Indianapolis Journal, Volume 54, Number 94, Indianapolis, Marion County, 3 April 1904 — Page 18
PART two;
THE INDIANAPOLIS JOURNAL, SUNDAY, APRIL 3, 1904. 8
UNION TRUST CO.
;tock LATHROP &. HAUEISEN. 305 Xaw Building. Time and Money riy WITH ALL OF US. Call sr.d get cne cf our Banks before ycur mcney takes wing unto itself. 51.00 starts an account, and compound Interest makes It grow. THE CENTRAL TRUST CO. 150-154 East Marhet St. A. W. THOMSON Banker and Brohor DEALER IN Investment Securities BEFORE BUYING OR SELLING Local Stocka or Bon its - GIT MY PRICES Private (New York Stock Exchange Vires -Chicago Board of Trade to (And all other leading markets G-6 In g a lis Building . lloth 1 hones Ao. 34 PORTERFIELD & CO. Bankers and Commission Brokers CHICAGO, ILL. We buy and sell broken lots; carry Grain and Stocks on reasonable margins. Write for our Dally Market Letter and keep posted. Indianapolis Office, 207-8 Stevenson Bids. Old Phone Main 884. New Phono 1834 YOU KNOW what Interest you get, and you will bo certain to get It 5i Per Cent. Minnesota farm mortgages. Wo have dealt In them for thirty years. THOS. C. DAY (& CO. Lav Building THERE ARE NO SAFER INVESTMENTS for your money than the farm and city mortgages that we have for sale. In 21 years we have sold over eighteen million dollars of these mortgages and have never lost a dollar of Interest or principal and have never foreclosed a mortgage since we have been in business. Phones, New 1824; Old black 4126. C. N. WILLIAMS & CO. Bankers. No. 10 East Market St, Indianapolis We &Uow three iiT cent, on deposits. NEWTON TODD FLETCHER BANK BUILDING 1 ' SEE ME ON Consumers' Gas Stock ' Traction and Terminal Stock Telephone Securities Citizens Street 5s Street Railway Stock ; - Union Trust Stock Marion Trust Stock IF YOC AVIS II TO BUY OR SELL. SAFE DEPOSITS. S. A. FLETCHER & CO.'S (Safe Deposit Voult 30-34 East Washington Street. - Absolut safety against fire and burglar. Policemen day and night on guard. Designed for safe keeping of Money. Bonds.. Wills. Deeds. Abstracts. Silver Plat. Jewels and valuable Trunks, packages, etc Contains 2.1 GO boxes. Rent 95 to f45 Fer.Yeur. TVILLIA3I A. It UGH ES ... Manager BEADING COMPANY PAYS OFF OLD DEBTS PHILADELPHIA. April 2. The Philadelphia Ml Reading Coal and Iron Company to-day paid to the Finance Company of Pennsylvania a check for I3.6OO.0C0. the balance of 1 $3.000,000 worth of ten-year coal trust certificate, which matured April 1. Hereafter all business of the coal company will be transacted In the office of the Heading company and the coal company will ae considerable In commissions formerly paid to the Finance Company. The coal trust certificates paid off to-day represented the last remaining obligations incurred under the regime of former President A. A. McLeod. Shipbuilding? Prospects. Th Pethlehem Steel Company, which during the Schwab-dominated career of the United ptates Shipbuilding Company was "unable" to pay from Its year's operation, the dividends on Its stock, to which the. holding corporation was entitled, now turns up a pretty lively cripple. The reorganization committee of the Shipbuilding Company Is figuring its earnings for the year 1903-!. which ends April 30 next, at $2.500.000 In round numbers, and the estimate placed on lis operations under the new regime is in the neighborhood of $:1.000.0O0 annually. Aa the new company starts business the Bethlehem will have approximately a working capital not of the Tarn order of $4.000.000. and contracts on hand of about $10.000,000. which are also based on different estimates from those which went Into the prospectuses of KC. The Bethlehem will be. of course, the backbone of the company at the start, for with the exception of the Cnlon Iron works, the Hath Iron works and the Hyde Windlass Company, hardly any cf the shipyard plants are able to do more than take care of themselves if. In fact, they can do that after their long- period of neglect. A great deal Is going to depend upon the new management in the board of directors and outside of It. As the reorganization committee Is now constituted there Is reason to believe that a well-intentioned and competent directorate will be chosen. It remains, then, to see to It that the company Is well officered, la this connection the suggestion has been made that Charles II. Alien, who has been successively assistant secretary of the navy. Governor of Porto Rico and now vice president of the Morton Trust Company, would be a desirable man to head the shipbuilding combination, and that K. H. Mc I Ivane, retained as head of the Bethlehem Steel Company, would fill the place best suited to his capabilities. New York Times. Xevr York Commerce. The Chamber of Commerce has Issued an advance sheet from its forthcoming- annual report. In which a detailed statement is given of the commerce of the port of New York during the past nscal year. This shows that the commerce cf this city Is not increasing at the same rate as is the foreign trade of the rest of the country. New York imports 57 per cent, of all foreign merchandise, including cold and silver, brought Into this country. Her aggregate. Imports In the 'last fiscal year were $' .R. 939.013. against $C74.-Wi.tC-i in th preceding : r. a gain of $:. S72. 159. cr about 10'i jer cent. The imports at all other (.ort of the United States amounted to $440..3.742. as against $409.507.602 in the preceding year, a gain of $51.413.143. or about 12i per cent. New lork exports 37 per cent, of all the merchandise sent out of the country, and In the last f-al year exported. Including ptld and silver. total of $.".62.330,S27. as against $.ViS.3$S.$. in the preceding yar. a gain of only $3.942,002. or about 7-11 of 1 Pr cent. The exports from all other Jortf of the United States amounted to $314.606,. 02. as against SaVI.82S.C13. In the preceding year, a gain of l.'4.7Sts3. or about 2' per cent. Thus li loth imports and exports the gain of New York has been less, proportionately, than that ef all other porta. WaJl-ttrcst Journal.
