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REVIEW OF THE
WEEK IN FINANCE Financial Affairs Steadily Improving Larger Rank Surplus* INVESTORS BUYING HIGH GRADE BONDS Demand Sterling Kept Around Gold l ?port Polit?FtrtigM Rato Case Prospects. Imr.:,??. ' "??nrtarv , i rxchnnpo , mnintaii ta ?hiring tha> week. Bf "llS n,!llle w.ar<? , r ! iniui cial aiT" ' through ? coursa of baal? liai prefeeed a month or sary '? ' ' ' ''? th<> : little* ? ? !ntion t-i?it ?<- ''"?' " ?>< r '':,nk draw ?? i<s l :?n-k in the f re raifl on this city at had : bu> ... 0f s' ? n,K* beginr. r.p ? i imilar ?norem.? ' :<,?r n- i, . io able to show I ' '"' ?????? ? ily confer ige authori t security mivnni-od ; rg,e j| ?appointing, us I ? - gave ivora Al ; ? < omtnerca Ccirnm. ' Persia! in taking ? powera and nue?t ; ? of rt' little ' -'' t^om the f ieeit n is i . : 1 it mty ! ? ' n will sur? prise t_ riet by an ap- ' precia".? i broadei than I has y St?? ' aw Ebb. As &? ' formel appli? ? i railroadi - T'lK' enforc.. In railroad ? eli arly in : ? : rtod ht ! " hur?-h I from :.v.d re Ib the products ? traer? on ? ??? bus!- ' ? i ... -,.: ' to keep ? ? _ per cent. ad hcin bet moi ? mediate im ?? ! Bot bricht ? ? : pajmi ? i. The -, however, ... r, 1 - ol our na? tionsi ope for a n?cid...(! better in i lines v ? three mo:. Opputr. OB Relief I'lan. The I reliel plan, as *.o contenu with South ? ?iB and hirh will prac accept I r of 3 ? ?ward a cuaran avor, al ? be ezpenae ? ? small, s have * ttOB until it Y ?old, : ? ? v are soin*? th< 1-tpected <j in with ??* ? ? ?? market ? .do toward woo. ' thr?' pre.?e pur? the lt< iu lo?. - - Cbieegc -.-ere gl hind ;, the pre The- i year h* educe provem ? aVairmi m a tp hit f?:' ?ally . ontidei.. ebjectio' I* ??sumin. | Weiten *?; ties?y h St pound I it tt 6. ! 3 per cent i-tes fun. f though h ? to be m I';** Ei i to finan? the tim..' ?old, : >ing th' rpected oldinp ? <:i!e tm ,.ener_] a tbeproje I 1 Dur:;.,.- sterling ? ''?ent m .: * export f Point tl t to i ? In. ami doted _-,. Incr^ '?OlUTT-' i "a w'-,i- purchases ^ere ?y " ? rs, and an ?ourit ta ! in the ?he London ? I. Hanker?? ? ? gainst s High-Grade Investment Securities to Nartio&&Kufau d N?W? York INVESTMENTS We invite those with funds to "?vest to CMMult us. tfficKr? Bnfj K.?iaijie service, tacked d> many years' experi? ence, are ?it your command. Mjnil-W and Corporation jonus. W. N. Coler & Go. 43 Cedar Street NF.W YORK Borts lor Investment Hirrit, Forbes & Co ?*?"? *????, Corner W||||am NCW YORK I soll rxchanro. Commercial Ion sent ..-. or late la July and held I lection, instead ef being dieeoui ?"?in.], art? matai .n-- and adding fun,!?, avallabls .m ths ?thai si' i ??old Pool K,:ul? M her? No.-. As latos hppron.hod ? level t frmn normal, aptewa Importai i*.! previously refrained frera n lag, wore fairly heavy huvn l payment on aceount of ihr Neu Cltj loan Will he laigilv in < \, Instead of told In all there is , demand fei iterllna drs I t.? continue t!-.<< operation gold pool, Tim loci eoramittee ' -in over hull' ol th? already shipped, and in the 8ub ary here there li 115,000,000 mor loan be sont ta Canada on short i 1 s" It a 111 be able t.? offer billa necessary t.? ehoeh urn unreas< advanee in exchange on London. l tissatai of the amount of g. , ranal give up to Enrope have be viaed downward Already same 000,000 has been sent t.? .uta maturing obligations <>f th? ] orh anil 110,000,000 mr ths gold fand committee, in ml from vv.-rkiy lammar ??emente that aronnd - 10,0 more hai gone t.. Canada sii .-.- \ i Mtu-ti of tins representa with ..I .?t fun.is by Canadian b had considerable --.mis out .m c market, and hare beta ss hare te in- sold si In August and September estimated, Canadian institution ?? si 1 in i 000,000. In part, hovvov. in-; v.?? our r.i r ??? were pi Ivatt : peeulative ?i good pi ":.t !.. ing ? of l.n against whi ,;,. eould be .1 tha price < | Britain pay gold pi. ?i-t-.tr.\ in i anada i:; raise? operation pays little at | chaage. Money Offered Moro Freely. Money hare was offered more ( st ''? par esnl for tima and eall l hut collateral ?van carefully scrntii . required than m mal times. Commercial paper o 'ho work at 6 per cont for be I 01 Prom Washington, where ths nee. the borrower continu.- to I coneen . were presente show how great would he the rol when the new banking i ? fective, m th?