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Wealth Markets and Commerce
Underlying Railroad Bonds Hartshorne & Battelle Invatment Srcvriti** Mfrriber- Xaw Tork Stock Lxcrnjif, 25 Broad Sti-eet. New York City "He Buys Only Listed Bon-U"? ii tbe f requrnt repoti of bond salesmen who hare approached an inTestor with an offer of an un listed lecarity. And yet there ii probably no matter of intereit to bond bnyeri that U the subject of greater mis appreheniion than that ef listed bonda? Let tn -ew- you oar free booklet V-400 iWtbirig thi* Intrreiting .oije-l. /JHBiekmore&[q II! BROADWAY, NY. Public Utility Bonds Short Term Notes To yield from % to over 7^ Ciroulara o% rrrrurit Bonbrlght & (ompany Inrorporated 25 N'j-'.au Street, Nrw York LondOfl Taris batAw E /???? HUTTON&CO. New York Cincinnati r *>>ir ro'k Ftrr-k r.i- tmmo* ' ,\r . Ttfk Cotto* Mxchang* Irlembtri , ..i.taM ftorlc h.xrhnngo , Ch***o* Board *1 "rr*4t STOCKS Our Weekly GRAIN BONDS Market Letter COTTON "Coming Events" Upon reqaeil. Addren Dept. A. 60 BROADWAY, NEW YORK Securities For Investment Yielding 5% to 7% Correspondence invited R.C MEGARGEL-jVCa Mmilirra Nrw Vork Stock I xrhauR* 27 Pine St., New York 1 rlrplmnr John 11(10 ^S-K-aONES,*^ Municipal Railroad/*.? Corporation Bonds . 20 Broad Street - New York, - IE RECTOR 914.--.UIE '.DRESS "OR'ENTUE'*! Li?t B give* t urrent offering.. ????????a_a?^?ia^?mb Coggeshall & Hicks Mrmlirra Nrw York Min-k l.\. Iiatif. Investment Securities 128 Broadway, New York ?( II MII I 1(1.1 ? lfl.144. Union Trust Co. of New York 80 Broadway nnb a. a **'?' >*- tr-' u a, * e*tk t*> Allowt lut-ariwl ?? Dtpaattfl. Acts ss Eiecuiir, Guardian, Trustn, elo. Mark v NaUa Ifcaaieaa r. rorwin NOBLE & CORWIN __. Broad SI. ***** ***** ( h*T Natl Bt;. Ba*m\a*t TtwU Nat'l lik.. of Commen. e Equitable Trmt Trli-phoo- 1111 Broa-d. Finance - Economics WALL STREET OFFICE: Telephone: Mine Bulldln*. 16 Broa4 8t Hanorer Ull Monday, Oetober S9, 1917 For the first time in many weeks war news exercised a dominating in? fluence on the stock market. Most traders had expected a strong mar? ket at the beginning of the week, when it became certain that thc Lib? erty Loan had "gone over." Indeed, it was this feeling which caused the sharp upturn of prices on Saturday, when many speeulators bought stocks on tbe theory that a rise would sure? ly follow the successful closing of the loan campaign. News of the misfor tune that had befallen the Italian army produced a quick change in sentiment, however, and a sharp I break in prices resultcd. From the cutset the market was under attack by professional traders, who sold; short in anticipation of a fall; but the downward trend was accentuated hy the dumping of stocks purchased Bt the end of last week. A certain | amount of selling by investors. who apparently feared that the Italian crisis might mean prolongation of the war, was also an adverso factor. Selling by the so-called "big inter? ests" was not in evidence. Wall Street had feared tbat liquidation of thii character, which had been main ly responsible for the decline in' prices extending over the last two months, had been suspended only while the loan was being floated. and would be resumed as soon as that operation was completed, but no such ' movement developed. One man of. great wealth said he had stopped selling for the reason that to let go at prieea which now prevail would entail a considerable sacrifice. The success of the second Liberty Loan is to be measured quite as much by the way in which the offering was subscribed as by the amount plaeed at the disposal of the government. While statistics s.howing exactly how .he bonds will be distributed will not be available for some time, it seems i apparent that the number of sub? scribers to the loan was much larger than to the lirst issue, and informa? tion at hand indicates that only a relatively small proportion of the flotation will find permanent lodg rr.ent in the banks. One institution which took a huge block of the bonds stated that 80 per cent of its sub? scription was for the account of cus tomers and 20 per cent for tbe insti? tution itself. Another estimated that its customers had applied for more than 90 per cent of the total amount: subscribed by the bank. Two lar^e national banks each made the di? vision 70 per cent for their customera and 30 per cent for themselves. In \ every ca>e it was stated that belated ; subscriptions were still pouring in,; which would further reduce the; amounts taken by the banks for their