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WEALTH MARKETS AND COMMERCE
TAX EXEMPT i ? M YoHi City . Y. Ba'timor- A OSio R. R. Now York Crn?r?.l R. R. fjh. *?? & St. Ry. Buffalo, Roche: lcr& PUU. 4 New "* I Co. ir,. No** ^or*i i 1 aade. .oS>5< *'c. Remick,Hodges&Co, - 1 M W ? . R. ' I November Inve4stment List le bonds 10 0.75'. ort term securities . Miag 4.70 to 6.37 . preferred stocks YioMing 5.95 t?* 7.70 - make up our November ? timely invest v tions. i ity a complimentary this List No. 542 ?.Villiam P. Bonbri^ht & Co. 14 Wall Street. New York 3100,000 City of Philadelphia 30-Year 4s 1946 Tax Free in Pennsylvania Legal Inveitment for Savinp Banki in New York, Con ut and Mauackujetti. Prioc 104 and interest Yielding 3.78% tolmondaGa. 33 Pfine St - - New York _W. E.Z. HUTTON&CO. >rw ? ..rk ? lin-liniutl Meaaberi l Europe's Gold and American Credit I hrir bearing i Securities te en I* r ' i ?? , * ? i 60 BROAPWAY, NEW YORK 9 .l.K.Kitc.Jr.&Co.UillBuy t'.ittlr r im. i . I |roa i ii?. * Tfil. i 1 ' ? . Ili.nix In-lir.iii. r Inaoi .ini r ... x rr.i lini I 11rI .... i - i nn. I ..il l <>n> li-1' I i i . in i Mfg. J.K.Rice,Jr.&Cq. British Gov't. BONDS Russian Gov't. BONDS Canadian Gov't. BONDS GEO.RE1TH & CD. ? W-U.ST*Uf. Ttione John MM We Specialize In Spicer Mfg. Co. I'arl BAMBERGER. LOEB & GD. 25 Broad Sl. New York Finanee - Eeonomies GARKT GARRETT. Editer WALl STRIR OFW J !r''?"":,( Mllia Building. 16 Rroad St. Ha Monk\ef, November tO, 1916. \ mc rper will l.r> effected to meke tli^m lhat a tiny moth will come miles through thc dark to mcct Ui matc -.r that food in thc middlc of a dc.crt wil! rail birdi fron behind thc bori** theae are called wondcrs of nature. They are nothinp. Steel common, after day.*- ..f aimlcss and erved fluctuatior.s. becomes raddeitly very active and touches. a ? -..gh price. This happens for no re;i ion that could have heen known . band, or for no tangible reason at all. hut thc attendance in brok flkei will have increased four- ] fold The crowd is always there to j happen. That seems just to happen. too. If you should ask the man who has not been at his broker's for several week:-* 1 .fore how he tame to arnve at the psychologieal moment he would not hc able to tell you, any more than the moth. It is a coincidcncc. or ho thinks it is, and would let it pasi as such, without taking- the pains to call you crazy. The fact that no new railroad se? curities have heen issued this year. or almost none, il supposed to prove the case that investors have lost con? fidence in the railroads. In a sum mary of what took place at thc spe? cial meet inp of thc Chamber of Com? merce of thc United States called to consider the railroad situation wi read i Bearing out Mr. Thom's itatement of the lack of confidence in the rail readl as IXpTOaacd hy investment1, Harry A. Wheeler. of ChiCBCB, president of tlie ? hainber of Com 'aaoreo of the United state.. point..'. out that since AoffUlt, 1M_. boiiBOl men of the United Statai have in- , ?d more than $2,000,000,000 in foreipn fuxuritirs. In this country during the last year there has been ii.vested in industries $900,000,000, but none in the railroads. But the fact is that more, railroad securities have been bought in this country in the last eighteen months than were ever bought before hy in? vestors, banks and institutions all together in a corresponding period of time. Reporting on the investiga? tion he had made of thc liquidation in this country of Ameriean railroad .ecurities held abroad. Mr. Loree, president of the Delaware & Hudson, on October 20 last said: "My own i ir.quiries have shown that between January 81, 1916, and July 31, 