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New-York tribune. [volume] (New York [N.Y.]) 1866-1924, December 07, 1914, Image 11

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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?
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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.

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