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d Comme ree Income Tax Exempt and Safe?t A new so!>c\iulo of Ircome Taxes io hc lfMcrl opOB m cotnrs in c\cc<s ol $1 000 and $2,000 Bad ina.rr.sing those .?lrr.?rly ifl force. is expeeted to he hxed bf Congrrss in thc neai tuturc. Wl.cn le\\m? IBxea opOB BflCOBBfl. tl'** tio\ernnie:it recofflizca onl) tuo cMaaci ,i> exrmp" iti o\wi .ind municip.il ob)tgBHons< Make your inr.imc exempt r.ow through ihe i urchaac ol tha* S.ifest foflB ol l.nC5l mrnl - Mnnicipal Bon it \j\t\ r-48 Yieldinj?4':rr to5'.c'r Mal iir. IwflJflarSl Spitzer, Rorick & Co. EstaMlahed 1871 Equitable Bldg.. New York Toledo Chicago OCTOBER A T * ?t? ? ,..DCT aC aware that t lKail 13 t h c n e w TAX DAY Investment Tax La-tv of Ne" York State perrr.its you. upon payment of a nominal tax, to exempt your inveFtments ?p defined in the Act from the Perfor.al Property Tax. and that failure to eomply with thi? Law makes your estate liable to a severe pena'ty0 If you care to send ns a lifll of your iavflfltaaaata, w? shall be jj'ad tfl adv.se you as to tho-e tvh-ch ln our opinion come rr the scope of this law, and tfl fusist you in mak I c b iavflfltmflBta tax axempl thfl period as snecificd. Write for Booklet No. 580 \?. Tnrk 8"?!e lavflMBSflM "? l*w" SpencerTrask& Co. iDTeatment Sa?eTiHtiea 25 Broad Street, New York M.BAV1 HOSTON rHICAOO r Increase Your Income Is your money earningall itcan? New taxes, changed con? ditions. and higher in? terest rates make it ad visable to watch your holdings. Let Hfl revise your list and make sugga-Sfltions. E. H. Rollins & Sons 43 Es.char.fe Place, Naw York Baatoa Ban Froneiteo Chteeye I. f Investment Bonds Rhoades & Company afr>'itVr.t .V'rr i'o'K Bawflfe flflataVaflafS 31 Pine Street New York I A Study of Your Investmenls fl lhal '?n<lmcma ' 4l? . r a?n | *t\ a maintain a .;?parr ? ? K >OU AMraaaa I i 'er,?. t.nmt A. A. Housihan & Co. ,- S.a | f flt*. ? Ft-' H s. ) Naw I MMSaawaTH N *i < tBtt A - Iflai I . I tt i | afla Boaval ' '! -a ??? 20 Broad Street, New York I. nr.i-h Offta ? ' U m ? ? I i :-? Bonds for Investment Harris, Forbes & Co. Plne Btreel. Corner VtiUiam NEW YORK Finance - Economics WAIL ITitB-ST OFTICEl Telephone: Hill. BalldlBR. U nro.d St. nanor.r 6614 ?rr 18, 1917 Aft.-r early weakaan itoek prieea rallied on tlu* news thal tho banking eommunity, under thc leadership oi thc Federal ReaBrvB Baak of Naw York, had taken definite toward relieving th*' Btringency in the money aituation. Whatever the form of the remedial measures, they .-uo Bpparentl) working out satis factorily nnd have resulted in a in thc volume of . [ng ni thc mar ; ? | irced thc rate for de loani at tho Stoek Exchange 'rom 6 down to 3 per cent Tho ratea , ? time loana lecured by Stoek Ex? change collateral have nol chaaged perceptibly, although tho situation in tha attat as a larjrer offeringa. Since Mon.lay something more than $15, 000,000 haa been loaned orr timo in thia markel au..: ial Stoek Exchange securities. lt is understood thnt tho baaka are now prepared to make greater OM Of th*1 rediscount privilegC at tho Federal Reserve Bank than over be fcre. if the need ari>e.-. Iii ta.*;. there has been considerable redis counting durinp the last two weeks. Bankers are overcoming thoir preju* dice against borrowing from the Reserve institution; thoy are com? ing to a fullor realixation that lib? eral uso of iiic facilities afforded there will go a long way toward re? lieving temporary squeczes in the money market, such a thal in the last fortnipht. Delay on the part of tne farmer in bringing hia new* crop of wheat to market continues to hamper the SUC n of the Food Admin? istration machinery. Deliver:. wheat in the primary markets are still abnormally small. owing partly to the diasatisfaction among tho farmers with the government'! price of $2.20 a bushel for wheat and partly to the fact that the grower may take all the time hc chooaea to