10 THE SUN, MONDAY, JANUARY 26, 1914.'

Illinois Centralst. hit. inn,

Missouri, Kansas & TexasSinking Inml A'it, 1MD

Lakt Shore lieu. . iamSeaboard Air Line

.ttlanta-lllrmlnaha- l-- 4, 10.1.1N. Y., Lack. & West. t, itmIowa Central i at. iv:inSt. Joseph Ry.,Ligrit,H.& P. in. ih.itSyracuse Light & Power , iumUnited Elsclric Co. of N. J. . nuu"St. Paul Gas Light n. 1014Lackawanna Steel Co. n, lw.iu

Paying 4 Lj' ,' to 6J o

Ditalh on request.

Plympton,Gardiner&Co

'.; WILLI t .ST NTV YollKMembers ,V V, Mix'k i:rlmiiKP

Make Your Report toThe Treasury Department

A Simple MatterTo investors we offer an IncomeTax Record Book, In which allincome may be classified as ex-empt or taxable.This book will be of assistancein making reports and wilt pro-vid- e

a permanent and convenientform for reference and comparisonin future reports.

A eopy of the book vith blank tax re-

ports will be ent gratis, together tcilhour current General Circular AD-2- 5.

N.W.Halsey&Co49 Wall Street, New York

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Your Safest InvestmentIs a properly protected bond.Your most satisfactory invest-ment is a safe bond payingJ 011 5' .

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Colgate Parker CS, Co.- Wall Street

STAN DARDll.l. Ill V

25 lluct.es e I UK' I I'mm i:m rU I'll- - I Ine25 Northern M I

25 N. (), of I, ,i.,i,aI

yi m:i.i,10.'.(iicxcpru'iith Mtx

w 01Li" Tank Line

CARL H. PFORZHEIMERrimne irini ::, , .,,,, s, , x. v

WANTED

IIS! ,'.r.".l."," I r . I'M.llcinilillo Ic'ua, .V , ,11m. A- I'M.IM Jin. ( xliriirlilu I ill. .111 Cnn, A I'M.JIM I mil iin 1'i.lnrli. (o.miionFREDERIC H. HATCH & CO.

:" ,,r'""l .nrli.Private Tflcplioni to imnon & :

Henry Clews & Co- -

m.Mi:i.u N, muck i:cii..n(;e.Minks mill lliinils Imuiilit 11 ml cold forlnv.. ors, a c.irrle.l .m libprul terma.Maiiklnc Arr. Mints reolvnl uijAct"K",..,.I.".,::V?.I'I'J " lnllv h,ljC,?ce.

i:h it r ci, K 1 rIuM u I'jhln tim norld over

American 1, lulu .v irarllnn,Aliiirliuli li.is A IAmerican 1'iiUrr A l.llitlt.

iiiiii,in.Mirthcrn Mates I'oHrr.Ii . 1 1. ,v 'ii,.r.Sukiiium ri .. Kiln.H. F. McCONNELL & CO.5in.rinc.si I'l urn iv;Uo 11 1 ori,.

I Cities Service jj

Preferred & CommonStorlrK

.WILLIAMS, McCONNELL & COLEMAN .I lOUl. Mink. JB - I' Of 4 -- Join, Nci. Vorkl

E. & 0. RANDOLPH.V' l! "'So.Ill llro.uliit , Si-u- - iirl..

Circ a i Ojei Unit! Sccu.iilr. Department.r mm. lis m..

Dm 11 hi' Hi in ,1 ml r He. initios' ' ' " I ' 1 .111 til.i umi .Mi .lco,

New YorkCiiiLaR'i I'liilaiHpliu I'nston London

DAILY FINANCIAL CALENDAR.

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4

FINANCIAL REVIEW

OF THE PAST WEEK

Ktiooiirnciiicnt to OptimismDerived From President's

Message.

MOXKV EASE A DIG FACTOli

Success of State Bond SaleHelps Stocks Strong

in Wall Street.

