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WEALTH MARKETS AND COMMERCE Tri-City Ry & Light Co. First 5r. Bonds 1923 Company servcs large and g rowing population. Nai earninps over four tirnes requirements of this issue and more than double all lixed charges including Junior issues. All franchises extend beyond maturitv of these bonda. Yield Sr< Mackay & Co. 14 Wall Street New York Facilities Opportunities Service Many opportunities to obtain at tractive issues are available to The National City Company Ita facilities for handling theae situation*. are ezceptional. Sueh facilitiea and opportunitie* constitute tbe foundation of a superior in*-estment service. Our current list of Government, Municipal. Railroad. Industrial and Public Utility BaaBBJ AK r,s sent upon request. The National City Company National City lionk Building NaaaTsJsa. The Security Situation in Retrospect and Prospect Send for our Special Letter "407" Renskorf, Lyon & Company r Xew York Stock Exchange Members -j Chicaao Board ol Trade [ Nexo York Cotton Exchange 33 New Street (^)eN.Y. We Execute Orderein Llstcd Shares on C4DM4firvatT7e Margin * and for Cash BARUCH ROTHERS !? Nrw lork ??!.? U Mrmtera - >,? , urla C*,tUm f Ki. Ii?nge l V.w V.,rk l.itlrr j 60 BROADWAY. NEW YORK Yale&Towne GudcWiiimilUCo. Members Ssnv York Btorl; Exchange 29 Broad St, H. Y. I ei Ractar 8M0 Carbon Sleel Bought Sold Quoted C. C. Kerr & Co. 15 Wai Si.. N. Y. Pnoae 6780 RaV ior HARRIMAN NATIONAL BANX Rft.H Areaaa a* Forty-afoarth St timw York. 8111186 BOOBI FROM I 1. M. TO 8 P. M. 8JFE DEPOSIT fAULTS 8 1 M. TO MIDIIGHT i , .i Irving National Bank 8TKICTLY A aMXKhClAL BBBBflfl. ?ujryjum'jitTU ttonvao, Vrvr Y<mt Finance - Economics GARET GARRETT, Editor. WALL STREET OFFICE: Telepbone: Mlllfl Building. 15 Broad St Hanover W14. Wedrtesday, October 4, 1016. A cynic says the outside public, ' having bought heavily for thc riaa. is now waiting to see what the in side public will do, and that the in side public, having sold heavily for protit, is Braiting to see wh;it tl. side public will do. That would Men B deadlock. There was once a time j I when, in this situation, thc profe - sional element would attempt I press priees in order to riiake the outside public sell its stocks at a '? loss, but that cntails in the first in- ; stance selling a lot of gtocl have not got. The profcsstonal apee ulator to deprcss priees borrows stocks to flilL That is short sell-rtg. Evidently what he is now afraid of is that the outside public, having bought so many real stocks, would not know any better thar. to go on buying all tiie stocks professional spcculatofs might borrow to sell. That would be a worse predicament. However, it is not hopeless. Fome ? thing will happen. Strength in railroad stocks il an exasperation to those, who, on the ! enactment of the eight-hour law. closed out very large holdings and were rcsolved never again to ri^k their money in that niscredited class i of securities. They were impetuous and misguided. The fact that this liquidation made almost no impres sion upon pricti ng now to I be more emphasized than the calam-1 ity whieh induced the Bfllling. It was , a demonstraticn both of the enor-\ : mous buying power of the OTJ public and of its confidence in K> ' curities whieh Wall Street was will ing to be rid of. Thi? Wall Sl liquidation araa followed by heavy foreign selling. That alflO was ab sorlied in a manner to create ? ishment on the Stock Exchange. It ii a natural si-quel that Wall S1 itself should begin to feel a n of confidence in the shares of the American transportation industry. Pyramiding the War Bill. Every finance minister in Europe enormously underestimated the cost | cf the war. In Germany H ; believed that war could bi fil | ' ; entirely with lone term loans, ing interest at a fixed rate of cent; but each loan has been a little 1 harder to place than its predecossur, ' Datura'ly, because there is ajari ! point of saturation in the demand for anythirigi BVBn for a patriotic war loan. Probably before long Ger? many will have to reaort to short term issues, in whieh England has placed so much of her re anc*. Mr. McKenna in England undertook to do a prepostarrorii thine, oanvely, to ? refund the whole British debt in a I cumulative manner each time a new ' loan was brought out at a hifrher rate of interest. The first English v/ar loan was at 8tf p-r cent. The fecond, brought out in 1915, was at 1: -. per cent, and the inducement to ' buy it was that the holder was gnar ' anteed against depreciation in conse-l quence of a rise in the prevailir.g rate of interest, because in the event i of there beir.g other loans at highe.r rates of interest the holders of the ? 