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WEALTH MARKETS AND COMMERCE
GoYemment & Mimicipal
|,?,, *<???tl. Ab?1
Prn-rmre oi Ontario
5a ... . 1926 4.9b
Dominion of Canada
Int. Gold 5'? . . 1931 5.10
United Kin* Gr. Bri?
tain & Ireland 5'a 1918 5.60
6" 2*" Credit . . 1919 6.30
Gt-rof Paris 6'a . . 1921 6.36
Anjlo-Frrnch 3'i . 1920 6.37
P*r-..r-t_n an -?or?t far rn*_tr A I
The National City
Nattrnal City BanW Building
City of Newark N. J.
Due Oct. 1. \%t. Option*! 1948
To Yield 3.85%
Largfll fer Tru?t Fundi ar-.d Sarinp
Inttitu'.'-nt m Nrw York & NVw Jtrtey
Exempt from Federal fncomo Tax
Rhoades & Company
aYr-ibr-i Vt* rer* Ftcxk *fjc>iont7fl
New York 37 Wall St.
1 hr attractive incomo yield
and margin of safety over
c'ividendt of 27 ittuea are
ihown in a special circular.
The record of thi? class of
stockt during tariff revUiont
and Baaefaaaoo depre??ion? to?
gether with potflihle effectfl
of conditions after the war
i'ir _ lf fnt on request
A. A. Housman & Co.
foi k Ei Bange
ttoa B*4 har.rt
20 Broad Street New York
S I_?t 4.4.1 Hrr.l ti Weflt SJd Htre-rt
Amer. Gaa _ Elec. Co.
Amer. Lt. & Trac. Co.
Amer. Power & Lt. Co.
Cities Service Co.
General Gas & Llec. Co.
Pacilie Ga? _ Elec. Co.
Republic Ry. _ Light Co.
Standard Ga? & Elec. Co.
Tenneitee Ry., Lt. _ Pr. Co.
United Lt. & Ry*. Co.
Lamarche & Coady
Phone 9970 Rector 14 Wall St.
All Issues Dealt in
? M . v I II fltata Bt. Poflton
rhone 4161 John. Prl?.le rhone to Boaton.
__ ___ !__ O WE WILL SEL1
v> PraintP. I. ' M Ctim btfl and P. L.
m> BaflMen p l. I -.o iiu**i* p. u
IMIOtH V. 1 100 UalM Taak
M W?*Hi>?t?? 014 La (J Varuum Oll
i -i 1 BL. N 1
Elk Horn Coal Corp.
Thomas G. Plant Co.
FREDERIC H. HATCH & CO.
Phooo Hroa.l T.I40. 10 Rroad M.. Nf-ar Vork
? - - hflM u> Ku*ton a/.J r*-.l_l.:p a.
Nassau cV Ctvlar Street*. New York
' l.lri|i Ph! adelphla ??.?? ti I^rdon
D1VIDEXD NOTH BS
NATIONAL BISCUIT COMPANY
7Sth -"-PiiE Bout oi Blflectan ??*
Mcnaato 1 " " ' " " ,f~
.?ca- >i- <; ur-.f... c.? tf nl ol ott
DlVIDEBD p,, f,nl
nr. ?-. PaflaHtflt1 ( Iflltl ... ? pJTlhl*
Ktoat" }*l. l*l?..? ol i*..?<l lt 11*
. om ol t>.a*.*rt> NontBbtl 14:1 ni'. 1 ric.lrt t-o..*.
v MB B? dflflflfl i. r \4 ri I 4. aaat. 1r*i*.
i vrrrn *rr\Trj* wxrnant ro4ti\M
| Hr. K.r fMrrrt. .Nov* 4..ta.
Tii-.-iant to ? r.. ,rr! of
0 1 ? 1 I a - ?
. a 1 ?
? ef tha ' ?? r*- ? ti
H.d rt ;
*M Mi 'can jk . TnaeeeflB
Finanee - Economics
GARKT GARRETT, Editor
WAI I. BTREET OFFICEl _ Telephone:
Mllia BuiHlBg, 10 Broad Bi Hanover *!.*>14
Monday, Xorerrxher IS, 1916.
The wonderful economic invention
called price 10 pcrforming it** func
c:ther extremely well or vry
badly,aa may happen te be yoor point
of view. II han givao the buyerthat
? aad over goodi which it i:; lup
: that he should have. lt hai
erted typewriter and air-brake
riea into munitioni plants. It
?'??ade hiph exploaivc f-hclls of
materiali which mipht otherwiai
havo gOM hltO steel rails and
bridgeo. It has turned perhaps
"i Ameriran wape earners di?
rectly or indlrectly to the icrvice of
tlie nations at war in Kurope. It
hai enormou-lj _t_m__a_-d the total
? r production, hy giving the spcnila
tor, the trader and the manufact
urer the incentive of great profit
That the price has not yet checked
the demand for goods, which is one
part of its funetion, is not to he set
down on the side of its failinps, be
1 cause it may yet accomplish even
j that. But now, if you should ask
why, when thero is less than is
' wanted of a certain thing, everybody
: should pay more for it, whether pay
I ing more for it wiil increase the
. upply or r.ot, you lead into a hlphly
Generally, it is true that the price
-Ws tend to increase the supply.