- m .... ? of the fart that part of th. ks are mad? of deposits in other nistit it 1 t, ally, it is true, with the nation's under central control at:.i lower requirements, credit will be panded. A tendency toward infla ha- been feared since t-. I re banking law took shape. With ? it may be that this will he 1 within hounds, and will irai.I. u scarcity of European ft formerly available here and not re in undue loss of gold. li.e movement of cold at I contnr . been expei from experience in former wars. S reports as come to us from tl a r bow them ? adding to their gold hold Rank of England last we. gold increased ahvr.it ?1,500, 'old o'" u gain ? ? eial exhnusl of the great belligerent m seems remote. I ported to vote anoth.-r i'10 the war when I'arllament, r? .- n loan the form of eit I purchases in th-.s country, and ncp-i were under way for other t . . |. ,., . ,t large or.-.lit balance on t mark exchan and bankers associated with the C; man government say that ? the United States ? templati ; for its purcha through .?rafts on that c.-r.' The < learing House institutions the aver t| for the week bi a little ander 915,0t Ib normal times this is S lai i f reserves for this season, a with icquiremeiits to be I? ti.. v... '-. Idl? mon? y here should sr security Investment ! in sur;- rought ahout prit; pally t h rougi of six 00. '1 he reduction - light. COURSE OF WEEK IN COMMODITIE Grains React at the Clos ?Cotton Skies Clearing ?Sugar Declinini?. Although No. 2 rod wheat clo week 10% cents below the high pon of September 5, it aras still 7 cen above the price a month ago, and evi with Borne reactions the ??eneral tel dency of the market was bullish. Th .ion was due to the Impi ? : onger as ths war i l. ro].eelops, thai the demi tuffs, particulai I; and flour, will at least be : the next crop I hai I ^ The only thing which hi pri?es from soaring i ss been ths h crease in suppli? s fron, the iUl,l th? " illingnei of farmei to market their gnAv at prevailin While the export movemen for the week was mote than 1.000,0o bushels, the total interior receipts fo reek aggregated 12,1 ? ?la, compared with 10,283,000 m '-i> previous week, and ??.'.'il.oiili a v.:. ago? This points to a good In? ? toe American visible in to-day's fig and the il world put at 1,275,!. ;. foi the week. (Hie r. suit of ' ? ? atnl Inen i ci"]> (?:' moi? than 5,000,00 t acn i. 1 hli will be non? too much if the predictions of those wh< : a still heavier demand fron ahioad an- realised It i* reportei that eonditiona in Aastria-Huagarj uh that ths import duty 01 has be.-n suspended, and distill. ; havs h<-< n forbidden the ase of i ton ? sis in Germany have be. n advancing si d with tTrance I basa selling freely, that i ?bed to fears the crop , .nuil consumption of ahout 860,? o bushel a, and is 27,000,000 below last year's figures. Australia and 'in I Argentine :?t> reporting bad weathei j and poor croji pros] act , I inada has oi h about 80,00 ? to eome forward against 100,000,000 at this ? time t yeai and If atatistiea are , ; iterion those wl e look for an increai ing demand for A an- not likely to be disappointed, Corn haa advanced alao, but trading has been quiet compared with the BO tlvity In wheat, with price ehangea rather narrow. It is expect. primsry markets will show heavy n |n the n? ar future, weather soa ditions havinc been very favorable fur curing ths crop. Farmer? have shown la disposition to hold their corn for .mi this tende I to In market here for Argentine eorBi ?, now quoted regularly on the local exchange, with cr liberal at relatively low pri demai -I is expected ti i the action of Turkey entering tl ? I which w-iii shut off eont from 1'uiiubc sources. Tbc wwr. Executor Trustoi Oh.irtorod 1822 The Farmers' Loan and Trust Company Nos. 16,18, 20 & 22 William Strcot Branch Office, 475 Fifth Avenue New York. LONDON, 15 Cockflpnr ?t,, I W.| 26 Old Broad Stiwit, E. G. FABIS, 41 Bniil.'vird Hanot-rnann BERLIN, 66 Unt-r In Lindon, N. W. T Travelers' Letters o? Credit. Foreign Exchange. Administrator Guardiai close.) with No. 1 mixed at BSH e, 1*4 aboye the pries ?? month ago, ami ii> below the bigfti <>t Angus! 10. Moderate gaini h.-?v?' been Blade b ba ted mainly ?.H h fail amona export bi Ini , liberal pnrehaae December bat/tag been Made It Chicago. strength ??as given to th market through small eonntry offer coi . '.'ri.Mit bo tices of httl m'.?int. There is an apparently wal ?.il belief thai export baalns luis been done secretly mut i-? raucl large] than baa been announced, .i one Chicago boo i- is credited witl having sold 10,000,000 bushels i?r ea port, mainly by way of Canada, ?it! 1,000,000 bush.