THE SUN SUNDAY FEBRUARY MsI I j 10 1904

FINANCIAL AND COMMERCIAL

SATURDAY Feb 20

Practically the only considerationprices of etocks here today was

continued weakness or the foreign marketsIn Paris especially the security marketseemed to be demoralized The feelinghere was that it was surprising considering

all this that there was not more liquidationhere for foreign that the smallquantity of foreign selling that did takeplace was an indication that speculativeholdings of our securities abroad were muchlees than had been commonlyThe extreme weakness inParts was not known here however until

after the close of tho Stock Exchange

Consols it was said were offered on theLondon curb at 85H or A of a point below

the figuro at which they sold early in thelay while in Paris French rentes declinedfrom 05 to 93M or to the lowest pointtouched by them in the last cloven yearVheOier therefore the full effect of

the disturbance abroad was measuredin local prices today is doubtfulDespatches from the other werenot illuminating as to the precise causeof the trouble but the extended com-

mitments of some of the largo operatorsitt stocks on the Continent of Europe areprobably at the bottom of tho matterThere no doubt that the approachingfortnightly settlements in Berlin andare awaited in those citioi with noapprehension Political affaire in Europeare unquestionably more disturbed thanthey have been for many year and havebecome so with comparative suddennessThe judgment of tho that alto-

gether too high an estimate has been formedIn past of the military prowess and gen-

eral moral financial of

the and that if eventswhich seen to be near at hand haIl givethis conclusion permanent basis a reali of whoseeffect whi bo felt in every of Europecannot be avoided The war cloudwhich has arisen in the Balkans is reallypart of that whose shadow has already fallenupon the Far East However necessary andfortunate it may be for the interests ofmankind that the great question involvedInthese affairs should be definitely andfinally answered their asking now has beenunexpected by many acute and far seeingstudents of political affairs and has causednatural uneiwlncs in the European finan

own market this week has been oneof the dullest and mcst apathetic in thehistory of the Stock Kvlmnge Jt mustbe said that development if theysuch as to afford little substantialfor speiulative operations for the declinewere yet hardly adapted toing of securities Railroad earnings usreported were generally bud duo in groutmeasure of course to tho extremely un-

favorable weather that has prevailed thusfar throughout the winter but whichstill are unpleasant readingthat at the end of the wed a double holi-

day awaited added to tho desire fortion and that there was a fair possibilitythat the long looked for derision in theNorthern Securities case might at anytime be handed down strengthened thofeeling of speculators that it was well forthem to bo out of tho market for thepresent Individuals who felt that theymust be engaged in speculative venturesof some sort found ready opportunitiespresenting in tho grain and cotton marketsThe most sensational price movements ofthe week tool place on the produce ox

There wheat rose to the highestseen since the famous Leiter

in 1893 tho advance taking itsostensibly in the very large milling de-

mand for the commodity in our owncountry and In the fears owing 1o thewar scare of a possible curtailment of thosupply of the article available for consump-tion The real roason of the advance wasof course the ardent speculation in wheatwhich has been artificially excited by Chicago

Revised and official estimateboth of private persons and

of insurance companies by the Baltimorefire show as was anticipated by allservative folk that these will be aboutthat popularly set forth at the time ofdisaster There seems again a perplexingstate of affairs in the iron and steel tradeThere is a bettor inquiry for finished steel

tho railroads in particular sendwhich have been delayed aw

long as they could ho for rails andarticles of tho kindand there is talk of anadvance in the list prices for bar iron Onthe other hand pig iron hal developed aplainly weaker tendency The Southernproducers have lowered their prices to theparity of those made at the Northern fur-naces and the impression in the trado isthat a cut in Southern pig iron beyond theseprices is near at hand Money rates continue exceedingly easy time moneynow available at 4 per cent for nix monthsand at 4 per cent for periods runninginto 1905 but whether or not this ease repre

lack of demand for it and woulddisappear if the demand increased

is a question concerning which there ismuch dispute

Opening quotations o the stock markettoday were at rather larger net declinesfrom the previous closing than has recentlybeen the case Thereafter tho marketcontinued dull although with a weakundertone until tho publication of the bankstatement After this event the marketrallied a little but immediately againdined so that final prices were about atthe opening figures The bank statement-was superficially very favorable as itshowed an increase in cash of 7544400or fully as much as the most optimisticforecasts yesterday had made out an increase in deposits of 1668100 and a decrease in loans of 5131100 The banksurplus now stands at 37506030 The

at this time in 1899 was jo334oooWith this ono exception the surplus-for tho week was thofor similar 1897 whenowing to the practical paralysis of busi-ness it stood at 55615050gain in cash during the week undoubtedlyrepresents to sonic extentto in preparation for tho call soonto be mode of the Treas-ury upon the depository banks for 20 per

moneys lefttheir charge and in so tar us this matterhas a factor its effect IIOH been tomake the bank statement less favorable inreality than appears Tho exact effectupon of tho paymentthere some time within tho nextof the moneys duo Panama stockholders Republic of Panama isyet more or leas a matter of mystery

New York Stock Exchange Feb 20cuttCfQ riticzs or UNITED STJTXS aoxon-

DM Afkrd an A mUS srloa 41 coup 1 07 Wysz 100 133

lOt 107 4scnewiiau 133UcouplOIIU 107M litUblMJlll 112

RAILROAD AND OTHER BONDS

17000 OOlj 5000 0734 500061aIJOOO OO3a c ns Toi ccrnii moo Bo-

A T A S P dj s HOOO oS 8JtiOOO 12000 00-

H ntloCLmo4il gooo e 66asil UIYI7000 1000 ftftlaj

UOblogoldfe 3000 St L A Iron Mm101 1000 ftoio 6ooo8ou

4000 1000BaltiOhSWSHj Erie prior lien 4s StLASanlT fdg

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main TJB EtUI Bit gnt Utt 4f S 0 701 0084

10001O078 S Louis 1 W IsBuffalo SUM 44 lat JIQ0003

15000100 StLooUSWcni4000 u77g Int4 Id 100007 II1000 08 10000UOIs 3outhPaclne4U

Canada South 1st KanCriSM4i10000 103rs SoWhTMlIU 4

Central Oa 1st In 2000887SouthernRyCentral Oa 2d In Manhattan Rr loon 1

70001O3IJCent Pacific lat S0001O3U 1000

Cent con 49 Tex aPse100000734 800004ia loooM

Chen Ohio 5s MUw Gas 1st 43 Union Pacino 4

100011613 1000 80 15000 1023-Ckr 4 Ohio Us Central 500 1

110001O3U BOOOD7 Union PacificNYCentLSSiis 17000 9M

1000034 soon80 10000001N Y Chi St L41 6000041

1000 02 1000 104 U S Steel s f 5s3Vfs NortotkWest4s

50009BU 14000 0738 000072North Pacino i 50000721

told j 30001 Wabasb II20000 80 7000 1O214 21000I5O1

1000 7934 North Pacino s ioooofOamoo HO 70007019 icon001Cat nidi KR4s 500070U Wnbash Des li

