12 tfHE SUN, MONDAY, FEBRUARY 16, 191:

$100,000Illinois CiRtral R. R.ttt Unit tlvUrt i TtrmlMl

First Mortgage 3a, 19S1

A legal Investment for Savin fBank and Estates In NowYork. Massachusetts, Con-necticut. New Hampahlrt,Rhode Island and clsevhcre,

To pay 4.30

DtltiU on rtfUtW

Plympton,Gardiner&Co

s; wii.liau sr . new yokk.embers N. T. Block Kick ease

Make Your Report tThe Treasury Department

A Simple MatterTo investors we offer an IncomeTax Record Book, in which allincome may be classified at ex-

empt or taxable.

This book will be of assistancein making reports and will pro-vide a permanent and convenientform for reference and comparisonin future reports.

A rnpy oj the book irilh blank tax rt

in' be rent pratti, tocttktr withour currrnl General Circular AD-Z-

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

WUdelptals CMcato 8

Harris, Forbes & Cotueasssors te N. w. Harris aV Cv. 97. T.

Witt Street, Car. WilliamNEW YORK

GovernmentMunicipal

Railroad andPublic Utility

NX

lavttfaMit

Finley Barrell & Co.IMADWAV

Bankers and BrokersNew Yorl: Stock Exchange.

Members New York Cotton Exchange.I Chicago Board of Trade.

Two exclusive private wires tothe West.

Chicago.203 Se. LaSalle St.

Issued at 50 of CostEQUIPMENTSMetarules I to year.

Netting 6

Members K T 1 Chleaio Stuck Exchaoiss.30 Broad St., Naw York

rmiaDEM'iiiA rim-An- hartfokdMk.Kxch.Iildf. ids S.LaSalleSt. Si Pearl St.

Your Safest InvestmentIs ii properly protected bond.Your most satisfactory invest-ment is a safe bond paying

Said Jor Circular S-f-

Colgate Parker C& Co.2 Wall Street

STANDARDAnnual financial

St li.ni.nn

74

Indiana Pipe Un' Co. ItMamlanl OH of Ky.Mlanllc fieniilncCo, 1

In This Week'aSummary

n( availableI'ubllo

bnt It

CARL H. RFORZHEIMERI'lionc liioad. 30 Broad Bl.. N. V.

WANTEDloo Adirondack Nislrln Power Com.100 Haltrork Wllrovloo .Montana rimer I'fd.KM) K.Milhmi California Kdlaen Pfd.!2 ..r,L"e, ! Foser rtt.I'. H. i:nvrloMt t orn. at I'fd.

FREDERIC H. HATCH & CO,.10 llroail hi.. New York. ,

J'rtvale Telephone to llo.ton Philadelphia.

I

Bingham & Carfield 6aOzark Power & Water CompanyMontana Power IsaueaElectric Bond Deposit Preferred

WHIIamDunbm'&GollCO nail St. ri.uu.43S John New Terk

Wm. A. Rad & Co.Investment Bonds

NlIMU it fMetis Slratala Mow VU.ri... ..... .T. "----

, vwp niiiatistua

Information

Kequested

FINANCIAL REVIEW

OF THE PAST WEEK

Factors for World Ease in

Money Include the Fed-

eral Keaerve Act,

BANK POSITIONS STHONO

Possibilities of ImpairmentVhich Make the Prospect

Somewhat Uncertain.

It is Impossible to pronounce an alto-gether absurd the statements which arebetns; mad both In this country and Inliurope that our new currency legislationenacted laat year Is at least partly re-sponsible for the worldwide weal;onlntTof the money market. Sound reform ofthe American banking; and currency sys-

tem haa Ions been regarded by the finan-cial world as something; Indispensable tothe economic welfare of civilization. TheFederal reserve act la a measure of re-

form, but how sound It Is remains tobe proved. If it works well or la madoto work welt It will relieve Kurope ofrecurrent strain on American account. Itwill enable the United Htntea to tahoplace with Kuropean nations In financingthe growth of newer and lees resource-ful countries. Just now, though, It wouldappear that the relief which It has afforded to Kurope la furnished by Itsprospect of releasing a large quantityof gold for' export to the Old World.