STOCKS CLOSE WEEK DULL
PACIFIC STOCKS WERE PIIOMINEXT, SHOWIXG WEAKNESS. Week lias necn Prolific of Hnniori About Northern Sccnrltlen, Vnlon and Northern Pacific. Sales of stock shares ' 718,600 Correiondlng day last year H"V!! al to 'date this year 3.1,-'X,44 o To corresponding date last rear 42,7-:5raüO NEW YORK. April '.To-day's stock market was an Insignificant affair, as was to be expected of a two-hour sestlon between two holi day. The fact that the London market was dosed to-day was an additional Incentive to absenteeism on the part of Stock Exchange members. .The drift cf prices was. sluggish throughout. The Pacific stocks especially receded from their recent, prominence. People's Oaa -suffered from a movement to take profits on the recent considerable rise, and was a depressing influence on the ceneral list. The Weather Bureau's crop bulletin and the weekly reviews of the, commercial agencies were not' sufficiently cheerful to induce any buying of stocks, but there was no urgent pressure to sell. The bank statement revealed the large transactions which have been going on in the money market,' but the maintenance of last week's surplus by the o'ffsettjng of. other items, and the extreme ease now ruling in the money; market prevented any anxiety over 'the, banking situation. The cash Item reflected the receipts of government' deposits from Interior banks coming over from last week's operations. The government deposits Included in the deposit item amount' to $.6.107.4W. compared with $43.943.100 -last week. The expansion of nearly $15.000.4X0 In the lean item Is considered corroborative . of ' the rumors of large loans contracted during the week. In connection with stock market operations. Yesterday's payment of subscriptions to the -$50.000,-000 Pennsylvania note issue probably figures in this item also. The market closed easy on a late selling move ment. Total sales of bonds at par value were $1,540,000. REVIEW OF THE WEEK. . , Ptiecs of stocks have moved In an Irregular way during the week, with numerous, reactions, but the undertone has been strong, and there has been a considerable broadening of ' Interest in the market. !-'. The principal market Influence was the dissolution of the Northern Securities Company, and its supposed consequences, but It is probable that a revival of speculative Interest would have occurred anyhow as an outcome of the factors usually operative in the spring of the year, when the outlook for future business now usually. begins to take form and money finds conditions at the reserve centers that are likely to afford 'facilities for speculative operations. The check to the late furious speculation In cotton and grain has also released some speculative forces which have returned totbe stock .market for lack of other available field.The volume and the character of the transactions In the great Pacific and transcontinental railroad stocks give ample warrant for the prevalent assumption that important ; operations are worklnir out in that field designed to establish financial policies on the part of great forces of railroad capital. "What the policies are has not been established, and conjecture on the subject has afforded ample material for speculation and the flotation of rumors to further It, which have varied constantly and almost from day to cay. . It Is manifest that many other rumors have had their origin from a traversal of the history of the events leading up to the formation of the Northern Securities Company and .the. projects which were afterwards discussed to meet the conditions of the merger. The fueling has crystallized . In ' Wall street that the dissolution of the Northern Securities Company has the effect of re-establishing the conditions of the Northern Pacific settlement as they were before the formation of the Northern Securities combination. COMPROMISE DIRECTORS' BOARD. It .will be. remembered that a compromise board of directors has been named by J. P. Morgan for ti e Northern Pacific, which Included Union Taclflc representatives and effected an actual community of interests in that compäny. But . the embarrassment of the enormous tie-up of capital for maintaining the holdings of .the various Interests -In the company prompted the purpose of allowing the release of some of the capital involved without relinquishment of control. This is accepted as a demonstration of a way out for actual community of Interest without, conflicting with the Supreme Court decision. The present speculation seems based upon the assumption that with a way open for securing community of interest in the railroad world there will be a renewal cf the projects which were not. nipped in the bud by the Judicial disapproval of the Northern Securities Company. The one substantial basis for the assumption that such policies are working out Is the continued large absorption of Union Taciflc stock. There was a time when transactions In as large volumes as those recently made- In Union Pacific might have been plausibly set down to a purely speculative campaign, but that was when a broad, general limit for stocks could be relied upon for quick absorption of speculative holdings. f In the present torpid state of the public-de-man for stocks the supposition of speculative operations reems' Inadequate. The conviction is therefor general that there has been an important accumulation of Union Pacific stock for some other than the speculative purpose ' of ' reselling at ah advance. . ST. PAUL BUYING UNION PACIFIC. Last week's surmise that ' the Morgan-Hill interest' were taking the stock to balance the Harrlman-Kuhn-Loeb holdings In Northern Pacific and Great Xorthern was supplemented this week by circumstantial assertions that St. Paul and Standard Oil Interests were acquiring under Pacific .control to assure a Pacific coast outlet for St. Paul. The necessity of ruch an outlet was admitted by St. Paul at the time of the purchase of the ' Burlington and steps were taken at the time towards that end. It would be useless to sum up what rumors and assertions of the week the ingenuity of speculators has prompted on this basis. This has been the motive power of the market. Its effectiveness has been fostered by some encouraging factors in the general conditions. Money Is abundant 'and rates have declined. The transfer of government deposits to ' New York in preparation for the Panama canal payment has Increased the supplies in this market. The expected outflow of gold was belated. Railroad earnings have made a somewhat better comparison with last year. Cheerful reports come from the coal trade, and an active demand Is reported for copper. Improving conditions show In the iron and steel trade, but the prospect of a poor quarterly report by" the Lntted States Steel Corporation and doubts over the maintenance of the preferred dividend have modified that influence. The crop outlook continues uncertain, but Is not yet a dominant Influence. Renewed labor troubles, in the building trades in New York are disquieting and gained added influence in the stock market as tne week progressed. Saturday's sales and the range: High- Low- Glos, RAILROADS Sales, est. est. Bid. Atchison fi.OOO 72 724 72 Atchison pfd 500 92 914 IV. miiimore t unio i.zoo 804 734 Baltimore & Ohio pfd $9 Canadian Pacific 100 115 H 115i 113 Central of New Jersey i;, Chesapeake & Ohio 300 33, 231; ' 33!, 1 nicato ä Alton 100 33 38 31 Chicago & Alton pfd sr Chicago Great Western.. 