FIFTH AYE. &36 ST., NEW YORK* CAPITAL & SURPLUS $1,400,000

Interest Paid on Daily Balances*DIRECTORS

' "'.

arviAMTV AtTMAt GATES W. MfOABK\H.BaTltSil A C^: Prest Mechanic. Nat 1 B«».,n_

v urn» ASTOR. Pres't MutualPEABODT.tons JACOB ASTOB. pres.t Mutua,

Llfa In». Ca.CEO. F. BAKER,

P

_HKIV>(

Chairman First National Bank. °-1,Tt^X^*?«' 7*,.,v.~

*KTFPHEV BAKER J P Moremn *Co

-Bank«rm.

Pre«'t Bank of th» Manhattan Co. mi.MAM H. PORTER.

GEO. B. CASE. »*«**Chemical Nafl Bank.

White &Case. Attorneys. SKWAKD PROSPER. Vlce-Pr««,

THOMAS rOfHRAX. JR- DANIEL G. KEID.Vlce-Preslilent. Rock Island System.

E. C. CONVERSE. DOIGLAS ROBI>SO>".President. Rea

,Estate.

H. P. PAVIHOX. AROIIBAI.n I>. RCSSErt.J. P. Morgan A Co.. Bankers. ALEXANDER 11. STEVENS.

JOHN I. DOWNEY. Vic#-Presi<l*nt.Building ruction. JOHN' F. THOMPSON.

ROBERT WALTON GOELET. Vice Frfst Bankers Trust Co.

THOMAS W- LAMONT. CHARLES L. TIFTANJ.VlcV-Fr«>"t.. First National Bank. Vice-Preset Tiffany *Co.

EDGAR LMARSTOX. ALBERT H. WIC.GIN.-Blair

* Co.. Bankers. Vlce-Prea-t Cbai. Nafl B»nlt

OFFICERS-r. rnvvrß«E President THOMAS COCIIRAN. Jr.. Vlc»-Prem.

EV^VC n STFVFNS V™-Pr«i «EO. W. PANtOAST. Cashier.

bE« AKD PRoVsEB. Vice Pr^ HOWARD BOOCOCK. As, t S«c

STATEMENT-—

CONDITION-—I

STATEMENT OF CONDITION

Empire ©rust (Emttpattg—MAIN OFFICE

42 BROADWAY, NEW YORKBRANCH OFFICES:

487 Fifth Avenue, N. Y. 242 E. Houston St., N.Y.FOREIGN OFFICE

9 New Broad St., London, E. C

AT THE CLOSE OF BUSINESS. MARCH 24. 1909Condensed from report rendered to Banking Department

RESOURCES. LIABILITIES.

N V State Bonds $316,250.00 Capital ?1.000,000.C0Municipal Bonds, N. Y. State 530,672.21 Surplus and Undivided Profits 1." '.-7.436.01First Mortsraees on N. Y. City »Reserved for Taxes 10,226.81

Real Estate- 754..V.8 17 |DEPOSITS 15,310,282.37.

Other Stocks and Bonds 1.089,867.60 /Time Loans and Bills Purchased.. 2,569.478.08 | /Vault and Fixtures

_ -;4.240 30 /Demand Loans a.487.183.34 /Cash on hand and in Banks 6,041.924.:>3 /

Accrued Interest 33.950.46 /

$17,377,945.69 $17,377,945.69

COMPARATIVE STATEMENT OF DEPOSITS.

March 19, 1904 $1,915,587.18

December 31, 1904 3,195,465.56December 31, 1905 3,551,035.57December 31, 1906 6,184,955.78December 31, 1907 6,421,510.76December 31, 1908 13,425,117.61March 24, 1909 15,310,282.87

This Company is the Fiscal Agent of the State of New York for the Sale of Stock Trans-fer Tax Stamps.

__________^^___^________^__^^^

TiTIE GUARANIeEsTRUSTG>CAPITAL AND SURPLUS, $12,000,000.

Examines title*,make* loan*, acts a* executor, administra-tor, trustee, guardian, or in other trust capacities. Deposits

received subject to check or on certificate. Interest allowed."

OFFICERS.CLAREXCE H. XXI.SET. President. CLINTON D. FfßDirK. 3rd Tlce-Presldetre.fRANK BAILEY. Vlce-I're.ldeat. J. WBAY iI^VKLANL Secretary.

EDWARD O. STANLEY. 2<J Vire-PreslC.nt- ARTHUR TERRY Treasurer.Muter Backing Department. F. L. UIIIMMcr. b »lja Back. :Dept.

TRISTKES.>>a«a J.rob Attar Woodbur/ Laordrn i'6«r>» A« *"£??/r.,., p.i!., Jomes D. Lynch Wllilsm H. For.erw\ Vi i" ia, -t Ranild H. Micdonsld Frederick PotterEdwird T. Bedford jIBMjIBMH UannlßS Charles Rlrbardse*Charles S. Browa Fdiir L. Marston He=ry R. ItaJolleo T. Pi»'e» \u25a0WiTiism J. M«:besoa Jsmes S;»»e-Aarustn* D. Julilliril Cbsrlej Mitiark 1 H ?r»el«M«rtln Joost Tl

-ll!lsin a Ss«h Tad M. Wirhnrf

Cljrrßct 11. Kelsey \u25a0nilllsm H. Sola CUla t>. Wili:«o»Jcba S. Keanedy Robert Orphan! Lau!s Wlsdmuiler

176 Broadway, Manhattan196 Montague St., and 175 Rexnsen St., Brooklyn350 Fulton St., Jamaica. 67 Jackson Are.. Long Island City

THE CHICAGO, ROCK ISLAND MiPACIFIC RAILWAY COMPANY.

thk miaT-m«T rui^r(.oi i» Mm i\u25a0 ..i«.! ar.a . '!\u25a0\u25a0\u25a0\u25a0»

•

due on that dat*>. >rCTCS

CITTa OB Bf

The Chicago, Reck Island and Pacific Railway Ca.

REMOVAL Nona,

The Chesapeake and Ohio Railway Co.71 Broadway. New York. March I>. 1>«-

On and after April 1. 190a. thf transfer >>f st-vk anaregistry of bonds of The Chosapt-ake and Oi-.10 Ra'.lw*?Company and Its affi'.l^tejcompanies wU! be made at tftNew Tor* efflca of the company. ro^'m 1313. Xo- •*Broadway, New Tork.