1916, ; Ameriean investors repurchased not leei thnn $1,288,778,801 in par value ..I the securities of their own rail? roads wh.'ch had been owned by resi dents of foreign countries." The market value of those securities had been at least $1,000,000,000. In seventeen months, that is to say. our investment. in Ameriean railroad se? curities was increased at least $ 1,000,000,000. Surelv there is no ___gg______B there of ar.y lack of con-! tidence. Men who have watched this fi reign liquidation as it crossed the floor of the New York Stock Ex change have marvelled at the ca? pacity of the Ameriean investor to absorb railroad issues from abroad without the exciting aid of specula? tors*. lt ll all thc more remarkable when you allow for the competition of industrial capital, on which pTofits ha\e been running very much higher and in which there has been very enthuiiastk speculation. It is suggested that the Hritish Tt. aMiry will presently undertake a lization of Hritish securities, in? cluding railway, corporation and mu? nicipal issues, much in the same way as the Engli.-h holdings of foreign i.iiriti.s irere mobilizcd, and for th<* same purpose. Hut if Great Britain should begin to export Prit ? .unties, as she has exported gn securities, it would not mean ? .-<-.?.-. nrily that she -was selling her? self out. She would be only chang mg the form of her investments. She wni.ld bc raising funds with one hand and lending then. with the other. Loans to her allies represent an investment of colossal propor tions. This year alone they will nmount perhaps to 21* billions of dollars. The principal borrowers have been France and Russia. The t gurcs are not available on which to baae the deflnite asseition, but it li \ery probable that Great Britain is li nding more than she is borrowing. IKr lending is in large measure m voluntary. She has to finanee her alliea, But, on the other side, thc tcdneei of ail non-Teutonic Eu? rope to Great Britain af the end of the war will give her a command of traiie and exehange greater than she ?>\er had liefore? provided, of course, I -l.e wins the war. ' ippet shares having become con I by their own prosperity so i thal they an loo valuable either tel buy or sell, it is luinoicd that a at once more valuable ano ni> i ceasible, w thal pt ople "t"'<* worn afford both t i buy nnd nell tl Ifom*:?? ' n call fll the No?* 1 5 ?,,< k Esel '?' hat Anner yeaterday, with a ni per eenl Boffflfl loans v.ci" ni.id _ per eent ? stock flzchangfl eollatflral wai finaer. Thrj tendency waa daa to the fll ooo ca ij la reported by tha < learing Bon-M banhi on Batarday. ln tlir eflflh surplii" over * uue mrnts hai fallen M Loans placed on industrial collateral were '4 of 1 per cent higher than wflek. Niaoty daya, foar, ni monthV loans are Z.\ to 4 per cen' Mixed mor.ey hou praetieall*** no activity and the rat) Rflljng rates on money compared with a year ago, wi i fnilowa: *, ear ago. Call money... 2'.i', 1 '??*. Time money: ? iayt. 3 &V/a% 2\/*92}/t% tt day*-. 3' i'uZ' 2% 2'/_@2%% I months.... 3' r?0 2*.x?3 ?? B tO I mos.. 3' 2% 2941 ; Commercial Paper. The <?: Iti thia markflt ahowi very Offeriagi are scarce. Sis months' paper ii moi ? per eeal Bank Aoeptancrs. Member ?ligibU billi flifl Mi pm eenl for sixty dfljn and 2*K pet r-nt for | daya, Wbilfl non-memher hank flligiblfl tills ere '- per eeat higher. Noa?' ? lig.ble aeeeptaneea 4 ?1 ','* Irl'" Official rates of di the tsrelre Federal distriti tra ? lOK : Matority in di md. sod ? Boston .3 Wt d 4 New York.?3 4 4 4 Philadelphia .*3" | 4 4 4 Cleveland . 3! 2 4 *W/g 4>/& Richmond . 4 4 4 4 Atlanta . 4 4 4 4 Chicago . 3'2 4 4 4?/a Bt I.ouis. 3 4 4 4 Minneapolis . 