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WEALTH MARKETS AND COMMERCE First Mortgage R. R. Bonds Yielding 5.30% Abtolute Fi-ii Motigage. Company owni or conlrolt valual-le terminaJi in pra<rtK*lly omny cl,y aod lown lerved. Otani 99% oi nght-of-w*y. N'et e*rnm;i Urgt!.T excerd douMe intrreil thargei. Senal maturitiei aMure mcreannx e<)uii>-. .s>n<i far (Utrriy'iv nrrn/nr Ah N.W.Halsey&Co. 49 WaJl Street, New York , alfl ''hi an-' iaa Kran.-la.o ., BaUUnol** >*l?v?lanJ Fraciicnal loi Service Orders rxecutcd in any amount of Stocks and Bonds for cish. Wc rarry 10. 20 or 30 *hare lota of 5e(ison<'d, safe stocks. dcalt in on any of the Exchanger-, on margin. On thr ConsolidatecJ Excrungr all our orders, report* and quotations are transmittt-d hy signal. affording m stantaneous srrvire. ("rrtified arrountants statem-nt of audit of our bookfl puhhshed quar? terly. ?? ?pondence invitrd. Wilson & Chardon '?'*'- ' **? t 52 Beoadwav, New York T? lrphorie lln.avl Uflfl Henry Clews & Co. 18. lv 17 at-t MEMBEBli ** > -!"'?*. EXCHAJJOl" Stock), Botjoi aai inTMljnenl S?conlirs h-njght and lold on < ommission. AI?o CBT 1? nnaervative term). Depoiit Ac coiinli rwcrved lubjrrl lo rhe.1- at ? Interest paid on daily b?!an<r?. bra.s- n orricES Thlrfl Av ? ,?y -??'. Wai . ,-. II ? Pacific Gas & Electric Com. Standard Gas & E. Com. & Pf. Wisconsin Edison 6s, 1924. Geo. H. Burr & Co. BANKERS 120 Broadw-.y, New York Phll* Otis Elevator. Indian Rf-fining. National .Sugar. FREDERIC H, HATCH & CO. 1'l.nna Kr. .i.i BlflB. .10 Broarl St.. ?w York. NESIMEIl SECURIT1ES Bi^elow & Company 25 Pine St 'Phone 6290 John STANDARD RET I BBD IfjQ (<),.Y ]? X I I . III K 1 Dl- | IMIIIIi IIIIN M \M> \i;i> 8 ' ,',,v OU. I.OOMII. L ***"** CARL H.PFORZHEIMER SXO, i i >. , n flBBAfl ST . N. Y Wm.A.Read&Co. New York Chicago Phil.ida?Ir>hifl Boston London Business on German Trains. Gi-aat aaaiai i ; ? ? ? in ('ermeny after the war, and tha ? Bmnia rk pnsfl as t.< th*. aaVai ot having ?pocial rompartment* in the cars of express traiaa fi men. lt i* suj-se.ited thnt these c.rri partments be Ittfltj np with a I eovere.l with j.*r..-n rloth, 1*0 chair*. ?i -iiils, nri.l appropriate .'. *or \icr beinc anslo-jou* to sleepir.tj and dining car *crv:. there fljlll be a demand for *urh o.-ir? and thnt bv mefl arill rladl*" paj en extra fare for the conveniences fur riished. The chambers of eoramfl] two citie* hnve alr.-ady nont tl ( ister of Public Workfl p.-titiong for tha introdjjction of thia impr..-. i lailroada being under national con? trol.- - - Reported by Consul Albert, nt Brunswirk. (Icr BUILDERS FORM ASSOCIATION Invrstor* tVill lrr.it All (?u<fti<..> Altoul IntereMs a* a I'nit. Puilri'rs of trvs city hi,. ?'ormej the Investinjr Ruilderft Association for protection and ro-^peration. The ? bers of the new argaflir.ation plan ti treat hereafter nll nu'-stiori- concern injr their latfllBfltl as a unit. Thev had m'ich to do arith the wo- -hut the rew roninj? and v Iriction law wa* ami-n.'ed, *o that provi inf*- the owners and builders of upar* ment hou*e and Inf- a-aildiBBJfl la lalfl city would Bfl 1 ' ' t?*r*f. The officer* of t! e new organization are J. }.. Ba Carpenter, president; AlflX ander M. (, nf, BtBl rlefl-pr "Edirar A. Tt/'y. *econd ritt axd David Tischman, secretary. Finance - Economics GARET GARRETT. Editor. WALL STREET OFFICE: T.lopbOBOS Milln Building, 15 Broad Bt Hanov.r ?.>14. Significant Relations. Moncv and Prices: ? \. *<?" Stoc't of mon I in the country. feSoO.229.lt4 $2,#BMii,SIi Lateat rei art, .%.-.->.?? ' period .l.ipe ' ' t Veai Loam of all national banks. $7..;f.t.,noo.nno $s.c.9.9ji.oon Ratio of their cash to deposits. '?'