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The Mechanics and Metals National Bank OF THE CITY OF NEW YORK 20 NASSAU STREET ?sea Reject of Cond lea at the ?"lose of B i sr 11 RF30LIR?5 I ... ajoj fWounts. $96,774,811.98 ? v Liablht) under Letten of , ? . : \ | tance?. 9.176,382.51 OaeidVeftl (?ecurrd and unsecured). 969.09 L ? Beads t.? secure circulation. 5.000.000.00 [ S and other l.ond? to secure Postal SeviRR ^)et,t,M,,. 1,445.714.8S Pop!, vanities, etc. 13,265.994.03 Banking House and oilier Real Estate. . 4.464,722.41 ( ,.h an,! [lu- 'rcm Banks. 82,774,283.78 $212.902.878.65 LIABILIT1F.S. ( a|..tal stock, i.atd ?. $6.000,000.00 Sur, hu ?nJ I'mUuled Profits. 9,283.017.0? National Bank Notes Outstanding. 4,836,500.00 Rends Borrowed. . 122,000.00 Leiten oi Credit and Time Acceptances 'Ireign DePt.). 9,177,627.97 Deposits? Individual . ...$109.8S9.852.68 BsnU ... 73,593.880.94 183,483,733.62 $212,902,878.65 OFFICERS i. ITES fr. MeOARBkAH, PrasaaleaS. MfHOIJtMV r M Ml It. \ l?r I'rrMdent. JiiM I'll fi FJOl'Ml lll||\ Mcllt GH, \ I. . rii-otriit. IOIIN KOHINHO IliiMvll Kill. * Irr-President. Hiiuiii \i.iii RTSEN, Vlee PresltSeat ? ;i*lii. r U-t. i fishier I KM.? I M. II \\ I.MOlt I . rVsat. I ashier. \KI III II M. VIM S. \?st. < usiner. ii\kk\ 11. 1-itM? 1 Ire-Prealdent. ?\MIKI ?. < XMI'lil I I . \ ire - President. \l l.\ Wlllll P. ltH\ \N \i.llt? NOR! II Mi il w. Mgr. Porelfs l?ept. MIDVALE STEEL & ORDNANCE CO. I i rx t Co m j) relu- n x i v ?.' I ml Authoritative Statement regarding this New Industrial Conihination DAILY FINANCIAL AMERICA ?=--OR New York News Bureau Bulletins of Thursday, November 18th Telephone Broad 3383 26 Beaver Street, New York AMERICAN WOOLEN COMPANY Proposed Trancier of (hartar from New JWmt U MuiachinctU Stockholder? of the American Woolen Company are notified that the time to make deposits of ' ch under the agreement of August 14, 191.'?. with respect to the ?chartering of the Company uedtrr the laws of Massachusetts has been *x :<!nJed to and Including Jannary IT?, 1816. In order to receive the benefits of the plan you ar<^ urged to deposit your stock before that day either with the Guaranty Trust Company of Ne? York\ or the Old Colony Truat Company of Boston rpKitKRira urn, . ?riJ.I.IAM >i. wood, y 1.1 Old.I K. HI HARD, rommlttaeof Dlr?rtort ?NIIHF.U f;. PIERCK. Jr., j ?IIKMiiN KIIIRKDI.K, I IMI 11.IP ST<K RTOH, i nr.KM", V. R. THAiER. I IIKNRV IV BI.VN'BY, AdTlaor; Cm, mit I?? MIX IMIKR J- HETMPHIM,. | \l Itl.lt I H. *A M.I.I V I WAR UNCERTAINTY EXCITES LONDON Dealings Diminished Coppers Strong Rubber Stocks Off ?Americans firm. London, V |7, The ?tock market ' in a it**- ef anxious expectancy renrdinr. the outcome of tlie Balkans tuaricn a the vipit of the mem teri of the i abir.et to France, and <ie?Hr?f? to day ?ere only mod?rate. ' opper thai roaa features on the rire m the price of the metal, and 1'itemat:, ? (.: IfetcaBtlle Matine pre? ferred advanced 10 t- ??-. hut rubber ?locks ,. a).,j ?a?v Consols ?ere ttehaagod h' H Th< new war '?an ele i : naehanged ?t P6H. "VSMJI | ritioa ir.mr.taitied a on a ?soderate amount of bus:' exchange. ? IWari r &? R o ' i'-;r Steel v. -. ? ,jrop. M?at ? i riis taaai ratM The corn-j Notion of 1 credit had n ex-: char,?-, a: <\ car,;,. Irai si at 4.07*4' l .- ?? Bank ol E hour- ? reaod i - Egjpu ad at 4*0 ? Die threei ' cent Co | are i i at 1 Pari?, Nor?. 17. Trading uas gaiel as t'r ? reate ?S francs ?xehsngo on - LONDOM ( jo?.im. |-l;i< i - s i 14 ET* ... th?* ?"? '? ' - - ? k '. h ?U?K*' ?"? *J '*' ? ? ,.v" ' '? ? - % ? *' '? - ??? , - - >. . ' IH V.O MOI K faa? v. ?? 