J.VS. STEUART MACKIE. Secretary-

Tr«*£ Compahif Statements.

Convertible Bonds

Circular No. 116 B will be fur-

nished, giving description of several

issues of Convertible Bonds and

reasons why, in our opinion, they

are a good purchase at this time.

Potter, Ghosts & PrenticeMember* New York Stock Exchange

BANKERSTel. MM Rertor Ilanorer Bank Building;

.' NEW V*«K

FISK&ROBXNSONBANKERS

Government BondsInvestment Securities

*lcaber* *itwYork Stock Excbaiz*

SPECIAL LIST OF CURRCHTOFFERINGS on APPLICATION

NEW YORK boston CHICAGO\u25a0 Cedar St. SS Mute M. US Adam* St.

R. L. DAY & CO.,37 Wall St., 35 Congress St.

NfcW VOBK BOSTON

SIGH GRADE INVESTMENT BONDSMunicipal and Railroad

31embers New Tork andOooton Stock Exrhancea

New York StateFifty-Year 4s

H. W. HARRIS &COBANKERS

Pin* Street. Corner WilliamNEW YORK • —

4

PERSONAL TRUSTSExecutor, Administrator, Guardian, Commit-tee, Trustee under Will or under appointmentby Deed. Agent for the care of Personal

Property.This class of Trust business solicited.

FULTON TRUST CO.<>! >'E\V YORK. 30 NASSAU STREET.

Established In IBMI

lICXDKCO BOND ISSUES are. ',-.\u25a0rt< rat-d In our new circular, which is ,

suFce*tl\ o for jreneral Investment needs :VTQ V.c fnt upon request.

>\VAKTWOIT & APPEXZEIIAR. 1T«lephi.n<? John MJTO. 44 TINE STREET. I

(HIOF LIMA (I'ERU) 87c BONUSSTANDARD TAINT<:OU«ANDA ANO COBALT CONSOLIDATED

EDWARD G. JOHNS.43 EXCHANGE PLACE.Telephone 65*83 Hanover.

Dividend Notices.La Rose Consolidated 1 Mines Company

MS Broadway. New York.The liocrd of Directors have dei tared a regular quar-

terfy dividend uf thre? ;-er cent., and an extra dividend of<•»:«• per i-ent.. r^ayable on the 2th day of April. liw», tothe riMcktiolriers of record at the cioee of business anApril 1. IMS The transfer books willbe closed at the

c!<>se of busjnesi on April 1. 3.«>!«. and reopened at the<>]#r.i:.K <"f busings <m Ajrll27. IVfJ.

Ltatec ilairh52.19U8LDAVID A. Dtr.VLAP. Secretary Treastirer

TIE COBALT CENTRAL MINES COMPANY.37 Wall >;.. New Tork City, March IS. ISM

The Board of Ulrectyrs of this company ha\ c d»-claieda dirUend of one per cent. (lr^t uj. n the capital stocklexeeiitinc treayur\- st.x-kt. payable May IStB, IMB. '•stockholders of r«-<-.-r<l at the •;..«« of business AprilUth.V.XT.t. Tlie trr.nsf»r books will ckse April 15th. and re-open May Ha, line).

THOMAS J. MAIjOXET. Treasurer.

NEW YORK CENTRAL * JUDSON RIVERKAII.KOAD COLOffice, of the Treasurer. New York. March 23. I*l9.

TMirsuant to the firo\iFion« of a contract between th«Rom*. Watortown & Ogienshurx Railroad Company artthr New York (fntml & Hudson River Railroad < 'om\u25a0— is* Marrfi H. Inil. the annual dividend ofTHREE AND ONE-HALF PER CENT, on the stock oftlie '7K"A AND BLACK RIVER RAILROAD CXOf-PANY. due Manh \u25a0(\u0084 1908. willbe paid at this office on. ond arter that dite.

EIiWARD I. ROSSITBR. Treasurer.

THE ATCHIKON. TOI'EKA AND SANTA FERAILWAY COMPANY.

Couj«on»! No. "7. tiup AprilI. 180% from The Atchi-*"n. Topeka and t'anta Fe Railway Company GEN-ERAL MORTGAGE Font PER CENT. BONDS willhe paid <m am! after that date, u;>on presentation atthe cSw of the Company. No. .", Nassau Street NewTork City. C. K.|"OOPER. Assistant Treasurer.

I7TT-It" LOCOMOTIVK IMI\u25a03t Church Wiu.l New York. March 'S-. 19no.

The Board cf Directors th:« day declared a <juart'rlydivldend of on* and three-quarters i>er cent, upon the !prefe-red capital *tock. payable. April a, IMS, to thepreferred Btockhold rs of re<ord at the close of business

'oa A;.ri! 5. l:«tt. <"Jiecks willbe msi!ed.

Transfer books of the jireferrel jtto.-k arl!1 close at 3 |p. \u25a0 April 5. ISO9. and i«-open April 22. bMt

S. T. CAULAWAT. Secretary-

<;A«ru:i.D national bank.TWENTY-THIRD ST. & SIXTH AVENUE.

N>«- York. Mar 24. 1«<K»At » inert >n»; of the Board of Directors •\u25a0' this Bank.

fceid this day. a quarterly all111— of THREE PERCENT, \u25a0\u25a0\u25a0 declared on the capital stock of this bank,payahie. fr«>* of tax. en ana after March 31. 1909.

The Transfer Books will be closed until Thursday,AprU Ist. UfOSL

TV. L. DOUGLASS. Cashier.

TIIZFOURTH NATIONAL BANK OF THE CITY OFNB\V YORK.

New York. March 23. 1»W.Tne Board uf Director* has this day declared a quar- .

terly dividend of TWO PET. CENT., payable on and after .Airii Ist. ptiiximo.

T!><: tn*nkf.r tooks «i:: close at 3 P. M. this date, re-<»l«-r.lns Ajul Ist. ':*"•

CHARLES EL rATTERSON. Cashier.