The European purpose clearly demon-strated last year and Just as resolutelymaintained at present Is to Increase thegold reserves of Kuropean banking sys-

tem. It would not be altogether fortu-nate for us If before the new Federalreserve system is operating with somedecree of smoothness Europe should with-draw a. large amount of cold on the the-ory that we are not going; to need It un-

der the new law. Kurope has assumedthat, because we have held the largeststuck of gold In the woild and becauseour banking and currency system as Ithas been did not approach n scientificIdeal, much of the Kohl In thu I'nlUdStates was Idle. The fact Is that vthllothe most effective possible use was notmade of this gold it had been keptpretty actively at work by the perfec-tion of a credit system which emploedbank checks In the settlement of the com-mercial exchanges to a far tfreuter ex-tent than Kurope. Tho transition fromthe old American banking and currencysystem to the new might be made at con-siderable Inconvenience to ournWcH If,before the Federal reserve sjstcm is Infair working order, the American supplyof gold available for bank reserxes shouldlie materially depicted for Europe's bene-fit.

Ceitaln valuable compensations wouldaccrue In this process no doubt. Not theleast of them would be the fact HintInflationary delusions which tho Foderalreserve act has created must be materiallyshrunk. If our stock of reaervn moneyshould fall somewhat In proportion withthe lowering of reserve requirement) thcrowould be less likelihood of starting thenew banking system on a scale of creditand currency expansion, but this viewcontemplates the comparatively earlyestablishment of the new financial machinery. Easy money market calculations which hae Included the Federalreserve act might hao to be summarilyrevised In tho courts of a few monthsIt It shuuld appear that a c.ir or twomust elapse before the rcKlonal bankscheme can becomo satisfactorily Incorporated Into the American business andfinancial routine. Undoubtedly part ofthu Federal reserve system can bu ex-temporized by or before tho autumn oftho present year, but this Is not thesanvj us saying that the now system willbe of any particular advantage to thecountry at an early date.

One of the gratlfylnc items ufIn the last week was the report

of the Comptroller of the Currency kIvIiikthe condition of the national banks us ofJanuary 14 last. 'Hie return allowed thecombined effects of liquidation, the winterdepression of business and the urtillcialaugmentation of resources by the FederalGovernment's special crop moving depositslast autumn. As was pointed, out by theComptroller tho report demonstrated thatthe country was In excellent shapn tomake the transfer from tho old bankingsystem to the new, but t lie transfer isnot going to take placn soon Hnd itwould seem to bo advisable for thoGovernment to hasten the withdrawal ofIts surplus deposits from tho banks. Thereis no particular reason why the exportof gold should bo facilitated through aredundancy of cash In bank vaults, and Iftho European money market should beginto harden while rates remained easy herea gold export movement might be accelerated'. Tho Treasury Is now showinga current deficit which would warranttho curtailment of its deposits In thrtbanks, and becauso a lung Interval mustelapse before the now Federal reservemachinery can do much work It wouldbe an excellent thing for the Treasuryto put Itself in as strong a position aspossible to assist In making 1ht conversion of the banking system when thotlnm comes.

Naturally thu national bank return con-firms the supposition ' that money is tostay easy for credit purposes, especiallyus the prospective Federal reserve act Isthought to hold out a promise of molepermanent cheapness. At the sametlinn allowance must bo made for thepresent slackness of general business andfor the possibility that a moderate re-

vival in business activity might showthat the comfortubto bank position wasowing chiefly to the temporary diminu-tion of business requirements. Unques-tionably the position denoted by thu na-tional bunk report, llko thai shown inthe latest statements of thn foreign cen-tral bunks, Is stromr. roann decreasedt91.OUU.000 between October 31 last aridJanuary H, the third decrease betweencalls since tho 1907 panic period, midmuch the largest save the one which' toolsplace over the end of the paniu iir.Cash Increased 19,000,000, which com-pared faorubty with the 1 1'JS, 000,000gain between December 3, 190", mid Feb-ruar- y

14, 1908, and thu total cash bidd-ings ut the middle of last muuth wereJDSJ.000,000, or $31,400,000 nboo theprevious high record. Tho reserve ratiorose sharply to 21 per rent., tho firstlime It hud been above 21 for a ytar nda half.

