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REVIEW OF THE
WEEK IN FINANCE prices of Bonds Improve, with Little Sign of Foreign Selling. STOCK QUOTATIONS ALSO ?MADE PUBLIC Business Tfcroaffc the Clearing House of Exchange Soon To Be Transferred to Floor. The courr-e of trading in bond? on ._, leer ????? carried kj., weel >miee of luccesa I?iiiiH ? ' " two-hour ses ____Tl_( before. The num ?)B ? |M ?t not less than T, met -ablished in '"' ? , eral level of ?T?rk< 'tS,,i> What oppeared ?as ah MbMl , particular dis utrbar.ee, ?nd ?ment demand .-? a? had been .-tnincl fu,., ; , . ? ? ' the value of al public better '?pledge of ' ' oi ?-ecuritv tndir? *??? t'- ' heavier deal mgh the cleanni; ? gt after official ? ? n.ade known. Ue,f ?.... : r were Ann, and in ?n ?mu? vv(,rf> recorded between MOC'g Ell ,n(? t*1e banks an " ;? gnnou- ? P??n tor brnig mg the p:< ? m stock? into ?nr M. neanr.? B nstitutiona havin? ?nnootcerl r< ? of the last of ?hellet.'"" fan certiticate.? is ?ued dnnnr; ?" f'-^e of stress, "ioset?r> - became ?-till eas ?r. Idle rn?- "v found temporary in . ... ? 'erni notes and MtdMMl ' ? c prices of such obhiationi hai ? ? ?nd opportunity , -. v-rnund to et'ect in ?hn firm - ,rV corporate -nsneJBi ' paper, another inick ???ct, - purchased by ? -.aacia! and the market ?nt pre:- ? d up of more de <rabit> name I he ruling rate for ?rime paper, ! ?????? ? ? r. did not get un? der 44 ft nt ?ere madt u low ai cent and renewal ntei were reduced. Bond Market Well in Hand. Ear!) is tb?. ?????? railroad bonds fell elf a rifle uiv- that in some mitanccs was fairiy heavy, but the de? tunes were only fractional and gen I4M op before the week Tie of the more .?riecu d. and in general no uoski M '?&.? in evidence as bufi mm dosed. The bond market ap? peared trail in hand, and there was or Stock K\ehani-e authori - to-be done free? ly, wit'' ona on price?. Contirv ? bibitioa of trad ne below m n nun prices, it was ar ?Tued. fhowed lack of confidence and ?u apt '.o eai tars to believe thai a "pegged" market meant that vrce? n . ected to work low if. Inve ?? urged that this check to - -i?u!d be removed. allitif t?' f orders for large ?eh they had re tfcted and refuaed before the ex ckiage ope- ed being followed on the ?W by lower prices. Agnrv- ? - the freight rate deci - -. eau so much hesitation at ? ious application, ?entd as an argument for delay. nadiaf ... railroads, it was Mt, a|rhl ? : mean considerable do and material cur was also the principa'. advanMd against ?'oor the business h rtockt through the Clearing Hens. With bid ard aiked quotations and r High=Grade Investment Securities (Tumti Nadiot) $c Kubtu New York V, I INVESTMENTS I ? invite those with funds to ?tve?u to consult us. Efficient and reliable service, Wked by many years' experi? ence, are at your command. Municipal and Corporation Bond? W. N. Goler & Co. 43 Cedar Street NEW YORK Henry Clews & Co. ___,]___?'? _,*' At,'. I* BfcOAD ST. "???la? -t t ?.Tfir? txiHiiur .,"??*? and Bonds bought and Alvj carried on ????_?' **fOt\\ Aeeoisti l"**1 ' *?' to check at sight ? 1 on daily balances. hnds for Investment farr?s, Forbes & Co *? Strmn, Cmenmr MM His es *EW YORK DIVIDEND NOTICES. ?TfcW .iiKrORHHiV . " '"<* '?- freterrm Mmli ? ? ? **. ?""il'lii? ?t???l ? ? i ni? ?a Jim it rt?td it J Al. MEETINGS. if tfti ,<t ''iMravT '?Kk ?*r?. In, . WEEKLY SUMMARY OF BOND SALES ON THE STOCK EXCHANGE. (Reprinted from Sunday'* Tribune.) The folio?, int: table show-, the saltra. highest, lowest, final prices and net changes of all bonds traded in on the New York Stock hxchange for the week ended Saturday, December 3. Also the higheet and loweit prices for the years 191., and lull. Total sales for the week. $7,707,000. against SI 1.3-.6.000 for the week ended July 30, and .??..012.000 a tear ago. 1 rom January 1 lo date, J43l.724.000. againm >lr,.,.!M5,000 in 1913. filet? ! i ? Hlh I, . H I?-? I" GOVERNMENT 4 do .1? roc MM S.Imp Jur. li ? -? v i ? K IS i N TC 4 ? ? . ? n ! do 4?. Ittl.... 61 do to. AND MUNICIPAL BONDS. -- is ii ? l n t MaM flls. ? N V ? ..... 4 a Vs (If ?i? Br Broi cfa KAILW \>. lO?S.lU?.'. '. ' ? a "?. ? ? Bl Ml IM?, IMS IMS . - J ? . . ? . ?. ' . !>~ '| ? . ? ' ? a ' a 4 ' AMI MIS( KLLANKOIS BONDS. ' It Val | ?v. ? ? i lin . . ?Sa B d" .-vt 4? 1M0. tr 4* ; MS 11 ?i ? j lOT's ? ? ? 'a I1 ' ? ICKJ | '?I ' '?> - - ??, . . _ . . rel -HT. 101 101 101 . n -i 100 ,9?', ? ? I ' a " I Bkl?' 4 Cans la? _(>M :??. ? ? g< . . ? h * y gen 4?. .. 7j do : ? U . 4 I? . ? 11! 11'iS 11? - ?s I so M . . . , ?10 1103 . do gen 4>,? . do cvt 4'|i ?' 3 ? . ?TH - Si IMS ' . . ? ?a M*4 ? ?. 