Newspaper Page Text
WEALTH MARKETS AND COMMERCE A LL securities listed on the New York Stocl: Exchange bought ar.d sold for cash or on a consvrvative marginal basis. Harvey Fisk & Sons ? : N V St t T.i -tiar.f a UptOMU Office, 15 4East45thSt. , v.*.-. ': Oaaat m Tilney, iLadd &Co. Railroad Bonds New York V.V Buy, Sell and Quote Carbon Steel Slattery & Co., f?[irclHll?ts 40 Eichaoie Placs, , New York - ? L.rcad j LNITED DRUG FORT LOBOS PET. DU PONT POWDER NEW JERSEY ZINC Bought?Sold?Quoted HEBB, LEVETT & CO. 43 Exchange Place, New York Tel. 1641-7 Hanocer F, Argentine H Internal Gcld Loan, 1909 .i at ? IT- a To Yicld 57/z% To Maturlty ?-?? : ???' a - '' I 9*1 t ... rchann Trnr maj i ..' t tlM, HOO. ....-, ( -? - i- ?? av /'-" Clarence C. Pcrpall & Co. L 50 Broad St., New York_^ U. S. Treasury Onr Yrar 1% Gold Coupon Notea due July 1, 1917 i IereaI Oearterl? I'- r ea rapfBavmaiaa Morgan & Bartlet 41 Wall Street, N. Y. Amer. Gaa St Elec. Co. Amer. Lt. & "Irac. Co. Amer. Po*rer St Lt. Co. Citiea Service Co. Pacific Gaa Sl FJeclrie Co. krinnfton Typewriter Co. Ten/ieiRa-e Ry., Lt. St Pr. Co. Toledo Trar, Lt. &. Pr. Co. Lnited Lt. & Rwyi. Co. Lamarche & Coady Phor.*9970Rector 14 Wall St STANDARD WE WjLL BJJT (Q WE k_ILL SELL m %%B%n*n*? aa * *? _jbbbbbi e?#aiai .. 1.1'al Oaa. I !MC(wa?ir.L ,, ,,,, I ?'* aBaaBBf tlaaaal ?MaB. B Baa Baa %t ***** saa.iaa CARLH.PFORZHFIMERACO. ???.... ?*wj-i l?M or+?* ?? asaaal at. u. v. Wm.A.Read&Co. Investment Bondt Naaaeu aV'Ceder Streaate, New York jilaOalaMa Boalor, I^f.don | GARET GARRETT. Editor. WAII. STREET OFFICE: Telephone: Milla BuiHing. 15 Broad St Hanover WU. Monday, October 2, 1916. Imaeination runs upon a plane. Therefore it ia hazardous, for life is not a geometrica! exper.ment. There daager in sirnple nrojectiona. We are in tho way of eapitalixing the jrcsent. Men deny this who them BelTea are doing it. The thing is unconsciotis partly. During the first. year of war Stock Exehange prices. declined on German victories be? cause they were construod aa tend ing to prolong tho contcpt. So long as that happened one could Bay that the pdaptatJon to a eondition of war waa incoraplete. It happened leaa an.l ll and then ceat-eti BttOgether, an 1 i i'-.v any event tending to Bijggeat a auddea termination of the war would Iir?>bably cause prices to fall not mly in Wall Street, but in London, in Paris, in Berlin, in Tokio, wherever the profits of war business had got them^elves capitalized in ?hate quotations. ___???? Until a few months agt. .-.pecu lators refrained from buying securi ties that on their carnings were worth raneh more than they -old for, aayinf: "But thi? v. ill not h'st." Now, ai very much higher prices. they buy the same atocka, taying: "Dut who know? when it will end?" There arise? r.cxt a sophistry' like this: "What if it doea and? We bave the money and we ahall continuc to prosper whatever hap pens. Europc will have to be re !>uilt This is the only couir.ry that ca:i supp'y thr materials." It i- the wiih that lirea tho thonght No sperulator would deeam of buying ._ nited Sta'e- Steel CjOBBnBOn 'or the prcafit that inight be rnade on th? tonnagc required to re'nuild Europe. Nobody knows when the rebuilding' c; Europ.-- will begin, or when, or under vhosc auopices. or whether, ir.deed. Europe will reouire to he I'tiilt at a!!. Much less of it ha! been destroyed than we are pleased romantieaily to rsippose, and more of what ha? been deatroyed haaj already been reatored than nioal people WOOld believe. Add to thi the fact that the productivo rsapadty of all Borope at the preaent time .