It Is nut li.tnl to ltmhi out tho in- -

llucnet'! ulilcli ttontrlbtited to the otilliur.ttof .'trenirth nrul activity In ttio tockntaikt't lust week. It would bn linnlrrto vstliimtu tht'lr lironer biMrlns on theBvncral btislncfa und fliuttclnt outlools ofthe next few months. If th( clamour ofsudden suimhlnu east over tho Itnmedlutosituation by tho Iniprcsxloii fiom1'ri'sldent Wllron'a fushlon of niiiiouticlni;a further radle.il iironrammo of leulslatlon were clilclly what has affected WallStreet It could bo assumed that contactwith fnclH later on would dispel Illusionsabout tho oarly achievement of u restoredprosperity thiuuithout tho country. Sun-shln- o

and Klamour weio not, howuver. ullthat eaued tho expansion of th" stockmarket fullowlim' tho ilso v;hleh liad beenIn prosi-es- slneu the nilddlo of l.xst month.

In very liirKo part lndied tho latestphenomena, of tlio sluiro list constituted ittnuutii to thu power of tentltnetit anddemonstrated mum' tho old lesson thatpsychological factors have to bo Includedwith physical factors In tho reckoning ofvalues, conditions had become rlpo furencouragements to optimism which mightbo furnished from political iptnrters aswell as front t lie money und Invistmcntmarkets, or from the stnto of trade andIndustry, and tho general constructionpromptly placed on President Wilson'scommunication to ConKress rvspoctltu; theenactment of new laws (or the extensionof Government control over busiiuss Intofields hitherto unoccupied by reKiilatinjrauthority ttavo a tremendous aeeeier.itltmImpetus to a movement of quoted valuesalready under way. Neveithelcsi It wouldbe u mistake to overlook the part playedby the domestic and foreign exhibition ofIncreasing ease In money .mil by the advertisement of a vastly Improvi-- lnet- -ment demand whi.-- tho unexpectedlySi eat success of the New Vork State bondsale Kao to tho tln.mcl.ll and businesscommunity. Tho facts about money andabout the inu'stment attitude furnished asolid basis of support for tho structure ofprices which Wall Stieet proce.ded torulse. They piovlde, mo eo er. valid reasonsfor maintaining a reasonable decree ofconfidence toward the ear's prospect as

waoie ir ttio piinclpal events of 1S11of economic bearlne are :.ot otheiwlsuunfavorable.

There is no necessity here to bo overagain the arguments made in tust un ks inbehalf of the ronteiitlon thai a bad uu-ti-

was turned In the otld l ilnanenduring 'JVi and that If patleneo !.ndrortltude were displayed there i'teiiiil bemiiiio evldenee before the end of the pres-ent ear that the world wavwigagcil In anew forward i eonomlc movement. It habeen iioluud out befurn tills that -- 'uni ofiliange for tho better were b.iund t,i showthemselves lltst In the lln.tncial markets,anil tneso signs have be;n itppearlng.Securities had been placed in a positionof great technical stitngtlt by a wide-spread liquidation of holdings an 1 commitments anil were In shape to respjtulto encouragements supplied by 'he world-wide lessening of tension and strtln Inthe on dlt market. If hopet aro notraised too high by what has In i n occur-ring this month It Is likely that In thocourse of time further s will ap-pear for enlarging the louudirles ofoptimistic expectations.

At the moment reckles.itn s rtthor thanRgaclty would be evinced In anticipating

early ncoxcrles of trade and Industrialvolumes as well ns margins of protltsimply becaue the Wall Stru t !icoll fromextrcmu and excessive iLpresslon bad

en carried along with a grca. ua ofexuberance. Wall Street enthusiasm mayhiive to bo imiiliilcil later on, preeb-il-

of the discovery that the businessriadJUKtment lias nut been as effictua.ly

implitvd as has the nadj'ustmet.t oflliunce. In uililltloti a revelation Is 'tilllieuled respecting the sutlleleiuy of e.iil-ta- l

suppliis for long time bonowluu nscotitiasted with tne pleihori nf nio;t"yavailable for tempurary aec 'mm ulation,The aspei : of abundance w.t.Ji il.f r .dltmarket now wears both at '.ioin. andalno.id Is owing to thu nous jiiI lull inbusiness plus the ilepie.sslon In businesswhich a period of economic reaction ha.i

Such ease can last as longonly as business teitiliemeuts nio belownonnal. and If under Mich clruminncestesort Is had in the tiedlt In irlcn to

capital borrnwets, as, for ex-ample, through tho sale of public andcorporate stunt term nolo Issiin, the eiitiyrevival of business borrowing might boih eideilly IncDiivi uIitit.