?"'' " ' Laatwwh Kyeeteaw. Loanj of Federal Reserve Ranks. $109.9.11.000 S'0'0-!;-?0 Their note circulation, nel. $11.0:9,000 $i.,r.o,ooj Their gold reserve against deposits and R->8f' circulation . 17.7% Th* dsy A year Ye.ter.lr4v. Irl,.r.- BSB Average price of fiftoon railroad stock.'*. llii.Oi. UMi 10H.19 Average price of twelve induatrial stoeks ... H.si si.ni Mk2S The uerk A >enr LmI werk bi ors ><*<? Food cost of living (Annalist index nnnber). I7SJJ IS8.I1 141.17 Produetion: ??OH ? \ earase. ed U. S. steel orders, tons. o.i'.'o.i.s MS7.7M I.S7MM l..it. t I '? ??: ? lf. ' 1 I ' , r.'P When; heli. fir, 1,000.000 1.012.000.000 ('orn crop, I . 2.777.000.000 3,0.,.i.000,000 Cotton crop, balei. i_',9ifi,o<io ll,liM2i Distribution: . , . *??* .r-in*. ?Rf> Surplui in . 52.nfi I*tf44 27.S.111 ln- n rrr.ln-r.i.r I'v-m last ye?r. > Kou-'h week TTilrd la.. 1 to ..<? .l.ily. nf.KI. .T.in* .V>. (10 rea I ? I roads) <f>7 mndo Gross railroad earnings. +11.8% HS.i% '?"' r \. .? ? ? .'?troml*5t year. The week Tbe r*ar I -i" v. rr);. i ? '.. date Rank clo.a-irt.-c. $7 v, ?< :?, - r.v. Tus day, .1 ugust 8, ?'?. Xovor araa there a prettier dead lork in flhare n. Stock; cannot, po down beCBUBfl nf their .-.arninps. They cannot po up hc < auae of a maaa of European dollar sreuritir-* overhanpinp. Thfl Britiah will not preaa their aecuritiea for sale, becauae that woald mean t/i de .'i- thfl medium in which j ay. On tho other hand. Wall Streel hankers aro reaolved tr. disro'irnee apeculation for tho riae, hr? even if atoeka could be pul up throuph tho foreign sollinp which any rifle invites, H would -ocm stupid by unncceaaary apeculation to ln ? ? ihe valuation of aecuritiea which wp am obliged to buy. Tl e higher the price level the greater thr advantage of the Britiah,wheth? er they wi>h to po on aelling their dollar Becuritiea or tn pawn them for another loan. It will not last forevcr, and perhaps not for very Hut whili the in - who wanl - merely -. value for hi? money and ia unmind ful of fluctuationa is in a favored tion. Formerly a crop fo h aa tho oni ial published by the De? partment of Agriculture would have been painfully received, provided if had not li.cn .1 hand. r.s thia one had not l.r-on. One would have ? . a Bolemn dis I ? fallacy that a ahort crop aold at high pricca may be actually mor'- profitable than a large (no. wherefore a diaappointment in ng in Burprise. Pec - .. themselves mad on that proposition, and nothinf icttled. Stock n - ad vanced in spito of a erop", shrink and aometimea declined not withatanding bumper yielda, Bul never before really could 'he ! a few hundred million busl ela of wheat hai ? ? ' '? ?''? ?' with more indifference. The pri of wheal had riaen before the ap; ihe report. ao in that markel il waa diacounted; but tho atock market had nol been in the least into re ited in the premoi e of wheat, it wa? nol intereated in 'he report. rop there will be very little whi ' ? | Out of laal year'a .top I; over available for r.ew, there might be r export, if 1 pe were pay enOUJ h t.i r Much ? i ? ? ed pi now apparently linn ? our capac : .'?' Eu ? . n:iy. The room of wheat will nol We are, I ex travaganl pe ?ple in t: e world, ? : we i an afford to bi, and il ia i ? ? much mi | ng I here ia almoal nol ' never in all economic hiai i peo? ple get al jreara, We ha The D t of < 'omirn rce has I I .<%.-* of ll enil . d .'ui..- SO uri i ? b twelvi months wa t froi the world the value of WM BBllliflMB aellara and soM to tl to th.- i '! .- of '-I' I mili ..n iellara The differe-ire v Itl 13 miMion dol lar*. \. -. r i I we auch a trade nation "or pven I Britain. Th? lot our foreign trade that i , v*>?