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  • Begarded Div¬ Trade Account HOME ^BRAMCH: SAVINGS · TRADINGIN STOCK; CUTSINTOVALUES Market Unable...
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TRADING IN STOCK ; CUTS INTO VALUES Market Unable to Withstand Moderate Pressure Exerted Against Leading Ones. DEMAND SEEMS STRONG FOR INVESTMENT ISSUES flews of Iron and Steel Industry Ac¬ cepted as a Favorable Trade Augury. NEW YORK. March H..Some reac¬ tion from yesterday's strong undertone was manifested by today's stock mar¬ ket. trading in the short session being generally at the expense of quoted val¬ ues. Dealings were restricted to a de¬ gree by the storm, which 'cut off com¬ munication with interior points. Trad¬ ers as a whale were again committed to the short side, but were cautious in their attitude. , Shares of the "Soo" road were al¬ most the only railway issues to make furtlier improvement, most of the Pa¬ rities. trunk lines and grangers being under moderate pressure. Some of the high-priced specialties, including Amer¬ ican Tobacco. I.igg.tt & Mjers and IftOrillard. were strong. 'the peculiai character of the movement in dormant issues was seen in a II-point gain for; Harvester Corporation common ami a decHne of 4'- point." for the preferred. American Locomotive preferred, with a drop of :: points, an.l I'resse. SiLeel far common and preferred, each of which fell points, met their ne\. mill- ilnum prices. American Woolen and Mexican I etroleum displayed some weakness, the entire list showing heaviness at the end. Recoveries in Grain Market. Grain markets made some recovery from their recent steady declines on Increased buying by European inter¬ ests Foreign exchange was dull. mittan.es to London and the continent j 'The'me* sor^of "hc"demand for in- vestment issues was^seen in the c,°s- ine of the new St. Paul bond issue ai a profit to the underwriters andpar- ticioanf Trade reports indicate better condition in the main, with some backwardness at eastern and southern P Financial operations of the were primarily responsible for ttie Targe actual expansion ,.f bank loans, which exceeded 532.000.000. while the cash holdings were slightly inereased. Excess reserves were.contractted ho ever, to the extent of over $a.000.000. Bonds were steady, with total sales (par value* tl.59T.000. Panama reg¬ istered 3s advanced -» per cent on the week. Market Firmer and Quieter. More confident sentiment was re¬ flected in the firmer and quieter stock market this week. There was evident¬ ly less fear of this country becoming involved with belligerent governments on account of --eprisals afTecting our commerce. Official optimism at Wash¬ ington over Germany's reply to this government and the chances of Brit¬ ish concessions helped this feeling. On the other hand the British plan to interdict German sea trade and the at¬ tempt to open the Dardanelles had the effect of increasing belief in rumors of peace prospects. Speedy disproval of some of these rumors established their purely conjectural nature. j Wheat's violent tumble was affected Indifferently by fears of interrupted shipments through war measures and of release oI Russian shipments and by rumors of cancellation of export orders on peace prospects. Foreign trade gen- .rally was decidedly affected by t.icse Influences, February's fourth week trade balance showing a marked de¬ crease from preceding weeks, while for¬ eign exchange rates stiffened. There were further sales o: American secun- j ties from abroad; private banking; credits to foreigners and offerings of new German war loan notes were re¬ ported at Chicago and other western points. Several small imports of gold were received and more of th- precious metal is now in transit from Japan. Metal News Is favorable. Favorable trade auguries were cirawn from iron and steel news, showing in¬ crease in February production, and March i furnace capacity further ex¬ panded. The month's enlarged steel j shipments, with lessened rate of new bookings, forecast a sma'ler increase in United Sta'es Steel's unfilled orders than | last month. The rate of new bookings for March also is in question. The price of refined copper rose again. A lull was reported in western freight tonnage, and January earirgs pointed to the severe economies in force. Adjournment of congress was a fa¬ vorable influence. Argument for western ,0*eight increase and Missouri's refusal to allow a ^.'."nt fare entered into calculations. Default of the Western Pacific railroad was without effect on the general bond market, which was broad and showed a strong undertone. CHICAGO GRAIN. CHICAGO, March 6.Unabated for¬ eign buying tended today to dispel dread of a flood of Russian wheat through the Bosporus and helped bring about a strong market here. Prices closed steady at 21* to 3 net advance. Other gains were: Corn, to oats. to ?«al, and provi¬ sions. 10a 12\'z to 25. Cxport business in wheat today, which was said to aggregate at least 1.000,ooo bushels, was shared in not only hv seaboard cities, hut also i>y Chicago. St Louis. Kansas City, Du- luth and Winnipeg. In addition to spot cash purchasing, the July deliv¬ ery. ats well as the May option, was libera)!? taken on foreign account. Heretofore, a¦> a rule, Kuropeans have confined their future trading to May. Confidence among wheat buyers be¬ gan with announcement that quota¬ tions at Liverpool were firm, and was notably increased by private advices here from l>trograd saying it was un¬ true that great shipments would be made fron: Russia an soon as the Dardanelles were open. In this con¬ nection. persistent demand from Italy and other Mediterranean countries was regarded by bulls as extremely Higntfi cant, especially in vi« -w of fresh un¬ easiness about the Balkan state* Un¬ favorable weather in Argentina and the Punjab assisted in preventing any lasting interruption of the day's ad¬ vance. Scantiness of receipts had a strength¬ ening effect on corn. So, too. did the wheat bulge. . Nevertheless, there was enough bearish sentiment in the pit to enlarge offerings whenever the ascent appeared throughout the session. It mas said that even without any fresh call they would be kept busy for some'j time filling present contracts to ship to the seaboard. Higher prices for hogs and grain made provisions climb. The bulk of the buying came from shorty. TREASURY STATEMENT. The condition of the United States Treasury at the beginning of business jester day was: Net balance in general fund, $44,914,- 363. Total receipts. $1,987,164. Total payments, $2,088,089. The deficit this fiscal year is $S0,963,- against a deficit of $26,602,365 last ear, exclusive of Panama canal and public debt transactions. 4 CLOSING STOCK LIST. NEW YORK. March 6. Clos'f Low. I'M. ~V-~" *14% w Amal*amated Copper °*' 49' American Agricultural *397.2 40 American Beet Sugar <)v< 27% 27% American Can ."TW 94% 94% American Can pfd " ... 4'jUj American Car ft Foundry 45u, American Cotton Oil ,;«j; "07* 27% American Ice Securitiea -4 8 ** American Linseed 2<> American Ix>comotive .»;" *C3Vi 03ri Amer. Smeltins Jk Reflnln* .... * ** . lou.. Amer. Smelting ft Refining pfd- -y,," ioo 102% American Sugar Refining ' V r>0'i, 12i»% American Tel. & Tel }*!> A-'. 224% American Tobacco 26% 2fi' 1 Anaconda Minlnc Co ~-T^ j)5vt 95% Atchison s>8i. 9814 98 Atchison * 100% Atlantic Coast Line "«8% 67% Baltimore & Ohio -J.,, 57,55% Bethlehem Steel * £ sS% Rrooklyn Rapid Transit ..iJ| 158% 158% Canadian Pacific 33% Central Leather '4la- 41*. 41% Chesapeake & Ohio mi, ioiz. 10 Chlcaeo Great Western Chicago. Mil. & St. Paul Chicago ft North Western :{6,; ;m Chlno Copper * ... 23% Colorado Fuel A Iron j,7 n«% Consolidated Gns irjifc V% 9% Torn Products 1 ,H| \\7, Delaware ft Hudson ** " ... 6 T>envcr ft Itfo Grand" J»*i ! Denver ft HI* Grande pfd s g Distillers* Securities .joi^ .« 22 | Eric 357- So12 33% Erie 1st pfd * .. 28 Erie 2nd i.fd ..... 139 General Electr!»- :j:r ji:,, tl."»% Great Northern nfd J .,OR? 310-1 3114 G-rat Northern Ore t.tfs Illinois Central :«'. *j2i^ 12% Tnterborough Met. * >r-i .",S Tntprh'»r«»iich-Met. pfd *" 1 f|, 90 Inter. Harvester *J &yA Tnternritional Paper .... ^ International Pnmp ".?17" "i's 22 Kansa* City Southern » ** fXTC,Vv".v.v.v.v.:::: aw «.;> Tjonisvillc ft Nashville 1 {;jiZ 1 Hi Minn St P ASauIt St. M-... 11;^ l jj* l() Missouri. Kansas A:Texas nr, Mlsmirl Pacific .*... J- ltt# National Biscuit 54.-,' \a1|«»rvil |.<*:»d i,a 1 '* 10U. 10% 10 £7% 87*4 *7»4 122 Vat'l Rwy*. of Mexico 2nd pfd. -¦¦¦. wr »xc York 'Vptm! V**''1 1 , l V Y. N U. A. Ila^rord Vctr York. «»nt. A Western 1^,,^ Norfolk A- Western 1 .7. 1 Vort'i An»er!can *:' ;A.">n: i.Uv Northern Pacific I"*' ¦» ^ 1 iHi* Ps.-in.- Mail TVnn.ylvnll "> >.» l<«'i J"-> Pe,.ril»»*s Gas P'Tts'uirffh. P. c. A St. T^ou'.s... ... .»'? P!»t«lM.r-i. Coal 2»'.. rJU T*r»»««;ed Sf'-oJ Car Jz'.'"if ,-,V Pullman Palace Car 1??tr R*s- «*. nner « 1' * .«;» Repuldle Iron f- Stee! i R»»r»'!hlic Iron & Steel pfd «'»TH **2 | Rock Island Co *":,*.* "it-" tu8 Ro.-k Niand «"». "fd I1* 1V« St. T«ouls ft San Fran. 2d pfd... Scai'oird Air t.inc 'ri;: .,w SealK»ard Air Lino nfd .*' .»» « !,- * SIoss-SbcffleM Steel ft Iron "A.*,-; S".J- Southorn Pacific S4>4 S.i'. % SoiTthom Rnllwar Southern Rallwst pfd *o-i" .»- * Tennessee Copper *hA,1 Toxatf. 133'ii Tcias * Pn'-iflc :: ; ;'.V .^-.4 I'nlnr US" U£» U&» fni.r Piclfic nfd .*% Pit I ted States Roaltr ....; '*. rn'te.1 Statos RnW#r .»« aIk" T tilted Sta»o« Steel ,,Ti~ f'nlted States Steel pfd 1 T'rah Copner oT s o7 8 Virginia-Carolina Chemical ... -l Wahauh ,!7 Waha«h nfd oftif TVrwfern Marrland \r.wt,.rn Pnion Jgf TV#»«t*nir^<v'«o Elect.c 6SU <»»*.» « a TY' »»cl!nr ft Lake ErI® Total sales for the day. 9«.00«> sl.ares. NEW YORK BOND LIST.' (GENERAL.) NEW YORK. March C. C. S. ref. 2*. registered 981-1. U. S. ref. 2s. coupon U. S. 3s. registered IOIVj 1". S. .Is. coupon 101 J-i U. S. 4s. reeistered lOil^-o U S 4s. coupon 1101* Panama 3s. coupon 101 % American Agricultural 5s *100i2 American Cotton OH 5s *91 ^ American Tel. ft Tel. cr. 9J»®m American Smelting 6s 104T» American Tobacco 6s *120 Armour ft Co. 4*£s 91 \'3 Atchison gen. 4s 92 * Atchison ct. 4s G960) ft.r» Atlantic Coast Line clt. 4s *H4 Baltimore ft Ohio 4s Baltimore ft Ohio cr. 4%* 85^ Bethlehem Steel ref. 5s 88 Brooklyn Transit ct. 4s *83 Central of Georgia 5s *101 Central leather 5s 99 Ch«-sar»eak^ ft Ohio 4^s 86 Chesapeake ft Ohio cv. 4V£s 74 Cliicairo. B. & Qulncy joint 4a 95a4 Chh-ego. B. ft Qulncy gen. 4a 90 Chicago Great Western 4s - 70% Chicago. Mil. ft St. P. ct. 4^s - 96Vt Chicago. Mil. A St. P. cr. 5s 101?; Chicago. Mil. ft St. P. gen. 4^is 100*4 Chi.. II. I. ft Pa< R.R. clt. 4* ctfs 22% Chicago. R. I. ft Pac. R. R. ref. 4a Chicago ft Northw«»stern SVis *80 Colorado ft Southwestern ref. 4%s *82 Denver ft Rio Grande ref. 5s 46 DiHtillers' Securities Jia 48^ line cr. 4s. series *"B" - 64% Erie gen. 4s *66% Gcnerai Electric 5s 102% Gr*at Northern 1st 4*4s "H»8 Illinois Central ref. 4s *85 !nterl>orough-Met. 4VjS 75% Kansas City Southern ref. 5a..... *J*9 I-ake Shore del*. 4* (1931) 90% Mggett ft Myers 5s 100% I»rilla**tl 5s 100 IxjuisTille ft NashTllle un. 4s 91*4 Missouri. Kan. ft Texas 1st 4a 77% Missouri Pacific ct. 5s 49 New York Central pen. 3%s - 80 >ew York Central deb. 4s vH7 New York C*»ntral de'». I'm 101*4 .Nov York City 4%« (1963) 104% >ew York State 4%s 10*% New York Railways adj. 5s 54 N. Y.. N. H. ft Hartford ct. 6a 105 Norfolk ft Western ct. 4%s - *10r>% Northern Pacific 4s 90% Northern Pacific 3s 64 Oregon Short Line ref. 4s iK> Pacific Tel. ft Tel. 5s 1>7% Pennsylvania ct. 3%s (1915) 10<» Pennsylvania «on. 4* *97% Pennsvlvanla con. 4',-is 1"3% Ray Consolidated 6* 107 Readlna gen. 4s t»2% Republic St«'#»l 5s (I940» 'XI St. Tiouls ft San Fran. ref. 4s 64 St. Louh*. Southwestern con. 4s 155% Seaboard Air Line adj. 5s Southern Beil Tel. 5s 98 Southern Pacific ct. 4s Southern Pacific ct. 5s Southern Pacific rof 4s 84% Southern Railway Bs 9S% .Sjuthern Railway gen. 4a *T,u Texas Company cv. 6s *i»S% Texas ft Pacific 1st *95% Third Avenue adj. 5s xl u Fnion Pacific 4» 95% Colon Pacific cv. 4s sV V S. Rublier 6s 102% C. S. Steel 5s KK>% Virginia-Carolina Chemical 5s *90 Wabash 1st 5s 100 Western Fnlon 4%s f»0 Westlnghouse Electric ct. 5s 90% .Bid. tOffered. LIVE STOCK MARKETS. NEW YOBK. NEW YORK, March 6..Beeves.Re¬ ceipts, 305 head; steady; common to sood cows, 3.50a5.75. Calves.Receipts, 92 head; steady; vea^s, 9.00al3.00. Sheep and lambs.receipts, 1,136 head; no trading. Hogs Receipts, 1,235 head; steady; heavy Illinois hogs, 7.35; roughs, 6.25. CHICAGO. CHICAGO, March 6..Hogs.Receipts, 9,000 head; weak; bulk, 6.80a6.90; light, ti.65a6.95; mixed, 6.65a6.95; heavy, 6.40a 6.90; rough. 