1 w .1:. : :\ i - , . ? , ?? ? r . |i ? t>% nIS l?*i H?S do di-bint'ire U. ?M 4? ? , ??: i 111 j?s ] ? a So 1st 4 ? . ?? ret 4 II cvl '- . ? . I ? ? - ? ? ' ? I ? I.Fla : , - S I03S ? ' ? ? 4, f *m. 1 Hoc? ' 1 U')',?".?# 1. IIJ'1 v '? IS III ' si : India 4*? Int-Mer 4SI. in im Rap Tr ref M ? ? . - . . I . ? ? ?' -. ... lnlS ? ?? 1 K . ? Kt ? * M to 1 Kan ntjr So l?t 3? 4 do y rar in 4? 1 Carne? i o K'l 4? ?ip-1 * : Iji k?t ? . ' --? i. in ;.? i mm <\e,, ?s isa ;.:. Se Her, 4? 13J1 .. . .. -a.--- v if?? - ri la '?S M , K. ?. ?J M M ti . M:i ?4 K *3 ' a . ' . ? ?? ?' IM a m <S> '.I .1 ll''?. US i - ?j 'a ?S ?? I ? -IS ~ . ? -'. ?*'?? ?1 IS *?S SIS ??>'? ? '-. ?: :s 'i-, t? ? . 1*4 '.?-'a " . ., S MS ! . , ? ?> Lonilard Co Ii . ,\_Uj ? -. Lou a.- Xash uni 4? M MC H .?NA?er.?? l?C MS MS . Mv ha? H? eoa 4? M M 1 M I. H A W 1?- S? IMS K?1? W? - ? M ,\ Bl l. lai r-f 4? 44 43S ' ? <? Mo K A. T lai 4? ... TI I T.", > - : t le...... 4. , ?? , ?40 ?0 li IS 101 ' M? i* ;'? v. ? "n. i ..? l S'ailcnal Tuba 6?.... ? "?: .i*li 4k 1934 . l#\\ ? ? L, ?I ' r t- 3',? I X -i In- ?. i ., U ? 1 lt.. lUTfflfi. .1 MMIAll ,?t d 1MI .. N Y .?- N J Tel U ? -, !00S . 'U N Y Ir - i,' l? Ti'S + ? . - ... . a SIS i x y Ue?i * bm Vf i ' ' I H ? . . ? ? K>f. .\..r : I ' . ? . do 14 v . ? ? 101 107 ? 1 do roi - 101*4 1"-S ??-S - ? ' ?? Tel ?V TeJ ?? . ?? ?4 - ? Psnq I; i; IS* \% : - . ? . . 4S ?^S r? l?:S . ? ? > ? . - i - :s n ? . 0?? U0S 10?v, U:'S in:-. . ? ? . . ? IS 100 , V.', i 17-S tlS ??'? ? . ? . ' ""a 4 I0IS ? , ? . S ll '? l"l ?? ? .1?, 4. ".|i . . v.;. r.-', ; ? . ? p o J C of C (s.. ? i . ? t. Rea lina .-.. t? 7|R I 4 -'i col la ISM liSt L 1 M * ? r-n la 11 g r nf ?t.. - - ? Tr Oo etfa 7 do ntmpfd. ?t St I. Sun lit 4? 71 Saab lli '. i ? f 4? ?i.. ?? ? ???. luO 103 ; ? ? ? l. ?*?? - , ?H - S " W 10'J? 7n n '.:. ?S ' -S '?,'? as ms ? , r l1-. 10..S ? . ?.-??? 3'. ?4 ? ? I :? IlOS ln7 , ?. . iti 4'v ?0? ' . ?'? ? IS ">?S ??' .S ions '" ?> .'?? ! 1'? '" M1 ' . . . - \ ? M MS TIS T"' M r.\i^ s-u j, Ml Ho R T * T .'?? . .1 MS fvi M*?j ? Pa ? "il ?r ?i. n.. eottvt 6?. ' 4a. ' I I V T.rm 4? .. By con la. 21 do k?ii 4s. ? ? i: i: Sa B dh ' i . . ". a Third A? ref 4? . ? ' r Pa l?t 41... , I ?. . BTl 4? . . ? I Imp 1?. Rubber ? f to . 7 Virginian T .-h lsi la. ' . ' I . rf I.?.tT 'fr- >' 1 '? VC-VT 1*1 4? i'1' ?' ? ? . ?? I '-. I ? s?S - i ? ? . i u i. Cent asn to..,l tt%\ H'? ii-% ? : ? M I ?4r,i Sir, _ i . M , t?. ???S1 r*?*1 ???? ,?f ?tl. con i? i?". 100S 100 . -4r. fi i?i ?im moi |4 ?4 ms - - a ? . ? a ? 1 71 . I01S l""S loi S + I ? -, MS tO\ ? ? ? ' -" . . ?? - I ? ?-. M T? ? . ? a ' - '? a . < - I - '?"?, ?4 ? , . ,10 '.', il?. f-?S'|fl!'t 100S ?S I". I?1 . ? r . ? ?S M< . '. ' . ' . IS ??'- ? . :? i ti S i?i loos ? ? . S 1"3'? . , ws l"*S ?'?? ??a 44?, S l'1 S ' '-. 'a ? ' . . ' '. '? . - a ' . ' . ingTTT. r . .1, t. t.,y il. I s? IS l"o ? S'a IM IS ?IS ? .... M : ? *\ price?? of actual transaction!? i public daily, th?? present methoi bringing together buying: and se orders Mcms u!ineces.~ar;'y curr i if the ittvckt being daa] at^pricea etiual to or battai I f.nal quotation:? of July, le* ' den?! when payable, the great centage were industrial?. Railr traded in were not much abo-.e n mum prices ar.d had not been es lirihed to withstand much pres.-ure. Sterling Exchange Drops., Marks The foreign exchange market, v. had advanced in expectation of hi . remittance-? abroad to pay for be ' ?old here, was pent-rally lower week. Exchange on Germany Austria was an exception, making ? siderable recovery, apparently beci of some selling of .securities for eign account. Mark- and Au-ti kronen, however, had been selling low m tfcii ir.arkpt previously as justify gold imports in normal tir ? so ther advance lilt we? I , alirmiiig. - '1 franc? \t ; weaker. The managers of th? tyi I este intrusted ?rita payment of > | York ( ity':' debts abroad rompit ; accumulation of sufficient exchange cancel the last of these obligate and knowledge of this alia \-eake: rates. Conferences begun on this side w resumed in London between n-nie-t jf the Brsti-h Exel taratd from this country and Amern ??nanciers. It was u:id"rs:r><.ii thai ? measures adop'ed for P i advert-? to tail country undue drain on our gold would be '. use in emergency ot.iy. Pirat estima from Washington of our export ? sei for November reached $70.000,0 ?xgainst S5S.000.OOo the month befo Shipment of grain continued te hi ? il <.f ?ratal ind flc . -early up to thl record madi October. Cotton, too, wer.t out In t urne ai the seamv;. Baying ee?trata ha? not vet begun or. th" >c? h< ped for following opening of the t ?.hange, but the price has reman fairly t-teedv. The hanker.