1 ? 1.??'. 1 1 1 4 ? r I ?si - ? , Ms . 4 i*r I ? . l', . . ??'% ''S JVrsak.r ',.-. '? w, Vt, *?*? su.,'? "? ' 'J ??Ift *? ' '? TA'-"*?"? '''? MM.* ? 12 J'- v i2w#' 4? i, ,1. ? ? PfeM I , SHt Ml* M'4 ROCK ISLAND GAINS ON FREIGHT EARNINi Operating Revenue for Tue Months $2,272.047 Increase The annual report of the Chi? Rck is?ar.'l | Pacifie Railway Cempi for the year ended June M Met, m by the receirera, ?hewa that total e.-a'inK revenue for that period \ 170,947,989, an increase of ?j.jTj.i This increa?" waa due entir gain of 18,248,220 in freight eamin ?? all ' | up gr? eritli the excerption of the mail depe ment, .suffered lierre;.? Operating lacotae advanced or 1880,142, owing to the fact that < erating costs were ncrcascd to the ? tent of $138t|7f4, the greatest incrci being In the i department. The deficit for 1916, af charges, wai compared with ? lurplui "f 1460.621 ? previous fear. The company's balar: ihowed a debit balance of $1 680,962, against f^.TS::."!! as of .hi 80. 1914 The report Kay.? that the increase freight rerei ? u waa due t jr.<-. ? ?.'.' rely to the incrcaped mot ' in wheat I>ur;r.fr the year 2,26! 72'i tons o? a bei ' ? ecL FRISCO ROA?TtO GET 5-YEAR VOTING TRUS' Control Vested in Committee o 7,Forming Purchasing Syndicat St. Louis, Nov. 17. -Detallad exam nation of tne reorganization plan c th* St. Lonil & San Francisco Ijai ?. road revea)? that the plan places cot trol of the road In the hanns of tru fei ? ?.#> pean. The voting trui i? to eenalat oi Peatm J. Wade, of s Lonis; .Jamen Speycr, of N'ew York Frederick Straus?., of New York Frederick w. Alien, George w D i ion, Sewftrd Proi mi a' d i Rab n. At the end ?f five yean tb Ktock reverts t'i the stockholder . The manager? of Hie reerganizatio arc to be .'? ? " itted te become membei of a purchase syndicate and a? such t< buy 126,000,000 of the first, mortgag bond- and 147,700,000 of the comnim eerl Acatei as well as to offc the bond? te stockholder! Mhe pay a $. I he rommisMon of thi ?jmdicate is to Im i per rent. I beekl are to be kept open a yeai after the 'lose of the Huronean war t? permit French bendneldwri te come in ?'. i? i reorganisation. Another Corn Exchange Branch At a Meeting ti the direetoi el tl ? Corn Kxebariije Bank jri terdey a reeo i lutlo/i was passed t.j M en a branch ?in the northweel eomei el lordham Ho?d : and Decatni Aveneje, The Bronx, te be known as thl Corn hxhatigc Hink. Pordbam branch. lb.s will make t iC thirty-sixth branch of the Torn Kx ? ebaafM Hank. Reiearch bureau Celebrate?. in celebration ol the tenth annlver . ?ary Of the llunai of MlinicifMl He I aearch, It Fiiltnn Cutting chairman of tb? board Of tW 'tic bureau, will irive a dim ??venina- William il. 'lait, drurge Me* Ai.rny and .lohn <? Haxe will upeak. There will be ?bout one hundred iru??t STOCKS IN OTHEB CITIES BOSTON STO(K< MININO, M ' 4 .'.?:.??? s '. ? i. ? ? ,? ?.... ... 7", r .r, Arla 7 i ? ? Mi 1? Centennial . 11 , : er Rengi '???-? ^.30 i:.-iat Hill?. . 154 ? . . 17 170 Indiana . I! lilan | Croak pr. ?o lfrj I?l? Royal? . MM ? k?. . 19% .. lall? . ?H ?:ish Con . 13V? ; ? Mai dower . <S ... , 4!-. Mohawk . *7S In alian... Il * ? s rth Butta , ?? MM 4M North Like ... |? d Coloar ?. l'a i- Old 1 ??'?.!.ir.Ion... HVi . y. .. Ko . 4 i. IV? 10.41" Shattuck . S7V ? Laka , tal . Tis- ? ? lyir-.l 7.s 1 . v lio-ton. ::a ? -."\ . .. ?: Il II . 11 ?.u-. i > Bn ?Itera M - ' do ; :' .4<. ??:"X .... 1% ? loa . n 1" Victoria . .1 ? ? . ?i WolraHao ... RAIUtOADl 4 Boatea Elev .... s?^ B ' ? ? ? -, 'ilne ::?