OWB account. These may or may not > be typical cases; and even assuminer that they are, the variations are too great to permit thc drawing of gen? eral conclusions from the figures. Bankers are of the opinion, however, that tbe larper financial institutions, such as tbe ones for which the figures are given, entered relatively greater subscriptions for themselves than the smaller institutions, and it is, therefore, reasonably sure that the average for all banks was . ub stantially smaller than the highest percentages named above. Assuming a subscription of five billions. the al? lotment will be four billions. Inas? much as the banks will f-11 all sub? scriptions entered by their cu-tomers before taking any for themselves, it will be seen tbat when the operation is completed only a relatively small amount of the bonds will be left on their hands. The banks will, of course, have to carry large amounts of the bonds for their customers. A week ago some of the most conservative bankers in Wall Street expressed the opinion th.it fully half the issue would be finsneed through bank loans. Opinion ll changing on this point. One promi ne-it banker says thal ;he bulk of the honds bought throiK-1: his institution will be paid for m i h. and he be lnvcri that many other large institu? tions will have a similar experience. If that proves to be the case the banks will have to carry only a rela? tively small share of the burden?a burden, by the way, which is con stantly lightencd as instalments are met or anticipatcd. There will be plenty of credit for business uses in anv event. Money market conditions showed lit? tle or no change on the resumption of business yesterday. So far as could be seen from out**ard observance the clo.ing of the I.iberty I_oan campaign wns without immediut. effect an r I Ir.dications howevrr, point to a some what lirmer market b?-tween now ar.d the iniddlo ot Ncvember. uhen lhe first big payment mutt be made on the new war loan subscriptions. In tho market for fixed date loans there was considerable renawing of cutsUnding commitments, while some four months' matarities were placed at 6__ aat cent. Banka continued to re.trict their offering- for the reason that they are Etill unable to flgure out to a certainty the extent of the drain of the Liberty Loan payment:* on their re.sourcc*. At the Stock Fxchange yesterday call money war. in fairly aliundant .sup? ply at 4 per cent, the same as on Fri day of last week. Kuling rates for nioney yesterday, eompared with a year ago, were as fol? lows: ' Yesterday. Year ago. Call money.... 4*. **%% Time money i mixed collateral): fiO days.5I4@5!.2% 3 % 90 days. bl,4@5,/2*'_ V/atwV/t>% 4 montli-=_5,/2?5a4?o 31 a^S1 _?"_ - to 6 mos.. 6'/i_|53_i*o Wa%V/a% Commereial Paper.-Latcs were quot ed in this market yestcnijiy a' .i'_ to ..'?4 per cent, u ith not much bu moving. Officiai rates of discount for each of the tweiv* Fedeial districts aro as fol? lows: f-Daya-?-*. Over Over Over ICor liiup 30up 60up less to 30 to 60 to 90 Boston. 3V2 4 4 4 New York. 3 4 4 4 Philadelphia_3'/2 4 4 4 Cleveland. M_ 4 4 ****** Riehmond. 3J/2 4 4 4>/2 Atlanta. V/z 4 4 4'/fe Chieago. 3'/2 4 4 4^2 St. Louis. 3'/2 4 4 4 Minneapolis. 4 4 4 4'/_. Kansas City.... 4 4'/2 4'/2 4i/2 Dallas. Wa 4 4 4>/2 Bu Francisco.. V/2 4 4 4J/2 Bank Clearing-*.- The day's clearings at New York and other cities: Exchanges. Hnlances. N'ew York.$433,257,040 $53301.049 Paltimore . 7.361.932 1.107,577 Boston . 39.319.849 9.021.965 Chieago. 86.862.411 5,181.023 Philadelphia ... 55,338,141 9.627.728 St Louis. 34,135,382 10.303,312 Sub-Treastirv. ? N'ew York banks lost to the Sub'-Treasury jr.34.000. Silver.?Bars in London, 4'iA, an ad? vance of -_d; New York, S4\e, up l'_c; Mexican dollars, ..'ic, an increa >n of te. Boston Bank Statement. The weekly j-tatement of the Boston banks sliowed an increas? of $6,999,4)0. in loans. Caih increaaed t7tJ999. London Money Market. LONDON. Oct. 29. Money was in fair supp'v ;it 1 per cent. Di.-count rate* Short bills. 4*J4 per cent; thnc months bills, 1*4 per cent. ('old prrmiuma at Liv bon, 90. _ The Dollar In Foreign Exchange Italian lire weakened to 7.91 to the dollar in the local foreign exchange market on news of the defeat of Italy's military forces. Tlie rate on Saturday arai 7-82 lire to the dollar. There was another spectacular ad- ' vance in rates on the neutral countries of Northern Kurope. Holland guilders rose to 40V2 cents, eompared with 1 :'?_? laat week. Exchange on Sweden jumprd I'i cents per crown to 40'4 eeata, 1 new high record for the war period. Copenhagen crowns ror from r/.'