re rJ yv tRjlbni wr ' ' 1 V., ir l Tt .' .rt-ww ' .WUVWfirf-, W i. " ,.Y,lrSfti l'1 m. TOE 5$ F "' i1'"1 I ! I ! ' I -. ! II. BPKP -5t' r'c&m "'frt '. ' $6,000,000 State of Illinois Highway 4 Bends Datetl May 1, 1122 Dm aerially m Mew Principal and annual interest (May 1) payable in New Yerk, Chicago and Springfield, HL Coupon Bends in denomination of 11,000, registerable as te principal or exchangeable for fully registered bends. Exempt from the Federal Income Tax Legal investments for Savings Banks and Trust" Funds in New Yerk, Massachusetts, Connecticut and niany ether States f , FINANCIAL STATEMENT (As officially announced) Vshuesa face by State Tax Ceauaittiea. . . . W..A...A.J..JA..W. . . .$8,403,631,484 Es;iaMxe4'TaIaabea for taxatiea porpeMt 1921 ........ m.M'wm' 4,201,815,742 , BebM Debt, iiclwliag this istM..,. ..,.... m.a..k..m...a.sA.J!jL. 11,01" , PefalatieB, 1120 Cemns. ... .6,485,280 (Bended Debt approximately ,)4 of equalised Taluatien) These Bends, issued for the construction of State Highways, are a direct obligation of the State and are secured by its full faith and credit. This is the second issue of Bends offered by the State of Illinois in ever 50 years. N MATURITIES AND PRICES $500,000 each May 1, 1929 te 1932 inclusive at 100.00 and interest $500,000 each May 1, 1933 te 1936 inclusive at 100.50 and interest $500,000 each May 1, 1937 te 1940 inclusive at 100.75 and interest Legal opinion-of Messrs. Weed & Oakley, Chicago Hallgarten & Ce. NEW YORK LONDON CHICAGO Tee information contained in this advertisement is based upon official statements. We de net guarantee but believe it te be accurate. $9,500,400 Chicago, Milwaukee & St. Paul Railway Company Dated January 15, 1920 6 Equipment Trust Notes i Maturing $730,800 each January 15th, 1923 te 1935 inclusive Interest Payable January 15 and July 15. Coupon Notes in denomination of $1,000, registerable as te principal only. Redeemable as a whole at 103 upon 60 days' notice. QUARANTY TRUST COMPANY OF. NEW YORK, TRUSTEE Original tie. Matured a ! $16,444,500 2,192,600 Amount Outstanding $14,251,900 Held by Director General and te be subordinated te remaining notes 4,751,500 Balance new offered $9,500,400 These Notes are a direct obligation of the Chicago, Milwaukee & St. Paul Railway Company under an Equipment Trust Agreement between the Director General of Railroads, the Railway Company, and the Trustee. Through supplemental agreements, 331i of the Notes of each maturity, held by the Director. General, are te be stamped as subordinate te the above Prier Lien Notes. Upen the subordination, these $9,500,400 unstamped Notes will be outstanding te the extent of only about 58 of jthe original cost of the equipment en which they are secured. The equipment consists ef: 100 Heavy Mikade Locomotives 4,000 Fifty Ten Steel Underframe Bex Cars We are informed by leading equipment manufacturing companies that the present replace ment value of similar new equipment is ever 125Jef the par value of these prier lien notes S PRICE Maturity Yield Maturity Jan. 15, 1923 5.35 Jan. 151925 Jan. 15, 1924 5.45 Jan. 15, 1926 Maturity X Yield Jan. 15, 1927-Jan. 15, 1935 5.75 Subject te prier sale, we offer these Notes, when, as and if jssued and received by us and when prier lien has been established as planned. It is expected that delivery will be made of Trust Company Receipts exchangeable for definitive Notes, against payment in New Yerk funds en or about May .1st, 1922. Yield 5.55 5.65 Freeman & Company New Yerk Trust Company Hayden, Stene & Company The Equitable Trust Company OF NEW YORK