-' totl 'und it being made read;., though may be thai I dence rath? r th ? Cahlt "i London te if 'legotiatiotib looking toward pa . ?tf the Stock Eschar, there were read here with much inte est. American shar. rte?' pood demand in the Britilh capital, b f- ar thai (ierman holders mt to l.ondoi tnrough thll mar .''ideritood to be causing *OTB? dil tulty. The Bank of England, as nil of end <?f the month requirements ar if adjustment because if the recei iiovernmer.t financing, reported tr?en redu'-ed malt than 1 '?? per cent, to ui der 10. Loans to the money mark' ?tere heavier, deposit liabili* crea? d holdings xvere aroun ? As ?l,'jno.oiin m gol was ?et a?ide for redemption of th new Treasury notes, thia loss of gol aril more apparent than real. Th Banr | its xicckly r< turn, showed a large incr?ase in note: u ith ? ? . . adn anee in gold holding at the Mine time. It i? now sujrs;ei?trr howi-vei. that the bank I? reportin U German loan ln-Mtu tions as gold. Lmergenct .'??ole? Retired. In thi? city more than Mt??)0|,000 il ?gency currency was withdrawn from eirCBlatilB, representing retire ment for outside as well a? local bank?? Clearing Houm- atrilAeataai now al cancelled, were ttikeii out here to th? ?mount of nearly lltt.OOOrOOO, |OB>4 11,001,001 more than in l.''?7. Aftt-i that tim? of *trt?M it wan believed thai provision for issue of emergency cur? rency would prevent further IBM ol Clearing House certificate?. N'fiw it ii? felt that the mobilization if our bank i re?erve? and greater elasticity of ou? | currency through the Federal Blttm ' act will make it unnecer?ary to re?ort -:?t form of relief again. Th? ("leering Houae re?umed publi - cation of figure* showing nummary of ?ctual condition? at the clo?e of bti-i ; n??? Friday and detail? for individual members Actual reserve in vault? and 1 in th? Federal Ktaiffl bank win $10, ? i? lower, while deposit? on de? mand increased |ll.ll*,IBt as result | of ?ipatision of more than |tt,000,000 n loans. More active security trading i and ?o*ne corporate financing were re ! ?ponsible for thi* increase in accom? modation Actual i-urplu?, while around ; 112,000,000 lower than the we. \ fore, *rai o\*r 1110,001,010, which ?heuld inaure continuation of monetary taie for ?orne t?rne ? BANKERS WIN IN MORATORIUM SUIT Cullen Says Lazard Fr?res Were Not Obliged to Accept Delay. K??rmer Chief Judge Edgar M. f?l? len, of the Court of Appeals, in a re? port as arbitrator gives In? conclu? sion* on the effect of.the English mora torioai <?n a tlnancial traatactioa in Kit) York, a loan made In 1 he paid .n bill? of exchange on Lon? don. A ditputt o\er tl ( the moratorium i.ro aoking tirm uf Lazard Freie-, an?! L Yogel A; i o., 'netal dealer?, at 4.' Broad? way, over a loan of $126,000. The loan was made on May 19 las?, and *n.< oar? i . ^.'.lateral -.ecurity. Vogtlltlln ?. ' ?? agreed to pay the killt, whir-h ???re for ninety days. <?' iia>- before their maturity in London at the bankers' rate ? ge in London. About a month after the f.rst loan ?at nia?!'- 'he metal conten. borrowed $50,00 ? tl under a similar agree Btat. ?in A in ' ..' King George declared I the motatui um. three davs before the ? rt1 billa would have matured but for the moratorium, demande?! a ?ufficieiit , amount to pay the bills of exchange ' ai the prevailing rates. Voftftttit, 4 ro. at first refused to pay, on the ground that the obligation had been extended by the moratorium. Finally the borrowers did pay. upon an agreement with the banker? to sub? mit the ma'ter to arbitration. Between the time payment wa- demanded xnd the date the matter was submitted to the arbitration of Judge Cullen th? pr? of axcha&g* on London had fallen per tily. 11 wai ? internier! b] Vogeltttia 4 ? ' nard I ?' to? should not be 'ted to take advantage of the idinary ?ondition prevailing atid enrich themselves a* the metal expiate. .Judge Cullen has de? cided the bankers did not d< ?Judge Callea sajs that, wi..le the contract was made in New York, it* centtruction li 'hat Vagalttein 4 Ca, were not bound to settle with the banket-? any specific number if days after tht tilla of exchange were pre? sented m London, but three days be? fore the b.?s matured. Me held that lettltd law tha1 tht time for 'he pa\ment of a bill is to be i-alcu lated according to the law of the coun? try where the hill i? made. laiiBg the efftet of the iron torium on the bills in question, Judge Cullen says that It was left optional debtors to avail themselves ef the extension of credit, and that this option was vested in Lazard Fr?res because theirs was the primary liability on the billf. The relation of Lazard Fr?res. Judge i'u?en decided, wa? not such that they were compelled to a?