> Beaton A Piw? i Boa .s Won or., M ? ? i a - r pi n Rlvar .IM .? pi l ? ir. MIHCBIXAXEOI r ?Ma, i ? * S 7". II ?:". 3 . MJ '?:i ??. M Mm ii 141* 4** n* Kl u 33 1*4 4 ?? ? - 1 I <s'? ? u -'. . 1?. Il I 18 Va I IM 4V, av? r, n MU 1*4 M M V 17 S? M?* 37 lue - ifl\ 47', 4s ?S 14 H C ) 33 17 y si 1*4 4 MU I IM4 M*4 4 ? 1 37^, 1? ? . ? ? I M4 73 t ?. i ? ni ? . I I ? 14 3 4 ? N ?!?, MM 4 1"'. 140 . m h i ? i 3 do pr . : ' pa ln?u s?>r\. I * 4 ?lo nr . 16*4 '** PM I 11? , '\\t ..1744 j? fln fr .... . . ? M Blwaln pr ?? M 1,1-6 New ??n? T?l?p> i Ce ....IM orrt&al ..M 5.14? United Fruit no i ?? h '.'? . le pr.? ? r.,741 Ventura "!1 ....M MU BONM, M.OM Swift g ? ' 'i 9\ I .. ? . . ?ON ! l?t CTjOCINO. me. ?? ? ?. Mu " -?v N?* : |t Varde Kxt I7M i.v.V* 160U ?TO I m. : PHII.ADKI l'HIA STOCKS. M.gh I I 111 Am ?l;.s N J 11 U 1-1 . 3i ?i.. ; ? . . 18 B Iff S Bu? et!? 24H |M do ? I' . -1>. 14 :??.?? I?>!.lph N?v I - efllc ?? Mfr.iti 41? Pi 41 41 .. 43' . 43', ? i- ,. i.-,. frai 44'. !.. Il .... ? ? I . . 44 . " . Imi , i ? M W Jersey j i. n '. i... i ? . i i i K do pi ..M M m H IM Km '.?? * El il M " . -, . ! . I? . ' v . . . ' . I".'? ? ?v ? ta ? Ha ' .. i-t ? IW44 lOPVi IMS M M M . . 4? T4 74 .i 7 ? .' N I | P 4? M ?0 I ' . . : ? M - 174? ?4 <.'4 II I. - < s |? . KM ? 74 ' BALTIMORE STOCKS. . -? ''<m.. Coal <>r-*n. High. I.-)? La* ..1UH Ulti ? : ? Vt r.f.: n ruel ... * lo ! r .. 30 M*i ? Mi r ?. * M Ilk. M A M Tra ' Ml V ' "t Ml M. 17*J 4 ? ? Union i'ni?t i-i II Rr? A ' ? ? ?? ?? Ll ? , ? ? ' l ? i ' ..M? 'in;. 4S? , B . l'a W A I ? r ' r H a I Ida ?s | ? ?? M i 4 ? :?>j MH M u:\ ??? ? '. II n 30 4'>, 46>4 4 70 . . I . il 4444 a ni lllVa i -4 ?i in? 4 ' ? ?J MH ,v ? ? ?. . ? l'ITTSBIIK.H STOCKS. Man I (m v. 01 Mach MU , M ...12?H il ?m pr ut'? ?'..??r A 1.1 I4H ? i r . U II... 11.4? >l!?h. MU " ? 14*4 V Les i.a>' in ?? , H'-? t. IIH 14S . i ir? "il . " . * '- ?n?l 1 i .".'i M !'? : . ?.', ^4't,?A A!r H 1 ?* ? we Han Toy , Relia I * f- t il io pr ? . - (iklnJixma <?? H. U 11?>* Mackay Out of Federal Su^ar. I' MM learned >? ?terday that ( lar? ri r.- II. Mackay. president el the Mackay Companiea, reeigned lerne tnai . #.,, | rice preeidenl and direetei "f the Fedtml Mik':i1 Rellnlng Company. planatien *.? offered to account fur Mr. Maikav'? re?i|rnBtion. TOPICS OF DAY IN WALL STREET Financial District Sees Dawning of New Era of Prosperity. RECRUDESCENCE OF BULLISH SENTIMENT News of the Prospective Copper Merger Discounted?Too Much Zeal Hurts Marine Shares. Steel and copper mergers accom-! pli-hed or to come, and steel earning and copper earning- are the heel | of the new bollish Mmtimeat . ! Street. While the stock market I fers greatly from that of midsummer, ? in that the public has not got the bit ?r. its teeth, hut It Is ?!.-: professionell i who are at ptRMBt guiding it* I nies, there are ligai of returning publie interest. The . nak.-out that oc , eorred in the last month ma alj the war itocki bad something of t i .-ame effect ti ai the late elcctioi. d.u en the raffrage party, :? did not dis ' ? public, iut ? pul it u il si the ri.i nine for the I g. Prora . the talk l : DOOVls ifl thl C( IBB booeea and en the rabnrban trains commuters have had the ???? mlativo fever in its most virulent fora reelh ? - trong thai the <?? entry i entering upon a ?'en,,.i of proa] si,eh SS il im- hii.r. : . Wherefore, there are million day- in tin- .