-is reported sold bar l riday. The c!o.?e of N'o. 2 whits . was ?'!?? above th.? pri?e a nonti ago, (?ut iihiuit ::?? andar the high a? s.-ptember 6. Trading In flour has been only mo<l erate far home consumption, hut ther< has bp?'ii considerable export businest tpring wheat flour is held firmly Many In the trade hold to the belie that the prolongation of the ?ar i bound t.? it-suit in higher prices am I aping their course accordingly ? I prices for Minneapolis patent! are onlj 16c above those of a mont! bul are |1 SO higher than the; '.???ic I., it year m this time. Conditions la CottasL After :? long period of depression am : | |il ? ' spol COttan mar the South in th?' last two or three dayi have shown s hardening tendency, will idy upturn in prices and smallei -.'?m plantara. Ti ba ba ? : due in large measure to the gradua ? ng away of the clouds which ban ? :.- of the loi : the almoi ? ai sured succcsi \\ bile the liquidatioi I rerpool baa bi ? i by Die reductions in prie? ? '.-?? the limit set for closini ? deals, this phase of tlio ques' ? ??-. been relegated to a miaoi role, aad the fact thai farmers 1 ? ? -.? ? been able to hold on to their supplie; with increasing strength has bean th? '"iit'.ita'. The gaia in spot prices is the more remarkable, coming ose after the nnexpea I edly bearish showing of the Canana Hu report, ? i ? h aras Issued or .-. and showed exceptionally heavj ginnii... i.al mat Bg up in the ? ? s, among them being ? m>-? . ' l the local I xchangf rali . the board ?>t manag* ere is also ?lu?' ?? report on th? mmittec and th<' ? ' rndicate plan to Ananct ? l Be expert movement pecti : to ncreaai rerj - oon on the declaration I : that cotton will i . iand of ind authoritative statements thai ? ?! An -ti m are anxion ? t., get large amounts of the staple month? ly foi ' figuras mee in Southern i ! a pound ? eentlj prevailing. Trading In cotton goods improva i ?'uring the week. Value - on gray goods ibatan? ive been made for de? ? extend through , r, Jobbers were - -, moderately of pis , but cturing tradet were moro active. Prices on son if wide are '4c. a yard op frum the extreme low pointai and mini fi-'t erally are bo! ready I ? I the preaei to nt that want. Sheetings were low and quiet. There was an improvement in export demand and several reque Id up i oodt a ere received. In Other Markets. Increased strength has beei thowa in (Tee market, althongh trading on spot ha-, been limited owing to the fact that heavy arrivals of M I and freight from Brazil have gone straight into iming hands. The local curb has ? slight gains, but the difficulty of exchange on London has inter? fered with free offering! 'rom Brasil. Tho announcement that the Metals Exchange is to open in a few day.- tor dealings in pig iron is regarded as a hopeful sign for the trade, and prices instances. ? pi '., markets, i teept for tier grades and higher qualities of stuff, have inclined to weakness, al . h apples and potatoes have held , with fine table grades of apples in good demand. Strawberries from California have made their appearance, ? - re boI cheap. In the live cattle and drei led meats markets prices have been firm and in toi e i I meet higher, I having been ad | '.e. m the week by one large packer. Fine calve and choice lambs reached high figures, but hogs and pork products have not shared in the advance. 1 here are expectations of heavy receipt! of hogs at Chicago this ?'.elk, and it i-: expected that prio's Will be some?.1::' . ., even if no SI 8 noted. --? GERMANS AND 11 S. ROADS Official Railway Journal Sees Evil Days Here. Various European countries, in of the ??ar. are making a close of American railroad conditions. to ti'?' Chicago Boreal of ,v News and Statistics. yuota :,,,:., an editorial in the officia] journal of the German Railway As -. ; ? proof. "The of Railways in the i the sn ijeet of the ' '??? .; United States railroads are in ,.V;1 ,- ' ?'?> point?-'.1 oat in !?:.-?? pagas, the ed ??Their expans?s are an a eon? ?tant Climb, due especially to ever-n. -..