dispose of his crop, since then possibility of a decline in the price. Appeals are now- going forth from goveramental nnd railroad officia's urging the farmer to ship hii wheat into market. Hale Holden, president of the Burlington and a member of the Railroads War Board. har* issued a warning tO shippers and buyera of the Central and Western statea, in which he pointa out that thc farmer can loss nothing by shipping his grain now, while by holding he will lose the interest on his money and the grain will deteriorate. '"The best time to ship." Mr. Holden say*-. "is when the railroads have cars and the weather is good. The situation as to car supply is good now?bet? ter than at any timo since the wai* began. Car shortacre is so small that it really means that the railroads are abio to supply all cars ordered." In other years traffic congestion has usually begun about the middle of October, when the movemer.t of freight normally becomes heaviest. The same conditions, intensified. are expected thii year. By early mar? keting of his wheat the farmer will not only help the Food Administra? tion Board, but at the same time as sist in distributing thc burden of crop moving over a long period and thereby relieve the railroads to a eonaiderablc extent, Grcs. railway carnings for the current month are showing substan tial increases over the corrosponding period of 1916. Figurea on net will not bc avaiiable uncil later. Con? tinued heavy operating coatl are. however. still cutting deeply into operating revonuo.-. In the first weel of September twenty railroads ? $9,501,341, an in t of 12% per cent over the cor? rosponding week of laat year. Roads in the Southern territory made a particularly good showing. * i al Trade Journal" ob ser\es that Dr. ('artield's statement ing the public not to buy coal freely at present prices, but to wait until the government'i retail prices are announced before stocking up. seem- to have fallen on deaf eai . fs?r a- ?? anthraeite are con ceri ed. "Rei ' nity*" -crved no falling off in the number or r-ize <*f order-. but, on thc contrary, thc anxiety to have bini filled without further delay is .-ing arith tire approach of cold -/eather. Thi ei neaa of tiie out? look is mitigated to some extent by . , ? ,, len now have a part of their wil their thai ??-..- ever the case before BO early in thc season. In other worda, mu**h of the tonnage whieh retailer.- received during the sum hich under normal condi? tion- they would nol bave taken later, or v/ould have st for fall delivery. hai a'ready been delivered to the ultimate purohas ers." No improvement ia noted in | the soft coal situation. Bituminous i bipmcnta to tidBwatar . till cbb> tinue ou b reduced scale by raflJOfl of Um priority ordor under arhieh the railroads aro divaTting cars to tbe lake trade. Thia is eansing appr* henaion, Md only because of th?' bBH porary Brithholding of b aubstantial tonnage from Eaatern markete, but . c arith eor aapply ln Central Pennaylvania ent down utill further. nii. ra are ahoB/ii g ? greater ten* dency to Beek empldymenl in othor in dustriea, where tiiey can work every day in tiie week. if thoy want to, thus earnins more money. Money and Credit \i" on of tha? money market yestcr day indicated thal th? fltflpi takflfl by thfl bankers to en-f thr sitaatlOB B*Br? ?rorking socceeafully. tail moaey Ht ihe Stock Bxehangfl fell to :; p<r rent compared with 6 par e?Bl on Monday. rhfl situation in the market for I mfl loan was 1- tCBBfl aMhough there was no marked change in rates. Ruling rate for money yesterday, compared wrth a year ago. wrre as foi - loac : Yeaterday. Yearaea. Call money... 3% - 2>/?% Time money (mixed collateral : 60 days. B'/2?6% 3 Tt2< **? 90 days. 5' ...16% 3!493|l.*/a i mont) -.. .6" 2*8)6% V "jagiS^i*. j to ' mos. . 51 2 ii b' , 334n0 t'onimerrial Paper. This market ifl firmly estabhshed ofl a .*?"