The Brooklyn Daily Eagle from Brooklyn, New York • Page 52

THE J1UOOKLYJN DAILY EAGLE. 2EW 1'OitK SLUN'DAtf. 31A1UJH 12. BANKERS AND BROKERS. FINANCIAL.

FINANCIAL. Clos- Nst ins. chant: High- est. est. Sales.

Open- High- Low- SJ.Ofto. nonet. Inf. est. est.

1 BloKanTx5s.l01?!4 10174 10174 THEM IN ILL STREET 10174 "98 100 RySpring 98 98 heavy one for capital expenditures, the cash outlay amounting to approximately $6,000,000. Of this amount about $1,500,000 was invested In foreign works and of the balance the major portion represents ex 208700 10574 1M 154 ij Aibraciaots una. yun 12 102J4 102 63 UoPacirioos lUJO.UIlH 10 1 b'J 1 88 xii 010 ruci no oou. ALU penditures made at the domefltie works to give added manufacturing facilities to meet the Increased demand for their 33 1 98 29V- 68 products. 33 98 2'J 58 20 40'ij 66 52 202 Mo ttc conr I 3 Molj.Stl, i('al4i.

MH 1 Morris A Ess 1 5 Mat Knum A St 6s. 5 6 Nul 28 KulMexprl4Xs 04 5 AirUrakeis.lOJ IB i ueiitrul 8 S3 Do.regisuired.. 87 18 (Jeianii. U'Jo The Industrials, Reporting Last Week, Show Record Net Earnings in Contrast With Railways Poor Showing. Concluding, President McCormick says: "The expansion of agriculture in foreign countries extends the market for 'he 54 120 vH 111 100 ui 83 4 1U-J 884 874 K3 80V Guaranty Trust Company of New York 28 Nassau Street il IB 101 10114 101 101 1U9)4 -lU) 05 S4 130 120 044 U44 111 111 100 100 Do t) 83 83 3)4 102 102 88 C8 87M 87)4 u.ii 80 SO 784 78)4 70 79 1)04 Wl))4 wo '4 wu 80 f8 302' 10U company's products, and with average fjr 17 Tobey Kirk WILL BUY: to Am.

Silk Co. 6s (cpns. on). Offering 5 Am. Type Founders Deb.

6s. OH 98f4 100 Borden's Milk Pfd Wl07 20 Celluloid Co ft126 Evansville Bee. Ry. (1 Soy2 20 Harlem Riv. Pt.

Chester 99 J4 9 Long Island R. R. Gen. ft! 95)4 25 N. Y.

Transfer (Dodds 25 100 Northwestern Commercial 60 5 Securities Co. N. Y. Cons.4s.fcr 63'2 414 'i CO a.t 52 'i crop conditions in thin country, the prospects for the company's business in 1911 14 VtX.ui.Hcol.W-, 8U 114:,4 115 8 seems satisfactory. The annual report 600 Read 1st pf 89 100 KepubSteel 33 690 RepSteel 98 SOOO Rocklsland 29 100 Rock Isl pf 58 100 St 20Va 740 41't, 100 StLoSW pf (itj 200 SlosB-Sheff 62 14515 So Pacific.

115 1677 3outhern. 20 1400 South'n pf 64 COO Tenn Cop'r 37'i 600 Texas ,1313 400 28 1800 22 1400 51 137 Twin City. 108 98SOO Union Pac.173 of Harvester will not be published until 26VH 2 NYCeut Lst4sr 784 784 1 iJ CeDtM(J34 79 70 London Office, 33 Lombard St, E. The annua! reports of the many bis In Fifth Avenue Branch, 5th Ave. 43d St.

03 37 "4 dustrial enterprises that were published some time in April. It should be appropriate here to men Hon the business of Sears. Roebuck HI 88(4 during the past week make a showing so 103 2(i 63 37 135 27 22 51 'a for It is considered one of the best 118)4 1104 H4 different from those submitted by the criterions of general conditions. For the first two months of the present year their 24 State N. Y.

Highway 4s fo.i04.fci a4 us 134 1334 ,1394 1MX 133 1, 1331 1354li 28Vt- J4 22.. 51- 108 16 railways of the country that one cannot help drawing certain inferences unfavor 25 United Bank Note Pfd Chi ft Hi 43. 18 YCnlAst.Ld.. 01 109 VGaKl.UtF4s 84 79 4 l.ackiW lst.11654 252 YMtHcv34s 33 NTMJjlio, tls.134 2 l)o. 1334 TO 1 1)54 43 I 5 08)4 014 Norl A 7 NortAWestdiv4s U3 7 NoilJtWPooui.

90 -18 North 7094 1 Nor Pueiffe Ha KUU gross business has shown an increase of "ti 10 Virginia Rv. Power 5s 91 14 ner against a phenomenal In able to the latter, indeed, this wide 108 crease a year ago. It cannot be said that 5 Wesfn Union Tel. R. E.

Vis. 95J4 171 172'4 the farming Interests of the country. i UH.4 U8H Wtl 110 't 7uH UH 8 103)4 10'X 3 3)4 WO U(l)4 704 70. 90 91 -2'4 860 Un Pac pf 91 least, are not prosperous. WILL SELL: Information from official sources Is to out the effect, that the huslnens of tne Amer 30 100 2 084 VH'4 too U84 98'4 lean Can Company is the largest In its historv and that net earnings, too, are 88 8H 88 476 UnDryG'ds 106 106'u 106 J4j J100 Un Ry Inv.

47 4ti 46 1400 CnRyinv pi 73 72 72 230 US 17 17 17- 300 USR'tylmp 68 67 68 1 14025 US Rubber 42 39 41 lh 200 US Hub 1st 112 112 112 2 Am. Malting 1st 6s 10 Atlantic City Electric Pfd. 100 Babcock Wilcox 10 Borden's Milk 200 Buffalo Gas Com largelv In excess of a year ago. And 05)4 k64 International Steam Pump is apparently II214 112), 114)4 ll) divergence In the characters of the two classes of reports furnishes a good text for a review of present financial and commercial conditions, and an excellent augury of the future. With one or two exceptions, and these are exceptions solely for special reasons, the Industrials have reported record profits for the year 1910 not only record gross profits but also record net profits.