Statements contained herein are net guaranteed but are based upon information which we believe te be accurate and reliable and upon which we have acted in the purchase of these Notes. WILD SCRAMBLE FOR CURB SHARES Many Issues Sell, at New Highs, Yielding Later en Selling Pressure New Vei-li. Anrll 17. There WAS tllC mine wild rcraiithllnr; In the trading In ateckw en the Curb today n was re corded en the New Yerk Stock Ex change, ninny lbsucs selling at new IiIrIi rccei-dn In the early trading only te be under heavy selling pressure nftcr these advances and yielding shandy before the first hour ended. The petroleum stocks demanded most attention, these Issues swinging ever n wide range en an ener meus volume of business. INDUSTRIALS GOSSIP OF THE STREET Salra H'Bl 1000 Acme Ceet 1 A 11110'J Actnp I'm. kins .... ! lUOAmer Writ l'mwr. fi 21100 Muddy Huda -i'i SOOC'nr I.lBht 03, 'J700 C.Vnt Tt-reta Hur -T4 100. Ont Ter HUB lircf -te 10U Cleveland Aute ... an,, (lOUCenll Mtr N't 1.W0 Durant Mtr lnd... lfi'A 1S00 Durum MtrH 37 4900 KuBtman Kodak .. 7t IttOI) Eleu Htn Hat )"! 800 Olcn Alden Ceal.. -HI 110 OIIMte Haf HaBer.'.'JS. 700lloedyear Tim ... 1T4 mu uoeuye.ir Tire prei an 2700 (leldwvn l'lc 200 (irnnt Moter 100 Heyden Chn 100 Hud son 'e prcf.., 100 J I nd nun & Manhnt 1100 Inter Ilubber 700 JUtlUfl Knynir . . . 300 I.lbby-McNelll .... 100 I.lnceltf Moter A. 0 N J Zlne 100 PUmtIem Moter . n.'iOO Philip Merrln ... 48100 ItAd'e 3500 nadie rrer Lew Hi 44 40 30 ir.t 30 78 43; 47'i 220 l.'ltt hi 01 As it 2i 140 41 3i 4li or. 13 in i 2Vt in4 I'i H 10 21 H : r.s'i iu n 15 S7H Orders Executed Sle V .n cemervatlv mar- Wth. New Yerk Stack Exchang Large or imall Ieta. McGLINJN & CO. "" Nwr;er 5(ecA Exthanu Wldfni.r Rlrie-. Phll.J.i-i.i- Hw v vjiinjei NEWBURGER. ENDERSON & LOEB Members Neiu Yerk and Philadelphia Stock Exchanges 1410 Chestnut St. .12.000 Life Insurance at -15 for $10.08 Per Menth PfjjH """."'"-Mnf Company iwKt Alt Pii Tl P'"1' mul f.firn IC. ,l O Menth Will n fnr Vnil ?5. SUPt-OW AGENCY iWSSIfUKJ, FMILA Wanted Harwood Eltctrk 6ri 1942 Georgia r7y. & Power Cen.7r'c 1941 Public Service Cerp. Cth..6re Perp. Laierne Ce. C. & Elec. Cen.7ce 1947 Burlington Light & Pr. lit.6ce 1942 Phila. Sub. G. & Elec. Gen..6's 1969 Reed A. Morgan & Ce. n'csr Vnd Trust UUIp.. I'hlla. ;icinbera "f tlie Plillu. Htecl; llxili. V,.. Hathaway, Stenei WaOact ft William, m. BNatTOOKS w HAHM mW Smmm St.. PUUtVpU Operating Management et Industrial Enterprises. Industrial and Technical Invet- tiKatiens and Reports. Consult lacr Entrineera te Manufacturers 754 i; 01 14 II . 30S . 2i . 2U .110 . . 41 . 14 4 3A in Rotterdam Ilanlt.. R1'4 r.00 Sterllnc Pred .... 4ft'l WHeulh C & I ion aoeHplrer Mfic 11 , 100 Snlft Intcrnntlenal lti'i ."00 Tenn 1l V . .Ji. . . . . ' i 000 Teb 1'red Vxv . . Mi 200 Tedd Ship 73 me tm i. t it i'i 2000 1 S Htile Cerp . . H 2000 1J ftteMtn 10 000 U S Heffman ... 21s! 1300 Unit Let Cindy .. '' 100 Union Carbldu ... SN'i 200 Wnyne Ceal IU BOO Went Hnd Chem . . I0 100 Wllla Cor 1st vf. IS 100 Vun Ilnalte .""i .ST.M)AKI) OILS 1700 Ancle-Am Oil 10W 1? 400 Atlantic I.obe ..11 11 20 Oalena Oil M'i M ', 130 linn Oil Cnnnda..10.'i 104 10 Indiana 1" I. ln.l in.". ldr Nat Transit 20 2'i 20 Ohli Oil 2H.'. 2srv 10 Prairie O A- a r7.'i r.7.1 linrrnlrla P I. 230 ilil 10 Heulh IVnn Oil ..1K2 1H2 14000 Stand Oil of lnd.. 07 l'U 2IHP0 Stnnd Oil Kv W I. x V."i 200 btun O Ky (lllalr) 82 M INIIKI'UMIKNT OILS 1000 Allied Oil 3 3 4H00Alk Nnt Oaa .... 13 12', 400O Uoene Oil ! i! 0400 Iloxten WemlliK .. " l SOOCarlbSni ..4 4 14fl Cities Service, old. 213 210 2000 Cities Serv "II" ctf 23l 22 300 Cities Kervlee pf.. 01 (11 4 1300 Columbia Pet .... 