5000 n73j Or Short Line 81 dlv 4s8000 6778 1000 00

Chi HI 4 Or Short Line 4

7000103 ZOOO ni3a 400010812oiool 1 la

Total sales of bonds par value 038000

RAILROAD AND OTHER SHARES

Suits fitJ2295 Atnal Cop 40la

100 Am Or Tw 71a100 SOU100 Am Lin Oil OU-

ioo Am LOCO 223s

Illolt Low ClOg Xtn-

ff Clat-40flaf li

71OOU

OU OU22 22 1

moo AmSmelt 47ta 47lj 471a3150 Am Sugar 1237s 12312 12312

130 Am Sugarpl233j 12334 12314815 Anaconda 02 111 61U 7-

8200AT3F 001 OS34 007g 3-

UOATSFp 88VH 8878 887853SO Bait 4 Ohio 7 Ola 70U 7038

1IOOQ RT 40lj 40lfl 403s l

MOO ilutrlck Co 481a 481a 481s4 I

2330 Can Pacific 1 101s 11434 1143430 30 30 3

Chl 4 Alton 363s HUU 36381COCM4 N W 103 103 103 Hcoo Chl Gt Wes 0 147a 15

9100 CM 4 St PIUOIa 13814 130IR200 Chi Terpf 10U 87 10U

4la 4la 41s100 Col South lOlfl 1434 lOIg 3330 Col So I pt OaU 02lg OSIg

2450 Cons Gas 10114 190 lOOlaH535 Corn Prod 18 1 7s 1778000 Del 4 Hud 1 60 lOP 109-100IenKO 10 IB200 Den4RG pf 07Ig 071s 0718

6185 ErIe 24 2334 2334 3

1800 Erie tpf 627S Oaia 6334 1

800 Erie 1 pf 40U 398400 Gen Eire Col 63 IO3 103-M5 III Central I 27 I27U200 Int Paper IIOOKCFtSpf 67 07 07-

Uou Lou Nash 1021s IOU 8000 Manhattan 14 178 l 4 a4 14l3a100 Met Secu 80 86 B6100 wstP4Slsu iosa oss oo a-

lOOUSPSSMpl 18U 11814 118U3120 U 1C4T I 67S I 37 I078

SIOO Mo PacifIc 80 8814 887s100 X C 4St LI 04 104 104 1

ilOO NatRRM d I 7 17 17100 N J Central 10412 1041221SO-U N Y Central 1 4 114 114 IL-

3M NYJcNJTrH 37s iU4 334400 XVM14H18 100 101UDUO Nor West fl57 37SSOO Ont 4 West COIj yQ3s gOlaI-

87BO Penn K R1 1418 1 1 4 114430 Pen Gas 08 07 8 075sl-

OOPul 210 210 0loony St Sp g 21 21 21100 Hep Steel 70s 71s 73s

2800 Reading 41U 41 4 Us U400 ReadIng lIt 80 70 80

17740 Rock Island 2 1 3s V03j 203411400 Rock Isl pf 6014 OOls 00 3

100 Hub Good 1 OU 1034 1034-

iOOSIossSheff 38 3fi 38ilOOMLSWpt tl34 3ls 311sHa

12300 So Paclllc 44 s 448 OB

1300 South Rwy 10U 101s Iftla 14

415 South Ry pf 80 80 BO U-

400TennC4 Ir 3012 3014 30U U1010 Texas lao 231s 22la 221a s

2313 22 23ialij16050 Union Pac 70la 701s 70U-

3no Union Pacp 801a 891a 801a la71s 7I 7la fl

530 U S UtC pf 0314 OS S3U Unon U S LeatherlOOUSLeathp 701s 76 701s Is300 US Rub pt 47U 47U 12

1300 US Steel 107g 1034 I0785-

7rtO U S Steel pf 06U 06 061soo VaCar cn 28la 28ia 28ia la

300 Wabash pf 3414 341g 341s 8

Wesfchse100 109 100120 IV Un Tel 87 87 87 la200 46 401a 401a 3

Wls Central 18U I 77g 18 3g

blat tales ot 76000 shires

CLOSING PRICES

BidAdams Exp22n-AllbChlmrs 12

BO

Amal Copper 4

AmC4K 1

Am Cot Oil 29

Am Cot Oil p 85-

AmWTcl 22

Ami

Am Hide 4 L 3HAm II 4 L pf 15

7iAm SOU

Am IAn Oil U

Am Lin OilAm LocoAm 77Am Malt iAm Malt pf 10

47iAm Smelt pf S0Am Snuff 105Am Snuff pf SI-

Am Sugar 121

pfUlAmTC 8-3AmT4TlinAm WoolAm 67Ann Arbor 2JAnn Arbor pf 52Anaconda 61

AT4SFSM-

All Coast L104H73

Pal 4 Ohio pf 8740-

DklynUGas 147Brunswick 5JiHuff R4P 118BufIR4PpflSJB-uttcrtck 48Can South 4Can Par I14iCbs 4 Ohio 2 H

