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New-York tribune. [volume] (New York [N.Y.]) 1866-1924, September 21, 1914, Image 11

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100 Years A
Commercial Ban*
192 Broadway
Cor. Joha St.
r-aiu! 4 Surplus, $3,500,000
?JSarces, ? 30,000,000
Invitee Your Account
?.J 54?t*i--?nt ?f Condition. The
fl^r- "*A P-Senii Nstional Bank
~g\ He* York ?, ,h? t,^? ?*
luaA-ieu. -September 12,1914:
?, ? B. 1J5-.000.08
g~ . 170.000.00
dur- 1.417.I8SJ?
S^osits 2i,iami7
toil? t.. HU 1 M ?*>. Prsa.dent
JucHtan n- Hi4.?ix?, v rr?.
Si'?h; .1. IIK4.NK1, Vice Pre?.
?a-lll It M H. ?TRWS. T. Pi???.
?KRT I. Ht?KI>*. l??biei
HK*aR> ??? ? ??>"'??? *? *???' ' ??h
W4I.TKR ri. BOU E. '??t. ?.'??h.
?MBorm: r. I.4TI.ING. a ?
MEMO I HtHIIKl, V??t ?S?b
(?BORl'l- *?? HAHD. t'halrmas.
?Investment Securities
New York - Leipzig
We invite those with funds to
invest to consult us.
Efficient and leliable service,
kicked by many years' experi?
ence, are at your command.
Municipal and Corporation
V. N. Color & Co.
43 Cedar Street
William I*. Bonbright&Co.
14 Wall Street, New York
ftilsaielphi* Boston Detroit
London Paris
*"ll?inp 1 "a p, t.trlL'tit * Co
tads for Investment
Harris, Forbes & Co
?tas Str??t, Corna* William
?HM'tll.lit lAK.Ms-I.AH'ill.V
HI ( KIR < O.
?tSOLVLl?. ii,s- ? dividend oi I'.-:
7 fWJ la? t?] 4. I?, b0ld?r? of
?MPrtfcn?.! -? . :. , f ?he Sl>em?l?l Partais
?r**"' l?? any. as of re-.urd ?t
??* *??? ' per "ist. 1?I4.
BEIT i;i i,!.?; RESOLVED, That
?L \j* l ?*??? *ji?-'?*-**,?*-i
f*? fc??k? r... ?.... in.??/.? ?,f th? Prsferrad
*? of Bhefl ?.., Kaariiis-Slasraon Darker
I li noon Novembtr Hist.
!tlt"*nd '""? " : ' A- M I'ccwnaber tad,
?J,?* ??-- dividend of 1% *as
JT"?r?'l i- a holders <>f the
ilj"mo" * id September l?ith,
_ '-? H MORTON, ?ecretarj.
allER IlllliKUii ???MFA.-.Y.
. f. rie*? ? . r ?th, 1914.
nus? r,"'> : ' ' "f On? l""1 One
?tthi" ?1 "'?' the capital ?tuck
tjMft!. .-"' ' "" (,-?'lar?.d payable
^??r lot: ??..?, ,, ,,? ?f? . ,lf nc Trea?
..t th? clos? uf
^?"?/' ' mi?
?D? IiLII, l-nisiii-.r.
.mui.k r..
I.?M,IH, ? lison ?-.. llix
o or N V tagt
??%l?sW. '' 'Landau lors.-losuro ..'
itfyrV-L **[*;?? ?-"??sit a M.?-?r?-r.
?snU,!*1',- ' ' ? 'lf?'i. Hgt HI? trina
?* Jowtr ? a lila.|?.a- ?BSlgUUaa.ni
?Ka? ? ?"> M ???ilelmer
???a t, ' ' . ? 11 roll mxi \V (j. ti
4???r .i assignment uf
. "avian
* tfaVl? ?'? ' W sfotiS '1 ?1 ?St W
'">?? iCk . " ' ??1<*?r? ?t inorleag?-?.
"??W? iiaS. V; ' ?""'''' ?-? S42'W. ?lid itCd
**??'? "*"'' 'u'"1' ?" ,Br,""'r el ?? t-tvllon
The Brom.