-cept the d?lai afforded by the moratorium, although ' at the maturity of the bill? the rate \-n tbaortaally high, and since then had fallen. "Even now il varie? to some ex ? ' s?y? .It.tige Cullen. '??? victory . "?vor of ?. the other if tat Barring nal Bank Clearings Transactions through the hanks, a? reflected in hank clearings at the lead? ing cities in the I'tnted States, h?ve not nded to any great extent to the better sentiment reported from nection? of tht countr>. Total cltariag* last week, according to "Hun'? Review," amounted *o only %2. : .?0.?7U the ?am?- week last year, a loa? v per eilt New York City again makes a de? cidedly uaj?avorablc exhibit, the de? crease being 39.S per cen*. side make a comparatively satisfactory ihoviag, tha total if all points in eladed ll this ?tatement being only 7.7, f.er cent smaller than in IPl'l. Average daily bank clearing? for the ; tear are given below for three year?: i||l l??i???i" i i ,,' PARIS ON EVE OF BOURSE OPENING Trading to Begin in All Sections of Market To? day for Cash Only. I ? i- . ? n. -- Taris, Dec. 6 -The financial mar? kets xvill open for business to-morrow, but with trading for cash only. All ?ris of stock are to participate. There will be no dealing for the ac? count until the liijuidation of outstanJ ir.g poiitilBI has been ?mshed. The export department of the Cham? ber |f Commerce recommends the pro? rogation of the moratorium to enable a judicial commission to examine the situation lor exporters and importers en their request to fac,l?tate money i avances to them on their I- . set?, xv it h repayment IB eatj condi? tions." An arrangement. i3 proposed with the help of the state, the Bank of France and the chamber.- of com ?area, I .?J Canal receipts show interesting fgiires compared with last ?.ear's, it view of the threatened Turkish attack on the canal. From January I, IMS, till November 30 of the ?ame year the receipts Bert f22,?t"0.00n. They ?mom.;-.i same period thi* year to ?22,U?t>,0OU. On December 1 last year the day'i i? ceipts were $50,000. On the same day this December the. were tttSfiOO. The total tolls paid lat-t \ear were $.::,060,000, and ?n fie present year of the great w?r they are $22,388,000. The case of the Paris stock broker and his representatives with power of attorney all mobilized for war is very typical. He had several customers uho on July 31 had maintained thei.- posi? tions as buyers from pieviuus set: la? ments. The atock broker used avail? able funds to carry over part of these ? ins. The sto.k broker il held P'-rsonaMy responsible for engage? ments, but the purchasers of the almost all likewise are at the front. What will '.?e the positio of this broker if called on to honor his signature'' Al! these customers are solvent, but it is entirely impossible for them to pay now. They cannot ?ell real Mtatl or mortgage property, and securities cannot be realized on without heavy los?. This situation may be exceptional, all parties to bargains being exonerated trom meeting liabilities for the present except the stock broker, who MltM un? protected if requind to make good the debts of ail client.-, l'robably a saving clause will be found to ease the diffi? cult?? of others more or less similarly lituated. N. H. ?EARNINGS LESS Loss in Gross for October Was $521,502, in Net $64,224. New Haven Railroad? report far October ?hows a decrease in cross earning? aggregating $621,602. There was a ?aving of $447,278 in or*#rating expens?s, which brought the ?< net down to only $*54.224. Net income iif'-r all pharges decreased $44,.'?SI. Th.- d tailed October Injure? for the New Hav?n and its subsidiaries fol? low: Ne? H???l. ??? ? ? il. ?i' "??" ' . ,-.. -,,. i-i ... < ? .:|. n? ? -, -.-? i, --i I - ? i ' ? I . ??: Ne? I : ( I I '?? ?- I '? l I ? a" - -.. ? ? ' i.t rpraor??/. lnr<vrn? |.X.441. ,le.reaa? ? . \-? t,,.r?. Olitarl.1 a Wi-.eri.?111 I Hea-rea.. I > 7'..| nel ?tier U" I ? ? ? ?tamae? 'i i-irtjorat- ln.-r.rue |l'"?.\ ?- reaa? 1*1. > ? N?? Knalai.il ,??t?aira?lilp C?ropa??> 4amai 1 -.a?. M*.21l "? *"-' <??? > .,?. I r"r?tt U. -.ne 11.??:.. .l?cr?ae? . : see I-? ;?? ? "?? ; i -? ?tier taiea 31 Jlil lie. naa? 12 -, :. . II Ml. i-rreeee. II.?4* , ? ? .?ilof.t M.nii? ? X?..<k.?r<l ? . *-. .. ,-? sunn. ll.Xt** I -??? I ??n f| " ?'.. ?.mas, $*'? 5?C '"????????. 14 I?*. . t?te? turn.***, Iiyr?ae?. 13" 114. n?t cor llir.iB>.. |T? ?M I. 1 -re?Jte ? ' RliiKla M.n?'?