1,100 154 lö1 Chicago & Northwestern. 100 171 171 171 Chicago. M. A St. P 7.800 145 144H Ui Chicago. M. & St. "P. pfd 174, Chicago Terminal & T... a a SWJ A MM M S Chicago T. & T. pfd iau er., t,-.. - t et. iouis 7 Colorado Southern 200 164 16V 16 Colorado F. 1st rM f.3 Colorado S. 2d pfd lGö 23i 23U 25U Drlawar & lludeon 40 1.U4 153 153? Delaware, L. & W 100 26 269 2C0 Denver & Rio Grande... 100 21; 21; 20i ienver & . -u. pra 69 Krie. 100 2H . 26i . 26 Erie 1st Pfd 100 4 64 63 Iri 2d pf Q : e e e 34 V lioCKiiijjft aiitj 3 m a v-v niiif wnas. O" Illinois Central 130 Iowa Central 200 154, IS isi V A lows v,niri p.a........ .... .... .... 33 Kansas City Southern 13 K. C. Southern pfd 25 Louisville & Nashville... 1.900 1C9-, 10Si lost; Manhattan L 300 1424 1424 14-s Metroiolltan Securities 7S4 Metropolitan St.-ry 80 112 1114 inj Minneapolis & St. Louis 4.) M., St. P. & S't Ste. M.. 10) 624 624 62U M.. St. P. & S. St. M. pfd 119 Missouri Pacific 3,300 93H S3; 934 Missouri. K. & T it v. Missouri. K. T. pfd... COO 34 3S4 34 Nat. R. R. of Mexico pfd. 20) 3S 33 37 New York Central 400 117.; 117 ..11. a . 4 St. . . A . . .orioin oc c!iTru wvf Mi ixi. . 1 . . . . , - ."NorioiK oc rurrn piu .... 5 Ontario Western 31. Pennsylvania in.6(V) HS; lt$4 1184 Pittsburg. C, C. A St. L 60 Reading 4,SV) 43 44; 444 lieaning ist pm.. iw .34 734 78 Tteadlr.tr 2d pref Rock Island Co TO) 23 . 224 224 Rock Island Co. pfd $24 St. U & S. F. 21 pfd 200 46 4 45 46 St. Iouls Southwestern 1314 St. Louis S. W. pfd 33V. Southern Paclflc 1.700 43 49'i 49 Southern Railway 3.100 22 22 224 Southern Railway pfd... 200 M4 M 4 Texss & Pacific 1.100 234 234 23 Toledo, St. L. & W 100 2-4 254 244 Toledo, St. L. & W. pfd.. 100 35 3"i 344 Crdon Pacific 14.5f M 5 tt Cnlon Paclflc pfd 2 9Z ?24 924 Wabash Jil .19 19 isWabash pref 1.800 IS 37H 37
Wheeling Lake Erie... 100 18 j; 16fc lk
Wisconsin Central Wisconsin Central pfd... EXPRESS COMPANIES Adams American United States Wells-Fnrgo MISCELMNEOUS-
100 lSH is. 18 40 20 is 103 205 4 2) 72 2S 7 27 8 24 214 434 92 127? 66 44 3 4 1974 131 244 14 11 63 37 75 15 27 9S4 2$4 2:jS 7U 42 19 79 33 6 a 1 6 K"i 134 564 11 534 1594 SS4 ,.106 .1054 .ior. .107 .1(74 t e Arnalcamatfi Copper .... Am. Car & Foundry . Am. Car & Foundry pfd. American Cotton Oil Ab. Cotton Oil pfd American Ice American Ice pfd American Linseed Oil.... Am. Linseed Oil pfd American Locomotive ... Am. Locomotive pfd Am. Smelt. & Renn...... Am. crnelt. & Refin. pfd. Am. tusar Refining Anaconda Mining Co Rrooklyn Rapid Transit.. Colorado Fuel Xc Iron.... Consolidated Gas Corn Products Corn Products pfd Distillers' Securities .... Oeneral Electric 2.700 M !) 2-) 43'i 20 esse 100 7 7
K'O 21S 21i 300 2 S23 700 4'J3, 4SL'OO ?:M3 92 i 3.7j0 UV 3.100 44U 4i - e esse 600 25, 25 100 12 12 130 CZM 65!i . e e e 6MÖÖ löö; ss"
international ' Pump ..... International Pump pfd. National Lead North American pacific Mail People's ,tJas Pressed Steel Car Pressed 5 teer Car pfd... .... .... Pullman Palace, Car Republic Steel 100 7 Republic Steel pfd 100 434 4 Rubber Goods W) 134 194 Rubber goods pfd 2-10 79 7 Tennessee Coal & Iron... 2.300 334 "3 United States Leather.... G"0 4 T4 U. S. Leather pfd 100 78 73 United States Realty U. S. Realty pfd 100 50; 50 United States Rubber 1.P0O 144 134 U. S. Rubber pfd 1.000 !A Z6 United States Steel...... 3.600 11 11 U. S. Steel pfd 15.200 63 W4 Westlnghouse Electric Western Union . .... .... .... .UNITED STATES BONDS United States refunding twos.- reg United States refunding twos, coup United States threes, reg...... United States threes, coup United States new fours, reg United States new fours, coup United States old fours, reg United States old fours, coup Ex. Interest. RAILROAD BONDS Atchison general fours Atchison adjustment fours Atlantic Coast-line fours Baltimore A Ohio fours Baltimore & Ohio three-and-a-halfs Central of. Georgia fives.....'...; 1074 132 133 . ?94 . 89 . U24 .100 . 944 .1064 . CS .102 . 764 . 94 .107 .1294 . 71 . 794 .101 . 60 . .r-3 . St . 97 Central ttf Georgia first inc Chesapeake A Ohio four-and-a-halfs Chicago & Alton three-and-a-halfs Chicago, B. & Q. new fours.. Chicago. M. & St. Paul general fours Chicago A Northwestern cnnsol sevens Chicago, R. I. & P. R. R. fours..... . Chicago, R. I. & P. R. R. col. fives C, C, C. & St. Louis general fours Chicago Terminal fours... Consolidated Tobacco fours Colorado & Southern fours Denver & Rio Grande fours i Erie rrlor Hen fours Erie general fours . 84 .1004 .144 . !S .1034 . 6. . 134 . PC .10-1 . 774 . 76 . 94 12S .103 Fort Worth & Denver City firsts Hocking Valley four-and-a-halfs Louisville A Nashville unified fours Manhattan consol gold fours Mexican Central fours . Mexican Central first inc Minneapolis & St. Louis fours Missouri, Kansas & Texas fours Missouri. Kansas & Texas seconds National R. R. of Mexico consol fours New York Central gen. three-and-a-halfs... Nw Jersey Central general fives Northern Pacific fours Northern Paclflc thrtes .' Norfolk A Western consol fours Orejron Short-line fours and partlc , 97 94 4 , 96 1144 , S24 . 94 , 70 , 894 .1134 Pennsylvania, conv. three-and-a-halfs Reading general fours.... St. Louis & Iron Mountain consol fives..;... St. Iouls A San Francisco fg. fours St. Louis Southwestern firsts Seaboard Alr-Iine fours Southern Pacific fours Southern Railway fives Texas & Pacific firsts .. Toledo. St. L. & Western fours Union Paclflc fours .11 . 69 .103 . 9S 4 .II64 . 614 . 87 . 67 . 4 . 