'?aesgm^tl, ?o.?, i.li.u , ., ?gl aj u.-ia.Ui
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>2i?l*> ?it; ?"1" " ?' ?'or??.-i.?ur?.? oi
Sri?''!* ? ' ' VJ* M-a.l.a-lUr Ja Wtlle
2*s?fc(k,,- ! \v,i.-t,r sn.l
j . ? **" "*?-. ?'<"/??. _-*..',!, ?TI
"***?A ?Utr ''^ iiuiislci ul tax
City Loan Lowers Foreign
Exchange Rates and
Brings Out Gold.
Field of Trading in Unlisted
Bonds Enlarged ? Rate
Ca_e Rehearing.
_-t_kl.LV* rWeaCk Mw del.nitr sceom
n pro, Lr-?,i B,PPH ,hmt, h?d b?'- I?"*
W preparation toward relieving tho
???MM.lftja. Thenewc.tvloanV,...
l?-l al . -""*??????< ?J? II1C tlHllt
banks that made evident the undue ex
?VMM to which the ?train of foreign
t on* of this city, tho federal authori?
ties .greed to the plan 0? a country?
wide subscription by reserve cities to
" ?old lund for common need?. This
must menu assistance for New York
vi'iere the reserves of the banks have
been drawn on so that the deficit of
t it-ariiiir House institutions stood at
ever $'(8.000.000 last wee-k.
Investment condttiona to improved
tnat it was deemed safe to remove the
restrictions on trading in unlisted
I'?.n.ls owned by dealers. Ihr Inter*
? .ate Commerce Commission recognised
?ne needs of railroad credit by con?
senting to a reopening of the advanced
r?ite ,-ase of the Eastern roads. A
favorable decision, which is expected
i-hould minimize the amount of for?
eign selling of securities when the
exchange is at last opened.
. The fortunes of war in Europe hung
a u ior seven ****>'*! of fighting.
As the resumption of security trading
?er<!?n,ust W"U on Lont???. defeat by
the Allies would mean further delay.
British financiers were understood to
be considering plans for general secur?
ity trading within a few weeks, but no
definite result was reported, and it is
probable that the battle being waged on
, the soil of France will have great in?
fluence on the final decision. General
j business in this country showed the
I depressing effect of restricted credit
! and readjustment in low bank clear?
ings and an increased number of fail?
ures, as well as in smaller freight
-hpments that reduced gross railroad
, earnings.
Foreign Trade Ipset.
Our foreign trade is. of course, par
, ticularly upset. The excess of imports
tver exports for August. $151.000.000,
was much greater than had been c\
) .eted. Our shipments of $110.000.000
were $77.000,000 less than in August
jf last year, but the receipts of $129,
000,000 were only about $18,000,000
,' lower, surprising even though the of
' fects of war were more immediately
apparent on exports, which are figured
as they start, and though release of
from bonded warehouses here
was unusually large. Our exports o?
cotton were \alued at onlv $1,000,000,
-tt-ainst some $16.000,000 last year, but
breadatuffa went out to the amount of
.?ily $1.000.000 more than in 1913 and
shipment? of wheat and flour for Sep?
tember have been unusually heavy.
Detailed bank statements of indi?
vidual institutions here showed the cf
; feet of the present strain not only in
lowered reserves, but in Clearing
House balances owed by some ami
?.-'?Md to others thai represented as
siatonce grafted members on whom re
uuiiements had been heaviest. Re?
serves here, of course, will be increased
i.nd emergency currency and Clearing
House certificates retired as confidence
is restored. On former occasions of
, lowered gold holdings here one great
source of assistance was Luropc, which
now is cut off. Interior banks up to
last week had been giving little assist?
ance, culling out notes backed by gold
before shipping currency here, but now
that the Controller's figures are show?
ing the strength of the position of
. utside cities apprehension is lessen?
ing and the gain of gold from the in?
terior should increase.