-lock markel and tation of nil.18 tO come. Coppers Letting Together. Official announcement that t'je Kennecott Copper Corporation would , purchase certain shares of the Braden ? Copper Company and would probably ' agree to buy other Braden shares ?a | equal term? did not have much effect ! on the stocks of either company on the Curb, the news bSTiag lit-en dia ? counted, to a large extent U the i lasac time it was eireumatantially re? ported tiia' the Guggenheim Explora? tion Company would : ted and that the Kennecott company would take over from it the 104,604 n ma 1 jorityj iharoj ol Utah Coppci that it holds. A report ?toi', the Gugget.heii i company's holding*, of Smelters, Raj i o? lolidated *nd Chii o would be ii tributad to tbo itockholden arai made an excuse ifl the stock market for . r-11 - ing those itocks, on the theory ist the Boating supply of them would be largely increased. When last report ... the holdings, of the G igg*uneim| Explor?t ion Company of the named were ai fouowa; Smelt r, common. 69,600 ihart . R dated, 164400; l ?,760 shun--. There wai also ? nui y 2,842, 628 ihsrei of v aid, ??? II alee bi diet ' buted to the tockholdei ny lold U Americ in Smelt? i - Seen t I ferred itock, Berfea "A", late in July to Eugene Meyer, Jr., ?- < [( '.., 1 U.6M ihsrea. ' 'Above All, No Zeal!" Mercantile Marine preferred cerif?? cate? got a setback of nearly 7 poius yesterday sad ended w.th a loss of ?I1* point.-1, primai, hi cause of the excess of zeal on the part of 101 its friends. The day before there ha I been tome extravagant statements of the company*! earnings, which round ed like a prospectas for extraetli - gold from ess water. The h thai srai made wsi to same figure*. \ good an effl ' ' ' ;' sb tnined by an opt I Marine compsnj with, any, th ? Kimberley diamond mine?, an.i would hardly hav< beep any eomeba;k \ ? ras, oil ?la] denial m: iwift. The stock had owed moei of ii ed? ranee to the b lief thai thi eompaay'i bonds would be paid off and knowledge that there WOUld be no eSSOSI R n' Ofl the preferred shares That OOght * I have bee:; good ? r-bo |j ?milted on trying te seca II, ?.,-. ' ? ? il sot lag. Eield Da) for ?Tool" Issues. \\ :-i. ano.? '*> or ?o in which to talk about dividende, General Mo t,r<. atoes moved ap to ? bow high record at (106. ' 'uban-American Sugar, United Eruit and other issue:- of the pool claee Iikewise bad i field d nol forgetting Bethlehem Steel, which, almost aboi doaii g iti policy of i i height by sudden flight, baa latelj been tolling upward in the night On Novemoor 10 Bethlehaa sold n* 1400 h -hare; three weeks previously si 1800. Veaterday it to iched MM. Mora Foreign Selling. Forcigi liquidation of the standard shares wai again ifl evidence yester? day, and there wee good reason for it. When a foreign holder Belli stock here be gets a balance In dollars. That bal? ance, divided by the prie? of iteriing exchange, d?termin?e the number ot poundi be will go) for Ms -took. When rial hi naturally can get fewer pounds with hil balance in dol? lars. When i* falls he can get more. ? I.,-.';, i M-hiimr. has been moving .. i in one direction, upward that is, t the foreign teller of al So there is a temptation to bastea th* : sale of his ?ecuritieo, eepoclally .sine the current of the exchange market eesai to have turned definitely in the, ,| rrction of normnl prices i Kising Sterling Exchange. While it i? probable that exchange will not return to anything like the n etallic psr where a pound sterling ...,-,, n ?.,,'., ao long a? the wai laal . the establishment of gre;it credits here tor the Allies, which is going SU all the time, ? ill tend fo mov? upward. They are affermer! both b> direct buying of bills and by the re moval from Cue potential supply of quantities