Financial Elections. . \NOTICE \!t~ ELECTION OF DIRECTORS. •;

No lndr|jeud«-i:t ncmiaatlonn havinr bee^ made for ore.«• tn<r» vtt«.aiicies to be Riled in the Beaoi ef Directorsof the X»» York I.if- Insurance Comjiany. at Its IW»j

Exertion of rWrectars, and the -u:-r:ntv!Kl<r.-. of Insurancehavirj; «* re<iuij«J by J^w prescribed rules and rejtula-'.\u25a0\u25a0: 5 fT cC'rduc^.lnc 3n<! holding •«!<! election, 'therefore.par«aint to r\!J rul«-« and regulations, notice is herebycii.-n that the 15«)8 election of member* of th. Board ofI«-*<-tor«i of the N«-w York Life Ini-aranee Ciimpany. willIt* ht-iS at tit Heine <W«f of the «"on.'j>any.-'No. 34«Kroa<!u-Ej. ia ih« <ity of New York, in the State of New

'York. t»r. \V«-<lne«<!ay. the 14th .lay of April. 1M». therrO* to l«e open«-<l at ten o'clock In the forcn<jon and to jirmslr. o|*n until four o'clock in.th» afterno-m of saidday. «t which time they shu'.l he elided.

NEV: TORS LIFE INSURANCE COMPANY.Hv JOHN C. McCALL. Secretary.

E»te<i Marc r>th. IVnt.___^____^^^_^

GOVERNMENT BONDS.Go>e-isnier.t bond quotations compare as follows

\u25a0v»Uj «hoss of a week s.gu .'-Maich 2ft.- -March 27.,Bid. A«Ve<l. Bid. Asked

V. S. ts, r«-Kis-e!«ru. 1020 10! *j 102 •l«tlS I«2

V. S. 2s. coupon. J 33 » 101 Vi -101 4

—V. £. *«. TvsU'cred. !1«*-'19..1M lOS^i I'll 10l%iIT.£. 3*. coui<cn. 1V«-'1S l<Jl*i

'I.C; !..!\u25a0» 102»»I". S. 2m. \u25a0_\u25a0\u25a0 bonds- li»—

l««j_

. V. =4s. resl*ler«l. 1325 IIS 11:: 119 n»>i

V. S. 4». coupun. 1925 . ... 1JL"»—

1304—

- Pannma C*. rr»i«te'e;l. l*>e H'l 101 101 10J S'Panama 2s. 11*38 lul 1014t Mi lOIHrMH||lii H !\u25a0--\u25a0

—!'..

—Vinxiet ex Cwiuiiibta » «5....10»i«

—I'-Sa

—

RAILROAD AND OTHER STOCKS.Following is the usual table giving the number of shares of all stocks dealt In last Meek, «<«*»«•

with the highest, lowest and final prices of the week. the. final Trices of a week »so and the doi-

In? prices of March 28. IMS. the net changes of the week and the high and low prices In the >car ,

1909, with the high and low prices in the year 1908: _-5- r

——M,h : Actual sales Mch. 27. IMch. I I Rang« 1909. I Range 1008.

%ya

°T\ 28 \ Hlßb-| Low-I 1!'"!< i 20. Net IHigh- Low- | High- Low-

\u25a0JSS?" 1 1908 i eet I eat. Irtnai-I 1909.:|rhan » >t Nt:(* est. \u25a0j__e«. f eat

LmiAllto^halmer. '. »T~U%\ Jf" i»| jf^l ']> ff*] g*] IZtl M

127.450 •Amalgamated O^pW20 44-*

2% 'I,* S^J +•4,V g- jb* 13^1-'-g|A^l^r^u^c

<hlem-,cai::::.hlem-,cai::::. % Vfi « gi* «>. ± t

» «» gg g \U000 -do preferred ex pc » •«*

Sj -, %k &nt 10v &.0"0 *i!o preferred ex dlv 14 pc. 75 02H ppCi «2 uit 01? 7U 10U 4

850 American <-<in .... 4?» BV4 *J* -!£ *» T~T. -Sl!v 7{7 7«> 44«4s§^= H4£ llt:;:: -i1I12.(K>. American Cotten Oil 2S'« 32*. »> **% *J% + '.. £% \u2666r^, !» 12*8.000 Amer Hide *Leather pref.... UHi 41', «»H «g*" . ...:.' *£> 18% 3\\ 12H

21.42.»iAmerlran Ice Securities 20V» 32> 4 8O«-4 2»» 2_l.SVfl 12 17S BH

M;«AnieHcan Unseed... >\u25a0* U ij 1 M Ir, + 314 Vli 4(> w,s gi%

100 American Malt::::::::::::::::: A > v'u' £ & &: +4 " 1

42 6 tiT 21«.Oan do preferred 88% WU « Wt « +** "4 42 01H

XT.400 American SmelUng |Hi \u0084- „ 'v cOHcOH 77v4 107 W^

400 At.,"snuff pref ex .llv IV, Pc. B8 97 « g, | J» +» 0, 0. ». .4 *>

MpSffiKfSr.'^.r;:-

£N HgS -y gfj pd |S»12.^Am:rTeSko & ¥clc P̂h::: !». f«J »S || -\u25a0' J !>\u25a0 "^ %i '^' %L!-^krme^a nn

nT^^enrrf::.:::::: S« S3 g. ft 8 t.» «8 A S3WgJ \u25a0 +=^ %l &SS

13^otAAssnoa^da

Merohant S--l.t-pr;f:S--l.t-pr;f: ijg }J J £( jg? t S Ijg \™J ™,145! do «d preferred

-1«H ™H '« +*' I«V4 IIS

ifeill||[II|I|f|II^lll11111i11Pfirx.-.-anartiar: Pacific 111f f 11| $is 13*

lChlcapo & Alton ? 111 ;it «>, P ->' i: 47300 d. preferred 47 7S>, 7.% .«', 72 j < 'fft,t

t, J\' 4^

7.P00 C3»l«»gO c.reat Western s'« 5 44 5 j _4J4 + H '\u25a0 s 4«| J»», »j«200 do preferred A

— « | -' • -v " 3>— * 3i 23- 8, I|»

4lk^.4lEii is-H. aj ;|i11f

'-

§|34....V. .-M-ai.. M)-«uke,-&St Paul 11« J4«4 Mr, 1., 44 +»i }«* '<> !^^ |^*7.W»U-hlca^o & Northwestern 14"i lT»t» • '-'. HOTli JTJfc +2»ggs gs ga2s^aas.S&?isS J^s l& % » S % 1-'--\u0084-;--- ..;..;; ™

.S14 iS? ,^ .33 =;S .£»« gifi,ia@^l|l

'

1111lim 1I1 1fflhffS»^!^::i?: W P "s % p t^ p g? g|t5^&:::::::": « ! igi?i« g* iw ±B S !SS27 770 Denver

*Rio Grmndi 21^ 4flji 44 48J, 44H 4-2- 48% 87% <»i i*,1*5..,;...i;;r5,.:.i..