- Cree* ?440 ?tas ?r. tree? t' ? -.11. HrtK.klra- Mr?.? Bal*?' ?? * S. It after tu? 1 , - ... rvreeaae li*?? '??? all" Ute. I. .-,.el?ir?l. 'le? Vte.?. , ?r t??e~? lt.. ' ? ' ".In nw -f |i- .l.fl.'l- .' ' V ? ? " ?? '?'*? ??? ' ,', . , ii.??.' ? " .." l?rt??e '?i. ,|.n. I' aftM t?te? I ' CONFERENCE TO ADJUST EXCHANGE London Bankers and U. S. Delegates to Gather This Week. [By (i-\ ? . - London, Dec. 6.?Following a week? end lull, conferences looking toward - solution of the problem of the ad? justment of exchange, etc., will prob? ably be begun thi? week. Neither Mr. Davison nor Sir George Pai?h will add to their previous laconic state? ments oo the subject, nor have any if the London bankers anything to ^ty Tim far there has been no meeting of a fom.nl character between Vmenean delegate? and tl banking interest*. I nder the weigh*, of a great volume of money available for the open mar? ket, discourt.? fell away again la.-' week, "Other" deposits in the Bank of Kngland increased last week an? other ?11.'?in..nun to a new record total of ?16.780.000. Early in there were some doubts among bro .? fie!her payment.? on the new ??n would ?' ? ?. .1 the government disbursements to affect appreciably the ?upply of money in the open market, and rates tightened hut after the bunk ?tatement came out. Knowing the great gsin in '?other" lie were dispelled, and Wtl ? ' fell away off. At the tl i Of 'he week overnight ?hat MISS loan below I per cent, but the esaei we* i to 1*4. Sixt] da\r-' and I month?,' bill- were t\, four months 3, and sis months, - The bank ?howed .1 -tuck ot covl than fur at least a week. Nearly - in gold came in from abroad, hut the demands of the provinces and the ear? mark ng of another $1,000,000 a? a re? se?e against government currem-. duced the stock of gold $800,i>. 171,400,000, while the reserve fell $1, 500.000 to to:5.,900.000. The reduction tff fn. 100,000 in pub? lic depo-it- :-huws what a heavy call the war in making on the government. There is still nothing det'.nite in the talk about reopening th? Ntoc?. re? change. There has been mur!' gos-?ip. setting January 4 as the probable ?la1? df reopening, but the latest report i^ that th? government intimated it did not want the exchange reopened for the present. In the tradrrg last week oil share? were will ?pported. while rubber showed a ifhl reaction. Mining ihnrei ?reit ft nu, arrd Arger,;r.' n?; weak, but San Psulo common had a >hai" i ??-? American stotiu are ?raiting o? the Eastern treighi rnti and th'1 reported beginning of open operations on the New Yat\ change or, Monday. s COTTON DECREASE LESS Fall River Receipts 12,000 Bales Short for Last Month. Kail River. Ma-? . Di I I Official statistics showing the receipts of cot? ton at the Fall River nulls have ju.-.t been made publie. Kor November alone the receipts were 'lrt,4*2 bales, a con? siderably better aggregate than for Oc? tober, but still 12,000 bales less than in Nos ember. Itlt. For the four months ?torn August 1 the total number of hale-, of cotton il HJttt, against 120. t:>9 a year ago. a difference of 22,021 britt. The -unrmary: ? r Wst?*M , laana . ?, ? :? I| ? .1 ? ? I' 141 14 ?Vatuppa. li .-*??? . .i ? ... r ? ? - II- 11.111 41 ' - , WEEKLY CURB TABLE : Industrials. fatitt. ?' 9* ; -? I ' l,;l* ?-? 111 -. ? a ll IV? 14 I | 17 - 1 4 ? ? ? ? I 'i. ? I - I1. .1 r . - . . ? . . ? ' ? in Will- ?-'.?,??? . n 7? I Standard Oil Subsidiaries. i -, .. ?10 H lele* ? 1' 1. UT ? i ',71 - I Indian! ? rraasti vtiLT. r t. 3 V?i I ? - ? B. . | ' ' La. 11? 7 1 , . Ill .?f K ? N 1 : ' ? ? a I " Miscellaneous Rights ?' ? ? a ?- | - lerne "" ? ? ? -"li Mining. ... i i ? a.-?? Brad? ? . ? ? ? - . ? im ti'.im < - fish. '? i a ?? ?* + ', . ?jirni ii, '. I tv.,... i : ' . ? ? r* . . i . *? 'i ? r? 1 ?? ?MeKln-Dsr II B? a? -e. ' r? ?f A . . Il M A. I. I ' .?. ' 11+4 iu.ias<?~ i n, ? -I itjti '* '? '? '? - 1*? . ? ? .? J? 3? ?. I'M Tot.o M of N?? " ? ? i. ??' + ? ?SS ?,.,,,'.11 .... .IM . . ? - Bonds. S? -U a ? COURSE OF WEEI IN COMMODIT Wheat Stronger ? C Changes Narrow?C fee and Cotton Firm? Beginning the week with sir weakness, the weak market reco and ha- reached a higher plan? movement being the natural reu port demand, running 1,000,000 to 1,500 jou bushels a and a fall tht interio Thi? latter phase of the : lion makes it appear probable thi fore long the clearances -till more equal current receipts, making c on the country's stocks ntcattary. only apparent check to the e move. . thl scarcity and |B pri?