ei2

CCO 4 St L 72Chl Gt West I4-

ChlGtWA 657

Chl Gt W deb 3

W1 W

StP130-ChlM4StPpfl72Chl Terminal Hi

I6MChi Un Trac 4M-

CleLo 4 W 6B-

Cle Lo 4 W p 75Col Fuel Air 0i-ColHCl 13

Cot Southern 15

Cot So lIt pf 52ColSo2dpf ZZ i-

Con Gas 190iCent Tobpf 101

Corn Prod 17jCorn Prod pt 6JDel 4 lied 158jPet LAW 230Den 4 It G 10

Den 4 R G pt 07

Dos II 4 15

Pet U Ily tH-Det Southn 9

Del South pf 1

Ills Seen 23iI3SS4A 7

DSS4Ap 12

3f

2 LEA W 27 3013 95 110

Long Island 47 54-

Cj 10M-oii Beach H 9

B9 Manhattan 141 142

50 MetSRylI 11W4

83 Met Sec 85 6-

SH Mel Cent 10 1CH

195 Mich Cent i 141

8 Minn St L 51 r045 88 C5-

1BH MSPSSU 601 Gl-

S MSPSSMpfilSi 122

JOJJMKT I5i 157

104 K iTpf SV S

15 Mo Pacinc 8Mi 8

r ashC4StL101 107

80 Nat His Co 40 40j4 Nat Ills Copt 1014 Ollji 14 14U

48 Nat Lead pf 83Jj 84i01H 33 35

120 RK2ilpf i 17M

00 N Central 134JJ 1-

5l3 NYAB 125 135-

1M Central 11574 114

tfi NYCStL 20 29

120 SYCSIL lp103 110

10i NYCStL 2p 3 70

72 NY nock 18

7 NY pf 41

16 11IIM-

6IVi Sl B W

Nor West p 8 9080 North Am 824j 84

MIS JOM

75 j Pacinc 32 8588 Pac 90 100

40 Pac Coast 2 p 2W 65102 Pacific Mall Wi

ci 114U-

PcoGLAC B74 98Peo 4 Kast 10

51 L 60 2

C3 PCCStLpf CO 87-

I1t Prd 18 29o4 Prd St Car p CSJi 70

i PullmanPCar23 214-

tr Rystspz Wi ni13 RySISpgpf 72U 73

RwySecu 85 tl13 Readlne 4IH 4Uj-

fa Read Istpf 79 CV

29 Read 2U pf SS4 58i-t 7 Repbc Steel 7j 7j

163 Rep Steel pf 43 43Rock Island ZMI oj

175 flock SDK CO-

OVj Rubber Ods I9H 20

10l 75 7A SlosaSnef 47J1 8

0 StoMShel pf 80 8310 StJUI 9H 11

24 it J G I 1 p 37 40StJOI2p 17 10

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t2iSLASF2p 42Ji 44UN 14

loi stLSWpt 31 ai-jl044StPOm1J5 145

184 So Pacific 44J 44i71 Southern Ry IOU 19-

11JOiSoRp 80 flfljj

60 SoRyMob 88H 815ilOW TennCI S5 3

23 20

MB Texas Pac SfM 23

62J4 Third AvRRIM 12211 23i 25

4 33 8424 89 fl X10 Un Pacific 76 76W15 Un Pac pf 894 0

U S Express 103 110

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RIte Istpf 2W-

ErteZdpf 39iIfTH 60Ev4THpf 72

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71461

Illinois Cent 127Ulat Paper U

Int Power 2313

lot Pump pf 71lowaCentral 17

Iowa pf 35Kan 23KCFSAMp 63Kan City So 17

Kan City So l 324lu-

LacGiupt 80

Jiikid Sta Alind2 US Loather J 7

athpf 76 77C5 U3RlWCn 7 H76 USRHyAOp 83 C3M

164 10M i130 USRubpt 47 48

76 0 10M-

K U3St lpf 16 S6Ji-

I27M VaCar JllJi VaCarpflOO 105

CJVi Wabash 18 18-

so Wabash pt 34 34M40 WellsFEipSOS 21678 West Un Tel 87 87i18 Westghse158 138M38 Westgse lp170 200

20 Wheel 14j 15467 W ALE Ipf 44 6

10 WALE2pt 23 25

iZM Wls Central 1 18j15 WlsCentpf 40 3

100

TIlE OUTSIDE MARKET

The greater of the trading In the out-side im was the casewas monopolized by Northern Securities of

over 2000 shares changedWhile not eo conspicuously is duringthn firmly agaInstthe weak tendency of the rest of the marketand WItS one of the few stocks thatdid not show declines The closing salewas miide at 11 tho highest of the day and

a above the tho StIleyesterday

Rapid Trnimlt Wits nealnunder pressure points Ye

sales of this tookplace ut mi as against 100 the closing

today Air Line common

Copper also declined of u GreeneCopper was unchanged Aroeri

can Can was down of aIn the bond department American Writing

5s Ti of a 20000United States Shipbuilding bonds were soldat 27 representing it of 1J points fromthe of previous

The todaywcro as follows

Open IiW Low ClotFain SOC eat eat Ina

40 American Cn H W 3 3H1-

W Am 34ai 34 34 34100 Am Writ pf 2i 1 2H 1 a 1 3i200 flay St Oas 318 318 318 316157 14 14 14 14100 Cot Oil 4 F pt 4 4Vi 4 j 41110 Elec Float pf 47 49 40-6X Gold Hill Cop MM H645 Greene 0 Co I 0 1 0 1 OH I OH

Ills GC Cop rts 8c 80 60 Oc100 Hack Mead IBM 0 OW I OK-

S3J InfboroP TI 014 1OI 100 i IOOK150 tIght F P 26 26 26 SflU

16 016 916 91654NY4NJTrts HH 3N 3M a

2400 N Securities 9 OH 904100 N Am Lum P 3M 3 3V 3230 Seabcl A L 8i 8M187 Seaboard rts 133 133 133 133ISIS Shannon Cop 8 8

1100 Wht Kb Cop 7 H OJJ 6BONDS

J7000 Am TVr P 5s 70 71 70 i 715000 So El 07W 07M 07 i 07M

20000 US Sblpb5s 27 27 27 27

LATEST QUOTATIONS OF INAC-TIVE OUTSIDE STOCKS

Hid A ikedAmerican Can common 37 4American Can preferred 34ii 34 fAmerican Writing Paper common 27 3American Writing Paper pfd I 2K I 23jAmerican Writing Paper bonds 70S 7 HiBritish Columbia Copper 2J 3Brooklyn and New York FerryBrooklyn Rapid Transit 4s 74 74T

Susquchanna pfd 87Central Foundry common 1 IVCentral Foundry preferred 8Central FouiidryBpcrcent 02 00Compressed l 4Consolidated Lake Supr com M

Consolidated Lake Superior pOt 3jConsolidated RefrlgeratorCo Hjj 3iCuban Government Os 1 24Dominion Securities 0 10Erie Railway new 4s w 80 88Electric Doat common 1 6M 23

42 OOElectric Vehicle common 8i 9Electric Vehicle preferred 12Electric Lead Reduction com 1

Electric Lead Reduction pfd 2Empire Steel commonEmpire Steel preferred 48Electro Pneumatic fGold Hill Copprr H t-

GreencConsolldstedCopper 1 Oj-Hackensaclc Meadows Company 20 24HallSlgnal 80 90Havana Tobacco common 32Havana Tobacco preferred 30 38International Mercantile Marine 0 0International Mercantile Mir pf I 04 20IntematlonalMercantlleMarbds 83Interborough Rapid Transit OHInternational Salt trust receipts 11 1 IM-

lnternatlonalRalt3percent 40 40Light Fuel and P of W Virginia 20M Z0Manhattan Transit IM 1

Montreal and Boston Copper H lNew York Transportation 0 0Northern Securities PINew Orleans Street Rallwa7 com 9 9jNew Orleans Street Railway pfd 32New Orleans Street Ry4i pc 70j SIOtis Elevator Company com 20 32His FlevatorCompany pfd HO 90

Rock Island new 4s 02 04Royal Baking Powder common 120Royal Raking Powder preferred 99Safety Car Light and Heat Co 180 190 J

St Louis Transit common 7i PSeaboard Air Line common 8Seaboard Air Line preferredSeaboard Air Line 5s 704Seminole Copper H iStandard Oil Co of NJ 0 10 f 20StoragePowcr l jTennessee Copper 285i 31Tonopah Gold Mining Co 6InlonCopper i-

InltedCopper 6 8United Railways of St pfd A 2 OfUnion Typewriter 80 82UnlonTypewrlter Istpfd 1 03 1 00-UnlonTypewrlter2dpfd 10 I 103HWorthington Pump pfd 109 1 1 I

White Copper Jf 714-

Ex dividend

LATEST QUOTATIONS OF BANKSTOCKS

nit Ann i ntd AskedAmerica AOO 025 Uncoil 050 1O50Am Ex U26 230 Man Co

Astir Na 700000 MarAFul 230 24Oflowery I50 380 Metroplls 375 423

160 Mechlcs 285295U-utch41 150 UechAT 140 150Consdtd 160 170 Merctle 225 240

107 Merca 180Century 170 1H 0 Merch ExCiiascVt jOG MtMrrLiChatham Mutual 370200C-hemical4000 4200 ansau 180 100Citizens 180 IRO NewAnu 400City 2H6 272 NYNBA 275Comerce NYCo J500Colonial 405 200215Columbia 19lhWd ISO