- far grcater than was cver the eaaa before, and you h-.ce at least the probabiiitv that she will be ablo' to rel.uild heraelf. It ia poeeable to believe that while doing it nhr wfl] be ablc alao to competo v ith us for foreign trade. - Wa'; Street ia i ot di counting the futur<\ It ia projeeting il-.o preeent. It is npitalizing the profita derlved from war cuatom. SfajetUaticn of thia ' hara ter ie an aid to v.hat. may be calied a procaaa of eryatolli?tion. j 1 be mind ii booii aecaatoroed to tho al'iiorrna). which then Ixyom*:s nor? mal A ipaeulator vor- Steel eoia* mon go from 80 to 120 in a few weeki a* d aaya ne-p;<? aro mad. But if Steel cornrnon hould ^-o anddenly from tjO baek to 80 ho him alf would he in a pario, aven though he had no direct Intereat in the st/>ck. Two years ago no farmer could have imaginod an eatir.g pri.-*1 for whoat as high as ftl.26; hut. ha* ing Been the world clamor for wheat at fl.60 per hushel, a price of 81.25 would 4*em to al] farmers ruinously krw*. And because expe<"tations crystallize Bfi easily, chango cannot take place without a smashing of many beauti fol erystals. Change is blind and deaf. Business is the aggregatc phe-' norr.ena of man's react.ion to eireum rtancc.-. Its power of adaptation, therefore, bi equal to that of man himcelf. whieh. ho far as wo know, is infimtf. There is a popular notion that bBjalnaaa ie mueh governeu by speculation that b t/i say, by thought of what will take place in the future. That is not the ear-e. It is almost never prepared for what happena. It only makos tb.e beai of it. Business* has adapte*! Haelf to war, as if that were th*' normal state of rnodern existencr. It was unpr-*pared f'.r war. P* ace i - e.-r tain, hut there is almost no prepara tion for i*. Th**re is not time. Men oarmot be d'taehed from tho btisi ri-ss of Brar ta attend boforehand to the bajaineea of peaee; besides whkh rx body kr.ows when pearc will oomo < r wh.t it will be like. The war it?elf waa impos?ible until it had happened. Then people aaid all of nrie arcord that it vunjld he nhort. War on tao vast a scale could not be fnarioeil. A arar rnarhino whirh had tak'-n yeara \n 1 uild. on^' having tmashed its*lf, eould not b- at onoe lebttiH for lark raf time: arid <*tiergy. Therefore, t'/- iisue would ha-. I ta r. deridod on one wild and headlong impul*.**. Kew, after mor<* than two \e.rs, it i? enier U> think of Ui going on than to imagme itji ending at a|, la that time the original war marhine has been rebuilt several times, each time on a much larger plan, and the cost has exeeedcd any thing that could have been dreariied of in the mind of an e-onomisL The ehairman of tho United States Steel ''orporation. rcturr.ing from abroad, saya the end seem* further off than it did twelve montha ago. lt does. The British Secretary for War says England has just begun to fight. There is neither rlock nor calcndar. There is no dcltision that the end is near. The German menace must he utterly eliminated. On the other side, the Imperial German Chan ccllor calla attention ir, th?? technical of crushing 65,000,000 i who, by the graee of Provi dcnce ar.d their own effkiency, are tacing the thitd year with ap j.arently more food than they had in the second. and who, so long a.-* they are not hungry, may he cxpe.'U'd to go on ftghting. Or did the world ever think national hankruptcy vould stop the war? It ha.- ceased to think so. Solvcncy is a word. When the British Ix>an t'ommis sioners a year ago had arranged in this country an Anglo-r'ren.h loan at a cost of 8 p?r cent they were popnlarly denounced for having given away British cre.iit. To-day the Britiah government is paying 6 ; er cent for credit at home and il rstema natural and inevitable You couldnt have imagine.' Britiah credit at 6 i ei eenl Only ? few weeka ago the thought of lhe Bank i f England having to rai pend paymenta Would have eauaed cold (ii:is to run up and down thi ipine of the arhole flnaneial arorld. Bul otice it begina to bt poaaibility, the interest in almost academic. If it ii "? ? why, oi* eourae it will be done. The ponaaqueneea aill have to take eare of theinaelvea, for this ia va-. Why any vanity of opinion? Evi ry j.rophet has been v. rong. Man's mantic power ia bankrupt There foi*, the Weatern citiea are right. They !