Profit indocei the manufacturcr to
or.larpe his factory. A hiph price
causes the farmer to iow more
wheat. Yet it cannot always be so.
There is a limit beyond which the
supply of a thirip cir.tiot be in?
creased, but there is no limit to what
you may pay or he charged for it.
After the limit of productive ca?
pacity has been reached prices will
go on risinp, perhaps faster than
before. Then it bepins to check the
cemand. The hiphost bidder gets the
goods and those who cannot pay the
price are obliged to do without If
you leave it there the case is com?
plete. The function of the price is per?
formed. But if you ask whether in the
last exercise of its function the price
does not put the command over goods
in the wrong hands, that is to say,
ln those who can afford to pay for
poods which others can ill afford to
do without, you have challenged the
first assumption of our economic
thought. It does exactly that If,
for initance, we were cut off from
: the rest of the world and found our?
selves with only ninc-tenths of our
normal food supply, the price of
food would function badly for the
: very poor. The scarcity would cause
the price to rise. Those who could
afford to pay mipht go on eating as
much food as before. If they did so,
10 per cent of the people mipht
itarva. But everybody could do with
10 per cent less food than is nor?
mally consumed in a prosperous
time, and if they did this, there
would be enough to sustain the life
of all. In that imaginary situation
the function of price would be sus
pended by government Interferenee.
People would be put upon a food al
lowaace, and the price would be
repulatcd. So there is a point beyond
which you could not leave distribu
tion to be controlled by price.
This is the only great country left
in the world where thc control cf
production and distribution is still
left wholly to the control of price.
. In all the belligerent countries that
control has been in some depree in?
terfered with, beginning at the
point beyond which lt could not be
trusted to function in a rnanner
conducive to the greatest good of
the greatest numlver. We are -still
se'.bnp anything in any amount to
anybody who will pay the price. We
are sellinp away our wheat because
the price is high, actually without
having taken stock of our own needs.
We do not know how much we have
sold. We may have sold already
more than we can spare. We nre
lelling the products of our indui
trial plants without even thinking it
r.ccc.sary to estimat*. the proportion
of our output which may be properly
sold. Of hiph explosives alone we
have exported since the bepinning of
the war \ of a billion dollars' worth
to be shot away out of guns. The
equivalent amount of human energy
and money capital would have cre
ated Ameriian Indoitriei which
WOOld have gone on lUrcvir produc
lag and reproducinp wenlth. We
are selling gooih at hiph prices in
unlimited amounts to people who use
them not in rcproiiuctive ways, hut
for purposes <>f destruction. We do
DOt stop |o aoh haw much we can
afford to sell, tior do we fnquire vrry
ttrictly into the ahility of our cus?
tomers to repay us. That will be
rned hy Um ihratinn and out
? iifne of the war.
(n England, when the ?,, ienci of
iy was laventod aml
Iwheri the pri, e his l>een a sacred
thintr, its function ia hogii.ninp to bc
much distrusted, nml t'r.rre i: I pop
ular demand that it be intorforcd
with much inorr. Spcakinp of the
rfce in tho coat of livinp ia Great
Hritain. Kiami- W. Hirst, ln a cahl**
mrtapaga to The Tribtuw,
Thrro i? n fharp difltlBCtion be
*-?ftag tha " ,"1 tho iliftrrrnt
elaaaea ef labor. Tboa, ordiflary labor
-.rd hit, Imt noaitlofl v/afefl mora
than compenFfitr for the r
priro*. The ail\rr, t-ilvrr plnto aad
Jewelry tradee arfl \4iirk:np; nt bigfi
prcRS'iro to fulfil the hixury drmri'i'l*
nf thp prosperoiis munitions work
ara, In thrso centres the shopkeepors
are rlamoritiK for fupplios. Tho
women prnerally have ttioro r
and are spcndini; more thnn iifi bfl
And that is a situation determined
hy price. Of certain kinds nf lal">r
needed in munitions work there was
a scarcity, which is the same bs a
scarcity of copper or bacon eo far as
it affects the price. The only way
to get the lahor was to raise wapes,
which was to raise the price, and
that labor, havinp aold itself at a
high price, has been able with the
money received to buy more than its
share of food, and luxuries besides.