* fer cent baaia with ? small amoaal of paper moviag at '-'?. per eanl Official rates of discount for each of thfl twelve Federal districts ara ai fol< loa Daya -1 Over Oaet Over II or 1.". up 80 ap co ap ?o.'j toM 'o90 Boston. V/g 4 4 4 fort. 3 4 4 4 delphia.... 3*. 4 4 4 .31 .? 4 4 1 Richmond.; 4 4 4 ta. 3' - 4 4 4ft .... 3' j 4 4 4'/i .4 4 4 Minneapolis- 4 4 4 4'/2 41 i 4' , 4 , . 3' .' ?? 4 4>/a y t 4 1 BaBB ClaBBfffBgl ' he dav's clear ngfl ? rk an ' othei eitiao: bxchanges Balaneas. \\.u Vork.b90.547.671 545,862.300 B 127,831 1.479.916 Boston . 43,384*362 1.051.668 slphia .. . 60,304.548 5.53/794 Silver. Bar 1 in 1 an Ion, id, ar. ec of ',.1; Nea '. ? 1, ai incra ase of Ic; Mi ? - Suh-Treasi.rv. \ Ifork banki ib the Su >-Tra ' 189,000, Loadofl Money Market LaONDON, Sept. 18 Moac ? mand OiTfl I ; I per cent. D .?? :?? rates ?' bills i\ ;: . I 13*16 pei cent. pi emiuin a1 I. sbon, 9. The Dollar in Foreign ExcJuuige Poreign axehange rati moved aith n narrow llmiti >? Ru an ru? bles werfl slif-htly easier. A fraetionfll decline aai reeorded in th- S and l 1 ;an exehanges. Closing rates ye?terriav compared with a week ago, are given in the table below. American bankers have ?us per.ded all dealings in German and Austrian exchange, so that daily quota tions for either marKs or kronen ars no Ionger svailable. . Qi.otrd IflflaSfl to tha poonr).' Wai k Ye?terday. aeo Sterling, demand.$4.75' '2 $4.75: 2 Sterling, sixty days_4.7134 4.71*4 Sterling, cables. 4.76 . 4.76A Sterling, ninety days.. 4.693., iQuuttd tir.it- lo the dollar.) Franea, demand. 5.79; 2 5.1*8'.-. Pranefl. cablei. 5.781 2 bJTYg I.ire, checks. 7.67 7.77 Lire, cables. 7.66 7.76 Swiss, checks. ".71 4.63 Swiss, cablea. 4.70 4.66 .Quotrd ra-nta lo th* onit.) Gnilden, checks_. 42 11*8 . 42*'j 42 . . 16.50 1325 Stockholm, kr., checka... .33.75 '2.60 Copenhagen, kr., eh*ks. 30.75 30.40 ;eck . 222zj 22.25 Relow ii given the current exchange ralnfl of foraigB rnopey ia dollars and centfl, together arith the iatriaaic goid parity. aa calciilated by the United " < urrent exchange Intnnsic value. value. Ponnds, sterling.$4.75'.-. I'? ra . 0.17.3 0.19 3 -rs . 0.42 0.40 2 Rnblea . 0.16 50 0.51 2 . 0.13 0 0.19 3 Crown- Denmark)... 0.30.75 0.26 8 den . 0.33.75 0.26 8 Thfl above ratea express the cost of .?? money in terms ot thr Anieri ollar. Vou bay an Eaglish pound ? | a-. ay, 14.71 4 Ti... inti insic I }6' * pei pound. Thaa, you md* ara at a d leoanl 11 ara at a premiom, which I ta th? faet that in E ? I.e ,;?? an arith arhieh ta ?CCOBBtfl m this country is great? er than thfl dflflaaad in this country for pounds with whieh to settle ae ? Kngland. ?.-? - Canadian Finance Miniater To Confer With Lord Reading OTTAWA, Sflpt l?.- Sir Thomas White. Miniatflr of Finance. expects to leavfl thil week for Washington to con? fer with Viaeonat Keariiag. who i? in the United StatCfl on a special tinancial mission for Greal Britain S I Thomas has been specially ir.vited tO consult with Lord Read;ng. though no detaila aa to what tinancial issues* will be dis- I cussed are given out here. 1 Japan Places Gold Exports Under Restraint Aims to Check Shipments to China?U. S. Embarf-o Prompts Action Caata edvleea from Tokio j-eatoreay aaaeaaelng that thc Japaaeaa povern raeat kad taken tepa to ra trict the sx* portatiea ef gold freas that asaBtry wera eeafinaad by Akira Dee, Haaaeial ,.?;??,; ... r el ' ? ia, 11 a I aa Jaat arrived >n Sn* Y.ul. from I.ondon. ln discur,vir,- thii |at?Sl .1 vr'oprncnt in Japanese nni.ncr, 'Ir. Pen deelared that hia geverameat fron now <*n will rega \h.c bII oBtarard hl].il ef icold j" ! nt way tl <? i nited Sl i ?? regulatiag uca ea orr. Baakiag in? terests desirous 0 ' " gold from Japan will ai ?? raanll ba required to ob? tain lieeaaea for ueh ihipmaata freai Ihe Trci'-'ii;- BUtfa I ? Tokio. Tha action of ti.