The annual reports of the railways are In accord with these Industrial reports as regards gross profits, but in the final analysis It Is net results that count, and it Is here that the astonishing divergence between the two classes appears. The large decreases in net earnings of Condensed Statement, February 28, 1911 RESOURCES Bonds and Mortgages $475,500.00 Public Securities 12,811,893.35 Other Securities 38,897,581.69 Loans and Bills Purchased 65,406,614.43 Cash on Hand and in Banks 27,617,580.04 Forei gn Exchange 27,554, 257. 54 Accrued Interest and Accts. Receivable 708,531.01 $173,471,958.06 LIABILITIES Capital $5,000,000.00 18,000,000.00 Undivided Profits 3,941,947.01 Deposits 133,764,586. 39 Accrued Interest Payable 469,992.72 Reserve for Taxes and Expenses 209,561.10 Foreign 12,085,870.84 $173,471,958.06 107 107 UAH nay, 114', 107 v' Ud H7S UM W7H 1)7)4 236800 76 75'4 76 uu DO 904 9tf W74 b7)4 vn ys 103)4 103)4 1(18(4 104.

10 Vs S170 US Steel pf 118 118 118'4 2625 Utah Cop'r 44 43 44l 837GO VaCachem 69 66 66-l 500 VaChem pfl27 126 126- 400 Valr 60 54 54 -7 2200 Vl 1634 17 8500 Wabash pt 37 38 1 luiv. i.4Hj IOJI. 2 Buffalo Gas 1st 5s 60 (1500 Buslnvick Club Bkln 5s, 1911.. Bid 10 Childs (Restaurant) Com'n. 100 Fajardo Sugar Co 12S 100 Gamewell Fire Alarm Teles.

25 Guardian Trust (N. Y. Bid 75 Hudson County Gas (Sl46 75 Internat. Silver Com 3 65 70 Merwin Paper Com Bid 2 N. Y.

Mutual Gas Light 178H 50 North Jersey St. 72! 3 Old Dominion Steamship STlOS 10 Pabst Brewing Pfd '('106 25 Roval Baking Powder Com. no laggard. From a statement of earnings for the nine months to the end of December. It appears that the company earned a surplus for dividends of which is larger than the surplus earned In the full twelve months of the fiscal year ended March 31, last.

The feature of the trading in shares during the past week was the lark of selling pressure. Despite the uncertainties of the present situation and the many bear arguments advanced, the present market has. In no sense, been a liquidating one. Business on the Stork Exchange has been extremely dull and price changes during the week reveal nothing of note. Money continues In abundance both here and abroad, and many new Issues of bonds and increases in capital a Ud A Lake 1st.

88 17 Oiecuiiar )5(4 44 OreuonSh Ltd ta 3 OreaonahL ..112 0 Oimon SU 1144 2 107 46 I'acTel A Tel U794 81 I'ennllrc. 9U't 18 HennRyaiis'li. W044 3 Fenn By.34s '10. 974 3 Henn Un 10 1'enn Ky 4s 1048.1l)3!4 4 4 1 Peoplcstiascn ll.U(i 141) Here Marq'tte4s. 73 6 Pere Marq 4s gtd.

73 'J I'blllpplne Hy 4s. 7 Hortlund Ky 7 1'ubServ Corpus. Btl 260 974 HIcUl A 02 8 KloUrA Wool4s. 852 10 1 Ark A 44s. 834 01 8t Lo I A So t.

88 JH 8t Lol A Softs. 1084 29 StLIMASHAUta 8014 7 St LA Sun tit. BIU 42 St AS 87). 1 81 AS os. 108 8 St LA 80 VI UIIJ4 17 on 4s 78 3 ex4s rt4 100 WellBFarg(160 100 160-4 practically all of the Important railways of the country have been charged by railway officials largely to the insistent de-njtnd of labor for morn wages.

Surely 50 50 '4 71'V 72'4-l14 67 67 117 120 1 62 65 3 "i 01 8 1800 WestUnion 73 1400 Westing'e. 67 300 Westlnglstl20 $900 Wis 66 It cannot be said that the year 1910 was a heavy one as regards capital expenditures 50 Safety Car Htg. Ltg Wi26.v, 10 2d Av. R. R.

Cons. 5s, Ctfs. flat stock have been floated. Tho freight rate '3 Standard Milling 1st 5s (m 8434 eases came to a definitive termination 25 Standard Oil Cloth Pfd 97y3 for the roadB, If we except the Pennsylvania and the New York Central, both of whom were engaged In terminal improvements of huge proportions. But, the industrials, undoubtedly, have had to contend with similar demands from labor, and it is true that thoy have 118 lit) lt4 704 73.

7S4 734 73. Hti-H 8U4 8H B89 I)H Bt-94 08 Uti liO b7 0074 0674 2i 9J)4 Hi). 864 86)4 854 4,344 9394 934 804 86 86 108. 108 108 M1H 80)4 804 814 81 81)4 87)4 874 87)4 108 108 108 o)4 904 ooti 7S4 78 78 984 9H4 98)4 na li2 11 a 87 8074 8074 12o 126 lib 984 90)4 87 87 87 76)4 76)4 75)4 U-H U'-tiH b2s Ui k74 V794 9474 94 949 92), OS), IK 87)4 87, 87)4 78)4 7794 78), 10(94 107, 107)4 88 88 88 and all roads, both Eastern and Western, are now filing notices of cancellation of all of the Increased rates they proposod. What the unprecednntly large bank re-moon nnd whv the New York Cen Ex dividend.

Bank Stocks, High. 57 B'k Commerce 208 20 FourthN.Bank 202 30 Hanover Bank 650 5 Nat.City Bank 400 40 SeaboardN.B'k 418 26 Union Typewriter 2d 108 50 Universal Machine Screw 4 West'n Union Tel. R. E. 4'4s.

95 Bonds "and Interest." TOBEY KIRK 25 Broad New York Phones: 4294-5-6-7-S-3 Broad, Low. Last. 207 208 202 202 634 634 400 400 418 418 Directors Levi P. Morton, Chairman Daniel Guggenheim Edwin Hawley Alexander J. Hemphill Walter 8.

Johnston Augustus D. Juilllard Thomas W. Lamont Edgar L. Marston John R. Morron Gates W.

McGarrah Charles A. Peabody Officers ni 1 ui(y xsc.i la 14 fan Auti A eti. 87 7 Sav Kla A 2 Scioto Valley 1st. 084 3.1 Sea 87 20 Sea Air I. adj.

76)4 7 SouilirReino t)2s 188 H8 Ufl SoPuoltlcrfit 0414 3 Sou I'ao Term 4s, H2J' 10 So Pao Coast 87)4 1225 Soutliern Ity 774 6 107). 2 SoutnltyMob 4l. 88 William H. Portet Samuel Rea Daniel G. Reld Thomas F.