\v bolding proaperity carni rh? psychotogy of riaing prici i eurioua. People are Ud to belierve that higher priees are inevitable, and then aaeiat to bring them about by rushing madly in to l.uy. They may buy for i peeulation or for protection, or both. In any case. whether are buying aecuriUea or commodil ? . they force the mar!;et up on them Belvea, and i:: thc end there rc kind of inverted panic In tho COp per market a*. the moment there ia a manifoatation of thia in the expai d ing demand from domestic eon um ers. arho, believing the buge order just placed l y thc All ? ? ? ? high? er pi ???? ii!1- ad, art buj g againat' th'' future. The aame may be aaid of the market for other ba ic com moditie . 'I he nidi preav thc cotton trade in higher prici stimulatea buying. "The tmerican Wool and Cotton Rep irter" iaya: There beii c I?id al p? enl tha basia for oi e of the rno il peeu i otton aoods and eottei ? ei nea. What it l arkej to do i ? |.-,. nol baen abla to purehaae ? ? ing lika the quant il ie ord narily noted ? What ia German j todo, and Austria, and ? " of eounl riei a h ich ave heea ecoi ing to the greateal extenl pon Thi imraediate demand for k.I be 40 large that buying will atarl with a ruah, aad ? ? i a il' da thi T<' t, aad probab - n oa hand *'iHt bc so large that it arill take a jrear or even man te eomplete them. In the coal market "Bla.-k I'ia mond"says: ladleatiaai aro thal the demand for thia jrear will be "??> pt t eenl 'n es> .. of thi asarket demand in 1919 and '-'0 per eenl in eXCCBI of the hann*-- coal year "i ltlS. Tl ii meani cleatijr and aamiatakablp thal 'lie eoal trade bai i gigaatic ta?k to per* form and ha not th" men witri i to <lo il or the railroad eejaipmenl to rarry the coal auny xvhen onei II il mmed. I'nder the eircamataacee, there rnrty he lOtai who CBfl 101 Bhead some relief frem high prieet on coal. Our own vieion il nol auflleientljr far ligbtld ta Ma rlearly that period, especially thil year. Iron nnd iteel prieea are- the high. aat in hi-tory, yet this fact aoema only to inexeavee the rlamor to buy. The average price of leading ateel produrts noxv atanda ft ?<vj a ton, rompared with $8S a year BfD. Nevertheleaa, ordera are eoming in to the mills at a rate fur in BBCa that of laal year at th? time. The situation here is siimmed up in thi-. tashion by a tradf authority: Extraordinary proaperity eontinun t.. .iemoralirc the cleel InduitrY. Milll BXe mak.nir littie boadwa) m eatehing ur' aith their deliveriee.' Steel prieei ari rspeeted to be ad-, vaneed all elorsr th< lme next montl Conramption la not perceptibly dimininheii in any direction. In tha fcK,tweai trade the fad thnt high pn.-es do not. aaeafl to appraeiably| lessen the huying is apokOB of a- the central fenture. And thi- il perhaps the Btrangf-f fact of all. BMing how little pi-ople need to walk any more. The automobiie is the only , thing that has; fallen. GOLD THAT IS IN COAL GAS Results of the Largest By Product Coke Plant Kagerly Awaited. /' IttburgK, September 99. r'ro^revs on tha b*. -produet eoke plant of tha Steel Corporation Bt Clair toa, just above Pittabargh on the Mo noncahela River, is as rapid ag poss: ble under the haudicap of lubor short a*;e. The plana contemplate an ulti mate capacity of ".'Fi.OOO tons of coal a j day, and when complete.l it will bi- the mos' important by-proluct coke nlant ! or, this continer.f. Much inter.