- demands of labor -nd ad -, coal of material-. ... : ti.e inies me allowed only With great tiom or not al all to protect through higher i ??From auuiy quart? r? it ed that rate increase?, the i ? red for . imitted, --hall nal applj to That most of the roadl must : and make little or a? profit from their passengers is an i;,,,.,, fact, I" the United States the operatiBg ratio in passenger traftc has ris? 11 decidedly. "Coat of laeomative maintenance has doubled In twenty vean, while '.?ages i,. ,,. . creased bj half. The arbitra? tion boards, appointed to letUs ??:J >,, tweea ' trainmen, raged t lat - reased 1 it seems a tact that the have reached the limit of their . if they may not increase their rcveaue tbiou.,-. b.?'her un?s." i FRANCE DECREES NEW MORATORIUM Advances by Banks This Month on Deposits Increased. STIMULUS TO TRADE EXPECTED AS RESULT Finance .Minister at Work with Bourse Authorities for Open? ing Stock Market Illy Cable to Thr Tribune.) Paii.s, Nov. 1.?One of the mo't in? teresting of recent financial events Is that the President of the republic has i a deCTOS for a new moratorium at the Instance of the Finance Min? tar, M. Ribot In November the new regulations oblige the or. d ' ? tabll hmeatl and nil the other tianks to p?y 8200 on d ainl credit accounts held by them and ?10 per cent of the balance. From De? cember 1 to the end of the month the ?ame 1200 I retained hut the amount on butanes of deposit will be mi i ; to 50 per cent. The signs are already apparent that the new moratorium will give a grant Itimulttl to trade and finance, It will be remembered that the flrst mora? torium, issued in August, made eompul .ni y the payment by banks, of only tal) , plus b per cent of the balance of credit accounts, which paralysed busi ? boss. M. Bibot obtained tas Presi dsnt'i lignatun for s decree granting further facilities for depositora by , snlarging payment on the balsBce i i ? . 26 per cent on bept? , 27. The last decree | ? general 'satisfaction to the bu-ii.??.-- world If. Pibot had just arrived at Paris to prepare in conjunction with the ?sindical Chamber of Stock Rrokers and Hankers for the early liquidation of jour postponed Bourse settlement of the lend of July last. This is a preliminary operation to the reopening of the stock marl New official regulations for the pay ?i of dibits give facilities to debtors. Men mobilized for war are exonerated from liability for <l<-!>t dur? ing the period of service. Other per? sons cannot legally be prOSSCUted foi non-fulfilment of ? ngageineiits i month from promulgation of ti nee. After that date the judges in commercial courts can allow postpone of part payment-, according to their discretion. Report! StatS that uneasiness is felt In German financial quarters. Cern?an exp. rt opinion is said to be opposed te r ie op. ing of the Berlin and Frank? ? fort boot ':! the economic Mtu.i tii.n is brighter. The Minister of Finance hai been : authorized by the Council of Ministers to open a treasury account under time advances to foreign aid establishment ; and to debit for that obje.-t 168,1 divided as follows: 850,000,000 to the Belgian government, |18,000,000 to the Sen.-.an government and $100,000 to Montenegro. MARKET HOPEFUL FOR COTTON GOODS Prices Rise Slightly and More Business Is Done, Though Profits Are Scant. [By Te|p?rrai,n to The IH Fall River, Mass., Nov. 1.- There was more activity in the cotton goods mar ( kots !act week than for several works. Sales have been correspondingly large. i The volume of business could have ! been considerably greater, hut manu? facturers did net take kindly to prices ? which were offered Buyers centred their interest to a eery great extent on wide goodl of od 1 ; counts, and nulls which make ? constructions report eery i?'""d It is claimed bj ? lufact I urers that even at prices named by them the margin of protit is still very small. An inters ting f? I .re wu-> the firm ti. ? noted for narrow goods. Tiies,. goods arc still in litt !, al? though the Supply ''t: hand could meet ? a .?ni ? ran I Mai . I up quits u little, and r ? in many instances to listen to quota : tions of the previous week. According: to reporta from manufact | urers and brokers, v-.-i le gee i fron, a t-ixteer.th to an eighth of S cent I a yard, and in 6ome special lasts greater edvaneo wai named. Buyers showed greater interest in ?p ' aad immediate .shipments, and only hft.-r they were unsuccessful : ting what they wanted fer r : I ment did they turn their attention to contracto. Trad a.-t.