Ryan Charles H. sbln William D. Sloans Valentine P. Snyder Harry Payne Whitney Albert H. Wlggln Charles H.

Allen George F. Baiter Edward J. Berwlnd Urban H. Broughton Edmund C. Converse T.

De Witt Cuyler Henry P. Davison James B. Duke Robert W. Goelet tral reduced its dividend are treated In special articles In other columns of today's financial section. The following table shows the course of the stock market for the week ended Saturday, March 11.

and the net changes from the closing prices of the previous week: Total sales this week 1.207,600 Total sales last week 2,538,100 Total Bales previous 2,181,700 Net Hleh- Low- Clos. 106), 105)4 105)4 104m 104 104 The following table shows the transac lnff. change 5 'lennCAt 1st 1054 86 1 emit 4 I Km n' 4 TermAs'nSLOs. .11294 tions in government bonds for the week JOHN 11294 11294 1124 ended Saturday, March 11: 1 1114 111)4 111 33 Third Avtsot sta 509e tit) ftuX fales. Oten- Hich- Low- Ctoa- Alexander J.

Hemphill, President Charles H. Sabtn. Vice-President Mai May. Vice-Pres. L.

B. Franklin, Vice-Prea. H. M. Francis.

Vlce-Pra. C. D. Landale. Mgr.

5th Ave. Branch W. C. Edwards. Treasurer S1.000.

Bonjs. Ins. est. est. In 1.

Bales. est. at- 600 Allis-Chpf SO'b 801(3 21525 AmalCop'r 627s ilaa 9800 AmAChcm. 58 54'a 13000 AmBeetSu 4ons 43'i 850 AmBeetS 977'a lOOAmBrShoe 97 97 1680 Am 97a 5800 Am Can pf. 82 81 4 Post Office Sq.

BOSTON 80V- 44- 8 97'8 8 97 9V. 81 30 Pine St NEW YORK 8 Virginia fdx KtlH N(P 607 50 67Hi 8K 60 88 F. J. H. Sutton, Trust Officer a Third Avenue fts.

11294 11V94 llv.94 112 2 Tor 11 A Buff 90 OO tU UO 9 Vn HI London 1 no 45 45 45 45 3 Union BagAP6s 05)4 toW 5H WH 77 1004 1004 100 100)4 Ll.i LnlonPao cv 4s. 104 104)4 104 104 38 Uplonl'aofdg4s. U0t4 trtt, bttii t)ij4 E. C. Hebbard.

Secretary 3 88 Htl 6H 88 HUH IliiJn Ulty 4s VV4 citv4siu.sa... now DO mm J. M. Pratt, Assistant Treasurer W. F.

H. Koelsch. Assistant Secretary J. I. Burke, Assistant Secretary F.

C. Harrlman, Assistant Treasurer Waltef Meacham, Assistant Secretary N. D. Putnam, Assistant Secretary 1I1H lltllg 14U City 1014 1014 IOH4T 1UI Deen more harried by strikes than have been the railways. It is true also that in many Instances, such as will be recorded in the annual report of the International Harvester Company, capital ex-pendltaures have been unusually heavy, yet net profits have been the largest on record.

In the light of all this, It would seem as though the contention of Mr. Brandels that the railways were in need of efficiency experts, was well taken. At any rate, with the protection against undue competition afforded by the Interstate Commerce Commission, the railroads should be able, under the same conditions, to Bhow up as well as the industrials in the matter of net earnings. The two exceptions above alluded to are the American Sugar Company and the Central Leather Company. The former was mulcted of $700,000 during the past year, by the government, in its settlement of the drawback suits which were instituted against It by the federal authorities, and this, together with a poor margin of profit, complained of in the report, because of the weakness in the sugar market due to an over production of the raw material, operated to decrease net profits by approximately $4,000,000.

In the case of the latter, the relatively poor Bhowing was due, first, to overproduction and secondly to the high price of hides. For the past six or seven months conditions in the leather business have been unfavorable for these reasons. Recently the sole leather tanners of New England decided on a policy of curtailment and this may be reflected in better results later on. Then, too," the hide sit 1600 Am 's hb 'j 104)4 1044 104)4 90 SU 8u4 82 82 82 10374 103)4 l(M4i UU II I. St.ll ,9.

14 8 SLeatlier 1044 34 Realty 5s. 90 1 SHedAHetOs. 82 42 4K4 bBleelsf .106 100 117 117- LETTERS OF CREDIT providing funds for travolUra In all part of fho world. COMMERCIAL LETTERS OF CREDIT FOREIGN EXCHANGE AND I COLLECTIONS CABLE TRANSFERS 106)4 105 106), 5934-l BANKERS AND BROKERS. 2020 Am Cot Oil 61 59 400 AmCotO pf 105 105 200 4 4 200 AmHide pf 23 22 1300 Am Ice Sec 22 700AmLinseed 11 10 100 AmLin'd pf 31 31 38 37 100 Am Malt pf 31 31 17850 AmSmelt'g 75 73 o( 1 I'lty rctsltll's JUi IUIH It 10214 1IWH) 17 1074 KlIJs 10794 107 la NYCItv 4hisll)47nl075, lt)7t l7- 107H 4 Aigeutlnejs 9 Ont DM SI) Luuuos 103 103 103! 35 Jii t)4(4 U494 l'4V4 D4 D41, 4la 114V, IMHl 4 UNllntB IMS 114 'JH.

uav 13 USJJcxSs U7 j7H U7 67 The following table shows the course of the bond market for the week ended Saturday, March 11: Sales. Open- HlRh- Low- Clos- H.000. Bonds. insr. est.

est. Inff. 3 Adams 89 81) Hit KH 55 AlhAHiiHU U314 t'311 WiH V.IH 17 Allls-CUalm 7744 78 774 78 4 Aw Klvi 1112 102 6ft iiu ColOII t)7K H7H 7 l)7H 105 4 22- 22 1034-1 31 38 31-1 75 1 MUNROE CO. 1 BUE SCRIBE, PA.KLS. 14 Va-C'aroCb ll)4 10194 101 1014 0 VlitlronCAC.ij 06 06 96 bo 0 Wabash 1st 1(1894 1004 1084 100)4 70 Vabasb2d DU4, i)yu 9l) Wi-l 2007 Wubusb4, 084, 7144 689 7U), at W.bastif isl' 1)1 454 4-''4 4494 iiH 1159 Walil'lsTtst il.