Nevertheless It Is worth while In ob-serve thut the ratio Is betow that re.ported on February 5, 1S09, when it wus:i'.36, and still more below that of Feb-ruary 14, 1908, when It wus 22.47. livenon January 26, 1907, tho ratio wan lessthan U of 1 per cent, below the propor-tion last mouth, and It Is evident thatbusiness and Industrial expansion accom-panying rising activity In thn securitiesmarkets might very quickly Impair bank-ing conditions. We aru still nut furenough away from these experiences of1913 to tell how much loud may be safelyimposed on financial positions, and Itprobably will not be until April that areasonably nccm-H- l judgnb lit may bepassed on the Intrinsic stale of Ilia moneymarket By that tlmo tho slgnlfi.car.ee and effects cf ths1 campaign uf i,nwfinancing now under way, especiallyabroad, will doubtless be more cletfrlyapparent. Bprlng borrowings for agri-cultural purposes will be In progress andcommercial conditions will refieut ilia

"ir; . uo now, tttwi tiny

Moreoxer. the bearings of polities on themoney market and on general bualnewnllko should be more obvious than atpresent, when they are being estimatedchiefly In terms of sentiment

It will be remembered that there waslast July something In the way of mone-tary relief from excessive strain and someImprovement In the security markets

remotely to tho phenomenonwhich Is now being witnessed at homeand abroad. It will remain to be eenfrom the spring and summer consequenceof the midwinter transformation of finan-cial aspect what degree of enduring bet-terment was testified to laat month. It Isdifficult at the moment to tell what thesituation In money and the rebound Insecurities signify of forward bearing. Threlief wrought by liquidating processesextending through more than a year, theclassical recoil of quoted value from ex-treme depression, the revival of hopefulsentiment promoted on various accountsand by various causes, the reduction ofborrowing demand Incident to ths forcedcontraction of trade and Industry havealt combined with seasonal tendenciestoward money eaao and business dulncssto make tho Interpretation of the financialmarkets more than baffling- - The cate-gories of money are decidedly confused.Mow much of Its easy position representscapital available for fixed Investment andhow much of it denotes idle credit funds,that Is, capital which must be kept liquidfor the needs of a business revival, is aquestion of much Importance but hardto answer.

So far aa regard tits Immediate mean-ing of the security markets, the strengthor prices mid the rush of new securityofferings. It Is to be observed that es-pecially abroad the market' appetite doesnot seem to be tempted by securities atprices which Imply both safety of prin-cipal and uf yield. There seems to bea violent craze for Issues proffered atPrices which promise a large return tothe purchaser. This smacks disturbinglyof tho developments which not so verylong ago preceded the revelation of fun-d- a

mental financial strain because capitalwus really scarce. There Is no proofof the abundance of capital In oversub-scriptions for 5 pvr cunt, bonds offeredat 90 to OS. but rather the contrary. Noralso does 11 proe an absorption of secu-rities by the ultimate Investor insteadof by dealers who expect to sell to theInvestor at a profit. Furthermore therapid direction of monoy Into such In-vestments has not been a characteristicof that essential Improvement In the cap-ital markets which has been the precur-sor of a new forward movaroent la eco-nomic volumes and values after a perioduf crisis and liquidation.

In those times the reasa urine evtOaaaaof bright prospects for the future baabeen the Investment accumulation of se-curities which combined the maximumsof safety both of principal and of yield.It Is often said nowadaa that the pur-chasing power of money has so dimin-ished that Investors cannot afford tobe too particular and insist on safetyfirst, but this ery argument Is a sugges-tion that tho economic extravagance ofrecent years has not bec,n cured. It is thesame argument used to foster the flota-tion In the last two or three years ofa mass of more or less unsafe securities.In bygone days, when safety first wasthe motto of the Investor, it was Invari-ably the case that society had Just beencompelled to learn that the homely vir-tues of thrift were tho surest mainstaysof general prosperity and the practiceof economy In subsequent years madeaf returns on safe Investments qulto

sufficient for the needs of income.The January flotation of new securi-

ties In laiudon aggregated 1221,400.000.which was a new record for the month.It would not be surprising if before longwe should begin to hear from abroadthat tho pace of new security promo-tions was overtaxing the ability of theInvestment demand to keep up with Itand that there were again signs of con-g- et

ted conditions In the Investmentmarket. All that has taken pluco so farbus been ahead of any very pronouncedactivity in the direction of new financ-ing In France and of that there Is agresit deal to bo accomplished. Mean-while there aro other tokens that easyus tlm money market bus become It hasits limitations. There is something likea scramble on for nil tho new SouthAfrican gold laid down In London andthe Continental Inquiry has forced thometal to a premium. Kuropean advicesIn tile hist few days have had an under-tone of suggestion that thero were pos-sibilities of very sudden tightening Inmoney in consequence of the cumulativeeffect of the heavy burden of nw se.itiritlrs which nre being thrown on themarket for absorption. Thn situation atI'jrls setms to be linproed on tho sur-face only and rates for capital are highus compared with rates for credit atnil European financial