Is it fair for Bome English labor to
bo able not only to fecd itself bettxr
than ever before, but to ornament
1 itself with jewelry. while other lahor,
not having heen scarce and not hav?
ing gone up in price, is obliged to do
without the necessary things? The
price determines it so.
The price also is responsible for
many illusions. Those enormous
profits which ti.e corporations are
r.ow reporting are subject to very
heavy discount. As prices rise th"
purchasing power of money falls. j
The command of n dollnr over poods ,
in general is perhaps one-third less
to-day than it wns at the beginning
of the war. The case of a corpora?
tion is like that of an individual. If
its money ineome increases 1 million
dollars and all the thing' tt migfat
want to buy, including new buildinps.
new materials, <-tr., have increased
in price one-third. the Increase In
profit actually Ia not 1 million dol
I lars, but 2-3 of a miilion. lf instead
of employing tlie profits in the
business it should pay them out to its
; hareholdcrs as dividends il would
come to the same thinp. The share
holdc-r finds that a dollar in divi?
dends buys only 2-3 as many foodl
as Befoia thefise in prices.
Three years apo the [ataratate
Commerce Commission set itself at
the formidable task of making a
physical valuation of all railroad
property in this country. ( opprrss
directed it to do so. The purpose
was to determine once for all whether
railroads were over or under capi
talized. lt was supposed that the
truth would have some bearing upon
the question of the reasonableness of
rates. It was supposed also bf a
great majority of persons that the
truth would run against the rail?
The fp'st stat'stval unit of result*,
has recently appeared. The rabjed
is the Texas Ifidland Railroad. a llne
111 miles tone;, aenring a fertile part
' of Texas. This property. the tirst U)
be reported on by tho Interstate
Commerce Cotrimission. is fuund to
be worth 80 per cent more than it.s
capitalization. This fact has baea
received with the scparatc emotions
f dispust, elation and amusement.
according to the point of bias. The
findings may be summari/.ed M fol?
Valaa of tha Trun* Midlaad
P.nilroad, r.4 of June 80,
1914 (ealealated an oo*t af
roproductioii, los* deprei .
! Value of lands owned. 245.309
Total value of property... .$2,772,726
Ronded debt outntandinjr_ 2.000.000
t'apital itock . 112.000
The Texas Midlami Railroad has
bi-en pretty much as it is, tliat is to
say, in its present form, length and
physical character. for twenty years.
Its averape annual net inromo for
twenty yeara has been $S8?68. That
ineome on the value found iri it by
the Interstate Commerce Commis
i sion is 1.4 per cent a \t-ar. Assum
1 i;:p that the capital invested in rail
road service should eani 6 par cent
a waar, the average annual nat in
COBM should have bi-c>i $186,000 ?
fear, or about $127,000 more than
it did earn. To have earned 6 p r
eaal ? year on its value it would
have had to charpe its patrons abmit
$860,000 more fnr the Mrviee ren
l dered than it did charpe them durinp
It li anderatood that tho Texas
State Railroad Comrnissimi \-.ill pro
| test the valuation placed upon tht
! Texas Ifidland ly the Interstate
[Commerce Cnmmis-ion. nn the
| ground of its being too low; Imt it
is only $85,000 b.wer than the val
nation put upon the same property
by the Texas Cfmrnission Itaelf, so
the quarrel, if any, will he upon
theory and not upon fact A dif
- 000 is very littl-. and
mipht he treated al COrrobOTBtion.
The railroad marapement thought
somcthinp OUfht tO he allowed for
gible elenenti of value. rrach,
for Inatanee, as what is ealled "go
Ing concern value," or "good v. ill."
profltable coinicctions with other
lines, the deairahle locatic- of ota?
tions ?nd the favorabU features of
pography, mainlng low gra V i
over which freipht may he moveil
with ? minimum i-xpenditure of nv>
tive power. AU of UMM thinps
would enter into the value of n hu.-i
Mie mipht think of huyinp, but
the Interstate Coanteree Cotnmis
lion refnaed to allow any of them,
aml the railroad did BOt Inaist The
valuation was based upon the "cost
of reproducLion, laM depreciation,"
which means tirst to imapine a rail?
road droppi'd out Of heavon new OB
the same light of way aml with all
the tataa features, snd then to de
duel somcthinp for the wear of use.
That il depreciation. The instant a
man has finished huildinp a thing a
conspiracy hegins on tho part of
time and the eli'ments to destroy it.
If it is a house or a pyramid it will
he utterly ruined in time; if it is a
railroad it must he kept going, and,
therefore, renewals of rails, of ties,
of ballast, of buildings, etc., must
be continually made.
The Texas Midland was the lame
darling of Mrs. Green's investment-..