45 48 4-9t 474, 341 WabPT Col Islet 45)4 48)4 46, 489 4 WabasbftsT Sd 7). 7)4 7)4 7i 20 nb I'ts 7 8 7', 7J 3 WestohesturLt5s.l05 105 105 105 8 Western 101 101 10074 101 20 tt tbiMuryi'U ti. 864 8894 804 n)4 14 WestN VAfalst.110 110 110 110 1 West 104 1044 1044 104)4 7 WestSiioroM 1004 loo lout, loo 7 Westrtliore 9D), 0994 99), tiuv. 10 101194 103X 108t 1089a 2 Wen Union 44l. 959, 9U94 9544 964, 10 WestUnion 9974 100 t)J4 100 0 Va A 9ltis lst.1009 100)4 lOOi, 10094 S3 WestlngnMleoof uli, 9a Oit 5 84), 84)4 84)4 t44 12 VV Ibtoiisincunts 92 9 1 Am lXick imp os.lt),t JUVa lUYf IU7 700 AmSmel pf 105 103'4103'4 1100 AmSmel 87 86 86 1 450 Am Steel 47 46 47l'4 1200 Am Sugar.

118 H7a4 118 100 AmSugarpll734 117 4 100 81 81 81 3 BO 14 AniHhle.tl.liv. 0044 3122 AmTeliT.145 144 144 Total sales of bonds for week ended 97l4l 7 Cumulative Preferred Shares UNITED STATES METAL PRODUCTS CO- Non-Taxable in N. Y. State SPECIAL CIRCULAR ON HF.QL'EST Turner, Tucker Go. Bankers, 111 Broadway, New York City.

TELEPHONE 488(1 HECTOR. Saturday. March 11 (uar I16.08n.onn 73 10IH KKK, nm 107! M44 84(4 107 ti 80) 85 0214 084 DIM II1'4 11)714 8 Am 70 73 70 163 AmBAIl rctflpdlOl 10174 Idlf Am Spirits XtMHsi 10IH4 75 8M4 180 Am Ty 1074 10094 401 AniToliucco 84ls 84H 1 84U. 84 84i 1411 Am 1()7'4 10(11, Vi Am Writ Pap 5s. 804 8tH 8I) 13 AnnArDor4s 844 85 841 4 Armour 4tB 113 V.I (18 l81fi U84 08 a om.

CW, 11 87 Ateli HlMi 'UIM'01 1H A tell oonv4t 107 1074 1004), Last week 18,493,000 Previott week uation is Improving from the leather standpoint and It is said that the lower prices that are likely to obtain because of the presence of a greater number of cattle In the country than was believed will admit of greater profits during tha coming year. Excepting these two notable Instances, then, net profits from Industrial activity in the United States during 1910 established new records. Previous records for 800 Am Tob pf 07 96 B400 AmWoolen 33 800 AmWool pt 94 93 400 AWrltPpf 29 29 S15 Anaconda. 38 38 86400 106 105 New Yorh Real Estate Security Company 42 Broadway This Company offers at par and interest its 6 GOLD MORTGAGE BONDS Denominations of 1 00 $500 1 ,000 These bonds are tax exempt in New York State except as to inheritance. Assets Capital $3,950,000.00 DIRECTORS THOMAS B.

IIIDBKIV. President WM. K. G. GAM.

AR1J, Vlee-Prtsldent K. C. UTTLKTOIM, Vice-President Pit; A UK WAI.KKR, Treasurer CH1S. H. MCCARTHY, Secretary E.

J. ItOIlKll I Comptroller Samuel P. Colt N. J. Mitchell Ohas.

E. Pateson James T. Anyon Hugh H. Harrison O. A.

Grlscom. Jr, William P. Hall Buger S. Baldwin" Hyland P. Itlce F.

Win. Janssea Write for Booklet "39" 334 93 -1 29 38 106 WEEKLY CURB REVIEW. Transactions Were in Small Volume, 407 Mi a Atc.lllWSlU....l"V7 HUM! 1UTH 103 1201 1050 Atch'n 103 102 1100 AtlCoastL. 121 119 47 Ateheonv 4s 1034 1034 1034 103)4 gross and net profits were broken by the at Atebcnnria iua J.i)4 iub4 iou With Coppers the Feature. The action of the outside securities 8950 l03s4 102 103 '4 March is normally a month when a large amount ot cash accumulates in the banks of the reserve cities, but reserves such as are now held by the Clearing House banks in New York City are quite out of the ordinary.

Toward the end of last summer when the trouble in the money market which seemed so Imminent was being prepared for, the New York banks accumulated a surplus ev-in larger than that held at present, but to find a time when reserves have reached 28 per cent, in March, it is necessary to go back a number of years. The present piling up of cash in the vaults of the banks is, perhaps, the most important feature of a money situation, which, while lt appears alt serene at preBent, BUggests some interesting possibilities. A glance at the tabulation showing the oash on hand and the deposits of the Individual banks Is all that is necessary to see that the composition of the reserves held 1b most unusual that three big banks contribute an entirely disproportionate The eye running down the column ot individual percentage is first arrested by the figures showing the percentage of cash to deposits held by the National City Bank to be no less than 35.7. A little further down we come to "the First National with 29.3 psr cent, while the Chase National stands out with 29.5 per cent. In figures, that means that the first ot these banks is carrying $18,725,000 more in cash than it is required by law to carry; that the First National has a surplus abqve legal requirements of $4,751,000, and that that of the Chase National amounts to The surplus reserves of these three institutions it will thus be seen, consti American Tobacco Company and there was a balance after preferred dividends 2 2 6 Atch 81174 9014 0074 0074 1 All 80J4 8094 81)94 8tl9 13 93 93 93 37 AtlunCoastL tt.

B374 937 Ua4 9374 129 AIICoas(Lcol4l 9394 944 94)4 81'4 market during the past week was wholly a reflection of the Stock Exchange. Prices equal to 62.2 per cent, earned on the common stock, as compared with a percentage of 50.5 at tho end of 1909. Indeed, z8 8IV4 61 78 ill 800 Beth Steel. 800 BethSt'l pf 6300 Bkn 100 Erunswlck. 60 70 30 60 70 9 the company appears to be so strongly after opening about steady at times displayed art easier tendency.