,5- gj\u25a0\u25a0. v m ;,s |8. g% ;:v

si""iii?ssiilii; i| p ii|11IIe s. r3OolFesleral Stalnr &Smehta* pfef 71 m> f-o so

—-—M *« *i» f

Ji a? s: £ i?: [v f C W8.900 Illinois Central 125% 144 V. 142H »«* "3^j +»J 14» ",V *

i i \u25a0 •• H«s :>S«% «g sgM « iS S J '? 3 i£ 8s • s. s \u25a0 i ":; s

2.llo'lowa Central ............. I-".; »• '-"»% »> < 20Vi +». |«S -'I ?r">. ICISs^ii'11111[!iSiIifKan .Sty Xt Scott & M pref...< -

..;\ 74 IB* » +.-'•* •«'* •* ••/,«, %

5 iM| § ffl fr| il^il^ » «; % ««jSP«^^4s:: » iM M £\ -$ w $\ r i300 Mackay Companies \u25a0\u25a0• .-S 7--' I 7^ I J2«4l

—H J«,|

'"»?v , g^.

!M^^r^vat.,:::::::.-: --• f S" *&J =3 .| f # f

130 >•Metropolitan Fti RalHra) t::., |* & |H'

&..+« .•-. , g **' g« !

42.710 Jjexlran I.i.v, certificate-. .! l->!- fe.

KlsKl5 SI.... .•

S] r:!:: M-TT '.v.-;^- \u25a0 :,:.;: . \u25a0 m >;\u25a0 «

2.960 Minn SI Paul &-8 Ste Marl-—. 14« . 14.-, __ ; 143'- . ,„„, .. -

at..;!,r <M

"\u25a0\u25a0 ''-: IS ]^ I^7 .- S" i^1 Sf-J t^'

»s2; M?^.^ Krarn.ai-*'^«.:-."/.: 23.1 4^ S* S^ S* -l2 --: ?"'v gH S*

lOOINMb * <hatt PK dlv U p C...1 1«H . 125 i;*|i^!1^ -2H Ipa 122J4 1-- »'»'•l.iHrt -National Wacult ,W» J« .! 104 j 104% 1«2 +2% 10.^. ««H 97 «

4.*. «<l., r,refe7r«-.l I113% 1224 n»4 lll"i I^l -li »f2Ji 11«H 1-0 a l'C

1.-1 Nat Enamellln.- * StimpVn^ .. «<» WH «m US l.^i—- '•" i;* ,::' 4 -\u0084' V

iir— Aviotui Lead' - >s

's> 7.1 v<> 7..-,

-1-

4'4 Ml» il'*i '•'- «\u25a0

"•^^doT^rr...-:. OCH 1"7 107

'107 1.,,;.1 + >

s 109U 105H I««J W46151

•»*>,,-\u25a0 Mlnlnc ft52 4^

\u25a0

<::v.

43 42 +J\u25a0

•»*«*

j•%

\u25a0»•«,.MjSolnsw Tork Air Brake C9H *.-,', m<4 87% •v-"'1* +M» »2 80 I .98, 60--•- Sr-isi;:::::::: \u25a0 STVI J^.1 >«§ ,£« ;jr*

+« «% « «• m%

JS kS-"S&SSu: --.;;;;;; ~i ™ 8" »- Si Tk « ifI £. -:«m N^*^^T,ie^;n,.. a.! iij.i „';-: | „'!,,: ,]i3 :r: mji |»4 w, f-

QJIJC V New Haven * llartf.,rd...I 134V4] ••* l'.pt,] ln9«

+ 1 I"3*; 15i'' 1«\u25a0..'

12^T.raON.Y OntarU A Weatero

'34 4«S 4r> ". 4«%! 4.% I 4- I*, \u25a0»;... 42. 47% 29«iBC3O)X<irfollt ft Western ; if« £,;» R7H «»H v"'- +'• '-^ gJJ« c

's

*'-4

100 do preferred « 74 S.;H ra,J MVI M»J jj gs WH M , .4

1.000!Xorth-Am«-l«n :::::::::::::.1 iS ® & iS" .-:+ „=*. »^| A 7«- «8

:::::::::.: S* £ ,^ 7^ i s 7^ r,v

sJ.i^ip^nTyl""!. iiailroad -: }»% »» IW» '»\u25a0' ta ]f sgg i|g 4*11.225 Peopled Oi I

*;\ »»*!* liOVi 113 IMH I* V! L I"' cJ-

aIMAPius .'in Chlcfi

-•Louis I ©« •**

\u0084,»4 01% »1« -,1. '\u25a0'* JgH J«Jj g»2-.0 rin prcferre.l -' n"

ii.i i no las -*-= ii" i"4 , low* 5,!,;200|Plttab£rK Co:., P.- ... 41 43 42 4* 42-,! + H «H 40 : •» »»i24 PltUbarg Ft Wayne • Chicago

- l.Si 173^ i;n.7! ltUl4!—

; »•»»• in4j»1.920 Pressed Steel Car I 24% 87 »=, 37 1 3r..4 4- »; «M 30« i\u25a0*\ I.'»

117 do nreferred • I «t I 0M 'is . '\u25a0•* ! {.714- « ln.t 0« 1«2« '•\u25a0'

1,7001 Pullman Palaci* Car'

15SHI 172 '\u25a0 l70i;l 172 1 1701, +1% 172 109;I 1.4 14.7Oo'QulcK«llveT I 1— ! 'v 314! .»,!. *%

— '• JJ* i??l>''-'i;*11

SUi: a, preferred-

I -» s5 I 3\! 4 t —', «'i « SJs oil'700 .Railway Steel Spring B«4j 37"i a,;"' :Wi »^i + %' 4v\ «2H jgH »%MO •.!.. /preferred !