So far as roiierm the state of capitalsupplies there is no ilntibt that some

of the ri'hervolrs has gone on, butthis lias been chleily throiuh the leleae"f capital by liquidation. Such u releasei annul be m.ido to nu et the leiniiliils fornew capital for tlio purposes of new

to am tiling llko the amount linil-eat-

by the waiting attitudn ofall ner the win Id. Accumulations

Hi" mw capital iniiie from ecuiioniy andthr'ft and It takes, time for much eapltal10 Iin savid. On the whole It would not

surprising 'to tlnil after a while tliatin. W ull Stuet stock market had goneon far ahead of the count! y In Its recov-

ery Just as It wmt too far alie.ul of thocountry In lis ih.-llm- . .Sumo of the fore-going ciitislileiatious npplj very forciblyIn tlie further lowering of Interest anddiscount rates last week, fall moneyileclliiid in Wall Street to a renewal rateof ,li per cent, anil II Is to lie observedthat 1'rance took $2,inni,oiiu inoio gold InHie face of falling foreign exchange atnlfalling foreign . Them Is cer-tain warning Indication In tho evidentPiobalilllty of coU.lniilng gold exportsinai uie unanciai riaiijiitiu,ent li is notbeen concluded III Humpe, liut for thomoment tlio thoughts of men of affalisate likely to bo shaped by tlio duwuwardrunl of money rales,

All ovr lliuope y dlpcnurits rangefiom I to . per cent., averaging aroundand below I per cent., as compared withail average of .' to li per cent, a lilullvelyfew witka ago. The Hank of Ihighmd's'ocond lediicllou tills month was n sUualfor a rediietl.in of rates at a half dozenllnanelal capitals, and It was clear fiomtlio Hank of Knglauirs leturn, aa fiomthe phases of tlio private discount market,that a further fall In the London hiukrain was Imminent. All this In solldlvgratifying. It Is proof of the ellleaey n'ftli" meastiris adopted by the Muropeanbankers more tli.iu a ear ago to compel

of debts, him ever and whereverintereil llitn. The cnndltiniiM of acuteend!! loiitiaetlou which a llltln moiotli. in six iitonllm ago brought thu sttong-es- t

llnanelal centies lo thu veive of p.uilohave In on unmistakably mi relieved us toleinovo all apprehension of critical

altlioiiith this Is not thu sametiling at sa.vliu' tint t the credit marketcan soon Mistnlu tho burden of a gieailiiislnoh expansion, une thing which timeiue In the credit market iloes do, never-tluh- s,

Is to piepare tim way for the capi-tal promotloiiH which must be undertakenlo rdltivu tlio haukhig communlly, epu-tiall- y

abroad, of u load of lloatlntf obllgu- -

tlons to it, .jo refund an cnorniotm totalof maturing public and corporate debtand lo provide tho fund for new expendltnres.

It was. tho situation In this renurdwhich Induced Itobcrt Masson,

of the Credit I.yonuals, to speak nsfollowo at tho dinner of the New YorkStute Hankers Association Inst Mnmluvnight, lifter enumerating tho aggregateof European treasury bonds and shortterm notes of American origin fnlllnsdue within the next rive years i "If vveremember llhnt our total of require-ments supplied no ready money for anytiovernmiiit and made, no provision forEuropean tulvato companies, tho rail,road nail public utilities: If we bear Inmind that political motives now conrtl-tut- o

un Important factor In financial deal-ings nnd that all great International mar-kets liavo at presnt n rather naturaltendency to glvo precedenco to tho stlsfnc-tlo- n

of their own needs, wo arobound to conclude that tho greatest cau-tion Is advisable In tho present circum-stances and that all borrowers ehould bodirected to reduco their calls upon theInvestor to n minimum."