6.40a6.55; pigs, 5.50a6.60. Cattle.Receipts, 300 head; steady; native steers. 5.85a9.l5; cowh and heif- erw, 3.50a7.70; calves, 6.75al0.25. Sheep.Receipts, 1,000 head; strong; sheep, 7.00a7.90; yearlings, 7.75a8.65; lambs, 7.75a9.75. COFFEE MARKET. NKW YORK. March 6.-The market for «*offee futures opened steady at a decline of 1 point to an advance of 2 points on the continued steadiness of Brazil and some renewed demand from houses with European connec¬ tions. i'rices' later eased off under real¬ izing and some renewed liquidation of the near months, however, with the close net 5 points lower to 2 points higher. Sales. 8,250 bags; March, 5.68; April, 5.76; May. 5.82; June, 5.84; July, .i.H4; August, 6.91; September, 6.99; October. 7.05; November, 7.11; Decem¬ ber. 7.18; January, 7.22. Spot.Quiet; Rio, No. 7, 7%; Santos, No. 4, 9%. Rio exchange on London was %d higher and mllrels prices were un¬ changed. Brazilian port receipts, 39,- 000 bags; Jundlahy, 17,006 bags. Rio reported a clearance of 1,000 bags and Santos of 108,000 bags for New York. DRY GOODS MARKET. NEW YORK, March 6..Cotton goods ruled steady today with moderate trade. Yarns were dull. Dry goods im¬ ports were declining. Linens were llrm. Burlaps were higher. Business in men's wear was betttr for the week. Report of President Rea of the Pennsylvania System an Index of Conditions. STOCK MARKET DECLINES LAST HALF OF FEBRUARY Situation. However, Begarded as Much Improved.Interest and Div¬ idend Disbursements for March. NEW YORK. March 6.."Busi- ness conditions on your lines, as well as on other railroads, were unsatis¬ factory during the year 1914." With this general statement concerning the railroad situation in the United States, President Samuel Rea of the Pennsyl¬ vania lines, in submitting his annual report for the year ending December 31, 1914, calls attention to somp of the handicaps under which the roads have been laboring in the past few years. Notwithstanding that important con¬ cessions were granted to the eastern railroad lines in the matter of freight rates by the interstate commerce com¬ mission. they have suffered stupendous losses by reason of the burdens im¬ posed by the lull-crew ordinance. In¬ creasing cost of labor and materials, reduction in revenue owing to decrease in express rates and to the operation of the parcels post, and under pay for mail carrying due to the unfair govern¬ ment weighing of mails once in four years, thus making no adequate pro¬ vision thus far for the increasing busi¬ ness of carrying the parcels post pack¬ ages. The reports and records of the Penn¬ sylvania railroad during the year 1914 are fairly typical, and it will be inter¬ esting, theretore, to consider some as¬ pects of the management of one of America's leading railroads during a year fraught with many intricate do¬ mestic problems, to say nothing of the violent international complications among the nations of Europe. Operating Expenses Decreased. The total operating expenses de¬ creased .8.67 per cent, chiefly through increased economies required by the loss of revenue and traffic. These were effected by a reduction in the use of materials and supplies, in the working forces of all departments, and in train and car mileage, and by deferring other expenses, but having in view at all times the preservation of the safety of the tracks, equipment and facilities. The increases in wages of enginemen, firemen, conductors and trainmen un¬ der the wage arbitration awards and other consequent wage adjustments and the expense of complying with leg¬ islative enactments, prevented still fur¬ ther savings in expenses. Railway op¬ erating income shows a decrease of $3,087,538.68, compared with the results of the lines operated by this company in 1913, but if the figures for 1913 used in comparison had also included the operations of the Northern Central railway for that year the rail¬ way operating income for both com¬ panies would have shown an aggregate decrease of $3,983,068.95. The net in¬ come for 1914 was $34,090,764.82, a de¬ crease of $7,830,067.97, compared with the previous year, from which appro¬ priations were made t.o sinking and other reserve funds; certain necessary additions and betterments were provid¬ ed; cash dividends amounting to 6 per cent were paid on the capital stock, and $123,000.53 was credited to profit and loss account. If the railroads of this country are to appeal successfully to investors for funds with which to carry on their pol¬ icies of expansion they must at least be able to show a condition of financial solvency and a surplus sufficient to cover the amount of depreciation in equipment. Some of the roads have not been able to do this in times past, sometimes due to faulty management, but more often to the unwise stringent regulations imposed on them by state or federal legislation. One of the most flagrant of these is the "full-crew" ordinance now in force in several states; but, judging from the violent reaction of public sentiment against this particular law, it will soon cease to be operative in any state. The un¬ fair treatment of the roads by the gov¬ ernment in the matter of the carrying of the mails should also be speedily remedied. Prosperity of the railroads means prosperity for the people. February Stock Market. While the stock market in the first half of February was able to withstand the severe bear raids that are largely responsible for the annual February decline, it weaJcened perceptibly In the second half, and as a result the market February 27 was only about 2 points higher, on the average, than the clos¬ ing prices of July last. Fear of still more violent complications among Eu¬ ropean nations was largely responsible for the sagging tendency of the quota¬ tions, and it was not until the market had gone perilously near the record of the days immediately preceding the breaking out of the great European conflict that the price reaction was checked, and buying, rather than sell¬ ing, dominated the situation. Considering the position of the stock market today, it has been pointed out that we are now in a much stronger position than we were in the days im¬ mediately following the outbreak of the war in Europe. At that time we were considerably in debt to Paris, Ixmdon and Berlin, and since then we have largely liquidated these debts. Our foreign trade was then on the decline, but since then the extraordi¬ nary demands of the belligerent na¬ tions for American goods has greatly increased our export trade, though the business of the country at large is still very qui$t. With the progress of the war some new problems have arisen, notably those growing out of the Ger¬ man .war zone program, and this has lately centered attention upon the fact that a period of widespread warfare is necessarily a period of uncertainty, but the very fact that the stock market has lately declined as a result of that uncertainty reduces its influence as a stock market .factor. The reports of the New York Stock Exchange show that during the past month the volume of stock transactions reached a total of 4,347,866 shares, against 5,028,113 shares in January and 6,176,873 shares in Februarv, 1914 The par value of bonds sold during the past month amounted to $43,723,500, as compared with $56,867,500 in January and $69,081,000 in February of last year. The aggregate of stock transac¬ tions for the first two months of 1915 is thus brought up to 9,375,979 shares against 16,188,^77 shares sold during the corresponding period in 1914. iiond sales for the two months amounted to $100,591,000, as compared with $157,- 904,600 last year. The daily average of stock sales during February was 197,- 630 shares, against 201,125 in January and 280,722 in February, 1914. The daily average of bond transactions was $1,987,432, as compared with $2,274,700 the previous month and $3,140,045 in February of last year. Though it is not always possible to detect the source of ownership of stocks ofTered for sale, it is not be¬ lieved that the recent war develop¬ ments have caused any unusual liqui¬ dation of American stocks by foreign owners. It is definitely known that foreign holders have been selling large blocks of bonds, as shown by the rec¬ ords on the tape of many favorite Is¬ sues "sellers twenty days." As many sales are made for foreign account in the regular way. these earmarked tran¬ sactions do not show the full extent of this foreign liquidation of bonds, most of which is credited to Germany. Northern Pacific 4s and 3s, Southern Pacific 4s and convertible 5s, Central FINANCIAL.LOCAL AND OTHERWISE. BYLA. FLEMING. Tust companies are objecting to hav¬ ing: their field of operations invaded by members of the federal reserve system. The American Bankers' Journal goes so far as to suggest that trust com¬ panies appeal to legislatures of the various states that are now in session for protection of their right. That members of the federal-reserve system will take advantage of the pro¬ visions of the law, more or less freely, is evident from the fact that two na¬ tional banks of this city have filed their applications: one has beeji grant¬ ed the right to act as executor, admin¬ istrator, registrar, etc., and the other expects the approval of its application in the immediate future. The question of the conflict of local laws, in so far as the District of Co¬ lumbia is concerned, is one of consid¬ erable interest. Under the District code a trust company cannot be or¬ ganized unless a capital of at least one million dollars has been arranged. Permission has been granted, through the Richmond regional bank, jvith the approval of the federal reserve board, for an institution of less capital, though with capital and surplus much above the 51.000,000 mark, to exercise these functions. Sentiment of the federal reserve board has been tested in the matter and the theory advanced is that the federal reserve law overrules the pro¬ visions of the District code. Congress being the author of. both the reserve law and the code. Another provision of the code of the District as to trust companies requires that. 25 per cent of the capital stock of the trust companies be carried with the controller of the currency as surety for trusts which they may as¬ sume. Several of the trust companies have given mortgages on certain properties as their quota of surety, while others have deposited bonds and other securi¬ ties. While admitting that the federal re¬ serve board may lodge in the member banks the right to do a trust company business, some trust company officials believe that the courts are likely to insist on a bond for trusts assumed. The former claim to believe that the federal reserve law will be found to cover this feature of the case, as well as the capital provisions. ThotBeef Barons. From time to time much has been heard of the --^beef barons" and the "packers' trust," said to be in busl- ness for the express purpose of get- ting all the profit possible out of the meat business at the expense of the people. In this connection the March circular of the National City Bank of New [York, edited by the late director of the mint, George E. Roberts, has this* I'ather interesting comment: "Since January 1, 1915, five of the 