-I'"1 '»ft 1 no 100 —1 '"•• "• •' 103 75

BB2JOO i:..,.i.ni I"'

KB* 1:»V ,™ ,:>r. 12S •"•. 144% IIS 14^ »J2'i400 do im it.', red

' -I «•', M | R9 no

—1 tW SO \u25a0'- «

100•

do 5d preferred'

W)'4 SUM. •\u0084-,.. BiVi «i7i! —\. Jgi *> Tl* , [•l.imifßraabtlc Iron & Pteel mk 21 20% 31 I 204 4- '- 2«% lflS » '*v*

Son »do preferred 73 : 71V 705,! 71","(l'

+1% !"e 4 "'\ \u25a0•% f*::•\u25a0,: 7l. r.-K Wand...

'1»% » 23H 25 » +2 j Jf« -L:

:2-Vi 1«H54.50.1! .1.-. preferred ... '-«*'.! '-'• ?*sl 'I» W I • '"• n.V, .-V7\ '\u25a0 » 20-\

4 41" st Unite ft San Fran 2.1 pref.. ! 274 3»H 37 I 30 I "7\ + ''» *2 ' g J2 '«, J*1*ISOOISI Iyouls & Southwestern i 14' 4 2:o* 2214 23'» 29 + I>*l -»'» -'"» 24

'°2.140 do preferred I 82$ lUt% r.2%! WT4 B« 4- ''«\u25a0 •"\u25a0•\u2666'« 7> -' :v" -V=

*>O Sloaa-Sheffleid Steel ft Iron ... 40* 72 I 70 72 72 ! ! «•'• «*» *!»» M1.V..530 Southern I'aclOc ! 7.l'J 131% US', 121' iUS* + Mil l^lV J4H 12--? »«>lii:.rn. do preferred - 110%! I2»H 122 1284 l-

- + I'll 1»! "sa 4 1254 l'»»^!t'.74Oi Southern Railway I I.V» 24»i 23% 24V4 24 + % SW 22 27»« o'48 2fH>l do preferred

'41 C2\ 62 I SSI 01%; 4- 1

* «0\u25a0

<;:!] --'»1001Texaa Central I 35 I «9 4O j 4-> |

— — —:

•— •

R.O2n<Tenne»eee Copper 42 I 42». 40% | 42 I 40% 1 +14 40.. 34\ W>.4 »4lO.ViO'Texaa * PacUlc I 17', 3SS gv^l 331;II*4 4- \ I »T% 30 STI4 12\|47 2- !• tmm Avenue Railroad . . [ 1«4 .I.'.'v 23^i 28 I 354 —«4 4*4 »4 47

'4

SflOiToled! Railways & Liitlit . .. j o\, '-l«| \u0084' C 11*41 12' 4 —14 !.'•% 1! 154 84lOiroiTol'do st i-.ii'& Western...! 104 T-n\I 4« 1 W«4| 4k>il +44 .r-S'i!.

r-S'i! 4.". t| M'

120.9001 ,],. preferred

'42U 71% 701,1 71V TB%| +IV 74^ mV T»4 •"<

I.»iT»ln City Rapid Transit M lOWi l.::i>'

i,,;-.., 1044— %]• 107 M !M:%! 7^4

3.57H00 !"nlon Pacific 126T4 IK".',. l7Mi l«l | 17R +5 I 1*44 172', l**%\ 11OV,•.i-n do crererreil i 7»4 :•:>'« B4T( {>,', 88 M.I M ft* 71><;

SOOlVnltod Railway Investment pref 37=» .'.2 ! ni»4 52 I :.n. 4- 'it M WiU1 MM 274{'nlted Cl»ar MfR. pref i M 1034 lrt2 4 r 103,1 I"-' 4- 1 I 1O3»,I 00 '-'7 NS

|.4*n U Ca?t Iron Pipe Fdry 1 2«4 29 | 27 I »n 1 27" I + 2 I .10%! 94% •i;"T« l*%\u25a0 i:-l do preferred 70 | 72 \ 70' 72 I 70 I 4-2 77 I TO

'TStk M«»

30o!l*nlted State« Express—

! M s:t P4 | M' + 1 ; M ! M M'

70inn »l"nlted States Leather pref . 95 !120 jo,> ijo | nr, | 4- 5 ! 12-1* IMB i 130 I '\u25a0>'•

•' (ViO I" S Realty * Improvement ... 40 73>« 751 711^1 T^i^l—

1 73'if r.i»'

«4 I .in'ikkir s Re<lu. tinn A- Hennlnc pref.] 24 I 2fl -jo : fo I -jiii,

—4 32 24 I no 1 1«

l.con I'nfted States Rubber Ist pref.. s.V j H'4 laji^ lOKS Ittvl 4- \u25a0'- 1"7 I 0101 I 10* • 7«»242,ft.V>Iirnlted Ptatea Steel 344 \u25a0»•'•'»' iX% «fi«i «4 +2% •"\u25a0'•. «14] r,s»4 2.-,*;

8.023 do preferred '\u25a0><•*+} lU\ n<> < HIS lin'

4- 1% IIS I 107 ! 114*,j 87Vi7.l2O!Ttfth Copper ! 53% 4»H| 4114] 4314! 411" 4.0 J 477»! 30V,I ri?VI 204.<«\u25a0.\u25ba' Virginia-Carolina Chemical 21.2 I. 43% 4^l4 1 4.!%! 43 4- %l 4SV 411%! 19% 1«

3001 do preferred '\u25a0 f>4 11*4 p-\ 11".' 115 i + -, 11.-.'i 114 I 115 I 874 210 Wabaoh

'Hai! IW4 IS I IS>;| 17»i| 4- Hi 19», IB ! 20% «\

4,- ;.m do preferred I I*4 4*4 *4«u ««ii4i <i ! 4- «'il B2 I 41 : 62% 1121'.Jl5O' Western 'Maryland I 7

' 21S; i!»u| 21*4 hit, + '"»( 25T-i| h.i, 24 I 5•> •>*«*.!We«t int. 11 Tel ex nlv % p c.. S3 ! OSU ,;.-.,