Ex 300 305 NthAra 205210Fat Mr 150 100 Nor Nat 120Federal OrientalFidelity 110 Panic 200270MntNai U10 030 Park 460480

300 PeoplesFifth AV3000 4000 Phirnlx 105 115Fourth m 205210 Plaza 52014th SI 30O 160 176Gal Nat 390 Rlversld 200 280Gansevl 140 Seaboard 000Garneld 000 Second N 600GerAm 100 lOa 3SoeL 100 160GerExca 373 State 800Bermanla OOO 34th StGreenwn 270 280 l3lhWard 120Hamilton 170 23d vard 120Hanover 520800 Un Each 100 100ImpATra 600610 90 100Irving Vartck 175Jefferson 140 147 VaihHts 200LeEk M 500Liberty 500 600 Yorkvllle 375

LATEST QUOTATIONS OF TRUSTCOMPANIES

Hid Asked75 95

158315

Alliance Realty CoAmerican Surety Co 16-5HankersTrust Co 201Howling CoUond and Mortgage Guarantee Co 150Broadway Trust Co 140 USBrooklyn Trust Co 3uo 4311

Co l m nooCentral Realty Bond and Trust Co 3IH 415Century Realty Co lee 10H

City Trust Co 27i SuoColonial Trust Co 3ix 320Commonwealth Tnut CoContinental Trust Co 6MEastern Trust Co 140 155

30H U

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US SteelIVal pI

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206 210Y N Ex

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Nat 270 20

200 210

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8 tBTruit Co ITSEquitable Truit Co 7i-

Farmers Loan and Tnul ColK1Fifth Avenue Trust CoFlatbush Truss Co W-Franknn Truit Co noGuaranty Trust Co U

Guardian Trust Co 170

Hamilton Trust Co JInternational Ranking Corporation ia-

Klnr County 40S

Knickerbocker Trust Co TO

Lawyer Title Insurance Co 36Montage Insurance Co m

Co Jta-Lonv Island Loan and Trust Co J-

McVlckar Realty and Trust Co JOManhattan Trust Co oMercantile Trust Co 1001Metropolitan Trust Co 5

Merchants Co 925

Morton Trust Co WO

Mutual Alliance Trust Co 223

National Surety Co 100Nassau Trust Co 750

North American Trust Co 240New York tHe Ins and TrustNew York and SecNew York Security and Trust Co 90

Trust Co 33Hraltv Associates IllHeal Estate Trust Co MStandard Trust Co 320Title Guarantee and Trust Co 430Title Insurance Co of New York ISO

Trust Co of America 320Untied States Mortjafo and Trust Co J7Union Trust Co I7SUnited States Trust Co 1485Van Norden Trust Co l 7-

W hlneton Trust Co SD-

OWllllamihurc Trust Co 235Windsor Trust Co

LATEST QUOTATIONS OF GUAR-ANTEED STOCK

Rait an AuntAlbany 4 Susnuehanna m 238Albany 4 Vermont 3Allegheny 4 Western II 148

charlotte Air Line 7 u 155Augusta 4 Savannah S 112 litA U 4 Ml U JH 7Beech Creek 4 102 108Berkshire 1 6 U5Bleecker St tt F F UjBoston 4 Albany 8 4 ittBoston 4 I 2

Boston 4 Providence 10 107 300Broadway 4 Seventh Avenue 10 40 V43HBrooklyn City R R 10 las 237Camden 4 Burlington County 15-0Catawlssa K R 1st i 117 12-4Catawlssa R K 2d pfd 5 110 123Cayuga 4 susquehanna A ltdCentral C 10 249Central P N E K R R Co 8 2 O-SChattahooctiee 4 Gulf IISChestnut Hill 6 55Christopher 4 Tenth Street 8 IH3

Plttsburg 7 iso itaColumbus A Xenla 215Concord A Montreal 7 184 188Concord Portsmouth 7 185Coon 4 Passtimpslc H pfd 6 155 165

River to 277 583

4 Michigan 200Delaware A Brook 8 200 ItSDetroit Hlllsdale A 3 W 4 KM 105Dry Dock East A BKastera PennsylvaniaEastern 4

Klmlra A coolElmira A Vllllanuport pfdErie A Kalamazoo 1 uErie A Plttstiurg 7 ItO ItSFitchburg pfd 1S4 ISA

St A Grand St aa 405Fort Wayne A Jackson SK KGeorgia R R A Banking II-Ooshen 4 Decker IGrand River Valley J t

Greene R R 145H P Ml J a L irHartford 4 W JHereford 4 haIllinois Central Leased Line 4 104 100Jacksontjuuinga Saginaw 3lj-lollet 4 Chicago 7 IBO IB-SKsiamaioo Alie 4 G KaDld 590 145 IS5Kansas City K S 4 M 4 5L ke Shore gtd stock 10Little Miami 8 2 fLittle Mcluiyllilll N R 4 N 0 K

Louisiana 4 Missouri River 7 i

Likens Valley 5Coal 5 too no

Man 4 Lawrence 10 245 255

Mass Valley a 150Mine Hill 4 Schuyllrtll 5-

Moclle 4 Birmingham pOt 4 M HI

Mobile 4 Ohio 4 01 95Morris Canal 4 B com 4 f3Morris Canal 4 B CoMorris 4 7 IM 1MHNashua 4Nashville A DecaturNaugstuck IDN J Transportation Co 19New London 4 9 ItO 325N Y Bkn 4 Stan Beach pfd S noNew York A Harlem 14 893 400N Y Lack 4 Western 5 130 133

Ninth Avenue IttNorth Carolina 7 tatNorthern R H of N J i fO P4

North Pennsylvania 8 20 215

Northern N H R R l M W4 Worcester pf 8

7

Oswego 4 Syracuse1aterson a Hudson River 8 180

8 180Peoria 8 203 708Philadelphia Get 4 Nor 11 l 3 170Philadelphia 4 Trenton 10 2 S

Cumberland 6

Bess 4 L E corn l 31 34

Besi A L E pOd 8 5-

Pitts Fort Wayne 4 Chrenl 7 1R-3Pitts McKport 4 Yough 9 132 137

PilL 4 No A IB A 5 UPortland Saco 4 Plymouth 9

Providence 4 Springfield 4

Prvldence 4 IftBndge M

Hensselaer 4 Saratoga R

Rochester 4 Genesee Valley 6 111Rome 4 Clinton fl4 lRome Watertown A Og 5 ti 13214Rutland 4 Whitehall 0 130 133Saratoga 4 Schenectady 7 175 IM