'argest companies in the packing in¬ dustry have reported gross sales of $1,184,121,449 and profits of $21,771,- 152 or l.S per cent on the turn over. The combined capital of the companies was $292,000,000 and the earnings on the investment 7.4 per cent. Their bonded debts at the beginning of the year totaled $65,800,000 and their bills payable, $108,884,000. "The average profit on/dressed beef last year, computed at the rate of profit on all sales, was one-quarter of a cent a pound, a fact inconceivable to many people, because they do not ap¬ preciate that a very small precentage of profit on an Immense business may yield a large profit In the aggregate. "The law3'ers of the Department of Justice were not interested in the mar¬ gin of profits, they were interested in whether or not there had been a con- Pacific 4b and Atchison 4a have been standing this foreign selling very well and some large blocks have recently changed hands. March Disbursements, $116,459,308. Interest and dividend disbursements j this month will amount to $116,459,368, according to compilations made by the Journal of Commerce. This compares with $122,035,357 in March a year ago. Of the grand total dividends will con¬ tribute $54,359,368, a decrease of $10,- 195,989, owing to the fact that many corporations have either omitted or re¬ duced payments to stockholders. For the first time in a number of years the United States Steel Corporation will make no disbursements to the holders of common stock. A year ago the cor¬ poration paid out $6,853,781, or 1% per cent. Interest payments will approxi- mate $62,100,000, against $57,600,000 in the same month a year ago, account of the increase being due to new bond and note Issues. The cfty of New York will disburse in the way of interest $10,000,000. Besides, it will pay out $5,- 000,000, representing maturing revenue bonds. A summary of the March dividends, with comparisons with the same month a year ago, follows: 1815. 1914. Railroads $29,776,644 $36,299,404 Industrials 22.4tS.924 25,812,133 Street railway* ........ 2.166.800 2,423,820 Total $&4.3B9.368 $64,535,367 _ W. S. COUSINS. COTTON MARKETS. NEW YORK. NEW YORK, March 6..The cotton market showed increasing firmness today, with business more active and general than for some time past. The close was firm, at a net advance of 14 to 16 points. \ The market opened steady, at an ad¬ vance of 2 to 3 points, in response to relatively firm Liverpool cables and over¬ night buying orders, Inspired by the firm¬ ness of yesterday, the large spinners' takings for the week and the continued steadiness of the southern spot markets. There was enough realizing to cause some little irregularity right after the call, but there was very little cotton for sale, and prices soon became firmer. De¬ mand seemed to broaden as the market worked higher, and in addition to cover¬ ing there was considerable buying by houses with southern. Wall street and western connections. Active months sold 14 to 17 points net higher in the late trading, with July contracts selling at 9.07, or 52 points above the low level reached on the break early in the week, while October touched 9.32, or within 18 points of the season's high record. The buying seemed to be encouraged by the absence of hedge selling, reports of a good spot demand In the southern mar- kets and bullish advices as to new crop prospects, which included statements that sales of fertilizer tags in Georgia were running far behind last year's figures. Reports that a steamer with cotton from Galveston to Rotterdam had been stopped by British warships appeared to attract little attention, and senti¬ ment as to shipping conditions seemed to be somewhat less apprehensive. Some traders are predicting a great increase lrr-shipments of cotton to Rus¬ sia should the Dardanelles be opened by the allies, while unfavorable Brit¬ ish tratle returns as to exports were offset by reports that Manchester was very actively employed on heavy army orders. NEW ORLEANS. NEW ORLEANS. La.. March 6..Cot¬ ton bulged sharply, on the week-end session, standing 15 to 16 points over Friday's last prices at the highest and closing at a net gain of 10 to 13 points. Peace rumors were the strongest in¬ fluence in the trading, although a ru¬ mor that the allies would put cotton back on the non-contraband list caused no little buying. Reports that spot shorts were having a hard time cover¬ ing commitments in Texas, which ad¬ vancing prices in that state seemed to confirm, also had something to do with the strength of the market, as did a statistical estimate showing that over 25 per cent of the cotton acreage of last season would go into grains this season. The market was active, for a week end, and much fresh buying came in. Stop-loss orders in considerable volume were reached on the short side and bears showed no aggressiveness at any time in spite of the advantage given them by high insurance rates on ship¬ ments to Europe and predictions of heavy tenders on contracts in both American markets in May. spiracy affecting prices, and they did not regard any of the foregoing facts as pertinent to their inquiry. This illustrates how the lay mind differs in its methods from the legal or offi¬ cial mind. The layman would be in¬ clined to think that the essential thing was whether the margin between live cattle and dressed beef was as small as it could reasonably be and if he found in the affirmative to accept this as sufficient proof that no -very ef¬ fective or at least harmful conspiracy existed." Grecian Exchange. For the first time arrangements have been made whereby the Grecian mer¬ chants, and there are thousands of them in the United States, can pur¬ chase exchange direct on their own country. Heretofore, when the settle- inent of an account in Greece was necessary, London exchange was the medium by which settlement was made, pounds, shillings and pence. The Irving National Bank of New York city has inaugurated the innova- tiori, and will now draw on the Na¬ tional Hank of Greece, and drachma, the money unit that the Greek has al¬ ways known, will be the medium of settlement. hi this way the toll always paid to bankers in the old financial centers is being eliminated: roundabout trade customs are being wiped out and the dollar is gradually coming into its own. It's the same way In South America; the National City Bank of New York and the Commercial National Bank of Washington, maintaining branch offi¬ ces under the privileges accorded by the federal reserve act, are advancing the cause of the dollar at the expense of the pound, the franc and the mark. And this movement, although in its in- cipiency, is bound to grow to the add¬ ed fame and importance of the great American dollar. On Overdrafts. Some Michigan legislator has gone the controller of the currency several points better in the matter of protest¬ ing against overdrafts. A bill has been introduced at l^ansing providing that overdrafts for sums un¬ der $25 shall be considered a mis¬ demeanor and that overdrafts for sums in excess of this amount shall consti¬ tute a felony. All bills do not reach enactment by any means. An overdraft on a check¬ ing account does not reach the dignity of an overdraft until the officials of the bank upon which it has been drawn permit of its payment, so that they would be parties to any misdemeanor or felony that might be perpetrated In this line. The overdraft question seems to hare simmered down; financial papers paid it their respects in the form of many editorials, in which they pointed out the fact that officials of a bank are the court of last resort In the mat¬ ter of the honoring or refusing to honor overdrafts, that conditions alter cases, and that no hard and fast rule on the subject can be made. The controller of the currency has issued no further orders on the mat¬ ter. Probably the great majority of national banks have complied with the resolution demanded, couched, as did the resolutions of many District insti¬ tutions, in language that deprecate loans in the form of overdrafts, but recognising that there were Instances where serious results might follow, both to the business of the bank and business of customers, any rule from which de¬ viations were Impossible. But the controller's letter on over¬ drafts will serve its purpose; it will materially lessen the evil. It will be used as a club in the hands of bankers to check the evil among good cus¬ tomers. Conditions in United States Reviewed by Harris, Win- throp & Co., New York. ANSWERS TO QUERIES IN INDUSTRIAL WORLD Views of 2.000 Operator* Obtained; and Conclusions Brawn Are Em¬ braced in Published Circular. "The Present and the, Future of American Business" is the title of an impressive flfty-two-page publication gotten out by Harris, Wlnthrop & Co. of No. 16 Wall street. It Is not the work of one man but 700,and those 700 the leaders of thought and action in the large affairs of industry in the United States. In the introduction to the book Har¬ ris, Winthrop & Co. confess they were puzzled by the problems and paradoxes of commerce and finance that con¬ fronted the business world owing to the war. At the beginning of the gigantic conflict the universal belief was that six months 'ot such enormous expenditure and destruction as the struggle entailed would destroy trade, paralyze finance and bring world¬ wide ruin. Instead there came after a few months of general demoralization an unexampled ease of money here and abroad, a renewal of commercial activ¬ ity, a tremendous demand for certain commodities and an advance in the values of many securities. Was the improvement logical or merely an inversion of cause and ef¬ fect? There could be no denial of the rise in the tide of business confidence and activity in America, but there was doubt as to its stability. With no prec¬ edent to guide them in judging the question, they sought counsei ot 2,000 men who by their constructive work in the fields of Industry and finance have proved themselves leaders. To these men they put seven ques¬ tions, the answers to which would make clear actual conditions through¬ out the United States and forecast, so far as is humanly possible at the pres¬ ent moment, the outlook for the future. The answers are tabulated under seven geographical divisions comprising the middle Atlantic states, the New England states, the central western and Rocky mountain states, the north¬ western states, the Pacific, states, the south Atlantic states and the south¬ western states. It is posible, therefore, to see at once if a specific condition is general or whether it affects only cer¬ tain sections of the nation and if so to what degree. Questions and Answers. The questions and the answers were as follows: 1. Have jobbers and distributers in your section large or small stocks of goods at present? Fifty-five answered large. Six hundred and forty-six answered small. 2. Are those who are able to save, in¬ vesting their savings or allowing them to accumulate in the banks? Two hundred and sixty answered in¬ vesting. Four hundred and forty-one answered not investing. 3. Is the unemployment of labor in your section unusually large for the season? One hundred and twenty-nine an¬ swered unusually small. One hundred and thirty-seven answered about as usual. Four hundred and thirty-flve answered unusually large. 4. Do the higher freight rates whleh FINANCIAL. FINANCIAL. FINANCIAL. -4 rrn ;World. id on ike Back of every man Shrink from its weight and y&ur burdeivs* grovfe doubly Keay/, carru it uJith a square shoulder and it rides like a bubbl Make up your mind to save, Square ytmr shoulderr and start. mxzzxz PCCOEOECCCO HOME Open arc Account ^BRAMCH: SAVINGS BANK SEVENTH STREET & MASSACHUSETTS AVENUE Safety' For* Savings WEEK'S RANGE OF PRICES Corrected to the Gose of Business March 6 the New York Stock Exchange. at Railway and Miscellaneous Shares. The following table shown the week's highest, lowest an5.5L,0y"fk P|tock individual sales and net changes of securities sold on the New Vo:rk Exchange last week. High and low prices are also given for the year the year 1915 to date. . 