*> i~ boughl and aold ? togel was 6,.VS1 n<,rion dollar*. and thnt ll more | trade loan ona peoplfl ever hefore had with all the other people of the world. It ii about 17 per cent of the total foreign trade of the whole world in tho year beforg tho war. (,reat Rritain hither'o hai le.l the w..r!.i. The total of her pirrehases nnd Balei with other people in 1014 touched .'.,000 million dollar*. Our trade lasi year arai ";| per cent jrrealer thati that. ln the preceding fiscal year, which wai tne first of thc- war period, we sold to the world goods to the value of 1.000 million dolbr*. m<.re than WC bought fr..m the world. Iti two years, therefore. our sale., to tho l-.r- . ... rpilpr] r.ir pill.'ha^e by more than .t.ooo mlllioB dollars, and that is a measure of how inuch WS have cot ahead. We hnve pro duced that m.i"\ more goods than we have consumed, and th<- < ? we hav" told or lo tl ed to "'her conn trirs. if we were a uving people, too, we might soon hnve n 11 tho wealth thcie i-.; only it is po thal if we were i gaving people, i the Freneh sre, we should not 1 enormously producing j.<".p!e we are.; Conditions VVV.-t. Conditiom in the West are rnore snmmarized than snalyzed. ( omparisona are futile. The <? ive the limil of tl o <]r.i\. The whole m...'hi;ie is gomg at a speed in exces of its ra'inir. It is workinp: independently of the ignition system. The engine i hol that .' To the ir rr.ixturc, which i? the por-! mai power of p ?r,]o to consume . '.'. a ;n!!r ! | nldoilly 1 ?"' tO '-'?"> !?? r.' of war gs ; and the supply . which is credit, enormously at the same time hy r . an of the I R Bank ? It ii verj exciting, but there are ? ? ? snd di advantages. The - . thing, i unfamiliar; therefore, ihe factor of unexpected at it- maximum. Everywhere among the thoughtful there is thal rneasy feeling thnt somethinp; will ? ... You cannot po on at liph speed forever, unless you are d ? nn out of the world en? tirely. .Tid. liosidos. the war gas in re t e oul B>me time in a very al.rr.pt manner. II. W the engine will behave after that i*. ? ion. All one can rio ? v. ; ' am] see. The one great oul itanding t" I - that th-* limits of actual produetion i in every t'irection. If you divided current n into the country' tical capaeity, expn plant an.l equipment, thore woul 1 he still. ? gin; or if you thn w the i :?? e into ncy jrou i !, gble tn ilemonMrate 'hat with rxisting facilities pr ? ? rmoualy inereaaed. But in either direction you collidi wil Thc diminishing of ? ii the limiting fi ctor. Not only la the iu] | exhausted, hut. ai ? bsppens, thc productivity , .' t.i fail :-- a i??? - ri e. Thal is not a law to be e\prc.-*ed in al ternna. lt is human natur*-. Although experiencea vary, they He .-I! m the same direction Wape, rhen the rlemand for lahor o\or n:ns the supnly. For the .'.mpur1 ? ..re mor<* wape* nre paid. The i i i'0 efTert is n prosperity is hard enOUgh for people rts a who'o to .hf-ost rationally, and in fairness it has to be isid that. lahor is fren t rally tcmpte.i bj . I ? ? unple. \- sragi - ? ?? the produeer ii put upon his ingenuity to reduci thu i.??*,..r tOfll pnr Onlt of prorlurtion in orrler to rvnve his own protit, hence Inhor savinp device* and propress in etVniency. Afterward wapes stay up, oi fall very little, but the labor cost of producinp poods may netually fall. Ihe ultimate effect is pood. This takes time. The pr-ihlem of lahor is insepar nlily associated with tho problem of poflt-bellum mmpet ition?to, in fact. , rM i f itfl major terms. The BOlu tioil of one will povern that of the Other. The al.normality of the prfl ent situation lies chicfly in this. that . ur prosperity has been achievel in the absence of competition. We have btad the field to mirselves. Not only has there been no Kuropean compo t ition ln the American markets, but in the foreipn market.