411 per cents could exchange pound for pound into the higher Inten bearing issues. As an earnest of good faiih the holders of the first 3 & per cent loan were allowerl to ex- j change for the new 4Vi per cents. Interest has risen, but there has not been another loan. The cost, of the war since the second loan has baa mct by the sale of exchequer bonds, traaillTJ bills, war expenditure rer tificates, war savings certificates, and : other devices, at rising rates of in-1 tcreat until on September 1 the "floating debt" amounted to more than one billion pounds. The entire Ilrit.ish debt on that datfl was as follows: Consols . ?280,466.338 1% annuities. 2,708,677 2%', annuiti.s. 21,639,392 Dohta to Hanks of Eng? land and Ireland. 13,645,869 Total funded debt... ?318,460,278 Terminablc annuities.. 26.158,871 WU war loan. 62,774,400 4%% war loan. 899.997.072 Kxrhequer bonds.. . 21,659,700 i iebeqoer bonda... 326,066.695 Treasury billfl. 935,033,000 Two-year War Eipcndi ture certiticatea. 20.149,000 War BflrTtagf <crtiflcfttrs 24,237,000 Other debt. 10,000,000 American loans (say).. 101.000,000 Grand toUl.?2,745,536,014 To avoid refunding exi^ting war loana the Hritinh government has now announced an issue of three year 6 p*'r tam\ exchequer bonds | with whieh to retire tho treasury , billi and other floating iBsue*. Thal in technically not a war loan. All tflaVB aame, the nppearnnco of C, per cent government bondn has the effect againut whieh tho btiyern of the 1'/? p<-r cent war lonn were gunranteed. Every goverrr.Tvit iaauo benring 1<- 4 than 'I rx-r cent murit drclino. Every hoUler ot tho debt giumble*, but no li'idy greatly mind?. Wealth ll lucky not to ahara the lot of human life. j ?il! cxempt from conscription.. | Knglish *a^'or is demanding that; capital ho trc-ated in the same way as life. At the recent Trade Union' Congress, held at Birmingham, it. was resolvcd: "That as the manhood of the nation has been conscripted to ; rtsist foreign aggression, the main tcnance of freedom and the protec? tion oi capitalf this congress de? mands that sueh a proportion of the accumulated wealth of the country ;-hnll be immediately conscripted as shall be necessary to defray the financial liability incurred in the prosecution of the war." Money on call at the New York Stock Kxchanpe rulcd uncharrpod at 2% per cent, althouph some loans were reported 81 low 81 t. Time funds on broker*' Stock Fx change coilnteral is fairly active, with 'inuation of the ease that has 'rd in tha past. Money is offer mixed eellataral nt S*a per eent for all maturities carryinp ovrr the end of the year. Rflling ratai on money yesterday compared with a jrear aro were as fol A year Y'csterday. apo. Call money.... 2%"0 194% Timo IB< 60 da *?. 3% 2''2?23i-i daya.3 9)VAK 2%?3 % 4 monthr_ V/*% 214'?3 % ... P/t% 2 U "3 % Commercial Paper The easy ten ' |] lu c-.-.dence in eommer ? i.per, but the volume of trading n<. azpansion. Primi repular ritiai are movinp at Stt?8*X Pcr cent. There is an cccaFional trade in rt lated paper at SU pcr cent. Official rat.es of diseount at each of elve Federal dir-trict'4 are as fol . : Maturity in day*. lOd. Md. tOd. O'Jd. Rcston . 3 vork."3 elphla .?3|/2 md .31 2 nd .4 Atlanta.4 |*o . 3' i . 3 Olil .4 ii City. 4'/2 Dallas . 3'/2 San Pranelaeo. 3 *! "-day pnncr. Hank Exrhantres.?The day's elrar Ingi at ' i afarh and other cities: Kxchanpcs. Ralances. N'cw York.$649248,786 $24,082,109 Raltimore_ 6.958,950 689,119 B . 37,884.747 4,675,187 1*0 . 75.014,667 4,917,897 lelphla .. 53252,927 4,443,188 . 19,634,640 2,512,741 Sub-Treasury -New York banks lost to the Sub-Treasury $100,000. Silver Rars in London, 32 7-16 per.ee; here in New York, 68*i cents; Mexican dotfars, B2fa@56%. I.ermarr Rank Statement.?The state? ment of tho Irr.pr rial Rank of Germany, issued September 30, shows the fol | changes: Marks Total coin and bullion.Inr. 11,031,000 Gold .Inc. 13.148,000 Treastiry notes.Inc 180,053,000 Notes of other banks. .Dee 15,674,000 Billl discounted.Inc.3,180,913,000 Al-.mces .Inc. 772,000 Investmenta.Dee. 4,029,000 Other securities.Dee. 142,881,000 Note* in circulation.. .Inc. 509,918,000 Dcposits .Inc.2,586,712,000 other liabihties.Inc. 113,555,000 Toul fold holdinps, 2,484,'.'