100 Continental Ilef . . . loeo freilc Hyn 30U Donilnlen oil HNve Kntclneern' Petrel . . .1100 Federal Oil C00O Keiilnnil 2200 (illllland Oil .... 1400 Olenreik Oil 11000 Hudynn Oil 10100 Int Petrel 300 Keystone Ranger. . 12(1011 Klrby Pet 100 I.lvlnKsten Pet .... IbOO !.ens Pet 1S00 Miiraeulbn Oil ... 700 Merrltt Oil 10"0 Meildan Pet 0700 Mexico oil 20000 Mexico Seaboard . . 2000 Mountain Products U0Q0 Mutual Oil COO National Oil N J. . 200 New Yerk OH ... 2000 Northwest Oil ... 0000 Omar Oil 140(1 Premier Ilef 1SO0 Pennel Oil Mum Ked Hanks 11100 rtyun Cens IM)0 Salt Creek Pred . . 1200Sapulpa Kef 4000 Slmms Pet 300 Sinclair Cent . . . . 340(1 Skelly OH 10ft Southern Oil Tr OiOO Texeil It Oil 300 Tidal OsttKa N V .. 11'i 10S ion Victeria Oil (new). H.1 U. 20011 Wilcox Oil IS I' 100 Woodburn 70 70 J1IMNU 100 Alaska B Columbia ,1000 Alaska Mill Alpha . 200 An-Am Cp of S At 11000 HIb l.cdun 70(10 Hest &. Ment . . . 73O0 Hent & Ment Cens. 100(1 Calumet & Jereme. lll'JUII fitttariu L'lHinpr ... .11100 Conn Copper Mima 2' 1 1000 Certez SiHer .... I'd !M 1110 f resen Held . . -'i -)' 111(1 I)als Daly Copper 7'j .'i 70(1 Unleres llHper.m. 2' 2 ."(K10 Kureka f rei'nus 2.1 2.1 .10(1 First Nat MIlllllS 1'3 1'3 , lKU0Oadsn Copper . . I'i Irt - lOOrt (leldlleld Cens .... II II 2200 Cleldflelrt rioreiue . 21 20 30011 freldtleld Kone ... M. 13, 200 1ecla Mlnlnn .I'd .I'i liloe Independent Lead . 30 2f 110(1 Jereme Verda Dev. IN l' 300 Kerr I.ake 3 .IS 400 Maurna Cep 2N 2!i, 1400 Masen Valley .. 2s 2'i .'12(10 Mether I.ocle Clt .. '"'j "' .1200 Nat Tin 1(1 .10 KiOil Nevada Oplilr ... 37 37 2.10 NIplHslns l'a O'j 1 000 Nabob . . . .1 .1 .10(1 Se Am I & l! . . . 4' I'j 11000 Steward Mln It 13 lOHTonepali Helment.. 1" 1 " Wie Tonopah Divide .. 72 71 200 Tennpah Intension I fa I ' ,10(1 Tuelumnn "(i 70 ,12(01 I'nlted Eimterir ... I'i 1 'i inn I'nlleil Verde .... 2', 2s' 3000 Volcano Mines ... 17 HI 200 Went Knd Cen . . 1A I'i 1(10 Yuken Held 1 ' l'j Kill Teck Hushes .... r,e .1(1 lUOO Trlbulllen ,, 3 T, ne.Mis 3000 Allied Tatker " S2 Nioe Allied Paiki'i- c(f .10 2000 Aluminum 7s, '2.1.102;, IOO0 Anier Cot Oil (W. , HO', KMMiAmr I.lKht Os . .Hid'i limn Ainr Tl . '21. 101 iioeo Anaconda "s. '20. Ki.l' neon AnK-Amer Oil l'is 103 l.Kiiiii Armour Is lei't 1 00 r. M. 4lU 6 , 40 30 !$ 30 7H 43; 47Vj 23 13 3H 7 nl" 'Ala 0 20 2i 2i 14(1 41 131-4 8ti5 41 9.1 13M 10 u 3 10 21 n?;t Se ir. 57 'A There worn many specialties which enjoyed new high quotations lest week, and numerous ether Issues, which hud net yet been regarded as In the specialty list, also tame te life for the first tlmu this year. The meter Issues were generally higher itnd tritiisartlens In this group of securities were In larger amounts anil Involved it bigger turnover thun at any time slnrc the present upward move ment In thorn began. ' HtucieuaKcr, Chandler, l'ierre Arrew, Cleveland Automobile, Itce Meters, etc,, all es tablished iipw high prices en the present advance, and reports emanating from manufacturing centres Indicate that the business of the meter manufacturing concerns Is new in a mere healthy state than was the case a month or six week. HEO. The body-building companies are doing all the liiitlness they arc able te turn out, it is stated, some of them complaining that they are experiencing difficulty in securing efficient, and trained men for the particular class of work involved in the bedy-bulldlng business. Ralls Still IJchliid the Market Thus far railroad stocks hnve enjoyed n rise proportionately