* the American producera have been without compet Itorfl, btfoadly speakinp. F.urope. Middenly departcd from the competi tion, became. infltead, nn imperativo cuatomer for gooda, obliged to pay auch prices as we charped for them. After the war the chnnpe baek will ,,. ,?,... qukk. Kuropean traders will trade hard. like bankrupts with their s.evency to recover, and com raeUtion r.ot only will be restored. bat its terms will be bitter. How will American labor meet these ron- < !ition<*'' Wil! it tet the nece^sity of either nc-eptinjr lower wapes or increasing its production? If not, tthal will the case of American in rjUfltry be! TheBfl are the aspec's in whieh the problem now present." it ,lf t., the minds of bankers and pro ducefl all over the West. <'. G. Monny. i nll money en th- S*".-k Exehange reaterdaji a' 2*1 per cenv Mr,' I,' th" loBBfl were mnde *t 1 per cent. Time money Wfll dull yesterday. ne quotable ehflafflfl ifl ratflfl. litioBfl iB tha commereial pftper .... i-rv little from what thev . been during thfl !*<?( week or more Brokera fltill report an onsier ,-., though f-"<v nt the local in oni rcmaifl eoBtiBBally in the market However. a *uflicient num her Of thern is always in the mark"t to abaorb the few ofTerincs with little diflleulty al II* I per eeat for prim* r names. Weslern Monry Markets. ' hirajro, l^ug . p , idei' .'"-ii I. ''itrh**:l t the llllnoifl Traat Com-**any la loaning freely *t 1 ver eflat, bul i idei th*t. Broken elain thal no money 1* hcing afeureH *t Z\ ? ? Kansi' i itj and OaiSBfl ?re mah Bg bisr rram loarf?. Of*), - ? rate* in -**<"h of the twelve Fed ' i diBtricta ?re: Maturity la daya lOorleaa. 19 69. 10. ton . I *M 4 .1114 ?'.'i ( i 4 land . I*i * 4 4' Riehmond . * I l - ? l ( 1 BB . I' i * '' -: 4' * .-' I...11S . ? I I ... 4 t ( ?n Ift 4'a I'j 4'.. Dallaa . I 4 4 4 1 ? . .-n ;{ ."i'a 4 l)| Uank Exrhanjres.?The dajr'fl clear .. w Vork and other eJtifl I i hangea, 1404,961,239; 1,61 71 Bflfltoa, ehangea, 127,037,065; h.ilanccs, $2,(*4'', i*i. Baltimore, exehaafei, $8301,067; ft; l'hilidelphia, ex - . I.alances, $2,818, Suh-1 reisurv. New York banks lott to tie Suk.?TreasBry 11,672,090. Sii4e*-.? Barfl In I.ondon, lllfl pence n N'ew Vork. ?*-'?* cents. M"xican dollars 51 ? " ' ? Wagel, in hia bullion letter, ?ay?: . "En-r land'l eonanmptlOB ef silver durinu the ,. montha of this >'**r i? a new ter in the hi*tory of silver. Y.x ? from 1 ' aitfld BtflUfl to Eng land during I pflriod totallfld tt ' l ? t 14,171,766 ia thfl corr? ? . ? . | in 191d. Na thi* inerease ifl due to the arlvnnce in 1 ut exportl frofll (-rent Hritain been extraordinarily small. India ? .1 11/116,720 worth. u against ?2,637,181 worth in 1911 arft Weat Africa have ? Dsoal. Wflflt Africa had ! w.irth. as Bgaiasl ' t I France had ?1,643,377, as Bg 17, IHirir.fr thr six month* Eng .i from all part? of the . ns agaiaat tt,276,216 ? . ,t 0,929,4192, ai ? . ? -.; ni 1916." Knreirn ( omnient.?"The Nation" "The tinancia! dependence of . n upon New Vork and Washiag tr,n i.- i-ience of our vast im n-,.1 our vost adver*e h.-ilanee, for it haa been to redress this ? it Mr. ."'rKenna has been I Aataricaa aacaritiaa for the ,. of borroariBg 'with the?,. s? eollateral) from the bank* of th-> Ualted Statflfl. That ?uch a naval pre?