. iiuirk--. The Dollar in Foreign Exchange. The declino in the Teutonic ex chimpes carried further yesterday. Speetal weaknrss was displayed by Vienna remittanccs, kronen checks fall ir,? ta IU99 cents, almost equalling the lon raeard of lUi eatahliahad Septem? ber 12. Marks were fractionally lower and are aj-ain quoted under 70 cents for four. Sterlir.fr was unchanijed. Week Yesterday. afjo. Sferlinp, demand. 4.751i 4.7534 Slerlinp. sixty days_ 4.7V-JJ 4.71}4 Mrrlini*. cables. 4.76-V 4.76^ Starlin**. ninety days... 4.691 4 4.69'/j Praaea, aaaaaad. 6.84 5.86' 8 Praaea, cables. 5.83\ 4 - b.&o^a Gnildara, ehaeaa. 40*. 40?4 era, cables. 40'? r0'8 I'.eichsmarks, checks... 69*>B 7058 Be.ehaiBara.Bj cables... 69',4 70^4 Lira, checks. 6.46 6.461 4 I.ire, cables. 6.45'4 6.45'/2 Swiaa, checks. 5.32 5.31'/2 Bwiaa, cables.5.31'4 5.31 in, kronen, chrks.11.95 12.00 bolfB, kr., checks.28.40 28.40 haajaa, kr., checks2820 2820 .'.checks.20.10 20.11 KuMes, ahaeha.31.90 31.8O Relow Is (*iven the current exchanpe ralaa af forcipn money, in dollars and aaata, tagathaf with the intrinsic gold BSlitjT, ?a rnlculatcd by the Triiti-d Slafes Mint: r'urrent exchatiijo Intrinsic value. value. rounds. strrlinj*.$4.7514 %4-M^ Franca . 0.17.1 0.19.3 Gulidera . 0.4011 0.40 2 Marks . 0.17.7 023 8 K il.lea . 0.31 90 0.51 2 I.ire . 0.15 5 0.19 3 'rowns (DaSJasasit)... 0.28.20 026 8 1'rwn) (B>lrlBB)..a*. 028 40 026 8 Tha above rate* txpresa the cost of fcreign money in terms of the Ameri? ean dollar. You buy an English pound sterling for $4.7511; the intrinsic par ity is $4.86H per pound. Thua, you say either that pound* are at a dis? eount or that dollars are at a premium, which is owing to the fact that in Englund tbe demand for dollars wlth which to settle account* in this coun? try is greater than the demand in this country for pounds with which to settle aceounts in England. MOBILIZING CANADIAN PROVINCIAL ISSUES Proposal to Raise $100,000,000 in This Manncr . Winnipeg advices indicate that other Canadian provinces besides Manitoba and Saskatchewan are desirous of mobilizing their securities for imperial purposes. Accordmg to Kdward Brown, Provisional Treasurer of Manitoba, $100,000,000 could easily be obtained in this manncr. According to Treasurer Brown, J. P. Morpan and H. P. Davison will inter view the British Trea$ury Board while in London. with the object of having these other provinces of the Dominion included in the mobilization gcheme, and aill ask that the tax penalty clause bo enacted in repard to their securi? ties the same as is now enforced against United States issues. He ex pres^-ed the behef that there was a stronp probability that the tax would be applied because the securities of Manitoba, Saskatchewan and the city of Winr.ipep, included in the mobilization scheme, are not coming in as rapidly as they should. It is now believed that application of tax will be neces? sary, especially if other willing prov? inces are included in the scheme. The object of the plan is to force the mobilization of Canadian provin cial securities *o as to employ them in obtaining sueh further dollar credits U Great Britain may seek to arrange Ln the United States. EXPECT ASSESSMENT AGAINST WAR PROFITS Canadian Pacific Directors Pro vide for Contingency Fund. M.,ntreal, Oct. 4. Lord Shanghnesiy, president of the Canadian Pacific Rail? road, announced to the stockholdera at the annual meeting here to-day that the "directors had decided to transfer to a fund for continpencies a snbstantial sum from war profits, for the following reason*: Althoujrh the arnount of the taxea that the comi.iiiy may be calied upon to pay in Grrat Britain arul Canada in ronnection with .perial war ahipment*. U not an yet d**Tinit?-]y dotermined, it will, no doubt, be .?!? rrrabte, ar.,1 prudence gug-jreft*. prep aration to meet it. Then. aa you are aware, moat of the rnmpany'. ocean ateam ahip* b?)-e. durine the Iast two yaars. been n.^aife.l iti admiralty service. i-nmr "t them were lovt, althnupK tn thia respect BM have been aingulariy fortunate. Some were taken over by the Admiralty, and the chararter of the aer\ke that the othera have been performine will make exten*.i)-e rrSuilding necesaary whenever the gteam ihipi are *elea.