of other bills which would be created If there RBS no other Way of financing foreign purcha-es of go,,,!' in this country than by drawing draft; against tin purcha-er? or b) km] gold hire. They are affected, !.. by buying of bills bv itoeh boueea. re iiiitting to Europe the proceeds of se? curities sold for their foreign clients. Expansion and Inflation. There never has been a time when in- ' Ration eould be prevented from steal? ing hitches on the Wagon Of b;i; , siun. Thing-, arc ae different now.. There has already occurred inflation in i .i few industries? bat the general run of the country's busini STOBnd normal or below iL Never havi there been so many practical facilities for iipnnsioD as exist now; which ia to tay, too, that never have 'here been more temptations, actual and potential, for inflation. Almost inevitably then.! Will be general inflation in the I DI ted I States, according to many economists; . but it is just within the possibilit? thai the reckt aiag day will be pa I teeed months and awybe yeara beyond the iisua' I hat ia bocaaae the ead of the war may bring BOW buying to ,. from Oermany and Austria and from BOND SALES OS THE STOCK EXCHANGE WEDNESDAY, NOVEMBKR 17. IflL Trading in bond? M th? Ne? York Stock Exchange \\ ednendav amounted to $.'?..'.OJ.OOU. acain?t ??,952.000 Tuesday and $",.1W1.000 a week ano. Mork Ex? change rlo?ed a year ago. Total from January 1 to date. ST?;.343.000, againat I42MCMN m lull. GOVERNMENT ROM?. i'?a 4? r?? A . -i l.-.t Pi> Tt 5? Pump %a 1 ? I -, i':. -, i . Oar M '? . l.tt IVs 4 I MIMUPAL BONDS. K?a I * M - i .? ?? . . do 4i I 4 ,. 10' V. ? 4 I ? Mr \ ? S ? i"o rtf? ?.0O0. ' Iowa Cm ? l 4. < Ml - 1'V ??54 Not ?? STATE BONDS. RAILWAY IMD aiaafca <? m -?? :i ooe . ?. in ?.ainped mat LLLANEOIS. i. , :,.'., i?? ... . . K ??V? H4S I . I?;. It I -? iwr S: rit ? .-. . . ? | t fit 4i rr? \r n * ' Il?Paa 4a ?1.. itf 4a 'i ? . 47'? ' I . 1401? ^: d.. ? - to im i . 4 4) Hrorta ? hut Ire II .37 : ? ? i f. a ? I'oOk .. M ' MH Part R 54 pjt - ? - ? s j ". -? ? I . .- ? - A M 4? - ? . . " "'? har?,. > , 4 .. - ? ? : ITU. ? t I .? E.?c Lliht A '?. ?i !?:?? !>ai? ..-. 4a ?I** . ?i's, I . . ?????d 4t ? J *t\ ?i?P'ib 1- Iron a Mat . S-. LlraHll ? '. I K. . do 44 ?? ? ' ? - :?? I .?lampad ? s- i .,:, i,t ?a ?. ? ? s ; . ,. ?,, *s . v . . ? ' *t i " ' ' .y. ? n ir 4 ? s , . L?! .41 ? > ta . ;- r ? -? Or. dl? I , IF ? ? IVti '-. I. A IV a Un? LA ! . M B .v " : . r lia Vil ? , I - item ut 4. '4 ?>4 ' ? . ? ft *? . 1191? i?tt ?.CU?_ M!4 Cub? \mrrl.aii .1 ?a I ' ? i : ii .;?, ? ? inid ti < 111-4 101? SMI M 11 . II .. I ... V i ?? . ?? . : m MM ? M .' F? ? S?rlrs A . .ono Ml-.n A !4t 1. 44 M M M P A I ? M M HS r.ooo ,.. M K ? I ?it h 4 Ml ,., .. ne1? do lit 4i ?4.C00. ?0? do rf? 4? . . M . ti rt a. aut, reu ,,..,.,..,.? ?j r .. I 'M. 14 107 fu . ' : ? . t ? ?? . t ?, 'JO'? I" *. R ??:, ? . ?''4 ? IW.-li 1 rrvl !.. rf'i M . s ?F t ', i "?? i?4 ? . .100 Detroit ; il- 4 ,, t .. 72|? . i" ?? '4 - 74?. ., atrae a .. 71'? i? aarka It ?1 il ' ?4 Ml do "mit Co 'f, |(.?M .. 41 Montana Power "s 1 ?M 1 ? ? ?1 i ' . Nr? Toril Air Brakr ?. ** Xl? ?M ? ' |.?l'l ? 111?, . ? . -, Bi Ml 1 ? 11 -va ' ? 1 , . 'An ta ' 1 I?IH 1"! 1 , FlorM? . a d c i i?b 5s . .10,'V, t;f..r?ia v. i!r?at ?taatpad C?nti . r .-. Pi lit 4i . ? '..<??. 1 4, A W .Ub II : '- ' M lili r ? ? 5.o?xi .n . K^v-lclr.? \?l>? 4',i .1 . ? i Hu 1 A Mao adj ta ? :. . IHi li 1 ..000 I,?M : ? . ?: . 1. I I . ? | 1 ' H N ? i;t< t: 1. ? p m 4? ! Ml . -l'i v r n 11 A 11 Tt ?? ..117 .1174 d?, .!?? .. IIM Ni-w York Tt'. 1 rf? 4< ' M M ? M? .