-r tl a*. - refused to do buainesa; some : I prieea | will go higher, Others not st sue to do business on basic pri? The quest.on of delivery wai a vital one to both buyer and manufacturer. I uyeri interested th< ila lines of goods for deliveries be? ? January BJld iul| n.xt year It . rly well sssured i those months may b. .ing from ?i'-i cents a pound to 7 | even ??? ;th cotton at this and ?? ida gm-d? ... ? | :n of protit will be rather scant. Other sup have not decreased in CO ? portionately with cotton, and labor cost has r.ot changed. Some manufacturers met the new business with a fair amount of readi? ! ness, becau.-e they need to insure keep ! ing their product moving and an in? come coming in to cover a ige? and other . : ' ? r ? -? facturer who are not D r BBci [pressure have sold because apparently -, referred to take a .-;, small, proft production rather than held it si on the chance of doing bet The readiness to sell on the part of manufacturers depends altogether upon ?stoi Stnts? Earnings for Idle Funds Capita! not at present needed in your business, or capital awaiting invest? ment, can earn its return if deposited in the Astor Trust Company. Ar? rangements can be made for interest on such de? posits subject to check; and a higher rate of in? terest may be had, if funds are left for a specified period, on one of our Time Certificates of Deposit. The interest is computed from the date of receiving the money. Contult our Officers refard in % y nur Reserva Account, or a*k for nur booklet on Certificates of Depoait. Trustee for Personal Trusts FIFTH AVENUE & 36TH STREET, NEW YORK the amount of debt which rests upi ' a mill, should a mill he fortunate ills on hand, it would to trade at current prie ? one which is liarus?ed hy indet - for the week are estima ? 1 at 680,000 pieces, or about _'l.O ees in excess of the weekly produ tion .vhen the full complement of m chinen is running. Of the total sal about ?sO.uOO pieces were spots, or to 1 delivered within the near future. durably more than a niaiori of t!... contracts are to mature betwe? Jannarj and July of next year, and th conditioB meures a fair amount ? for some mills for that perio Fide goods mili? ?.re doing a fa a-il mills operatinir r faneies <>f print cloth yarn eonstructi? ??'? tip finer eoants state that th? a'?' .. . . ...1 bueiness al'hough n' profit Ms hu ?iness. Tl quotations! 28 lach, 64x64, :?c. non Inal; 28-inch, 64x60, 2%c, nominal; 2 . 64x60, 2Hc? 27-inch 66x56, '-"u L'7-incli, 66x52, 2?4c; Its'.-inch, ?llx?) 68x71, ,?e. NEW SYSTEMMAY END LAW'S DELAY! Two Courts Begin Toda; to Deal Exclusively with Debtors. em hy which it is hope SBSive delays in the tiii of Commercial cases cornea into open tion t" . Two special parts of the City Court Part : 3 and ?? will he devoted excli s ovar commercial p_p? . .?r.ii delivered and rent. I '. that this will allow of th ich ea ?? s B ithin thrc ? I ormerly a year or more was neede to bring such actions to trial. Thes . eft ri been prejudicial t ii trying to collect debts. The justices also have under consirj oration ti i recommendatioa of the Ne' York County -lawyers' Assciation to en ?ii- summer vacatioB ":? the secon Monda) ? land of th tir.-t Monday in tictober. The ?u>| pte l if approve i by the hai alrei ay added an extr eh ?lay to It I -rape To Ite tut Off. Rad - ? ii the method of con iminations in supplement?r, another matter t< which the new element in the; court i; giving attention, ami the Bar A are co-operat?ng In th? ? h of a suitable plan. This I. ,!, WO .Id !..' of hardly less impoi the business communit> than the creation of the commercia calen?. . It is planned to make thesu proceed. .SfleadoUS method of I'll. forcing rights of judgment cred tor: ! against debtors trying to conceal oi misrepresent a >?' . and at the same ?time end the meie embarrassment oi ; honest judgment debtor . | Bow unnecessary litigation can besi he ?ii evented, reduced or discourage?] , fcrins the basis of a circular letter ; eddreasad to judges, lawyers and othei interested persona by the Committee :'i r ' .tion of Unnecessary Litigation, Slate Hht Association, a:-k ing ?"r suggestions. Wills Cause Most Disputes. I to the letter is a list of major subjects of lltiga "Wills head the list, and and administrators" run . "In making suggestions," says the ., ".t will be well to remember law, like medicine, is of two kimls, preventive ami remedial. Law is preventive