4 4 4 4V_ Kansas City. 41 ? A>'2 Wi ?*! J Dallas . Wt 4 4 4 Safl Francisco . 3 31 V 4 4' \ *15-day paper. hank Fxrhange*. The day's clear lagfl at New Yu'k and oth**r eitli I Exehanges. B?l?i cc Nea York.$398.730.8J9 $30.90.?,484 Baltimore . 6.790.931 811.659 Boaton . 31.430.835 7.F ffhieago . 79.172.503 4,428,944 Philadelphia.. 42.777.0b6 0.5F2.803 >.ib - Treasury. NfllS Torll hsnks lOfll to the Sub-Trcas-K, | - Siher. Bara in I.ondon. "4 '*? pence; Nea Vork.. vc's eeata; Mexican dollars. 6B4. _ ?f.old tfl Ihe Far Kast. The Sob" Treasury transferrcd t2,W00fitt tfl Frar.cisco yesterday. <>f this the Yo kohnma Bpeclc B ; mi'1.-' ***'? 000,000 gold to Japan. Boston Bank Statement. ihe week? ly bank i-'.atcmoi.t shows cash flxeesa of S.I'.oOO, a decrease of $70,000; ex ?f eaflh with NflW York Bg llgjOOMOO, an increa-e of IMM.OOO, an.l execs with tlie Federal R banks, $7,653,000, an increase of |4,? I oflna aad discounts totalled 945S.402.000, ? decreaae cf kWAtlfittl from thfl wcfll hefoie Hank of Genaaay. The atatomenl of' tiie Imperial Hank of (Iermany, I November IS, ahowa the follfl i baagofl, in mat Total coin and bullion. Inc. 5,t05,000 Gold . Inc. 4.872.000 Treasury no'e-. Inc. 47,632.000 Notes of other banks.. Inc. 5.277.000 Bills diacoaatod ...... Inc. 435,422.000 Advance:- . Dee. 860.000 Invo?tmrnts . Inc. 2.919.000 Other ceciir:t>-?. Inc. 21,767.000 Notes in circulation.. . !>*<-. 67,515,000 tfl . Inc. 529.426.000 Other liabilities. lac. 55.4*1.000 Total gold holdingfl, 2.516.752.000 nmrh-. I.ondon MoaO) M:irket Comment.? In vpw of the anticipation generally entertairrej in I.ondon flf the i;,sue of a new British war loan at an eaily date, the question has been raised as to the desirahrl't;,- of h rodaction in ' the Hank of FngL.nd rate beinp; mude j to precedc it. Ifl this conncctio:i ** I he ' I.ondon TiflMfl" >ays: It is arirueil that the noiiejr of i.-uini; loans in the t'i.iti-1 State. from time to time i. certainly ti.e 11... t rfTe.-tne inraiM of eeatroilina thr <>r baace. nml 11._t sveh loans are infinitcl) more beneftcial to this iiM.iitr*/ than the p. Iioy of ni.-iintaiiiiiig money rates at n Irik'h !? .'I m H | lagflflfl neutrah tn keep lari>*i* halani-e. i . ra 1 H one tlune. the flalsaeaa nray h? called on romparaturh ijis at nn iriconvenie nt time. Mnreover, tm* reduction of Imtik rule WOOti trml to rane priflM el seCflrHtas and tru.i render ii paaaMa t" float the laaa ?'n flMffl a.l tm*Aamm*a mttm laaa la lar-.i i.n ihe most ecoaewkral leram tben inevitably be a further lanre ilepr?iati. n in cvi.tmc f.t<>i-k?. wlii.-l. moali nivi.h. ? rorresi'iiii'ling diniinutimi ui tli> rr-.iu'O sf ti.e i-ountr . .lepre ci.ilii.ii '?'? Iflfl rnilli..ii i- ur .( .. lo** c" ?"? faewrtla U Um iiivciU/r, Ui. aiuour.t wbich banker. ; I* profared t_ lead on thoM aaru .... u eaal aaa, ?n<l the ....,.,. ie BvaUaMe for |SM B-B-d he IB* . . .,?..., ,. .1 ?!-? ,,,..,, - |o II.? . , ,,,.| otbee Inrue .? ******* ,,'", l ***** koiiBwod ??,_.?. ?? 00 -4 much kWW. than I prt taaX, ?* *'? tat **'rr* t*e**> ,..., t'.Ht r*.en non- _ 4 taa tt**, vi ith ? sinkina ,,,1 applM annually by dr?_in_?. woul I . | ,,i ti,. tttaatton. The Dollar in Foreign Exehange jtxeriaad eoatl . ,,1.,-,- and checks sold . ,| iin.l.lay. Thil MBl thi , tO I premium for the first , tho war broke out. Goraau , weak and ehecka declmed ... ?> . eeata A new low record wu bad hy Vienna exchanRe at ! r ||aa roMn were under ire. ?.mc. on Argeatiaa was not M atrong, droppinsj to 1.1 pesos to the Ameriean dollar, eonpared with 100.... ? .r.ljv aml I par ef 101 99. Week Valterday. igo. lenand. 4.7558 ' 175 ? ??.- daya.... 4.717? -1.71 <i eablei. 