Thero were evidences of support slightly below pre 40 Bull 924 3 924 93 62 Bull 084 984 98)4 084 12 ltallAtSW8as. ilO's Ult 1104 004 tl KlillAOWVals. 01 Olki 01 914 9 9- entrenched in Its financial position that not even an adverse decision of the vailing prices, and this Induced some 23 bfth steel 88 8774 877, Vnlted States Supremo Court Is likely to small buying. The dealings, however, affect either Its business or Its credit. wero the smallest in volume since the PORCUPINE Alrenrty flvo 1'orciiplnc l.Niim ore actively traded in on the vv York C'nrb anil fiHiilrin ri'KurdliiK ninny more re com I in.

I rent in 1 he Porcupine nip nnd In I'ureiipine StoekM In rnplilly IiM-reiiMinic. Seat Facilities for Order. Margin Account Solicited. J.Thomas Bernhardt CURB STOCK BROKER t4 Devonshire Ilrnnil Button. Private Vires.

Aciv lurk. 7 li kivn city lu.i jti. 1074 103 llkn HnpinTta. 84 8394 83J4 4 103 103 103 8 I kn Un 10074 101 1001 10094 3 Un 107)8 107 107 1 113 113 113 1 UurC HAN con. 112 112 112 lly 43 lalUas 02), 944 02)4 H474 8 tun 1101, Sou lb 1st 103 IDSt 10274 102), 11 CanadaSu 2d 10H4 1014 1014 1011 10 tmitiu 1st IOO14 1001 1004 100)4 15400 Cai-Pacific 215 212 215 2 6600 CentLeath.

29 27 27 2780 CenLea pf. 102 99 99-2 200 Cent 270 270 270 5 14900 83 81 "811 400 CGW new. 21 21 21 28800 119 120'4 392 147 148 100 ChSP.M&O.140 140 140 6 1200 Chi 145 145 145 1600 Col 33 32 32 925 Col 54 52 54 1 110 coiSo 2d pf 74 74 74- 1300 CoiustqckT .24 .20 .24 1 4825 Con 141 140 140'4 The company's bonds have been active and strong during the past week, yet they appear to be selling at. a price which Is not discounting the possibility of enforced liquidation. They are quoted between 80 and 90, and, according to the company's balance sheet, they could be liquidated at par without greatly lmpairiug the total body of assets.

The National Biscuit Company reported an increase In gross nf $2. 619, 088 and an increase in net of JM0.8S4, leaving a total surplus after dividends of $11,240,6.10, an CetKia tsii'icsia. jui'M .111114 joo4 X00)4 SUPREME COURT DECISION For peculiar reasons is not likely to affect a certain preferred industrial, OftH Ufti. 9A OoHi 0ft. first of the year.

As yet there are no signs of any immediate improvement, although the insiders were picking up stocks near tho close. There was quite a little buying on thtrty-day options and a good inquiry for calls of equal duration. The copper shares were, as usual, the principal features of Interest. The majority of this was centered in Greene Cananea and Giroux Consolidated, both of which wore at nearly all times under pressure. The price ot Greene Cananea declined on the disturbances In Mexico and the lack of news from the property.

Giroux Consolidated sold oft partly in sympathy with apo considerable short selling In evidence. Nearly as a whole, the rest of the list remained steady at near the closing level of the previous week. The low-priced stocks were extremely Ho4 81) 80 10-iI 10894 09 123 12274 122'4 1224 91)1, Uti 92 914 924 9094 95)4 8(1 1081 904 12274 122, 984 92 92)4 listed on the N. Y. Stock 1(11.

1001, loot, 182 CornRfg pf 78 78 78 lOOCASugarpf 89 89 89 8 'b 4 '8 Otl'4 113 11294 874 8714 95 05M 10.1)4 10ft 1 cen Oa 2d Incol. t(54 2 cennalOaSditio. stl 18 ctimuiua en is. 108T4 yi ent J.eiillier5s. 9044 0 CenlialNJ 3 Central 1224 5o ci lit I'aeibe ttia 0 Cent Oi94 29 Cent Vermont 4s.

109 32 tins AOIHoilii.lOl 16ft Clies A Oov 0.i94 3 (.1 ikAOIHo.n... 112)4 1 CbesAO BIS4s. 8 i 1-4 10 CliesACi ItAA in. VaU 4 14 23 Cbl A Alton 70 243 Clil Hurl 90 10 i hill A 4s OOlj 2 Clil Ittir 101 111) lil IS AU gin 9i'4 4 Chi llui 1 l.iUAylllJ,s. 87" 2 I A 09), 1 I hlli A(J Nabl.

tiSH, 3( hi A bast til 8t4 100 Del laid. 16' 166 166 Henry Clews Co. BANKERS, II. IS, 17 AND BROAD ST. WEMBEIH fi.

V. STOCK EXCHANGE. I STOCKS and IIOXDS hooirht and Mid for Investors and carried nn tllieral terms. Bunking Accounts receiver! subject to Icheck sight. Interest paid on dally balances.

INVESTMENTS Yielding 4 to 67 Descriptive Circular mailed upon request. F. OOKLYN BRANCH OFFICE, 16 COURT SI 1920 32 704 00)4 quiet until near the close when some ac increase of $1,128,985 for the year. President Green reported that the company's sales had exceeded all previous records in volume. President Clarence M.

Wbolley of tho American Radiator Company cheerfully confessed that the net profits of his company for the past year had exceeded all previous records. The cost of raw material required for the production of radiators and boilers was lower than for many years, and this enabled the company to establish correspondingly lower selling prices for finished products, whereby tho purchasing public was encouraged to employ Its Banitary methods 31 70 tivity developed. Prices at this time displayed a tendency to move upward. Con and lor same peculiar reasons this) stock should go up even if conditions make the others go down. This a better suggestion than those former ones which made for us so many friends and customers viz.

Western Union to buy at 42 (afterward sold at 8554. an advance of $43 per share U. S. Steel Common to buy below 4S (afterward sold at 94Js, an advance of $50 per share). We will send full Information upon reqtesl FLEMING 8c CO.

INVESTMENT BANKERS Pennsylvania solidated Arizona was the feature of this group and was more active than In the previous week. At the close there was a 904 0ft9 101 974 till, S74 984, 82 849 110 87 957, 95t, 101 97 9l)H 8 1 9H94 98.1, 81 8494 110 87(4 984 9(i)l 1129, 874 9S91 106 'i04 "59 101 97 UO14 8,94 904, ST iH 874 04 029, 101,94 874 9094 07 9874 108, 101! 724 es, Oti Clil A est i S44 .6 clilAlml Coal 1st. 110 I hi A St 871 14 thl.M A St 98', 4ft till SLVSt 4s. 02), 6(5 DentRG pf 70 20 DetEdison.10!) 2100 Distil Sec. 37 200 13 200 pf 27 100 DupontPpf S4 13100 Erie 28 1730 Erie 1st pf.