'\u25a0 aetul .-,; + \\±\ 7111, fM ! 71*; 41

4 4*,f»:WeMlnichmi*e Manufacturing... I S3 884 70 I s>i'. 7., | + -'..I a«H 74 I 04 : asi.-,m Wrte*llnn A Lake Erie ; 7 ».\u25a0-\u25a0» 91 !>

'. 0 I— _

12 il bi,i it ; 41,in"1 dr. Ist preferred »4 21*» 2»HI 21-,, 2l'- ! 4- '. 28% 2«» ! 2fi>; 124

4 2"" Wisconsin Centraj I 154 4f17» 4'1<! 4^'^ 41-"*4 1-"* —'\u25a0 "\u25a0"- : M

'3R'« 134

liiid do preferred I -S7 >-7V. <ir,%| S7 I KM 4- ;4;4 «>M <IP41 "2% 33'

2.000 *\u25a0!\u25a0 cerUflcatea !—

I 87*; sqtj s,-\\ S7 +, \ P7T»i BS%—

|—

REPORT OF THE CONTITION*OF

KNICKERBOCKER TRUST COMPANYat the close of business on the -4th day c! March. ISC*- -~Bon.ls a^d mortsmicca »3.530.79«4»Stixk anJ bond !n\ejjtrrents. vis.:

1-ut.li.- \u25a0rcurlllM .t-.Jk value $t^2. ••\u25a0»\u25a0> <*>>\u25a0 ._,-,, Mmarket value H.C29.»J»

(Jthfr «rcurlti-» (buoli value J11.2UJ.951 »). ... Mmarket vaiua !JSSSLoan. "-^^rt>verdra.ts ~'il2tlReal estate ...9W»Due from trust companies, ;a.':x>. and m. _-.sp^rra..::::::::::;::::::::::::::::::::::.: vl^e»i tender notes and notes of national nsnCObanks iij'^iiUAccrue.! Interest entered 2S"--\aJAccrued Interest not entered 570"^.

Total SIO.SSZ.tBa^Capital stock . J,!.:*!,\u25a0 2&jSurplus. Ini'lurltrir all undivided profits ;*TT-S3; *TT-S3Surplus c«rtlßcat*a 12,itt*-w

l*referred de t.< sits JZ835.555 «5Deptislts (aot preferred) 23.1ti7.717Dv« trust companies, banks and

bankers MM SOCertificates of deposit (not pre-

ferred) . W4T.JX>«,. -,«(' "K>"»lS*» .Certified checks iTisiCJReserved for taxes i«-fjW IAccrued Interest entered t«JI^ Ws^mAccrued interest n..t entered 33*^-»'^|M

Tot,, *-*..«*s*Amount of investments held as executor. *din'rITU|tarf

Kuardlan. receiver, trustee. coirir;ttee. or as ac (\u0084of moneys \u25a0!•;. •.»,:-.] on order of th* "urt. for *•

rj,fUtrust company la liable bevause the same are --t«-for »a\ln(rs banks, nor p^rmitM*] In and

'".'•J'.JT*^tiv« Instruments or words creatirjr or «•»"\u25a0•

trusts. 1172.P0HState cf New Ynrk. County of New York. "•

.- j.i-HaRUc» H. KEF.P. President, and HAB^ \u25a0»-

DITXX. Secretary, of Knickerbocker Tru»l Couir*1"*

,»,fated and J.>trtK business »t No- 838 F!ft/i Avenu!z_ i&S1lty of New lark, in *al.lo"unly. beir< aulJ^ ss*\u25a0"/Correctf«.r himself. »ays th. (i.-*nn!nK rejor: is true imin all respects, to Vne b*st of his krawMW «™."l^jjand they further say that th« ii?ual business or *\u25a0' .ifcomiiany has Wtr. transacted at the I.N-it'.e.n requa' , v—

the lUriklns I-aw (Chapk 6>». Laws o! "-\u25a0...\u25a0--wher-: and that the atovo re-crt is in '•* lo!rij,la iscribed by the fcup«rtnten '\u25a0 of Banks.

'" •\u25a0 ,_ aauiomplian<-«> with an oTflclal notice receive* V^"*^- ol•iesignallnar th« 24th <s»y \u25a0•' March. l»» as \u25a0\u25a0\u25a0* "-•»

whld, such report „KE?P,President

S*vera'lv sstKiietdH.'.RRIS A.

to bybott dw^oorr*SSeverally snbscrioed nixl sw.->rn to by bota ceFv—the 27th day of March. VM9. befcre_m- v BVRSx.is.l »**»j "g&zttfixrsmSS* '

i WEEKLY CURB TRANSACTIONS.

STOCKS.INDUSTRIALS.

Sales.! | High, iLow. j lam JChargri1 i \u25a0

3.1«."i Am Lit &Tr I 177 I 151 ! 177 j -t--'7H~,2 An Tobacco | 374 I 37" I 371' -r 2V»

3.4.1) Bay State (iat...| I*ii I* l'il'05iStandard Oil .... I 07.". i 850 6"< i —19

POO. United Clear .. I ol>',| M | *> j -f 7iI „, ___—

RAILROADS.

Sale*. | IHigh. | Dnv. | Last. |Changes

3.T'«> Chicago Subwa>.j BM 23141-- '

-4- 2HTOO Manhattan Trans, '2\\ "'«i -'.

—'i

MINING.