Sharon Rallwav 8 rii 14U

Southwestern 0 112 no-Souyten Duyvll 4 Mt M S

4 P 8 lflSecond Avenue 201 510

Sixth Avenue 7 I

Syracuse G 4 Co i

Troy 4 7 170Street 380 405

UnlledNJRR4CanalCon 7 4 260Upper Coos 6 11

4 Black Rivet 7 180 190

Utica V 6 U-

Utlca Clinton 4 B 5 tof New York S 15

Vermont A Massachusetts 8 I6 W-

WaruRlver 7

N J 7 InoTelegraph 4 C 5 85 87

Union 6 15Commercial Union of M 6 usFranklin Telegraph 2V4 42 0Gold 4 6 l6Inter Ocean Telegraph 6 IIINorthwestern n i 152Pacific 4 Atlantic 4 7

Southern 4 Atlantic Tel

LATEST QUOTATIONSCOMPANIES

Am Lt 4 TracAm Lt k Trac preferredBay State 60Buffalo City iBuffalo City 1st 5s 1947Cent Un 5s 1927Columbus las Itt 5s 1932

N J Ill COO 6s 1931Denver Gu 4 ElectricDenver Gas 4 Electric 1st 5s 109Equitable Gas lit con 5s 1932Ft 1st is 192SGrand Rapids 1st 5s 1915

50Indianapolis Jut 8s 1B30Jackson Gas 150Jackson Gas lot 6s 1937Lafayette lstM 19341 nuna fl tO

Madison Wls lIt As 1i20MutualNew Amsterdam 6s 1948N Y A E IMst5S 1944Ohio A Ind LSI 6s 1924

Joseph Mo 1st Ss 19S7St Paul Minn ran 5s 1944Standard N YStandard N Y preferredStandard N Y 5sSyracuse 1st 54 1946

RAILROAD EARNINGS

Central of Georgia1901 1903 Clianoi-

sd week FebruaryJ207360 1314300 rIco 17040July I 5945837 Inc 190181

Great Westernd week February 143318 154955 Dec 11637

July 1 6327870 4S67 33 Inc 460037Detroit Southern

U week February 6700 31227 Dec 1467rom July 699047 055011 Inc 44048Detroit United Railway

d week February 07223 95M Dec 3280rom Jan I 437736 440150 Dec 11414Minneapolis St Paul and Satilt Ste Marie

d tOO474 1107500 Dec 71181712251 4 ilie7 Inc 61084

Mobile and Ohiod week e 150181 Dec 12035rom July I 4837121 4Wfl9 l Inc 240137Toledo St Louis and Western

d week February 57860 00648 Dec 337Jan I 351105 382053 Dec 30947

DETROIT uNITED BAILWAT

Tbe Detroit United Railway Company reportsJanuarj

W04 1903 Chancesross earnlnia 307630 S13 M lee 5854p exp 4 taxes 226103 1956M Inc 30165

NetOther Income

Deficit

181537 III70I6 Dec 1355183810 8181 Dec 4351

115337 1125207 Dec I3K8707567 81158 Inc 6411

J2230surl44OSt inc 46281

Import of General Merchandise and DryGoods

of general merchandise and dry tendss reported at the Custom House compare as fol

ows of last week and of correspondnr week one year Ago

This wlc Last loriK Last wargoods 3506143 125800M 26011130

mdse 5800254 10080938 8284441

Totals 8S963M 12669942 ToM0071From lan I to date they compare at follvs with

last yearsThis rear Last veer

Pry 32010217 M633W2-ieneral merchandise 70008Mfl 88513071

Totals 91017013 94148723

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QUOTATIONS

ftaOBQAD ITOCM-BU Asked

Boat4Alb 2U-Bo tMe186B-oitEl IS7 tatCJR4SY140 14-3OJR4SYP 12-3Kltchhurg pllja-MassElec 19Mass Eleo 73

10191

Old 203PereMarq 78 toftPre pt 72Pullman 210 21-1Rutland pf 37 40kit n i i

BONDSAmTel4sBell Tel 4s-

Koi Gas M

Fort Scott 6j-

MexCen4j Ktti OSJiMClslplnc-U02dptluoNY4NE 1SI61IO-INY4NBlst7iUMWest Tel 6s

Am fneumc ijj

Am CUAm Ag Ch pt 74Central Oil t iDominion Cl 59Dora

Htin

lien Electric101387

14ergonthalerl77-MexTel HjK ToPlanters Co

Seattle El 37iSeattle ElSwift A Co 103United Fruit

4821

0WestTel u

8-0Westghse E 79

Allt-WejitUaBpf 80 BO

Wool l l MWool of 70 7-

unitNO rrocisAdventure 2U-

Allouez SIS W4AmalgamatedAm Z 8m 0 10AnacondaArcadian40 45Arnold 25 60Atlantic 7Blngham 18 20Bonanza 40 M-BostCCAO 4 SM

Centennial 17CochltlConIfer 5-5ContlnIZALCon Range C 39 39 iDilly West 3IW S4MElm River 2 116 iFranklin bU 0Granby l-Guanajuato 74 to-IsleRoyale 71 8Majestic 0Mass Coo 34 4

Mayflower Jj-MerceaMichigan 5 Kt

35 iSYMon 4 Bosn CO 00

I ttiOld Doma 10 10W-

Ph Con CopQulncyRhode Island 87

ShannonTamarackTecumsehTrlMountnTrinity 41iUnionUnited CopUSMInCo 20UUtahVictoria 3Washington

5WolverineWyandot 75

LXXP STOCU

Boston Land 3

i

PHILADELPHIA QUOTATIONS

AlkaliAm Ily CoCon LSupConCamb Steel

Trac N JDla SteelElec StorFAce Star pf-I Co AmFalrmt Pk T-

Ins Co of N ANav

L Valley K R-

inrsuecNat AsphaltSal Alpha pf

PbllaCoPenna R Rfa Steel

BU Asked Bill Aiknisteel nf

44 45 Veh-

i M Pa E V pf M 1

i 64 W19 ivy 14 j

82 14 Phlla4Krle 47 10

li ASt i53 n TidewaterS M53 67 UCosofNJ265 2fO

7 7T Union Trac21 III 839 SJlJ-

J35i 74 Wulsbach Co 20 3005 BONDS

35lj A Co Of AM-2H 3 lndPRy5il03 107

105

ins 104M 1133M 58U PeoTrao4 10JH 103

5iJ 7 I00i45 51

CHICAGO CLOSING QUOTATIONS

AmCanCoJ4-

4AmKadlator 4iJi 45Am lieBox Board

4 Met WS El 17-

tS Met W SKI p 4SNat Biscuit 33H 40

Nat ISIs 101iCarbon 27

Box Hoard pf 18 lb Nat Car pf 07Ch i-ChUnTr SO

City Railway 13Diamond Miri 13-0LafteStCI 2

NoChlStIly-So Hide El C2

CarW Ch SI By 40

COMMERCIAL

Xcw 111gb Records for Grain ForeignNews Causes Covering antI Now Buy-Ing Cotton Declines Then RallIes

European Atlvlcrs Have DepressingKlfeet hut Hulls CJhe Support SharpBreak on Curb Coffee Easier

SATtinDAV Feb 20 OnAiv Wheat Spotwas firm No pules No red new 108afloat for export o I northern Duluth to