48 100 Erie 2d pf. 37 125 Federal.M'g 30 COO Fed Sugar. 45 200 Gen Klec. 150 13400 GoldfleldM 7 6350 GtNorth pi 124 i.760 Gt Nor ore 60 1550 Harvester 117 600 1800 Interb Met 18 02r I'zia 31 70 10!) 1 36 13 26l 84.. 28 47- 37 80 0 -10 -2 149 1 0..

1241 59l 115- 134 18.. CIV 10- 2ft C'blMAStl' ll)(i4 1001, 7 1,1 A fts Si, 87i 7(4 2Z 1 094 9044 I of heating and ventilating more exten-j sively. According to the report of the company I the net profits were $1,197,517, an Increase I of $225,917. The surplus remaining after dividends was $993,517, making the total surplus $5,520,167. The Otis Elevator Company had such a prosperous year during 1910 that Its I directors felt justified In increasing the dividend on the common stock from 3 to 4 iper cent.

President Baldwin, speaking of JamesR.Brennen INSURANCE BROKER 164 MONTAOUE STREET BROOKLYN, N. Y. TELEPHONE: MAIN 5870 9KT4 IDS', 100 73 t-8l tu 184 lOK), 100 729, 884, Special letter on Missouri Pacific Reviewing vast history, future prospect, SR. NT ON APPLICATION. 108 36 13 26 84 27 47 37 30 40 149 6" 123 58 115 133 18 50 10 47 40 88 16 30 33 66 44 110 ou OU' tute about two-thirds of the combined surplus of all the banks.

Of the various explanations of this unusual condition, the one most frequently brought forward Is that the three big banks mentioned are holding themselves In a state of preparation for anything untoward which may develop In the money or securities markets, but this opinion, it may be said, is openly ridiculed In the best banking quarters. Pressed for an explanation of the extraordinary accumulation ot cash in these three banks, a prominent banker last week declared that the reason was simply that money rates were on so unre-muneratlve a level to the lender that the banks prefer to hold their cash rather than loan lt. out. When It wag objected that 'low rates for money have prevailed at other times without causing any such heaping up of cash, the reply was made' that these banking interests are at present engaged in floating a large supply of new securities and so are unwilling to lend out money the only possible use for which would be to start a speculative campaign on the stock exchange. And in this direction.

the truth appears to He. To hold Idle so great a sum of capital means a considerable loss of interest to these Institutions, but, engaged as they are at present in facilitating the corporations financing, an active market on the exchange would be far more deleterious to their interests. They prefer, therefore, to hold the cash in their vault and lose Interest on it, rather than lend It to persons who would be almost sure to use it in a way harmful to the lenders' best interests. Aside from that consideration, It must bo borne in mind that confusion of sentiment over the recent freight rate decisions and fear as to what may be the outcome of the decisions soon to be handed down by the Supreme Court, are keeping a large amount of money Idle, which would otherwise be actively cm-ployed. During the past week, it is true, there has been reported a slightly better demaml for commercial paper and business In some Important lines seems to have made a move forward, but that nothing much in tho way of a trade re 1249, li'49, 1V4.

O214 11214 Hi 97 10 exs 3 97 84 Chi A )V Ken 4s 1W, 0 ChlASW (UD.t.l rl IS, 1 Clil A stfts BB3 IA 727s 11.) 1,1 It I A l'aofdg 88a, 31 I 9(t 1 Lbi Sit' AUcu.1249, In A 024 1 cm isti.Acni4s.. 7 3 CCC A SI l.Ciil IMj 1 81 i.g in 4s 04 23 Col KnelAI doDftslOO 2 Col Knel A 1 Kiufts 9814 til) 15 ColANuiltliernts H.V4 15 toJA 08's 13 ComProdfts 1J.11. 004 (ill HelA Had li. 084 111 elA II I 981. 3131 lut Mot pf.

small Improvement in prices. Nevada-Utah1 early in the final session was said to be scheduled for an upward move, but the advance was small. The silver snares were quiet and easier. Speculations were fairly active and In some instances firmer. Intercontinental Rubber advanced sharply In the early sessions, but soon lost all of this.

Later a loss was shown, owing to the Mexican difficulties where this company has some Interests. American Tobacco advanced about 13 points for the week on quite heavy dealings. This gain is entirely due to the heavy buying by outsiders on the excellent showing made in the annual report. Chicago subway was considerably less active and practically lower. Standard Oil was quiet and steady.

The following is a report of transactions in the principal Issues traded in on the Curb. Net Shan's. -High. Lffw. Last, ch'ge Am.

316 470 442 470 24 Bay State 300 9-16 0-16 9-16-1-16 Brlt.Col.Copper. 1200 6)4 674 674- Chlno 2500 2194 211 21)1 Chi. 800 6 4H 41- 54 Cons.Ar.Smelt.n 12400 18-15 1 1-ltt 18-10 7500 .20 .18 .20 .02 Davis Daly 200 1 7-16 1 7-16 1 7-16-1-16 Florence 583 2 '2 Ghoux 14700 0J-16 6 11-16 5 15-16-3-16 Greene Cananea 1080 I 0 1-18 694 6 13-10- '4 Inspiration Cop. 4127 8 7 11-10 7 11-16 I 044 94 100 9S4 05(4 SI59, PETER J. CLARK Consolidated Stock TCKrrhatig ot New York Member 32 Broadway, N.

Y. 944 4 10.1 os on. i'6'4 989, 9014 98 8i 081, 90 '4 9814 RONE WIRE GO. Preferred and Common Bought and Sold S. H.

P. PELL CO. Members New York stork Exchange. Dealers in Unlisted and Inactive Securities. Tel.

7885-6-7-8-9 Hanover. 43 Exchange N.Y. 200 let 10 500 IntPaper pf 49 800 lnt 41 1200 IutPutnp pf 89 1100 Iowa Cent. 17 050 lowaCen pf 30 2200 KanCity So 33 200 KanC So pf 66 100 Lack Steel. 44 1806 LacledeGaslll 47-l 40 -f 88-l 17 30 33- 00 4 4 6 17 Uol A eo 11)14 lot 1014 3 Oeliv A IlioG 03)4 "34 93 101 101 WANTED OFFERINGS Richmond Light R.