The Federal Reserve act, through
mobilizing our banking reserve, was
intended to aid in correctin-j" such a
situation as the present. The system
is not in effect yet. and actual prepara?
tions for installing the regional banks
and engaging office forces must take
considerable time, so the desire here
is to see merely preliminary stepu
tuken, so that when it teems wise the
, new law can be put into effect w ithout
delay. No immediate relief may be ex?
pected from this source, but the pro
posed gold pool by voluntary subscrip?
tion should enable the Reserve Board
lo do informally through direct trans?
fer of kold what it later will be em?
powered to do when regional bank? are
in operation through ordering them to
re-discount for each other.
Railroad? Hope for Advance.
The Kasttrn railroads are preparing
their ease for advanced rates, now that
a rehearing has been allowed. "he
roads seem well supplied with new
arguments to bring about a reversal of
1 the former adverse decision. In _ddi
? lion to the effect of the war on current
| earnings and future linancin?-, they ca
show a decrease of around -1 per cent
1 in operating income for the fiscal year
ended with last June. While reports
as to assurances of an immediate ad?
vance are probably too definite, at the
the same time there seems reason to
: believe that the needs of the carriers
that divided the commission at th.
tormer hearing will appear now so
pressing that the advance may be ob?
tained, even if only as a temporary
; measure.
To meet the needs of government
! revenue. Congress, after considerable
I vacillation, has apparently realized the
?superiority of a,stamp tax as an im
, mediate source of fund-, and has
I abandoned the proposition for imposts
on freight charge?, as well a? that for
! extension of the income tax. In our
lesser emergency, our legislators can?
not rise above the influence of party
politics, as those of the warring Euro
i pean nations seem to have done. Here
the effect on the coming fall elections
; must be considred in every relief
i measure. So it has been difficult to
; scale down expenditures, of which the
j river and harbor bill is a notorious
example, and it took time to bring ad?
ministration leaders in Congress to
i consent to any tax that would be di
icetly and widely felt.
"i\_r Loans in Europe.
Creat Britain's third i'15000,000 war
loan was again oversubscribed around
three times, patriotism playing, of
course, no small part in the volume of
bids, but the great supply of money
available for loans in London ?h al-K> a
factor. The six months' bills were
placed at a little less than 3 per cent
und the one-year bills at around '?*_.
In Cermany preliminary reports h.d it
that only one-fifth of the 1260,000,000
5 per cent loan at 97-i had been sub?
scribed. France placed privately an
Issue of 50,000,000 francs in London on
u 5 per cent basis.
The Bunk of Lngland unproved its
proportion of reserve to liability to
over 21 per cent, where last week it was
under 20. The loans of the bank to
the market were reduced again, the
week's shrinkage amounting to over
_3a000.000. and bullion increased mort,
thon -1,000,000, though IWO.0O0 was
?ot e?ide as reserve against emergency
i? ' *n" * ,*r*f ?n?ouht of our -rold
?nlpment to Cenado is still to be re?
Here the banks showed more fully
?J result of financing the loan to the
ity of N.w York. Deposits of insti?
tutions in and out of the (Tearing
House increased over $83,000,000 from
those of the week before, when the
credit to the city entered only into one
?ay of the six that make up the aver?
age. For Clearing House concerns
alone deposits were nearly $04,000.000
nfttHtor,.whl,r ,oan" Increased $67.000,
*?;_?_t-'ash holdings improved over
$11.000.000, and ?o the detieit was in
creased only by about $3.000.000. Pay
ment on applications for the new citv
>--?uc biou-fht a great amount of cash
I'oth from noar-'.ing? here und in ship?
ment from the interior.
Seeks Popular Subscrip?
tions as Patriotic In?
[8) ?.?Lit* to The Tribune!
Puns. Sept. *_o. A new issue by the
trench Treasury is under discussion.
I ho Finance Minister. Alexandre Ribot,
has proposed that the President of the
republic sanction the Issue of a large
?quantity of low price Treasury bonds.
i The value of the notes, it is proposed,
1 shall be fixed at $20. $40. $100 and $200.
i The ground for an issue of cheap
bonds is to attniet widespread popular
subscriptions. Hitherto subscribers for
Treasury bonds have been confined
mainl-, to credit establishments, banks
and commercial chambers.. The tide it
to be given to these notes of national
defence bonds.