She fed it, mothercd it and kept it
solvent "Certain concessions were
nlso made to the Texas Midland
Railroad by Mrs. Green and her
son,'' says the Interstate Commerce
Commission, "which should bo re
ferred to here, although not perhaps
properly donations," in the sense in
which land and money to the value
of 168,000 had heen donated hy citi?
zens along the way to pet the rail?
road built in the first place. Then
the commission solemnly sets down
"100 hoxcars given hy Mrs. Green."
Other items of like character are in?
terests and coupons surrendered by
Mrs. Green for cancellation (be?
cause she hadn't the heart to take
anything out), advances by thc
Texas Midlnnd Construction Com?
pany cancelled and freipht charge**
on coal "donated by Mrs. Green."
After this one would not COntend
that the Texas Midland was a typical
railroad property. lt would be rash
to generalize as to railroad proper
ties in general from the results ob
tained hy suhmitting this one to the
test of a physical valuation. The
fact remains that a larpe Texas com?
munity has received more railroad
service than it paid for. "Thi:;
road," says the Interstate Commenv
Commission, "runs through a fcrtile
apricultural community and has
upon its lines several towns of con
?iderable liae. N'o mines and hut
little manufacturing are tributary t<>
it." And during twenty years it ha-*
averagod to earn 1.4 per cent on Itl
value. Instances will vary. Mon*
of this in some ilepree will he found
elicwhcre, and then again perhaps
none of it in other places. Roadl
that were hadly placed economically
; will probably be found to have eoat
moro than they are worth, beCBOBi
they have had to be kept going
whether they were profltable or not.
Others may be found to have cost
than they are worth. It is
do-btfnl if any long established road
will he found that could he imagin
ably duplicated for its present capi
talization. Fancy dnplicating the
Xew Vork Central, with itl ripht of
way down Manhattan Island to tht*
heart of the city! It grew, as a
FALL RIVER COTTON
TRADING AT LOW EBB
Prcsidcntial Election and High
Fall Hiver, Nov. 12. -The amount of
business accomplished last week v.a.
thc naalll-t in a preat number of
areekl and may be attributed in part t<,
the Prcsiilential election, ft being ap
parent that iome buyem hesita'td.
However, thc unusuaily high prieei
prevailing for cotton may be .aid to
b** the real reason for the re4)uced
trhoint.. Not since the Civil War have
cotton pr:. rs attained the heights thev
now posscs-s and not linee that time,
too, have cloth prices reached such
hiph levelt as they now bold.
There was * good demand for bag
good.*, and manufacturers of these com
modities have been in urgent need for
these good?, but have been unable to
securc any quantity for spot delivery.
PacteriOl Bliag w;,!e gn',,1* of odd con?
struction haw been in the uarket an,l
have paul unu?ually high pricis f,,r
rrnw end of the
marki-t is Ana, iad it ll report'- :
ibll business has been done la
g ?? 1* is very apparent t'nat
mill mrn and buyers hr-itatol cotisid
erably before concluding business bc
ef -u maar diitarbiag condi?
tion., ttir principal one beiag the hiph
teet ,,' COttOB. TIlOM mili* having a
gond -upply nn hand i,r iindir Orair
will r?i<[> a very l_rgc barveet in dis
poting if their goidi il earrcat price*,
DBt t lio, i- rndls which haw I-4(*n ti un
forteaatc a-- not t,( bavi nur. ?
ihe ir cotton will lotc '
I i ..rt - f r..m iiihit. ?* fine
ir_ t,, the iffiet thal th.y i-.m
. ? beniaiu thev irant. but
ju?' nnw they are not m a aoiitioa to
take on b_/inr?s f"r future delivery.
Wilke.x-Barre, Nox-rvihrr 11.
ln Wilkes-Barre, the other dav
twenty-four policemen quit tho service
when they wrre a*ked to protect pas?
sengers who persisted in patroni/:ng
thi trolley companies. The Mayor
thought that the stoning of passengers
had reached a point where the authori
till ought. to tHke a hand. The police
men soon repcn'rd and promiscil
to board the cara willingly if given
thclr old places again. The street
,-ar strike would have been settled
had it not h.en for the adverse vote of
fiumer cmployes, who were better sat
: wilh the union benefits that they
were rcceiving, plus the wnges ob
taiaed in variou" industries.
This gives point to the warning ut?
tered by one of the bralnlest lawyers
in Pennsylvania, who has sat for years
; on the board of a large industrial
property in the Wilkes-Barre distriet.