-e of ocean fr room. Britiei bopei of supplies : mn.ering ? the entire only about half the arr exporteii last year, offer.rus fror Argentine also have not been a? Y as prices here t/oald seem to war and freight rates from Buenos ." have ?;one up ta tlmott prohil tigures. A cable from Broo-ahall Sa*u it rman ,'sen oat of ?ervic .U\ two hun steamers being used to ttans troop? and for other military uses thai the world's carrying capacity been rtdactd about $| per 01 Bomt idea of the enormous m ment of wheat abroad mav ^>e g ered from the '. ? ? -.- Nover eltaraneei fron the -eaboard are . mated il 24,! . buthtll, compi xvith M17.0?M bathali in Noven tnrtfat? 1 - I38.7S3j0O0 bushel?, compared ? Bl.497.tM0 bushels in 1918, exports s July 1 being only 7..'."i.'??n? hu?hels than the total of last year's grain port season. One feature of this mand is the call from Italy for du I cargo having been sold in Northwest for shipment at the re< prie* of $1 44 a bushel. Under prei condition?, while there will likely profit ?aking reactions, the market tl be in too strong a techn on to warrant any extensive duct ion* in price. There were no features of coi quence in the corn market, and trat trat -?long narrow and conserva Thill has boen a slight var.ee, and holders are looking ft ?harp decrease in lappliat in the r future, '??.''i a continuance of the ? mand, which has been runn about - 10,000 bathali h i The BVtiltfa - (Hghtl*/ lai tint for the hut I at \e ? -mail. crop t.? ? .t bat bain i prising'-, Urge: receipts at intei I.'?50.000 bus! in ex-' se of the previ week and about 5.500.000 hoi tf n year ago. There is a gen? opinion that the ire?, to bOW ? material increase, and marke- il rally been rather si glish in responding to uplifting fact. Thei' ?-. irhed bullish tl much of the news regarding o with th? I'ei'emt ? point. December deliveries were e mate?! ll from ].'..?>'??. to BjNO, bathlll, tad thev were taken care without any trouble. Country o*! ings I been large, and th in a fair demand for domei 1 txpart The smaller grains have held ?tea -' rength limited olfei | Bit demand fr ? Flour has been fairly firm at and in the hands of the whr laltft, but there has been little or I from consumei-, the trsde f - a hand-to-mouth policy, a : tht Noi mills i ? . t to mi Export demand 1 "i being the shipm? tt Belgium by t Rockefeller Foundation. T ? produc rthwttt* ? barre : the same, week h In the Cotton Market. ;-? i nal treahaa? partial i ii tin- 1st? tr idinf. w hart held comparatively lir ? itorea 1 ttt been affect' by the export demand, whi? ?-.vhi?f foi the last week less than t'n ? ding weak of It year, ii rapidly tpprotehing norm ? -is. Thtrt art* considerable ti in the market of purchases of futur. by hoaoti t/ith foreign epni r the 'lermi n trade, aril Bremen in view. H levelopmentt along tl show that various obstacle? have bee ? i.counUred by this plan, and the bell? il current riiat the** buytn Bti ? by the belief that by the tim I condition* bttOBI? normal th cotton trill be at a hi^h? III the si??"''?'? Iher. on that the farmers ?if th rht ar* credited with carryin ? - the idea tha it.. hound to avance, are mak mg a miltaht. This is ba.-ed on th ' the stoppa.? . . laid by tht war thtrt i i crop in sight of about 14,000,1 'rom th p a supply of I7..v>'j,?'"'i bedei enormous supply is bound ti force price* down libility o tht December option ha "tnoval of re - ?ni trailing by the local ex change, which admits of shipments t< art. Although cotton good? ?rading ha? been qu IB* bavt been takei to revise prieta ?o a basis nearer thl ? which cotton is seihng. Dei, ? been sold at a decln. eantl a pound from the top f#i thii year, bu* the sales have been followed ? Ira wai of the goods through tl -ecur? more dye required ardan la the next sixty day*. Wid< were revised downward 2's :ent? a yard on some leading numbers ga, priai cloth? and convertibles have benn quiet, prices showing a ten? t? further ette, and about 1,000 if standard drills have been sold for ahipment to India at 7 cent? a yard, i reduction of half a cent from the lit pure paid. In Other Market?. There were signs of strength m the ate trading in coffee, and prices ad ho'h for ?pn's and futures. Hiere was not much demand, however. i? speculator? are cautious, and the aOBtaniag trade - operating on the plan of supplying immediate and press? ing wants and nothing more. The country produce market? have ? hown Mtaral decline?, notably in but Xt and qual'ties of egg? bel*w the 'anry standard?, witha a sharp drop in he poultry markets, and some re faction* in fruit? and vegetables. The ?vestork and dressed meat trades h?