This is a direct appeal to public
1 patriotism and financial advantage. In?
terest is expected to be 5 per cent.
| Minister Kibot states that only $70.
?000,000 worth of Treasury bonds are
now in circulation. There is room for
', a large issue before reaching the statu
I tory limit. It is an appeal to the
Kreuch spirit of thrift and saving.
The time limit for these bonds is
, three months, six months and one year,
i They can be used for payment on sub
1 sciiption to any other loans, and wiil
: receive preference over further issues.
They will be quoted at par. The decree
authorizing the issue of the bonds baa
- beeiia promulgated.
Minister Ribot has given orders to
the geni nil 'reusury paymasters to pay
i the divider?, s due of Kreuch 3 per cent
' redeemable rentes. Payment of divi?
dends will be made on the simple pres
; entation of coupons, without other
formality, such as the delivery of a
- new certificate in case one or several
I of the series arc reimbursable, but
1 bear no interest.
The foreign exchange market has
been completely disorganized by the
| total or part cessation of commercial
relations with other countries und by
the Axing of forced currency rates in
most of them. The Finance Minister
urge? the Bank of France and the great
I credit establishments to take steps to
' remedy this situation so far as is com?
patible with present conditions.
A movement is on foot among finan?
ciers to petition the government to re?
open the Paris Bourse on October I.
.The chief difficulty about this is that
all capital and all securities have been
removed to Bordeaux and other places?
Balance Should Be in Our
Favor, Says Commer?
cial Expert.
Pointing out that our imports from
South America in 1919 were $218,000,
000, while our exports there were only
$146.000.001), 0. r. Austin, cx-govern
1 ment trade adviser, at a recent meet?
ing of the National City Club, declared
that it is our duty to persuade our
South American f rie ids to buy enough
' of our products to at least equal what
we buy from them.
Of the $1,000,000,000 worth of prod?
ucts which South America imported in
191?, he said, approximately 15 per
cent, or about $150, 00,000, came from
this country, while Kngland's share
was $L'60,000',000, and Germany's $160,
000.000. The balance earn? from other
European countries. t
"What will be our duty in an at?
' tempt to influence the commerce of
South America? First, to try to
stimulate purchase by South Ameri?
cans of the products of our farm- and
factories, and then make it possible
to pay with our own products for all
of those which we find it necessary to
brin?? from that section of the world.
Second, so to develop the producing
! powers of that continent as to in?
crease ils contributions to the re?
quirements of mankind and at the
I same time increase its demand for
' our own products.
"To accomplish these things *'e
, must follow the plan which our Eu?
ropean rivals have followed in tho
past of making goods to suit local
markets, selling them on term:; to
which the people of that part of the
world are accustomed, so developing
the local industries and transportation
facilities as to increase the output
! and therefore the purchasing and con?
suming power.
i "This means lir.-t the establishment
i of an educative system by which, our
! own manufacturers and exporters can
| be brought into such close touch with
[ conditions in that part of the world
as to enable them to participate in
; telligently and systematically in its
'trade. Secondly, that our manufactur
I ers must be willing to niak ? their
i goods to suit local requirements and
i sell them in accordance with local cus?
toms, and thirdly, that our financiers
should be willing to do what our Eu?
ropean rivals have done and are doing
1 - participating in the development of
local industries and earning powers,
I including the transportation system
"In Mexico we have invested our
money freely to the extent of more
: than a billion dollars, and a: a conse?
quence we are supplying abolit 50 per
cent of it* total imports. In South
America we have done little of this,
while the Furopean countries have
done much and have reaped a harvest
I of that trade, supplying 75 per cent
of the South American imports, while
| we supply 15 per cent, exerting a trade
and tiiiuiicial influence in a'.l that part
? of the world to a much greater extent
than does the United States, a sister
nation of America."
The work which the National Citj
Bank is about to enter upon, Mr. Au?