71 Union Pacific conv. fours United States Steel second fives abash firsts Wahath 1rV Ti - M Wheeling & Lake Erla fours...: Wisconsin Central fours Wisconsin Central fours Colorado Fuel conv. fives Ex. interest. Offered. BROKERS VIEWS ON . THE STOCK MARKET fA. W. Thorason.l NEW YORK. April 2. -A dull uninteresting holiday market has prevailed during the two hoursf . trading to-day. Trices in the main have .been, strong. Bank statements showed, as was expected, an enormous expansion In loans and deposits, off-set by a good gain In cash, which left the surplus reserve about unchanged. The constant and steady Increase In loans, however. Is not altogether liked by the Street. They now stand at-J1.022. 000.000, which is by far the largest figure they, have ever reached. Of course it Is well known that special causes have been at work the past week to accomplish this re. sun. dui speculative sentiment does not al together like It. The last few minutes a little Sellin? br traders, who did nnt rum tn far-rw over Sunday, caused fractional reactions, but the tone wis well maintained up to the close. i-eopie s uas was a weak reature, declining easily, two points on selling by Chicago houses, probably In fear of an unfavorable decision being handed down by the Supreme Court in vv asningion on juonaay. Meyer & Riser. NEW' YORK. April 2 Dullness prevailed throughout the market during the entire trading session to-day with the exception of a little flurry at the close. Traders were absent and the attendance on the board was limited. This made Afor dullness, and the trading was such that the market could onlr he mliori a affair. Despite one or two periods of reaction me unaernone or me maricet wa strong:, and sentiment seemed to be h-.illi.h in n..in Among the active stocks were Union Paclflc and Steel nreferred. Union PnMfl. cVn.Ai -. . . 1 4 PUJ weakness at the opening, but rallied subsequenii, uciore ine. cinae . oecoming Slightly easier. Steel preferred fluctuated within a narrow' limit and held relatively steady. Southern Paclflc followed the lead of Union Paclflc. St. Paul and Amalgamated Copper were steady There ;was some pressure in Steel preferred at the opening, but It relaxed quickly. The Pennsylvania earnings had no effect on the stock. People's Gas was strong. Reading and the Wabash stocks showed some strenrth. but very little activity. There was nothing of firticular significance In the bank statement, here was a nominal Increase In surplus, amounting to J236.175. There was a heavy Increase In loans, amounting to J14.343.4O0. This was expected, however. Cash Increased J5.501 -000. This was more than the preliminary estimates Indicated, but It was due to the redeposit of government funds in connection with the Panama payment. Porterfleld &' Co. NEW YORK, April 2. The market was very dull, with the exception of Chicago Gas. which broke over 2 a share and closed at the extreme bottom. The market acts as if the upward movement were over for the time being, and we would not advise buying unless there Is a good break, and then only hold for small profit Southern ' Pacific. Union pacific. Rock Island.' Atchison and Missouri Paclflc look like good sale around present prices. THE MONEY MARKET. Rates on Loans and Exchange ClearIngs and- Discounts. INDIANAPOLIS. Commercial paper, 6 per cent.; time loans. 5436 per cent. Indianapolis Clearings. Saturday's clearings $1.141. $69. 8 Corresponding day last week 1.026,663 44 For the week 5.857.101.67 Corresponding week last year 6.240.325.73 NeiT York Hates. NEW YORK. Money on call nominal; no loans. Time loans easy; sixty days. 2's??3 per cent.; ninety days. 3 per cent.; six months, 2 4 per cent.: prime mercantile paper. 41'?i3 per cent. Sterling exchange steady, with actual business in bankers' bills at S 4. S7. 30ft 4. 87. 35 for demand and at Jl.S4.75ft4.84.S5 for sixty-day bills; posted rates. J4.$5ö4-S51j and J4.88; commercial bills. I.8iB Rates Abroad. LONDON. Money. 34?4 per cent.; discounts. 2. per cent. Consols, S6 7-16c. PARIS. Three per cent, rentes, 96f 824c for the account. Exchange on London. 25f 12ic for checks. BERLIN. Exchange on London. 20m 46pfg. Discount rates: Short bills. 4 per cent.; three months" bills, 3 per cent. Markets for Silver. NEW TORK. Bar sliver, 534c; Mexican dollars. 44c. LONDON. Bar sliver. 23 7-16d an ounce, Movement of Specie and Merchandise. NEW TORK. April 2. Total Imports of dry goods and general merchandise at the port of New York for the week ending to-day were valued at J11.2S8.774. Exports of specie from New York for the week were J311.750 silver and $15.500 irold. Imports of specie at New York during the week were j:5,665 gold and J5.75Ö silver. Treasury Statement. WASHINCJTON.-Saturday's statenent of the treasury balances in the general fund, exclusive of the $150.(xs0.000 gold reserve In the division of redemption, shows: Available cash balance....; J224.646.S65 (Sold U7.72L71S
BANKS' GOOD SHOWING
LOCAL I.N'STITL'TIOXS SHOW GOOD (j.i.s ix ncsutiiccs. Traut Companlf of Indianapolis Mnde Good Strides, as Shown by Statements of, March 31. The banks and trust companies of Indianapolis have Just made their statements the banks on their condition at the close of business March 2S. at the request of the controller of the currency, and the trusty companies their annual statements, thowing their condition at the close of business March 31. . Th feature of Interest in the bank statement is the deposits item. Deposits show a decrease from the showing- this time a year ago. and also from the showing by the last previous statement, Jan. 22. The decrease In deposits is due to the withdrawal of 20 per cent, of the government deposits held by the seven banks. Jan. 22 the national banks of this city held government deposits lo the extent of J3.73S.9C0. The statements sent to the controller last week showed that the government deposits have. been decreased to J3.000.000. in round numbers, by the call of the secretary of the treasury for 20 per cent, of this money last month, to be applied on the canal payment. The total resources of the seven banks show a gain of more than fl.000,000 over the amount fchown in the statements of April 9, 1903. Loans and discounts also show a gain of more than Jl.000,000 over the loans and discounts' April 9 last year. Following Is a detailed statement of the condition of the banks March 2S, compared with the showing April 9, 1303, and Jan. 22 this year: TOTAL RESOURCES. March 28. 1301. April 9. 1303. Increase. 140,733,403.48 139.227.979.28 J1.505. 424.20 J Ail 2" 103 40,733,403.43 41.26s7s62.35 533,458.87 TOTAL DEPOSITS. April 9. 1903. J32.583.063.3l Jan. 22. 1904. J31,781,066.1I J905.003.75 1,095.537.75 31.7S4.066.18 32.879.603.92 LOANS AND DISCOUNTS. April 9. 1903. $15, 422.295.77 Jan. 22. 1304. 16.114.812.20 CASH MEANS. April 9. 1303. I16.133.S87.22 J17.161.S70. 40 17.151,870.40 J15.4SS.0S3.10 Jl.729.574.63 1.037.053.20 JG47.436.12 Jan. 22. 