-. I ??en we?ker. some of the be*t ? ?..ef being vjnt*d ?t a reduction >f a half cent a pound by a leading lacker. Prime veal and lamb, however, iave !i"ld strong, and some higher fig ires have been named in instance?. Copper has made the principal ?d ?ance in the metal markets', although in. both here and m F?nglan?), ha? been inn and advancing. There arr signs of narked improvement in the trad?, ow ng to an increased c?U for manufact ired products making a welcom I , raw supplies. The foreign ?arhed wire, m lO.UOD ton I ma'ked feature of the trade. ' Executor Trust?t Chartered 1822 The Farmers' Loan and Trust Company Nos. 16,18, 20 & 22 William Street Branch Office, 475 Fifth Avenue New York. LONDON, 15 Cockipur St., I W.j 26 Old Broad fltraet, ?. Q ?._IIS, 41 Boulerard Haoismaas BERLIN, 58 Unt?r dea Linden, Ef.l Travelers' Letters t*f Credit. Foreign Exchange, Administrator Quardiai Domestic and Foreign Acceptances are features of the New York State Banking Law which are of importance to business men. Handling Acceptances is included in the General Banking Service which this company renders to New York merchants and manufacturer?. Metropolitan Trust Company of the City of New York George C. Van Tuvl. Jr., President 49 Wall Street BIG WARSHIP RUNS ASHORE ( .intinn?.! from \>*?e | the main road from New York to the shore resort?. The storm, according to fishermen, is that which devastated ? a Rright last1 winter. Although the suni ' mer homes that fac?' I ?l Sea Bright are in no imratdiat? danger, it ? ? wind ?shifts to? day, that the now bulkheads will col lap*e. At Normandie, where the ocean now ta thf r:\er, th* r-ummer home-, of Secrcr, r\ of War I.mdley Garrison, Coorgo Boll ? - an.I .V. I'. McDonaoti irrounded with water, which is rushing into the cellar? and undermin ing the foundations. The cottage of P. Hall Packer ?a.? in danger of being washed oui to -''a i ?ry River, between the main short root and the ocean, has reached tne bighMf point in its ins tory. The water has lacked up into the C .ottages between Sea Bright and Highlands. Wooden bulkheads at Highlands ??ere washed away, and tl.c boardwalk was carried out to .-ea. hight bathing dottSOS WOtO also swept away, and the back water bulkhead on th of the Peninsula Hotel was demolished. Many boats have been torn loose 'lorn their river moorings and are now float? ing out to sea. The condition of the road" prevented all hut the Seabright Fire Department from reaching a blaze ?n the Hotel Nor mandu. at Normandie. Thou-and? of dollar.-' worth of furniture and rutrs -rod, the total d.-tiiHtri' reach? ?il was built by Richard Croker. and was once the troua of Tammany politicians. I.ate last night at Atlantis City the i had undermined the $1.'0,000 ball? room on the end of the Steel Pier lo luck at. i - ? ' " 'he end of the pur '.?.a- chopped off in the hope of ? art of the r-tTJCture when the ballroom building is swept away. Two hundred men worked all night to thi pitr. The losr-. It wa? stated, amour 100 at midnight. Th, v..re from Man? hattan beach to Sea (?ate felt the rm, and benches and minor buildings were washed out to i -foot ?loop, grounded Kea.-i. sine r?osdajr, iras pounded to piece. . At Boa date the new bulkheads arc ttptetei to bold o:r the water. pnrposod trials of the Sperry gyroscope at Bayside for the benetit of a rtpr 1!>" govern? ment were postponed mdetinitelyy be f the gale. LIGHTSHIP^DRIVEN FROM HER STATION Served as Mark for New York? Bound Liners Off Nan tucket Shoals. port, Pec. H. The lightship or?, Nantuckot Shoals went adrift ' when her anchor chains parted under1 of the north?ast gale, and to-night she was steaming ?lowlv tow ar! Vinorard Sound. The revenue cut ? bai --arted from Wood's Hole t.. ?atice. Radio stations along the coast and all -teamers were kept informed of the 's po?ition by messages sent at frequent intervals by lier v.irelesi op? erator . When in her u?ual place the lightship serves as a courte mark for transatlantic steamers to and from ?ork. ?-he carries a crew of eighteen men. including three naval op? rators. ASHORE IM RAGlWe STORM Six Masted Schooner on Tuckernuck Shoal Leaking. Vine;.ard Haven, Mas? , ??ep. ?>. Tne .-ted schooner Alice M. Ls* ? bound light from Portland for Norfolk, was ashore to-night on Tuck? ernuck Shoal, in Nantucket Sound, and leaking badly. Her captain and crew remained on board. The schooner struck on the shoal Friday iiight and n? raised by the northeast storm that has raged ever since have opened her seams so that she has nearly filled with water, although her powerful steam pumps have been worked con rtantly. SWEDEN SWEPT BY STORM Several Railway Lines to Coast Reported Destroyed. I . . ?Mi le Ttie Tribun? ] Stockholm. Dec. ? -During the last twenty-four hours terrible storms, ap? proaching hurricanes, have been rag? ing over <}.