1ftir 3914 1015Week ending March 0. 1910. Blfh. 28% 78% 33% .35% 53% 46% 25% 32% 11% 37% 71% 109% 124% 256 38% 100% 101% 52% 08% 83% 46% 84% 30% 220% 88% 68 15% 107% 136% Low. Hlpti. 19% 30% 48% 19 19% 42% 32 17 19% 7% 20% 50% 97 114 215 24% 89% 96% 38% 67 69 29% 79 15% 153 25% 40 9% 84% 122 No Sale 44 139% 13% 20% 82% 49% 99 95 28% 57% 19% 16% 65% 113% 10% 41 58% 42 31% 48% 48% 28% 27% 11% 28% 67% 111% 121% 234% 28% 96% 99 40 74% 73% 57% 88% 21% 168% 39% 46% 12% 93% 129% 22% 37% 122% 10% 13% 23% 37% 94% 96 33% Law. 26% Alaska Gold Mines 14,800 50% Amalgamated Copper 42,600 33% 25 40 39 19% 20% 7% 19 56 99% 116 220 24% 92% 96 26% 63% 67 Am. Beet Sugar. 7." Am. Can 9,8o0 Am. Car & Fdv. Co 1.600 Am. Cotton Oil Am. Hide & Leather pfd.. I,u00 Am. Ice Securities 7,000 Am. Linseed . .. *»210 Am. Locomotive ......... 2,0o0 Am. Smelting 14,595 Am. Sugar ........ 2,550 Am. Tel. & Tel 3,200 Am. Tobacco J»8o0 Anaconda Atchison, Top. & 8. Fe... 8,»00 Atchison, Top. & S. Fe pfd. l»^-0 Baldwin Locomotive Co.. 1,600 31% 112% 7 11 20% 82 37% 70 19% 184% 111% 118 39% 22% 35% 40% 14*4 10% 60 82 6% 30% 156*4 118 i ai 7& 125 14% 41% 17 46% 16% 8% 26 7 41 120 40 10% Baltimore & Ohio 11,515 ui Baltimore & Ohio pfd.... 2,876 46% Bethlehem Steel . 1.. 19,000 84% Brooklyn R. T 3,200 15 California Petroleum .... 3,600 153% Canadian Pacific 18,300 32% Central Leather 13,810 40 Chesapeake & Ohio 3,170 10% Chicago Great Western.. 1,000 83% Chi., Mil. & St. Paul 6.92o 121 Chicago & Northwestern.. 1,500 18% Chi., R L & Pac. Ry 3,360 32% Chino Con. Copper....... 6,050 113% Consolidated Gas 2,300 8 Com Products 2,310 Distillers Securities 8,770 Brie 14,500 Erie 1st pfd ~. 4,100 General Motors 2,520 General Motors pfd 1,300 5% 19% 82% 82 90% 24% 1.700 141% 15% 44 17% 73% 24% 24 60 30 52% 139 52 16% 96% 78 31% 105% 118% 29 52% 20% 13 58% 99% 9% 37% 139% 121% 28% 6I>% 27% 77 20% 12% Goodrich, B. F 112% Great Northern pfd 25% Great Northern Ore. subs. 45% Guggenheim Exploration.. . 16% Inspiration Copper 10% Interborough Met 49 Interborough Met. pfd. -.. 90% Intemat'l Harv. of N. J... 8 International Paper 33 International Paper pfd... 129% Lehigh Valley 110 Louisville & Nashville... 15% Maxwell Motor Co 12,845 43% Maxwell Motor Co. 1st pf. 24.210 sr. 20rjr> 17,800 High. 30% 55 40% 28% 42% 46% 27% 27% 9 20% 64% 102% 120% 225 26% 96 98% 29 68% 68% 56% 88% 18% 158% 34% 42% 10% 88 123 22% 36% 117% 10% 10% 22% 36 94% 95 32 4,600 116 6,800 32% 2,400 19.100 4,950 19,200 1,150 2,000 3,785 6,400 51% 20% 13 58% 93% 9 37% 134% 18 Maxwell Motor Co. 2d pFd. 51 Mexican Petroleum 17% Miami Con. Copper. 7% Missouri, Kan. & Tex.... 26 Missouri, Kan. & Tex. pfd. 6% Missouri Pacific 42 Montana Power 118 National Biscuit 44 National Lead 11% Nevada Con. Copper 81% New York Central 43 ~ N. V., N. II. & Hartford.. 21% N. Y., Ontario & Western 09% Norfolk & Western 96% *107 " 99% Northern Pacific 17% 22% 18% Pacific Mail . 49% 18% 97% 15% 54% 132 55% 13% 92% 57 26% 103% 115% 102% 108% 103% Pennsylvania Railroad 1,900 113 28% 69% 27% 67% 20% 10% 31 12% 50% 121% 55% 12% 84 50% 26% 101% 103% 20% 23% 46 22% 172% 27 91% 22% 58 99% 28% 85% 36% 92 36% 149% 45% 8% 164% 49% 63 67% 15 26% 15 137 18 75 10% 4ft 81 14 58 20 70 24% 112 33 3% 112 22 44% 48 21% 39 18% 153% .>OSi 78% 15% 41 88% 18 63 48 96% 33% Low. 28% 53% 38% 26 40% 45% 25% 25% 8 19 61% 101 119% 223% 25% 94% 97 26% 64% 68 54% 87 1 Close. Net ch 29%+ 1% 54%+ 1% 40 + 1% 27%+ 1% 42%J- 2% 46%+ % 27%+ 1% 27%+ 2% 8-1 20 . % 63%+ 1% 102 + 1% 120%+ 1% 225 % 20%+ % 95%+ % 98%+ 1% 29+1 67%+ 3% 68%+ % 55%+ 1% 88%+ 1% 18 + 153% 158%+ 3 3,200 6.300 2,000 lt>,600 2,640 2,1 OO 11,465 2,900 19,300 32,650 4,875 1.6O0 6,700 1,200 . 8,100 105% 20% 15% Pittsburgh Coal 1,500 25 Pressed Steel Car ... 2.200 28 15% Ray Con. Copper 8,250 17% 140% Reading 119,000 145% 19 Republic Iron & Steel.... 1,100 20% 72 Republic Iron & Steel pfd. 1,500 76% 11% Seaboard Air Line 1,600 13 32 Seaboard Air Line pfd.... 2,200 34 81% Southern Pacific 23,000 84% 12% Southern Railway 3,850 15% 43 Southern Railway pfd... 2,715 48% 35% Studebaker 9,750 48 91 Studebaker pfd -. 1,100 93% 25% Tennessee Copper 10,800 28 OO/g .«-> 716 i . "fr-* 135% 123% Texas Company . ... 33 40 10% 84% 121 18% 35% 115% 9 5% 20% 33% 91% 94% 30% 113% 31% 49% 18% 12 55% 90% 8% 35 132 110 24% 63% 25 65 19 9% 2« 11% 49% 11!'% 49% H% 81% 4.1 23% 100% 1(10% 18% 103% 20 16% 142% 19% 75% 11% 32 81% 13% 43 45% 92 26% 33%- % 41%+ 1% 10% 87%+ 2% 123 + % 22%+ 2% 36%+ % 117 + 1% 9%+ % 8 2% 22 + 1% 35%+ 2% 92%+ 1% 94%- % 30%- 1 115%+ 2 31%+ 1 50%+ 1% 20%+ 1% 12%+ % 58%+ 2% 91.1 8%+ % 37 + 3 134%+ 3 113 +1 27 + 2% «7%+ 4% 26 + M 66%. 2«'%+ 1% 10 27.4 11%- % r.n%+ i% J20U.+ 2% 54%+ 5% 12%+ % S3%+ i% 50 + 4% 25%+ 2 101%+ 1% 102%+ 2% 20%+ 1% 105%+ 20%+ 25%. 1% 17%+ % 145 + 2% 20%+ 1% 76%+ 13 + 1% 33%+ 1% 84 + 2 15%+ 3% 48+5 47 + 1% 93%+ % 27 V 112% 103% 59% 45% 66% 53% 79% 64 103% 89 No Sale 50% 6% 122% 35 59% 53% 109 55% 64% 74 95 100 35 Third Avenue R. R 32,600 4% Union Bag & Paper 1.400 5% 115% Union Pacific 62,500 119% 23 United Railway Inv. pfd.. 1,500 29 51% U. S. Rubber 2,495 57 38 U. S. Steel 165,600 45% 102 U. S. Steel pfd 5.500 105% 48% Utah Copper 12,150 53% 57 Western Union Tel....... 3,600 63% 64 Westinghouse Mfg....... 4,600 69 90% Woolworth 1.600 95 87 Willys Overland 3,300 100 l]070 133% 127% 133%+ 4% 50% 47% 49%+ 1% 5 5 117% 119%+ 2 28 + 2% 56%+ 2% 44%+ 2% 105 + 1% 52%+ 1% 63%+ % 6R%+ 3 95 + 1% 99%+ 3% 25 53% 42% 103% 51% 62% 66% 94 96% the railroads are now permitted to im- pose an appreciable burden on domestic trade? .. , Six hundred and eighty answered that the increased cost of freight is not ap¬ preciable. Twenty answered the in¬ creased cost of freight has checked business. . . . 5. We have heard it said that While money is cheap, credit is subnormal. Is this true of your section or can the averasre borrower obtain the money he requires with the usual facility. Three hundred and ninety-three answered credit is closely scrutinized. Three hundred and seventeen answered fa¬ cilities about as usual. Fifty-eight an¬ swered accommodation unusually abund¬ ant. 6. Are people generally disposed to economize and if so is this economy caused by reduced earning power or increased thriftiness and sobriety of thought and living? (If it be true that "Economy is wealth" this is the most important of all the questions sub- Four hundred and fifty-eight answer¬ ed economy g.Jieral from necessity. One hundred and eighty-four answered economy general from choice. One hun¬ dred and four answered no unusual economy noticeable. 7 What, in your opinion, is the out¬ look for American business during the One hundred and sixty answered dis- couraffin*. One hundred and twenty- one answered Normal. Four hundred and twenty answered encouraging. Conclusions Based on Inquiry. From the answers it is plain that job¬ bers and distributers generally have small stocks of goods on hand and need supplies; that of such persons as are able to save, the majority are not investing; that unemployment is un¬ usually large; that the 6% increase in railroad rates has not affected business adversely; that the supply of money is normal, but credit is closely scrutin¬ ized; that economy is becoming gen¬ eral, both from choice and necessity, and that the general outlook is en¬ couraging. The writers include bank presidents, railroad presidents, heads of iron and steel mills, farmers, lumber merchants, paper makers, publishers, miners, wholesale grocers, glove manufactur¬ ers, Tieads of insurance compahies, lawyers, retired capitalists, makers of sewing machines, firearms, stoves, pul¬ leys, agricultural implements, break¬ fast foods, rope, twine, pins, carriages, automobiles, furniture, flour, electric cranes, screws, millinery, bridges, pianos, office appliances, pharmaceuti¬ cal preparations; heads of telephone and telegraph companies, sugar mills, distillers, breweries, woolen mills, cot¬ ton mills, cotton seed mills, gas plants, electric light and power companies, dealers in lumber, coke, pig iron, gen¬ eral merchandise, sand and gravel, valves, varnishes, drills, stationery, ce¬ ment, plate glass, ink, asphalt, leather, railroad experts consulting engineers, land agents physicians, sugar planters, hotel owners, cai* manufacturers, wholesale druggists, etc., etc. It is SilK in the set answers, but in the detail with which the respondents analyze affairs in their territory, and illustrate their observations that the reader gets the full significance of this * National Metropolitan 1 / Bank | fifteenth street. Opposite U. S. Treasury. Oldest National Bank in tlio Uii-- A trlct of Columbia. Invites ac- ^ counts of all sizes an«l solicits v interviews wltl. those contem- plating new banking connections. | 1 WILL SELL *5,000 Wash. *"'¦ * '5J; ' 0,1.;. Potomac < onsld. .» a at M» - 45 C apltal Traction at 01. 25 Want. Buy. pM- ¦' 40 Washington tins at 10 Merinltaler at 17' «¦ <"*. 55 1-annton at 57. ^ 0- 200 Real Estate Tnut atI 5 Wash. * Southern Bank at ¦M Franklin National Bank at l-». 10 I'nlon Truit <bid wanted*. 25 Gaiety Theater at 145. I WILL BUY .85SStSt.*S^k ««. S5.000 Potomac Consld. 5/e ai 25 Walk. Rw7- Pfd- #t , HO W«»hln*ton Gmu at 72* . / 10 Mergea thaler at 171% ex. dlv. 5 Laanton at 52. 50 tirapbopboae pfd- (offer ' 50 Grapbopbone com. (offer waateai. Subject to previous acceptance of cancellation. All executions for cash. Buying and selling orders on all listed stocks and bonds sollcted. Deliveries for eaak at your owa bank. THOMAS L. HUME, Broker, 1410 G St., Rooms 9-11. Tel. M. 1346. S AND 6% MONEY to Loan on D. C Real Estate jEMr I.. HE1SKEI.L. 1403 H <«. m.m. Money to Loan ¦ecnred by Flnt D«*<J of Tnut on B<-sl B«a » PreTilllDK interest si* Toseph I. Weller. 62Q^F_S*_N^W^ searching and Important Inquiry. In period of stress or profound event tlie strength of the Individual Is most man¬ ifest. By reason of this fact the let tcrs have a vigor and a deep sincerity that would not be so apparent at an¬ other time, perhaps. Reflection of Many Views. There is much that these men tind to criticise and to suggest especially as to the administration, legislation concerning business and the present tariff- The book would not bc_ of so much value if It did not reflect so well the minds of so many earnest men. Its reading impresses one with Ilia conclusions that America has come out of the shock of the European cataclysm wonderfully well; that our Illness structure Is basically sound, and that, while the recovery is slow and may continue to be slower than we in our impatience might desire. It neverthe¬ less will be sure and all the more last, lng. _____ TTEW YORK PRODUCE. NEW YORK, March 6..Flour.Quiet, Rye flour.Dull. Buckwheat flour.Dull. Buckwheat.Steady. Cornnieal.Steady. Rye.steady; No. 2 western, 1.22 c. L t New York. Barley.Steady. , ir, Wheat.Spot strong; No. - red, 1.52, and No. 2 hard, 1.53^i all rail c. i. f. track export; No. 1 northern Duh.tN 1.48, and No. 1 northern Manitoba, 1*>-V* c. i. f. Buffalo. Futures steady. May, 'com.Spot firm; No. 2 yellow, SI! *4 c. 1. f. to arrive. . . Oats.Spot steady; standard. 611 No. 3 white, 61; fancy clipped white, b3» 64. Hay.Firm. Hide^Quiet; Bogota, 31; Central American, 30. Leather-.Firm. Pork.Steady. Lard.Firm; middle west, 9.90al0.00» Tallow.Steady. Wool.Steady. Rosin.Quiet. Turpentine.Steady. Rice.Firm. Molasses.Steady. Evaporated apples.Quiet. Prunes.Dull. Apricots.Steady. Peaches.Firm. Raisins.Quiet. New York's Need. From tbe Newbur* Journal. Billy Sunday says he can wake up New York. That will never be ncces. ,.rv What New York needs is some¬ thing to put her to sleep. She need* a narcotic more than a stimulant. Superstrict. From the »» Hmten B«ii,ter. "I understand the Blanks are strict vegetarians." ..Strict'. 1 should say they are. W hy, they won't even let their children eat animal crackers."