.'i to I ; ?. centa, Fxchange brokers reported a shortage in supply of Scandinavian and Dutch exchange, owing to the rigid export embargoes now enforeed againat theae countries by the l'nited Statea anrl Creat Britain. Closing rates yesterday, eompared with a week ago, ail g;v?n in the tabla below. Ameriean bankers have rus pended all dealing.s ln (i.'rmiin and Austrian exchange, o thrt daily quota tions for either marks or kroijen are no longer available. ^Qu.trd dollan to lha pound.) Week Taitardajr. abo. Merling, demand .$4.75 ri 4.75'? Sterling, sixty days.... 4.71 ? 2 4.71 ? _ Sterling cables. 4.76*', 4.76-'? Sterling, ninety days.. 4.69' 2 4.69", _; (Quoted uniU ta tha dollar.) Francs, demand. 5.74'-2 5.793a Francs cables. 5.72'2 5.77'J-, Lire, checks. 7.91 7.801 4 I.ire, tables. 7.90 7.791 4 Swiss, checks. 4.53 4.64 .Swis>, cables. 4.50 4.62 (Quctrd . -ni. ta the unit.) Guilders, checks. 45 '3 Ga Nicrs, cables. 45; -. 43'i Puhles. cables. 1-1.00 13.75 Stockholm, kr.. check*.. 40.25 37.25 Copenhagen, kr., ch'ks.. 34.75 31.50 Paaataa, eheeki. 23.30 23.35 Below is g;ven the current exchange value of fojeign money in dolUr-. and cents, togeth-r with thc intrlniil gold jarity, as calculateu by the United States Mint: Current exchange Intrinaie value. value. Pounds, sterling.$4.75 . $4.865_ Francs . 0.17.4 0.19 i GniUera . 0.45 0.40 2 I'ul.Ies . 0.14 00 0.51.2 Lire, chocki. 0.12 6 0.19.3 Crowns (Daaaurk)_ 0.34.75 0.26 8 Crowns I Sweden ). 0.40.25 0.26 8 The above rates express the co-t ot foreicn monev in terms of the Ameri? ean dollar. You buy an FnRli.-li poand Fterling at, *ay, $4,714*.. The intlinaie parity ll |4_M*j*_ per pound. Tlu-.yi.u .ay r.ther that pounds are at a discouni or !':at dollars are at ;i prcmiurn. which il 9W.Bg to the fact thal in I the demand for dollan arith which to acconnti ia thii eonnt greater than the demand in this conn? try for pounii-. arith whieh to accounts ia Fng'.arii. U. S. Steel Directors To Take Action on Dividends To-day The l'nited States Stccl Corporation directors meet to-day to act on the quarterly divideud*. The quarterly operating .tatemenr will also bl i>.*ued. Bacont estimates have put nrl earn fot the Septemher ju.irter at I1S9.000.90. to SI 10,0 10, I before ; taXOO. In the Jur.e quarter net' amounterl to $144,0?iO.OOO before ta.es. I Steel common was weak yesterday. de clining 3S point*. to 103'_, o*i a turn- ! over of 231,000 jharei. Big War Bonuses Cause a Protest From Stockholders Carbon Steel Management Criiicised for Paying Out $1,000,000 The independent sto'-kholdcrs' com? mittee of tho Carbon Steel Company, of whi.li \V. I>. I'ptcgrafT, of Pitts bargb, li ehainaaa at a specia^mr. t iriR featerday put into detinitc ahapa a protest against the present managr ment, which will be presented to all the stockholders at the annual meeting, in Pittsburgh on Novumber 12. Paul M. Wheian, a member of the commit? tee, taid last night that a statement woul.l he issued le itj oul lining in de? tail thi> committee'; position. The committce's principal grievance aprainst the company |l that bonusrs ?ted al .1.000.000 have boon pnid to the pffleen from war protits. This money, it is elaimed, should have been paid to stockholders. The complaining stockholders assert that if all the money withheld by the company were paid out to shareholders it would amount to nhout $20 a share. In the annual report of the company, issued yesterday, it was disclosed that net earnings for the year ended Sep? temher 30 wrre equivalent to approx? imately $70 a share oo the $3,000,000 common stock, after allowing for divi? dends on the $500,000 first preferred and Sl.500,000 second preferred stocks. Ir 101H the company eamed ttt a share on the commcn stock. N'et prolits amounted to $2,244,745, eompared with $3,091),.510 for the pre I . || year. The surplus after $1,232, 466 aai reaexved for taxes waa$1,012.* 290, acaiaal $2,573,240 in 191C?. Divi? dends paid last y.