800 N. Y. C. bonds 120,600,000 70,877,300 60,122,700 Stocks leased lines 87,073,000 25,037,000 12,030,000 Bonds leased lines.... 122,867,800 98,098,800 29,769,800 P C 78.1 71.2 48.1 81.9 Three-yr notes 25,000,000 Gross capital .$483,618,600 6288,513400 195,105,500 67.6 Securities own, less cost of L. 1 S. and M. C. stocks 44,496,200 11,085,500 83,410,700 801.4 Net apital..$439422,400 $277,427,600 161,894,800 68.8 It happens that this year the business of the New York Central itaalf hat been less profitable in proportion to theapitalisatkm involved ihan it was in 1897, but the difference la comparatively slight If the company depended upon its transportation earnings alone the difference would have been considerably more, since with an increase of abcAit 300 per cent in the book value of its investments other than Lake Shore and Michigan Central, the income received from them has increased nearly 600 per cent The earnings and income of the Central, for the two years in question, compare at follows: 1907 1897 Increase P C Gross .$98,713,200 $43,677,900 $55,035,300 126.0 Net Other income, exclu divs on L S. AM. C... 23,088,500 16,078,000 7,010,500 43.5 3,590,400 602,200 2,988,200 496.2 Tnt iiwonw. 2fi.fl78.900 816.680.200 S9.99R.700 59.9 lLcss taxes .... 4,096,800 2,048,200 2,048,600 100.0 Net income. ..$22,582400 P C on total cap 4.66 $14,632,000 6.00 $7,950100 54.3 But notwithstanding the lower percentage earned upon the total capitalization of the system the company earned this year 6.20 per cent upon it outstanding capital stock, as compared with 4.05 per cent in 1897. This result is due partly to the refunding of the old 4, 5 and 6 per cent bonds with the 8H per cent gold mortgage bonds, but more than that to the great increase in the Central's revenues from its Lake Shore and Michigan Central investments. Interest on the bonds with which these stocks were acquired amount to but $3,847,000 a year, whereat the dividendi received upon them in 1907, or at least de clared out of the earnings of the year, amount to $7,685,000. LAKE SHORE'S BALANCE SHEET. ii I i UNIFORM ACCOUNTING NOT YET PERFECTED. Report to the State Filed at Albany Show Some Curioue Figure "Open Acoounts $t5AStfil." r. The balance theet of the Lake Shore for September 80, 1907, at filed with the state railroad authorities at Albany, affords a fresh illustration of the fact that the form of report prescribed by the state results in some curious docu ments. Thus, the Lake Shore reports an item of "open accounts $25,456,321," which item appeared at $17,914,481 the year before and only $2,847,537 three years ago. No such item appears in the company's balance sheet at it it given in the annual report, and the item appearing here it evidently made up of advance to lessor and other companies, loans and bills receivable and sundry accounts collectable. ' That the form prescribed by the state authorities does not compel uniform accounting i proved by the fact that the New York' Central reported it $25,000,000 of three- year note under the head of loan and bill payable, while tb Lake Snore report xio.WHl.OOO of exactly similar notes issued at, the same time aa a part of its funded debt while iU item of loans and bills payable shows a decrease during the year ended September 30. The form of this balance abort renders it of little or no use in determining the company's condition, chiefly because of the composite nature of the item of open accounts. It does .not conceal the fact, however, that between Dec 81, 1906. and Sep. ao, 1907, casn on nana decreased from 84.- 938,938 to $1,254470. . . Pneumatic Tool Dividend Deferred. . ' Directors of the Chicago Pneumatic Tool Co. have de ferred action on the quarterly dividend. The company hai been paying 1 quarterly. President Dumley says: "We nave deferred action on- the dividend until we aee bow the year opens and whftt the prospects are, and to tee whether the general trade conditions are better or not "The- money hat been earned, but we thought it batter policy to take this action. The company ha had a very prosperous year indeed." N - . FfiYY Desirable window overiook-r u,i in Curb Market. Address RFNT Box 9M, UCil41 The Wall Street Journal. mRT-ertirrat. C SOQt tar 20 fhim ana C 1078 for 10 iwru V. 8. 