R. J.K.Rice,Jr.&Co. Phones 74SO to 7466 Hanover. S3 Wall 8t W. T.

944 94 100 9h4 OH 064 989, Uli UH'-l 9S9 101)4 93 4 101 2H IK) 78)4 83 14 1UU4 111 88 illftll Hay, ltlft), 8(1 70 '1 5 t-7-4 112), 101 9291 92)4 91) till 7814 7 814 831 8394 110), 111), 111 111 1U)- 17850 LehighVal. 173 170 171 22 i'en Altiod I Detroit AM Mi. 90 21 liisl UK ii- sec 7894 12 Ilupont l'ow 4)4s. 839 I hitii'lonnooa is.llO, 11 Kl 111 con 5s. .11 1 1 hd Klec llkn 88 2 ias 1st.

10514 4 1. 1 ic i I l.sHi 4 1. 1 it! 2,1 cxt 10ft', 12 In -is SO 11,1 ei, in II 70 48 UK 111 7514 8S thr 1910 earnings, said that the volume of business was in excess of the previous year and that the profits were also greater. The annual report has not yet been made public, but will be submitted to the stockholders first at their annual meeting a week from to-morrow. According to advance information, however, this report will show an Increase of about 10 per cent.

In net earnings and it is expected that the surplus after Interest charges and preferred dividends, will be about 3 per cent, above last year, when more than 10 per cent, was earned on the common Btock. The annual report of the Pressed Steel Car Company Is, In ninny respects, the best exhibit the company ever put out. Gross sales amounted to and were about two ami a half times larger than in the previous year and nearly three and one-hnlf times larger than the gross sales of 1909. Net profits earned (luring the year amounted to $1,697,495, while the total Income amounted to This, apparently, is a decrease of little more than $100,000. but it should bo remembered that In the 199 report the totHl income item Included $1,200,000 cash received from the sale of the Canada Car Cnmpa ny.

Other railway equipment companies made relatively strong reports also, and il'Lpito the d. prcssd condition in the steel trade during 1910. Lackawanna Steel 600 144 114 700 Mackay Co 93 91 400 Mackaypf. 77 200 Manhat Kl.138 138'a 1 10.51 I IS -4 10514 1 1M, 10ii, tit ettibllihed 1M4. Phone 2A17 Rector.

Insurance Stocks Fidelity, Phoenix, Home, Niagara, Continental, BOUCHT AND SOLD. E. S. BAILEY BROADWAY, N. T.

liner Rubber. 10000 147 142 754 ASPEGREN CO. Protlare Exchange Bnlldlna, Execute Order In COTTON Oil. on the New York Produce Exchange. 3394 31 314- 0 11-10 09 6 7-10 4 13-18 44 4 9-10- Jl 14 I mi-.

I'll. it, I li4s. S7U 8H0 I 4100 3421 901 220 1 Ki A 11 1st ron.H2a 112), 112a 101 101 3 fr.v A 'I' II in fts. 101 1 89 20 -1, 32 55- i Kerr Lake La Hose Manhat. Transit Mason McKlnley-W Mtanu 874 14 Oft 84 115 84 9ft 84 2575 1 13-18 1074 10714 1071, 4 8 )4 194-3-16 194- 94 6 -8-10 1)43-16 11 J- 20 Coast 4V.

95 I A liioli 84 I lillASA JlAP lst.l()7,4 US i.i t- 471, 1 (Ir It A I 1 1 A 11'4 3 07 Kl lie 1 1 21M6 600 13200 194 194 6)4. 6 15-16 104 '4 10 D4 14i, 1414 07 07 44 07 11)4 1074 Boody, McLelian I BANKERS. Ill Broadway, Mew York I S18 MontUKue Brooklyn. 10,94 400 SMI.L.. 89 89 810 28 26 1900 Mo 32 32 '4 7E850 Mo Pacific.

58 54 300 NatBiscuit 123 122 3700 Nat 53 51 un NatLead Klli 600 NMexlst PI 1,9 69 6i)00 N-Mexid 36 35 H26.evadaCo!) 19 J8 luO NYAirB Uc 70 70 419ia NVCentral 1(11) KlJU luu NYCliAiSll. 59 59 000 150 149 900 XH rets 3p 147 1 l(i 111: 100M 3 100 6800 1850 10S0J 2710 14 194 14 Mlnesot Am.n'w Nip. Mine. Ohio Copper I lTcctous Metaia Hay Contra! Uay Cor.s btundard Stu.lehaker 8I'94 MI44 lid 123 1 53 2 106 69-l 35-1 19 70 -2 106 59 149- 14.i-l:,i 9,194 HI 17)4 1 IKni-A I'ex en Oi.lDO t. 10.

14 -nt :1 is. Mttj I 111 i.cm t.lv 110(4 lll 0 In, I 01 1M PI Unci 1 0, Mel 4ifcs 7'4 VS'4 L'ti lutein Oat, I ,4. lu.t), ft Inter A (.1 2.1. .1 13 II. I A t.1 Nor cUl.li, L't, let Mei M.11 14S.

ilfti, lift'i 62 028 14 1 9-16 1 194 74 I4 19, 17 17-94 t)25 126 50 50 94 IOI14 1014 )4 8 5-10 84 (4 (5 65 -14 Member New Ynrlf Orders Kxocuttl tm Investments or oa Margin. In teres Allow! tm i was able to Increase its gross sales bv more than Jti.nuii iiiiu. while the oper Itock Exchange 75 5091 1'50 102 40 1 84 4300 26 66 Tonopah Min'g. Lnlon Mines LnlledClarMl'g I ukou Hold 20J0 315-10 374 316-16 (i Inn 1 I'aiu r.s.... 8ft 34 (I 9314 1 lowul eniiat 00 I.

an 1' I 1 SAM Is 791 Kan Cily 00', (1 tin 11 i.i 731, 14 uuilCilyxi fts ltllls 11.1 l.sek 1 I l.i, l.ieci isllill On 10 1024 ll.Ml lid Hi, OO14 llVli4 15)4 til) 10.14 1300 NYOnliW 41 41 41 2f8 Xorf So. CO 60 (jtj 15100 Norf it W. 106 103 105 2 400 No Amcr'n 71 70 71 1 200 Ohio Lt. 43 42 42 10200 XorPact ft 122 121'. trade as quiet as it is at present, it Is regarded as a matter for congratulation that by this act of Congress the country will be spared that further outpour of bank circulation which, up to within a short time ago, lt seemed, must inevitably accompany the next Issue of government bonds.