*ed. To make provision for these exresg war profits, ta\ea aad other war aMewmenta, that the company may be required to pay and for the rehabihtation of ocean fteeta. at the pri.es now current. and tiiat are likely to prevail for nome tima to come, tne di rertora decided to tran*fer to a fund for contincencies a very auhstsintial sum that would. in other eireumatanee*.. hava gone to special tncome. DEALERS' ST0CKS IN SOUTH AMERICA LOW Importations in 1915 Were Only Half of Exports. Aceording to O. P. Austin, statiati clan, foreign trade department of the National City Rank, South America made Iast year the unique record of export ing more than twice the amount of commodities it imported. The exporta of the entire continent in 1915 were %lJo99J990fiOO and the lmports only $535,000,000. This large exces* of ex? ports over imports, while unusual even in the history of South America, which usually sclls more than it buys, was due chiefly to abnormnlly small imports in l'.il6, and suppests that there are many empty fhelvcs in that continent, while the opportunities for filling them from the usual source, Europe, are greatly reduced by the war. It is ap parent that the nupply of imported mer chandise in that continent must now be much reduced, and as the purchasing power is large, due to the fact that the 1915 exports were the largest in the history of its trade, the opportunities for Ameriean merchandise ought at this moment be very great. BANKERS URGE PROTECTION FOR fflVESTMENTS Labor Attacks and Legis? lation Against Rail roads Deplored. Cincinnati, Oct. 4.?An insistence on proper protection of the capital in veated in railroads and an appeal that railroad mortgages be aurroundcd with such safeguarfis that they may hold their place among the prime invcst menta, was made here to-day by the committee on railroad bonds before the Investment Bankers' Association of America Convention. The report stated: "We must endcavor to turn public sentiment from its attitude of antagon ism to one of fair play to the railroada. We muat use our efforts to prevent that kind of financial mismanagement whieh has resulted in disaster to some of our best systema and whieh to-day, more than any other one thing, pre vents the recognition of the just needs of the railroads " Walker D. Hines, chairman of the advisory committee and general counsel of the Atchi-son, Topeka & Santa Fe Railway Company, made a plea for legislation whieh will provide an or? derly and responsible method of sct tlinp railroad labor disputes as a sub stitute for the "terrorism of the strike." Of equal importance, Mr. Hines de clared, was legislation whertby state regulations reducing net income through reductions of rates and in? crease of costs will be superseded by national regulation; and legislation whereby the power to issue stocks and bonds shall be dcrived from and the method of their issue supervised by the nation. All these thinga, he said, were needed to insure the stability of railroad reortranization plans. The speakcr declared the time was ripe for dealing with these problema, in view of the forthcoming inquiry into the national railroad situation on the part of Congress. Coat of Municipal Improvements. William C. Baker, jr., chairman of the Municipal Bond Committee, in his report to the convention stated that a large part of the total net indebtedness of states and municipalities, whieh aggregates more than $4,000,000,000 to? day, has been incurred under hastily drawn and inadequatc statutes. Mr. Baker aid: "Many millions to-day represent the cost of improvements whieh long sin^e have been thrown into the scrap heap, so that the credit of taxing pow?r whieh should be available for present needs is being drained to pay for the deticit of former generations. "Steps should be taken by all in? vestment bankers to improve the laws relating to municipal bonds. None of the investment bankers are avcrse to municipal borrowing, but are averse to reckless borrowing. Investment bankers should limit the Iife of mu? nicipal bonds to the probable life of the improvement." Election of Officera. Lewis B. Franklin, of New York, was reelected president of the associ? ation, and Frederick R. Fenton, of Chicago, and J. Sheppard Smith, of