1904. 15.4S8.0S3.10 17.10O.6S6.61 1.612.597.51 Decrease. United States bond account is not included in deposits in this statement. The Trust Companies). The five trust companies of Indianapolis the Commercial is not taken into account In this review made good strides during the year ending March 31. Total resources, deposits and surplus and rroflts all show good gslns over the showing of March 31.. 1903. March 31 the total resources of the five institutions amounted to J17.600.293.25, as' compared with J16. 431,047.78 a year ago, which is a gajn of more than Jl.000,000. The deposits of the five companies amounted to IS, 133,514. 60 March 31, a gain of more than J570.0OO over the corresponding time a year ago. The surplus and profits item of the five companies shows a gain of 2153,313 over March 31, 1303. The loan Item In the aggregate shows a small decrease. The companies own J900.000 more bonds and stock than they did a year ago. Following is a detailed comparison of 'the condition of the five institutions March 31. with their condition the corresponding time last year: TOTAL RESOURCES. March 31,1304. March 31. 1903. Increase. $17.600.233.25 I16.431.048.7S $1.103,245.47 DEPOSITS. J3.133.514.50 $7,551,821.52 $571,632.33 SURPLUS AND PROFITS. J743.865.67 J5t6,552.62 ' J153.313.05 LOANS. $5,787.034.37 $7,0S6.776.33 $297,741.36 BONDS AND STOCKS. J4.352.553.53 J3. 451,775.93 J300.777.60 CAPITAL STOCK. J2.700.000.00 J2.700.000.00 Decrease Commercial Trust Company not taken Into account in this statement. EXPANSION OF LOANS CONTINUES NEW RECORDS Deposits Increased $21,000,000 This "Week Loan Xow .KRregate 3Iore Than 91,022,707,000 NEW YORK, April 2. All previous high rec ords fcr loans and deposits were swept aside by the week's statement of the associated banks of this city. Loans now aggregate Jl.022.707.100 and deposits $1.069,309,400. The deposit increase for the week of almost J21.000.000 is doubtless due to preparations for the payment of the J50.000.000 of Panama canal moneys. Following Is the statement In detail: Loans J 1, 022. 707. 100 Inc.... J14.S13.40O Deposits 1.063, 363. 400 Inc.... 20,700.300 Circulation 3R.SSO.000 Dec... 6.000 Legal tenders 71.707.SiX) Dec... 21. COO Specie 223.370.100 Inc.... 5,461. 4M Reserve required .... 267.342.350 Inc.... 5,175.223 Surplus 27.755.0Ö0 Inc.... 2SU.173 Ex U. S. deposits.. 41.781.900 Inc.... 2.826.000 ANALYSIS OF STATEMENT. The Financier this week says: "An expansion of nearly J13.0O0.C0O In loans and of more than $20,003,000 in deposits, ac companied by a gain of over $3.000,000 in cash. were the principal features of the bank state ment last week. Both loans and deposits make new high records, and the cash In bank vaults also surpasses any total previously re corded. "This accumulation of funds "was greatly in excess of the amount of Increase as estimated from the traceable movements of money during the week. Indicating large unreported receipts. The expansion of loans resulted partly from the placing of J50.000.0O0 of .the . Pennsylvania notes,' which was effected on Friday. The public deposits were increased J15.618.70") during the fortnight, caused by the concentration of these funds In New York depositories. "The cash reserve was increased J5.461.400, and the required reserve, resulting from the. Increase of $20,700.900 deposits, was augmented by $5.140.225. deducting which sum from the gain In cash left J2S6.175 ai the increase in surplus reserve to J27.755.050. Computed upon the basis of deposits, less those of J56.107.400 public funds, the surplus Is $41.781.900. "Loans were increased $14.843,400, due In part as above noted to the Pennsylvania negotiation, this counting for an average of one day, or about J3.0u0,000: the remainder probably reflected other syndicate borrowing. The statement showed a remarkably good proof, the sum of the gain In cash and of the increase In loans being only $396,100 less than the Rain In deposit?. Four of the banks increased loans by $16.400.000, and one of these Institutions rhowa an Increase of nearly $12.000.000. - Three banks gained $4,800,000 net cash." Revival In Iron and Steel. James M. Swank, of the American Iron and Steel Association, a recognized authority, says of the revival In the Iron and steel trade: "The depression In the Iron trade, which may be said to have had its beginning In July of last year, following the shrinkage in the stock narket which had been In progress for several months, has come to an end. Speaking generally, both production and prices were at their lowest ebb in December. In January there was a resumption of activity at many furnaces, rolling J mills and steel works which had been Idle for several weeks through a decline in the demand for their products or to make necessary repairs, and In February and March other plants that had been idle were started up, so that It may be truthfully said that to-day there Is almost as much activity in the iron trade of this country as prevailed when the depression began nine months ago. "There were forty-four more furnaces reported In blast on March 1 than on Dec. 31. and there has been an addition In March to the number of active furnaces, while few favorably located rolling mills or steel plants are now idle. Prices have not, as yet. correspondingly advanced, but an upward movement began In February which has continued to the present time and promises to be more pronounced as the season progresses. "We have all along contended that there was no good reason why the depression In the Iron trade should long continue. 7 he country as a whole was prosperous; the crops of last year were excellent and brought good prices to the farmers: except where tonnage was in part dependent on the Iron trade the railroads were as busily employed as ever during the last half of the old year: notwithstanding the great shrinkage in stock values there has been no bank failures worthy of mention. Why should not the Iron trade recover with reasonable promptness from the reaction of last summer which It had done nothing whatever to produce? "Trices of no iron and steel products had been unduly advanc -1 during the long period of actlvltv that had prevailed since the beginning of 1S03. That it has now almost fully recovered from a depression of eight or nine months that did not seriously affect any other Industry except the railroads Is conclusive proof that the general business situation is as aound to-day as it was before the depression begun. A prosperous country needs iron and steel and it Is getting them and will continue to get them at low prices."