Of tile present plethoric bank resen-es perhaps the most Important result is to keep the money market so low as to facilitate the Issue and distribution of new bonds, but of hardly less Importance are tho credits abroad which aro being accumulated as a direct consequence. The total of new bonds soU to European Investors Is, probably, well below the estimates currently accepted, but making the fullest allowance for exaggeration as to the amount the foreigners have bought, the total of new bonds placed on the other side this year runs up Into big figures. On account of the low rates prevalent, very little of this money has been drawn to this side. With tho opportunity for lending It out on the foreign markets bo much better thnn the opportunity ot lending It out here, bankers who have sold bonds on the other side have largely allowed tho money to remain with correspondents abroad. The existence ol so great a sum ot money which can be.

brought here at short notice should occasion arise, is a potential Influence lU the sitMR'lou of high importanc. 91 lllO.s 11.114 113.4 sr. 9211 (il) 704 7 34 llll's 9194 OS's 102s, Hill I1314 2'a 10 OS 14 Uli 0:1 lit 10. 07 974 Net Low. Last, ch'ge 719s 7191- 4 U.044 100), 4, 1C094 1009- 94 997, 100 97 97 102 102)4- 94 944 Uhi vival need be expected until the air is cleared of these underlying uncertainties seems plain enough.

From all partB of the country comes the report that trade while by no means bad. Is being conducted on a hand-to-mouth basis and that, supplies are being allowed to run very low. Such a condition of things makes for slackness in the demand for mercantile accommodation consequent accumulation of cash In the banks all over the country. That lurgo part of this cash should find its way to New York and the oilier reserve centers is a logical result of the way in which our banking system works. lu view of the way In whicli casii accumulates at the main banking points.

It is considered a matter of Importance that Secretary MacVeagh'g bill allowing the issno of $106,000,000 of tho now Panama bonds without "circulation privileges" should have been passed by Congress. Asido from the harmful Influence which might have been exerted on the price of the outstanding twos by the Issue of a fresh lot of bonds available for circulation, the creation of so grett tin amount of banking circulation as roust necessarily have taken place, could not. but have been fraught with possibilities of a disturbing nature. As It is now, tho bonds will be Issued purely on th.ilr merits as nn Investment security and tho already redundant supply of bank-notes will not, ba further VItl) BONDS. Amount.

High. Atlan 5s. I'-OOJ Erie 6'i 1810. 0 100)4 Kan City So 58.. 10100 100.14 YCent noles0400J0 HIO tio.Uell 5s.

21000 Dif Texas Co 6s 1(1000 KfJH West. Pao. 102000 96 7894 10. 11. tl.

Oft', 8ft 0.144 O.i 80 194 7394 t'ft4 no 10214 10,1., MU, 03,4 92c, 9714 10.. U.l', 08 11(1 91 111 Id.) 14 97 97)4 JO l.aele.leli fdirfts. lOJ 10 ll 800 FacificMai! 24" 24 JOOOPacTitT 53 51 128 pf 99 U9'ij 8C615 Penna 124 ations or the I nited States pteel Corporation for the last quarter of 1910 limited and unsatisfactory as regards earnings, the two monthly' statement Issued this far this year show that a turning point has been reached and that lis business is attain on tho upward trend. Earnings of the Diamond Match Company (luring 1910 exceeded expectations, gross totaling litis compared with $2,190,877 in 19(19, out of which there was saved net of $1,850,482, equal to 11.56 per cent, on the $10,000,000 outstanding capital stock. Cyrus H.

McCormick, president of tho International Harvester Company, was reported last week as saying that from advices from the company's representatives all over the world the gross sales for 1910 ought to show an Increase of 15 per cent, above the 1909. The net profits for the year should show an Increase over the previous year of from 8 to in per cent. This showing is In plt of the fact that the. 1910 was an exciuk'na'ly SELIGSBERGCO. Member X.

Y. Stock Exchange, 71 HRfllllW.tY, lOltlv. STOCKS AND BONOS Order In lurijce nnd amnll lota executed for invefctiiifiit or on mrn-Riii. Hon Department -V. Mkt.

BROOKLYN BRANCH, 2t COURT a i W. Ifl'SHKV, Mnnasor. Tel. 3470 Main. Oil Fields of Mexico Stock Bought and Sold S.

H. P. PELL CO. Menihi'l's New XnrU f-'tock Exchange. Healers in Unllsle.l nnd Inactive Securities.

Tel. Hanover. 43 Exchange PI, N. Y. J.

FRANK HOWELL MEMBER CONSdl.lDATKn STOCK UF M. (It ew street, Vurk. Lake shore 14s. SO1, i.i,,Mi,,ie.i 11:1114 0:144 ,8 l.ilLeMi 4s 1 93'4 3 l.eh Val 'J l.ciliKHVal4iils...IO.i4 10 111 l.cs A l'av tv 1st. 100 1(10 4 LiiiiajIiiMi inlets.

U94 9811 OU i ANiish am listlll 111) I l.ouANAtlvACts. 93 9.1 3 l.ouA.V hll.v.Mst.llt 111 1 lain A.N I A A lstlOotl 10. .91 I Vanniiltan Itr ts. 07 97 4 Miinhauaa 4sstl ti f4 97 4 111 atei Stltvniot. 7tls 7C94 2 Telhs.lo:i 103 II Mleh Cent 914 91), 1 Minn St I.

70 70 13 Minn I'ninn 11.14 1 04 2 MoaaaA 109 (I Jlo kn. A 07' 1 97a 17 HuKs SjH b09s 99 4 125- 106 1 107 97 1 20 74 2 33 1 97 119 159 32- 1390 PeoplesGa 106 104 1019 106 100 97 97 2600 Pitts Coal. 20 19 1400 PlttsCoal 74 72 900 Pres'dSteel 33 32 200 Pr Steel pf 97 97 S00 119 224 15!) 159 liy Spring. 3 RAILROAD EAENIBTG POWER. The 1911 e.iltion of James H.

Olipliant "Tho Earning Power of Railroads," by Floyd W. Mundy, is Just off the presses. This is the tenth edition of this valuable ready reference book. It presents the vital farts regarding 150 principal railroad systems of the United StateB, Canada and Mexico, analyzed In a way to make them Intelligible to the ordinary investor as well as to the man Ekilled in the, study of balance sheetj. 1LI4 10394 1034 1 uli, 70 0 1 l'i'4 Kill 9 7 bti.it 111114 100 9794 80)4.