St. Louis, were ree.lccted secretary and treasurcr, respectively. Other officers elected were: Vice-presidents, Allen G. Hoyt, New York; John E. Blunt, jr., Chicago; Barrett Wendell, jr., Boston; II. P. Wright, Kansas City, Mo., and William G. Baker, Baltimore. Board of governor* Dan iel K. Drake, Los Angeles; Edwin White, St. Paul; James N. Wright, Denver; John W. Hallowell, Boston; Stacey C. Richmond, New York; Ilownrd F. Beebe, New York; Lewis J. Parsons, Philadelphia; William G. Lerchen. Dctroit; Charles II. Gilman, Portland, Me., and David A. Edgar, Milwaukee. The United States Steel Corpr>ration is reported to have appropriated $1,260,000 for the building of a billet rnd tin bar mill at Farrell, Penn. Construction is expected to begin in the near future. Significant Relations Money and Prieea: Now. A,nra,a. Stock of money gold in the country.. $2,625,741,473 $2,056,732,138 I..- '< t report. Neareat period June |0. laat yrur. F^ana of all national banka. $7,679,000,000 $6,659,971,000 Ratlo of their cash to depoaita. 9.3% 11J% I.aat wrrlc. A year airo. I oans of Federal Reeerre, Banka. $106,578,000 $44,902,000 Their nole cirrulation, net. 14250,000 15,378,000 Their gold reserve againat deposlts and rirculatlon. 71.4% 82.7'<? Yeaterilajr. The day before. A year ago. Average price of 15 railroad atocka.. 12528 124.84 112.67 Average price of 12 indufltrial atocks. 102.92 102-97 91.44 Food coat of living (Annaliat Indrx I.iwt wrak. The w'k rWore. A year ag-o. number) . 186.20 186.69 138.06 Production: Aua-ueL July. Ayearajro. InfilIed l!. S. ateel ordera, tona. 9,660.357 9,593,592 4,908,455 Lateat gov't foreraeL Lart yaar'a cmp. Wheat crop, buahela. 611,000.000 1,012,000,000 <orn crop. buahela. 2,710,000,000 3,055,000,000 Cotton crop, balea. 11.637,000 11,191,820 Distribution: .vap^mher. Amuit. Areararv Shortage of frelght rara.___ 14,281 -_ Surplus of freight cara. -_- 10,616 264,243 r Inereaae or ilerreaar from laat year.~? Third *aaU BflOoad week Jan. 1 lo i.f Hr\< > ! i'apt. July |l (II r.Milai ItirOflilfl) <77 rna.lei GroBB railroad earnlnga. t 132% I 142% +20.9% , Inrreaae or dn-reaaa from laat yaar. ?, Laat week The w'k ??!??*, Yaar tn Hat*. Bank rlearinga.25.3% | 63.8% +41.4% HEAVY TRAFFIC GAIN BY UNION PACIFIC Withdrawal of Shipping In | creases Transcontinental Haul. Prosperity of the Western railroad* was further cmphasized yesterday by , the annual report of the Union Pacific. I I Robert B. Lovt-tt, chairman of the , board of directors, told the stockhold I ers that opeiating revenues for the i year ended June 30 Iast were the largest i in the history of the Union Pacific *ys I tem, amounting to $104,717,005, *s ! ! against $86,958,295 Iast year and $93, | 638,459 in 1913, the previous record 1 year. This increase he attributed to the business revival affecting all line* of traffic, and the fact that the cloeing ; of the Panama Canal and tho European war caused the wi'.ndrawal from do- ' , mestic shipping of many vesscls, thui throwmg a larger amount of *ranscor tinental business to the railroads than they would have received under normal conditions. Union Paeific's surplus Iast year after all charge*, lncluding preferred divi dends, was equivalent to 16.65 per cent on the $222,293,100 coramon stock, as against 10.98 per cent eamed in 1915. There waa a net increase in assets of $18,950,972 and a net decrear-e in liabil ities of $11,816,027. On June 30 the company had S12.234.3..9 cash, $11,500, 000 time deposits ar.d $10,768,505 in loans, a gain during the year of $18, , 437,790 in funds on hand. Profit and loss surplus at the close of the fiscal year stood aty|124,17r,.810, in addition to $40,471,400 surplus reserved or ap propriated. The ineome account for i the year compares with 1913, the best | previous year. *s follows: 1916. 1913. 'Gros* earnings..$104,717,005 $93,638,458 Op ex. & taxes. 63,893,468 58,696,493 Oper. ineome... 40,823,536 34,941,966 Other ineome... 13,303,843 19207,971 T'l net ineome.. 54,127,379 54.149,937 Total charges.. 15.349,872 17,372,831 Surplus . 38.777,507 36,777,105 Pref. stTc div... 3,981,740 3,981,740 Common div.... 17,783,328 21.663,370 Addit. & bet'ts.. 3.524,489 - Balanco . 