4.76 1.76ft ., ninety dajn... 4.693.; 4.69' ? nand. 5.84'., 5.84'.> : . 5.83' \ 5.S3' _? . 40* 40-b eablea. 4_78 41 ?kl... 68;h 69'*. - ..,'. , eab!.-. . . 68 69 7j U . 6.71 6.66 Lire, eablei. 6.70 6.65 - . 5.18 5.23 . 5.17 5.__ I onen, ehTn.11.i4 HJI olm, kr.. eheek-.28.30 28.30 .,-,:,. kr., ch'ks.26.95 27.05 eeka.20.40 20.30 eekl.30.30 29.60 trgei tine I. 1.01 Below ;- ci\en the eorreol exehaage value of foreign money in dollars ..nd together with the iatrimic jrol.i lated kjr thi I i ? Cnrrenl exehange Intrinsic ralne. value. rling.H>'558 $4-86*8 . 0.17 1 0.19 3 . 0.40 0.40.2 . 0.17.3 0.23.3 Ruble. .0.30.30 0.51 2 . 0.14.9 0.19.3 ... 0.26 95 0.26 8 .0.28.30 0.26 3 p . . 0.99 0.9643 'lie above ratei expreaa the cost ol teriBI ftf the Ameri? ean dollar. You buy an Englilfa pound Dg for 14.75%; the intrinr-ic par |44l% per pound. Thus, you say either that pounds are at n dis? count or that dollars are at a pre? mium, whieh is owing to the fact thnt in Kngland the demand for dollar. with whieh to settle aecount? in th:. try is gi.ater thaa the demand in thil country for pound- with which to settle aecount =4 in Kngland. Relevant Information Miami ('upper.?Thil i.-sued prove.! an exeeption to the rule ia the copper .-.. aad closed l nohit 1- i. after adraoeiBg ta 49-V i t lornorer wai 20400 iharea There 17,114 aharei of Miami outstand ing, haTlag ? par \alue of $5. I_.st the compaoy prodaeod 41402,000 poaadl of copper. at an average cost of B 19 eenti ii pound, and earned $4.."6 a D8t $1.61 in 1914, with divi |24i. Latest figures Miani'i prodaetrea eaaaeity at 50,000,000 povnda. The proparty is lo eated in Ariiona. At the end of last year ore reeervei were estimated at 35,140400 toni, running 141 per cent copper, makir.p; the proved life of the property twenty years. N'ew Vork Air Brakc.?These shares ? another new high re.ord for the lurrer.t movement, going as high as ? <terdsy and closing 6s* points | up at l4*."!. Two years ago Air Rrake was around 00. Current strength is ' ha-ed on the expertation of an extra ? nd at the meeting of the direc to-morrow. A >..-h or stock __?? ment of frot.i 25 to 40 per cent hai heen talked in official circles. The COBipaay hns heen makii.fr large prof.ts ?var con'racts and from its rail ? I'nt.ment business. Ita capitul ?B is small. $10,000,000 of an au thoriied issuo of $13,000,000 ?utstand i?-. which regular dividends are hoiaf pai'l at the rate of 10 per yaar, The companv's earnings have fluctuated wi.lHy over a period ?n yeara, running from 2.44 per ?r 1901 to M0 per cent in 1911. 646 per cent in 1. 1.1. 6.41 per cent in 1914 and 1 (.41 per cent in 1916. Earn? ings ao far thii year have been esti? mated as high as 75 per cent. Nrw Vork Central.?An advance In N'ew Vork ( entral shares carried the ttock l'a points up to a close of lOS'-i on dealings of 7..00 shares/ Central' earniBgi on the J2.P. 590,000 of stock outstanding are now runninjr at ? rate ef nearlv 20 per cent a vear, compar. d with IIJO per cent actually retaraed in 1014-10. Thc atock has M I r? P'*r cent busis since 1912 ?lv the directors authorized thi ? re of $25,000,000 of new atock, to he offered to the stockholdcrs at par. At tho time it was said that this in cren.-e in stock would take the place of an increase to 6 per cent of the ? rate of 6 per cent. Iteeeiitlv, boweeor, there has been a re nf iumors of an increase in the ...rly next vear. Pre_ident Smith B ihort tiOM af. e'timated that the ght-hoar law WOOM cost the roud appro-.unately $2,000,000 a year. FRANCE UNDER NEW DICTATOR Clavcille. Eflginecr. in Charge of Im? portations Bj YVKS 6UTOT Pi Csl - ?