The EuroMan security markets havebeen displaying some Inconclusive reac-tionary symptoms, nnd the Wall Streetshare list has been holding around rela-tively the same price level for morethan threo weeks. The same is true ofthe domestic bond market, and both Inbonds and stocks quoted values haveseemed to show a little heaviness, al-though no trend could be Imputed lo them.Their most undebatable feature has beencontraction In tho scale of dealings. TheSouthern Pacific offering of f 55,000,000 off. per cent, bonds at par directed attentionto the costliness of capital In a creditmarket which Is supposed to lie cheap,ami the general railroad problem wasfurther emphasized by various matters.Including thn task of reorganizing flockIsland affairs, tlu reopening of Ooveru-me-

Inquiry Into New Haven history,the Fedetal suit to divorce the CentralPacific from tho Southern Pacific anlmore unmistakable, evidence furnished bythe Interstate Commerce Commission thataction on the Eastern railroad rataease would pe postponed Indefinitely.

So far uh regards polities as a whole,there were gratifying Indications hi thePresident's attitude on thn I'anama tollsqiimtlon that the Administration wasawake lo thn Importance of our foreignrehttior.i, and the domestic political pro-gramme wos modified by signs 'of a dis-position to move slowly In enacting newIhwh for the regulation of business. Satis-factory trade Information waa vouchsafedIn several quarters. The United StatesSteel Corporation's report of an Increaseof 331.&82 tons In unfilled orders duringJanuary wss an exhibit of basic better-ment confirmed otherwise by authoritativestatements as to the harder tone of steolprices.

RAILROAD AND OTHER BONDS.

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, NEW YORKCAPITAL ANI SURPLUS S1.tll.ltlKPISITS $13,111,111

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charaeterue the Harrlman National Bank, which

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Bertron, Griscom & Co.Members Now Yark St4ak Exchange

PUBLIC SERVICEINVESTMENT SECURITIES

40 Wall St.NEW YORK

19 Boulevard des Capuclnesr'AKIl.

P. at Co.

BulkUng

William P. Bonbright & Co.Incorporated

H Wall Street, New YorkfMiutnr.i.pniA boston

LONDON! William tlonbrlght

rniUAucuriilA

Public Utility Securities

We FinanceElectric Light, Power ond Street Railway Enterprises

with Records of Established Earning

We OfferBankers and Investment DealersProven Public Utility Securities

Correspondence toltcited

Electric Bond and Share Company(Paid-u- p Capital and Surplus S!2,000,OM.)

71 Broadway New York

Metropolitan

Of ttm City fVm YbrA4V0 WALL STREET

Accounts oi' Banks, Corporation, EitaUs,Firms, Trustees and Individuals received, onwhich interest at current rates will be allowed.

Issues Letters of Credit and Drafts,available in all parts of the world.

Designated Depositary for Court ft Trust FundsActa as Executor, Trustee, Adminis-

trator, Guardian and Agent.

LHAnTI.'RUU 141

Union Trust of New YorkMAIN OFFICE: 80 BROADWAY

nftli Aienee Hranrh.41A riflli At'., mr. naih SI.

Modem Half llepesll

Capital $3,000,000 Surplus (earned) 95,300,000

ALLOWS INTEREST ON DEPOSITSActs os lixecuter, Guardijn, Trustee, Administrator and

Capacities, en behalf of Individuals, Institutions or

WANTKIHAmerlran I.UI'I , 'f"'"0"American IJsM

enlral Ml ' ''''marl. IMwer

h.itl.eru Llslil Trwltuii .

3.1 l'lni M. ri.i.i" soi4 .lolm. w aerk.'

Henry Clews & Co- -

II 13 I... 17 .t'li.l iV llll'JAl) STN. V. STOI'K KXtllANCJE.

slork and llouds bouiilit and eold forln'.tor. l .nrrled ii liberal termsHanklns An ounU reeelved nbjett to check

at a'ciit lniere.t i'.il.l on dally halaiicea.I. K T T K IIS II F I'KHIIITlaaued avullalil tl" world over.