< P I . Pldl K Sa 10,001 . 14 M* .. 1"7 , ?1o l rt |4 s | ... - I !.. ? ... ?0 8 1 -i", H<i I . I" i' . U%\ 4 , n., u I ^ . ?" I 80111I1.'!. Ktllw?; il loci . .i.. a ? . 7" - s . I r c 1 i 1 4 fui! IXl.i .1 r>rni i: : A? of s.- j i 1 nrtrt 7 1 ? i k. ? . I '?44 1', I .. (. ? lo . . I ' en an ? - ' < ? : . l.'iH ** 1 . ? fmmu ... i , ...... |C! f ta .;,?, ?.^ , |V> lui ' ' M4* , S^' Il . ? }?? ? ? < . .??'4 ? I d ? ? IMH M ? - 1 -- 4 ? C B ? 934 ! ? . i? ? s r "i. irai iff 4? ' ? . I.MI ai "i.AN" ..loi1, . 101', et 44, Indlai 1 - ;oj ? ,.IM IM ' I ? .. fatten i. 1 ?M - " N'orfo! i. ar??t?i ... a< - a ... ?O'a ?? ? << M n., ? | '.t ' I . ?391 ? 1 ' Va-Car ( ? al li ...m:' ? ' V? lr.11 1 A '? I? 1 nr.ii '.. ?? nu . 90 I ! . ! .. ? ? tr ut " CM C \1 ... 1 rt ta srr " . : . 1 1 - ' ? II - M ?-? 4'li ? R T iff M ? ? I ? ??' ' ? ? I . , - eti. 1 . '??4 ?-4 ?lo n-itar1 r . 'M Or R> A Nar 4i . - | 1,1 ? r?? 44 ! 1 - ' lit 4? I . 444 ? '1 ...rt M IU w Wab-I II ' r>,?M I ?I it ? 'ft 1 . 4 ? Ion 4Si I ? fu? - 94', lit "? . ild . V!m\ ? 4i r?f ?, \v ? ral 4? 101 ?'S ?'". . GOVERNMENT BONDS. Yeaterday. roeatlay. Bid. Asked. Bid.AskeJ. ? ? . 98*4 WH r?f., IWO. . coop., IB ? ? ?1. 1 11? " Us. cup.. 1918.. 101 * 1926 I ' ? . . coup- 1926..110 ! j . Pun, ?86, rea M . 2?, Pan, "38, reg ?? Pan, '?1, re, 101H Pan, v.i. coulO! 4 ?4V?3g re?;., 1918.. 11,009 . 110 101 '* 101*4 109 i 110 N 0? loi H 101'i 1H'\ other inti si road s bieh before the ?rat made large purchases ef goods in Europ ?.,:. mar':.'-. And if wiiys can be fou- ?! ??. ' i ance South America a ? of her trade, too. can be expected to find II way here. Al' this, however, depend? largely upon the extent to v. i.ich Em ope'? productive machinery !.?- beaat ?mwMftd. An.i that bringt reasoning hack to the ques? tion that injects itself into every dis-. COeaioB, like King Charles's head in Mr. I memorial, How long will 'he war last. Sending Eunds to London. Another temptation for foreign hold? ers ef "Americans" to sell them is th? higli income yield of British govern? ment securities. Money can be In? vented in London now, in high clai at I per cent and better. Not I? ' ? holder- of "Amer HU taking advsatage <>f this fact aad turn ate London funds, hut bonking houses here, with a pit '! oia of funds BpOfl which they can ., ? no latiefactory return except by lavestiag ifl loag term obligations, are / Lead ?B credits in order te aval themeelvei ef the better interest rates abroad. And that is another factor :n the rise ?f iterling checks and cables bote SE( IHITIES AT AITTION. The following securities were sold yeeterday al suctioa at the Exchange hale-room by Adrian H M iller j Son: Kur srroijr.t nf f i?cutor. ? ?lisr ? -. Vsw T"fk Hi) li fl 3"0 1 > ami of 'nistee ' awrr? ?r.,1 romrwl?! i ... i -, . > . I ?! ' i ./n . 4, ?i.iir??? * i ... I ? ' Sail ? Hi' ? I I ?| Bal / i' ? let ' 4 MTU 1. . ir?, i.rrmn. Amrrlc?ii Ir.iurmc? i lia UDO? AH? ?''- I'ti Kiphsle and Oil r,,rpnr?-.!n,i ? m rent r- ' . '.r ? n Tl?t?e :0 yru <;,.?! ? .' ? ... i ii I i.r?^ii.M eupeaa ?? irii 1? Sl - , Trttfi i o?r?' J 11100 ?si-Til Im 1 ilur?. Kn.plrr Tru.t o-niin illOOl ' '?'. . .