* Japaaeec gevera* ment ifl restrietiag gold exports, it ij ni deratood, I a dirtel reaalt of the embargo laid ob gold exports froai tha i'nited Btatei lai I week. Thc Jap Piaaaea Departmjnt, it ia BBaertedJ feared a large loaa la the pold sapply of the eouatry if shipmeats were con? tinued, and the Ameriean embarf-o, Sl ? ia eoasidered likely, aheald eheek tha movrimi.t from the I'nited Btatea to Japan. Biaea tha embargo went into effect here. on September 10, the Fed? eral Reserve Board al Washiagtea has graated nn\\ one license to ship go\d to Japan, and thal Involved .? conai i i of or.ly 1850,000. Applirat ,o.-a for timilar lieei ? p* id ng are aaid to involve ? ? 0 Tha doli granting theaa ? ' eeted ai i. eheek on tha export move* from the I nited Statea to Japan. Japan Ships Much tiold According to Mr. Den. who hai : ? rit oflioe* here, tbcre .... a ????..-:< o Itflow of poTd from Japan i nea Ihe flral of tha year. Thc Japaneae | *ernment'i I i mcree rcporr. eovering tha Rr ' six moal ari gold e tporta to approximal ngfM 000,. Includ i Hong Kong, and to II '?'..' -. ,i . thii pe? riod ' '?'i'1"-.- ;*: ' I terday ?? etiona were i ? ; B . .? thc exporta to ? Hong Kong. The movement to i looked upon as neceaaary, aa, Ihe only way in whieh Japaneae | mt can pay foi their cotton in India. \nother ^li-^mn ( oniinjj i] q received lafenaa* ? tion fr * go ernment that a aecond ineae I naneial and eom* '.- It iron M? gata, ?"!??'- ? ...... I . ? ? ii to riait t'ne Unii * ? ; ; .,. ???... lea* ? . will invi ti snomii ? ?, Investments in Japanese Enterprises Increase \ i smpilai ion mnde h'. thc Bai pai ahow ? I hai tha total amounl pital Bi ? ? ? ? ie and ev ? ? . ? . 0,000,(1 "i yen . - n . *rb- j v ? ;<<e of . .,,, yen ? - 000) i ding j ear. Rise in Silver Still Unchecked Price Now $1.03-2?Trade Watches Far Eastern Situation ? ommercial bar silver advaneed ar o*her 1 eent nn ounce yesterday to Thi**, eatabliahei a new high record for the current movemer.t. Ad rieei from Toronto atated that 50.000 our.ces of the metal had been sold ? there on a basis of $1.09. In the local silver trade the develop ? ment*. in the Far Baatorn markets are being v.-atched v,*i',h much interest. Ad ? from I.ondon itatC that the action of the government of India. in nrohib 1 iting the export of silver eo .. Bl d bullion from that eoantry ii tho Inev* i'able sequel to the rise in the metal to its preaenl exeeptionllly high leveL 'Ihe silver eontenti of the Indian ru i p-e, normally worth n ahilling _r.d four n-ree, now, owing to the advance in ailver, are worth about a shilUng and I x per.ee. Since r\inre drafts e:.n be purehased nf ene shilling ar.d flve penee, it il Obriofll that In.lia has be? eome one of the cheape.-t market. ln v.hich to p . aae I ia metal. According to ??Thr london Times*1 rther dec * Indian gov ernment lo prohibit imports of silver nd eal ?< re to ti.ke whatever irei .-,:, poaaible to check ? ? leBcy of the illver market. ?he end of Jane th*> importation ? Iver into India on private aceoant prol ? I, bat thc jrovern r ent BITangcd to .-.cnuire all silver im? ported <>:i the ha-.*- of -"i per cer.t tha London prica current on the arrival Bnl rhe inbeequent i ???? readen ment tc aome extenl tneffective, Now. wever, all purehaaera of <:!ver on Indian aceount are tha mai lawhilc thc ? ? ? -. the Treasury shows a furrher in ercaae. Ob Aagaat 11 the amount had iacn tO.MM.000 rupees, w | arith loaa than ii rup. e. af the end ef ill June. The pold stoek has also: I.'