as great as that established In many ether groups of se curities. It U known, however, that some of the leading financial Interests of this country entertain the opinion that this flns of issues will, before long, be a big factor in the securities mnrkets, bentuse there has been ipilrt buying of the rails for some time past, which eventually must find reflection In higher prices, because In due season the public will come te the same realiza tion regarding this group as has been the case with many ethers which have been a factor thus far In the upward movement. New erk C'entrnl already has undergone n substantial advance marketwlse, mid many of the low lew prleed rails also have risen moderately. Naturally, railroad stocks will be governed te n considerable extent by a revival In commercial activities through out the country, nnd present Indications point toward a gradual betterment in this respect. In some lines a very de cided Improvement already has taken place, while In ethers there are indica tions of moderate betterment as a re vival takes place elsewhere which may be of Influence generally. In ether words, the whole commercial fabric of the country is se lntcr-related that an Improvement in one line usually brings about betterment In unethcr. perlenecd Inthe"frn(lc7 It. Is nssertcd that the demand for bends hns been larger than at uny time In the memory of the eldest' bend traders. This In quiry was net cenllned te any particu lar group of Issues, but has. been gen eral, Including nil classed of bends, notes, high-grade preferred stocks, elc. Obviously, tin fact tliat prices ler inc At securities have advanced te such a point as te have resulted in bringing about the diversion of attention of In vestors te Hocurltles of lesser Impor tance from the point of view of stand ard income return, n. I this has been reflected In the unusual volume of buy ing order that have come Inte the stock market. It Is no longer possible te ob tain high-grade bends at tiic utiiisiinlly attractive income-return rates of a few mouths age. Therefore, there are ninny who are employing at least a part of (heir sur plus funds In the purchase of many stocks which possess possibilities of en hancement In value, particularly In the face of the upwind trend that Iiiim been under way for several months past. 10 li .11 S iei les 2!l 28.1 H7.1 230 1S2 114 'i S24 81 1 ! 1 ft 4 I 2 2'i 11 101, .in r.n 1 .', I ,', 13V, 12 II , II 1'. I'd 22 21 17 Hi's or, r,.i li ies ii IS n.i pe 23i 23 li 12 lt'i 11 11 I', I 4S 4 I l.'l, 13i 7U Hi IU I'i 1.1 1.1 2 1 24 IV. lj 3 A ' .I' r,',, 2 1 23 (I'i (1 UN 14'i 3'H 3'i 114 11a 12 11 It's .I'i I'i 1'. 3 12" 1.1 72 4 212 23 ei ; J 2' 10 C7 13U 91 I'i 21 Kl'.i 0.1 11 IS 03 23 'i ,T" 12 13-; 21 Hi 34 23 (I 14. 3U 11-S 12 (1 I'i On 0.1 I'i 70 Idle Funds Grewing v Several months age, attention was called in these columns te the general expectation of easy money conditions ever n cenMderalile period of time, i The actual developments of the last1 four or five months have fully borne out these statements. He long as busi ness does net show any pronounced ap preciable Improvement, it would seem fnlr te assume that money rates will re main easy, In which event it is eipm'lj reasonable te assert that there will con tinue an excellent demand for sccuri tie with u tendency toward higher quotations. Commercial activities have shown improvement, but, as yet, the volume of business throughout the country has net assumed propor tions such as te command the employ ment of unusually large sums of money. Corporations, It i stated, for