This foreign view of affalts strikes arather different note from that which wuhave heard In the Inst few days, but theEuropean point of view may wellservo to qualify sbmo of the opinionswhich have been based hero on tho posi-tion In money and on tho Investmentsuccess of tho New York State nalo of131,000.000 of ij per cent, bonds. Thisbond offering was more than llvn timessubscribed and tho price received wasmuch higher than had been conjecturedwhen the offering wns rtrst announced, amonth or so ago. Naturally enough. Inrecollection of tho past occasions, whena period of flnaiit-la-l and business depres-slo- n

seemed to have been terminated bytho conspicuous success of a public orcorporate bond sale the results obtainedby New York State last Wednesday gavn further Impulse to the expression of op-timistic sentiment through the Wall Streetshare llt. Yet It might bo saidIn reference to the State bond sale thattim security was of tho very highestgrade; that the Uovernment is a par-ticularly favored borrower nowadays,when the income tax Is novel, nnd thatthe cost to the State, denoted by the yieldof a llttlo less than H.t per cent, ontho salo price, was. nil things considered,faitly il,:h. Km tin rmoro the amount ofmoney Involved In thu aggre';ntn of thosubscription did not by any means provehow much money was really available forlong time investment. Jlost of tho bidsenme fiom financial Institutions andbond dealers, and a largo duplication nffunds was Involved In the subscriptions.

Having made these cautlonarv observa-tions It Is proper to say thaf tho circumstances of the Investment market asIndicated by the State bond salo are morupromising for tlio rellnftnclng. refundingand now financing which must be doneby pubVc and corisirate borrowersthan could havn Wen Imagined not longsince. They bear eloquent testimony totho compulsion which money always feelsto teek employment when there Is any-thing tike a plethora of money, no matterwhat the doubts and fears of the recentpast may havu been or the uncertaintiesof the future may be. It Is more thananythlnr else the appearance of monevIn copious supply y and the strongand active Inquiry for bonds which hudeveloped that wartants the preservation of a sturdy belief that u destructiveera in the economic cycle has been closednnd that a coimtructlve period has opened.If the investment market shows a largecapacity for tho absorption nf securitiessold to take care of the capital require-ments of public and private enterprisenot many months will elapse before theworld's trade and Industry begin to etlrwith new life.

Atialy.iis of the nolltlcal factor In thedifficult' Ccn. Mmr

inan analysis or the money market. Therecnptlon accorded to Wilson'sdeclaration that the antagonism betweenlitislness and Covernment wan endedshowed that he had uttered a happy phraseat the right time. The President's mes-sage on the subject of legislationIncrease the element of Uovernment regu-lation In big business could lie divideddistinctly Into Its manner and Its matter.The specific recommendations of the mes-sag- n

showed no abatement of radical pur-pose. The legislation proposed n thenew bll! which are appearing In Con-gress as Administration measures forthe alMilltlon of Interlocking direct. iratis.tho definition f unlaw fill nstraluts oftiadi', the supervision of competition inprices and all the other phases of bust-n- o

which havo been made political s.sues (s drastic. It carrlrs along thepolicy which now teems nomilar ofpermitting tho owner'alp of private prop-- 1

erty wuiioui apparent cliange. butseeks more than ever to make clearthat the prerogatives of ownership In th?tun and control of property are bepolitically diminished. It aiblx to thetest which business must umb rgo when

seeks recover under the operationsof the revi.-e-d tariff and tho revolutionizedbanking and currency system, nnd does

contribute 93';the Inauguration of new pntcrpr'M on

a large scale until can be seen howthe experiment of tlie new lawmakingV.Mll.S out,