. lar^rly m.cr-ased. On Jaly 22 the -imour-t was !ess than 70,000,000 ? \oo..k bu* it r.ow itandi al 120,000.000 rupees. The real sourc of the Ir..l:_:i currency difficu'.ty is that while the I rest of the world is now working or* a paper basis, India still works on a metal one. And it would appear that BC 'ov.g as the produetion of silver is ::i*u*Tic:.ent to meet the dema- | I difficulty is likely to remain unsolved unless a resort is mnde to the i.?sue of nolea. Corn Products Co. Resumes Grinding Argo anc! Granite City Plants Obtain Fresh Supplies of Grain 'Ihe Corn i'roducta lienning ('om? pany, it waS nnnounceai yeaterday, has ressaaed apetatlBBa at its Argo und Oraaitfl City plants in Illinois. All ef lha? coinpnny's plintra were shut down about a fortnight ago because of the scarclty of eorn. I he Argo plant. it waa announced, is griadiag abasat 16,000 Baahala ? day. [ta total eapaeity li r.n.nno bashela. Thfl GraaiU City plant. arith 16,.I buaheli e ipac ty, i rindiBg about 10,000 ba hela a day. 1 ba operatioBa ,, both lanta reprflfleat aboat one ti, rd ot tha eompany'i total eapaeity. Bt ,,? af buj ing i.y difltillorfl, ?rhieh l-. *t m boaa followod by ? alamp thfl pnea. of old corn, haa mi.de it poaaible foi the eempaay to go into ihe marka-t tor supplie:. on fl more advantagooai baaia. A lulRciafhl 'up p |, it i. said. has been obtained to makfl thfl coatiaaed operatioa af 'hn Argo and Graaita I ity plants at about thfl praaaBl rsta af ..uiput reaaenably mrfl -a _ I Relevant Facts Southern Railway. A letter to stock holders, signed bj thfl proaidoat of the eompaay, Pairfaa Hnnvnn, giving no-, the annual meeting to be held in Richmond. Va., October 9, StataM that the "ceoperatiOB of the sfoekhoid ?ra i? earnestly iavited to eontiaue tha ?aceasafol practice estobliahfld three yeari a;.'" Of making the annual meet IBg not merely a eonvertional routine, but b faram far tha axprea ioa of the ? of Individaal sto.kholders upon .lieii - an.l problema of the com ? ? \meriaan Stores. It was announced y?at?rday that thfl ^'-ock of this com pany, Bffered by a ayndicata headed by Chandler & Co. an.l CoobboIbsbb ? Co., of ChiCagO, has ail been dUpoaed ol nnd tlie syndicate diaaolved. Sales of ? .. eompany from January 1 to Auguat 11. 1917, totalled $84,708,847, an m ? ?f 82 per cent over the corre ! spondrr.g period in 1918. Graal Atlanlie and Pacific Tea. For Ifl months' period ended August ! s] total fll< a-ara 668.048,477, com I pared ? .' 26,98! for the eorre | a ear ago, a gain ol ....,? e ?'" apai ' . it is report ng near itorea at the rate ?f thr".' B day. and in the la lt l S68 BB* aitea have been opened. 1 On September 1 the company had S.480 | --torc:. in oporatiOB. | Dividend tacrBBBBB, D rectors of the American Ajrricultural Chemieal Com ; nnny bava deelared a qaarterly divi aani cf 1't, per cent on the common ..n increase of \ of 1 per eeal over the preeoding anarter, al i lend of 1'* per .. ? ,, , the preferred steek, payab s ol raeord ?24. .\ dis !? nd of -1 per eent ha? been declared by the wi tmoreland Coal .;..,.. '..?',. ... ? tOUl d ? i ? for th? corrent ] i u payable October < to l 18. ln the of 191 ' di' ?:? ? 2 per .... Tne Steel Company of Canada, which U ? ,:r dis dl r ?' I of J the eommon stock, nnd e? at t i. eent, haa d telared a rly dividend of IVi i" ' i ?" ' en ;i? eommon iharea and the regular quarterly dividend of \\ per eent on ? ick, payabla November . ,,, ... ,,-? record Oetober S0. UhlcagO, lndianapatlit a**; l.ouisville ;,,. , ot thfl company ''or ? i June SO last, amoai ' 18,724382. eompared ? . revious vear. Net earn , ?. it | 13,008, an ln - !5,722. Las1 year1 ? r preferred dividends :. equivalent to 69 VI i . 110,500,000 eommon atoek, i ? hare th? prevlaoa year. Anffln-\mcrican Oil This company report" for the year ended Deeember Sl la?t profita of ?1,122.979, from which were dedueted for depreeiation of steamahipa ?282,716; interest and rxehangfl *lL'.f74, and income taj of ... rh? reflolting lurplai was ll. Aiter payment of dividends there was ? final batanCfl of 8104,891. Rethlehem Steel Corporation. The adjoumed special stockholders' meet ing. scheduled for yefltarday, waa .i until Toeaday, September 25. Uontinental Uan. -Stockhnlders. a' a ipoeial maotiag yesterday, aeeording to penver advice*, voted to inereaae the company'- capitaiizat ion from >:'. 000,000 to $12,000,000. The direc?ois ?.-ide later as to the distribution ef the nddilional stock. Bankers Act in Time to Relieve Money Market Time Loans to Stoek Ex? change Firms Reach Large Total Between $15,000,000 and $20."