only when it is con? structive, and then only when it is so tractive as to obviate all causes f. r dispute. It becomes remedial only r.r'ter a cause for dispute has come existence. vention must be at the source. It must !" at a time before the feats upon which a dispute can he based I or example, it must be at the time of writing a will, MB? . itrument, or at ?; ruch a document goes into ei "Remedy, on the other hand, comes after the fact. It is then too late for prevention, and litigation follows un lese t pute can be re i medial process, such nt of settlement between me amicable, authori :on." The letter closes with a plea for . in the movement to re? duce the aumba r of lawsuits. PROSPERITY* IN COTTON Sagamore Co. Shows Increase of 100 Per Cent in Year. v. 1. The ftnan ? , - .re Manuf . ibis one. ? ? accou t for the I just closed it i sur? a year ago, r.n Increase of ni per cent In addit n to ? pai?t out i: ?um of $126,000, ?n p.r ?-er.*, on the total capitalization of 11,200.000. The construction ?*c i count 16,421 76, an i ?ess and casi. - 23,07456. Bg be? m maaafactures only . and do?? ? ' .-"? I SB of cotton ( .- .num. and is equipped '-?'.th about | HI,7.5 spindles and -.600 loom?. ARGENTINA PLACES HIGH HOPE IN FAIR Says Panama Exposition Will Vastly increase Trade with U. S. "The Panamn-Pacil'c Exposition ! should be the means of securing an i enormous increase in trade between the United BtatSS and the Argentine Republic." In 'he?? words. Se?or Horacio Ana aagaati, Commiasioner-General of the Argentine Republic to the Panatr.rv Paclfle Exposition, and one of the most prominent engineers Of his country, yesterday sxpressed his conviction as to one Of the results of the fair in San Francisco next j . "It is the case of Mahomet and the mountain." he said. "If the Ami manufacturer and exporter will not go to Argentina to Itudy Our Con?. we will demonstrate them at hifl earn I door to convince him of the trade op ? portunitiee now presenting themselves, "The Argentine Congress voted 82.? rO for the San Francisco sxposi 1 tien for three separate purposes. First. . to ihew itl frisndly interest in the United States! locondly, to furnish i practical demonstration of the coun? try's vast natural resources, its great industrial and commercial growth and its high standard of culture; and, thirdly, to eatabliah closer and more important commercial relations be tweoa the two rep?blica Sees Many Opportunities. "In travelling tl .'.;fornia and other Westen states," added Se?or Anasagasti, "one cannot fail to be im? pr. ??? I by I ?- openings for a 1 mure . atended ??? of trade ] and astonished that they have a? already employ. : "Hut it stands to rsasan that, with I the most friendly feeling for the United States, the Argentine farmer i cannot Ignore his moral obligation to ? purchase his requirement--, in a pro I portionate degree, from the countries I which, in turn, buy his products. If ? that principle become.? properly under ? gr. it .- ilte must follow. "The National City Hank has made [ an excellent atari In the creation of i branch?e In the leadiag South Ameri? can cities, and I have no doubt that the state! capital of ?1,?>00.000 to he devoted to the enterprise Is merely nominal and intended to form the nucleus of the many times larger sum; j that will necessarily be esquired in the future. Steamship? the Need. "So far as the existing steam-hip . lines are concerned, I regard their present facilities as wholly inadequate. , and believe that a mercantile fleet able ; to compete with the merchant marine of European countries ia an India peneable condition to any considerable growth of international commerce. "The Argentine exhibit will consti? tute one of the most attractive centres of the exposition, and will comprise a number of sections devoted to the na? tional arts and industries, besides a magnificent pavilion designed by the aa Argentine architect, Se?or Sau-.?." Se?or Anasagas'i said grea' credit was due to the executive comm : of the exposition tor the excellent judgment in resisting the nutrieron? suggestions to postpone 11?*) inaugura? tion until the close of the war. He ex? pressed confidence that the ?ndert would be a success from every point of view, and is sure that a great many Argentinians and other South Ameri? cans who in normal circumstances would pass the cummer In Kurope will be found in San Francisco la I FILM UPLIFT, PLAN OF NEW COMBINE M. C. Fagan in Crusade to Raise Standard Of Motion Pictures Over Country. A plan, which has a" its Objo? I I tien of th? picture films, ??a day by Mj ron C. Fagan, ed I - - Drama .