E. & C. RANDOLPHnumbers N Yolk flock lU'lmnte.

Ill llr.iMilMB). ' York.line M Op;n Market Securities OffarrwHt.

T. r HIIIIII.IW. lKr.Dealers In liietinent mid litlier Peeurltlea

of the ITnlled HtutvK, Canada mill Mexico,

TO TALK ON HEALTH SUBJECTS.

StntV lloaril Will Mret Im

I'hlraao st Week.C'iiii-aii"-

. I'd), li, The second annualhi'Milon 'f li"" 1'V'lerallim of State Modloal

Ilnaitls uf tint I'nlteil Slates svlll le heldlioro at thf fonirean Hotel on Wednesday,I'Viiruary 25. This progiHiiiiiio will cfulluutil : '

Aildrrs.s, 'I'ulilio Health Administra-tion." by Surscon-Ueiirr- lluport Uluo ofthe United Stales Vnlillo Health Service,WnshluKtuii . iIIm'iiKiii, I'r. .lolm A,WlllicrsM)on, Niuhvllln; aililrcs' " Ifnl-for-

Mlnlimnii Curriculum for MedicalSchool," Ur. John I., llrftron, Ueun oftho Collosrn of MedU'llu'. Syracu l'ulnr-slty- ;

Dr John K. Scuddor. Cin-cinnati: addri's, "Tim Uso of tho t'AlK'ilSIlc- - Medical Suvlees in .stniiihinlUlns I

Medical IMiiciitliin." I.lcut.-Co- l, J. It,K'ean, V. S. A. i dlxviss(oti, Vr. lie Wilt ti.Wilcox, lloitnn . uddicHS by II10 lTtsltlcnt,Dr. 4'harloM II. 4'ook; mlilress, "SoinyThoUBhts on tho StaiidardUatlon of Medl- -imI KUucutloii," Or, ll.iiol.l C. i;inoM,Harvard; dlsousMun, Ur. Abraham Vlex-no- r,

New Turk; iiildit'ssrs, fr. Samuel W,l.ainboi t. Ciilumhla l'nlvrrslty ; Dr. Wul-to- r

1.. lllerrliik', Draltn Utilverrlty. Htid Dr.llcniitKl KantiiH, 1'nlM-rslt- of Illinois.

LOKI'S MAIDEN TRIP ROUGH.

Motor Tank. Mhli, .Hakes tlood Tlsaellrspllr lllanblrd Marhlnrrr.

The liiolor ImIiKkIiIii I.oUI, Capt.Srhroedrr, unlshed her miiidon trip fromHumhurir lo this port yesterday.

Heavy weather mnli illsaliled machineryrrtiiriled her, hut sho made sood timeeoiiHldeilns tho successluu of tempestsshn encountered.

Hhe realsteni 3.!" Ions arxi aa builtby the TCrupps at, KleL

Land Title

DCTROITPAKISl Boabrlikt a Co

Plsaa nraach.7 Fifth Ase.. cor. SOIh si

Taalli at Botai Braetaes.

HKjBJHSJBJpiSa- - -

BMisjPnijBB.

LaiTrust Company

Company

H.F.MCG0NNEU4VC0.

in all FiduiMrCorporations.

,f.s -

CALENDARFOR

TAXPAYERS

fUR Booklet showingwhen all Uirs srr

due and containing. Infor-mation about the IncomeTax and Local taxation illbe supplied on request.

60 BroadwayfirtHAv.OMthSt.

Ulird AV&!48lfcSt.

jyor (Trustee,nrtk Arsaaa aa Silk SI.. Ms T..4

rSTOlV4vunsssiinu ana

OONeTRUOTION ENQlNICrts"UBUO SIRVIOE PHOPKHTIK"

riMANOCD nnd MANAOEOO Pin. etr.et Naw York

n9tnccr0111 BROADWAY, NCW YORK

NEWOKI.IMNS SAN FRANCIS O

MILLER, FRANKLIN A CO.Efficiency iiugmeeri

WIIITMIAI.I. IIIII.IIIMI TS l"1Prodnctioo ImreaieJ. Optrttinj

Cc4U Rsducsd. ExaquastMni and R

twrti on Proirt Easi-i- l Va uaa ot Proptrts