-ar totalled $430,000, ' eompared arith $310,000 the year be fere. Tho groaa sales fof 1017 were 69.62 1,912. Oa September 30 th" company had cash en hand amounting to $1,231,14't, eompared with 61,006.971 on thc eorre ?poadiag date a ynr ago. Relevant Facts Pere Marqurtte.?Gross operating revenues for the six months' period ended Septemher 30, 1.17, were $12,-, 117..S8, an increase of $841,478 over thr corresponding period a year ago. Expeaaei for operation increased $420, 789 to $S,11S,_03, and gross income, in? cluding BOa-epetatiag income, totalled; 64,674.979, a gain of $i!S.,973. Surplus al'ter interest charjres was $1.094,582,1 an increase of $lS9,i*>67. Computing - Tabulating - Recording. Nal earningi fer thc nine months ended Septambei 69, 1917, after allowing for P'aintenance, deprrc.ation, etc, amount? ed to 61*201.683, eompared aitb $i.o:t... 728 in thc corresponding period of last year. The balance aftet interest charges totalled $668,900. aa incicase of $161, 543. Compnting - Tabulatin* - Reoordine: Compan>. - N'et earnings for the nine months ended September 69 last were $1,201,283. an iaereaaa ef $168,884 over the corresponding period of the pre? vious year. Interest chargea were $262,384, leavinjr a surplus of $988,899, eompared with $777,351 ? year ago. New York Telephone. September greei earnings of the company, as re? ported to the -Btentate < ommeree Commis.ion, v.ere $5,10 !.'">_'tt, an in? crease of $841,216 iver tlie .howing made a year age. 'Iperatinir income amounted to $1,360,879, a decrease of $163,802. The operating income for the nine months of th<- current year wa.< $13,073,499, an inereaae of $524,798. Ilendee Manufaeturing (ompan... Im- the f.scal year rn'cl August 31 the company showed aet profits of j 829,771 over ! the preceding year. Divideadi paid on referred toeb amounted te $154, 688, and $169,006 v. rn aet aside for ?inking fund. This left a surplus of $236,702 Geafglfl Southern & Klorida Railway. (iross operating earnings for the .; .. .r el 'if.l June 66 last wero $2,797,688, againal ?2,li_,l"-i the pre-1 vioai year. 'lhe surplus available for! n.is on the common stock was $353,352, equivalent to $1746 ? share on the $2,000,1.-oinraun -stock out Dg, eompared with S'hStJ a share d iri tbl 1916 fl .nl ;.?ar. Distribution of Copper Supplies To Be Discussed Producers' Committee Calls Refiners and Sellers for Conference Diitributlon of copper euppliea over the next four months will be discusied to-day at a special meeting of the producers' special committee. Re tiners and sellers of copper have been invited to attend the meeting. The rcfineries and mining companies have been rcqucstcd to furnish the committee as soon after November 1 as possible figures of available stocks. to include those at the beginning of the month, together with un estimate of November produetion. Selling agencies have been asked to show the orders on their books, the amount of copper sold, with the names of the customers, to? gether with the scheduled date of de? livery. Forward sales, extending from No? vember 1 to February, 191H, are to bc included in thii information. The com? mittee also deairaa to know the am_.mt ot copper sold for thc nc-ds Wt ?ll I'ovcr.imeiit, as well as those Of ?? Allies. Word has gone forth from thfl eommlttee. headquarters to retinei 'I that hereafter no attention will be paid to orders for shipment of finished cop? per unless it has the countersignature of the committee. -- a Russian Contract For Freight Cars Reported Plaeed Equipment Ordered Said To Be of Small Capacity Type Announcement was made yesterday that negotiations have ab.ut been closed for the placing of a contract for 30,000 frcigbt cars by the Russian government. The arrangements, so far as compjeted, call for the American Car and Foundry Company building 1D.000 of the car?, the Standard Steel Car Company 10,000, the Pressed Steel Car 'ompany ","50 bnd the Pacific Car Company 2,250. The cars are a four-wheeled, small eapacity type, suitable for operating over tho Russian railways. It is not known when delivery can be made on this equipment. Tba head of one of the large car companies said yesterday that the Rus? sian contract had been under negotia tion for a long time and that the mat? ter of priority of the business is .till undecid?d. the contracts for the manufacture of the cars have yet to bo srgne.!. I Shortage of Pennies Impedes Business Mints Work Night and Day; Bank Allotments Limited to $50 New York is feeiing seriously a shortag-* of small currency that is countr>-wido in its scope. The mints are working twenty-four hours a day to meet the deniand, but no relief rs expected until after the first of thc jrear. At the present time the shortage of pennies is causing a great deal of trouble for merchants. and small deal? ers. Officials of the L'nited States Sub Treasury said yesterday that owirg to the iheH supply of the copper coins it had been necessary to restrict thc amount ef pennies allottcd to any ?ne bank to $60. Il.