No 1 northernNew York 8c over Tin Northwestern re-

ceipts were 256 cars agaInst 537 lust week and211 last year Chicago 16 lars against 17 lastweek and 22 last year Futures closed 1

higher Prices as followsOpen Utah Iou CJ M Lastno lOt esl ing XloM

Stay 1t2 104 102 101 102Nluly Wf M ii 8iSeptember BIi 02 OK 02JJ ntln

Oats were firm 40000 hUsh No 2 whiteNo 2 mixed Rye was firm No 2

Duluth 72ccl f Buffalo opening navigation Comwas quiet and steady hush No 2whIte or yellow Futures closed jc to Kchigher Prices as follows

open llljfi Low Lasttin ear rsl Ino NIght

Slay MIS a4 6IU bljJuly cot4 oij eo 013 m-

Tbc following shows the gniln movementNew York Wheat Corn Oats Hue Barltu

Receipts 1050 21500 73500 6000Exports IMi4J 4351

ChicagoReceiptsShipments

ButlaloShipments

29000 249000 132000 5000 S8COO3 000 117000 170000 2000 16000

51000 20000Wheat again established new high records May

selling at 107 at Chicago and J104 here Therise was due to the sensational report In regardto the foreign political situation rumors of a panic

t Paris the In the stock markets ng-greulve manipulation covering of shorts andabsence of sellers The outside markets were allstrong May wheat at Toledo sold at Theprincipal foreign markets were higher Liverpool

d London IJdto and Partis 15to25-rentiroes Uerlln declined U ink and Budapest18 kr At one time prices here and at the Westreacted on heavy prom taking and selling for aturn on the short side after which they again ad-vanced on active A moderate de-crease In the visible Is expected nu Monday Theprimary receipts were 47500O bush against 377000-a year ago Corn advanced on the rice In wheat theforeign news covering of shorts and commissionhouse buying The primary receipts were 533000bush against 872000 last year advanced Oats advanced with other cereals

but strong Hales 8000 foblsReceipts 4200 bbls and 72ni sacks exports 003

SSM sacks Winter In bbls SuperlIne 3 No 2 extra 33 a3t clearsstralgnts S470jtJ45 patents IW ftJ520 SpringIn bbls Clears J4iOttJiiO straights Heo400 patents 503 510 nyc flour g450

COTTON Spot cotton here was unchangedMiddling 1450C against 100V last year New

1175c against blOc Snipsspinning This dar last year May

closed at July OB7i4OSi Savannahadvanced ialveston 13 c New OrleansSavannah and Soles New Or-leans 1150 hale The receipts today were asfollows

Port receiptsAugustaMemphisSt LouisHouston

Estimated receiptslasl 111ft Tuts-

Aonifnr Week Year 1103

Houston 23002000 flUI 393 5361-ialVPSton 40005000 002 l9 3 OOH

New Orleans 35004500 1173 11000 7370The total movement at the thirteen principal

Interior towns was asfollowsTo Last Last

ilau Week YrnrReceipts B425 I012H 13750Shipments 0055 10591 15900

The total exports from the ports were 14002 halesIncluding Great llrltaln and 5S12 to theContinent

murcr In New Orleans were as followsIllch Leu Lustest Ing Xtahl

March 13M 1330 1SWMay 1412 1875 1371 1400-Illly 1454 1411 1416 1429

Futures here declined 12 to 15 points but recovered the loss and advanced 18 to 24 closingdim with estimated sties of icooio bales Priceshero as follows

lllotitst Lowest CloitnaMarch 13UB 13WJ I3 5i31397May 142 142Cf41420luly I4m 1391 1428CrtH30August 1375 1352 138Ui138lOctober 1155 113S ltUailX

In Liverpool spot cotton rose 10 points Middling738d 5SOd lost year Sales 5000 balesImports 2000 Futures advanced 3 to 0 pointshut closing unchanged to 3 points higherPrices as follows

Totlaa Yesterday 1903MarchApril 716 713 320Maylune 719 717 523O524

718 716 523SeptemberOctober 635 633 484

This a summary of the statistical position asmade up by the Chronicle

1004 1908Liverpool stock einono 018000London stock 7OOO 8000Manchester stock 500m

Great Britain stock ooooo 628000Continental stock 751000 537noo

European took 1461000 UMoooWorlds supply 3853072 4047781Worlds visible supply of

American 2820972 3007781

Cotton showed a good deal nf strength at timesalthough In a unw It was a pre holiday marketwith few very pronounced characteristics Liver-pool advices were undoubtedly very disappoint

to those who supposed after recentvery marked advance there would be no realizingof the very tempting jtronts on eve of twodays an expectation which would seem ratherabsurd on Its fate That New Orleans should havesold here quite freely to secure profits after n riseduring the wefk of some 160 points need occasionno great surprise either And the same must ofcourse be said of tho selling by commission housesfor other Interests The H would seem ofgreatest Interest after all Is that after n rise ofover a cent and a half during the week the earlyreaction should have been at most sothe closing official prices were actually consider

BOrON iI

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ably higher t oan yesterday The movement conlight and position therefore

known Yet the situation U like all situations notwithout lu drawbacks

The state of affairs In southeastern andIn the Far East was such that the foreign stockexchanges especially those of Berlin and Pariswere very and Indeed noteworthy de-

clines were In British consols Frenchrentes and Turkish Russian Chinese Japaneseand bonds the last named on a reportthat Its navy Is to be mobilized Reports a

In Paris and that the RussianAmbassadors had left London had a disturbingeffect especially after the regular close here Therewas that was t aggressive exceptby Mr Sully He however bought some 50000bales altogether of May and July and Is supposed-to have a backing In Walltrading was the dominating feature In the teethof rather grim news and rumors from Europealthough New broke 37 points afterthe New York closing ou the reports a panicon the Paris Bourse On the late herewere 28 points lower than tile closing official pricesJuly selling at 14 cents

Mr Sully was In the rlnc throughout the sessionand hU total purchases of May nod are esti-mated ut 60000 bales It was railed a Sully market because he was the one In It Whenhe stopped buying the crowd sold It down thenhe It again and In the end It stayed upsome thought one of the advance Is tomake Liverpool cover It Is believed to be heavilyihort-

K r Hutton 4 Co said Wo see little In theway of a legitimate reason for buying cottonfutures at this time especially after such a sharpadvance as we have for last two or threedays without any reaction whatever

Brownwood Tex Texas Interior stocks 70000bales maximum Movement therefrom to portsnext fortnight will be about 50 per cent lesslast year same date and lest same

Sully ft Co said A mflcli better feeling pre-

vails In the dry goods market and theholders has been materially strengthened by theadvance In raw material With cloth nowselling for four rents It con be seen that the millsare able to make n handsome on cottoneven lOoter than at present The weeks develop-ment have buyers on the anxious seatsellers are not disposed to make concessions

After the broke sharply falling 26

to 24 points May and July sold at 14 centsJ S Bache 4 Co said The market Is beginning

to look like one of the old foshbned bull kindThere Is more public buying and It seems that theIncreasing strength of statistics and the renewalof an aggressive by the bull leaders arc re-

storing confidence In the situation In spite of the

A German house saId The spot situation Is Im-

proving but very slowly and business Is not actlvoare In the market hut do not seem to

bo willing to pay a torje premium for their futureneeds The buying In contracts on the advancehas been of a professional character and theoutside element do not core to themselvesto a definite policy until the political and financialhorizon shows signs of clearing