-. tka Mbaaa 1 Parifl, Nov. 20. M. Clavattlt, the nr w dietator of liBpottattorm and transport s ?Mttmod officfl to-day. He is not a meniher of Parliament. litit an I'nginoor of roails aml blidgea, I nd. what aniounts to a irvolution, ? . i not a graduate of th" Ecolc PolytPchniquo, Iuit an outsider. Ho madfl a national reputation when the .-tate houpht the railroad- ol* the west. State control of those roads wai Indoeod hy a sorio.s of bad accidonts and tho frightful disordcr arising from the fact that six different di rectorates were installed to sati.sfy' politieal friendships. (laveille then was ealled in to lirinK order out of chaos. He hepan by nying: "I know nothinp about railroads. hut this is an affair ol* p-vsonnel. and I shall eon tine myself to eapable rr.en in choosiiij,' my assoeiates." He suppressed the organization whieh he found in power and re? turned to tbe three-division system txistinp* in other companies?ex? ploitation, ways and works, and ma? terial and traction. At the same time Clavcille had to think of numbers of small employes. all of v.Ii .ni had vote-. He must not atiKcr them, or members of Parlia? ment would lose their jobs, so Cla? . veillc showed himself penerous tow? ard the workmen. Under these con-} ditions he made the state railroads a : Working proposition. (."laveille left the state railroads' -at a critieal moment to become Di rector of Munitions, and now he \ takes on the still hipger position of j Dietator of Transport and Kavitaille-1 ment. He ifl a man of decision and, foreo of character. and, moreover, he does not basitatfl tOO lonp over ntat ii n of expense when the end is nec e. sary to accomplish. ALL INTERESTS SILENT ON COPPER COMBINE But Report That Merger Is Un? der Way Persists Conftnaatioil of the report that a big combination of copper producing com- ; panies is under way was still lacking m Wnll Street yesterday, though talk flf such | merger persisted. Accord? ing to the gossip going the rounds of brokers' ol.ices, thfl I'tah Copper Com-.' pany, thfl KeBBOCOtt Copper Corpora? tion and the (hili (opper Company1 Aveataally will he operated under the control of .1. P. Morgafl i Co. and the Gaggenheiau. Baeh a combination pre-iumnli!;.' would iaclaOfl the Braden ("opper Comp-iny, tie itock of which is all owned by the Kennecott. Reports that the ( erro de Pasco Min? ing I OBtpaay aim might be included in the mereer were not generally cred ited. Tne pricei flt which the three big companies were reported to be taken into the combine wore 150 for Ufh, 70 for Kennecott and 60 for ChilL Interests of the companies that may eventually decide to combine would be likely to move with care in order to ! avoid any clash with the anti-trust laws. PROSPEROUS YEAR FOR THE BALTIMORE ? OHIO Annual Report Shows Balancc After Dividends of $3,664,000 In Its ninetieth annual report the Raltimore & ohio Railroad shows a surplus sutficient to enable the com? pany to meet its fixed charges, to pay the 4 per cent dividend on the pre? ferred .-tork, 6 per cent on the com? mon and still have a balance of $'!, 664.4t;:>. The surplus after preferred div rjfladfl was $11,261/>R?, equal to 7.39 per cent on the $1.