Still the dominant American mood oftlie mo'ieiit Ignore the matter of thenst of th,. Administration's programmeami to take Inspiration fiom the excellent

of President Wilson's latesl add less.The prevalence of this mood seems to beclear from t:,c phenomena of tlir stockmatket. Wall Stteet Itself was not a littleastonished last week at th unremittingstrength which the har list displayed.Professional opinion was confused,

apparently was dealing with amatket that was less professional thanany matket for perhaps two yearnmote. If not fur' her Inck than that.was a maiket which presented symptomsof a glowing public participation In the)

of securities, encouraged bv th"feillng which President Wilson had d

thioiigh the laud that prosperitywas on Its vi ay. Whether not advan-tag- u

was being taken of this mood con- -duet Important operations in stocks wasconjectural, but would be In tile logicof tilt lli.ll kit situation well In thelogic of new legislation If a large shlftlmrof security weie under way. Thereturn of the Investor has not been theonly feature of tlio In corporal"hh.i res lately and speculative effort hasbeen more than Implied In some of th"phenomena witnessed. That this welltimed can 'ardly bo doubted, but the ex.tltn'tlou o huge dormant short Interest

manipulation of the London optionmaiket nceecsjiily detract somewhat fromthe general slgnlllcauco of thu price move-ment and thu trading,

Yet tho of Wall Street to"work for higher prices" probably reflectsthe disposition of the country to try togo ahead now on tho basis of cheapermoney ami tho Inflationary portents ofthe new banking and currency system, de-spite all the hazards of tho con- -

'alned In the great political changes Inthe conditions of corporate endeavor.

a question the new atniosnliernwholly hub of conlldence. There has been

than a suggestion of cowardice In I

tho clamor for submission to majority .

tyranny and for acqllescence in what- -

ever dispensation political power sees litto grant to private capital, tho idea betasthat with the dispensation dellned valueswill move upward In all directions. Con.troversy between business nnd Govern-ment seems to havo terminated becaus'politics armed with power Intends to havous way with business nnd business, hassurrendered to the Intention. It Is aquestion also what unexpected consequences of nil tho contemporary law maklug will be discovered In the march ofevents. Legislation enacted with the be'stof purposes for the social uplift almostInvariably has surprising results, nnd wonave neen and are mailing a whole newworld of Inw In which to do business, butthoory arldo tlio prosaic truth Is thatbusiness has to be done somehow, what-ever political terms are Imposed, This Istim very law of Its being. We may ac-cordingly count on a determined effott byAmerican business to make the best of Itstiew political conditions, especially ifappears that President Wilson's prcstlgowith the people and command of Con-rre- ss

nre sufficient to keep the expressionof polltlcnl radicalism limited to his ownprogramme, which, Irrespective of Its ef-fects. Is unlimited by rcjrard for the. ma-terial welfate of his fellow citizens.

RAILROAD AND OTHER BONDS.

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Bertron, Griscom & Co.Memtttr New York Stock Eachanga

PUBLIC SERVICEINVESTMENT SECURITIES

40 Wall St.NEW YORK

Boulevard

Building

Confidence and PricesDespite rising prices in response to returniti",confidence, notable investment opportunitiesremain among the best Public Utilities.

Offerings request.

William P. Bonbright & Co.Incorporated

14 Wall Street,rilll.tlUXI'llIA HUSTON

I.O.MIOM William I'. llonbrlght A

WILL BUYAstor Trust Company Amer. Exchange Natl. BankBankers Trust Company Chemical National BankBond ft Mortgage Company Cent. Natl. BankCentral Trust Company National City BankSESSEgS S-1-

0"1 Sk1i Pomm-r- cLawyersTitie ins.atTrust Co. t SLawyers Mortgage Co.Metropolitan Trust Co.Title Guar, ft Trust Co.Union Trust CompanyUnited States Trust Co.Barm