THE
RESOURCES Loans $1,795,157.32 Municipal & Other Bonds.. 1,604,992.8 1 Stocks 25,386.33 Company's Building 380,000.00 Vaults and Fixtures. ....." ' 40,000.00 Insurance Department .... 17,287.36 Advances' to Estates..... 45,834.77 Cash and Due from Banks 1,980,910.17 . $5,889,568.76
J. P. FRENZ EL, President JAMES F. FA1LEY, 2d Vice President FRANK MARTIN, Treasurer CHARLES H. ADAM, Asst. Secretary
The
lerctaiits
RESOURCES Loans ........... '. $2,83 1 .887.44 United States Bonds ... . . 210,000.00
City of Indianapolis, Marlon and other CDunty Bonds ... . . . Banking House. J I ....... 1
CASH RESOURCES , V U. S. Bonds tö secure deposits' $700,000 00 Due from Banks ; 1.446.568. 1 1 . . . . Due from U. S. Treasury. .. . 2,500.00 Cash (Gold, $306,840.00) . 868.873 32 3.017.941.43
O. N. FRENZEL, President . FRED FAHNLEY, Second Vice President
James F. Failey John P. LOCAL WHOLESALE .MARKETS. Poultry and Other Trodace. (Prices Faid by Shippers.) CheeseWisconsin. 13c; New York full creams, 13c: Swiss. 16c; brick. He; limburger, 12c. . roultry Hemi, 9c; stags. 8c; cocks. 6c; capons, 12c; young ducks. 9c; springs, 1010Uc; geese, 6c per lb. . , . . , v Butter Choice roll. 12c; Elgin creamery. 28c; state. 24c. .' . . s , . ( Eggs-Stror.g at 14 Vic. . Wool Local dealers are paying for wagon lots: Good medium merchantable unwashed. 17c; coaroe and braid, lie: heavy merino. 1012c: half-blood. 12014c; burry and: cotted, " 1214c; Western. 12c. M , Feathers Prime geese. 30c per lb; prime duck. 20c per lb. Beeswax 30c ror yeiipw, iac ior aar. HIDES AND TALLOW. Green-salted Hides No. 1. 7c; No. 2. c; No. 1 calf, 10c; No. 2 calf. 9c. THE JODB1XG TIIADE. (The quotations Riven below are the selling prices of the wholesale dealers.) Candles, Natu, Fi. Candles Capital stick candy (brls). 6c per lb; common mlx,ed. c: grocers' mixed. 5c: Banner twist stick. THQSc; Banner cream mixed, jc; Derby mixed, 7'sc. ' Nuts Soft-shelled almonds. Uc, Brazil nuts. 10c: filberts, 12c: peancts roasted, 7QSc; mixed nuts. 13c. .",.. Flg9New Smyrna,.12c per lb. Coal and Coke. (Retail Prices.) Half ton. Ton. Anthracite (all sires) $3.90 17.50 Smokeless 3.1 6.00 Cannel J.I 00 Blosburg 2-29 , Jackson (Ohio) 2-J 6-25 Kanawha 2 50 f Plttfbun? 2.50 4.5 Winlfrede 2-50 4.. Hocking Valley 2.40 4.50 Luhrlg 20 Brazil block 2.25 4.23 Green and Sullivai. (lump and nut).... 2.20 : 3.i Slack, smokeless 2.65 4.50 Slack. Jackson 1 J Slack. Pittsburg 1-65 3.00 Slack. West Virginia l.& 3 .00 , Flack. Indiana 1-40 2.50 Connellsville coke 3.90 7.50 Oven coke 3.90 7.50 lZi bu. 2a bu. Lump coke. 12c per bu $2.00 $3.00 Crushed coke. 13c per bu 215 3.25 Bags. 25c per ton extra, ground floor or dumped in cellar; 50c per ton extra, second floor or carried In cellar. From wagon. 2Sc per ton extra by wheelbarrow, chute or basket. Dry Goods. Bleached Sheetings Androscoggin. L, Sc; Berkeley. No. 60. 9c; Cabot. 74c; Capitol. 74c: Cumberland, Sc; Dwight Anchor. 9Vic; Fruit of the Loom. 9c; Farwell. 8c: Fitchville. 7Uc: Full Width. 6Vfec; Gilt Edge. .6e; Gilded Age. 6c; HUI, &"2c; Hope, 7c; Llnwood. 8;c; Lonsdale, 9c; Pea body. 64c; Pepperell, 9-4, 24c; Pepperell. 10-4. 2c; Androscoggin. 9-4. 25c; Androscoggin, 10-4. 27c. . , Brown Sheetings Atlantic A, 9c; Argyle, 7Vic; Boot C, 64c; Buck's Head, Sc; Carlisle, 40-lnch. 7ic: Dwlght Star. S'ic; Great Falls. E. ' 6c; Great Falls J. 6c; Hill Fine. 8c; Indian Head. 9c; Pepperell R. 7c; Pepperell. 10-4. 24c; Androscoggin. 9-4, 22c: Androscoggin. 10-4. 25c. Prints ;Allen dress styles. 6c: Allen Til. SUe: Allen robs, 5c: American indigo, 6Vic; Arnold long cloth B, 9c; Arnold LLC, 8c; Cocheco fancy, 5c; Hamilton fancy. 5Vic; Merrimac pinks and purples. 6c: Pacific fancy. 5Hc; Simpson's mournings, hVc; Simpson's Berlin solids, 6c; Simpson's oil finish. 6c; American shirting, 5c; black white. 5lic; grays. 6c. Kid-flnlshed Cambrics Edwards. ic; Warren. 41?c. Slater. 4ic: Genesee. 4-tC. Tlcklngs-Amoskeag ACA, 14c; Conestoga, BF, 15V2C; Cordis 14J. 14c; Cordis T. 14c; Cordis ACE, 14c: Hamilton awnings. llc: Klmona fancy, 17c; Lenox fancy, 20c; Lenox XX. 20cT Oakland AF. 7Vic: Portsmouth. 14c: Susquehanna. 154c; Shetucket SW, 9c; Shetucket F, äc; Swift River, 64c Grain Bags Amoskeagr. $20; American. $20; Harmony. $18; Stark. $25. Ginghams Amoskeag, 64c; Amoskeag dress. 74c; Lancaster. 6Vc; Lancaster dress. 7c; Toll du Nord, 64c Drngs. Alcohol, $2.552.7o; asafoetida, 40c; alum. 249 4c: camphor. $1.0351.08; cochineal. 55c: chloroform. &Vv65c; copperas, brl. &c; cream tartar, pure. 32fc2-"c: indigo. 650HOc; licorice. Calab. genuine, 3GQ40c; magnesia. . carb.. 2 ox., 20 2--'c; morphine, P. & W.. per ox.. $2.45fr2.75; oil bergamot. per lb. $3: opium. $3.5005.75; balsam copaiba, 5536öc: soap. Castile. Fr.. 13Q 16c; soda, -bicarb., 2fcLc; salts, Epsom. WQic; sulphur flour. 240-c; saltpeter, 8'10c; turpentine. 71'8T7c; glycerin, 16V4$20c; iodide potassium. $2.45J?2.5o: bromide potassium, 4ijp50c; chlorate potash. lißZOc; borax, 9'Jl2c; cinchonida, Z)Q 34c; carbolic acid. 27c: cocaine, mur., $3.80g4. Floor. Spring patent. $5.80 per brl; winter wheat patent, in brl. $3.25: straight grade. $4.85: in brl. low grade. $3.60-; extra fancy, in brl. $4.75: buckwheat flour. $6.10 per brl; graham, $5.50 per brl. Groceries. - Coffee Good. 812c; prime. 12314c; strictly prime. 14016c; fancy green and yellow. lS323c; Java. 2Sy22c. Roasted Old Government Java, &433c; tuest Mocha and Java, a 330c; Java,