-st is manifested in it baeauaa of its pos.a. ble bearing upon the oeehive produet of the Cannellaville region, in ?? hicb. ratioi ia tha ehli I fae tor. No pica eai bavi made, or at lca*-. they are not ??? a !:. bla for thi general public, as to tln. I eomparativa linancial raaalta of ti.? 1 er.terpri.se. Tho-e who >houid know bava declared that statements to the ; erTect that in the output of the plant ! coke will become a by-pro.luct are ab | gurd. If we were to hajra I.nropean war conditions indetiiiitely, and abnormal prices for chemicals, etc, were to be : depaadad upon, then it is poi-sible that the value of these products would equal the market vn'.ue of coke pro ! dueed. Bul the Steel t'orpomtion is I no* calcnlatinK upon t'.ie i-on'.inuance of current prices t'or the by-producta. An BUthority ;n tha Made mad>- tho ia '? thal under normal eor.ii , tioai It :" ealealated that the prof.'s i or B.1 'ingl of the new process will ab 1 sorb th * praaent freipht from the Connellavilla region on roke ghipmen-.s iai a.r.? de. rease in conaumption teal i erporatiofl of < anaella -. . br more than ofTset ? raa ad requiremen*-. of new iadnatriea, whiek are axpanding aa ne er bafora. RIPLEYURGESFIGHT ON 8-HOUR LAW Stockholden of Atchison Rc ceive Anofhcr .Manifestn. P. Biplaj. pri denl of the Atcbi - ??'.. i Bpaka /. San:.. I e, ha- ? | ? another ? ?? ? .,- hia appoai. . tha ? ght*h.ar law paaaad at tba laal aion af Cngreaa, Thia :* in 'he form o:* an appeal to tha com n...r'< atockholden te urge lagialation i mt a re;,. ti'ion of the | ?eene n gheat iawraakiBg bodi i. tha land -. a=. forced to acced* ta thi ? Lha four railroad brotberhooda ta prevenl a geaeral tie I -. < ,vrn-. laaaliag p to '. agi ? tbe elght-boui ? ? ;? hc ,;". !ir.- !<:??. cr, the re^ ommendation af tha i'r' dent ta Can ;;re ? ot' an inrrra-r in freighr rates i n al ' ? - ? aaya s ? that, ? ??? -rHirg -.. ,>?? ? ... ef tate I 1 uader ?;?-??. ? ... t.i.l lie asainat ?.ny natif.n--.-l.l- eaanblnatioa nti -? , . ? ',.?... arah ? I tl ? '*iiv. ? d ?" th?- eoaatn. If t.> i . ? ? *? ..,;?,.. ? ? .? i| i ;. -. ? . i ?? ;? paaarrl : ap oveal about I <??? eari ea? ? ? ,'. ' ???.-... ferflitate l , per ? - pehHe by ? - .... ? ???.. *Vj con ?,.. matler hoa. rrteVepreed cr un ,-. > k ; | ??? ike. th? -ail . the publi< i. f)" ...,. I'najer .- ?f <-?. ?' r Iaa uoon ? ?? ;.?1'. ?e?"V4 t.l ll* t Betetl, .. , m inai urtil aeaM remaarHal k.ie i all '?? ? teal Ib. oi I ?? le ? . foi '"ng- ' ? la grgni |. . ? .< ? - i'tiainU ? ? UPOU *a t'..*' ' - ...- , - * people I ? t-. ,i .? rail - ? ? ?.. ? , i . ? ? ? r-ira >.f ?r ? -?!,.. - -. ...i. i?.tn ti.- i. riai ,i ... | ia) lranaportatiofi ar,u .. boUeg ef rallread ateck, t.. eageaattler ; i loa ta .t 'Hin Baeaaaary re. metlial ThiH ceeapaaj believea that the oet which i , . ? .1 i.s oBconetiUitioaal aml ktrpa ahaVoM be tal.en to rr.ist it in .ii. ful n.ar.ne.. Araencjiii Capital for the Rand. I 4oi-i 7 '.- ' C".?!?? ' '? A further projeel to Introducc Ameriean eapita! oi I i develepeBenl of dormant m'..* an the l'a- gaatara ?nder >i Reeantly tha Rai Extenaieaa (Llmitedl aequired i i n?. in thia diatrid <>n the m,hip ; r.e ,.-," r^ef b* rv.nf 'nrouifh the ' Igel property, b-.r a propo?al tnr llgamal or, of these t-laims uith an Bdljoil inc propertv emanntinjr from Johanneaburt: nroved ahortive. A pre lirninarv propoKal has rerrntlv been put forward l.v an Ameriean syndicate to find the eapital to develop and eomp ?he prrpert-. ;-nmp month* r.jro Me-^r . I.e\4is rt'id Markl arranued for an im i ..rr,, ? Ameriean btoup to pravlda eap? ital f.r the exploitaf'on af their pr>.p 4rti^- on Ibl l.i'.'rii Kand, hut some i oeearred In puttiag 'hia aeheme into operatlon awiag, it ia und'?*>???.<i. ??. 