*,.ss of raiMtiR KOvernm-r.t has proceeded *o smoothly for several month* past i* a remarkahl' ta the i"iprovem?nf in the baaMag lystflai of th* Ualted State*. ? thfl P'ederal Re-ere Further developmerts arill be wafche i wi'h ae-ne in ? I Britiah dold Shipment RflfflrriBg arrixal at the Aa*ay Office yea . f 0,100,000 Fnrhsh gold from ? laada, "The Fvening Po*t" aaya: BT 1 irgfl transfers of gold to New York at this time would doubt Iflfll CflBtribBtfl fltill further to the e**e of tha ~*or-"V market here, which would fit in well with the plan* of the Britlak Baaaelal satberitlefl to maintain aSubslanfihI BSBrgifl b*tw*en iaterOSt rate* st New York and l.on don. \* leag a* tireat Britals in ont ressful in ?maintaininfc the BSCbaBgl rate by gold shipments, sale* of securi? ties, and tempnrary ftnaneiiil iirrrinfT'' ment*, the poMibility of subMa.it ral horrow.nr* in the I'nited State.* ifl beittg held in sbeyaace, espeeially as Lenden hns ? latjje internal loan in pro-pert. Yel the ultimate necessity of making. further lOBBfl to 'he brllif-erents, in ' view of the continued BBBVy BXBen ditarei is Ameriea, li ? faetor which our benkera nre keepinu ster.dily in mind." The Dollar in Foreign Exchange. Despite frenh imports of gold ?t*l Iing rates essed off. Demand lUrliag went to $4.75***. Francs were n!*o rnner. The market w:is very dull. The rlosinK quotations were as fol? low*: \\ er k Yesterdiiy. Bg* Sterling, demand. 4.75Ri 1.73 Sterling, aixty days.... 1.71*4 l.71?, Sterling, eablea. l.'o ? l-7iH Stoi ing ????? dsyi. ? IMH Mili Praac . d. m.ad. ....... Ml '?. ?"'?'"I - Praaee, eablei. M#*a Mi - Guildera, rherk*. life " - Guilders, .ablrs. ll ?? 41' j Reirh?marks, ebseks... TIM 7P, Beichamarke, cables.... 71 i\Vt l.ire. ,-hecks. fi.lfi'j Mi Ure, eablea. 6.i*? ?i-*'*' Bwiaa, cheekfl. Mttkj Mi'.i SwieS, rahles. BJSM Mi' ? Austrian kror.en. ch'k* 12.10 I1M S'oekholm, kr., rherk-= 2*.70 2vx0 ropenhnpen, kr., chill 28Ji 2Vt.O Po.et-, rherk-.20.12 20.lfi Bobles, ehecki. .to.io IMi Pelow li given the enrr.nl axehang* value of foreipn money in dollara nnd eent... together with the 11- ? . in - 'f rol.l parity a* ealeulated by 'he United Btatel Mint: i urretit exchange Irl v.lne. value. Poundi iteritng. M.75*i <i HH Kranc. 0.16.9 0.19.?, Guildera . o.n \ o jn ?_? Marki .O.W.'i 0 ::; * Ruhles . Ml I M1.2 The nbov* rate* c\r,rr*z th" eo.1 of foreien money in term- o> tbe Anier irnn dollnr. Vou Iniv an Bf|flrli a pOBOd st^rlin^ for |4.7B 11-10; the intrinsic pan". i; M^'. per pound Thu*, fou spy either th.it poundi nr" nt | di*. i COUnl or thnt dollar^ r\r" a' fl pr^minm ' which is owing to thc fad thal in Bag lnnd 'he demand for dollar? with whieh to .settle oceoBBtfl in thi* eounti greater than the demand in ,V,,<J eoun* ?, . fnr pound l with whieh to seconnl i ir Englaad. lf you ealeulatc ?h* m-.t ot tv.n ,|ni lar in ferm? of fo?-eicn mon?y that :?. si if von w*r" buying dollari with poundi, tnr.rk= or franei ita velue yeflterday and a year age would ba ? ifl follows: . ifltof on* dollar. A year Yeaterday. ajjo ln Engll h money $1."2 $1.02 In preneh money ... 1.14 I.SS In DutCh money.N IM I German monev 1.22 1.17 - money. I.B2 Ml dlflh money.91 IM ln Ruaai.n money. M3 lWELTING OF CON Pcnaltics Provided for Any A.isusc of Gold Currency. Bj PBAJfCIS W. MIRST. .-?!. ... rt.. r Loodon, Aug. B. The hot weather ?tagnation aml Stock ESxchangs dul ues.. correspond with the general situation an.i New York adviceS. Bank'TS arp WBtching the p?ld po? sition end diseussintr what limits ihould be place*! on the total of Treasury bills. A new Defence of the Realm regulation forbidi und< r pennltit-s any person to m. :t or USC otherwiae than as currency any cur? rent P"lfi coirt. The wonderful weather has re sulted in the harvestinp nf a later hay crop over larjre area I, and in the Bfidlandl one may see the un ifht of hay being stacketl in i Held, while wheat or oati ii be? ing cut in the next one. llay | are double the normal war