sonic' time past, have been a factor In the securities markets because of their desire te keep fully omplejcd their sur plus funds. As seen 'as business picks up and It becomes necessary for companies having taken such action te obtain funds, it Is net improbable that there will be some selling from this source, hut it Is felt in some bend market quarters that :t'4 3'i ,T III 30 an 21 22 2S 21 22 S.I SI I Ml e.i r,"i r.n WANTED Hern & Hardart Baking Ce. of New Yerk Common Stock BARNES & L0FLAND 147 H. TI 8T.. I'lllIA., TA. Trl. Lembard 4173 Safe Bends for Investment Halsey, Stuart & Ce. Inc. Laa4 Titk Bltfg . TtUphem lean! 74 10 WIEGNEH, KyOAtEV&CO. Ctrtifed Public Accountant DmddUlgKVUteMpU ' w j a '.j ' .t. . . . A local opportunity Is offered en our beard of director, this Is one of the largest enterprises of modern lime, and lucuted la l'hlliiilelplilu. This In no scheme, experiment or theory, but a proton fact, the man ilelred inimt be it gentile of boeiI xtiiiidiiiK n nil In u position tn lineht lit leil.t K3II0II, l(lrli Mill be m cured, .Ne broker or trllterH, (live phone number In reply and 11 ... . A ' GEO. A. HUHN & SONS HTOCK.S AND BONDS Menberi of the rbjladelphl Yar!c nnd Ch sura 8tuc4r Ri New Yerk Cotten Kichania Commltalen Order Executed All the Prlncleal Mirkata Uieerty Bend Bought and Sold BeUerue Court Bid,. 1418 Walnut St, N. Y 111 Breadmur iiKiciviiia. iivw Sterk Riehamee In I4iinn Hnrnnl.lll Ri ... 10(1 2.innn lleth Siecl "h. '2.1 12. 4000 run Net lly .is.. t'l'S L'OOii Ciin r.icllle (Is. . inl1! 1(100 Cent Hleel Ra . . .1111 20HO Char Iren Rs Hs'-j moil Cel (ir.iph Ss ait Kine Cel (Iriiph ctfs. . . 37 Iimhi Cen (tin Hiltn Tn 10 1 1000 Cens C"P Mln 7b Tdiie dipper llxn Ss. '2 r.efiii Iepre xi anne 1M Hu I .,la 21000 Umpire O It II 1(100 KiO Land H.inU .is limn (l.itcnA Tm anne den .Xnphnlt S . OIHKI liiie.lrkh T.re ,a .limn liriind Trunk O'jh 120110 lliiinhle nil 7a. . l!liniii let (lif.it v. ! ,i. , ji.iiih. Inl.,1 lull II :, ... '.'jimn .1.I11II113 lv '7:r ii.mi Tiiiine I, hliy MiNelll 7.. Tone MiirhiMl i.'jh . . 07 211(10 Minilinlii l'"er 7s t J i"itmiil Mil Pile Oh inO'n .inivi Merris 7'jm . . ,lenn Nut I'le'iU ss linne N V N II & II7H00 N V N II,,1. !' ilflofle Ne Am l.ill loeno Vhlln Ce (Is . ,enn rhlllps I 'el "' 22000 IMh Si'r N J 1IHI0 Helil il.ilr 7h .loeo SiiIih 111 7s "een Se.irs lliieli iy inoe Scars Hei Ii 7a uiiii nun" i'i ,'n ip anne se.iy S 2000 SelltllH' Hell 7e 2'l(i(l S (1 N V 7 '27. 2000 S 11 N Y ,M '20 .llltm 10P, . no .HU'4 101 ' .111.1 . Illl .Hilt .101 , ll'llj S-"4 Is HI i. ... . . .sM.'vSc.Vi-.'af a 54. i 'l.i" V ". ...J,-...,.ITlIII'".lfcllI-.J. t.'.M 'Z7 ; (. J- StOckwell ' CERTIFIED PUBLIC WHsen & CC0Altls W,,1 I V" "' WT ' ti .. , i " . . -d1;&i,.., 'L'..e ..,. Mali eaei i r.i'n;.nci i'ni. t.i"..v'j innn M u N V 7. IStioe SO N V IVu h loeo sun Oil 7s 171111(1 Kulft Ce 7b. lnen Hwnt 1.0 i. .11. lOOOTexns I'd " ., lOOOTIllnl (Is.ice '3 . , annoe l'n (111 I'rnJ . lnen Vhcuuiii 7 ... 1 I00II Wnmer Mlr 7a, 11100 Winchester 7Viih , Union ArKcntlne 7s .1000 City r.lherfelil .1. 11(10(1 City Sols'ens fls, 1100(1 Husalnn UH s 7000 llnsslnii (IWb ctfs oeoo nussian ntia ctrs, 2000 Bwlia Hi ,v,.,, invii u a iv& a,.,,,, WOOMes.aevt fit,...,. .-!" f&fe 10.1 1011, se . H7'. Kill I02lj . HO'', llillj .".'.mi i4 :;i liM'- .. in 1 .1 102', I or. 1 1 lenil RO Ml 102', !n'. Kill' 101 10'IH l(l.l 101 1011, ll'.l liil't 101 IIS'-j Ml :r, let .1,1 10111 loin 011s, 7j mi'4 nil 'J ler, iin 100 Knl't IKi sj inn1 lis, tin i mi. me , 10.1 J,?'' Mlj 07'n 100 1(1111, !H! I nil I j 101 101'. 