'le Beeaaait) <>f dia , .I. ng 'he queation of taxation wi*h the 1 nii.ii *iovei ,.iiu nt. ? ? ? ? Posl Bellum Financing. Geaeral Maaagai Aird of the Cana diim Han'r, oi" < ommeree gj,pre<^es ihe viaw that af'er the wi4r is 0'er liieat Britain 'taill make arranirfements to i ?ij4 ,.i|. (.-rea* irrtperia! loan Cvariag hII th" loaps that h.VB be.n made Hur iit th' war pef.od to iJregi Blitai., r-tial.i. Ailftr.ilia and other Hr:'.?h dominiona, al about 1 per cent. be rmi e ii -.?.o? 1111 be h Imbj term laaa. |..| Bftj ye.tn ai evaa a bundrad but ni thi*. way he thoiiuht. the *vho|e prohl.-m (-Ollld he aettl.d to *he l?tiafeeti.n af all partiea. and it wouid have the effeet of relievinjc the imm" diate preaaure when *om<- af the^ loana would have to be met in ihe usual way. Fiiecutor Tnistee Chartered 1822 The Farmers' Loan and Trust Company Nos. 18,18, 20 & 22 Wiliiam Street Braneh Office, 475 Fifth Avenue New York LONDON, 15 Cockapar St, li W., 26 Old Broad ot. ft C. PARTS. 41 Boul?7ird Eauasmann. BEaUJI, 56 Ucter den ka-tajj, 5. W. 7 Travelers' Letters of Credit Foreign Exchange, Administrator Guardian New England Becomes Con scious of Her Stornach The Supremacy of Her Industrial Life Is Threatened by High Food Costs, Due to Decline in Agriculture. SpringfUld, Ma.ts., September SO. Agricultural New England and in duHtrial New England nre each trylBg BOrioailr to understand thc other's needs. The orgaBlxation hetc of the Eaatera Btatai AgriealtBral ar.d Indns tnsl Expoelttoa, in eoaacetion with v.hich thi National l.'r.ir; Bkow will he held, from Oetebcr 1- to 21, ha-: an ini portanf boarlag on nioblems er.giigitif; the Btteation of botb the 1 orker in the factory and tbl ir.an un thi farnt. l.< ? tofore thc dairy ahow haa alwaya been held at Chicago. where it or:g ? tcn raan aga. An laflceatlal group of buaine BBBkera, agricuitural experts, fai orgaaiiatioai and pablii >,fti' ? bc nd thia movemenl to r^-h i iatereat in agricultursl development Their ar gumerl?. i- that if N'ew England fi i ran be ihewa Ueu to iaenaae their da:r;- hcj.js and other farm eperatiena ,! profti to themaalvea ar..; ,-ir. a<. eompai i-'hr ga -. in the fertility of the oil, r-er bed) la tb I i Uei ' ' l ? I-< : . ited. Thi expoi I?"?? ? eapeeted l i on opportunity for an interel BBga of ..;? ? and I roi r out o thal ?> ill reault in prael atti rraent of farming as a bneineai ar.d in the relatlon of the farmi r ta tha eem? munity. New England' upi rraacy, t . i eoi tended, li thraa! ad eeauae nf ii- rapidlv dacllning 4. Only a arr.al! proportion of tha food* Btuffa eon umad In the New England Statei i ? produced at hon ??? '; ehuaetti to-daj Importa from 1 eSouth and IT11I nori than 75 pei cent ? food products its populatie while <, onnecticut and Bhode laland each bnng in from the outside a atill largcr proportion of their ? plips. I bi extra eaat sf li porti I i from distanl painta li addod to v to'\ -.. orl er an-: Ihe millhai food, and I ?? ncreasing tendeney of thia ea I ia reeenl yeara haa r a eonatant demand ff,r higher arages, Reliel for thia aituation seem to lie in ra -ir r* at home more of arhal Ihe populatio eoi 1 mi lhe i'armers ( nmplainl. Thc farmer *1=*> raisei the of waer-. iir | 11 iplain that the prie ri received for ! - product ? do nol eompensate hirn for the labo trouble o' produetion. Some ..t' the leading aai icetioi naaiatain thal thi problem of thi farmer to-day I a q ical diatribution more l ar.d metho.is of produel on. Ai ti;.- rc suit of thc aplmdid work of thc agri mlturai pxperim - end eoi legea in the laal rjuarter ... r eei produetion 01 the farm, the. hold, meaaurabty Bpproach?d faetory pi tion in thc icientifie. determination of ?faeiinl mothodi and in definiti aasnr snee of reaalta. Tha kaawledge whieh will itaalf aa sure produetion ean he had almost for thc aaking. lhe reaaon that men new on thc farm BCglect or refnae tl themaalvea of this kaowledga ia be there 1 ne adeejueti reward riev for their !abor?. The indueti agriculture languiahea because I ?? money return at the farm for the 1 ropa produ.'