figure. Foreipm trade itatistici for July show a welcome reduetion in tho adverse halance. TDiminishing* TraaV with China. Amencar m.rehantl sold mor< , to China laat ye.r bv |10,1S5,7SS th.n they did Bvfl years a-o. In 1905 our total impof ? -a BBIOBBtl ttfJMAJM; ia IS10, $29.9I*n.:*7o, nnd in 1016, |40,lM,lii, reach ing th* highest nirV in the hiatory of 'r.vle r.1.1 ? n *he twn eonntriea. Se ? (rood. BbI when we eonsider what other nations have aecornplished dur int: th* sam* permd. the t'orr - tiffures are not quit itiflffl Whilfl Amenca's trade in ( hina ha* laeteased, the trade of other nal ' wi'h China hai iner*a*?d te a far jrrea'er rate. American tne^ who corr'rolled 149 per e*nt of the to'nl for*'r*rr trade e* I'htnn, ifl are aearcely able today te ho'd B pcr rent Wher* tOfl years apo earh Chi n*s* u?*r ef foieig - end lag ll ? - th an Ameriean manu? facturer. to-day he is only sperdmc '? cents. And 'he American. onee Thina's second best merchant, || now i third. Jefferson Jones in "The Na tton's Busineti." CREDIT BALANCE IN WORLD TRADE $2,135,775,355 Wc Sold That Mueh More than We Bought in Twelve Months. Waohington, D. C, Aug. 8. The full year's exhibit of thc foreign trnde of the 1 nited States has been eompleted by the Bareae of Poreiga nnd Domeatic Commeree. Importa aad exports by K'cat jrroup* doriag the twelve month* eeded June 30, 191fi, are ,..| ;n the follOWiag statement: Impoi _ , M.. ? '? i ? id< m iteri ('.,. u e m manufact _.,,.?., ... uring $9U.10.>,228 IS7MS7.144 ? :f in erude eoodi tion and food . _- ... animals . . 2SMM.TM 22.1.929,.,fi4 P'datuffa parl aafaet'reS .109,708.715 2M5.72S.091 Man'fture ':,"r " ?? '" manufactur'g 2W.441.ifl 2l7.l7fi..?22 || ft're ? reaajr for eonaump- __,. ... tion .ir.r,l,fi.1t M537M28 Ifiseellaneoa i7.no.r,.lfi tfi.toi.79l Tl import.. 2.197,SR1...I0 t,fi7t.1fi9.710 Expoi 1 'il, I.' ' r a1. foi use in manufa I __. uring l$St,IBB,7M $_>lo.?.>.,.,iO in i.. condi nn... .iso.799.902 :?0,.001.1,9 P'dituffi part |v "' "h ?._ ..., manufaet'red MM71.M2 tttM*\owi hf.n'f ' further uae ;n manufactur'g f,fi2.al9.s.1R ISMi242i M'ft'ri for eonaump tion 1.9?'4.1fi7,l92 807.16.')..'. II inMis.'ias MJ2MM Total d"r,e-. ? exportl 1.272.197.771 2.71fi.l7S,i6.', Foreign md e. , ,. ; fil.2fil.091 .-i2.1IO.R7S Ti e-.p.."= I.MI.fi.'.S.Mf,., 2,7fi8..i89.H0 K\po.t nf prinripal rtems under th? z "Miicellaneoua" were: Horaes, 1,146; r,iu!e<. ?2'2.94<".1I2, and r-,ee.|.. s;:,.pt.19'.. So, during th* lasl '"?g-al year this eountry soU| to tbe wnrld pood* of the val "?.-'?I. nnd boiicht from tbe world ?rnod- of the valu* ?f | jho e .??- - of lalea, called the favor. ab!e balanre of trade, was 52,1 ?">">.77.V STRIKING EXCHANGE P0HTERS NOW J0BLE5S WalkOttf Fnllnwod by Rush nf Applicants to Pill Vacancje-v Tbe itrike fe\er invad.d WaU S'ree. -that b-.s sttended the e*Torts of th* streetcar ?i 'he right to orpan \7..\ Pourteen portera employed bv the i inge tll sd out just be-' egan al 10 o'eloek. They demanded nn iocreaae in wagea from I month. nnd deelared thej would nol r.-tiirn to work until their ; d eoaflideration i eraiag board u ? portei th*r buildiaga of . ? heard of the walk out ther.- wai '. rush ot" apphcations to flll th . -md by the time a eemmittee representing th. strikera ? learn ? gsrding their are informed bj Super ? Smith thal thev ?ere more than for tha fourtas ? eaneie ted bj the strike. The new men take". n-i were iuhilant. beeause them iiad been j;o"tin:; only .fi" i month in th.'ir former jobs. It v the exchanpe manag< ' : '' of thi itrik.r i txcepl ..nallv ? n back at the ol I >- spplic itioni in th. form.I mai \ g\ porten who n ralk BUl O i' an old employe who it : receivCI $~fl . d t h>--,- had during the |ait ? their aetion was ? t hving. Foorl Consciousness. . ? irea only 75 i"-i ? ' than that of Great Britain Crman** people. Great Britain for onlj 6,000,000, German*' pr< ? ' .? muc" meat, nine timea as mueh pol i ? ? , timber and enor moui qu.nl .Kar and tobaceo, ..