*>2,317,4?J8 common stock outstanding. Total operating revenuea for the flscal year ended June 30 last were Illl.MMM, exceeding by fl", 112,548 the previous high record earnings, es? tahlished in 1913. The report stated that mining and manufaeturing indus? tries along the Haltimore 4 Ohio sys? tem were exceedingly active through? out the year. "Neither the Baltimore <fc Ohio nor sny of the uubsidiaries," to quote from the report, "have any notes or bills outatandiug, and ln addition to the reserve under the refundmg and gen? eral mortgage there is available in the trea-ury stocks pnd bonds of its 1,9. n i*su? par value $3,682,000 and stocks and bonds of other companies which are curri'.d on the books at 122,000,000, but have a market vaiu<* flf moro than |16.0O0.0O0 in excess of um.'' Stoehholdera nt their annual meeting ? Uy elected Hugh L Rond. jr., of Haltimore. a direetor. U. S. Treasury Finances Washington, Nov. 2<<. -The eondition of the United States Treasury nt the clo-e of business to-day flrai l S*4 balanc" ip peneral fur d, $131,060,343; total ordinary recc*pt?. $2,108,808; to* ?l ordinary payiaeatfl, $3,412,506. Thr deficit th ?..*- i> $99. 942231. acaiaat ?> doflei, <?: $49,006,289 last \ear. exclaaiva of Paa&aaa canal 1 and public debt Uansactiona. SENSATIONAL JUMP IN FLAXSEED PRICES Reports from Argentina Say thc Crop Is Wiped Out A retasrkabli advance la the fln* .ee<| markets of this country and i anada took place yesterday on rc eeipt of reporta that practically the entire *crop in Argentina had been wiped out by the bad weather. having suffere.l even more severely than the Wding cerra! crops. December eott tracts in Dulufh, after seiling at $2.61, jumped to **2.SK, and then reacted to 1240, as compared with $2.67 on Sat? urday nnd $2 a year ago. In Wir.m peg December contract' jumped from 93. 1*4 tO 1*40, and closed at |t40tti .ompared with $2.-16 on Saturday, an adranee of roughly 20 cents. A yer.i ajro thc price in tlie Canadian market was |140%. The Bueiios Ayres cable showed an advance of 5 cents in that market. This season's production of flaxseed in the United States is estimated at "...300,000 bushels, compared *?"?*_ 10, 815,000 bushel.- produced in 1915. MANY SHIPS* BUILDING FOR MERCHANT FLEET Wa.thington, November C0. Steel merchant vessels, building or ui der contract to be built in private Ameriean .hipjards on N'ovember 1. 1916, according to builders' returns to the Bureau of Navigation, number 417. of 1,479446 gross tons, an increase of 36476 tons over the returns for Octo? ber 1. During October Ameriean yards fnished 17 steel merchant vessels, of ."2,491 gross tons, and made ne*- con tracts for 17 steel merchant vessels, of 77,877 gross tons. Thc builders expect to launch during: the current tiscal year 314 steel mer? chant vessels, of 960,S09 gross tons. and in the next tiscal year, which will end June 30, 1910, 10.'! vessels, of 119447 i?ns, already contracted for. Of the seventeen vessels launched during October nine will operate in the foieign trade and eight in the coastwis. traile. Two vessels, of 2,639 gross tons each and of 10 knots speed, were con structed for a Uruguay shipping con? cern, while one of 2,.S!) tons and of 10 knots speed was constructed for the Sckstant joint stock comnany of Nor? way. A number of the vessels under con* struction are for foreign firms, princi pally Norway. Of the ne**. contracts entered into in October two vessels of 5,730 gross tons each, with 11 knots speed, are for Norwegian firms, as also one of 5,700 tons, with 10>_ knots apeed. Foreign Cotton Rise Causes Kxritement.? I.ondon, Nov. 20. An advance of a halfpenny in Ameriean cotton and three halfpence in Fgyptian cotton to? day occasioned temporary suspension of business on the Manchester ex? ehange, the Exehange Telegraph Com? pany reporta. I.ondon Markets. London, Nov. 20. Thc stork market to-day recorded thc usual number of weekend orders. The tone was good on the war newi, and the rniscellaneous section attracted tlu* most attention. Otis Steel was prominetit in the metal section, with a rise of 10 points to 96. Argentine rails were weak on unfavorable crop news. and the French loan was heavy, but British