^d la for more uncertain tiian tho aiae and qaality of the cron Farmera do not c\ert themaelvei to produce crop. of i xt rnor-ii rai;. qaality or quantity. it i? aald, bacrBBBl ...lity above the ordinary grade does not ?p preciahlx- afTect the price thej receive, and if a t r?p is largr the price re eofved if aftea lawer than u woald be if le.. nrera pradaeed. I'npulalinn Urifts < ifxxxard. Nea Engl.md peiBoaaei so man., ad* vaatagei in Indaatr) that her aetivitiea haxe baen BBora pecaliarij In th- lield tor bbbbji geaeretione, Bhi twi> become a manjfnrtur.n" an.l an urtmn BOCtioB and this development ha? had a mark.'.l reae< aa Sl ber ruri.l Ufo, It r.n| teadad t.. draxx larger -in.i lariror pr.. portions of the nonulation to thi ritirr, and for a caBsiderahle period, pendmg a readjustment to change,| BOBditiona, hss had a disturbing effect on agricult? ure. In rerent years, through th' growth of hr^e eaatral of popuUtm" and nesrhy market.. the teniiencx hai been to create more favorablr COndi' tion.. for agricuitural activltioi mr. full1, plaaaed, \*irr adeauati metbodi of produrtioii and r-ystems of BBBrkel ing. In the In t thirty ;,rar? thr rural population of the New England States has ahoxvn relatively little CBBBgB. There haa been an actual decreaae of I about 160,000. Ir. ISFO the rural popu ! lation was l,2M,700, and in 1910 1.097. \ 300, whlla the urban population in 1880 ; was 2,754,000, and in tflO 5.455,000, an iaeraaae af nearlv 100 per cent. .Number of Farm** Decreaaea. Tha number of fnrms in New Eng land ha* alightiy decreased in the Iast thirty year from .'"7,000 m 1880 to I in 1910. Ti.*: cen?us sb.wa that tha average aisa oi farm.-* waa approxi* | mately tho same la 1910 as In i*-s'?. bul tha number of acres of Improvadl land in farma haa decreased from 1C 000,000 ta 7..'."0.000 acres, the avere.ge number of acrei of impro-.ed land to tha farm in I**;) bemg 6ti.4 per cent, while the avorarje in 1910 wan ?.*.! per ee:.*. There hai been an increaae in tha BUmber of small siied farms and a ,i> rreaaa Ib the number af l.^r^r- hold ijt< prineipally to the gro-v:'- of ? he inteaaive lyatem af agriculture. . '? .. raj ! :"- aaaa in il ..<-, r^iiin*? which oeeurred batweea tha yeara af ... pi . 1910, ?' m '. ?.to Ma\aao, aeeounta for the addition af 3.500.000 acres of land to tha un n.-ovcd cla<si , ? ndency ainea 19'0 has been tOWl . arreape c: .. ar.d the j ? i pgr BCr. hn; '.*: creaaad aa th. i t of ii provemant in agrieultural methode. While there . . a |ecri in the r.umber af cattle :. S'ew England in tl.e paried from I88C '.) 'o 14*. there baa been nn up ward tendeney during tba Iast s.-? yeara. Thara wara 1,16a,.) ia 1910 and 1,331,000 in 1916, aad likev.-ise the f swina baa ihown a n.arked v *o ir.erer.ie in racaBl yaai . imbd r reported ia 1910 be.i.;. 900, ? hila tha *-umher in 1916 ia -10*3. 000. 1 ba yield of tobaeco has nearly | thal af p.itat.ies haa been < ha poriod aadei can aideral ion. In both eaaea tha ?:??? d ? .,,?..,; to production has been nbout .,,. iblad. Spe.ial Pnwlurtion llanserous. Tha' forther '.r"?rr5? ean be made |a ,,},-, . ua, and experta are m labetaa ? iai agreemei t that e treme Bpeeialiaa tion and exeluaiva r.-iianee "n a special production are dangeroua. They bi of man; improvemenU in form macl iBery. lhl" rcr(! of ? 