-'?i w.- grow none exe.pt I perim.i By far the moit .? ? " ba tween the agricultural pro.p.1 v of is th* diffl rcr.ee ?i thc r ra lon ia Doeember, George, then Pt.flid.at Board of Trad*. said: "ln the n*ar future we ihall have to re.-onsd*r ?hevi1- ailwayratea from begiaaiag te end" In 'he near future! srfl we ar* ifl 1911 ard nothirjr oooi ... OBtleoh) '? ? Wtt riant nt Cape May. N. J. " ? . N I . Aug I Tbe Freneh . * ' ibl 'li a provint; ear h'-re. where war ? (1 for th* Freneh arm;*s will ?? ted rhe gr mnda will be ad . -an frevern -? lrs.-1 r.ee- n operation si\ months. Th* Rethlehem Steel Com? pany will equip the plant. SHORT WHEAT CROP FORECAST BY GOVERNMENT Amount for Export to Eu? rope Much Smallcr than Last Year. Waihington, Aug. 8. Cerea! crop* in the I.'nited State* underwenf. senous detcrioration in flMflt ca*e* during July, according to thfl monthly hulletin of' the Department of Agriculture, is*ued tfl da*f Indicated production of *prmg wheat this yiar, according to the govern rriHnt'* BfltiBBBtfl Bfl of A-igu?t 1. ll 000,000 bu-hels, romparrd with ;. p< ct of ZWJ9o9J9\.?? Jalj I .-. t, a ,Mfl: rield af ft.Tfto'i.nmi hushfts ia 1916 and a five year average of 236, 000 bu*hel?. Winter wheat thia crop hns been made ahow* a final yield of 466,000,066 hushel*. against an expect* tion of 4K'i,00'),noo hu*hel* in prospect on the Hral "f baal month, a final yield ?f 666,060,600 hu?he!-. la*t year and a five-year average of 495.000,000 bushels. Indicated yteld of all wheat ifl ?'51.000, OoO buvhela. compared with a pr. ot 7.,:i.oriO,nO(i bu-hels on July 1, a final yield of 1,612,000,000 bu*hels Ifl 1916 flad a jv< year average of 728,000,006 bushels. Spring wheat on August 1 ihowed a condi'ion of 63.4, against M on July 1, and a ten-year average of 711 I. For rnrn, the leader of the eere.l eropa in weight. the eondition of Au puft i iadieatei a yield of J.777,ooo,oo,i bushels. This empare-- flritfl* a pro pcet of ?*.Kf*'*.000.000 bushels en July t. a (laal yield laat year of r-.n.v'.ooo.ooo and a five-year averipe ftflM of 2.7'*'.', 000,000 busnel?. Corn, it will be BOtfld, mdicate* a yield above the averaee .f the last five year*. The harvost is fltill a month off. (ondition of corn on Ai gust 1 wa* 75.:*, against *>2 on July 1. and a ten-yenr average of 7r< 7 The oats crop, while falling short if .-ar's big yield. nevertheless will he large. and, in fact. should in thfl final harvest stand well above th? iffl raai average. Indicated yield on Au gajflt 1 ira. 1,274,000,000 bBflhfllfl, agamrft a prospect of I.** 17,000,000 en July 1. and a ten year average of 1,166,000,000. The final yield laal y< ar wa* 1,540,000, O'lO bushelj. ('ondition of oats on the ? t of the month ms si r,, agaiBfll I on July l, and a ten-year Vtarngo ot* 60 J. Ir. Flijshels. The followinr* table fjive* th" lateflt government efltiflaatefl, the yield of 1913 and the five-yoar average production, in bushels: in MillioBfl of Baahflla Indicated Piaal Five-' yield, yield, year Aut. 1,16). 1011 av. Com . 2.777 3,015 2,732 Winter arhaai 455 r,:.5 49.-) Spring wheat.. . 199 357 123 All wheat . IM 1*012 7 ft Oata . 1.274 1..VI0 1,166 Barley . 19.-) 237 166 Rye . 41 19 II Buckwhflflt . 17 15 - Plaa . ll 11 18 Hay, ton.-* . 