J M Ayer 4 Co said believe the marketIs now one which Investors may enter withoutmuch fear of disaster In a changes

this condition may reduce the possibilitiesof abnormal profit In a short time

Another operator In New Orleans who wasrecently very bearish telegraphed Market Invery nands here by have theutmost confidence In much higherBremen cabled to New Orleans Good spot de-mand from the Continent Harry wasIn Atlantic City Munn 4 Co bought early andsold on the subsequent advance Messrs VlolettParKer Lehman sold Houses withNew Orleans connections with few exceptionswere good sellers

CorrEx Rio on the was dull at 7Uc forNo 7 No sates Futures declined 10 to 20 pointsclosing steady with sales of 79210 bags

and Hambunr H to Riowas nominal receipts 10000 stockexchange 12 was steady receipts5000 bogs stock 1007000 Prices here as

MarchMaylimeJulySeptemberOctoberDecember

eooa 03-

615B8200853840040136506603663

Coffee was cosier owltit to disappointing cables

and realizing The marketwas and there was a lessened demand forfutures

PROVISIONS Pork was stronger at J1675SJ1725for mess Lard was firm prime Western 8 re-

fined Continent 350 South 1850 Tallow 5Va5 c Pressed hogs 7 ia7JSc flutterCreamery extras 2 lc Cheese State f c fallmade fancy I2c Eggs Western firsts SIcChicago Feb 20 There was an all around ad-vance In provisions on the war rumors tile advance In grain active general buying

SUOAH Ilavv was flea at 3 ll3233 c for 06test nod 2 732B2 c for 89 test Sales 20000bags Cuba W test at 2 132 c and f Retlned wasIn fair demand and Oem granulated 445c

CHICAGO Feb 20 These were pricesOpen Itlah Low Clan Last

WheatMayJuly newSept new

CornMayJulySept

OafsStayJulySept

LordMayJuly

fit ing Xlaltt-102M04 107 102 1064

56 4 57 j54 iS 55

40ft37J 37

654 t3-

56t 565554 53J-

41M 45H4IJ

35-

12i5 B05 79214 05 790-

O2H 820 807JJ 817 805

May 15705 1600 13CO 1595 135751July 1547H5S 1000 1317 i 1800 1545

OTHER UARKITH

Low Cbs LastWheat Inc est tit imp XUht

Minneapolis May WH 103 100 l2 100July LOOM Wi 89W

Duluth May w s lfllfj loifj 89WJuly MH 101M WTi lOJ M

Toledo May 07H 110 107 109j lOSViJuly 9 90 9 U 08i 99

Kansas MJ 88W 87J 88 i

MOVE AND EXCHANGE

Money on call l fflU cent last logol per cent ruling price Ui per cent Timemoney quoted at per cent for sixty-to and r cent forto six months Commercial is quotedat cent for prime single namesand bills receivable names at 6ffl8Mper cent

While dealings In the exchangemarket today were naturallytone was strong und there was a slightadvance in quoted rates Posted rates werequoted at 1481 long bills and forshort Actual rates Long bills 4saw-S481U sight drafts 486514881 and cable

for long and 318H less t32 for shortReiuhamarks were at 94Jf for longmind short Guilders were quoted at40 for Ions and 40K for short

Domestic exchange on New York BostonPar Charleston Banks buying 25c pre-

mium Chicago Par lie pre-mium New Orleans Commercial 2Scto 50opremium banks 75c premium Pittsburg

inlum 35c premium MontrealSight premium wire 79J c pre-

mium Loulflvllle 24c Sanclsco 150 premium St Louis 30o pre-mium

Money in London W S3 per cent Hate of

mouths bills 3 asJ cent Consolsfor money closed at 81 and for the accountat SB 118 Paris advices 3 per centsat 03 francs 55 centimes Theof discount is 2 per cent Exchange onLondon 23 francs Berlinadvices quoto exilmnco on London 20 marks4 H pfennigs The private ratj of discountis 3 per cent

Now York Clearing Housq statement Ex-changes balances I6 2778SubTreasury debit balance 130405

Commercial price of bar silver In Now York50c Bar London closed at 27S cl

Mexican sliver dollars were quoted at 4840The Imports of specie for the week were

23or 22895 was gold makingtotal specie imports sinc Jan i J67osl92Exports were Gold 16710 silverJ7435M n total of J7 048 against 901307the previous week Tho exports of speciesince Jan l been Sold 1151597 andsilver 5827202 n totnl of 0078709

INDUSTRIAL EARNINGS

The United States Cotton Duck Corporationreports for the year ended Dec 31

1903 1902 ChanataInc from sales 293J 3t 27JS7M Inc 181103Inc other sources 37388 30442 Dec 1856

Total Income 12074477 2795230 Inc 17924-7Matlaborftc 2023543 2480763 Inc 141780Repairs 4 renls 6045 69200 Deo 27 IS

Total expense 1009028 25499 3 Inc 1SO0

Net earnings I2H544B 1245207 Inc 40182Less Int 4 gen ex 101730 101277 Inc 459

Surpluses J1S3713 143000 Inc 30733

Use Stock MarketSATURDAY Feb 20

of beeves were U head consigned forthe market No trade whatever In Feel-ing steady Dressed beef In limited demand at

Ib for ordinary to choice native aidesLiverpool and London cables quoted live cattleanti slow Exports 60 beeves 75sheep and 6850 quarters of beef Monday 560

750Receipts of calves 0 head which were sold at

J701 per 100 lbs Feeling weak Dressed calvesslow dressed veals at Iba few extra carrasscsat 13c country calvesat 7 UIc of sheep and lambs were 1262ill for the market and stock therewere 0 ran nn sale nominally steadywith-no transactions reported were slow and

and while lambs were aboutsteady the under were weak to alower 2 ears were held over Medium to choicelambs sold at 8 lbs n deck of fallclipped at 1560 Pressed mutton very dull at70c per Ib dressed limbs at

Hecelpts of hogs wets 4156 head all for slaught-erers No trading In live hogs Feeling steady

egrow stronger Agood demand isreported in some quarters and that the ebort in-

tereat Is large and morn or Iei nervous Ia well

condItIon of Iluropean

II1hest Loiresf Cloin-570 56545370

600 500 55603590610 5121625 635

041050

670 660

larger receipts at Rio than lower Eu-ropean

lag estt035

281 03234

57534 do 734 s95 S7

17514

63334 5434 5134

465434 44114 4534

36374

1513-5Ma 755 772 751 772 74234-Jui3 75580 78234 755 782 75-

3Iork

Open ItOI

City StaySt LouIs May 99 140 98t4

July 90 0234 5934 9174 8634

per3

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the

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SEABOARDS NEW BONDS

Payment for the First Installment of Subfcrlpllons lisa Been Extended

BALTIMORE Feb 20 Tho extension askedfor by the Baltimore Stock Exchango onthe payment of the fIrst installment ofsubscriptions to the Rai-lway bonds duo on Feb 22 has been grantedIn a letter to President Orrick of the Sloot