'uH,f leration bj eaeh farmer of hia ,. ng e. ii "">:? and the bettar bor throughout the . ,. nd o*" impro-i ementa in proeeeeei iduetion and In the marketing of fmrm , , ,:.,,- k. the emploj ment af proper methoda a b! 11 greator advaaea ,an 1.4- made in ll.catoeh direetiaBi |>ha sh< i". lusti > ght ba revived ,,, , ,.. . . ? tha m.ttoB feature a ei ? ? sphaaised. \y....... ? ? ? Ei gland : ? long h*'n Icnov n a tl ?' eentre af poultrj produc and !- ?'?' IBOBI <or tha qua! I i I . ,j egga produeed for- market .. ... are ia net enough local pro? duction of ""her pealtry or eKg* to the demanda of tha great indus trial cantrei of population. and large amounti ara imported fram the larplna produeing ectiona of the Mi Idla waat ILLINOIS CENTRAL'S EARNINGS A RECORD Largcr Yiaintenancc Expense Holds Ooun Gain in Net. l ? other Weetern railroad ays t?ma ' ' laauad :l'*"r reports caverin. op< ral ?" :''-" ? ?aai i ? ar ; . ?.?.,.. Illinoia f'-ntral m |ta anpual Btateaaaal ahwwa the largaal ci"c-- aaraiajra la the eeeapaBy'a hiatory Net operating rav.aaaa did pol quita equal the high record .or er.rnine; power eatahliahad m the year 1907, h.tt with thal eveeption are the ? . - er reaerted. Tha ineome ae nraa a-- follawa: 1911 [b iraaaa, Oper'f ro-.e-.nes..$69,077,343 $6,965,790 Oper'g expeBaea . 51.173.728 3.198.531 \... revenuei ... 17.903.6'5 3.767.2?!9 Tai aeerualB .... 3.724.021 490.182 UneoU'le nn rev. 2-1.507 463 Rway op. ineome. 14.155,087 3.276.614 \,,, . per'g bc 9.620.744 1.661,917 Qroaa ineome. . 23.775.831 4.938.531 Deducl iona from gr*aa Ineome... 11.968.266 "9.872 \,- rieoma. 11.807.565 4.948.403 Total appr.pri.4 tion* of ineome. 152,932 *971 [Beema bal. trana< ferred ta eradil and prafil and foM . 11.654.633 4.949.374 ? T'eerei, |C Of Ih*' year- tOtal BTOaa. Bm.UBl ,nk' tn *t*st?.0T7.rt 1't. there mi reeeived t'r.ir.i fraighl traflc foOfiioJott, and 613,992,092 from paasenrrer ?er\i.-e The former is an increaae af 16.599, M7 an.l the lfttter af 1780.414. OwlBft to un increaaa- of 63.199,531 in operat intr expenaen and 6490.189^in taxea the iram in the year's opeifJUng- incorai , Ctwwm Mikfls: Mta 1313. Pin!:!: il tM Mn I Harris, Forbes fc Co Plne Street, Corner William, NbBJ Yerk Also Payab'.e at the Oflices of our Caaaapa CBBaaapaaaaal P-*"on CiubmbIibI Harris Trust & Savings B3nk Harris. Forbes & Co.. Inc. gftWj l-'lral it onllnnetl t Ada. Minn.. Indep:ndent School Murfreesboro, Tetr School District School Building Dbtrict Atderson Countv. Tenn.. Road New KetiaJltgton, Pa.. Scnool Aubum & Syracuse Electric Distri t STc R R lst and Refur.d:ng 5' Noncal. II . hchool Batavia. III.. Bridgc 4 <%'??.. ir.d. Ma.ne Batavia II!.. School DUtnct No. Oklahoma G ii ?' ectnc to. lst 101 4"-c-. Mortgage Gold 5 I Belton. Texas, Bridge Rutherford C o u n t y . Tent% Berricn Springs. Mich.. Water School District Works Seattlc Lighttne. Co., Seattle, Btnfalo & Susquehanna Railway Wash.. Kefundirg Mtge. 3 k Equipment S% Sitelby County. 1 cnn Court Charleston. 111.. Rcfur.din- house I-urnisliing and fttuaa Charlotte. Mich.. Scwrr South Bend & Southern MichC CWckaaha, Okk... Sexvcr gan Rfgway Co. lat Mortgagi Chickasha, Okla.. Water '.Vork-. Gold 5? ,, Cooa Cowrty. Oregon, School South Portland, Ma. Dlstrict Mo. 4i '->"? %jnvil!e, II... School r.'istr:.t tun ? Dayton, lowa. Water Work-. Sprmgfield VilL je. v .. Dea Moincs. Iowa City. Refund- WdUiigton. I".. High School ing Mortg.ge 5- - VVeat Plain, Bfo. W ate: Works Dominion Power & Trant,mis'n * ElectriC L:g.:t Co.. Ltd.. Hamilton, Ont.. 1% Wilkes-Barre, Pa.. Schoo! Dis, Dunmore, Pa.. 4%% tlfct 4 . Du Page Co. III.. School Dis- Wilmingto.i. N. C. Water c trict No 73, 4'.% Sewerage 4 . , Elk Point. So. Dak? E Wct Light Winnetka, IU.. School Diitnct Fayette, Mo.. Water Works No. 3t> I-'ord County. 