Begarded Div¬ Trade Account HOME ^BRAMCH: SAVINGS · TRADINGIN STOCK; CUTSINTOVALUES Market Unable to Withstand Moderate Pressure Exerted Against Leading Ones. DEMANDSEEMSSTRONG

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Page 1: Begarded Div¬ Trade Account HOME ^BRAMCH: SAVINGS · TRADINGIN STOCK; CUTSINTOVALUES Market Unable to Withstand Moderate Pressure Exerted Against Leading Ones. DEMANDSEEMSSTRONG

TRADING IN STOCK; CUTS INTO VALUESMarket Unable to WithstandModerate Pressure Exerted

Against Leading Ones.

DEMAND SEEMS STRONGFOR INVESTMENT ISSUES

flews of Iron and Steel Industry Ac¬

cepted as a FavorableTrade Augury.

NEW YORK. March H..Some reac¬

tion from yesterday's strong undertonewas manifested by today's stock mar¬

ket. trading in the short session beinggenerally at the expense of quoted val¬ues. Dealings were restricted to a de¬

gree by the storm, which 'cut off com¬

munication with interior points. Trad¬ers as a whale were again committedto the short side, but were cautious intheir attitude.

,Shares of the "Soo" road were al¬

most the only railway issues to makefurtlier improvement, most of the Pa¬rities. trunk lines and grangers beingunder moderate pressure. Some of the

high-priced specialties, including Amer¬

ican Tobacco. I.igg.tt & Mjers andIftOrillard. were strong. 'the peculiaicharacter of the movement in dormantissues was seen in a II-point gain for;

Harvester Corporation common ami a

decHne of 4'- point." for the preferred.American Locomotive preferred, with

a drop of :: points, an.l I'resse. SiLeelfar common and preferred, each ofwhich fell points, met their ne\. mill-ilnum prices. American Woolen andMexican I etroleum displayed some

weakness, the entire list showingheaviness at the end.

Recoveries in Grain Market.Grain markets made some recovery

from their recent steady declines on

Increased buying by European inter¬

ests Foreign exchange was dull.mittan.es to London and the continent j'The'me* sor^of "hc"demand for in-vestment issues was^seen in the c,°s-ine of the new St. Paul bond issue ai

a profit to the underwriters andpar-ticioanf Trade reports indicatebetter condition in the main, with somebackwardness at eastern and southernPFinancial operations of the

were primarily responsible for ttieTarge actual expansion ,.f bank loans,which exceeded 532.000.000. while thecash holdings were slightly inereased.Excess reserves were.contractted hoever, to the extent of over $a.000.000.Bonds were steady, with total sales

(par value* tl.59T.000. Panama reg¬istered 3s advanced -» per cent on theweek.

Market Firmer and Quieter.More confident sentiment was re¬

flected in the firmer and quieter stockmarket this week. There was evident¬ly less fear of this country becominginvolved with belligerent governmentson account of --eprisals afTecting ourcommerce. Official optimism at Wash¬ington over Germany's reply to thisgovernment and the chances of Brit¬ish concessions helped this feeling. Onthe other hand the British plan tointerdict German sea trade and the at¬tempt to open the Dardanelles had theeffect of increasing belief in rumors ofpeace prospects. Speedy disproval ofsome of these rumors established theirpurely conjectural nature. jWheat's violent tumble was affectedIndifferently by fears of interruptedshipments through war measures and ofrelease oI Russian shipments and byrumors of cancellation of export orderson peace prospects. Foreign trade gen-.rally was decidedly affected by t.icseInfluences, February's fourth weektrade balance showing a marked de¬crease from preceding weeks, while for¬eign exchange rates stiffened. Therewere further sales o: American secun- jties from abroad; private banking;credits to foreigners and offerings ofnew German war loan notes were re¬ported at Chicago and other westernpoints. Several small imports of goldwere received and more of th- preciousmetal is now in transit from Japan.

Metal News Is favorable.Favorable trade auguries were cirawn

from iron and steel news, showing in¬crease in February production, andMarch i furnace capacity further ex¬

panded. The month's enlarged steel jshipments, with lessened rate of new

bookings, forecast a sma'ler increase inUnited Sta'es Steel's unfilled orders than |last month. The rate of new bookingsfor March also is in question. The priceof refined copper rose again. A lull wasreported in western freight tonnage, andJanuary earirgs pointed to the severeeconomies in force.Adjournment of congress was a fa¬

vorable influence. Argument for western,0*eight increase and Missouri's refusalto allow a ^.'."nt fare entered intocalculations. Default of the WesternPacific railroad was without effect onthe general bond market, which wasbroad and showed a strong undertone.

CHICAGO GRAIN.CHICAGO, March 6.Unabated for¬

eign buying tended today to dispeldread of a flood of Russian wheatthrough the Bosporus and helpedbring about a strong market here.Prices closed steady at 21* to 3 netadvance. Other gains were: Corn,to oats. to ?«al, and provi¬sions. 10a 12\'z to 25.

Cxport business in wheat today,which was said to aggregate at least1.000,ooo bushels, was shared in notonly hv seaboard cities, hut also i>yChicago. St Louis. Kansas City, Du-luth and Winnipeg. In addition tospot cash purchasing, the July deliv¬ery. ats well as the May option, was

libera)!? taken on foreign account.Heretofore, a¦> a rule, Kuropeans haveconfined their future trading to May.

Confidence among wheat buyers be¬gan with announcement that quota¬tions at Liverpool were firm, and was

notably increased by private adviceshere from l>trograd saying it was un¬true that great shipments would bemade fron: Russia an soon as theDardanelles were open. In this con¬nection. persistent demand from Italyand other Mediterranean countries wasregarded by bulls as extremely Higntficant, especially in vi«-w of fresh un¬easiness about the Balkan state* Un¬favorable weather in Argentina andthe Punjab assisted in preventing anylasting interruption of the day's ad¬vance.Scantiness of receipts had a strength¬

ening effect on corn. So, too. did thewheat bulge. . Nevertheless, there was

enough bearish sentiment in the pit toenlarge offerings whenever the ascentappeared throughout the session. Itmas said that even without any freshcall they would be kept busy for some'jtime filling present contracts to shipto the seaboard.Higher prices for hogs and grain

made provisions climb. The bulk ofthe buying came from shorty.

TREASURY STATEMENT.The condition of the United States

Treasury at the beginning of businessjesterday was:Net balance in general fund, $44,914,-

363.Total receipts. $1,987,164.Total payments, $2,088,089.The deficit this fiscal year is $S0,963,-

against a deficit of $26,602,365 lastear, exclusive of Panama canal and

public debt transactions.4

CLOSING STOCK LIST.NEW YORK. March 6. Clos'f

Low. I'M.~V-~" *14% wAmal*amated Copper °*' 49'American Agricultural *397.2 40American Beet Sugar <)v< 27% 27%American Can ."TW 94% 94%American Can pfd "

... 4'jUjAmerican Car ft Foundry 45u,American Cotton Oil ,;«j; "07* 27%American Ice Securitiea -4 8 **

American Linseed 2<>American Ix>comotive .»;" *C3Vi 03riAmer. Smeltins Jk Reflnln* ....* ** .

lou..Amer. Smelting ft Refining pfd- -y,," ioo 102%American Sugar Refining ' V r>0'i, 12i»%American Tel. & Tel }*!> A-'. 224%American Tobacco 26% 2fi' 1Anaconda Minlnc Co ~-T^ j)5vt 95%Atchisons>8i. 9814 98Atchison *

100%Atlantic Coast Line "«8% 67%Baltimore & Ohio -J.,, 57,55%Bethlehem Steel * £ sS%Rrooklyn Rapid Transit..iJ| 158% 158%Canadian Pacific 33%Central Leather '4la- 41*. 41%Chesapeake & Ohiomi, ioiz. 10Chlcaeo Great WesternChicago. Mil. & St. Paul

Chicago ft North Western :{6,; ;mChlno Copper *

... 23%Colorado Fuel A Iron j,7 n«%Consolidated Gns irjifc V% 9%Torn Products 1 ,H| \\7,Delaware ft Hudson ** "

... 6T>envcr ft Itfo Grand" J»*i! Denver ft HI* Grande pfd s gDistillers* Securities.joi^ .« 22| Eric 357- So12 33%Erie 1st pfd *

.. 28Erie 2nd i.fd..... 139General Electr!»- :j:r ji:,, tl."»%Great Northern nfd J .,OR? 310-1 3114G-rat Northern Ore t.tfs

Illinois Central :«'. *j2i^ 12%Tnterborough Met. *

>r-i .",STntprh'»r«»iich-Met. pfd *" 1f|,90Inter. Harvester *J

&yATnternritional Paper ....

^International Pnmp ".?17" "i's 22Kansa* City Southern » **

fXTC,Vv".v.v.v.v.:::: aw «.;>Tjonisvillc ft Nashville1 {;jiZ 1 HiMinn St P ASauIt St. M-... 11;^ l jj* l()Missouri. Kansas A:Texasnr,Mlsmirl Pacific .*... J- ltt#National Biscuit 54.-,'\a1|«»rvil |.<*:»d i,a 1'*

10U. 10% 10£7% 87*4 *7»4

122

Vat'l Rwy*. of Mexico 2nd pfd. -¦¦¦. wr»xc York 'Vptm! V**''1 1 ,l

V Y. N U. A. Ila^rordVctr York. «»nt. A Western 1^,,^Norfolk A- Western 1 .7. 1Vort'i An»er!can *:' ;A.">n: i.UvNorthern Pacific I"*' ¦» ^ 1 iHi*Ps.-in.- MailTVnn.ylvnll "> >.» l<«'i J"->Pe,.ril»»*s GasP'Tts'uirffh. P. c. A St. T^ou'.s... ... .»'?P!»t«lM.r-i. Coal 2»'..rJUT*r»»««;ed Sf'-oJ Car Jz'.'"if ,-,VPullman Palace Car 1??trR*s- «*. nner « 1' *

.«;»Repuldle Iron f- Stee! iR»»r»'!hlic Iron & Steel pfd «'»TH**2 |Rock Island Co *":,*.* "it-" tu8Ro.-k Niand «"». "fd I1* 1V«St. T«ouls ft San Fran. 2d pfd...Scai'oird Air t.inc 'ri;: .,wSealK»ard Air Lino nfd .*' .»» « !,- *SIoss-SbcffleM Steel ft Iron "A.*,-; S".J-Southorn Pacific S4>4 S.i'. %

SoiTthom RnllwarSouthern Rallwst pfd *o-i".»-

*Tennessee Copper *hA,1Toxatf. 133'iiTcias * Pn'-iflc :: ; ;'.V .^-.4I'nlnr US" U£» U&»fni.r Piclfic nfd .*%Pit I ted States Roaltr ....; '*.

rn'te.1 Statos RnW#r .»«aIk"T tilted Sta»o« Steel ,,Ti~f'nlted States Steel pfd 1T'rah Copner oT s o7 8Virginia-Carolina Chemical ...

-lWahauh ,!7Waha«h nfd oftifTVrwfern Marrland\r.wt,.rn Pnion JgfTV#»«t*nir^<v'«o Elect.c 6SU <»»*.»

«a

TY' »»cl!nr ft Lake ErI®Total sales for the day. 9«.00«> sl.ares.

NEW YORK BOND LIST.'(GENERAL.)