Blair A Co of Now York of I Iro

underwriters syndicate said that theywould the any or allscribers or thorn depositof certificates as

In January it was announced that thnSeaboard would issue 5000nooof collateral trust and several lien 5cent bonds duo in March 1907 interestpayable March and September The bondsare by 20000000 first4 cent and other securitiesThe Continental Trust Company ofYork is trustee for tho now Thelatter were underwritten Blair CoThomas F Ryan of New York and T Jef-ferson Boston A large amountof the issue was subscribed for by Balli

RAILROAD RACE TO BROWNSV1LII-

Frlico Wins It Is Said and the Other UnixWill Use Its Tracks

President B F Yoikutn of the Friscois on a tour of the Friscos lines in Textsand his visit has been connected with a re-

port that the San Antonio and Aransas PassRailroad had decided to abandon its pro

line from Alice Tex to Brownsvilbparalleling a road between the two points

under construction the StLouis Brownsville and Mexico Railroad uFrisco project There has been a livelycontest the two roads to seecould first enter Brownsville 160 miles fromAlice and the Aransas Pass has gradedfifty miles and laid twelve miles of truck

It is believed that as a resultof PresidentYoakumH visit the Aransas Pass will use thoSt Louis Brownsville and Mexico line intoBrownsville and that later itinto the control of the Islandsystem

RANK

Surplus Reserves Increase 8TI2I3IThe exhibit made this week by the Clear

log House banks was a very favorable oneLoans decreased 5131000 deposits In

creased 1 68100 and there was a gain Incash of 17544400 or rather more hadbeen looked for Consequently the surplus reserves of banks were augmented-by over 7000000 The aggregate of

and cash now at hlenrecord The of toeNational City Bank alone decreased 6063403There was on the other hand an expansion-of 3586100 In that Item shown by the

roe statement of averages of thoAssociated banks of tOe City of New Yorkcompares as follows that ot last yearand corresponding week one yearago

This week Last week LastLoans 031438800 SUJJ553003 350aM703Deposits 1023025000 1028357500 043319311Circulation 405S160I 40737103 43191SO

213006700 205647500 1807720110Legal tenders 70000300 71351100 69074600

Total res 234513000 270063600 3409435011lies reqrd 257000400 J505S9375 2U80lC

Surplus 27006000 20379225 9011671Ratio of rca

to deposits 276 260 231The changes for the week are as follows

Loans Dec Ji131IODeposits Inc l MitciCirculation Dec IS5SO

SpecieLegal tenders

Inc 70M20jDec 44N

Total reserve Inc 75iuooInc 7127375

Surplus after deduction ot UnitedStates deposits Inc 73JSOM

The amount of United States deposits shown Inthis weeks statement Is an Increase nf842700 over last week If those deposits werededucted from the aggregate given the surpluswould be 137005975

Below Is a table showing the percentages of cashreserves to of the more prominent bankscompared with those of last week

ThIS LastWtet Week268 252

flank of the Manhattan Company 373 35 lMerchants National 273 25SMechanics National 285 294Hank of America 270 247National City 329 21nChemical National 298 215American Exchange National 313 257National of Commerce 253 262Mercantile 248 21

National ot North America 257 221Hanover National 272 26

National Citizens 277 i8nCorn Exchange 255 27 n-

I 4 National 239 258National Park 263 27 3Fourth 270 301First National 2fls 2S

Chase 233 25IISeaboard National 268 25I

Important changes from last week In the cashheld by banks and their loans are aifollows

Cash LoansBank of New 448000 Inc 439000Rank of Man Co Inc segooo Inn B4onn

Merchants National Inc 671400 Inc 045000Mechanics 1118000 Dec 135WBank of America Inc 477000 Dee 64l iooNational City Inc 3877200 Dec 60634onChemical Inc 1371700 Dec 8i86tm-Gallatln National Ino 225000 Inc 1052mAm Exchange NatInc 1026000 Inc llloonNat Bank of Corn Dec 8014OO Ino 328flinoMercantile 98800 Inc 445100Nat Bank of N A Inc 624400 inc ueniHanover National Inc 570400 Dec fTCwnNational Citizens Inc 54000 Dec 829noCorn ExchangeImp Trad NatNational ParkFourth NationalCentral NationalSecond NationalFirst NationalChase NationalFilth AvenueLincoln National

Dec 291000 Inc 310000Dec 689000 Dec 2820iviDec 1312000 Dec 37000Dec 517800 Inc 1239000Dec 374000 Inc 87000Inc 21000 Dec 151000Dec 189400 lien 2571200Dec 07300 Dec 343mDec 73700 Dec 163700Inc 40100 Inc 476500

Bank of 44300 Ino IBH701Seaboard National Ino 272000 Dec 280txioLiberty National Dec 39600 DecNew Amsterdam Nat Ino 86700 Dec 41900

FINANCIAL NOTES

The New York and Rail-road controlled a syndicateby the United States and TrustCompany will It Is reported upend 500000this year in Improvements

The annual report of the Produce Ex-

change shows that thorwere deaths during the thgratuities for sixtyeight which wero assessed members and thothers provided for from surplus Thenet fund IB 730250

Still another committee composed nfK O Chlsholm W T F S Co-lton and George M Brown Is asking Ameri-can lee Company stockholders forfor use at In March Timnew committee Is In opposition to both theSlelcher and Ureenough committees

At a of the directorsof the International Banking CorporationW R tllllette a director of the tltiaraiitvTrust Company and of theMutual Life Insurance Company andR Henderson a the iiuarantyTrust Company and the MutunMlfe Inburnni

wore elected directors of the flankbig Corporation These elections follow therecent over of the Guaranty TrtuCompanys business In HS

to International flanking Corpora-tion which also has branches in theother cities of the Orient

DAILY TREASURY STATEvrTWA-

BIUNOTOV Feb 20 The cash stslemenof the receipts and expenditures of the Treason

Tilts month meat ifrReceipts 2027183 33601V3 35362741

Expenditures 1580000 20810000 347504 IM

Surplus 447182 3791603 5433MThe receipts from customs today were 712213

train Internal revenue 88264714SJ820 National bank notes received for rcdemplion 970076

The cash statement of the United States TeeSurer for Fob 20 shows

RESERVE rCNDCold coin i50ooon

vilest FUND

Held against notes and certlfleateals3uedJM 0 M-

OKNIRAt FUND

Gold coin and bullion 4Ki jStandard sliver dollarsSliver certificatesSilver bullionUnited States notes f4SNational bank notesSubsidiary sliver and minor coin J

Total l40lSJ1iIn national banksAwaiting reimbursement

Total ImspvwLiabilities

Cash balance

DIVIDEND DECLARATIONS

Company and term stock Ant Frja

pOt IM April

rS S li

new Scaboard

s

st

flIOreaflS

STATEVR

tIona Bank of Commerce

rear

York Tno

National Doc

NatIonal lno

Ino

2572

SarIs

shoWsThis day

iou I3

372

347t5

quar-terly

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