, tin said, was to establish closer finan
clal, and therefore ct mnercial, relations
between the United States and loulh
America. This is extremely importait,
I not only from the financial and com
: mercial standpoint, but from the even
? broader point of view- tliat o? rela
' tions between two great but distinct
| ly different sections of America. The
i possibilities of this wo." and of its
| effect upon the relationr of the two
sections of America are so great that
, wt feel we are participating in the
making of an important chapter in the
I hi-tory of America.
Violent Fluctuations in
Wheat?Corn and Oats
Gain?Coffee Dull.
Statements tliet the Allies had been
successful in the European -war, which
Were believed to indicate an early
oeuce. caused a sharp decline in the
wheat market in the early transactions
o? the wet-k just ended, but later de?
velopments led to the belief that the
drop in prices was due to a raid by
| Western speculators. The wsr news j
??hanged its tenor and prices recovered
almost as rapidly as they had d?clin? d.
! The Iste trsding- developed some heavy
; export buying of both whest and flour,
'?ml while fluctuation* wire on a re
j strict.'d scale the market was feverish
I and unsettled, with opinions as to the
j course of pri?es bused on opinions M
to the length of the war. Whether the
conflict be lon?,: or short, there is sure
to be a large and constant demand lor
AmericHii wheat for some time, this
'dea having for Its foundation the cer
tainty that this country in the only
one which this year has a normal crop.
The foreign wheat situation may be
judged from the fact that the Euro?
pean crop is estimated to be 330.1100,000
bushels short, the Southern Hemis?
phere i* short 150.000,000 bushels and
the Cunadian crop is 7:2,000,000 bushels
less than lust year, making a let!-iency
i of 560,000,000 bushels from these three
sources of supply, ull this being at a
I time when, if ever, Europe needs all
I the wheat, she cun produce.
A fealuro of the market has been the
presence of several foreign buyers who
wen? after large quantities of bread
1 stuff*, two of the number being from
j Icela.nl after a .steamship load ?if com?
modities. Interior receipts fur the
week were very hea\y, amounting to
| ?bout l'J.li?O.OOO bushels, or an increase
j <>f about 3,700.000 from the previous
. week's big movement and about 7,500,
i 000 ahead of last year. Clearances
i from seaboard ports fell off nearly
j ?100.000 bushels, but the distribution at
the interior was on a very liberal scale.
Corn declined in the week, partly in
sympathy with the break in wheat, but
l.inicd up later, although outside of a
I late export demand there was compara
; lively little interest .in the market.
| Values were steadied by the fact that
Kranee, Belgium, Sweden and Holland
???ere in this market for supplies, and
, about a million bushels had been sold
i tor export. There were liberal offer
! ings reported from the Argentine and
! Danubian countries, and supplies at
j Liverpool were increasing, but ?mall
j receipts at Chicago gave the market
1 lor the current month considerable
| strength.
i Oats followed the lead of the other
aratas, declining early and recovering
? later under heuvy export demand, re
1 ported ralea for the week aggregating
about 4,000,000 bushels, with the prob
! lern of finding the oats more difficult
i than that of tinding a buyer. Country
?offerings have not been heavy, and the
: receipts at Chicago have been much
below the average. The American
(available is less than 30,000,000 bush?
els, against more than 10,000,000 ?
; year ago, although the visible increased
more than 2,000,000 bushels in the week.
The demand for rye and barley has
been a prominent feature of the cereals
! market, and there i?? evidence that all
the available supply will be called for
? at an early date, the markets in the
| meantime holding firm, with an advanc
ing tendency.
Although the home demand for flour
' is only moderate, the late market wa-.
? liini on the strength of export business,
and sonic of the Southwestern mills
1 are reported to be sold up for two or
?three months ahead and not -?ekin-.r;
orders at present. The future of price.?
lis regarded as hingeing on the con?
tinuance of the European war. Thi
three big Northwestern milling cen? r. s
'lust week turned out iOtJSOS barrel-,
j against -164,060 a week ago and 423,62U
h year ago.
The closing price of No. '2 red v.heat,
:spot, Saturday, ?vas $1 '-'?i, compared
[with $ 1 013 a month ago end Mk
' n year ago. No. 'J mixed corn clo?e?
at 87*4c, compared with ?>2'?c a month
ago, and t?c last year. No. 'J white
oats at oH'sc. compared with Serit
a month ag-? and 50c last yeHr.