10 lllllj M.' ieri; ten 101 -m ion, ini, I03H no ieii'4 llll 1 j lOP, 1 DO 1. RH Ill'l JO' I in .lOIJi 80ii Hi J.I.I .4 lein: ins; 1 en mi HIP, 1ii2'-5 HU', ln.l les mil', nil nii'J .14 S(l, no 2(1 2 101 74 cH 1V n 20 it .-. 2H 4', :i 20. 2H ll 02 37 fli-i ii'1' 72 I'i 70 1A 2R', 40 1', 1'. fill fi S2 .V.I 1112', IKI. imi'4 101 KM', in:t. 10l34 10.1' j in.", imS Kll'4 KM OSI, :m :i7 i et f.i Inlv 10IH IIOS lin llll', 10l' I e.i !lll 10ll inn', fin 2 1004 IIS", nn Ol't 1IMI 10.1 1 (I I '-J M S.1, 1124 U74 M'l KIJ'i 11(14 inni. KH 10, ini 104VJ I02. in.iv, lOiii! liis; 10ll 101 nil. 102(1 ieTi 10:1 ion Kill', inn. Kill! Se'' an nreliers Opinions Newlniruer, Ilrndcr.sen & Ivicb "Thrre wcre le Imj found in Hie weck's (Icvolepinnits four distinct. coiiStructlve rvtnts which undoubtedly fort Hind tlie forward movement In the security nuir kcts with mi iirmer-tiliitc fouiiilntien. Knell of tliem tells tlie story in con cen vlnt'lnff innniier why vnlucs in the coun try tire rising. In ether words the turning of the corner In the liii'incliil, cemmerclnl iiml iiidustriiil sltuiiflen is no longer n mutter of Imneluntien or theory, but tin uctuiii working condi tion. Fer instance, If uny of our In dustries needed n barrier against cheiii European goods, they certainly hnve it In the proposed turiff rhnngci prccntcd by the Senate committee. (Jultc ns ini ini pertnnt, morn se for Immediate reults, wnu the tender of the secretary of the Treasury of .SleO.tMMl.OOO Treasury cer- tilicntes, mutiirlng In six months nnd bearing. Interest of !!.. per t cent. The contrast with tlu 0 nor cciit paid by the Government in the latter pnrt of 1I)1!0 is nnt only ample proof of the full correction of the credit Inflation, but ulse is it sirikiug illustration of tlie nbundnnce of llenthig capital, whicli, liewever. had licen nlreadv Indicnteil by the buoyancy anil mevinting prices for Investment is-ue-i. Tlieli, looking ncrest the water, tlie reduction of the Hank of lCnclund rate te 4 per cent wii con vincing proof of unethcr step In the restoration of mere normal conditions nbread and the. loosening of money for traile purposes. With the exception of Switzerland, Great Urituln new has the lowest bank rutc HI the. world, which alone Is a significant fnct. Tlie rate compares with n high of 10 per cent en August 1, 1014. Still another eciit which is itilt(' likely te have far-reach-itig Influence In net only shaping the monetary conditions of tin: world, but also the security markets, wus the. eDi'iiiiiL' of the Genea conference. De spite the handicaps enceimiereu, niiicu geed is expected te fellow this Ills Ills terical conference. The Interesting (iiestl')ii, however, te be answered Is, Hew much of this hns the market dis counted ': We, therefore, feel the junc ture litis been reached where tee much emphasis cannot be made te persuade our friends te exercise both discretion nnd discrimination In making further cemmitii.ent.s. The trend of security values is iiii(iiestlenubl.v distinctly up ward, but there arc wjll-ilelincd Indi Indi iiitiens of it material reaction being in making." West & Ce. "Wall Street has again performed its function of dis counting the future, nnd very few can be found who will still believe that tl considerable period of prosperity, based en n liberal supply of money and set tled commodity prices, k net ahead of us. Mnrketwisc. the danger is that throwing all caution nnd discretion te the winds, the public will continue te fllv. but tlIa',inaiicKni"nbilltOa'l filmier nt the beginning of thin wm at the lowest ebb known in many yea f.nhnr W nessllnV enskr than at. I I linn ilnrlliir the lust ten Vcnrs. but tl particular factor, uH well an the .MU . mule vield tier acre, in se far as I'nulern hell In concerned, which tilt Mm tiuii tif fertilizers. Is restricted iirciilnt nf tlniinefnl conditions, . vi-ySH "Arrenvn with n tpndencV 111 nil Mt'i'X (Inn., in n fnrceil rpilllctlnn of tile nUHt I. am nt nnnu Vie ulnttr nil nncfiunt of thel ,d . v.. u. .... ........... .