INDIANA TRUST CO,
Condition March 31, 1904
LIABILITIES Capital Stock $1,000,000.00 Surplus and Profits 218,100.85 Deposits 4,671,467.91
FRED FAHNLEY, Vice President JOHN A. BUTLER, Secretary JOHN E. CASEY, Auditor H. B. H0LLOWAY, AssL Secretary
National Banfe
UNITED STATES DEPOSITORY : Conditio March 28, 1904
944,107.91 115,000,03 $7.118.936.78 OFFICERS
J. P. FRENZEL, Vice President O F. FRENZEL Cashier
DIRECTORS ; Frederick Fahnley Albert Lieber. Frenzel , Otto N. Frenzel Henry
Money to Loan SECURITY TRUST COMPANY, iHrMt.TiT
blend. 23c; fancy 'blend. 18c; Golden bl?nd, 15c. Package Coffee City prices: Ariosa. 11.25c; Lion. 11.25c; Jersey. 11.25c; Caracas, 11.25c; Dutch Java blend. 14.50c: Gates's blended Java. 11.75c; Climax Java blend. 11. "25c. Sugar City prices: Crystal Dominoes, 5-Ib cartons, 74c; cut loaf, 5.95c; cubes, 5.55c; XXXX powdered. 5.50; standard powdered. 5.25c; fruit powdered. 5.07c: granulated. 2-lb package, 5.30c; granulated, 5-lb package, 5.30c; standard fine granulated, 'bags or brls, ,4.82c; Rldgewood A, brls. 4.87c: Phoenix A. brls. 4.82c; Empire A. 4.77c; Ideal ex. C, 4.72c; Windsor ex. C, 4.77c; Rldgewood ex. C, 4.62c; 10 yellow, 4.52c; l$ yellow, 4.32c ; New Orleans (dark), 4c. Molasses and Syrups New Orleans molasses, fair to prime, 23532c ; choice, 33342c; syrup. 26 30c. . " Salt In car lots. 8590e: small lots. 93cQ$l. Spices Pepper. 17c; allspice. lS'glSc; cloves. 20 G24c; cassia. lSgiSc; nutmegs, 50360c per lb. Rice Louisiana. 44fi6c; Carolina, 64S4c .Shot $1.4091.60 per bag for drop. Lead 6iÖ4C for-pressed bars. Wood Dishes No. 1. per 1.000, $1.40$1.60; No. 2, U.6031.80; No. 3. $1.80g2; No. 5, $2.2032.40. Twine Hemp. 12lSc per lb; wool. 65210c:- flax. 20fi30c; paper. .15c; Jute. 12(?fl5c; cotton. 2225c. . Woodenware No. 1 tubs, $67; No. 2 tubs, $5 6; .No. 3 tubs, $i5; 3-hoop palls. $l.8tf; 2-hoop pans. $L40fl.60; double washboards. $2.5032.70; common washboards, $1.6531.90; clotbspins, 60 65c per box. Iron and Steel. ' Bar Iron, 2.60c; horseshoe bar, 2.75c: nail rod. 7c; plow slab, 4.50c; American cast steel, 911c; tire steel, 214c: spring steel, 4435c Leather. Oak sole, 3242c: hemlock sole. 2?3T38c; harness. 33040c; skirting. 28Q4oc; single strap, 410 45c; city kip, 6090c; French kip, 0c$i.20; city, calfskin. &ocä$U French calfskin. $1.2031.85. Nulla and Horaeho'e. Steel cut nails, $2.30;' wire nails, from store. $2.30 rates; from mill. $2.20 rates. Horseshoes, per keg, $4.30; mule shoes, per ke, $4.30; horse nails. $45 per box. Barb wire, galvanized. $2. SO; painted, $2.65. Oil.. Linseed, raw,. 394c per gal; linseed oil, boiled. 40lc per gal; coal oil, brl price, 12c, 13c and 14c; gasoline, 11c. Provisions. Sugar-cured Hams Indiana, 14 to 18 lbs average. 13c. Shoulders English cured. Reliable. 18 to 20 lbs average, 8 Vic; sugar-coated. Indiana. S to 10 lbs average, &c. Pickled Pork Indiana bean or Jowl, per brl. 200 lbs, $14; rump, per brl. 200 lbs. $16; family. per brl. 200 lbs, $16.50; fancy clear bean, per brl, 200 lbs, $20.50; fancy boneless pig. per brl. 200 lbs. $21. Also half brls. 100 lbs. at half the price of the brls. adding 50c to cover additional cost Cf package. Lard Kettle-rendered, 9&c; pure lard. 4c. Bacon Clear bellies. 25 to 30 lbs average. 10c; IS to 23 lbs average. 10c; 14 to 1 lbs average. lie; clear backs, 20 to 30 lbs average, 9c; 12 to 15 lbs average. 10c; 9 to 10 lbs average. lOe; clear sides, about SO to 60 lbs average. 8 Tic; 30 to 40 lbs average, 10 Vic; 2J to 30 lbs average, lie In dry salt. 14c less. Produce, Frnlta and Vegetables. Fancy Apples Baldwins, per brl. $3.50; Spies. $4; Ben Davis, per brl. $3.50; Wine Baps, per brl. $3.50; Roman Beauty. $4. Bananas Large. $2 per bunch: medium. $1.50. Cabbage Holland Seed, $4 per 100 lbs. Carrots oOc per bu. Celery California, per crate, $4; per dox. 65c Florida, per crate. $2.50. Cider Per brl. $3.50; half brls. $150. CocoanuU $3.50 per bag. 50c dox. Cranberries Jersey. K.Ü per bu; $5 per brl; McFarlln, $7.50 per brl; Howes, $S pr brl. Dates Walnut. $1 per box; package dates. 3-lb box, 5c per lb. Figs Smyrna. 10c per lb. Honey White clover. lc per lb. Kraut Per cask. 43 gals, $10; per brl. 30 gala. $6.50; half brl. 15 gals. $4. Lemons Extra fancy Messina. 360 size. $3.50 box; 300 size. $3.75; California, 300 to 360 size, S3. Lettuce 16c per lb. Navy Beans Per bu. $2. Old . Pop Corn 2c per lb. Onions Yellow, per cwt. $2.50; red. $175. Oranges California Seedlings. $2 per box; Florida. $3; Navels, per box. $2.25. Radishes Per doz. 40c Shallots Per dox, 60c Parsnips 60c per bu. Pears Per bu. $igi.25. Pineapples Florida, per crate, $4.50. . . Potatoes Northern stock. $1.05 per bu. Rhubarb Per doz. '40c. Spanish Onions $3 per crate. Sweet Potatoes Kentucky. $3.50. Turnips 50c per bu; Rutabaga. 75c per bu. Strawberries 24-plnt crate, $2. Seeds. Seed clover, prime. .TS1?. English clover. $7.257.50; alsike. $7.5058.50. Timothy, prime. $1.7502. Fancy Kentucky bluegtass. $1.5001.75; extra clean. 60fr70c. Orchard grass, $1.75f:; red top, Ecg-lli bluerasa. 11.5022.