Sales. ! i High. I Lor.-. ILast. Clianßea4.50 1Boston Con I 1- | 10% | I!I+\u25a0 ':

2.700' Ur't Col I •".•% .V» <;S.(H*>'llutt« Coal 24H 21"i 24 i + 1 »

MO Butt* X V .... IS IV 1%lo2.oOJV Cobalt On 41 "i » 3.*1*

«..%<*> (Mmb ....... 3 1 7*4! I •+\u25a0 *\u25a010.100' rvivls-naly ! 8% 4'»! ftli + %3.100! First National.... rt »i 0 I .IS

—'•»

lOO'Kurnncp Creek... 11 | 1! ! 11—

2ft.ftlO'<;oMtl<>M Con .. -7*6 » + '»

UO.OOOlCtoldfleld Daisy.. SO «0 45—

67.000 Glroux 8H 7% BH

—i

ll.fcWlGreene- Cm .... »l»»l» l> P't + '*3.W> Kerr Lake «\u25a0. 7T»I Xis,it»'lM Row •••, >', ,:\

.W> McKln-Dar 98 M 82 -f2cS .ViO Mi-mac lli 1 l', -*• 2i4.800 Miami 1811 18* I.l\ •*- \

M..V«i;Nevada Cons.. .. i;. | 17S! 10 +1%r..r><*» Nevadc-Utah ... •<'»

'27i!2 7i! \u25a0< \u25a0

fl.lOVNlpl'Slng 1! IDS 1'31>.f«KVOhlo * 7\ Si fiH —11.0001 Orphan l'» 1 1

— '*lOl.oflOjßnTvliida Coaln.. 71 «•'• «> !S.vmlTVir.opnh 7". 9% " + '»n.7on'Trnmr!« 3 4 4'sift.ioo'Trl-Uulllnn .... 1U 1 I—^44*.<'OVrntt«d Copper : II ll"»l 12%

.%.«00 Intt<v]Rico .. 15 13 i 19' —

3.0001 Yukon Gold . ... ' 4S 4H! ft*•BONDS.

BaM I IHigh. | Low. | Ij«.it.|Changes

$2A.OOO'Am le* -i. I (*> I W> 1 !.. i \u25a0-

-l.OOrt'Am Writr .'\u25a0\u25a0. M I S4 I «-4

Ammtlna :.< ..[ !•«'«I f>SH! i>"<\—

'i»2.0n0!N Uy« M4 '•\u25a0.•(• 884I OSS JV_"iI 4- H17>'^f«»"i Ta, T & T fts.-.l Mi \u25a0>.%'\u25a0 IV.V

67U.Oiio!s.i Pa,- 4* ! HT1* !>7 ! !.7'«— ;.

21.ono!TM*u-at •% r.t»! ifJ'iI MCiI WJ'il—

%73.0»W! West Pa.- 8e....! t<s'.. | IMS! M I \u25a0

TRUST AND SURETY COMPANIES.(Reported by CHMon Gilbert. No. 2 Wall st.)

Bid. Asked. j Hid. Atked.AUtanc* Realty 110 114 Law T Ins AT. 230

—Am Surety ... 215 225 'Lincoln 140 1M)AMor 2".'". ;;i>.*> Lont- Isl I,* T 293 305Bankers' 600 -- Mount Vernon.. 220

—Bond * Mts; O 410 420 Manhattan 370 300Bowling Green 40>»

—Mercantile 723

—Broadwa* .... Otto

—Metioj-ollisn... Ma

—Rmoklyn 400 410 Mortgage Bond. 107 110Carnegie 1-3 IKS Morton 43<>

—Cas I',of Am. 140 130 Mutual 125

—Central 2 I<V

—Mutual Aillancs 120 130

t'lty Investing. M 67 >:as»au lrtO 170Citizens' 12.".

—'Nat Surety... 165 175

Columbia ... 233 240 N V I. 1 * Tr.l.too 1.120Commonwealth.

—155 N V Mt«e AS. 105

—Commercial .. 145 1524 X'« York Mil 670Kmplre Trust.. 240

—|Teople's 270

—Kqiiltahle .... **<> 4fio Queens County.

—13254

Farm I.*T..1.27?—

Realty Aisoc... 145 I.M)

Fifth Avenue. 32.".—

Standard 325—

THatbu«h 2f>O—

Title (ir*Tr.. SOO—

Franklin 200—

TICo of. T. 150 160Fulton .... 270

—Tr < '.> of Am.. MS 310

Klilelttv 2Of» 210 Vnlon 1.229 1.275Guaranty 3<*>

—,rrlt»'i S!ntea...!.!4O 1.173

Guardian l«0 173 IT S Cafualtr... SOS 213Hamilton 2«5 273 VSM *T.... 420 4.T0Home Trust 1«»

—ITSTOAI..

—70

Hudson Realty lo*l 110 Van Norden 25.1 2t'3Hudson 130

—Washington ... 4f»

—Inter Bk« Corp »3 103 Westchester ... 140 MOKlTijrs County. 465

—\\ &BT&.M. 145 I£3

Knickerbocker. 810—

Windsor 130 140Lawyers' Utge 2C3 273

•N«w itock. -

BANK EXCHANGES: SALES RECORDED.Th«" bonk exchanges of the New York Clearing

House and the shares fold on the New York StockExchange last week anil in the same week of th«preceding two years compare as follows:

Mar 27. '00. Mar. 2*. 'Oft. Mar. 30. '07.Kxchanges ....J1.47n.0M.819 |1,513.A17.m $1.9 M331>.o. shares «old. 8.158.202 4,379,227 6,027 603

Stock market values on most days have been

movins within narrow price fluctuations, withthe general tendency in recent weeks toward

:Improvement. In last week's operations little

jpublic interest was reported, the general trad-

ing representing chiefly the transactions of the

professional element, which was not disposed to

j make extensive commitments on either side of

j the speculative account, though sentiment; was

conservatively bullish, a reflection of which was

found in the quick recoveries from declines, in

the absence of selling pressure and in the per-

: sistent firmness of the metal issues in the face

! of adverse trade conditions, especially in Sat-\u25a0 urday's market. It is quite evident that the

I holders of the steel and copper shares believe

! current conditions in the metal industry will

j pass away with the settlement of the tariffj question, and that in the future the securitiesI of the steel- and copper concerns will move to

i a higher level, otherwise United States Steelcommon and Amalgamated Copper would not beselling at present figures. Amalgamated Cop-

per keeps above 70, though it is only a 2 per

cent stock. Ifthe issue on its prospects werenot worth this price it would not be so confi-dently held by speculators and investors, while

the same thing may be said of United State-.