-<....'*<*** haa been placed with stoek Exchaago Bnai this we-k in the form of time lonrs as ft result of the action of thi special money committee of the Llb trty I.oan Committee in recommendir.g rrect extension of eredits. Ir.du?tr:nl Iteoritles have been accepted aa col? lateral for mo-t of these loans, and what, it Is declared, threatened to be? eome an awkward situation m moaey has been relievrd in time to facilltatl plnBI for financing the neyt Ubertj I.oan. Committee Isaues Statement ln raakiag formal BaaaaaeeaBeBt rday that it bad already begai to u B thc data furni-hed by the barikr an.l tnibt companies to aid in working ou* ita plan thc money eoBUBlttec lUted that as a reaolt ef thc diacaa* - at mectmgs held Uoaday BBd r. tordav "certain of the larger New Vork banks and tru.-t companies have put out a eoaetderahle amount o: time money, the loans being made by each institution for its own individual account on such terms and collateral as it may determine for Itself." Freqaeat meetings of the committee. it vas stated, will be held, but "no Btatemoat can bc made as to future procecdiaga or plans, which must neces larily depend upon the information be? fore the committee and the conditioi. prevailing at thc time." Tne membership of the comm.tt.i has been iacroaaoa to nine members by thc appointment of Jame- B. Alex? ander, president of the Natiora.1 Bank . t i ommerCC, and Albert H. T? gg'r., president of the Chaaa National Hat.K. Ta Hold Rates I?o?n The freer lending of fund* on in llateral was rcflocted : a light itiffening of price* in ... of iccBritici on thc Stoek Exchange. The votame of era .-. waa not great enouc'n to thc change- of any import thc I ? loan i ? . ? . that kind of money. Moal of th.* tram ni were made at ''? p.*r cent, while ? few of ?horter mataritioa were placed a* ..:2 per cent. In hai | ?* reli 'h.e opinion was expresscd that thc Liberty Loan com* ? ha? "Hooveriacd" thc Bioney market to the extent that every elfort will be made to prevent rates from ?0 i. g abova I per eon *. News Dicjest loreign I.ondon Steck Market Tealureless.? LONDON, Sept. 18. rhe stoek mark-t ? a qaicl - itead *' I ?* feature to-day. Mos- o: buiinen wai in rubber, oil ai d hari st ftrm pnees. Rui iccarl tif; werp maintained, and iaveaton gave thoir attention to Chineae and Japaneae bonds, but Argentine rails were deprcaaed bj itrika new--. Paris R.mrse. PARIS, Sept 18. Pr.ces were ec ;? on - IC Bourse to-day. renti -. II fraaca 10 9M for CBI h. El Change on Lon? don, *.'7 frai Five per eent loan, >?-< franca 16 eentime , New York Io S?ttle Through BCBBtVB Rank. Arrangomenti have heen conclnded by the German-AmcricaB Bar.k with the Federal Reserve Bank to settle iti New Vork f'learing House balance*. The bank has made an initial deposit of $400,000 in gold for this purpose. Elections D.rectors of the Colorado & South ern Railway Company yesterday elected B. B. lireer vice-pre~:dent and penern! nianag' .*. with headrjuarters at DcBVCr, to iui reed the late E. 8. Koller. How a*-d RUiott and O. H. Spcncer wcrc elected direetora. to succeed Harry Bronner an.l H. K. Byram, resigned. Directors of the American Agricult ural Chemical Company yesterday elect? ed Galen L Stone, of Haydea, stone & Co., a member of the executive con.niit tee,' in place of F. L Ames, resigned. I'eorge McCall has been elected vice president of the Westmoreland Coal Compaay, to succeed the late Harry C. Adama Significant Relations Money and Prices: -^ _,,.._,. Stork of money gold ln the eoantry.. $3,060,991,378 $2,548,241,473 V.ir-if p*r|n*J J-ir? ".1. 1P17. pirrlTUi y*?r I^ans of all nallonal banks. 58.818,312.000 $7,679,167,000 Their surplus reaerve. 841,931,000 801,000.000 BilN disrounted and bouf*ht by Ked- ,Mt mrr_ Aj.at. , eral Reserve Banka. $330,778,000 $110,322,000 Federal Rescr\e notes In circulation.. 