-r.tofore banks ia getting pennies for their clients uptown have been able to withdraw about as much II they needed. Some uptown department stores have been known to draw on downtown banks for as much as $10,000 in pennies in a single lot, the h.nks getting thc coin from the Sub-Tiias ury. Nickcls and dimes are also in _hort supply, but. thi situation is not M aerf etll H is tha eaaa with pennies. Tr,. re i, alae ? shortage of small bills, singles and two-dollar deiiominatioiis , w'..ioh lias bothered banks and busines., houses in this part of the country many months. Steps arc being t-iken now to split up bank notes into small denominatiuns in order to relieve the shortage. The explanation for the shortage in small metallic currency, and in paper morey. too, for that matter, is found, the SuhTieasury otlicials say, ii. thc increased turn over of business, blghl I prieei an.l peaaibly .ome heeraiat. of ch iiige te pay ti.xes. Significant Relations Money and Prices: Now *,._,_.? Stock of money gold in the country . $3,060,991,378 $2,548,241,473 H*wm r<-i"l *-??" p-.-..,,. K1 I.oans ai all national banks. S9.055.0OO.OO0 $7,859,837,000 Thoir earnlaa *********. Not available. 891,000,000 BtDa dlai? atai and bought by led- : , ? _ , * . ,. er.il K.serie ll.mks. $574,684,000 .107,216.000 ledera' B IMI II MtM in circulation 847.506.000 214,622.000 Total g?ld reserve. 1,503,436,000 *535,959.0OO li - ?? ? :?. ... .:?. ?. ? A t j. ,_? Average prire of 15 railroad stcxk.s . 9522 96.72 123.15 Average price of 12 industrial stocks. 83.10 85.55 104.39 Food cost of living (Annalist indei ^ m number) . 277.481 280.205 196.512 Production: 11 A Mai >-, Infilled 0. S. Steel orderi, tona. 9.833.477 10.407.C49 9.552.584 Pig iron (daily average), tona. 164,406 J 04.772 * '1*06.7*45 Active cotton ?pindlea.33,555,698 33,430.016 32,340*189 ... I. ratin.aleU. The 1SI? erom. Wheat crop. buiahela. 659,800.000 639,886,000 Com crop, bushels. 3210.800,000 2,593-241000 Cotton erop, bales. 12,499,000 11,356.944 Distribution: ] Net unfilled freight rar requisitioni.. 70,380 34,605 f5j**mW ?_.4a ur dr<-r.aa? t**U laat ?*_ 8"i*-| -Oflt M '. flf j_n j .? Am I |4-,___5 *>" '? miaja ?!. , '??tit,. 117- ,,_ _,) Gross railroad earnings. 10.8'. 11.9*, 12.1*, .-In.-r._*a c>r iflflMMfl frora lut bm L**t f'Hfc. ^ *,,k ?,'r"'? r**r ,0 atatfl, Bank clearing* . 22*. ? 12\ -21.3% "*' A - A le-r __o 4 ominerrial failures . 963 1,149 1,154 ?Gold held by Keserve agents against circulation included in'general find beginning June 23, 1917. For purposra of comparison it is included In the 1916 hgurefl. Strict Regulations Plaeed Upon Gold Exports From Japan Imports From U. S. Prior to Em? bargo Exceeded Our Trade Balance Details of the Japanese government's etrict embargo on gold exports from the realm of the Mikado have just reaehed the l'nited States in a report made by Frank R. Rutter, the American : commercial attache at Tokio. Accord j ing to the offlcial deeree promulgated by i the Japanese Findance Department, any I person desiring to export gold or gold | bullion must obtain a license from the | Minister of Finance. Thii -julation does not apply to travellera carrying I gold coin in amounts not exceeding 100 'yen ($50). Violation of the embargo raliag il punishable by a prison term of three months or a lino of not more than 100 yen. The action of the l'nited States gov? ernment in stopping gold exports forced the Japanese government to take a similar step. The Japanese measure I was issued within two days after tho I terms of the order issued by the Amer? ican government were received on Sep-1 i tember 10. The Minister of Finance stated at ! that time the prevailing rate of ex ' change had led to heavy shipment! of , gold from Japan to China. This move j ment, although disoouraged by the Japanese government, was not consid 1 ered serious as longas the stock of gold in Japan could be replenished from the 1 United States. The minister gave assur ance that the deeree would be adminis tered in such a way as to prevent any injury to the trade and industry of the ] country. Application for a license to export ! gold or silver coin m bullion from Japan must be presented to the Min? ister of Finance through the Bank of Japan, and must state (I) the kind, quantity, and estimated value of the j coin or bullion; (2) the name, address and trading name of the shipper; (3^ the d?stination of the shipment and the name, address and trading name of the consignec; (4) the date of intended shipment; (?) the port of exportation; 1(0) the vessel