NEW YORK. March C.C. S. ref. 2*. registered 981-1.U. S. ref. 2s. couponU. S. 3s. registered IOIVj1". S. .Is. coupon 101 J-iU. S. 4s. reeistered lOil^-oU S 4s. coupon 1101*Panama 3s. coupon 101 %American Agricultural 5s *100i2American Cotton OH 5s *91 ^American Tel. ft Tel. cr. 9J»®mAmerican Smelting 6s 104T»American Tobacco 6s *120Armour ft Co. 4*£s 91 \'3Atchison gen. 4s 92 *

Atchison ct. 4s G960) ft.r»Atlantic Coast Line clt. 4s *H4Baltimore ft Ohio 4sBaltimore ft Ohio cr. 4%* 85^Bethlehem Steel ref. 5s 88Brooklyn Transit ct. 4s *83Central of Georgia 5s *101Central leather 5s 99Ch«-sar»eak^ ft Ohio 4^s 86Chesapeake ft Ohio cv. 4V£s 74Cliicairo. B. & Qulncy joint 4a 95a4Chh-ego. B. ft Qulncy gen. 4a 90Chicago Great Western 4s - 70%Chicago. Mil. ft St. P. ct. 4^s - 96VtChicago. Mil. A St. P. cr. 5s 101?;Chicago. Mil. ft St. P. gen. 4^is 100*4Chi.. II. I. ft Pa< R.R. clt. 4* ctfs 22%Chicago. R. I. ft Pac. R. R. ref. 4aChicago ft Northw«»stern SVis *80Colorado ft Southwestern ref. 4%s *82Denver ft Rio Grande ref. 5s 46DiHtillers' Securities Jia 48^line cr. 4s. series *"B" -64%Erie gen. 4s *66%Gcnerai Electric 5s 102%Gr*at Northern 1st 4*4s "H»8Illinois Central ref. 4s *85!nterl>orough-Met. 4VjS 75%Kansas City Southern ref. 5a..... *J*9I-ake Shore del*. 4* (1931) 90%Mggett ft Myers 5s 100%I»rilla**tl 5s 100IxjuisTille ft NashTllle un. 4s 91*4Missouri. Kan. ft Texas 1st 4a 77%Missouri Pacific ct. 5s 49New York Central pen. 3%s -80>ew York Central deb. 4s vH7New York C*»ntral de'». I'm 101*4.Nov York City 4%« (1963) 104%>ew York State 4%s 10*%New York Railways adj. 5s 54N. Y.. N. H. ft Hartford ct. 6a 105Norfolk ft Western ct. 4%s - *10r>%Northern Pacific 4s 90%Northern Pacific 3s 64Oregon Short Line ref. 4s iK>Pacific Tel. ft Tel. 5s 1>7%Pennsylvania ct. 3%s (1915) 10<»Pennsylvania «on. 4* *97%Pennsvlvanla con. 4',-is 1"3%Ray Consolidated 6* 107Readlna gen. 4s t»2%Republic St«'#»l 5s (I940» 'XISt. Tiouls ft San Fran. ref. 4s 64St. Louh*. Southwestern con. 4s 155%Seaboard Air Line adj. 5sSouthern Beil Tel. 5s 98Southern Pacific ct. 4sSouthern Pacific ct. 5sSouthern Pacific rof 4s 84%Southern Railway Bs 9S%.Sjuthern Railway gen. 4a *T,uTexas Company cv. 6s *i»S%Texas ft Pacific 1st *95%Third Avenue adj. 5s xl uFnion Pacific 4» 95%Colon Pacific cv. 4s sVV S. Rublier 6s 102%C. S. Steel 5s KK>%Virginia-Carolina Chemical 5s *90Wabash 1st 5s 100Western Fnlon 4%s f»0Westlnghouse Electric ct. 5s 90%.Bid. tOffered.

LIVE STOCK MARKETS.NEW YOBK.

NEW YORK, March 6..Beeves.Re¬ceipts, 305 head; steady; common tosood cows, 3.50a5.75. Calves.Receipts,92 head; steady; vea^s, 9.00al3.00.Sheep and lambs.receipts, 1,136 head;no trading. Hogs Receipts, 1,235head; steady; heavy Illinois hogs, 7.35;roughs, 6.25.

CHICAGO.CHICAGO, March 6..Hogs.Receipts,9,000 head; weak; bulk, 6.80a6.90; light,ti.65a6.95; mixed, 6.65a6.95; heavy, 6.40a

6.90; rough. 6.40a6.55; pigs, 5.50a6.60.Cattle.Receipts, 300 head; steady;native steers. 5.85a9.l5; cowh and heif-

erw, 3.50a7.70; calves, 6.75al0.25.Sheep.Receipts, 1,000 head; strong;sheep, 7.00a7.90; yearlings, 7.75a8.65;lambs, 7.75a9.75.

COFFEE MARKET.NKW YORK. March 6.-The marketfor «*offee futures opened steady at a

decline of 1 point to an advance of2 points on the continued steadinessof Brazil and some renewed demandfrom houses with European connec¬tions. i'rices' later eased off under real¬izing and some renewed liquidation ofthe near months, however, with theclose net 5 points lower to 2 pointshigher. Sales. 8,250 bags; March, 5.68;April, 5.76; May. 5.82; June, 5.84; July,.i.H4; August, 6.91; September, 6.99;October. 7.05; November, 7.11; Decem¬ber. 7.18; January, 7.22.Spot.Quiet; Rio, No. 7, 7%; Santos,

No. 4, 9%.Rio exchange on London was %d

higher and mllrels prices were un¬changed. Brazilian port receipts, 39,-000 bags; Jundlahy, 17,006 bags. Rioreported a clearance of 1,000 bags andSantos of 108,000 bags for New York.

DRY GOODS MARKET.NEW YORK, March 6..Cotton goods

ruled steady today with moderatetrade. Yarns were dull. Dry goods im¬ports were declining. Linens were llrm.Burlaps were higher. Business in men'swear was betttr for the week.

Report of President Rea of thePennsylvania System an

Index of Conditions.

STOCK MARKET DECLINESLAST HALF OF FEBRUARY

Situation. However, Begarded as

Much Improved.Interest and Div¬idend Disbursements for March.

NEW YORK. March 6.."Busi-ness conditions on your lines, as wellas on other railroads, were unsatis¬factory during the year 1914." Withthis general statement concerning therailroad situation in the United States,President Samuel Rea of the Pennsyl¬vania lines, in submitting his annualreport for the year ending December31, 1914, calls attention to somp of thehandicaps under which the roads havebeen laboring in the past few years.Notwithstanding that important con¬

cessions were granted to the easternrailroad lines in the matter of freightrates by the interstate commerce com¬mission. they have suffered stupendouslosses by reason of the burdens im¬posed by the lull-crew ordinance. In¬creasing cost of labor and materials,reduction in revenue owing to decreasein express rates and to the operation ofthe parcels post, and under pay formail carrying due to the unfair govern¬ment weighing of mails once in fouryears, thus making no adequate pro¬vision thus far for the increasing busi¬ness of carrying the parcels post pack¬ages.The reports and records of the Penn¬

sylvania railroad during the year 1914are fairly typical, and it will be inter¬esting, theretore, to consider some as¬pects of the management of one ofAmerica's leading railroads during ayear fraught with many intricate do¬mestic problems, to say nothing of theviolent international complicationsamong the nations of Europe.

Operating Expenses Decreased.The total operating expenses de¬

creased .8.67 per cent, chiefly throughincreased economies required by theloss of revenue and traffic. These wereeffected by a reduction in the use ofmaterials and supplies, in the workingforces of all departments, and in trainand car mileage, and by deferringother expenses, but having in view atall times the preservation of the safetyof the tracks, equipment and facilities.The increases in wages of enginemen,firemen, conductors and trainmen un¬der the wage arbitration awards andother consequent wage adjustmentsand the expense of complying with leg¬islative enactments, prevented still fur¬ther savings in expenses. Railway op¬erating income shows a decrease of$3,087,538.68, compared with the resultsof the lines operated by this companyin 1913, but if the figures for1913 used in comparison had alsoincluded the operations of the NorthernCentral railway for that year the rail¬way operating income for both com¬panies would have shown an aggregatedecrease of $3,983,068.95. The net in¬come for 1914 was $34,090,764.82, a de¬crease of $7,830,067.97, compared withthe previous year, from which appro¬priations were made t.o sinking andother reserve funds; certain necessaryadditions and betterments were provid¬ed; cash dividends amounting to 6 percent were paid on the capital stock, and$123,000.53 was credited to profit andloss account.If the railroads of this country are

to appeal successfully to investors forfunds with which to carry on their pol¬icies of expansion they must at leastbe able to show a condition of financialsolvency and a surplus sufficient tocover the amount of depreciation inequipment. Some of the roads havenot been able to do this in times past,sometimes due to faulty management,but more often to the unwise stringentregulations imposed on them by stateor federal legislation. One of the mostflagrant of these is the "full-crew"ordinance now in force in severalstates; but, judging from the violentreaction of public sentiment againstthis particular law, it will soon ceaseto be operative in any state. The un¬fair treatment of the roads by the gov¬ernment in the matter of the carryingof the mails should also be speedilyremedied. Prosperity of the railroadsmeans prosperity for the people.

February Stock Market.While the stock market in the first

half of February was able to withstandthe severe bear raids that are largelyresponsible for the annual Februarydecline, it weaJcened perceptibly In thesecond half, and as a result the marketFebruary 27 was only about 2 pointshigher, on the average, than the clos¬ing prices of July last. Fear of stillmore violent complications among Eu¬ropean nations was largely responsiblefor the sagging tendency of the quota¬tions, and it was not until the markethad gone perilously near the record ofthe days immediately preceding thebreaking out of the great Europeanconflict that the price reaction waschecked, and buying, rather than sell¬ing, dominated the situation.Considering the position of the stock

market today, it has been pointed outthat we are now in a much strongerposition than we were in the days im¬mediately following the outbreak ofthe war in Europe. At that time wewere considerably in debt to Paris,Ixmdon and Berlin, and since then wehave largely liquidated these debts.Our foreign trade was then on thedecline, but since then the extraordi¬nary demands of the belligerent na¬tions for American goods has greatlyincreased our export trade, though thebusiness of the country at large is stillvery qui$t. With the progress of thewar some new problems have arisen,notably those growing out of the Ger¬man .war zone program, and this haslately centered attention upon the factthat a period of widespread warfare isnecessarily a period of uncertainty, butthe very fact that the stock markethas lately declined as a result of thatuncertainty reduces its influence as astock market .factor.The reports of the New York Stock

Exchange show that during the pastmonth the volume of stock transactionsreached a total of 4,347,866 shares,against 5,028,113 shares in Januaryand 6,176,873 shares in Februarv, 1914The par value of bonds sold during thepast month amounted to $43,723,500, ascompared with $56,867,500 in Januaryand $69,081,000 in February of lastyear. The aggregate of stock transac¬tions for the first two months of 1915is thus brought up to 9,375,979 sharesagainst 16,188,^77 shares sold duringthe corresponding period in 1914. iiondsales for the two months amounted to$100,591,000, as compared with $157,-904,600 last year. The daily average ofstock sales during February was 197,-630 shares, against 201,125 in Januaryand 280,722 in February, 1914. Thedaily average of bond transactions was$1,987,432, as compared with $2,274,700the previous month and $3,140,045 inFebruary of last year.Though it is not always possible to

detect the source of ownership ofstocks ofTered for sale, it is not be¬lieved that the recent war develop¬ments have caused any unusual liqui¬dation of American stocks by foreignowners. It is definitely known thatforeign holders have been selling largeblocks of bonds, as shown by the rec¬ords on the tape of many favorite Is¬sues "sellers twenty days." As manysales are made for foreign account inthe regular way. these earmarked tran¬sactions do not show the full extentof this foreign liquidation of bonds,most of which is credited to Germany.Northern Pacific 4s and 3s, SouthernPacific 4s and convertible 5s, Central

FINANCIAL.LOCAL AND OTHERWISE.BYLA. FLEMING.

Tust companies are objecting to hav¬

ing: their field of operations invaded bymembers of the federal reserve system.The American Bankers' Journal goesso far as to suggest that trust com¬

panies appeal to legislatures of thevarious states that are now in sessionfor protection of their right.That members of the federal-reserve

system will take advantage of the pro¬visions of the law, more or less freely,is evident from the fact that two na¬

tional banks of this city have filed

their applications: one has beeji grant¬ed the right to act as executor, admin¬istrator, registrar, etc., and the other

expects the approval of its applicationin the immediate future.The question of the conflict of local

laws, in so far as the District of Co¬lumbia is concerned, is one of consid¬erable interest. Under the Districtcode a trust company cannot be or¬

ganized unless a capital of at least one

million dollars has been arranged.Permission has been granted, through

the Richmond regional bank, jvith theapproval of the federal reserve board,for an institution of less capital,though with capital and surplus muchabove the 51.000,000 mark, to exercisethese functions.Sentiment of the federal reserve

board has been tested in the matterand the theory advanced is that the

federal reserve law overrules the pro¬visions of the District code. Congressbeing the author of. both the reserve

law and the code.Another provision of the code of the

District as to trust companies requiresthat. 25 per cent of the capital stockof the trust companies be carried withthe controller of the currency as

surety for trusts which they may as¬

sume.Several of the trust companies have

given mortgages on certain propertiesas their quota of surety, while othershave deposited bonds and other securi¬ties.While admitting that the federal re¬

serve board may lodge in the memberbanks the right to do a trust companybusiness, some trust company officialsbelieve that the courts are likely toinsist on a bond for trusts assumed.The former claim to believe that thefederal reserve law will be found tocover this feature of the case, as wellas the capital provisions.