He was discussing the great probiem
"The country was spared a natton
**-lde railroad atrike, but there is some
j thing ahead just as Important That is
1 the contest which shull determine the
! responsibility of a labor union tVBOM
members make an agreement one month
and break it thc next. That has hap?
pened in tiie case of the Wilkes-Barre
trolley system and it is happening all
the time in this busy section. I be?
lieve in collective barpaining and in
proper organizations of labor, but the
responsibility of the unions must be
lixed by the courts or we shall soon bc
This is the story everywhere you go
In this section of large factories. Just
now the wape earner is carrying a dou
ble-dcck dinner pail, for the old one
was built for the daya when t_e la
borer was asking for work. Now the
i hat i_ in the other hand, for the em?
ployer i.i begging tlie laborer to
? work for him at thc highest wages ever
paid in thil valley. The situation is
not likely to change so long as the
factories are working in night. and day
Famine of Office Boya
In Wilkes-Barre there is a famine of
office boy*. The eighteen-year-old va?
riety is not to be hail for $10 a week.
He is ilrawing about $2.10 a day in the
munition plants, where his eld"r broth
rr ia daily earning $6 or $7. These
highly paid employes somrtimes shud
(!er at the light of the white-capped
nurses and the doctor, who are m con
sfant nttenilance. In one such plant,
in another city, nn applicant for work
; is made to fill out a blank, stating
where he would like to havi his body
shipped in case nf aecident. Men have
been known to tear up the blanks in
disgust and make for the door on com?
ing to that qucry.
These abnormal eonditions are creat
ing the sort of unrest which befalls a
community where men with $10 brains
?i-mpt to live up to the ilignity of $."0
jobs. Evity one is talking of the vicis
situdes which will be encountered dur?
ing the reailjustment when the $10 man
ll put back at his old wage*. The prob
b'-n is very serious, nnd is one of the
things which the welfare organizations
are trying to work out. In a commun?
ity where labor unionism is a family
traditiOBi supported by a long list of
miner ancestors, the question of dll
ibeyiag the union is never eoaildired.
Mo-t p4'op!e realize, however, that while
l'.MT may witness continued war profits.
it may abo bring up acute wage ques?
tions. Large employers admit that the
situation is a delicatc one which can
only he workeil out on a day-to-day
basis of mutual understanding. The
situation calls for intelligent leadership
of a kind which is difficult to develop in
a crisis. The situation has been made
more than ever tronblesomc by the
forced issue of an eight-hour day, at a
time when the country was doing busi?
ness in three eight-hour shifts.
One big Wilkes-Barre plant is getting
|600 a day for Sunilay work on n con?
tract that has to be rusheil through.
This concern is paying high wages, but
tlic inilucement-i are not sufhcicnt to
_ttract an idoqBltl working force. Big
:'oreign onlcrs are being rcjected be
cavise there are not the men to produce
the material in contract time. One buy
er has paid $-.000 to a mill to "speed
up" his work. Thil was in addition to
the contrac* price, which in ordinary
times would have been considereil high
ly profltable business. One of the larg?
est coal COBipeailfl coulil increase its
sales '_.'> per cent if it had the labor to
produce the coal and cars with which
to make deliveries.
You cannot drive a fat, we'1-feil man
beyond * certain point. He simply will
not be driven. He argues that high
wages are of little value if his day is
not long enough to permit of recrea
tion. For that reason when his imploy
er urges him to earn evtra moi:<??. for
.1 work l.e muinlili- ,|i approv al
If the cmplowr irritatei h:m, the man
fails to show up. The ne\t .la-. r.i -?>
he will get work at another plant at
higher wages than he got before. There
are instances where unsatisfactory help
ha* been kept M thc payroll . imp!y for
the reason that there was no othiT help
to get if the places: WIN vacated.
The Panish government has p.
ted 'he e\|",r' |f MM horse* to (ier
many In r-'uri. foi the unpurt ? ??
ef sugar-heet sufticient for the 1'.* 17
sow ing, m four B I
beniol dves and various na.aioditi.1
required by the state railways.
FALL CROP SEEDING
Tobacco (irowers Secure Their
Largest Yield This Season
Waekktftan, l> C, tJev. tt.
i>port* roeehred by tb? Baraaa ef
Crop EatiBiatee ol the Unitod 8tatee
Dapartflaent of Agriculture show that
thfl mii'l. aunny vaathar of Oetober,
with generally defieient rainfall, has
baefl farorable and in many section*(
[d?al for harvcsting, and for the ma
turity of Iato nops, except where kill
in? fronts in'ervened. Ifl tho North
( rtttr.il StRtcs it was generally, BBd
tn mofll Stfltefl exceptionnlly, favorabl.
for plooghiag and the BeOdiBg of fall
grai'n. In fhe South Bfld WToet thfl
flXtrOBO drynoss in most state | inter
fered BOfltflwhat with ploughing BBd
plaatiag, and in many eaeea aceding
was prevented or BCCOBipliflhed in a
lumpy or du?ty need bed. Beportfl in
dieate tha fall grains are generally
showing pood germination with even
though small groarth.