on which the shipment will be made; and (7) the purpose of the shipment and tho circumstances neeessitating the shipment. The li cen-e, if granted, is delivered to the applicant through the Bank of Japan. Movement Grew Rapidly "Thc movement of gold into and | from Japan," Mr. Rutter writos, "has j ' prown to enormous proportion 1 within the last rear. A* eompared with specie ' and bullion exports of $14,000,000 in 1-12, and $13,000,000 in 1913, the ship-; Iments in 1915 amounted to $22,000,000, | in 191H to $14,000,000, and during the ! lirst eight months of 1917 to $59,000, ] 000. The increase in imports of gold and silver has been still greater. As eompared with less thaa $"-,000,000 in 1912 and $600,000 in 1913. the imports rose to .12.000.000 in 1915, $15,000,000; in 1910, and $159,000,000 during ihe ( first eight months of 1917. "About $20,000,000 worth of gold was obtained from Asiatic Kussia and $600, 000 fron Hongbong in April, and $$,-! 000.000 worth from Canada in June. With the.-e and a few nunor exceptions, practically all of the specie and bullion that has flowed into Japan has been. drawn from the l'nited States. On the export side British India has displaced (hina as the leading destination of thej outgoing gold and silver. Of the $46, 000,000 worth exported to the end of July, 1917. India obtained about $27, OOo^OOO. (hina $10,000,000, and Hong koag $7,700,000. With war difficulties in the way of settling its balance in j London, Japan is eompelled to ship '? preeious metals in payment for its supplies of Indian cotton. Notwith ?tandiag the constant large excess of: exportl over imports in its trade with China, Japaa regularly remits to China ( eoniiderable amounts of thc preeious metals. Presumably the favorable bal? ance of trade both in merchandise and specie represents substantial invest? ment in China. Gold Kxports Kxceed Trade Balance "The shipments of gold from the United States to Japan this year are I sufficient to pay three times over the' balance ef trade reaaltiag from thc ex-. cess in value ef our silk imports over our cotton exports. The amount is just about enough to offst-t thc large ex* perl shipments ef Japan to tho United Kingdom and France. as well as to th" 1 nited Statea. American loans to the two Eoropean eeaatriea are appweatl** beiag aaad ia part to pay olf their cur? rent debt to Japan. "Prior to the outbreak of the war fhe United Kingdom and Germany ex? ported regularly to Japan goods worth muc.i more tlfan the products they .r-.ported. while the l'nited States and. Franca have for many years import? ed from Japan mueh more largely than thej" hav,.- exported. This situation re Hilts natnrally from tho large pur-: of raw lilk ia tha L nited St . i i Frame. The trade with Kurope l-nd the l'nited Btatei was tinanced ? roQgh London. save for occasional shipments ef gold between the 1'r.ited States an.l Japan to settle accumu balaacea. While the excess of Japaneae exports to France and the l'nited States was inade.juate to offset the larga azeeaa of Japanese imports from tha l'nited Kingdom, Germany and British India, the balance, instead ' of being remitted in coin or bullion, was offset hy Kuropean investmenti in the Far Kast. Priee of Bullion Rlies "The .v.ipply of gold held by the i ? .??? i governmenl and tha Bank of Japan inereaaed $l4.ooo,oo<) during the nrst half of September. and on Sep i.inber 1... 1917, amounted to $500,000, 000. Somewhat over half of the total $273,000,000) is on deposit in foreign ciuntnes. The larger part of the ae- | gregate holdings both in Japan and foreign countries .$346,000,000) is in possession of the Bank of Japan. "A remarkable rise in the bullion value of gold is reported. One momme of gold i 0.1.2057 troy ounce) is quoted 0 yen, while its mint value is onljf I yen. In a statement issued hy th? Bank of Japan this ahnormal sit? uation is attrihute.l in part to the re? cent embargo deeree. While the prac? tice of melting gold coin was made llegal in I90t, the order contained no penal provision, and was therefore not strictly enforced. The new deeree make_ tbe nenalty for this action the same as for the unlicensed exporta? tion of gold.** To the Thrifty It *vai thc armv of stnall investors who contributed materially to the wonderful success of thc first and lecond i.iberty l.oan*-. Jt was the same army of buyers who largely sus taincd the stock market during its recent depression and prevented the demoralization which usually accom panies such declines. It is the same army of buyers who, now educated to the blessings of thrift, save while they isvttt There is no better way to win a compctcnce than to buy well sca>oned securities on thc Partial Payment [Man. Prevailing low prices preaent many real OppOf*t__. nitios for beginmng your thrift pmgram. Send for booklet P.