The Cotton Situation.
There has been a noteworthy ad
: vanee in the Southern spot cotton
markets, based somewhat on the ap
! parent success of the "buy a bale"
? movement in dissipating the semi
panic which had struck holders when
the question of handling the new
crop became pressing for an answer
and partly on the improvement in the
general financial situation. The set?
tlement of the outstanding straddle in?
terest between this market and Liver?
pool has progressed slowly, and hail
little effect on the market here, except
so far as the reduction of 40 points in
! the differences has served to stimulate
' the movement. The possibility of post?
poning the action of the Lever law
until the market becomes accustomed
to the new conditions which will pre?
vail when the exchange.- reopen lias
aroused considerable feeling, and the
report of the committee which went to
Washington to consult with Secretary
Houston on that point is awaited with
interest. The spot markets in the
' South showed some substantial gains
j in the late trading, and the "buy a
; bale" movement appears to have de?
veloped more strength than had been
anticipated. There has been some
i comment as to the advisability of in
, ducing individuals to pay 10 cents a
' pound, or $50 a bale, for cotton to be
placed in a storehouse and await a
demand, when the spot price is below
I that figure; but at the rate spots have
been advancing in the South there will
? be a m rgin of profit for buyers in
i stead of a loss if the movement
j keeps up.
There is one beneht from the cotton
situation which seems to have been
i overlooked in mauy quarters, and that
\ is the solid basis the planter will have
1 for his crop in the buildint of ware?
houses through the belt. The reopen?
ing of the exchanges, however, is the
main thing needed to insure stability
and start the wheels of business
going again. When the South can
hedge, banks lend money knowing the
'market value of their collateral and
spinners make contracts for supplies
1 and the sale of goods with full knowl?
edge of conditions in both markets
there will be no need of a "buy a bale"
' movement to save the planter from
Cotton goods and cotton yarn mar?
kets are generally firmer and higher
than they were a week ago, although
' price revisions on finished goods are
1 now becoming more common, in keep?
ing with the revisions made on gray
goods some time ago. The inability to ?
? get dyestuffs continues to restrict trade
in all colored goods lines, and prices'
are generally higher than on bleached
and unbleached lines.
In the Other Market*..
Coffee has. developed an easier feel- .
ing under pressure of Braxilian sup
. plie?, a lower cost and freight mar?.et,
! and better financial condition? in Bra
' /il. The consuming trade here is not ;
bothering about the future, as in ad?
dition to the warehouse supplies on '
hand there are close to 600.000 bags
afloat for the I'nited States, and weath?
er conditions for the new crop are very
favorable. Most ef the provision list
has declined, although mess pork ?MS
held firm, latd showing the principal
reduction. Copper has been dull and
weak, and a sharp drop was recorded j
" er metale havs been in mvd
Tax Exemption of Investment Bondi
Under the present New York State Tax Law invest?
ment bonds of every degcription, if not already exempt,
may be exempted from local personal taxation by the
payment to the State authorities of one-half of one per
cent, of their face value.
In order to secure the benefits of this law for next year
residents of New York City must make their securities
tax exempt on or before September 30, 1914.
We will be glad upon request to advise investors as
to whether or not their securities are tax exempt, and
we also offer our services to those who desire to have
their bonds exempted.
Guartnty Trust Company of New York
140 Broadway
Fifth ?renos Brsedt, London Otfce,
Mi Are. ? 43d St -3 Leabard St, E. C
Capital and Surplus, - - $30,000,000
Executor Tirol*
Chartered 1822
The Farmers' Loan and Trust Company
Nos. 16,18, 20 & 22 William Street
Branoh Offloe, 475 Fifth Avenue
New York.
LOltDO-T, 16 Oookspv St?, 8. W.j 28 Old Broad 8treet, & Q
FABIS, 41 Boulevard Haosemann BEELIN, 56 Unter den Liados, I. w\ t
Travelers' Letters of Credit. Foreign Exchange.