- -- --vTwn ImiII weevil, w.Hl net be increaseu uiKi'jR very material extent. Me three or. ma t ?v four mnjer dcmcntH tewurd the pre-,,! S ductlen of it cotton crop may lie Barelir .MiW'i reckoned nn much below normal. 'cKr '4 "I., tlm fni',1 nf ullell COtlllltlenR. '&".'! ii rniitlmie In be Imnressed' with the DOR slbllltles en the constructive lde of th maiket and de net ticsitate in rccem mending purchases." Kilu-nt-fl It. Smith & Ce. "During the present and past few weeks the curlly markets huve cnntlnued te ad vance with enormous volume of trading We hclleve that these movements; of p. ciirltles are discounting changing cendi tiens, which will iiltlmnteiy result in recovery from the period of depression which bus existed in tills country for the Inst venr. The thought occurs that within the Inst few deys the whele recent financial and economic movements are forecasting something grcnter than merely n return te normal conditions la the United tat.TiK MS ? FOREIGN EXCHANGE New Yerk. April 17. Owing te the fnct that today, Kuster Monday, Is a close holiday in Londen, I'nris nnd practically nil of the Continental coun tries, today's fetelgn exchange mnrket Is expected te he u perfunctory affair, the (imitations interchanged for the most part by local operators. Opening quo tations this morning showed only varia tions of slight fractions from Satur day's finnl figures. Iu the absence of n foreign mnrkctt lecui operators rushed (tiotuUenn up ward In the first hour, making new high l coerds for francs and lire. Ouota Oueta Ouota liens were: Sterling demand 4.41 tn 4.11-!',. cables 4.4'J',i te V, : franc ca bles ll.a'JX., checks Jl.fll'C.: liie cables ,".4TV. clucks .".4(yi ; marks K. There was no mnrket for foreign ex change in Montreal today. The din count en Citiiaillan funds in New Yerk wus nominal at 'Jul per cent. SATLT.DAVS CL')S.IN(1 CJL'OTATIONS Sterling I'rneii I.lre Ciulldera Demand 4.41 li.2S4 .1.44 37.ST Cable 4.4 14 0 20 .1.44' 07.09 TODAY'S OPKNtNd QUOTATIONS pterllnc Kranca Lire aullder Iiemnft 4.41', li.2S'i f,,44 .17.00 ('utiles 4.11 0 204 .1.1 I'i 37.65 DIVIDENDS DECLARED DaIIi l'ener iitnl Lluht I'nmpiny. qu.ir trrlv I", or cent en preferred, payabla .Me 1 te sleck nf record April 20. I'mcIIIe Power and I.lsht Company and 1'iitlxnd CiH anil Cnk" Cempnny, fU,irterly 1 4 P r ent en preffrred payable JUy 1 te sleek "f r'enl April 17. 1'ubllr .Service Invi-Ktment Cnmnnnr. nuar. li-rly 11 en rommen and I1..10 en pre ferred. payable. May 1 te stock of record April Li Lancaster Mills quarterly li per cant en preferred, mu.hlu May 1 te stock of record April 21 ,,uil,''r.."r",h,'r''. euarterly 3'4 per cent, pajable May l.i te nteck of record April 29, . Reserve Banks' Discount Rates Official r-d!Keeunt rates at the twelve i iu'-iim jvcte jianas are us roilena: 11 Trea. urn. Hosten 41!! .111. Cem'l lllcra. Henda I'aper Accept New Yerk , Philadelphia . . ! Clcvelnrd .... . Itli htnniul I Atlanta ' Chlcaun . i St. !.nui Mlnniiipella .. Kansas City . . llalluH . ...... San rranclfcn I'i t's 4 V, 4 4 , 4't '- 4'i 4W 44 m 4, I's '4 4'i 41, I'll 4'i 4'-, 4', 4'4 B 4H BANK CLEARINGS ..rnl niihlle litivltiff will lin snfflcliuil