- i ; ? ' I ? HsjUsi Haiti .ii... i > . II -liufs ami? M?jiuf?cwrto? Compcar tllOO ??rhl '!1' PRICES NO CHECK TO DEMAND FOR STEEL Doubt as to Filling Reculai Needs of Home Trade. According to stec! trade publication: it has been found impossible to kee? (jemand for finished products in ?ontro through advancing prices. The pig iroi murket || alee very strong. With thi great foreign orden there Is questioi . ho*f regular dome-tic needs in steel cai i be secommod "I he Iron Age" sa> s: "Conservative nu.n n. ?i,. trade whi ! thought two moBthl ago to bold de mand in ch?ck by asking sharp ad 1 vanees have given U[i effort on tha' ! line. The lasl week has ihoWB un mi ? ik . g? of a st-el mnrke' that has cut loose. l'ig iron, wit! somewhat less reason, is following th? COUrsi of .! Ill a situation withoul any precedent the usual dangers el high price* are being ignored. It should not be forgotti ? ?'? i* buying in building and varioBi ether linos is not forcea by war neceas i ty. "Building of new steel capacity is be? ing puehed in every direction, and each wool briagl announcements of new un - iertakiagS by the Steel Corporation Bad indepoadeat companies. The steel industry is compelled to add to it? own embarraseaaente by the gteel it is re? quiring for new work." "The Iron Trade Review" will say: '?Shotting off quotations on steel products for export by various pro? ducers is reflective of the extraordinary expedients which makers have been forced to put into play to protect them? selves again-t the overwhelming de? mands of the present market. Conges? tion of the mills has reached the point where it is a serious problem, with the unprecedented foreign tonnage, how the needs of the regular domestic trade can be accommodated during the next three or six months. "Railroad buying of cars ar.d loco mativea remaiua brich ? I ? pig iron market i very strung, with an advanc? ing tendency, und sales are liberal in alldistriets'' I BANK RFl'ORTS._J BANK REPORTS. The American Exchange National Bank NEW YORK A Commercial Bank With Ev.rv Facility for the Care of Its Customers (Comptroller's Call November lOtlt, W15). RESOURCES . i, Discounts and Investments. 4t81.214.327.9-1 U, S. Rotnls and Other Securities to Sccur Circulation and Postal Saving* Dcpositi . 8,056.827.24 Dae t'r< m Rank'. Bankers and Trust Companies. l.o/o,l?J.O Redemption Fund snd doc fi i S lrea-urcr.... 378,000.00 Reserve in Federal Reserve Rank . 8,!92.485.6b Cash and Exchanges tor Clearing House . 31.754,114.49 Other Asset! . 1,345,455.63 $132.917.333.98 LIABILITIES Capital Stocl. $5.000.000.00 Surplus 1 und and Undivided Profits . 4.995,252.27 < irculation . 4,808.800.00 Time Acceptancas. 1.675,287.30 Letters of Credit . 324,942.60 Deposits .?. 114.767.596.18 Liabilities other than those above Stated . 1,345,455.63 $132.917.333.98 LEWIS L. CLARKE. President WALTER H BENNETT. . GEORGE C HAIGH, \ ??? Frees. \ at I M ARTHUR P LEI I s-h ?r A K de GUISCARD, ELBER1 A BENNI il. AN-r. Csshler. | ? ? QaSBRf HUGH S. WcCLURK, WALTER R TALLMAX. ?aSt ''asliler. v . i ??',l?r. DIRECTORS WILLIAM M BARRETT, PHILIP \ S FRANKLIN f..., ? . | ^ i WALTER 11. BENNETT. IWLAND G HAZARD. SicaPrieHaal Wuiots*. Paes-aSai? ajrg, O? LEWIS 1 CLARKE EDWARD < PLATI I'resdetit. \ |,-e-l're?',i1ent. Maetaf ' ,ia. R. FULTON CUTTING, ELBRIDGE GERR> SN'OW. New -, . t ?..i??t. nom,) bjNreaee 0a WILLIAM P. DIXON, CLAUS A. SPRK? KELS, Mate a Bobaea, i're? Kederei basai Retmu? Co, John r TERRY, SOW Torn Accoints of Individuals, Firms, Corporations, Banks and Bankers Invited Foreign Exchange Commercial Letters of Credit rhe Second National Bank OF THE CITY OF NEW YORK Fifth Ave. and 2Sth Street STATEMENT OF CONDITION November 10, 191 RESOURCES LIABILITIES Loan Dlocoa U ft 1 Ca| - - f 1,100.011 oo ? II n.iKlded United Boi .\ I.III.777.34 to SS ' ' <xea. and illation un'! i ? . - ? jl..147.11 epos 7S?.du? IS Circula .... ?72.117 i? L'u.tomei s" LI L'l I" aoall . . . 15.77a 2*7 '.?'? . ? I ??. 