-?? Bureau." According to Mr. Fag,-:, a new cor the St ? OB of New York, and it i I ? ? large Ulm prodneers to insure the ex- ? I of only sucn tilms as are moral and free from im .. - "It Is really a combination of old time exchange men and tiie manuiact s.a.d Mr. Pagan last night "Fight of the ,11 ? . - ii - i entered into the agreement. Of COUI if th? .facturera, but ? ?: I igh elSSS Stuff 1 real? ized by everybody. ??I wart il untjsrsteed that this is not in the sature of a Aim trust, and it is only my long associ?t,on with the new-papers and an understanding of what the public wants that has drawn me into such a venture." Mr. Fagan is BOt an official of the new corporation, and his connection with it la ia ? ? ?? Hi said that D I that we lid the National Board of Censorship ? are : Hupp, president; Daniel Marko . ? riee-presideat; K. P, IV.er?, of. Dallas, Tex., secretary, and Samuel | Werner, treasurer. - - - ? ft II How Doe? The New War Tax Law Affect You? Are you familiar with the provision? of the new War Tax Law just enacted by Congress? This law applies to individuals, firms and corporations. We have prepared a synopsis of the law which will enable you to readily determine in what respect it affects you, and shall be glad to supply copies upon written or personal application. Ask for Booklet N 170 Guaranty Trost Company of New York 140 Broadway Fifth Arstios Branch, Ltwden OnV?. Stii Are. A 4M St JJ Usak*rd S,. E C Capital and Surplus, - - $30,000,000 ?*??: J Your Money Need Not Be Idle It may be invested in our Certificates of Deposit * any business day, drawing interest from that date. It may remain any definite time, short or long ?a convenient, profitable form of investment. Certificates of Deposit are part of the general banking service which our company renders. ?Our officers will be glad to explain their various uses. Inquiries by mail or in person invited. Capital. Surplus, Undivided Profits. $8,000.000. Metropolitan Trust Company of the City of New York George C. Van Tuyl, President ^ 49 Wall Street ^> TO REDUCE LEGAL REAL ESTATE SALES Continued from pas* 10 - ' I It, Bkl-n. ?Vt Hi ?Uj, TO*TC?, S5W R'AI.DO av. m ? ISS 11 a .4- ?t. Mill?: D-U ittte* m Cha? i.-Is, on w a Waldo a. n-ar ?i.i'a- Sl-.OOOl; Oct 80. ally, t ?J .? II H ST I ?, 12 a Jai-k.on. a?. tSslM ' ... Sarar? r.'r.nt?, S.'l K IfSth ?t (re't *"y. Sarah Kr.-.l,. 57? K. liV.h ?t: 11 I .It'll ST. i. ? IIS- ? W'tbtUr ar. ITT-'OO ? .1 H .Iriiy to y. I. J, a - ?? . KaK-ka?.?* 1. I 0d Ml a'.ij K L Ja^ib?. K N*. II I .? !" n ?. NsSS.1 K. ? In : ??-i. ?? i ? ? 1 0 ; -- *-'y. I A _.irf?rai4.'i. 3d Nuuau M SI 00 RECORDED MORTGAGES. ilii'.ar. .-. : par a:.t ..;..?, other??*? ?UVl I Manhattan. BBADH1 BUT as a . : | i . ? IBM SL I i . ' 10 I ir, ? t?i ? .:?-.- ! : ?. US H*??. S I.:.\IM,l'iN AV f vu. ?t, 2.1, ? -. I T. ? 0 ? ? - .. i - of "ii *?. Mitl: ? ? J M B-od) -: t II w ?it ' .? a? i?ar Ihoi.J. attj?. M S a? I S I I ?Al,?lain. >i ' 1 ' : ..?, :- > i. i rtnkUn h-.? I? Itljr, U M I' atril. Jr. 7 ??. J.-.0"'.. BAMI PROPIBTT; hum m HM Chat I ? M."?? a f-ataa, C ? E *. 1 -? 0 '. i i.rl'.r D a i ' I ) >?; atty. P-t*r Marin. ! I ! I I'll ST, i ?, :ij*i ?. of ?.?.th ?.. _1a??* II. >f M.lar r Ila:?ira l-'.I-i, <:.' W UM r ntJ III ' . . "? I : " .?'??) a A I. ITS William ?t.K'.OOO The Bronx. pill?,?..?? av. ?.,:?:. - , in su: r M I i. A T- . . ' I M; d.ie a* t*r boa I ?'? a; Ktrl Tr ?'..: ' DECATCB AV. n ??? car l?lth ?.. 6? ?27 s \?-r t.. N V : - I; 15th -. ."- : ?! install, ?j p i. tltj, T 11 A T M.SOal rOBAa-T AV, USS, e r.. I'.'tllO, Thnt "I ? ... r V ?Vliainen. ?4 Court ?i. Bi LOT -.'l, map UakaBa: I. 100x114: Ptnn? J ... ? Mitrv B I??!.r?i ''irg. MIS Klr.?-.brM-?i il .??? IT; f >ri. ?. p ?; a'.'y. Join V fhrrtrN:. i Whit? PI? 5' _OT :. M?i> ''?'ar st*'? r>*ma'rt'-> l'ar-a ?, ?, ?- \|?r>!:.. Ml II llioth at. ai. I t-'. ? 1. It IS; ?i y ?r. tit?, Ia-v .- bafrsa. il ? . Ii i?*;o ? - - - i SO? ? Elton ??. MllSS: Atn-ll* in? m .?. ? .: .,:,.??r ?t. I ir?. 5 p c, ally, I. T I A T Co, I.S.SM SATISFIED~M?RTGAGES. tJrtt ?mount of rr.ortf?c? and uam? and ?.Mr ? of ?"orncy*.) O. TOBXB SI. JKROMK AV. :? ... r. ?. ?. Mill ? w IU'ri ... V:c 14. 1905; C Bari* to J Hlr.h. any. I, r I ? 