$5,889,568.76
LIABILITIES Capital Steck $1,000.000.00 Surplus Fund and Profits. . 481.683.79 National Bank Circulation 210.C03.00 Deposits 4,727.252.99 United States Deposits. . . 700.000.00
$7,118.936.78 Paul H. Kraass Wetzel FIGURES ON EXPORTS. Domestic manufactures exported In February, 1904, were greater in value than In any preceding February, and formed also a larger per cent, of the total exports than . In any preceding February. For the eight. months ending with February the total' manufacture also . exceeded the total in the corresponding eight months of any earlier year. The fiscal year 1900 was the banner year In exports of man fact u res from the United States, but from present Indications the fiscal year 1904 will show an even larger total of manufactures exiorted. The month of February shows a total of $38.000.000 worth of manuiactures exported against $34.000,000 in 1900, while for tht eight months ending with February the total .s J2R8.orio.ono. against I26S.PO0.0O0 In the same months ending with February in 1900. These figures, which are presented by the Department of Commerce and Labor through Its Bureau of Statistics tn Its publication entitled "Advance Sheets from the Monthly Summary of Commerce and Finance," Indicate pretty clearly that the fiscal year 1904 will show a larger total of manufactures exported than any preceding year. In the eight months for which a record is already made, the total exceeds by f20.000.ooo that of the highest record previously attained, that of 1900, while the fact that February. 1904. exceeds by $4.000.000 the figures of February. 1900. also indicates that the increase noted In the earlier months of the year is continuing in tne latest available months and thus likely to carry the year's total considerably beyond that of 1900. Not only In the grand total of manufactured exports does February exceed that f the corresponding month in any prece?rng year, but tha percentage which manufactures form of the total is also larger than In the same month of any earlier year. For February, 1904, manufacture formed 32.C3 per cent, of the total exports of domestic products, while the largest percenters shown by any earlier February was that of 1j2. . when manufactures formed 31. $4 per cent, of ths total exports. For the eight months ending with February the percentage which manufactured exports formed of the total Is slightly less than in the correfpojidlng months of IJ00. belr.f for 1904. 27.94 per cent., and in 1900. 29. M per cent. Comparing conditions In 1904 with those of 194, it may be said that the exports of manufactures, have grown from $12.000.000 in value in February. 1S94, to S33.ooo.ooo In February. 1X or over three times an much in February. 1904, as In February. L94. For the eight months endin with February, 1S94. the total value of manufactures exported was 1123.000.000. and In ths eight months ending February, 1904, $2SS.OOO,000, or two anl a third times as much in IM4 m in U34. Comparing with 1890.. it may b said that February of 1530 shows a total exportation of manufactures of J10.5O0.000. against flH.000.000 In 1904. and for the eight months endlns; February. 1M0. of S100.0j0.ono. aalnt S2SS.000.ooO for-the same months In IS. In February, IH'jO. manufactures formed 15.27 per cent, of the total exports, and in February. 1904. 32.63 per cent.: In the eight months ending with February. manufactures formed lfi.M per cent, of the total exports, and in the eight months ending with February. 1504. 27.94 per cent. Thus manufactures are not only Increasing rapidly in their grand total of value .exported, but also increasing the percentage which they form of the total exports. Wall-tret Jourial. Pl'DLIC SERVICE COIIPORATIOXS. Wall-street Journal. The history of investment In public service corporations in this country, using the term to mean corporations controlling municipal franchises, has been considerably variegated in character. Certain things, however, set-m to stand out aa more cr less generally true. One is that where these corporations are held In somewhat concentrated ownership, or are exclusively controlled by comparatively few men, they are quite apt to pay well, and their securities usually stand at handsome prices. On the other hand, where securities of th-ie corporations are pretty we41 distribute.!, the 'reverse I the rule. Thera. are. of course, exceptions In both cases. But when ths general character of municipal politics is considered in connection with the methods of ths managers of i ubllc service corporations, there is reason for these rules. In a word, the fundamental trouble with the securities of public service corporation, regarded as ul-Me Investments for th public. Ila tn tn fact that the history of all such corporations is seamed and cross -ea med wtth "graff from too to bottom. The practice of "graft"' is not adapted to corporation a administered on democratic lines It is esbentUUy suited, to individuals and small groups of individuals. For this reason we has always felt that the securities of the street-railway com pan its and all gas cr electric llghtlnr companies were apt to be either very good thlrca or very undt-slrable things according to the eircumstance of the case. An Investor who put Ma money In such things rught to be well noe ed and in a position to continue posted upon ma Per, that sre not. as a rule, very clearly or vrv frankly discussed In aetail tn the public wlnt. Falllnir such knowledge, it is a question wVukJL an ordinary investor Is not quite aa apt as dm ti make a mistake in putting, hi money Into Aiu sy 1 v WSvSSW SB MVMS1
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