ThotBeef Barons.

From time to time much has beenheard of the --^beef barons" and the

"packers' trust," said to be in busl-ness for the express purpose of get-ting all the profit possible out of themeat business at the expense of thepeople.In this connection the March circular

of the National City Bank of New[York, edited by the late director of themint, George E. Roberts, has this*I'ather interesting comment:

"Since January 1, 1915, five of the'argest companies in the packing in¬dustry have reported gross sales of$1,184,121,449 and profits of $21,771,-152 or l.S per cent on the turn over.The combined capital of the companieswas $292,000,000 and the earnings on

the investment 7.4 per cent. Theirbonded debts at the beginning of theyear totaled $65,800,000 and their billspayable, $108,884,000."The average profit on/dressed beef

last year, computed at the rate ofprofit on all sales, was one-quarter ofa cent a pound, a fact inconceivable tomany people, because they do not ap¬preciate that a very small precentageof profit on an Immense business mayyield a large profit In the aggregate."The law3'ers of the Department of

Justice were not interested in the mar¬

gin of profits, they were interested inwhether or not there had been a con-

Pacific 4b and Atchison 4a have beenstanding this foreign selling very well

and some large blocks have recentlychanged hands.

March Disbursements, $116,459,308.Interest and dividend disbursements j

this month will amount to $116,459,368,according to compilations made by the

Journal of Commerce. This compareswith $122,035,357 in March a year ago.

Of the grand total dividends will con¬

tribute $54,359,368, a decrease of $10,-195,989, owing to the fact that manycorporations have either omitted or re¬

duced payments to stockholders. Forthe first time in a number of years theUnited States Steel Corporation willmake no disbursements to the holdersof common stock. A year ago the cor¬

poration paid out $6,853,781, or 1% per

cent. Interest payments will approxi-mate $62,100,000, against $57,600,000 inthe same month a year ago, account ofthe increase being due to new bondand note Issues. The cfty of New Yorkwill disburse in the way of interest$10,000,000. Besides, it will pay out $5,-000,000, representing maturing revenuebonds.A summary of the March dividends,

with comparisons with the same montha year ago, follows:

1815. 1914.Railroads $29,776,644 $36,299,404Industrials 22.4tS.924 25,812,133Street railway* ........ 2.166.800 2,423,820

Total $&4.3B9.368 $64,535,367_ W. S. COUSINS.

COTTON MARKETS.NEW YORK.

NEW YORK, March 6..The cottonmarket showed increasing firmness today,with business more active and generalthan for some time past. The close was

firm, at a net advance of 14 to 16 points.\ The market opened steady, at an ad¬vance of 2 to 3 points, in response torelatively firm Liverpool cables and over¬

night buying orders, Inspired by the firm¬ness of yesterday, the large spinners'takings for the week and the continuedsteadiness of the southern spot markets.There was enough realizing to cause

some little irregularity right after thecall, but there was very little cotton forsale, and prices soon became firmer. De¬mand seemed to broaden as the marketworked higher, and in addition to cover¬

ing there was considerable buying byhouses with southern. Wall street andwestern connections. Active months sold14 to 17 points net higher in the latetrading, with July contracts selling at9.07, or 52 points above the low levelreached on the break early in the week,while October touched 9.32, or within 18points of the season's high record. Thebuying seemed to be encouraged by theabsence of hedge selling, reports of a

good spot demand In the southern mar-kets and bullish advices as to new cropprospects, which included statements thatsales of fertilizer tags in Georgia wererunning far behind last year's figures.Reports that a steamer with cotton

from Galveston to Rotterdam had beenstopped by British warships appearedto attract little attention, and senti¬ment as to shipping conditions seemedto be somewhat less apprehensive.Some traders are predicting a greatincrease lrr-shipments of cotton to Rus¬sia should the Dardanelles be openedby the allies, while unfavorable Brit¬ish tratle returns as to exports wereoffset by reports that Manchester was

very actively employed on heavy armyorders.

NEW ORLEANS.NEW ORLEANS. La.. March 6..Cot¬

ton bulged sharply, on the week-endsession, standing 15 to 16 points over

Friday's last prices at the highest andclosing at a net gain of 10 to 13 points.Peace rumors were the strongest in¬fluence in the trading, although a ru¬mor that the allies would put cottonback on the non-contraband list causedno little buying. Reports that spotshorts were having a hard time cover¬ing commitments in Texas, which ad¬vancing prices in that state seemed toconfirm, also had something to do withthe strength of the market, as did a

statistical estimate showing that over25 per cent of the cotton acreage oflast season would go into grains thisseason.The market was active, for a week

end, and much fresh buying came in.Stop-loss orders in considerable volumewere reached on the short side andbears showed no aggressiveness at anytime in spite of the advantage giventhem by high insurance rates on ship¬ments to Europe and predictions ofheavy tenders on contracts in bothAmerican markets in May.

spiracy affecting prices, and they didnot regard any of the foregoing factsas pertinent to their inquiry. Thisillustrates how the lay mind differsin its methods from the legal or offi¬cial mind. The layman would be in¬clined to think that the essential thingwas whether the margin between livecattle and dressed beef was as smallas it could reasonably be and if hefound in the affirmative to accept thisas sufficient proof that no -very ef¬fective or at least harmful conspiracyexisted."

Grecian Exchange.For the first time arrangements have

been made whereby the Grecian mer¬

chants, and there are thousands ofthem in the United States, can pur¬chase exchange direct on their own

country. Heretofore, when the settle-inent of an account in Greece wasnecessary, London exchange was themedium by which settlement was made,pounds, shillings and pence.The Irving National Bank of New

York city has inaugurated the innova-tiori, and will now draw on the Na¬tional Hank of Greece, and drachma,the money unit that the Greek has al¬ways known, will be the medium ofsettlement.

hi this way the toll always paid tobankers in the old financial centers isbeing eliminated: roundabout tradecustoms are being wiped out and thedollar is gradually coming into its own.

It's the same way In South America;the National City Bank of New Yorkand the Commercial National Bank ofWashington, maintaining branch offi¬ces under the privileges accorded bythe federal reserve act, are advancingthe cause of the dollar at the expenseof the pound, the franc and the mark.And this movement, although in its in-cipiency, is bound to grow to the add¬ed fame and importance of the greatAmerican dollar.

On Overdrafts.Some Michigan legislator has gone

the controller of the currency severalpoints better in the matter of protest¬ing against overdrafts.A bill has been introduced at l^ansing

providing that overdrafts for sums un¬

der $25 shall be considered a mis¬demeanor and that overdrafts for sumsin excess of this amount shall consti¬tute a felony.All bills do not reach enactment by

any means. An overdraft on a check¬ing account does not reach the dignityof an overdraft until the officials ofthe bank upon which it has been drawnpermit of its payment, so that theywould be parties to any misdemeanoror felony that might be perpetrated Inthis line.The overdraft question seems to hare

simmered down; financial papers paidit their respects in the form of manyeditorials, in which they pointed outthe fact that officials of a bank arethe court of last resort In the mat¬ter of the honoring or refusing to honoroverdrafts, that conditions alter cases,and that no hard and fast rule on thesubject can be made.The controller of the currency has

issued no further orders on the mat¬ter. Probably the great majority ofnational banks have complied with theresolution demanded, couched, as didthe resolutions of many District insti¬tutions, in language that deprecateloans in the form of overdrafts, butrecognising that there were Instanceswhere serious results might follow, bothto the business of the bank and businessof customers, any rule from which de¬viations were Impossible.But the controller's letter on over¬

drafts will serve its purpose; it willmaterially lessen the evil. It will beused as a club in the hands of bankersto check the evil among good cus¬tomers.

Conditions in United StatesReviewed by Harris, Win-throp & Co., New York.

ANSWERS TO QUERIESIN INDUSTRIAL WORLD

Views of 2.000 Operator* Obtained;and Conclusions Brawn Are Em¬braced in Published Circular.

"The Present and the, Future ofAmerican Business" is the title of an

impressive flfty-two-page publicationgotten out by Harris, Wlnthrop & Co.of No. 16 Wall street. It Is not thework of one man but 700,and those 700the leaders of thought and action inthe large affairs of industry in theUnited States.In the introduction to the book Har¬

ris, Winthrop & Co. confess they were

puzzled by the problems and paradoxesof commerce and finance that con¬

fronted the business world owing tothe war. At the beginning of the

gigantic conflict the universal beliefwas that six months 'ot such enormous

expenditure and destruction as thestruggle entailed would destroy trade,paralyze finance and bring world¬wide ruin. Instead there came after a

few months of general demoralizationan unexampled ease of money here andabroad, a renewal of commercial activ¬ity, a tremendous demand for certaincommodities and an advance in thevalues of many securities.Was the improvement logical or

merely an inversion of cause and ef¬fect? There could be no denial of therise in the tide of business confidenceand activity in America, but there was

doubt as to its stability. With no prec¬edent to guide them in judging thequestion, they sought counsei ot 2,000men who by their constructive workin the fields of Industry and financehave proved themselves leaders.To these men they put seven ques¬

tions, the answers to which wouldmake clear actual conditions through¬out the United States and forecast, so

far as is humanly possible at the pres¬ent moment, the outlook for the future.The answers are tabulated under

seven geographical divisions comprisingthe middle Atlantic states, the NewEngland states, the central westernand Rocky mountain states, the north¬western states, the Pacific, states, thesouth Atlantic states and the south¬western states. It is posible, therefore,to see at once if a specific condition isgeneral or whether it affects only cer¬tain sections of the nation and if so towhat degree.

Questions and Answers.

The questions and the answers were

as follows:1. Have jobbers and distributers in

your section large or small stocks ofgoods at present?Fifty-five answered large. Six hundred

and forty-six answered small.2. Are those who are able to save, in¬

vesting their savings or allowing themto accumulate in the banks?Two hundred and sixty answered in¬

vesting. Four hundred and forty-oneanswered not investing.

3. Is the unemployment of labor inyour section unusually large for theseason?One hundred and twenty-nine an¬

swered unusually small. One hundredand thirty-seven answered about asusual. Four hundred and thirty-flveanswered unusually large.

4. Do the higher freight rates whleh

FINANCIAL. FINANCIAL. FINANCIAL.-4

rrn

;World. id on ikeBack ofeveryman

Shrink from its weight and y&ur burdeivs*grovfe doublyKeay/, carru it uJith a squareshoulder and it rides like a bubbl

Make up your mind to save, Squareytmr shoulderr and start.mxzzxz PCCOEOECCCO

HOMEOpenarc

Account

^BRAMCH:SAVINGSBANK

SEVENTH STREET & MASSACHUSETTS AVENUE

Safety' For*Savings

WEEK'S RANGE OF PRICESCorrected to the Gose of Business March 6

the New York Stock Exchange.at

Railway and Miscellaneous Shares.The following table shown the week's highest, lowest an5.5L,0y"fk P|tockindividual sales and net changes of securities sold on the New Vo:rk

Exchange last week. High and low prices are also given for the yearthe year 1915 to date.

. 1ftir3914 1015Week ending March 0. 1910.

Blfh.28%78%33%.35%53%46%25%32%11%37%71%109%124%25638%100%101%52%08%83%46%84%30%220%88%6815%107%136%

Low. Hlpti.19% 30%48%1919%42%321719%7%20%50%9711421524%89%96%38%676929%7915%15325%409%84%

122No Sale44139%13%20%82%49%999528%

57%19%16%65%113%10%41

58%4231%48%48%28%27%11%28%67%111%121%234%28%96%994074%73%57%88%21%168%39%46%12%93%129%22%37%122%10%13%23%37%94%9633%

Law.26% Alaska Gold Mines 14,80050% Amalgamated Copper 42,60033%25403919%20%7%

195699%11622024%92%9626%63%67

Am. Beet Sugar. 7."Am. Can 9,8o0Am. Car & Fdv. Co 1.600Am. Cotton OilAm. Hide & Leather pfd.. I,u00Am. Ice Securities 7,000Am. Linseed . .. *»210Am. Locomotive ......... 2,0o0Am. Smelting 14,595Am. Sugar ........ 2,550Am. Tel. & Tel 3,200Am. Tobacco J»8o0AnacondaAtchison, Top. & 8. Fe... 8,»00Atchison, Top. & S. Fe pfd. l»^-0Baldwin Locomotive Co.. 1,600

31%112%

71120%8237%7019%

184% 111% 11839% 22% 35%

40%14*410%60826%30%

156*4 118i ai 7& 125

14%41%1746%16%8%

267

411204010%

Baltimore & Ohio 11,515ui Baltimore & Ohio pfd.... 2,87646% Bethlehem Steel . 1.. 19,00084% Brooklyn R. T 3,20015 California Petroleum .... 3,600153% Canadian Pacific 18,30032% Central Leather 13,81040 Chesapeake & Ohio 3,17010% Chicago Great Western.. 1,00083% Chi., Mil. & St. Paul 6.92o

121 Chicago & Northwestern.. 1,50018% Chi., R L & Pac. Ry 3,36032% Chino Con. Copper....... 6,050113% Consolidated Gas 2,3008 Com Products 2,310

Distillers Securities 8,770Brie 14,500Erie 1st pfd ~. 4,100General Motors 2,520General Motors pfd 1,300

5%19%82%8290%24% 1.700

141%15%4417%73%24%24603052%1395216%96%7831%105%118%29

52%20%1358%99%9%37%139%121%28%6I>%27%7720%12%

Goodrich, B. F112% Great Northern pfd25% Great Northern Ore. subs.45% Guggenheim Exploration..