8W.I t. In nam. of R Cooteot 4k C taUiAiJB jU. .... 11 I valvar. .w Torai '. Two hundred and three National audi Slate Banks have tubacrsW to TneWal Street Journal durng the past thiteeh weeks. MEMBERS' New York Stock Excnaag New York Cotton Exchaags New York Coffee Excaaaz Chicago Board of Tradt Chicago Stock Exchaags nuadelpblastoek Excbaart ALBANY ' CINCINNATI ROCHESTER TORONTO . vYILMINOTO.1 SCRANTON WILKES-BAfcRE ' W11AJAMSPORT We Offer Chicago, Mil. & SL Paul Ry. Mineral Pt. Div. 1st Mtge. 5s Duo July, 1910 Yleldinj 5.40 . - We ar advlM that the bonds are a lrl Investment for Baring. Banks and Trust fanda la Raw lark aad Maw J,iniTha bonda are datd 1K80 and are secured by a'urst mortgara on 133 mile, of railroad. - ( Pfaelzer Zt Co. HANKERS ', : . at BROAD STREST CRAIG & JENKS 27 William Street T.L Ha. ISlt Braaa. . COTTON MERCHANTS - - MEMBER . KW YORK COTTWW BXCB tXGSl XBW ORLEANS COTTON BKCH ANGBI I.IVRRrOOL COTTON ASSOCIATION XIW YORK COFFCK EXCHANGE CHICAGO BOARD OF TRADB Patara 4aHv.tr areWa aat aa abava Ebaa Lltoral adTaacca anC aa Cettaa Cultunti. Atlantic Coast Line 4 ctfs. of Indebtedness WestinsBonse 6 Notes. 1910 Western Union Stock Scrip Lon? Island Gen. 4 Wheeling & Lake Erie Cons. 4, 1949 NEWBORG & CO. Member. New Tork Stock Exchange. Tal.pbon. (743 Broad: 44 S BROADWAY. ROBERT GOODBODY & CO. MEMBERS OP THB KEW TORK STOCK EXCHANOB Stock and BN0 BR0K9 aa the ;.. v ABB) DC BUB STOCK EXCBASaSS, ay,.,, .. ,tr WANTED Chesapeake & Ohio 6 Notes due June 28,' 1908 FREEMAN & COMPANY - S4 PINE STBEEf. NIW YORK, BID WANTED 10 Aetna, Fire Ins. (. 7 Fidelity Fire Ins. . ' ' CATLIN & POWELL CO. T.L 60JO Hanover tf Will IT. Nashville, Chattanooga & St, Lou it 5i Metropolitan Street Railway, all istuei Central Railroad ol New Jersey S . Cincinnati, Dayton & I ronton St ' . Chicago & West Indiana 6s and 4 ; ' C L. PARMELEE & OCX , ! f,i.fini Hrtnr 20 Broa4 St.. New ' ftoathwrat H. R. af Ga- Oaar. Stork Pitta.. Yaaaaa. A A.btabala C.a& . 1S27 St. Jaarph Uraod blaad Int Fit. I alua B IMS lotrraattvaal KaTlg.ll.a lat 6m, lata. IIIUH GRADE INATT1VK STOCKS AND BONDS. iwmhon. tztvnft 'urn mfd Jt rn A. H. BICKMORE & CO. BANKERS Hlah C.tid. Baa. Nettla a la Oaaraal.nl r ' Ballaa I Uahi. ataat aad Power Caaipaar. Bt Plaa Strart. Maw Vatk. . CHILDS & CHILDS iNew Tork mock bicoau. rMruburck Block Bxchaa- Chlr.no Board of Trade ataaibara PITTSBURGH, PA. - NEW YORK CITY 3fts, 1951 SOUTH CAROLINA & GA. 5s, 1919 , OMAHA CONS. Cs, 1930 84 Pine St COrflN a CO., TeL eiOO John h k wnx tEU, OTIS ELEVATOR PKD. ' HALL SIGNAL AI.LI- HALMRRS la, I AMERICAN STKKI, POL' ft DRY ., IMS All Active and Inactive Bacurltlaa. WILLARD & CO. raw Haa...r. IB BHOAO STREET. MEW TORK, WANTED " j Chla. it Wcat.ra ladlaaa CaaaaL a, lst . Laatavllla, Sr. Alaaar CMC. , 11 LavlaUc, Maw Alaaar Chla. Vm, MIL BLAKE & REEVES rrpaoo. MM MriNISTRCBt . Vlrrtala MldUaa General St, 1936 Central Railway Syndicate . Cobb. Ry. A Lt. Stock aad Boadt United States Steel 1st ft, 19)1 Sr Win.' M. Clarke, IXXXr O'Connor & Kahler Unniclpal, R. R. & Corporation Eoaj i WAU STBJEET. NEW YStUt UU WABTBD tiatK. ajMaa 'aafWrwW N. Y. CURB house bu opeoiasr for rentle mao's ton. without previous experience, who wishes to karoythe business oi traiing' In securities on the Cork, Apply by letter to N. Y. CURB, care The Wall Street Journal Position will not be filled untS after January Itt, J9C5. WANTED Stenofraoher. rouar man t wHIkir and industrious f must be accurate and rapid typist pood penman t some knowierfn of accounts and general office work desirable I splendid opportunity for right man. Apply in pwn handwriting, atatinr age experience, references, and salary expected. . Address . Cox 7 w &e w aa street journal. t ,

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