rush In, buy up te tlic limit of its v . . .l.i. ..i .... ..e .n...n....i... with eis, te absorb tins clinrncter et (llstrllmtliu without resulting in any pronounced re action murketwlse. linanciul ability, nnd be unprepared tlie teclinlcal iidjusimeiitu te which all niarkcis are constantly subject." ' i II. K. Ilarhman A Vet. "The nre. ' ii i. i i. i . i iliictlen of cotton lias four elements en. I Hwei-d. Breaking Hentl AL-irltet i t,.rjUg into it finance-, weather, labor According te some of the leading and acreage. Of these four, finances I bend market authorities. Inst week has I mid went her probably play the greatest I been one of the most active ever ex- I part. 'Weather is an unknown qitnn-' Hunk clearing today compared I resnendlliE day lam two cnra: 111.- in. I 11120 for ! I'hlla. . I7S.IHIO (KKI (I(1.S27.3.,1.1 $87,01)1.533 M.lUIlin .s pM,,,Mir i.iit.i.ni N. Y. . 137.000.(1110 4(1.1, 7"7.. 170 040,303,0711 SEK WHAT "" IK OIISKKVKR" SAYS Till: OllSi;ilVErt U faraeelnir when II comes te Sports nnd han a way of puttlnn 'mi eier every fan will appreciate. Htart read UK "Hew Dnen It Strike Yeu?", by THM OHSKHVEn. which uppe-ar-. eiery day en the Sperta Pauen of the Hvesine l'UBLIO Leikicii. "Make It a Habit." Adv. $1,000,000 The New Yerk Central & Hudsen River Railroad Company 4 Geld Bends, due 1942 (New Consolidated Mortgage) Dated January 1. 1912 Due January 1, 1942 Interest payable January 1 and July 1 in New Yerk Legal Investment for Savings Banks and Trust Funds in New Yerk, New Jersey, Connecticut and Massachusetts Listed en the New Yerk Stock Exchange These bends are the direct obligation of the New Yerk Central Railroad Com pany and are bccurcd under the Company's Consolidation Mortgage by a direct lien en ever 1,800 miles of railroad in New Yerk State and en leaseholds and trackage rights aggregating ever 700 miles additional. The mileage en which the bends are a direct lien includes the main line of the New Yerk Cen tral between New Yerk City and RufTale, constituting some of the most impor tant railroad mileage in the country. The New Yerk Central Refunding and Improvement Mortgage, due 2013, pro vides for the retirement of this issue at maturity. These Mortgage A'e (Jold Bends are followed bv an outstanding bended debt of the face value of ever $200,000,000 and by about $249,000,000 capital stock en which 5',e dividends arc being paid. These junior securities, at present market prices, represent an equity bchfnd these 4'e Mortgage Bends uf ever $400,000 000. Fer the past seven years the annual net income of the New Yerk Central Rail road Company, after deducting rentals and miscellaneous income charges, was 2.41 times the average interest charges en all mortgage and ether secured debt. The New Yerk Central Railroad Company, and its predecessor, have paid, annual dividends en their capital stocks uninterruptedly since 1S69. We recommend these bends for investment Price 89 and interest, yielding about 4.887c 70 Harris, Ferbes & Company Pin Streat. Cerner William, New Yerk Widener Building, Philadelphia Harris, Ferbes Company Incorporated Dotleo Harris, Ferbes & Company Limited Montreal' Harris Truit and Savings Bank Dond Department Chlcaje tt MIS I II Si" IL1 ii i ikiwiiiit,ii " irj" 1 ajMBHCflafiafiaaHwaiBsik&. JHi, ..fwAi rtW - ViVfc. .&for. -Afrf, ifcife. t&teiwm rMfHfti an)' t:w-i ji?t'&Lji&d 4Jt''! vim I'tll IM ft vl d 'i a 143 l?i i f 1 '1 m i.r m n.fl H F , . u K If -IS w m ,",'. ..t j.,1.' A . I . . J-A,.,' A'llLk'M. . ':lVk1-l . . rtiiir .,vi "! iTiBTiaiiMaii
Significant historical Pennsylvania newspapers