-24 "The Partial Payment Plan" John Muir & (p. ***** SP-XIALISTS IN Odd Lots Main Office, 61 Broadway, New York [?fcfttS 2_a_t?A? S'* -"-^yn ll-Br^m.^U M'llVlJI 1'llllT '"??? ? ? ' NBW HAVBW. CONB., lil '"r*.. _.--i I Member* Neaa York Btoek Bxebamye U. S. to Insist Allies Use Loans For War Purposes Must Be for Military and Not Political or Ter ritorial Aims f_jr_ff Comapori<it*tca] WASHINGTON, Oct. 29. ?It wai learned at the Treasury Department to-day that in granting loans to America's associates in the war against Germany there has been only one con sideration - that of the military uses to which the money would be put. It is now being considered, it was said, whether there should be a political consideration also, to discover .whether the military operations have political or territorial aims. This question has arisen in the case of Greece, inquiries being made as to the objects of the desired loan. In this connection it was stated that Great Britain would be asked as to th1? amount of financial assistance Britain proposes to give to the Athcns govern? ment. Greece, it was learned, eannot give effective military aid to the alliance against Germany unless she receives money with which to complete he.-. mobilization and equip her army. It is i not known here what promises of *| political or territorial character' Premier Venizelos has secured from Kngland and France for Greece's co? operation in the war, nor to what ex teat Greece will participate in the' Macedonian campaign. These que. Heai will be cleared up before a loan is granted to Greece. There is also before the Treasury Department the question of a loan to China. In this case, also, the depart? ment will determine before granting the loan whether the money is to be dOTOted to military or political uses. In view of the fact that every dollar available will be needed for prosecut ing tiie war against Germany. it is thought likely that all loans advanced by the I'nited States to the various belligerents will be conditioned upon promises that they will be applied to military and not to political ends. Lord Reading is advising the Treas- ' ury Department in the niater of loans, and has access to the British govern meat'l information, which may be de? sired by the I'nited States in relation to loans to all ihe Kuropean Allies. It is a question, however, whether either Kngland or Japan will influence thia government's decision regarding , the prospective loan to China. Japan ll understood to object to the granting of a loan by the l'nited States 'o China unless this country joins the four power loan group i Great Britain, France, Japan and Russia), but there is no inclination on the part of high officials here to take that step. Mobile & Ohio Ry. Derives Big Sum From Car Rentals Earnings for Last Fiscal Year Equal $24.63 a Share Gross larnings of the Mobile A Ohio Railroad Company for the fiscal year ended June M last totalled $12,859, 866, an increase of $991,828; net earn-i ings, after taxes, were $2,764,968, a de ereaae of $170,24.3. The falling off in aet was due to an increase of $1,044, 461 in operating expenses, made up lararely of jrivater expenditures for maintainmjT the property. Fairi'i.-. Harriaon, preaideal of the road, said thc eompaaj. eolleeted from other roadl last year $931,371 in rent_!s for the company's equipment in use on their lines. In |'.'_?', itern amounted to only $558,57:1. Ba* cause so many of its cars were thus employed, the demand of shippers with? in the company's territory. Mr. Harri son eaid, could not be supplied promptly. Flxed charges for the year ended June .10 consumed $2,.''2. ,605 of the sur? plus available for dividends, leaving a I balance equal to $24.6.1 a share on $6,- ; 016,H00 capital stock. eompared with .14.11 a share in the 191$ liscal period. Boston Elevated Ry. Passes Its Dividend BOSTON, Oct. 29. Directors of thej Boston Klevated Railway Company,! which opecates the elevated, subway [ and most of the surface car eystems in Boston. t.