111., School Dis,- Soeeaa trict No. 102 PergBB FaHs, Minn., Indep-ndent rorreston, 111., School 4: % School District Ref. 4y\% Fort Dodge. Iowa. Ret'unding Poplar B'.uffs, Mo., Refunding Oalesburg, II!.. Electric Light Works M,,h ? , Geneva, 111.. School District 5?tJ Honrjr, III, Water VvorV.s Grand Haven. Mich., Water Lincoln ('ov.nty. Mil , County Works 4 r:- Jail 4 Greeneville, Tenn.. School Series t _ ?ffi?Wf Ul- Sch0Ql Di5' wSnmnT&Ti^m1 V . tnct no. 40,' Hwrii county, Teaaa, Roadtt , ome Inoependent Tel Co. McLenntn Cc,ntv. j-..,,, Road Huntington. Wer-t Va., 6', Diatrict No Interurban Railway. De.Mo.nea. M^CtMmty.oJc rtheejh] Iowa, lst Mortgage S a _, ? Independence, Iowa, School Din ?_r.ca I Iflrenlh Kno.rvil.e. Tenn.. Market School Butleig!! County, No. rV .. Re House 5% fun<hng 4 Knoxviile, Tenn.. Public Irrtp't Carroll,Iowa,lndependenl Shool Knoxville, Tenn.. Viaduct District, 8chool Fund , J.ancaster, Ky.. High School Chippewa County, MI l'e Louisiana Port Commisr-io:; S "8 4 Mamaror.eck. N.Y.. Sexvcr 4JS% Easl Tawas, Mich., Refunding Merchanta Heat & Light Co. *Uitp, H. Y.. Union 11<-: School Refunding 5% Diattict Mo. 1 Midland VaOey Railroad Co. Kaufman County. Texaa, Eoad First 5r'. District N'o. 3, h'oad S 1 Menominee, Mich.. Retunui-g Par.a. IIL, High School BuUdJsg Monmouth, IIL, Refunding Sioux Rapida, fa.. Indrpct.dent Monmouth, 111.. Water Works School Diatrkt Refunding Warsav, Il!? V^atcr Workl Mount Airy, N.C.. Water Wor'ts V/inn^boro, So. Car.. Ell tBJ Mount Airy. N.C.. Electric Light Light & Improverr.e-i Mount Airy. N. C, Street Irrp't Wind.:o:. Mo October Investments VVeown and offerover 20 idirTere it i i end for eon ?? ? 4% to *Ys% %Vrite for ? ; ?? ston French Republic New 5% Loan Interest I'ayahle F#aV. /?*>. H?} lt), \r.q. If* nnd Vov. 16 s . .. .???-.-?-.??? . ? ? .|,? ..' ' ' Price 8712 to yield about 5.70% Scnd Ier Lirtuinr K*S A. A. Housman & Co. , ' * i '?aa ?? - sra 20 Broad Street New York GEO. REITH & CO. Annourc the removal cf their offices to 'tforie llfitl A -i.'ttn I . li.i -? rl RumIIM. nhi t 40 Wall Street, New York Phone 3000 John HUTT0N.3f.CO. *?>** Urk * InelBiiHll M , .%?>*? er* i .." " ?' rneraberi - , ..?.-.? .-ira 81 rfc ? ? *>.' *pa [ Ctweiige fl . ? : - * .' ra - Dgiljr ioformeboa reiardiai In duitrul and Railroad Securitiei rocninf to ear nflue will doubllesi intereil jou. Write for informarion tiii rnp ire Reliible quotttioat on Stindird Oil it?<ki. Smd for biokleti on Obio Cib'et Ga>. Colnmbie Cai & ElectrK gnd otber New Yerk and Cinmniti Securirigi. ^^^_ CoBierrarive AccooitU Arr.pl*.!. Addren Depl. A. 60 BROADWAY, NEW YORK waa Ct t? $'l.27ri,*sl I. The jump ia the *\nc"sr ar.-ount waa dile er* rrlv ' to the larger cxpenditures for ma li.nee, the lacreaae there b.'ini; ? li KI. Larejer evpenditureg for maint. i af way ?nd atr*aetare ware daa to tk. i.nn iga ilone by tha teniade i I ?a'-r *i"?r Kei Orle.ni m Oetobetf, 19i.s The (fiia'.-r port BB af tha In rrei.?^ in maintananea ot" egBipaieal 44-a? att.-ihuted to heavier ehargi repalra, denrenatioii aad ratiraaieBl af frriirh' cara Leet year'* laeoaia avallabla for dh I dends waa $11,007.6*55, tha equivalenl i.f 10 8 ptr cent on the $109291.7tti capital atock outstunding, ag-ainst 6.2 per cent earned m 1916, We Rrco-nmend and Offer ST. LAiVRENCE PULP & LUMBER CORP. Firat Morttr. 8% S. F. Bondi upon an enceptionally .lttractive ineome b.4?i?. 1 nil laforagalMM fafalaheal apea reg**** BEKWIN & CO. 31 Nasiau SI..N.Y. Tcl. 309 Cori M lllil.t.l Ii la 8 I le. . 4 .,.11. 1 I"''! I .il.uiiil.i l'..44*r I ..in .?. I'l I i\.-.iern Btatea *?>??? * aaaa Oraan * rW \\ IM l.tlSII I I.4...II I ..ler.,1 I iBBfcie PM i laaral M ??? Ir<* Iem * 9*u\ FaECERC H. HATCH J rtaaai Bra ..i iio so Braal * BowaB Bigelow & Company 25 Pine S?. Phone 6 J90 J0**9 Mctropontan Uv* <* iMiuajea re.., aad *?* uan; trteeti reate, VglSZ take- vni'detreharseof^pe^ rtj Wai St. 716 Fifth Are.