Tho tobacco crop, according to pov
ernmeflt reports for N'ovember. ifl thfl
t ever secured by growers in this
tfiuntry- the yield as now indicatcd be?
ing 1,145,530.000 pounds. This I -
000,000 pounds more than was produced
last year and 42,000,000 pounds in ex
ccss of the previous record crop ln
1910. Tt Is more than 150,000,000
pounds preater than the flve-ycar aver
A Profitable Embargo
One export which the United States
has lost as a result of the Kuropean
war is the tourlst, who formerly did so
much to neutralize our yearly favorable
balar.ee of trade. By common consent
rather than accurate calculation the
bill has been put at about ?W00,000,000
a year. Exports are reparded as indica
tive of prosperous businesi; tourists'
exports may have been reflective of
them, but so far as trade balances po
they count on the import side of the
ledper rather than on the other. In a
word, the money used by our people
abroad mipht have been classed as ex?
penditure for the purpose of purchas
ing pleasure, entertainment, etc. He
would be reparded as a pessimlst in?
deed who undertook to condemn this
outlay as an ill-adviscd and unre
munerative ilem, but, pettinp down to
dollars and cents, the embargo on tour
ist outgo has not been without its com
pensatinp factors, for as tourist exports
atOpped security imports began, and the
I'nited States is richer to that extent.
The Boom in Coppers
During tjie week previous to election
there bepan something very like a boom
lB the copper stocks. which was ao
pareatly based upon a belatod realixa
tion that these producers have been
makiag a preat deal of money. have
heen accumulating huge surpluses and
have become, moreover, sure of a fur?
ther large proflt in 1917 by virtue of
the snles that already have been booked.
Thi* led to a sort of riot in speculation.
Of course, there has been talk about in?
creased dividends, extraordinary Christ
ma? extraa, etc. That i* all right within
hounds, but there is enough uncertaltity
ahead to cause copper manapements to
be conservative. even if they have al?
ready sold nt hiph prices a larpe part
of their expected production in 1917.
N'obody knows what is going to happen
as the war draws toward a close. The
arlaeet thing for every company is go?
ing to be to have a big surplus of cash
when that time comtss. F'ngineering
and Mining .lournal.
Sound Principle vs. Expediency
It would seem that there is only one
course whieh the raihvay manngemetits
can follow if they are not poinp to
allow the labor situation to become so
acute as to cause far more serious
trouble than they have ever previously
encountered. This course is by some
means or other to rerluee the diserimi
nation in wages and conditions of work
between the various classes of em?
ployes. In order to do this they must
prepare themselves to offer far more
courapeous and determined resistance
to the demands of the men in train ser
thafl they have ever offereil before.
If t'lis tiiiiilly leads to a strike, then the
strike should be allowed to come. The
time always arrtves in the handling of
matters af s'lt-'n importance when the
"cost of expediency" becomes much
higher than the cost of standing for
?ound principb-s. Railway Ape Gazette.
When Peace Comes
[I flrill be recalled that when the war
brekfl BBt a fraatic appeal went forth
to the American farmer to "prepare to
fflfld thfl world." The Amencan imple
ment dealor wa* also urped to persuade
llll farmer-customer to make sin-h piep
arations. Peace 4\ill bring almost the
same necessity for the farmers of thia
country to increase their pro.luctive ea?
paeity. America %?? i 11 be more industrial
than ever. That meBns there will be
more rnoaths at home to be fed by
thfl farmer. And to a preater extent
than before the farmer's products, a.4
will as the manufacturer'.--, will enter
markets abroad. It will be a time for
more effort all around on tbe part of
the farming population and the imple
ment dealer will be in thfl tnid-' of and
a part of it all. Implement and Traetor
Fipures compiled by the ga?. depart?
ment of tt. kfaacheater, Bag
!.?nd. show thnt 'he BUBUBOI tiflM nc'
ption af gai be
tween li o'clock ifl thfl evening and I
o'clach in the morning by 134,800,000
cub'c feet and saved 11*000 tong of
OF HER TRADE
Ameriean Investments in
That Country sShow
British capital invested ln <'ai.nda to
tilled 12,114,000.. on Oetehir I, ae
eording to a rompilation made by "1 I I
taiy Time*." Ameriran capitil in
IBtl on the game date imf
x*n**AJ9*0, of which $3.1,lf.l.'-'"
has biei placed since tflt.
The decreasing totals of British in
rntaieatl ll <anada in the last three
ftatt have heen due to the closing of
the I.ondon money market to r
rally all Ionns except theM for war
purpom. Canadian loan' brough* out
in I.ondon il tfll ICCMgated |?