13,487,950 11,131,995 The increase in Union Paeific's freight i revenues Iast year totalled $15,941,915, accounting for nearly all the gain in gross, the increase in passenger earn ings being only $1,193,331. Operating expenseg increased $6,446,055, of which $3283,493 was in maintenanee and $2,743,650 in transportation costs. The report said that the credit hal ance on account of the disposal of the Union Pacific'* holdings of Southem Pacific in accordance with the decree of the United States Supreme Court was $16,099,190. -a L. $ N. EARNS 19.38 PER CENT 0N ST0CR The Louisville & Nashviile Railroad enjoyed the most prosperoua period of its history in the year ended June 30 Iast, according to the annual report made public yesterday. The eompany's ineome balance was equivalent to 19.38 per cent on the $72,000,000 capital stock, as compared with 8.76 per cent eamed in 1915. Dividends paid during the year totalled $4,320,000. The complete in? eome account as of June 30 compares with the previous year as follows: isle. ms, Oper. revenues..$60,317,993 $51,606,015 Oper. expenses... 39,790,481 39,431.789 Set revenue... 20,527,512 12,174226 Taxes and uncol. revenues . 2261.606 2.142,778 Oper. ineome.. 18.265.906 10.031.448 N'on. op. ineome. 4,456.169 3.429.596 Gross ineome.. 22,722.075 13,461.044 Dcductions . 8.682.944 8.509.280, Xet ineome.... 14,039.130 4,951.764 Appropriationa .. 85.281 91,622 Ralance .13,953.849 4.860,142 At the annual mcetir.g of stockhold ers in Louisville yesterday George B. Klliott, of Washington, was elected a director to fall the vaeuncy created by the death of W. J. Dickinson. of this city. TRADE ARBITRATI0N WITH ARGENTINA Business Orpanizations to Settle Commercial Disputes. WashingtonT Oct. 4.- A practieal nc complishment of the recent Fan-Amer ican finaricial conference was an airree ment between the Chnmber of Com? merce of Ruenos Aires and the Chnm? ber of Commerce of the United States to arbitrate commercial disputes be? tween srBataaai men of Arpentina and of this country. Proceedinps to this end have now reached the stapc where results muy soon be expected. The arbitration machinery is being rerfceted, und ulthouph no cases have yet been presented for solution, it would not be surpnsing if some of the charges reeently tiled with the Amer? iean Consul nt Ruenos Aires by the I'nion Industrial Argentinn against Ameriean business methods were joint ly tidjudicati'd by the twa commercial bodies. So far the Ameriean public has only heard one side of the ilisputes, and this had not reflastad faaarahly upon the practices of Ameriean merchunts. With respect ta the charges lodged with the Ameriean Consul at Ruenos Airet, it is learned that hc asked for a bill of particulars for purposes of investiga tion, but none was furnished. The "Re view of the River Plnte," ln Its Sep? tember 1 number, deplores this failure to particuiarize, and. although it is a Rntish publication, says it is unjust thus to east aspersions on Ameriean traders in general nnil refuso to cite ehapter and verse, so that a reply may be made. The United States Chamber of Com? merce calls attention to the fact that public rriticism* of Ameriean business methods in South America are cabled at onee to Ruenos Aires. Their publi? cation thera and in Europa had pro? dueed a bad effect* ,__. Foreign London Stock Market. London, Oct 4.?Money was in better supply and discount rates were quiet to-day. The steadier close of the stock mar? ket yesterday developed into a gen eraJ improvement to-day on the idea that the reeent dccline was overdone. The government supported gilt-edged securities and bargain hunters bought fairly freely. Consols showed the most improvement and home rails hardenod without much business, but the sentiment was decidedly better. Speculativa and industnal issucs raried but little. Rio Tintos were in good demand following the declaration of an interim dividend of 40 shillings. , American securities were quietly tirm. , with (Janadinn Pacific and United States Steel the best leaders. Money, 4% per cent; discount rates] for short and three months' bills, 5% n. 1% per cent; gold premiums at Lis-i bon, 61. Paria Bourse. Paris, Oct 4.