and Japanese bonds were maintained. Ameriean securities were idle, with the exception of United States Steel, which was a strong and active feature. Money and discount rates were quiet. Short dated treasury bills were in good demand. Money, 4\ per cent; discount rates, short and thrce-month bills, 6,*'''.o5. per cent; gold premium at Lisbon, 71.00. Paris Bonrse.?Paris, Nov. 20.? Prices were steady on the Bourse to? day. Three per cent rentes, 61 francs 10 eentimes for cash; exehange on Lon? don, 87 francs 81'? eentimes; | per cent loan, 87 francs 75 eentimes. Other Cities Hearing* of Harvester and Steel Suits Set for February 26. Washington. Nov. 20. Rr_rgument of the Federal suit for dissolution of the International Har? vester Company was to-day set by the Supreme Court for February 26. On that day the court also will begin hearing tlie diaaolntion suit against the Steel Corporation. The questions in? volved ia both cases are similar, but Railroad Bonds Industrial Bonds Foreign Government Bonds Send for our circular showing a diversified investment yielding over S1//2% income from the above securitiei. HARTSHORNE & BATTELLE Members of the \e*v York Stock F:\chenqe 25 BROAD STREET NEW YORK CITY Invest $100 If \.m invc.t 1100 ii. ni annual ..u!> ?criptioa t.i .mr lereiee, jaat in leebiwit rieki irlll be lergdj rliiiiinalcii, and your liiv.stiii.'iit worrirs will hc over. 8eud f"r ri'ini.ht "The Story of an Institu.jon" Moody's Investors Service 55 Nattao St., New York. Tel. 3173 torl. "Out huudred iotleri iea/t kifk lo huaw wkat't beet te telt tt bttf." the Department of Justice opposed pre senting two sueh important cases at the IBBM time. The court, however. took the date suggested by thc company'* lawyers. .'eder.l Reserve Advisory Council MoetH.?Washington, N'ov. 20. I'romi nent bankers from nearly every .*.ec '.ion of thi countrv. composing the Ad viaorr Council of the Federal Reserve Board, met here to-dav for thc coun ell'l ouarteily con.erente. They dis cussed foreign credit. discount ratea, the gold situation and business condi generaliy.. and to-morrow will ^ubmit recommendations at a jointcon terence with the Reserve Board. \Y. P. G. Harding. Governor of the Reservo Board, speaking of the steady tlow of gold into this country. said there were no signs cf slackening and that some of the strongest banks were protecting themselves bv acrumulating short-term commercial bills and obli gations put out ia foreign countries. Boston Coppera. Boston, N'ov. 20. ? There was no stop to the boost in eopper shares to-day. Prices broke through old records tn several in stances on jumps of 4 and 6 pointn. Allouez. Mohawk, St Mary';. and Ari? zona Commercial made new high marks. All metal issues advan.ed. Tht* volume of trading was great Copper E-aan. H61*., Allouez, 81; Old Dominion, .1'**. _ Dividends Ohin Oil. - Ketfiilar quarterly diwd'nd of |1._G a share and 13.75 extra, payable De? cember,-:!'' to stock of record November "7. I o-d.n Oil nnd (.a_. Kegular quarterly dividend ot 1 i ner .-?-nt on the preferred itock, pa>uhlo December 1 to stock of record November --, and regular <|iiarterly dividend of -'- per eent an.i 1 per eent extra on the ,-nm-ii.n. payable December M to stock of r?*cord December 11. _far_tns_rk Water. Dividend ef % per cent on the common and preferred stocka. payable December 1 to stockhold. rs of record November '_'.'. Pabiit Brewinr.- Dividend of l?i per eent. payable December 13. Texaa Southern Electric.