. 16% Inspiration Copper10% Interborough Met49 Interborough Met. pfd. -..

90% Intemat'l Harv. of N. J...8 International Paper

33 International Paper pfd...129% Lehigh Valley110 Louisville & Nashville...15% Maxwell Motor Co 12,84543% Maxwell Motor Co. 1st pf. 24.210sr. 20rjr>

17,800

High.30%5540%28%42%46%27%27%920%64%102%120%22526%9698%2968%68%56%88%18%158%34%42%10%8812322%36%117%10%10%22%3694%9532

4,600 1166,800 32%2,400

19.1004,950

19,2001,1502,0003,7856,400

51%20%1358%93%937%134%

18 Maxwell Motor Co. 2d pFd.51 Mexican Petroleum17% Miami Con. Copper.7% Missouri, Kan. & Tex....

26 Missouri, Kan. & Tex. pfd.6% Missouri Pacific

42 Montana Power118 National Biscuit44 National Lead11% Nevada Con. Copper81% New York Central43

~

N. V., N. II. & Hartford..21% N. Y., Ontario & Western09% Norfolk & Western

96% *107"

99% Northern Pacific17% 22% 18% Pacific Mail .

49%18%97%

15%54%13255%13%92%5726%103%

115% 102% 108% 103% Pennsylvania Railroad

1,900 11328%69%27%67%20%10%3112%50%121%55%12%8450%26%101%103%20%

23%4622%172%2791%22%5899%28%85%36%9236%149%45%8%

164%49%6367%

1526%15

137187510%4ft811458207024%112333%

1122244%48

21%3918%153%.>OSi

78%15%4188%18634896%33%

Low.28%53%38%2640%45%25%25%81961%101119%223%25%94%9726%64%6854%871

Close. Net ch29%+ 1%54%+ 1%40 + 1%27%+ 1%42%J- 2%46%+ %27%+ 1%27%+ 2%8-1

20 . %63%+ 1%102 + 1%120%+ 1%225 %20%+ %95%+ %98%+ 1%29+167%+ 3%68%+ %55%+ 1%88%+ 1%18 +

153% 158%+ 3

3,2006.3002,000

lt>,6002,6402,1 OO11,4652,900

19,30032,6504,8751.6O06,7001,200 .

8,100 105%20%15% Pittsburgh Coal 1,500

25 Pressed Steel Car ... 2.200 2815% Ray Con. Copper 8,250 17%140% Reading 119,000 145%19 Republic Iron & Steel.... 1,100 20%72 Republic Iron & Steel pfd. 1,500 76%11% Seaboard Air Line 1,600 1332 Seaboard Air Line pfd.... 2,200 3481% Southern Pacific 23,000 84%12% Southern Railway 3,850 15%43 Southern Railway pfd... 2,715 48%35% Studebaker 9,750 4891 Studebaker pfd -. 1,100 93%25% Tennessee Copper 10,800 28OO/g . «-> 716 i ."fr-*

135% 123% Texas Company . ...

334010%84%12118%35%115%95%20%33%91%94%30%113%31%49%18%1255%90%8%

3513211024%63%2565199%2«11%49%

11!'%49%H%81%4.123%100%1(10%18%103%20

16%142%19%75%11%3281%13%4345%9226%

33%- %41%+ 1%10%87%+ 2%123 + %22%+ 2%36%+ %117 + 1%9%+ %8 2%22 + 1%35%+ 2%92%+ 1%94%- %30%- 1115%+ 231%+ 150%+ 1%20%+ 1%12%+ %58%+ 2%91.18%+ %

37 + 3134%+ 3113 +127 + 2%«7%+ 4%26 + M66%.2«'%+ 1%1027.411%- %r.n%+ i%J20U.+ 2%54%+ 5%12%+ %S3%+ i%50 + 4%25%+ 2101%+ 1%102%+ 2%20%+ 1%105%+20%+25%. 1%17%+ %

145 + 2%20%+ 1%76%+13 + 1%33%+ 1%84 + 215%+ 3%48+547 + 1%93%+ %27 V

112% 103%59% 45%66% 53%79% 64103% 89No Sale

50%6%

122%3559%53%10955%64%7495100

35 Third Avenue R. R 32,6004% Union Bag & Paper 1.400 5%

115% Union Pacific 62,500 119%23 United Railway Inv. pfd.. 1,500 2951% U. S. Rubber 2,495 5738 U. S. Steel 165,600 45%102 U. S. Steel pfd 5.500 105%48% Utah Copper 12,150 53%57 Western Union Tel....... 3,600 63%64 Westinghouse Mfg....... 4,600 6990% Woolworth 1.600 9587 Willys Overland 3,300 100

l]070 133% 127% 133%+ 4%50% 47% 49%+ 1%

5 5117% 119%+ 2

28 + 2%56%+ 2%44%+ 2%105 + 1%52%+ 1%63%+ %6R%+ 395 + 1%99%+ 3%

2553%42%103%51%62%66%9496%

the railroads are now permitted to im-pose an appreciable burden on domestictrade? .. ,

Six hundred and eighty answered thatthe increased cost of freight is not ap¬preciable. Twenty answered the in¬creased cost of freight has checkedbusiness.

. . .

5. We have heard it said that Whilemoney is cheap, credit is subnormal.Is this true of your section or can theaverasre borrower obtain the money herequires with the usual facility. Threehundred and ninety-three answeredcredit is closely scrutinized. Threehundred and seventeen answered fa¬cilities about as usual. Fifty-eight an¬

swered accommodation unusually abund¬ant.

6. Are people generally disposed toeconomize and if so is this economycaused by reduced earning power or

increased thriftiness and sobriety ofthought and living? (If it be true that"Economy is wealth" this is the most

important of all the questions sub-

Four hundred and fifty-eight answer¬ed economy g.Jieral from necessity.One hundred and eighty-four answeredeconomy general from choice. One hun¬dred and four answered no unusualeconomy noticeable.

7 What, in your opinion, is the out¬look for American business during the

One hundred and sixty answered dis-couraffin*. One hundred and twenty-one answered Normal. Four hundred andtwenty answered encouraging.

Conclusions Based on Inquiry.From the answers it is plain that job¬

bers and distributers generally have

small stocks of goods on hand andneed supplies; that of such persons asare able to save, the majority are notinvesting; that unemployment is un¬usually large; that the 6% increase inrailroad rates has not affected businessadversely; that the supply of moneyis normal, but credit is closely scrutin¬ized; that economy is becoming gen¬eral, both from choice and necessity,and that the general outlook is en¬couraging.The writers include bank presidents,

railroad presidents, heads of iron andsteel mills, farmers, lumber merchants,paper makers, publishers, miners,wholesale grocers, glove manufactur¬ers, Tieads of insurance compahies,lawyers, retired capitalists, makers ofsewing machines, firearms, stoves, pul¬leys, agricultural implements, break¬fast foods, rope, twine, pins, carriages,automobiles, furniture, flour, electriccranes, screws, millinery, bridges,pianos, office appliances, pharmaceuti¬cal preparations; heads of telephoneand telegraph companies, sugar mills,distillers, breweries, woolen mills, cot¬ton mills, cotton seed mills, gas plants,electric light and power companies,dealers in lumber, coke, pig iron, gen¬eral merchandise, sand and gravel,valves, varnishes, drills, stationery, ce¬ment, plate glass, ink, asphalt, leather,railroad experts consulting engineers,land agents physicians, sugar planters,hotel owners, cai* manufacturers,wholesale druggists, etc., etc.It is SilK in the set answers, but in

the detail with which the respondentsanalyze affairs in their territory, andillustrate their observations that thereader gets the full significance of this

*

National Metropolitan 1 /

Bank |fifteenth street.Opposite U. S. Treasury.

Oldest National Bank in tlio Uii-- Atrlct of Columbia. Invites ac- ^counts of all sizes an«l solicits v

interviews wltl. those contem-

plating new banking connections. |1 WILL SELL*5,000 Wash. *"'¦ * '5J; '

0,1.;.Potomac < onsld. .» a at M» -

45 C apltal Traction at 01.25 Want. Buy. pM- ¦'40 Washington tins at10 Merinltaler at 17' «¦ <"*.55 1-annton at 57.

^ 0-200 Real Estate Tnut atI5 Wash. * Southern Bank at¦M Franklin National Bank at l-».10 I'nlon Truit <bid wanted*.25 Gaiety Theater at 145.

I WILL BUY.85SStSt.*S^k ««.S5.000 Potomac Consld. 5/e ai

25 Walk. Rw7- Pfd- #t,HO W«»hln*ton Gmu at 72* . /

10 Mergeathaler at 171% ex. dlv.5 Laanton at 52.50 tirapbopboae pfd- (offer '

50 Grapbopbone com. (offer waateai.

Subject to previous acceptance ofcancellation. All executions for cash.Buying and selling orders on all listedstocks and bonds sollcted.Deliveries for eaak at your owa bank.

THOMAS L. HUME, Broker,1410 G St., Rooms 9-11. Tel. M. 1346.

S AND 6% MONEYto Loan on D. C Real Estate

jEMr I.. HE1SKEI.L. 1403 H <«. m.m.

Money to Loan¦ecnred by Flnt D«*<J of Tnut on B<-sl B«a »

PreTilllDK interest si*

Toseph I. Weller. 62Q^F_S*_N^W^searching and Important Inquiry. Inperiod of stress or profound event tliestrength of the Individual Is most man¬ifest. By reason of this fact the lettcrs have a vigor and a deep sinceritythat would not be so apparent at an¬other time, perhaps.

Reflection of Many Views.There is much that these men tind

to criticise and to suggest especiallyas to the administration, legislationconcerning business and the presenttariff- The book would not bc_ of so

much value if It did not reflect so wellthe minds of so many earnest men.Its reading impresses one with Ilia

conclusions that America has come outof the shock of the European cataclysmwonderfully well; that our Illnessstructure Is basically sound, and that,while the recovery is slow and maycontinue to be slower than we in ourimpatience might desire. It neverthe¬less will be sure and all the more last,lng.

_____

TTEW YORK PRODUCE.NEW YORK, March 6..Flour.Quiet,Rye flour.Dull.Buckwheat flour.Dull.Buckwheat.Steady.Cornnieal.Steady.Rye.steady; No. 2 western, 1.22 c. L

t New York.Barley.Steady.

, ir,Wheat.Spot strong; No. - red, 1.52,and No. 2 hard, 1.53^i all rail c. i. f.track export; No. 1 northern Duh.tN1.48, and No. 1 northern Manitoba, 1*>-V*c. i. f. Buffalo. Futures steady. May,

'com.Spot firm; No. 2 yellow, SI! *4c. 1. f. to arrive.

. .Oats.Spot steady; standard. 611No. 3 white, 61; fancy clipped white, b3»64.Hay.Firm.Hide^Quiet; Bogota, 31; Central

American, 30.Leather-.Firm.Pork.Steady.

Lard.Firm; middle west, 9.90al0.00»Tallow.Steady.Wool.Steady.Rosin.Quiet.Turpentine.Steady.Rice.Firm.Molasses.Steady.Evaporated apples.Quiet.Prunes.Dull.Apricots.Steady.Peaches.Firm.Raisins.Quiet.

New York's Need.From tbe Newbur* Journal.

Billy Sunday says he can wake upNew York. That will never be ncces.,.rv What New York needs is some¬thing to put her to sleep. She need*a narcotic more than a stimulant.

Superstrict.From the »» Hmten B«ii,ter."I understand the Blanks are strict

vegetarians."..Strict'. 1 should say they are. W hy,

they won't even let their children eatanimal crackers."

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