- -Priees ' were heavy on the Bourse to-day. Three per cent rentcs, 61 francs 80: centimes for ra-h; exchange on Lon-' don, 27 franc* Bl % centimes; 5 per cent loan, 00 francs. New York Low Business Mortality. September failures, aceording to "Bradstreet's." ? showed a decrease from August, were only slightly in excess of July in fact j and were therefore down to about the ; low minimum of the last two years. The failures for the third quartcr of tai year were likewise the smallest , since the second qnarter of 1011, and for nine months of this vear there were 2.0S1 fewer failures than last year, though with that exception they were thl largest number ever reported for aifll menths. A Measure of Activity.- That busi-j ness is maintained in enormous vol BBM in ail parts of the country is | clearly shown by the mnrked expansion ifl the payments through the banks, as j reflected in clearing hini.se transactions, total exchanges in September, aceord? ing to returns received by "Ourt's Re view" from 131 leading cities in the United States, amounting to no less than $-'2,573,373,513, an increase of 47.4 per cent, as compared with the same month last year, and of 68.8 per cent, as contrasted with the correspondmg period in 1913. French Loan Suhscriptions. Rnown Brothers & Co. and A. lseiin & Co. announ.ee that they have made an ex clusive arrangement aHtb the French government, whereby they will receive sunscrifitiona for the new national French loan of 1911 The fixed rate of exchange in this country will be 6.90 francs to the dollar. The current rate is around 5.88. A quotation of 5.rr0 for franc exchange is at the ra*e of $0,169 a franc. The nonunal in? trinsic gold value of the franc is $0,193. So, for a dollar of American credit, the F-ench government pays $!.H._ Other Citie* Boston Coppcrs. Bofltoflu Oct. 4. The activity of reeent trading in cop? per shares was lacking to-day. Priees were but little. changed in a colorless market. The trend was lower. The close was generally easier. Copper Range, 70; Allouez, M%; Granby, tt', Old Dominion, 70Mi. Need for Cooperation. D.inville, III, Oct. 4.? The need for cooperation be? tween governmental aetivitifl* and business Intereit* araa cmnhaMzed in an address here to-day before the an? nual convention of the Illinois Bankers' Association by Eugene Lamb Richards, Superintendent of Banks of the State of New York. Charity for the New Haven. Bos? ton, Oct. 4. Neither the New York, New Haven A, Hartford Railroad nor the Boston 4 Maine Railroad will pay a state franchise tux for the curnnt fl flral year, it *TM learnod to-day. Be? cause of the "nbnormaliy low mnrket value of their stocks." Taxation Caifl misiieaer Trefry said, he bal decided to impose no tax of thi* nature on the companies. The New Haven laat year paid $13,376 and four years ago paid ?r-i7.S.C0w. while the Boston & Maine's francnise tax in its prosperoua days six years ago was $117.3;%. The Bos? ton & Albany arill be refljuired to pai I37,S06 thia year, as comparc 1 wh former high nayments of 1S4&J&2S. Corporation Returns Intrmational Ae;rU-a!tural Corporation. - Report for the year endeil June 30, 1'j16. CflflflflBBIflfl aa tollowa: 10K,. mi Groai nroflta .12.793 317 11.844.799 NVt .2.051,303 645.933 Other incoma . 56-t75 18.000 ToteJ inrome . 1107.771 663,983 Bflflri intereat . 53\ai6 616.890 ? of hond dtM-'t. 246.040 207.108 BvphBa . 1.279.831 ?160.022 Proit on honds. 93.863 336.799 K traoti exr> & ehgr a 339.641 . Jr.-vnuu HeOit . 975.725 1.152.502 Twtal "uri-Iu, . 58.329 ?975,725 ?Deflrit. Durinn the year the comrany retired MBfaj* 800 nf Bfl Inl *BOftaa*flfl BwBMBBj current lia hiiiriei v a-r? nl. ? - aml con ringent Iiaiulitiee |l.lt7,B Alabama Creat Smitharn Railroad. Re? port for the year BBSflBal June Ifl, lili, ahovra h Fiirplu. after Btatertflfll atflsab divulemL af tl.ttl.lti, e.i'in! to U.I rer rent on |7,BJ|,. eon rommon aflaak, Bfl compared with l. I ier rent earned on the aame stm-W in the year preccding. The rondensml rr>; ort ia aa fel? lowa : llll. 1915. f.roaa .$5,641,402 14,776.630 Kxpenaea arni laxe... 3.960.100 3.832.367 Net . 1.681.301 944.263 Other incoma . 383.915 240.433 Total income . 2.065.216 1.184.696 i haritee. etc. 604.358 658.621 fMirplus . 1.460.358 626.174 I'referred dlvi.Iend...... 393.224 202.821 Surplus . 1.067,133 423.363 New Tork, New Ilaren ? Hartford. lrM6. Inereaae ArtB-uat BToee .17,149.733 1888.680 HOt after Uxes. 2.366.073 261,533 New York. Ontarto a Weetarn. Auanat fc-roaa ...... . 969.811 67.711 Net after taxea. 