644,567.000 179.409.:O0 Total K<?ld reserve. 1.374.949.000 "306,838.000 totimtm ri.e d?r b.r^r*. _.,... Average priee of 15 railroad atocka... 10127 101.53 122.43 Average price of 12 industrial stocks.. 87.75 87.65 98.87 Food cost of ttvfag (Annalist Index ,.?, _?.. *,?-., maam A .... .,, number) . 273.006 268.458 134.583 Produetion: **?*-' ? .- 1 A >?? ._? 1 nfilled U. B. Steel orders, tons.10,40'.049 10,844.164 9.660.3.7 Pig iron (daily average), tona. ttM772 107.820 NoY.sX* Active rotton spindlei.33..30*015 33.39M35 32^^103 ... ' ' ? nt Illl rea ??A heat crop. bushels. 063,000.000 639.886.000 Corn crop, bushels. 3.248.0C0.CO0 2,593,24l!oOO Cotton crop, balea. 12,499,000 1U56!9?4 Distribution: ? p* ' *m. i a ???!? tt* Net unlilled freight ear requlsitions. J1.591 33.776 19.8,3 ! reem er Saenam tr.tra |_jt te.r tt** " ' J. 1 'rt ' ? ? . *4 rn i- |tM raadtl. :? l.ross railroad earninga. 9.4s, 14.9% Kl*, bMTMM tPtmmt ttm* lut -??r Bank eiearlnga. W% 27.7'. "124.7% ( ommereial failorea. 1,149 1137 "V.394 ?Gold held hy Reserve agents againat circulation included ln general lund beginnlny June .i 1917. For purpoHes of comparison it la included in the 1916 flfurea. Executor Trustee Chartercd 1822 The Farmers' Loan and Trust Company Nos. 16,18, 20 & 22 William Street Branch Office, 475 Fifth Avenue New York LOVDON pa*h Foreign Exchange Administrator Guardian FL F. McCoimell & Co. Membera New York Stock Exchange 25 Pinc Street New York TeUamemt 90a*t lohn i-i.iiiiiiiiiiiiiiiuiiiiiimiiiiiiiiiiii^ In Determining the Value of = 1 Municipal Bonds | 9 . ? sapflsiflaefl ?nd ap"""!*! ? ~ l.no.'. >.lge which rOflOll from ? W\ many years nf ap?c!a'.lz1nf '.n ?*? jj"f -hla hranch of the Inveatma". *? rJJ nf-a.a ?r. '.a ZZ m w? aaly oBBe la hsflfletars *? ? v.onda tvhlch * ? aaaraetoefl Bairs "T ~ puf-hase.l and arBlefe BaTfl ba-ri = 1 Wj!!_|1lR^mPton^)- 1 C ti,,,,,, ,,,.,| Bonala ? "~ Ol er a QwUTtxtf-C Storf Ifl (Mfl hsSflBaSSS ^ ~j 14 Wall *<lre?t, New York **" S St. 1 ' *""atl = *r p ttal argh 5 :,iiiiiiiiiiiiii!iiiiiiiiiiiiiiiiiiiiiiiiiiMinr; .J.K.Rice, Jr.&Co.WIll Buy ."..( \n.t-,-14 iii. Tlii-rinns Hottle j SB Irving Vational K.inU BtOCk j M \n. "lorl. Male HiilAtatt (nm. I 15 Fabsl HrenlriB l'f.1. j >0 Kf.ii.f i;r:i^.t A < t.pper |oe M'aeh. Bteel A a.r.amance (ora. I . ?arhats ir ui'ltsted and InactWa '? laa ind raaflat " ' rtts I r. ?'.n?a J.K.Rice,Jr.&Co. . :? all Bt., K.T. OD D LOTS Write Dept. 10 (mSHOLM&^APMAN 71 Broadway. NswYoukCitv II N BaotDwt*. YoNHiaa* N Y. 215 Mo<4T4a.riS'. BaoOKLVN,N Y. 77;BaOAo5Taa?T. ?atWA.aK.N.J. STANDARD WE WJ1LL BUY O 1E _*_L SELL 2.*, Galana S.'tjnal Com. I 25 Creawtnt P. I :5 llflnolt P. L. I 25 Ohio 011 M Indiana P. L. I 30 Pralrle 0. A 0. IS Pralrla fl>. L. ??25 S. Oof Cal. CARLH.PFORZHEIMER8iCa I'l ..r.fr. II ? . . ' t Bfflfld. U BBOAD BT., N. T. !SaW,STRAUs &Ca 5\ (rf 3efe Firat MortMl 1! <t/. 150 BnoAPw/of' Pwo^CoariiAitTP 5064 .a,,,", i. nare?.w 'i '.???a.f y^j COTTON LETTER Malled on Keq.irst Toolc, Henry & Co. j S'ew Vorft Stoelt EzchaiQA Uemoert: ? N>,u York Cotton BflflBBWflfl 1 :o Hroa.itt.i.t New York High Grade Investment Securities KuantljNacljob^Kuljnr Equitabla Building, New Vork American Typelonndei-s Kirby Lumber Babcock & VVllcox FREDERIG H. HATCH & GO. rhnne Hr,. ..I ,M40. M Broad PL. Neta York. I'r.ti'. ta.fpl.ona to Hottoa. and Phllartalphla SHORT TERM INVESTMENTS < Imlar Ki srnt on rrqurtt OSCPHdU/IENER fOSEPHAU/ WMOlht a,t*rU?aiaf 510a.a'V.rla'l4a1 1 Tiaaatoat mi 98fl0A0l? 25BROAD %LtCt H. D. Robbins & Co. Incorporatad. IW'ESTMEXT OECURtTtEi 61 Broadway New York HARR1MAN NATIONAL BANK Fifth Avenue o\ Forty-fourth St New York. BANKING HOURS FROM 8 a. M. TO 8 P. M. SAFE DEPOSIT VAULIS 8 A. M. TO MI0NI6HT io *i.i?. umi itr.K*. ami OWMOU 0? llli; OITVTANDING IIKsT MORl ?,\?.J l OU.ATKRAI. TKIsT 1^)10 BOND- Ol TIIK CMTED WATtl ,\M> I II.III* ( OMI'AM : NOTICE :- HEREBI GIVEN thoLmj ? ? -r, thfl term* of the ?