-day passed the regular! quarterly div.dend. Steckholdders thia | year have received 3'a per cent in divi- I dends. Previ.us to 1913 6 per cent! had been paid for many years. Money Changers Ruahed LONDON, Oct. 15. The busiest' money changu.g office in the world isj at Victoria Station, where soldiers on leave receive Ktifclish money for French. Nearly every day it is more than $80, 000. Since the opening of the office two and a h'alf years ago more than $15,000,000 has been changed. Henry Clews & Ct. 11. 1-, 18. IT ar.d I'i HROAD rr j MmilKIJI N. V. KT04 K I -rHisraj Stocki, Bondi and 'n.?<t__f_t $??___ I bought and told on romramion. A!?o am. ' on coniervative term*. Depoiit kcimm ! received tubject to check flt aight. Interest paid on daily balanret. MP-ANCH OFFICl-8 ; 4*7 Klfth Ave. I 1 TMr* ia) 1122 Broadway "4 Werrefli I i? ITniir. Square 14 Oun St. ?__. aTLABTIO M CTI* A I, I v SrR AHCICflJ, Atlantic nulldlnj No*. 41) aod 61 V*. all *a***\ Naw Tork. October 17. M tmmcttj -*otlee to HoMereef Certlfle-atee ef Proflt*. Tbe onartandia* ce*_%ca-?e nt a*t*g 0 tha i_ou.es of l.tf. 1W8 aod l.it m-)U _, ? deemod aad paid to tha holden ttiertttm* vaair leffal repreeentattTaa oo _, tra* ThnmdflT, November 1, J917. 'rom er__ date all laterejrt thersoo will caM-M: tbe a? tifioatea to be prodaoed st tbe t_e of jte> meat and canceled. A dividend of taterMt of five pei seat. (beln_r at tbe rmta of an per cci, jar a? *mm), on tba c-rfliricates of yrofitj nf ** rear* 1011, 1113 and 1114 wtll bfl paid h_h h .iilers tbarr-of, or to tbelr legal rtprtflflflfla tir-e, oo and after Th..-? 'ay. Novetnbar 1, 1.1* Chnokfl for lb-* dlv.dead of latamt wtll ba mailed ia acordano with i order* to tboee who b?v? fj_e_ eoec with the Coroiraaj Tbe tnJ-fl-ar book* will be rloaat free Oetober 17. 1017, v. Novsn oar I. _8rf, Wat taeiiaatva. Bj order of the BoaH r.l Trareeeo. O. 6TA.MON FLOYD-JO.**_?_? " Henry Goldman to Retire as Partnerof Banking Concern Waddill Ca.chingn Vltft nt, come Member of Gold? man, Sachs & Co. Henry Goldman, one of tha fo___tr* of the Wall Stieet bankintr houm! Goldman, Saehi & Co., w;!l retire tm that firm on December II. He willia retire from all active businr-.'s aecat mj. to the officiai announccment Mii yi's*rrday. \Vj_ddill C'alcl inga, president ef -fl Slon Sheffield Steel and Iron Corripfllj. will succeed Mr. Goldman ae on? 4 tho partners. Mr. Catchlnffs, it aa announced, arill gradualiy ? :rf*dr?? from actiw connection srit i 're Skef field company, and during the p?he of the war will continue to devote ma* nf his time to the work of the I'nW States Chamber of Commer-e as chatr rran of its committee on coop.ntki with the Council of Nationa1 Pefencfl. News Digest Foreign Italian News Affects l.ondon Stfld. .dversely. LONDON, Oct, 2..?T* Italian BCWa checked the recent tm naaa on the Stock Kxch..n-*e to-d?ya? eansed a .*aKging tend'-ncy in j_-.It-ei*__** securities and specula*-. r ttviyt*** There was no pressure to -dl, ho**1*! and tho deelines mo?*: , .-epr.mi* precautionary markinjf down et */****? tiotts. The effect w.- ioftened _r__P splendid result of thc Ann-ri-fl- I*** orty Loan aml thr marki-r .lo_?d ***** the loaraat Russian Issues ni ***** and Scandinavirui shares and 9*****> and oil stocks were Itaadjr, but Spsni* securities were weak. Paria Itourse. PABIS, CM. H TrsditlC was quiot on the RouM* *?* day. Three per e?nt rr' ?.?-. *il tttao U5 centimes for cash. K vchfl"i|fljj* London, 1.7 francs IH cn'imflt *** per cent loan, hs fraies .'?) rentimflfl New York British Treasury Milla K**i* fla-fla_j J. P. .Nforifan _. Co. anm !-w J***) day they would ? *''r''"t?_! Britiah Treasury billi thii week. V* is the tlii r.l eonsecutiv. a k -I *,<*1 none of th.'*.- bil la he- ? iea ot*** here. II ia un '??>-?* io I that 'io ts ? preaent I me abo il ?' ?Jfl 1160,1.,0.n.i . for ??' mg in tln.s market had b??n plae?4 Investment Hankor-.' < unientl*' The >ixth annuai conven*;o.i 0* W Investment BmKt>r?' A-* eiatlH ? America will b.- held in rJalti-?H**_ November 1_\ 13 and 14. The cotfiW tion heHdr(uar'ers will be -"ub0*,jr on the secund floor of the Hoiel B*1^ dere Corporation Returns < anadian Norlhrrn 9**tA*mmm naas .13.3*'.*oo ?3''2S Net aft^r Uxn. 425 900 ~M lllinoia t'rntral SeptemtxT trroaa.17,525.563 9t.*]Z Net after tanen. 1,702.621 a_p____i Maine i.airal 1?11 '^j, Septemh?*r grrvsa.|1.263.?*? *****?**. Net after taxes. 2I7.WI ****^ Ya-*ew * M-wbarppI ValUT i-i: ?JU S.ptrmher sroaa ... |1,97t.4H ?1'SJ Net aftei- taxea. 409,3*1 **w*^ Twtn City Ra.i-1 Traaell ;,:_, **& September fljnxii . $-49,501 ****TJ0 N.t . . 292.751 y**" Dividends **d Rurkav* 1'ipa I.ine. Re?>i'.?r dividend of $2 m ?h?i# *n.l an ***t'V_5_i?l of 11.50, payable December 15 to atA*****^ ot record November Z\.