17.00". -?Mi: PKOPERTY. If?<? 17, ?.!???). Jno and E.-ia? r. | J Alb? IM Ulr-r.?'.'-, Iirl',? Uissi In??' HT. ISS-IST, ? w .-?r Attemay u. i.u , Ii ? IS 'I u 0 lAi - 40 t.. w a? I I I .... ' IJII I ?:. 1 i . :.. v as at I ? I. \ - " .. - Il l'a-'- 1< ? ? i ? ft 11 ? 1.11? 1 *t. I Man ?1 ?I '., \ ,:, r...< Baaily I ? ? Araatel- A L. US lUa, ? IT, MS ?. ? I :i ? I. i ??. Mil* 31 l'.n j i ? > . - E ??:??? ?-.. a? 41 1 Olio; : VV'i , 1 .v.r* llui'li? to Oermtu Sa. lia ? . *?: $ ?1 O? ' I ? Usa-. ?.7 ?i'OO II. JuIt a.'ur ll*ri Tr,?' C ?I N V U> J SI l ,v ?. ? ? '.- |l - - .. 'i^'l II to U B B'iiik. ?ttr?, A 4 if i ' ! ASSICNMKNTS OF MORTGAGES. i?rT(II?KR 51 Manhattan. i ?. | kksvi s ? la V?n Pi las !'.ca.-.?- Il Mai M i?>| Sella ' M ??? ? i: ? , i .. '.j .1 A Tr-ithiidg?. I | ? . - ? : 'i Ouaraat?? tad Tritt ?o to J A Trow'rid?-. I. Pit r I ? r ? I a:.o. eir*. to C D f?flt1ri? ' t ?I ll:ot- ft tl to MkfeSSl >?la;arid-.. ?r at .. ? - m *tm<r. ! Thr Bronx. '.? ??>?? ? , N ?, T-- I ' a - A U..T-. | >.? J J Ho?*! J .'? ? ? f a ro Henry l)r*l?r; 1 B V rhifff l i P Dtuth: I! ? r. ?a? I Ardrlen, ?. i . . ; it? a?*? ? tabla Tr.?t ro to M?nh?tt?a Mor'itf' ? f . M 't'.i?. i*o to La?,art Mjr??*i< I 'I' J B ??a,;d<?o to Mai ? Y s S. Mai ???jl lataN::. MKCHANKS1 LIENS. ??( TolU.It I Manhattan. THAI. PSUK SrWT, i.M T Cott-'.lo act II? > mar tad or.tra-tor. I i!?ni -r Ml K. J w?rm m i' t 1/ ? liad*.?. Y tltar_ia:l. J Nn?a.?_i at ,; I ? I'll"? ? I ??? I ?I and ?th a. - r-'.l \?..rin a?n A l . rs ai.d ?a ? K ,r '. , ? Thr Bronx. LAYT-'V AV ? * Df*a a?. -Jjl'.O T A Marl ?ft I ? ? I ' ?rt tl, owija- \| st a .. IM 1 ? of Ban?? *. \ i in i, ? tit M OMaaaa, a-rast ad "???/ni -- . ? . . ; s II.C.U ^ u ?,??;.' owt.er B ????-10, <r?r.tr?.-tjr. SATISFIED MtOUmCaf LIENS. ." r..?iiKK i Manhattan. nOABWAT, . ? OMBt A Co act v?-.' 114 Sl'4 ? ?art W*b,'t- rtk I \ - ??? I | LIS PCNDEN8. rxTOHLti ; Manhattan. 1ST AV. l(tt. IBBBB-S ?aV-_itw_,|w ?, pjnupp THE FEDERAL RESERVE SYSTEM Begins Operation November 16 We rrr.'.?r a full MTVlM I i?..f form, contalalas IBs teal I At,, ' tlia ?talements an I regulatmna te be ?aaui i by thi - ?? r% ? WAR REVENUE TAX a r-j : i aaei ;ra, la leeae-leal form. eentatning 'he teal ' - it and all regu'atliai? t.. be issue.! g.jv-r;. Ins Ka adminl.v.: . STANDARD STATISTICS COMPANY, Inc. 47 Weit St., New York. 'Pi-. . - i Guaranty Trust Company of New York 140 Broadway Capital and Surplus, 5 30 000,000 Total Resources, over 200.000.000 _DIVIDENDS._ Winslow, Lanier & Co. 69 CEDAR STREET, NEW YORK rut am? DIVIDEN! - v ; .y - , [na BANKING H.'i Bg DURING I h . Ml ? ( OP NOVEMBER, III i NoiKMMKK tap, mi. TBe A- .ira 6a. Tl.? Ari.-r: ?a ? all i. . -utura ? '." ri?v. lan.l .< P!t'.?bur.-h B H Co. Gen. Mtara Cambrt l?te <-lty. Indian?. W.'er Worka. I Co r\% N?tes ?ireanrixlii. Indiana. I . , ? Maealllon ft Cleveland !;. 1< To Quart?r!y Marlon < ..u.tv. I:,Han?, BTeMfS Hinita Portaaaeulh. Ohio, Refunding rttaaa Portn. RaobvtUe, laalaaa, Wat.r ararl > - NOVEMBER i'Til. i ? i Portamou'.l.. ?5a *?.<!? i.viBi it mm ion. Dearborn . ,i,-.,v, laOlaaa K-.n !lnf la Posas OeUBty, Indiana, .?ravel Hoad. NOVKMllr.ll 81?jT. 1114. Marien County. Indiana, lief ;r. lSBg 14a LIGGETT A M al.K?. rOBACOO ? <? ? i.i-.. i-,.-' uta, ism. A quart.-: - - ? par cent (J%l or, the ??Ml ?? - k of T.-,g?;ntt A M?er? 1 ,?v r)e pav.ibirt December i*?t. t ?? te tri* ?t ?ha . November lath, I3i4 i'h- k. aril I ? ? T T ANDERSON, Trnair.r GENERAL ? H EM I. \l < OMPAN1 II Bread St., v ? k - - ? .! r 31, ill? A qu . ? ?-half per ce:.' December I, I 914. t . r.l a' .1 P. M. Nov. . ? ?? i UMIMI.K MOBOAN, Trenaurear. - sa ? -i -i '- -?? ?''1? gaaaaiaaaBli ?ttj?. ? ? -? ?i asa ' . ?? - ? l'T. H 1. ?? ? - MM at ' ? ? ? of mtg) ; ? ? I - . /-. !fi 'i ' H It.? ? ' 1 II : a , ... -,.-'??? Baal I . . - r:i i . .? ? >? ?. ? ???.-.?.-? . Til 4 '.? . agt l?a ? i ?? . II II l: ... .. a - i H ' ' I !. .' ?m a?. ! ? ? I . . ? ?' t ? ? ..,!'. A V -a 111?- llrmiv r sjeaaa at? IMS ? . -?< ?V ?I JA? kMiV A'. -- Ai ?4-. 1? h . . ' .. Vau ! vii??- A .-f- ?.? w?t?..r Con ? . .?'..?. aal Ur k -?? ?> in ? i?. ? I 1 r-L-.-a agt M t , ,t ??. for?..?? Hi lian, ?Itr. T I . i ., . II f| ? of .'?Mar a?. II ?rt* ... i r rt .1 roret'loeure m . . a ? ? "> 'I ? lit II DIM. IOW CONTRACT. i ? ..m, | : 1 he l.r??n\. - -nr? i ?lit Av . irai B a ef MM ?* it. . t icatruo Ui ?:k4 a i awn UUi tnU..lL.g (U(*a ?ariaeuui, i. '.?