Administrator Guardias
Maturing as follows:
$57,000,000 6% Corporate Stock Notes due September 1, 1915
$18,000,000 6% Revenue Bonds due September 1, 1916
$25,000,000 6% Revenue .Bonds due September 1, 1917
Price 100 and Accrued Interest
These three issues are direct obligations of the City of New York
Exempt from the Federal Income Tax
Exempt from all taxation in New York State except for State purposes
[Temporary receipts of the City will be deliverable before Tax Day, October 1)
Interest at six per cent, per annum, payable semi-annually on
March 1st and September 1st
Principal and interest payable in gold coin of the United States of America of the
pr?tent standard of weight and fineness at the office of the
Comptroller of the City of New York
Coupon form in denominations of |500, $1,000, $5,000 and $10,000
Registered form in denominations of $500 and multiples thereof as desired
Coupon and registered forms interchangeable
H e are advised that these bonds and notes are avouable for the following purposes: r
1. As part collateral for circulation, under the Aldrich-Vreeland Act of May 80, 1908.
2. As security under the Workmen's Compensation Law of New York State.
3. As an investment for Savings Banks and Trustees in Xew York State and elsewhere.
A syndicate of banks and trust companies of New York City has purchased these bonds from the City
at par and accrued interest. A large part of the bonds having been withdrawn hem sale by the subscribing banks
and trust companies, we offer the remainder, on their behalf, for public subscription at the cost price
?Subscription books will be closed at 12 o'clock noon. Tuesday. September 2'lnd. 1914. or earlier, in our discretion,
without notice. The right is reserved to reject any and all applications and also, in any case, to award a smaller
amount than applied for.
Applications for bonds should be accompanied by a remittance in New York funds of $ob for each $1,000 bond
applied for. The balance will be payable at the offices of the undersigned. Monday, September 2$th. If only a portion
<if the amount applied for be allotted, the balance of the deposit will be applied toward the amount remaining to be paid.
yew York, ?September \lth, 1914.
erste demand and steady, but linishe
steel has had less demand and the mal
ket is weaker. Sugar has declined sine
it became apparent that distributer
watt fairly well supplied, althoug
Kngland has been in the market fo
large quantities of both raw and re
In the country produce markets som
weakness has been shown by bu'-t..i
cheese and eggs, while potatoes, apple
ami the smaller fruits and vegetable
have been su>ject to only the usua
market fluctuations based on daily re
ceipts and demand. The opening o
the city markets bus so far had littli
effect on the trade at large. There liai
been a declining tendency in the live
stock and dressed meat trades, but n?
large reductions nave been made ii
high class veal and lamb, either aliv?
or dressed. The fact that the live
stock markets have not shown any ma
terial advance gives ground for the be
lief that while there is a big shortage
in the supply of live food cattle, there
is at the siffle time a lessening of the
demand for meat products which goes
a long way toward equalizing matters.
Queens Citizens to Speak for
Improved Transit Facilities.
Representatives of millions of in?
vested capital in (JVioens will appear
before the Board of Estimate to-day
to ur?-:: the adoption of the plans pre?
pared by Bridge Commissioner Kracke
for the reconstruction of the Queens
boro Bridge to permit the placing upon
it of the railway lines to connect the
transit system in Manhattan and
Queens. According to the estimates
of the Bridge Commissioner, this work
will cost $11,024.000. and it will take
fifteen months to complete it.
In Queens work on six contracts for
the construction of dual system exten?
sions al a teat of more than $12,000,000
is more than half completed. As it
now stands, this expenditure is to be i
of no avail, it is said, for it is im- !
possible to establish connections with ?
the lines in Manhattan. Investors, hav?
ing nlaced their money in dwelling?1
and industrial plants in expectation of
the early completion of transit connec?
tions', are losing large sums.
II is for this reason that a demand >
will be made to have the plans for the
bridge reconstruction approved, so
that the delay in making the connec? I
t-iun? aiU be as short as trotsiblc. i
Increase in Sales and Steadier
Prices Make Manufactur?
ers Optimistic.