Steel common, which may now be bought to re-turn more than 4 per cent. Wall Street appar-

Iently does not believe that trade developments'will require a reduction or passing of the divi-

dend on this stock The United States Steelj Corporation last year, when the steel business

i even at high prices showed a tremendous con-| traction in earnings, made a little more than 4

I per cent on its $50?. 000, 000 of common stock out-j standing, and though in the first half of the cur-

rent year results will be disappointing there is

j good reason to look forward to a large expan-

sion in the demand for steel products in the

second half of 1909 and a normal trade In thesucceeding year. There is. of course, the pos-sibility that the directors of the corporation may'decide to suspend dividends on the common for

a brief period, but the course of prices on theexchange docs not foreshadow such action. Thometal trade is in worse condition than any otherindustry, and the fact that the metal shares jmaintain a strong market position is one of tho

most noteworthy features. of the situation, andone that encourages much confidence over the

1 future of business affairs.Current prices in the local stock market are

not far under the best of the year, made in the

first week In January, while since that time

fluctuations on the greater number of days have

been within narrow limits, the greatest declinerunning from January 2 to February 23, in the

Icourse of which the leading railroad shares went

; as low as 113.90 and the leading industrials as| low as 79.91. against 119.75 for the railroads and'

S4.SI for the Industrials at the close Saturday.

;Stocks are in strong hands, but there Is no dis-'position on the part of the public to buy fromthe owners at the present relatively high quo-tation, and as a consequence there appears noimmediate chance of an extended rise from theprevailing level. Though money is easy anilthe carrying charge is small, commission houses

receive no response to buy, except on invest-ment account, purchases for the latter showing

some Improvement, especially in the bond de-partment. Inlast week's market there was anIncrease in the demand for railway mortgage

issues and for municipal bonds, the movementin this department of the market naturally being

a most encouraging development. • There is!nothing In the outlook that suggests investmentliquidation. Holders of well protected specula-

tive accounts find m easy money a legitimateargument for maintaining their position, whilein the general technical poeition of the mar-ket the latter see no reason for a decline thatwould materially weaken their margins. "Whilethere Is no encouragement to Increase one's ac-counts at current advanced prices, there is nospeculative or fundamental factor working in'favor of active operations for the decline, and'from current indications the market willmove. in its present rut until something happens to

!attract aggressive speculation, on one side or theother. Special factors are affecting specialstocks, say, for Instance, the Interborough-Met-ropolitan shares, which last week were heavilydepressed on forced liquidation and manipula-tion for lower prices, and Alton common, whichwas advanced on an unwieldy short interest.

Money market rates show indifference to gold.exports, owing to the light demand for funds for!mercantile and Stock Exchange purposes. Theoutgo of the yellow metal to date has been off-set by receipts of currency from the interior, bynew goid and by excess government payments,|but it is conceivable that further heavy ship-ments may cause a stiffening Inrates for funds,though until the actual demand for accommoda-tion in this country increases high quotations

for loans appear out of the question. Whilebusiness conditions throughout the nation aresound, as far as underlying factors are con-cerned, and gradual improvement is noted inthe volume of mercantile transactions in manylines, merchants and manufacturers are notactive borrowers at this centre. Their Imme-diate needs are financed at home, their commit-ment! for the future being too small to imposea liurdi-n on their own banks, which not only are!not withdrawing their balances at Now York,as is customary at this period of the year, butare sending surplus funds to this city in roundamounts. \u25a0 The price of money abroad is higherthan it is here, though discounts at Londonwere lower last week, and until there is a de-cided change in this respect and our exports ofdomestic products show an Increasing tendency •this market may be subjected to further calls jfrom London for gold, of which there Is a largeand growing supply- in th" United States. For-eign houses bought stocks in this market to asmall extent last week, though sales outnum-bered purchases, the latter furnishing additionalreason for strength in sterling exchange, whichruled at a point that encouraged shipments ofgold to the amount of $9,350,000. The monetarysituation here doubtless is nearing the end ofthe current period of acute dolneoc. and it isgenerally believed in banking circles that pre-vailing.quotations are the lowest that will berecorded in 1000.

Government revenues are improving,and whiledaily Treasury statements continue to show an i

excess of expenditures over receipts, the deficit jreported is smaller than at this time a year ago, jamounting from the first of the month to $.'{,310.- ,.V.4. against $8,240,420 In the corresponding pc- |riod in lint*. Customs receipts so far in March 1have been more than £1.000,000 heavier than !they were last year, while internal revenue and jmiscellaneous items also have produced better Iresults, and furnish especial encouragement in [view of the- great expenditures being made by .the government. Since July 1 total federal ex- ,I»endlturr-s have amounted to$520,!)5(>,1)52. a gain i

from thr same period in the preceding year or !$.",4.5«;.'}.:;54. .The question of further government :financing may foon become a factor. of impor- ;tance in the money market, though at the mo- 1ment th/< Washington authorities apparently .ire jproceeding on the theory that current cash re- 'sources will be large enough to meet all re- Iquirements until •tariff readjustment with ex-pected increased revenue? Isaccomplished. Frompresent Indications a new tariff law will notbecome effective as soon as recent predictionssuggested, but if delay means advantage toAmerican commercial interests and larger gov-ernment receipts*, no Intelligent man willmakeobjection. Tariff uncertainties are not restrict-ing business to an extent that is driving mer-chants Into bankruptcy or upsetting the pros-pects of future profits. And no one in the In-vestment community ie losing any sits? over the

•» 1«W 202 Total sal • for the week. 'Unlisted.

position of the securities and money markets intheir relation to the tariff and the country's in-dustries. Great value is represented in Ameri-can investment securities, and owners will notbe frightened into selling because of existingtemporary unsettling factors. The market closedstrong and buoyant Saturday. \u25a0

'

Headers of Securities Find So Rea-

son for Liquidation— 3loney

and Gold Movements.

LIGHT DAYS IS STOCKS.

FINANCIAL MARKETS

NEW-YORK DAILY TRIBUNE. MONDAY, MARCH 29, 1909.10

Executor „_ ..__

'httSi™

Chartered 1822

The Fanners' Loan and Trust Company,Nos. 16, 18, 20 & 22 William Street.

Branch Office, 475 Fifth Avenue,New York. 3

PASTS*

18 Bbbo^^t. Wfckh. « Bo^Tard Brann

Bills of Exchange, Cheques and Cable Transfers.

Travelers' Letters of CreditPayable Throughout the World

Administrator \u0084 \u25a0.Guardian

Franklin TruSt Company166 Montague Street, Brooklyn 140 Broadway, New York

Acts in every fiduciary capacity. Allows interest on Demand and Time Deposits