376.884 29.505 Dividends Initad Clfar Storea.?KrguUr quarterly ! dlvidend of 1 \ per cent on the rommon ' atork, payahlf Novrmkt lf> to etnrk of rarord . Octoher 27. lnlia.1 Verala Rxtcnalon Mining. IWiiiar quarterly divldend of C0 eenta a ahare, paya- | ble Novamber 1 to etnrk of r,. ,>r,l Ortobar 16. I Mononj-ahela V aller Trartlon. Kagular craarterly divliiand of 1 per rent on tha eom mon atork, payable October 14 to atork of rarord Ortobar I. Brooklya t'lty Uallrnad. -Regular quartarly iiMiien.1 nf 3 per rent. payable Ortobar 1* *? atnrk of rarord Ortobar 4. Celeraaia Paarar.-^KeflruJar uoavrUrlr afM GOVERNMENT BONDS United States and Foreign 0R n R R ? ne cutcd for the purrhase and sale for rash or on a conscrra tivr marginal basii 0( all listrd securities. HarveyFisk&Soni M?nhera *?* T v..t iri-r.ana*. I'ptou-n Office, 15 East 45th St. Mh.ln Om. e. I] , ?_,, |. Hercules Powder Fisk Rubber Bought?Sold Quottfl Kiely & Horton SO Hrnad Mt.. V 4 flinn. Rraaa * ' < HARTr.Rrll 11*4 ???"?-"????a Union Trust Go. of New Yort 80 BROADWAY rmh 4t k aVh St riftft li |r?j| AIIiitts Int.rrat on Drpagrta Ic's as Eiecutor, 6uardian, Trustw.aj; FREE DO iOI KN044 THAT Any Investor ^<^5 can obtaln cir- _>^Cc,r>i' n nt rop!?a of 6? FINANCIAL PRESS I H. Flnid M.. K-t'-al nrVIDEND NOTKTS. UNITED FRUITCOMPAK DI4IDF.ND SO. 69 A auarfr'.y dlvid?r.l of twn *?r m rtno dollars p-r aharo) 00 tba rapltalM of thia ('orr.pany haa b'-n .'.?- uid. part. - . .n October 14. 1314. to atoekhoLlMl r?rord 84 tha cloar* of b\u. r.ra? Sagtaaa U, 1114 The ***an?f?r bnoka do n-* *aflB JOHN BJ i>A.V< N Tr?a Ameriean Telephone & Telegrapdb A divldend of "Twe I' ara p*r ahart> ba rod ori M aalay, i tebar II H'.l * atoekhoMrn of *r*4> r" *.? Um -om ef ra? a*.aa on Saturday. Sept?rr.h*r 10. llll <; D '?'? r.NE. Traaaarar KElIf-SPRINGFIELDTIRECa A i3iiart?r!y gBvlda ' ' ' 4 Uag conu .? " rlirarl. D4Ur*abU Nofg-f, ' *** . r r? rl n "' . ? - .*a? 14 ? l - un.1 r*ao-aa Naw T^rk. Octrt-rr THE IOI.OKADO POBTB COBTiTl R.CUlar ijuart-r I O!Sl ** THREE-QI a : f? (?** Baa fn deelared r l"*f*rr*4, B* payable D?,*raSrr II llll, to Bi<XH*aaa*i of rrcord Novemr-T 14 llll _ ut\ in v i>aT. ??-*???-* WILI.HM I*. IMlMIKH.HT 4 CO.Bk 14 u'aii Street, N ? ????, w DlaburalBf* ? THK 401.0RAIN, PilMIR C?"***? R>ltll - ' '"'K *= CENT (l%l baa ' *r"1..*.M " ?'. s to atockholdara ' - *r '? ' ? II'. v WTM.IAM P. I44.NHKM.HT 4 CO.J* ii B/all Btn ? v ?'?? *""" Ir.a' lira rig Ai:. "".tr _ FEDr.KAl sroAai HHIMX) ? i.ttobai air.. .M Th. r*.?ular -juerter ' Vl"*'.!.. a AND ONE-HAIjr pER l I *-T < ?*? ^ tba Prefvrred II area ? < ?' a < \mP??? ??? paid Oci JOrh i?t?. ' ?' r\7*%J record al tba ' ' ?' **-*? 0rt *? REOINA1 . ' *??- *? r!!!L FI.NAM LAL MLhTINGS. CUUM.O. eAINT PAU, M^/Of-1! AM. OMAHA KAlLHAl Cft NOTK K ur" A' , ?;".. Tl, Annual ' " -./'."JST of lha Cbieai - .nitoO and urnah.) Rallwa) * ' \ "... dCgal .? th. offlce of tba ,'"il?B H ,:,.r, Wieconaln. n r rl ? ^^aaj .. . af gg8 Other l.uau.raa aa r.,ay 1 ???? -<r"" bualneaa an thal lar. ?? "1 ?'? M "^H Dated, Scp! rr.bar_1. ?'?? ^m9\ J ,IIN I' i a. !.:??. Chlra.o -anTl^r7h~?r...? rUll-*7 ? N4)1 Thr A \,.'.,rf) raB of tba Chi ,< - . -,i war Cempa. , \ 1S*L thr ennpan) . a T**?* :? th. ..Ity ef ? hicaio. 1 ? ; ^ ,?* ,ia% October II * , . ,rcU>n m A m for th. ? .. rJSSa* Iba trar.iactl.n ?f a. S ^ may ?? m. !? ' ' ' .. M-at-? Tranaf. r bo ka - , J.,,;-* BatptVmber 11. Ht?. ?| L^^lrai alP on thal day. and rgrlU b* r?opg??? '?"'', .141 Datr.1 Baptambaw '?.,;*? 'w m?a\ RICHARD H alSH ^ J^J dend of I-a, pr ca-nt <? th. IP"*'^. *> payable IVrmVr II ? ?**?*,** i-Saf ? vrmba-r M. and --mi-annual aVMJ| ^ rrr ent on thr fomm"n ,tot\y\^ bar |< 8* atock of rr.-ord October . THtc ato<-k ?f -vo? ^w" ,. aj-*g*g?* P8BB MoUr.-Kra-ul.r f*?"* t 2 ?' ? ^ prr c.nt on thr ?,r'f*r1^ /y^gaT V bJr Ofta)la-r II to at/vk of r-veM^^^ rf lnt.roa-.ar. OtL-BU """^ZTt* ;;., p,r crnt on th. firat rr*<'jrwda ^ able November 1 to aloa-k ? r-a-*" *UI -n ~, ij^A ei I*-*" frrr-J atork. rayahl. (Wb.r N ?? r-K-ord Octnbrr ? -^^gia-a. -taffl Aaaertran Llabt ara. ^'L *-?? * quartorly rBkB. ?!.4?*"* ?J ^.^1-^ thr Pr-.f.rr**l itavk and IV J4W ^J rommon atock. and . alv^ ^^^ November 1 ?? af"- "'^ ?aT - aW* n.rbUoa^a.b.r ^-^^.1 -? <T4i.rta.riy d.v.d.nd gfl *? ^ ? ga ** preferred at?vk. BBaBBBI Dr?" oi inrord Octoba%r 10. ^ g^J dlvidand of 14a Bf Oet* ~^ 4Q*9 .tork. payable *>tobarr M ??*" SepUmber ?0. rM-rfaJa-al Bj ?TJ UUA parabVa 0*tober K> to .?* dend of ?* '?"??. r*?* ?~^: ataaeoaoO-UrbtS*