'Credit 17.3lt.00 i - BOM Act i Hoi? . iss.sse.ei Dae fl 114.14t.SI Oil I ' i lee . ISS.TI . . Due froi , United Bl Treaeur- i 117 :.A "1 1 ? .|-r*l It. serre Bat '?< 1,114 ... gea for Houee . 1.001 171.J ??.'1.7.M.I?l.;i f'1.7',4 I'M :i DIRECTORS .11)11 N UTH?.N MIMIAM t -IMI>?sr.O?4 il ?I \\< II IRB limiiMi h JOHN I *>ivf I lilt i K\Mi A. MVROaTt UM IN M. si ikk RDWARD Si. l'l tsl.t'.F. iiMi.s \ sTtixssaa llUlt.lir H. Kl( IIAKIIMIS l'l Kl 1 s ?1KVI ' PI It? \ \. KIM hKIKI.I KK The National Park Bank of New York - TA T iC.MKNT OK COND1TIOR at Tin: '-i.f'SK "l- nrs:.\Kss novembkr 10. ins bUDKN Rf"Er). . _ - ...... .iii.iir.iii7* ?peelaaaai I NOtei . inoo.170 ?i DSU from Federal Reearva Rat.*-. t? 6'? ?2 70 : i trota ?Saaha and C B. BasSMaase.;; 47?omioi7 Danaaa Mam. '"?\?,- sas.ejs.HI II . I7.H5.00I :? I,nnr.? and Pi?<-n:int? . > 4 4SI S10'j'i Botada trUB U s Tiieeerer.y i............... IIS.SST IS Honds aad IteehS. 1.1*8,411 11 Bankln? BeOSa . . 407 ?77 w DM frota t) S Treasurer. ___ 1114 441.111 '0 UAMLITim II 001 000 ns '"lpl'al ? i-n.iivided'Profit?.'.. I5.4I7.11?'.! Surp'.us und t ndlvlden i'? 171421-1 r" !",'rv' ? '.'.'.'.'.'.'.'.'.'.'.. I.SSS.SOSM tlrcuUtloa. . 15?.T0?.??4?r /'-Punce, and-L..?-? Of Credit. 4.4.7,, 4, Hund Loan Account. ",0*i 0I> 1114,441.US ?S MONEY AITD EXCHANGE. ?aJMataft BIBaUlVI DIS'' it NT RAT?. >?? paper ra?4urln? In f. d?ra or ieaa. ! prr ?n:. up to i.lnety 'laj?. 4 per aP* ?"AM. MUHBI operad ?t 1 per '-?nt ; hUtiwt. ; per. .ont, lowe.t . per apM .l'air.?. : par rent; renewal J r-r ? ' TIMi: MOtTH ?a? rlay Katft 3V??}.\ i-t .?? I for aUtl 'lau ;*ajl prr err.t for ninety da>a. ? ' - UiaCATntl PAPr.U ?U In demand, Ruling ra'.v J1-:?:' i^r eanl for bait nam?".. I a'.k ? i ? ', ' IS prr mil. I'U.AKIMi HOrBE TrUNSA<TI<?\> It 1 ..:e:?;'4. balan?a?, I? ill ' 1 * ???'iry ?u radll.ir to ?..? *,:. ? i sill TREAfll'aT ?Saw Tork bar.lia loat to th* Ir-t.i.rjr I 14 ??o. an.l ?a'.ned ?Me? Friday ' rr.l'I.KAI. BHttfl PIHC?M-NT RATKM U.M. will ui. Beaton, for t.- i??a. .1 prr ont; up to ??.?>'. I ri.i:?1fipr.la I at. I 4 p" ' ' ' ..rriar I. for teu dai?. 'a prr OMt: up lo ility 1 l ? ? ? !???> .!a>. 14. KlrlinnmL up to i i r'. ?!?.. 4 i? r ???'iii, Atlanta, up to nlnHy ?law. I pel .. 1 1 4..) up to ?ill. la... I t<- ?1 :. t]. M LoiiU. J a; 1.1 Ijilj .?it. M. t??i ''. 4 and li per .n.1. hanaa> Clir. I n> col: DaiU?. ? par ?an?! Bu Fran MM for lei ,1?i4 ? pr? r**'- for tMrtr ?MM ^?a: 'for tl.lriy lo -li?y dart. 4. for ?lity U uluetf de>i, M| l"iMI>II. VMIIAM.r 1+a'oc. par, rw<r?e?. 10. dlaeoenl m !.. iti, I'.- li?ooui.t Md. V pre? mium a?k.si s?n PriMttco "',, premium. ItANK ? t.rAltI\?,H Kalt -.Bore. ?irMnia I? - ??Ma. 1?|. balannaa IT?lO.4':, Baton. ri.-has?*? 141 alai -? I III ? >: ?to ?i.hejije? 1 . ? J ' - .4 I'l t!a.lelpM?. ??? hailfn 14 .4 7-rt | , , | - .>4 M |y??l\ ?i ? r - liT.Ml.Stl aataaaa? ?J Ml 403 MIA KB MAIlKIT Bar >t;ter In Ismdon ??a 4 , I. aa adtaaat of Wd New Tor? quotation ?at t lain 'f S' ?l'ili-i.i ell-er dollar*. 3?1* loiu.UlN i:\rHANOK X'erlln? rultd ttroa? r la 4'4 f.r demand. ataeMa at to? '?Me at I -t?l.t rate? Tandon--?'eat?. ?.??. ? l-raar.a. Iks larl? -4'abl?, 5??*?. .-tkaaX l.?l berMr, ?alia. ?0 13 1?; chac*. ?Ol?-I? ?al? t'.t.le. ??T, dMrfe. ?.??. Ura*c*--4'akla. l?.Zf; beck. 11.?. "HIT ?i.'l alnaay dar Mita Undoa. I Lankan', ali?y daya. I ?4. ntaaly day?. 4 MV South Porto Rico Sujar Dividend. The South Porto Rico Surar Com? pany yesterday declared an extra divi? dend ?>f 5 per cent on the common laVWN in addition to the recular quar? terly dividend ai ?1 per cant ea the pre* ferred ?tneV. j