--ReavJar quar? terly dividend of l'_ per eent on the pre? ferred otoek. payable December 1 to stock of record November IS. Northern Ohi. Traction and Llfht?Reau lar quarterly dividend of 1>4 per cent on the common utock. payable December 15 to itock of record November _... Tennes.ee Eastern Electric?Re__lar quar? terly dividend of l'_ per cent on the pre? ferred ftock, payahle December 1 to stock of reord November 1.. Shawlnitan Water and Pewer.?Re*u!ar quarterly dividend of 1**h per cent, payable January 1" t<> . tock of record December 19, Ameriean Ttlearaph and Cable. Reguiar quarterly dividend at 1 '* per cent. payable December l to stock of record November -V Corporation Returns ( olumbla l.as and Electric Illl. Illl Oetobor uros* .$712,715 r$601,..0_ Net after taxes. 345.117 276.698 Total income. 398.9C0 m083 Surplus after lease rentals and cru.rj.e_. 51,400 ?S.SO* ?Deiicit. Significant Relations Money and Prices: Nr Stock of money gold in the counti \ jresr a*o. $2,715,000,000 $2,056,732,138 Lateat report. Neareat period laflfc IX la?t >e?r. Loans of all national banks. $7,859,000,000 $6,756,000,000 Ratio of caah held to groas depo-it liabilitie* . 6.7% 9.1% T.ast v.< ? r A year ago. Loans of Kederal Reserve Banks. $117.493,000 $45,149,000 Their liability for notes, net. 14,468,000 12,923,000 Their gold reserve against deposits and circulation. 72.3% 79.6% Yeaterday. The day before. Ajraraco. Average price of 15 railroad stocks.. 122.90 121.68 119.21 Average price of 12 induatrial stocks. 109.50 109.58 96.30 Food cost of living < Annaliat inde-s i._t. ?ee';. The wk before. A>Mr_?. number) . 208.92 201.99 144.81 Production: i ? >ept<*mh.T. a year age Innlled l . S. ateel orders. tons. 10.015,260 9.522.584 6,165.452 Lateat kov t forecaat. La_t year'a rrop. W heat crop. bu.hels. 607.557.000 1.012.000.000 Corn crop, bu.hels. 2.643.508.000 3.D55.0O0.0O0 Cotton crop, bales. 11.637.000 11.191,820 Distribution: Harm ? Ayaaraga Shortage of freight cara. 108.010 60,697 Surplus of frelght csrs.- 28,268 fr.>m la?l l Jul> I ui . rnii au* -i ,,,,,.i-. .i *. i..i.i... i Zii.f.i mla . fiross railroad earnings. 9.9', 7.9% 17.8% . lasraaaa ss flaaraoaa (rom la?t >e?r. -> l_,t ?efk The wivk before. Year to date Bankiclearingrs. r 34.1%, 30.6% 39.3% Stocks or Bonds may bc purcha-ed throuzh u$, in any amount. e-.thrr Outrirht tor I a ': On Conservative Margin or under the Partial Payment Plan. L'pon rcqitfst we will send booklet fully explaining the method ot purchasing -ecuri ties in any amount under the Partial J'ayment Plan. WRITE FOR BOOKLET X2. 3" ?s,Cs_aT^j_i\y*^l| 42 Broadway, New York Members New York .Stock Exchange ?llll Before The End of War "After the War*' hat be? come a dull <*ry in many ears. It was raised too soon to be interesting now for people who only remember that lt was premartire when flrst they heard lt. The stock market antldpated war profits before tinirh of these profits had been made. How much before \tetee il made will the market antici pate the end of the war? Will the prospect of peace profits influence the mark't when peace is actually achieved? These are miestinns of the future as to which you should have n definite view. Send for BulleHn S 24 "A I.ong Look Ahead" John Muir X fo. V SPEOAL1STS IN *f Odd Lots Maia Ofice. 61 Broadway, New Teffc 42d **' * Proi.i?t?T. i Itttk St fl Umm A* Mtth SL fl Mad. A?. t* i ourt 8L. Biljl. ItS Weat 82d >?[<-' i ?: ? Bn ??: *'? ? "Stnit. Mrmhrri New Tork Moek KirSaa?. We Buy, Sell & Quott CARBON STEEL Slattery & Go. SPECIAL1STS 40 Exchange Place. N. Y. Ttltphot 43*1 SroaA W? Ar? Speciali?t? ln Marlin Arms Comition A PrwUrr*t4 STOCKS GwynneBros 25 Broad St., N. T. Fksas UJ2 W Special Market *Utt# OHIO CITIES GAS Lotttl Itexeloptventt tn .VflW(?**>? **** Matled <>u m\*etl CLAUDE ASHBRCOKACa Meabe.t Cukiimu" SkxL U<ktaat Ci??i??ati. Oki?