Capuclnes

First BankBank

Nit'.Manhattan Company Bank

Metals Natl. BankPark Bank

CLINTON GILBERTWALL STREET

TWENTY-SIXT- H ANNUAL STATEMENTOF THE

Atnrrirait Jal (fstaff SSS&FOUNDED 18B8

General Officei, 527 Fifth Avenue, New York City

Balance Sheet at close of buthie,December 1913

ASSETSReil Estate Land and Buildings . , , r

,

Ltts: Total MortRaijes Thereon . ,Net Valuation of Real Estate OwnedMortgages Owni-- d . . . . $1,436,919.05Securities of Other Companies . 131,510.00Leasehold Property in New York City 20,000.00Cash in Banks and Offices . . . ,

Accounts and Bill? Receivable and luteiest Receiv-able, due and accrued

Al! other Assets, Accruals, etcTotal

LIABILITIESCoupon Bonds and Certificates fully l'aidAccumulative Bonds and Certificates Instal-

ments paid in and Interest nccrued thereonAccounts Payable and Reserves for tinal payments

on Building ContractsInterest on Mortgages Accrued but not due .Interest on fully paid Bonds, etc., Accrued but

not dueAll other Liabilities Accruals, etc. . .

!

Capital Stock 7f Preferred Stock $1,000,000.00Common Stock .' 100,000.00

Sun'!u 2.147.789.13Total

IMVIKOIT

96333.58

56,470.90

Statement certified to by and Public Account,anti will be mailed upon requeit.

B. Hov.iiok. President 1..1Win t am 14. HiNCKt.av. l'R cisRicuaao T. Li.nci.y. 1 rcasurcr At-iTi- I.i A.."

- BlSBBlBaBBBVBlBaBHBM ....Tax in New York StateFree from Federal Income Tax

$84,000

Rensselaer County, N. Y.

Highway ImprovementRegistered .1 ..., Konds

ma'ii him: sa.tHio i:4ii vc.vitTell. I, IWIIV in rrli. I, I1H-- tmluslvrLegal for trust funds and Savings

Banks in New York State.Price on Application

SUTRO BROS. & CO.iia.sk i:iissr. m:w ydiik

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andSU Pln Street

Land Titl?trni.AuuLr'niA

New York

I'AIIISi llonbrlght

citizens

NationalHanover NationalImp. Traders Bank

Mec.National

Condensed31st,

S2C,0Ca,O10.7411.326.710.00

1,388,429.05768,267.31

206,063.51

$17,341,294.19

$8,841,658.04

4,819,242.20

29,579.42143,505.24

203,049.26

$14,093,505.06

3.247.789.13

$17.341,294.19

Detailed Apprai.era

DIRECTORSRpwvao Huhild s'sVoH.Vec

llla.coca. Triawrtr

exempt Broadway

Fifth Av.t34'.bSt.

lenoxAv.ivi23vDSt.

Tllird Av.&t48!bSt.

,6,5701.,,liunaukiinu

CONSTRUCTION ENGINEERSPUBLIC SERVICE PROPERTIES

FINANCED MANAGEDNew Vork

Jfovfc, 'Mcqyi Si uavisiuiiuccr5

IIS HRIMmYAY, m:v YOKKNTW I. SVi I KsSwp-vl- t

MILLER, FRANKLIN & CO.I .lliticncv unuincen

vMtirni.vi.i. in ii.iiisc, m: mhii.Pinciiid'on Imicuel 0:;craliu: .i.j'ii!

nd Coitt Reduced. E.imi.iatiom 11 J (

pcrti on Profit learning 'a tie 0' IVoptn ei

lllull- -t i est,

10 Wist I II I'.s 01', 0i)

45 cstliicliousePico cv 5s .' 02

60

Plus- - Net IS' 4

ini; CIi'IIikIi I.01', 4 P, Of, ,

tr.i'j 4 1, o.i's so j4 Wh A 1. I! 1st lllt'k l"t' I'll', ', lull, lUtI WhALPeli 4s. 71', 771, 77'; 2';1 WllkrsAi: Ut. Ill 01 01 4'.W

12 V) Is Cent la .. 8'4 871, ss' j ;lltlllll SinloB,

l.aatvverk, S'JH.oOil.OOO,Previous wrcU, 3 1 S.ll I (1.001),Jan. 1 tu dale, 340,01111,000,

Seller 20 diyi flat,

r--. 01

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