*. country, causing frightful 'ton. In Gothcnbttn the main streets are flooded, ami trame is impeded along the Kactory grounds are under water and several railway lines to the j coast hsve been demolished. ' Guaranty Trust Company of New York 140 Broadway Capital and Surplus, $ 30,000,000 Total Retourte?, over 200,000.000 MILLS HERE COPY FOREIGN SAMPLES New England Makers Turn Out Cloths Superior to Those They Imitate. Kail River, Mass., Dec. ?.The New Kngland 4'otton goods markets were relatively quiet last week. Buyers msn ifc?ted only a slight interest in market conditions, and when business becsmc an actual thing purchasers endeavored to induce the manufacturers to con rede something, which was done in many cases. All millmen are agreed that thero has been altogether too much price cutting, but they appreciate the fact that it is a matter which car.not be taken up without bringing about com? plications. It is generally admitted, too, that price reductions have demot alized what little trading there has been, and so long as this condition ob? tains prospective buyer? will talk con on? with every purchase. The demand last week was largely for wide and medium wide counts. ths have held the major at m of buyers for some time past rho tine goods markets are not atftive, although there is a healthy undercur? rent. It i? becoming a common thing for Ww York fa'tors to send swatchos o' cloth made abroad to Kail River mills with instructions to have the?e pieces of cloth duplicated, and in considera? bly more than a majority of instances local mills have been successful in producing ?loths whi"-h in ?ome cases nava proved superior to the foreign l, but in nearly all cases jurt as good. Thi? condition, as the result of the Huronean war, h;.?. served to a? quaint fa? tors in New York, Boston and other large centres with the fact that just ?? k'ouiI textile material? can be manufactured in New England as abroad. While it is true that no unususlly large business has resulted from dupli g fore.gn goods, ?till when the proper time ?'ornes it will b? found ?hat New Kngland mills will be thor? oughly equipped to manufacture goods that are desired. The total sales latt week for good? of print cloth yarn construction are ?sfimated at 80,000 pieces, of which about ?*!.?>.000 pieces are spots. Prie?? for goods figuring In last week's busi? ??,e boon irregular. Quotations: 28-inch ?54x64, .'., nominal; 1.8-inch ?4x?>4. 2V, 27-inch ?4x60, 2V?; 27-inch r.Kx.ir,. -J'?; 27-Inch Mxtt. L"*: 38H int-h 14x64, ;?7.; M? t, ? . lents. m ? RAILROAD EARNINGS. (iross earnings of I nifd State* rail? roads making weekly returns to "Dun's Review" continue to show a marked falling off, as compared with a year ago, the total for all roads reporting for three weeks in November amount? ing to only $25.088.884. a decrease of ISJ per cent. Kew rosds report im? provement, and those are all in th? West or Southwest, practically all tho important systems in the South and ether sections that are included in thie statement making unfavorable compari? sons with 1913. Kollow.ng table ?ive- gro?s earnings of United States railroads reporting for three week? in November, and loss aa compared with earning? of the ?ame road? for the corresponding period a year ago; aiso for roads that reported for the same weeks in the two pre? ceding months, together with th? per? centage? of loss compared with last year: ?m J2 ? ? ?????. |-*a??.sm iM i ?.?o? itm., xm.tr, u'? >-?:' >? ? 4 r nt uv?. i j?.??. ?,i Third ?*. k .,' Snttmem. Oro??. Urni? - S Alto t??.?.J4J iM.lll t ? W?.-.?rn i?3 4#T a.?? iK-nm a **alt Uk*. fit ?!? ??, - I ri.?ridt .. . 11.(44 11.lit Vmtnmie ?V N?sti?lll?! . H4 4I', I?*.??*? MnMI? k Otil.. I?r M4 Tf IT? ? ????1? i'?;if.?ri.la Oremn? ... I.?et l.ttl K. tit? ?it ??mitlarr .11 *. . er l.???i, >?>ii?ii?..?,.?,, .-?2. US Hite? Tolisio. m ly.ul. * Wtttcra . ?I?? 11.Ill ?Incr?a?? The following railroad reports fsr October hsve been msd? pub! B-?,i-??i k Mtlw?---?.'? I4.??TMJ. Seetmmt V*?? 4?i. rw* ?ft? U??s II KI.M4. lartM? WM? 1'rt.ar, a r.-nem i-m?* ?i?? tiur ?at. a? rr???? ?14T.14?. o?t ?iter um ??I4.41S. aWBipi Mwi?te TtMm 0*jm.wnMS.J*m_fm |i??r mm a'ur Ul?? ?44.?M. SwrcaM I14.lt?. net ttxtr USO S4.DTI ?T. loor? 4??. lit?. ? J*i>nir?l IUi'?n*1 ?( See Senas- Ornas |:.??J.A:?. . ? ? .i k Sl.ui ?3? diTua M;o:e .? i .i i- r.??' * ?juii. ?- 4Jr?n? |a.?:?.v.e ilor?M? I''.?'? n*t tflrr Itua? 13 KS.llJ. Oa rr.a??? ?rjttS.iiit. . ? \temUm~Qermt S1.11S.SSS. llaKtv?*? < Bet 11.IIJ.SU 0KTi?et tlM.ltl.