84 85 66 Taking winter and spring crop* to gether, there Ifl forecast from condi? tions on Ai':*>i.ft 1 a niediocre crop of about 664,000,000 ba hflla af vrhflBt, a decline of 105,000.OiYI in prospect from July 1. This amount compare* with slightly over 1,000,000,000 bushels pro duced last year, aad 728,000,006, the BTflragfl of ihe precedmg live year*. A erop flfl forflCBSl h?s been exceeied Ifl the laat fifteen years eleven timen. To Kat and to Sell. "The normal wheat requiremen- of the I'nited Btatflfl Ifl caleuUtci *r :. ', bushels per capita, rlu* abo.u 75,000,Orto for seed. In yars when wheat is .scarm the consumpt'on fall* to a* low ? .'. bushels per e.pitn. and when plentiful it iaeraaaai ta M per capita. On the al U bushels the totnl require of the Unitfld S'afes the coming i arouid be aboat 620,000,000 bu?h ?la, which. with a production flf 600,006 bBflhfllfl, would allow only 34. 000,000 for export. The carry-over of old wheat wa* BBBBflalty large, however, some 76,000,000 bushels larger fh.in the kgfl eirry over of the prer.ft ? Thfl axportfl in the period were about ?50,non.()00 baahflla, the year be that 333^*90^00 bushels. but the - tgfl ef thfl prrceding f.ve years only about r25.iiO0.0O0. I - ' fflar tl ?? world wheat crop was unusually large; thi* year'.* crop prom tfl be much smuller. ERITISH FINANCE PORTUGAX Repuhlic to Ha\e Such Sums as She Desires. T.:?bon. Portagal, Aag 9. Dr. AbTobbo ? (osta. the Mir.istor of Fir?ence, upon the reassembling of the l*or . (ongre.4? to-day, announced that the British ItOTeniraeBt would lend PortB ' gai f-ueh SBflM as should be mutuallv flgraed upon between the two coun'ries fo e,,ver the expaaae of PortBgal'a nar ticipation in the war. The money, he Mi-1. would be lent to Portugal as one ef 'he Allies of the Rr.tish govern r.ien', tfl bfl repaid within two vears 1 after the s'gning of the treaty of peaee. A note from the British goverrmen* acknowledgiru Pnrt'iEal"* lovsltv to ; her anrient fner.dship and alliance* with ('reat Rrif-am and inviting her to p,r?inpate in the war wli*n she eon llderod herself fully prepared was read. The British General Staff is be ! ing eonsultcd concerning the prepara? tions. An In?*?lmenl nf Merit AT PRESFNT Poiiettinf Eireprjonsl PomWitiei FOR THE FUTURE International Tungsten CORPORATION BeHeead t. h*ve ? ..' I ;? Ore in l Price $7.50 per share (Par Value $10.00) Case, Underwood & Co. Investments 52 Broadway, New York .?.^,,*M*^,a.V*,,*M,..*?*4.*MjM*^*..*^"..*a.'..*~*?**^.J } Iicvjawin i'rankhn tsys: | D "lt'e,u:h r, r.:t ki f.atr..tt,<i f. hut h:t th it tnj ? i I T I TE h.v* braed a ho. < *t ta*] ? VV tkled "Volantery Triut,"1^ ?j. lupgc-t.ng how tbOM ? l] x have scaunulated weslth mr," y arrange to en<oy its hill benel . | ?? and po.Bl.Bg out i few in?'?nr*., 't* b rcrtrin the ir*vkei oftbe Frank^ti ? '/'??i'/ Cempeaj mi .*> advantage by i . A copj /. i ?ill pi : v he '" * * '? i V ... j if Irankfin 1Yu.il Company 1 i ft/ew 7 r* fl/*M 4? UTi fcriflt \ X 1'.-.- (? ?' . |' - v- .j. Y t UnnSt. 04 ? ?? ? I I ?>.M**X**X**H**W~X**H,,X,*X~X'*,*r^ SEND FOR BOOKLET 4Thc Safety ofSavinns' ? Bankers Lwn & Investrrent U \ S.ii .n;< an.' I -. ... a laaep?. W'Ik . *?< >? DIVIDEVD SOTH ES FIRST NATIONAL COPPFR COMPANY i ? ? . hi* been de ? v, .. ? RP. T .,.w? .. , ? ? " ' .,," |,? (Ml Hns I ? p. \i?;?i\n M >n i i i ? \\l |)M n W M <.l - I ' r ? ;n sb-. ' H 1106 H. ' " ' ' RtJb for 1 r> ' ' ? . . ... I - ; ' ' ..r J..hn .) . ' ? ? ? I 7ahi ? ? ? ? i ? ? <i - T All n?rr. titl* ar ! ? . _. DI8SOI t TION MlTICK. ? . ? ' - ? ? ' ' ?t..,v ? p. . med . uri _? i i. PAR1 Ni ? HfP. ?? . t ? Ollphant fl thr** r ? - leeeeri tt-? tl ? . - ? ? ? . -?hip end the i" - ' ? ? .11 _v * -- HN\N< IAI ME1 liNGS 1 '? M .Tl' ' a * * i, A. I ai i r ' , Vl>\\ Xlt'i C STR'*HM < M ?RL1"9 S Kl TlNuS, AVu. i -ru .? . l>irt?.lore.