I 000. In 1914 the figure* drnppfd to
165,000, in 1911 'o $I1.17S,000 and
in the current year to date to IMOO,
Ameriean investments, on the con
trary, have been rapidly rising. In
1900 the I'nited States took only 3.90
per cent of all Canadian government,
railroad, municipal and Industrial se?
curities Issued and Great Britain 74
[ per cent. The figures now are re
. versed. and so far this year we have
taken 75 per cent of new Canadian cap?
ital issues end the English or.'.y 2 per
Investments of countries other than
Qreat Britain and the United States in
Canada were estimated in 1913 as fol?
lows: France, $93,250,000: Germany.
$. 1,725.000; Belgium. $11,675.0"": II?1
land. 118,000,000; Russia. %V.-"""'
an.l Turkey. $3,000,000. The greater
part of French investments are repre?
sented by loans on mortgages and the
purchase of Canadian securities. Bcl
gian and Dutch investments are largelv
in the form of mortgage loans ar.d
German capital has heen interested
ln acquiring shares of the Canadian
Pacific Railway. From figure* supplied
l.v I.ord Bha-ghaaaay, president of tl
Canadian Pacitic, it is stated that thi
percentage of common stock beld.ri of
that enterprise in Germany and France
wai II per cent in January, 1!m'* *?'*
per cent in June. 1913, and 10.91*. per
cent in August last. Germany's hol.i
Ingi on the latest date were put at 5.3?.
per cent.or S17.85.-..000; those of France
at 5.63 per cent. or approximately $19.
A statement Usued in connection
with the compilation says in part:
Generally apeaking. it may bl stated
that no preat elTort seems to have heen
made hy Friti-.li ??BBflll-HH a__1 bank?
ers to further Canadian trade spcrifi.ally
?luough the nie-lium of Briti>h investments
in Canada. althotiKh there hnve heen ex
? ?eption*. The matt.ra of trade a;:,l loan*
apparently have been allowed to take their
natural cnurses witlm'it an attempt beini?
made to obtain new business aa a result of
M_ lo?n?. The Rri'i.h investor btthcrtl
ha* heen l*r?ely content to invest in Cana
,!ian securities v.hich hrin? him a fair in
,?me, Kive him little risk. but 'lo not
se.-ure for him control of the enterprne in
which hi:* funds have heen placi-d. The
taa* tt the I'nited State.* is <litT.rent.
The bankers and manufacturers of that
country have in many inatances eombined
their etTorts so that when the banker ha*
ananged a loan to a Canadian borrower
and the fund* are to he used. say, for the
Installation of plant or machinery, there Is
an excellent pro*peet, or even a defir.ite
arrangement. that the plant or machinery
in f-uestion shall be purrhased In the
I'nited States and probably from a i-ertnin
niaiuif.icturing firm. This practice has
heen in eviilence even when the share of
Canadian securities purchaseil hv I'nited
St. tes banking houses has heen .mail com
pareil with the share purchased hy Hritish
AMERICANS BUY INTO
CANADIAN PAPER MILLS
Reported They Seek Control of
News Print Situation
A movement of uncommon sign:'":
cance has developed in the Canailian
commercial tielil during the last few
weeks, whereby I'nited States capital
, ists have attempted to obtam control
of several largl HWI print manufact?
uring companies, iciordiag to a cor
mpondlBt "f "The Commercial aml
Financial Chronicle," who write*:
ln some instanccs the.e etfortt have
| succeeded and in other* the nc-jotiations
are yet ll pro-jre.*. A new gtWtg of
capitalist* last wce\ ohuineil ,-ontn,l tt
! the Wyairamack Pulp and Paper l ompany
and the Bronipton Pulp and I'aper C,,m
pany is known to lie undergoing reor_ani
zation, the plan nf which will ahortly ls
announeed. It is understood that the
Canada Paper ('ompany ha* rcceiveii
teniptmit olTer.s from Ameri.-an interest*.
The company haa a low eapitali.ation,
authorized preferre.1 stock of $100,nni) anj
$_'io,ri,?l of common. not all of which haa
been ImIad. Ild there are two Ixmil issijen,
Meanwhile, extenaion of plant is the
ke> note of most of the pulp aml paper
mill* The Chicutimi Pulp l ompany, a
:,ary of the North Ameriean PjIp
and Paper Compaii), will increiiae lt* pulp
mill eapHcily from 10,006 tons annualli
??? ' '.. loaa, niakin_ il the lar.eat ex
|...rter of nm-hanical pull' iii Amrica anil
Um sevoml !ar_est in the world Another
Nnrth Ameriean Company .uhaidiary, the
.-' Lawr.-nre I'ulp and l.umber Corpora?