F?ll River. Miss.. Sept. _0. - A .ub
atantial improvement whs noted in the
cotton cloth markets of New England
last week, and while the volume of
business w_s by no means large, --in
pared with the weekly production of
the mills, manufacturers and brokers
were more optimistic than for several
Thi- total sale-) last week will exceed
100,000 pieces, about two and one-half
times the amount of poods sold the
week before. The weekly production
of the print cloth mills is about '-60,000
pieces. Just now, however, mills are
tunning on a reduced schedule of
working hours. The curtailment last
week was comparatively small. Manu?
facturers ??re called upon to pass upon
a considerable number of orders, and
while p?*iccs suggested in some case?
were smaller ihaii niillmen cared to go
inquiry showed that buyers were willing
to purchase goods under favorable con
?iiti? ns. Many buyers are not in a po?
sition to talk future business, because
they are unable to perceive conclus
ivolv what styles of cloths will be
The demand last week, as has been
the case for several weeks, was for
wide and medium wide ?foods, and there
were sosse large individual orders.
Prices on the popular makes stiffened
materia'ly, and prices which manufact?
urers would accept two weeks ago are
?efused now. Fine goods concerns arts
doing s fairly comfortable business, i
Report, indieate that buyers are in ??
need of certain styles, especially tine
cotton fabrics .?.r women's wear. Some
samples of foreign importations sub?
mitted to New Cedford and Fall River
inill:. have been matched successfully,
and a good business has been done on
them. The European war has served to
manifest to some cloth factors that just
at good cloth can be made by Am -rican
null* us can bo mported from Europe.
Cotton yam markets arc relatively
quiet, with the demand spotty. Raw ?
cotton is beginning to stiffen up. The
week closed ???_ the demand fairly]
Main Offlee
60 Broadway
Harlem Branch
Le?o? Ave. and 125th St.
Votnmn OAV-?
358 Fifth A-ean?
Rreax Bran??h
Third Av?. ?oa-J 148th St.
Statement of Condition, Sept. 12th, 1914
Cash on hud.$5,405,457.56 Capital Stock.$2,000,000.00
Cash in Banks and Surplus snd I'odl?
ExchUfes. 5,311,129.41 vided Profils. 7,103,617.74
N. Y. State and N. Y.
City Bonds. 2,173,998.30 Office Cheques.
Other Bonds and
Stocks. 6,538,884.87
Loi is and Matartag
Cltailajt Mouse Ac
coin , Nat Bal?
ance. 580,0 O.Ot)
Securities .39,726,759.87 Reserved lor Taxes,
N.Y.Clty Mortgages 2,279,588.51 Hrtereat sad Wv?
Real Estate, Bank? Mead. 381.3V5.84
in-Houses. 5,787,573.10
Accrued Interest
Receivable. 393.405.84
^7,616,797.46 $67,616,797.40
Member New York Clearing House
good for some styles. The quotations:
.8-inch 64-64. ',\ cents, nominal; _x*
inch 64-60, 3*s tents, nominal; '-7-inch
6.-B0. .'i**? cents; '_7-inch 60*5?. t-ft
cents; -7-inch &?---. '-*-? cents; -H-.
inch 64-04, 4-V? cents; -?-inch W-7_,
&"i cents.
First and Last Dividend De?
clared by Referee.
Notice has bee.t issued to creditors
of J. Thomas Reinhardt, the bankrupt
broker, by William Allen, referee in
bankruptcy, that he has declared a
first and final dividend of .49 100 per
cent unen the claim i against tSe es*
t?te. Creditor's can ?get warrante for
their dividends at the ofllce ot Aver?/
F. Cushman, 17 Cedar st, cr sod after
Se? tember '... be'weeu 10 <nd I p. m.
It was laut January that stocka a??d
bouds of a par value in excess of $$,
000,000 were sold at auction in liquida
t on of the claims. The sale brought
$i0..'141 The aggregate claims were
about $.40,000.
$26,400 in Mill Dividends.
Fall River, Mass.. Sep... .0. -The 41
rectors of the Flint Mille have de?
clared a quarterly dividend of 1 S_ Mr
cent and the Cornell Mills - per cent,
making a total outl-y in dividends of
t'4?,400 on a total capitalisation of
i f Owo.ooo.

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