*?r?! Tru tndenture, irelnafter menhonad, th* ? ierelgned, The Uaited Water ?r.d i\g_. Company, IntenCa to and * re<'*~, w ;.,-.' art.ttI7.ai 111% of u?? n^.r -.a'.ue. p'.ua aerrj"i Intereat, aU *%? ?-an<*. \g Ptret Mortfa:-- -?:*, Tru-. ., . Bonda of ?a:<t Companr. dettd Maj *. .?.*.'.-.! -i-.d-r the ?- 1 :- -ura ?; date, rr.ad- by the ?-r! <'ompaijr u The Farmera" i.oan ar.; Ti .**- 1 -"-.paay, w .. tee T. effect au-'h redemption, the ond* ? rrr.eri arill, on November I IMf, thnvii ti r?!?mptlon -????'. Hl I.-? _nd Truat Company, TnMteO, un.er u : collateral Indenture ?? th* <-."?,<:? of ?jl-. Trual Companr. al 22 Wl I:am S-.r*?t, \z the <"ity of naw Tork, N Y , p*r 10 ?._? .-. ier ur regiatered ewner at each -4 u: h -i*.? (upon pr-*-*?*??''?*? ar1 *irr?ii4?r *f ?ueh b.ir.de ar.d all unmatarol -oupoi* ? ? pr'.n-Ipa! -h?r- ?f I *?* *r " I > tereei th?n aecru. 1 and aapaM themr, . i bonda a '"?? tr.t?r*r. ,-, ;?;-.? MPMB ui ?equeatl*, 'x Vork. N T. - ptemb'r Ifttl, I ? |. ? JD WAT : * ??? LtOHT C0? PANV Br ROT ?'''?'? fr?n*?nr. B C HOVI8. *-'r*'.i:-_ TRl ST COMPANY BTATEMWTI REPOKT OP THE COSDITlOa OF THE FARMERS' LOAN AND TRUST COMPANY a* tha doaa of aaesaeea aa tha M in * .SeptemSer, 1117 REaOCR( I - ?'oc'< arA BOO I Ir.veitmentf, vlz.: - seaarltlaa boefe raloe .,,,,?? > ? tli.iei ?-i' marhel .>? m l** latamm p ... r-.x - -. ) reJoe. 92S.WS.U7.SS). ?aatfeel ^ vaiuo . *???*! J'tJ, R?al estate o?nH. Mortgagei . ? -'' . Uvann ett 1 dll 1 mtl *eeu-?* I I ai! Btortgege, .*!--. ethec real setau eoilat* ? 11 ime Loana ar.d dll 1 eeeured 1 . J r.?*ans. dtacounta and 1 llli I *: ?*** ...... loteral . *'i:,f!? 0 -. Irafta . , ,'':". ,. .- - ,--. . ired. ' , Advancea to Tru*ts, lecureJ . li*.inn reser*re ?'.?; ? iltar lea, \e.n amount f e.; effeeta., M IM Wl: EhM from coaapaalea, ? an<1 bankers not Iod lu pre ceding Item-14.J9t.615 *Z .......,-4 f-pecla." llmtAttM 1 nited r-ra:o? 1-rai under netea __. ai *. Notei of Ni ? . ? 1->?'**!" POderal neervi ? ?-- i*?a.Mi-i? UabUltlee of cuat. .,.-??? -. . F-e ..a ... - ? . . per coiitra). S4 '?' Other a*.sete. \i.-. : Aeerued intereat entered on books at eloae of busl n*?i on Atio-a laU . ?844.721 J? A crued ir.toren*. r.ot enter-d on books at eloaa of above data. IIT.MI M Hl."1 Total. g*am\ma***9 LIABILITIES Captttl stoek. is.oil.WW E ; 1 : .? on market \? .** s irpiua fund. Il.aea coo?? l ndiv. M proflta 11.412 ti2 14 .,,,,, L'n.liv!*?.l proflta: , :?< on book vahiea. IIS.41S.SM.SB. Dfp. -1' - Piefarred. ?.? fo'.iom-a: I - ? y.,:< Btai ? avtngi P.anka .|2.?*5:.*?M 41 Oih?r !?;? II rluo aa ttPPOt*. tor adm * - trator, goa an. rooa '* Xruelee, mltteo or d? po?ltary .4 '28.4S1 I? Otr^er depoalra ae.-jred ry . r ? <*. ? '. as .... . . ,.. 3.IU.0*50 91 Nol prefei ra 1. Iteri-r ? -. lubiecl I *?: rii?4 T 1 rn B de) c*i tifloat'- ani o'.hfr ,l*.po.ita. th? paym*-nt of arhlefe 1 eaaat l?CAi.y 1-e re quir**.1 wlthln thirty Omp* IUU.TM I? Demar. 1 . ?rtlfl catea of da poalr . 7.2T4.4S4 44 Other c?rtlrl oa'ea of da p. ti-. 1J1II0 9* Certlftod ..hecka. ?U.4?5 5) .-i 1s fl ' 1 . ? tr ist i orn pan:*s. I BBhe and bankera.. 6.?s:.94? *i t,...t\i Daeaaatk aad for^ijn a.cept- ._m_mM e Other liab.i'.tlea. via: K--- : e- . V ar.-i dlvMeade. IHl.!*l t" ? -1 Intereat entered on books at ? M of hu?in*ti on above lata l.dit.Mtn a ' tereei not ei.irred en books at ? . - of baalneaa en above data. ?' 2-9 'T Reser-.* f-jr un e*rned ln-.areat ISS.ltUl , ?n Jll "> Totai.*a*mm*a_j te* MEETINGS ^ ARTHIK K?)-K MiHIIIM. (OMTA PLEABE ak:'- ' '."ne n.?i.i.g ' ?? ? ** * . I. *M Clothing Companj * ','.-,?.. offl a of tho < i * ? . .?'? T.r? Borouel. of lUnhattan. luj af >'* , | r.n th? a*th dar f leptemeer.__nll___p oclork in th* afiernoun for '"' _ \j* of rot Ing upon a pr po?.t:.-*i ( ? ^. r-orp. ration b? forth?>:th r.e.o.t?*'? , ?f Mded by law. an^. f.-r th? "?? **;-^f-je ? ui h etlMf bualnrsa a. me, I th- meatlna ? Hy ..rder of the Board of '1^5*. ;\IKNRT T, hAXE. aecretaia* Dated. v*uat II, Illl. *"