tion, will in.-na-e it. output from I7.HI
to ;.",.,",, t<-ti-. annuall), which the man
agement a.?ser_i will make it the largest
pulp mill in the world These are merely
illustration* of the eapanaion upon which
many other pulp and psper corporationa
While there are ? ome Canailian finan
,-ier, who fear that the l aniidian pulp
and paper induatr) ma> eee ano'her de'.uKe
,.f i'\ ercapitah lation. auch a* occurre<l le
tween Illl and IIIX -a?_ rr\era\ l.iir
rorpoftieiM were "mer_eii" Ic the citge
4.f bankrupla-y, "ther. are ,oni,le4T thut
Ihe atock jnhhrr ia i la>in_ a minor part
ll the change* now going on Moat of
the names aaaociaK-d with the MW board*
of directors are tho** of , well known
ALL wcunties fcj
?** on the New Y.**,
Stock Exchange b,,^ j
and sold for cash or on I
a conservative nurgijaj I
Member * V 8(<** r.v*^
15 East 45th St
? <*? t. 1
COTTON SECD Oll
1 nrk Pttkafl , t.n^.,,
\ork lr.fr. Etrhnft
M.~ b?r?- rvlrdfl/ rrtttfl
' ? ? flltafl ?J??aM?
u r*?tt?a Cacifltti
GHbert Elioll tk Ci.
27 P.ne St. N. I. Tel Jofcfltwl
v\ ORD * *.N?'E i-.MI.lv.; IN rOB ll
DEMI Dfl "I" TH"*
CITY OF SAN ANTONIO.
? - CeflflflflBflBBB*
VVHEREAri bondi of a?!d cltj arfl ?*
tiartiiitt*. # a
p Amo.nt Towri*
: 60.oo ?? f**- lal
II ? l-til.llo . , ,?.
5* ooo 01 Jaa- 1- ?
? ' Btreflfl . , ,?.
:2S.OOO JI Jfla laaB
July I UM Sldfl- , . .?.
I,,..,..- 10 000 00 Jflfl laB*
' "n .. .a tflfl
-.10.000 01 MarU.''1
''"'l-- .. .1 ??r
TS.oooil Mar l? '?>
ii oaaaa *-? ???**'
.? .1 IB*
;0 000 00 8?c< '?.??
i: ooo oo ?*T4 tl tr.
. ??. ll IB*
41 000 ?????_? 5
? tia-ltif payal-'* I" <"'"'>' ?,
... ki ?*!? op"*"B."_r;
-"'' >???'??? *?,."ri,v
ira ?f . ..... '*"___
for riv? Hundred l?..llar? tarh and waa
?'*"' a '.-.'*?
1VHKHK.4S aal.l ' ? > ",,,"',?*,*_S 1**,B
> option and t- I'-m all ? ?""?** ~""
Tho 4*ln of San Ir.lonlo eallfl Ifl **TZ,
'?>'?? ' *?'? h"."1'r',irl?7aat.
to preaent tl" """?Jr. ***
?".',' i^lr ?a***
thereon. on th* date* "" "? ' ? m M
. ' or ci*
MKIli'K of New Vork I'l) ****?Am*'
**'***' v'*w '' fr"i*r?**
? asal tt*
ttv-l for th- r-Mr-n.pi on of *M ~~T ^,
,<-ll) alia ,r^,,l1? J_ t_?4Bfl"
|,?er*?r on ...,.| l->n.l. A nd tht' ^ rf
'? "?*'-' ' '?"^.^.?talSaaai
all ho | ..,..!? arfl Mr**"* "?
1- BED I ' '* *rk
' FI.NA'NflAI. MEETINCi_
\OTIi~K OK SI'I "' U!S?
? M-o.KH.'i.i'^i'**,^ r?mt*
llamlltnn Sioraa-- * ,tT.aiiiii ? *?
"noti.e IS HEREBY ?"**4tVk
. ' '? ih* ofTK* *_-Ir
k ' ?? . J,?t Ho*-**"***?
. .,-..on l? ***
ai iii.a ni. ? i^0'"1 _,
Wastr in En&"l~*d
?. Wfl l-mmtm *?**"* ^
At home the government h.fl vej~j_
ticfl economy and enforce it
duced rate of expend.tur* on ifl
i,, .. we have said. a good ?'?-?~;.
management, but we hear maay
plc. of tha waatefal a.e aiade ei
; who have been added to the ve?
ber of people wha muddle a?B^ .
time in doing nothmp <**? ****,*Am*
eaaiona! farm The railway. ***-*
train*. for bu*ine.?? men ano ^g
thoae u.ed by Udien bent on ?Bej
and m.t.neea. There ?_??'"? ??
mou. amount of wa.ted *"?%|-|
i-eraited money going mte i"~