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Wealth Markets and Commerce ?T Molin? Plow Company 7% Oold Rote? jneted "epn. I ?f. a? ?ft*wa Mew Oompsnv estebttnaed 1SM| Net ?urreD* entta mere Ah three times funded debt: ATerag? income, !a?t nva year? and eiere* months, available for interest, more than 3'^ times present requirements. Kote? due Sept. 1, '02i. at market to yield about 7J<% Hotes due Sept. 1, 1*3?, at market to yield about 1}\% CkcuUr on rtenrri fer AK-?79 After* tarormaUee taken from eBolel rotsrces, eut ?jot tmeraateael The National City Company Cerretpendent O fices ti* je CiHfs Rtmdt-Sh+rt Term Nntee?Aeeeptmmeem M Short-Term Notes or Long-Term Bonds Which Do You Prefer? If you rire nttraeted by Short Term Notes, yoti ran buy them at prirrs to vield nround 6% to 7%%. If von prefer T.ong-Term Bonr?s, you can buy even those of a very conservative character to yield around 5\i?% to 6%. Rend for our Letter No. 597, which mentions several attrac? tive issues of Short-Term Notes and Long-Term Bonds. Spencer Trask & Co. 25 Broad Street, New York ALBANY BOSTON CJOCAGO Mcn-.bers New York Stock Exchange J. K. Rice, Jr. & Co. Buy ?5k Sell Amer. LlRht * Traction Com. Burn?. Bros. I<e let 4 2nd I'fd. Del. Lack. West. Coal luinoijs Players-Eaaky Federal Sugar Com. tirent American In?. Guaranty Trust stock Int. Motor 1st rf<i. ?lames Butler I'fd. Kirliy Lumber Com. & Pfd. Lchigh Valley Coal Sales Lone, Star Gas Midland Securities National Licorice Com. National Liberty In?. Old Dominion S. S. Otis Elevator Pfd. ?enn. Coal & Coke Porto Rican-Amer. Tobacco Bem'mgton Typewriter Stocks S Singer Manufacturing Texas Pacific Coal 4 Oil Texas & Pacific Land Trust I I'nited States Glass J.K.Rice,Jr.&Co. Phones 4100 to 4010 John. 36 Wall St.. N. T. Bonds for investment Harris. Forbes & Co. Pine Street, Cerner William NEW YORK 1 FOR convenient method of purchasing Odd Lots of Stocks, send for Booklet H-82. ?flyittgborne ^ nycabta Umbers V. Y. Stock Exchtne? 7 WALL STREET TEL. 4590 RECTOR Robinson & Co. investment Securities 26 Exchange Place New York Members .V*w Tori? Stac* JCeoaenf*. A. A. Housman & Co. /N. Y. Stock Exchange. ,N. Y. Cotton Exchange. Members <N. Y. Cofre? & f'ugar Ex. /%'. Y. Produce Exchange. ?Chicago Board of Trad?. 20 Broad Street, New York Branch Office?25 West 33d St. Liggett & Drexel ?Yemtter? Neva York Ftoch Exchange Conservative) Investments 61 Broad we;-?New York Do.ton I'ii ?i;i? -l;,hi'i? Buffalo ?//.?.'.i'///////////////eJr//l'.>///S//s/s/?s//,/s///?. STANDARD WF.KKLY f^ WILL BH SI MMAItr TT MAILED ON I TO s TANDAKO OIL * INVr.STOR.1 ISSUES 1^ o.N ftrXll'RiS-r CARLH.PFORZHEIMER&CO. ???iv.* U"> : i :.< Broad. 25 Broid m. N. T. Gamewell Firr Alarm Trleg. Co. Maryland Coal Co. Colts Arms FREDERIC H. HATCH & CO. Phase Keetor ??,40. 74 Broadway, New Tork Private >e>r,/,??. to r<o?ton. ffMBeaaaaaaaaBeBaaeaaaaeaaaHHaaai.?.H?? '""JL.L N,,W- Theodere O, Corwin MOBLE & CORWIN ? t$ Tir?n') ht. Mew York Lone Star Gas ?Texas Pacific Coal & Oil T?l?i,b.i, IJI) Mr .?4 Finance r Economies WALL STREET OFFICE: Telephone Mills Building, 15 Wall St. Hanover 6514 Ordinarily a statement such as that issued yesterday by Mr. Mc Garrah, in which he said that "any disposition to indulge in speculative! commitments based on borrowed money must of necessity lead to an increase in rates that will prove cor? rective," would have caused a seri? ous upset in the stock market; but the market had been so thoroughly prepared for just such a develop? ment as this by previous action in the matter of conserving credit that comparatively little unsettlement resulted. The statement was no more disturbing than those which had previously been made by the Federal Reserve Board and the vari? ous reserve banks, all of which in? dicated that the funds wherewith to finance a big speculative movement would not be forthcoming. That, in substance, was the message carried by the money pool committee's pro? nouncement, with one important ex? ception, namely, the implication that rates would not be held down arti? ficially as they have in the past in case of a sharp increase in the de? mand for Stock Exchange loans, but reliance would be placed on the au? tomatic action of the law of supply and demand, which applies to credit as to commodities. The statement raise's one interest? ing question: How high would money rates go before the "corrective" point would be reached? Normally the chancer are that anything above the rates now prevailing might dis? courage speculation; but that is by no means necessarily the case under conditions which now obtain, for the reason that there are so many se? curities paying abnormal returns. Take United States Steel, for ex? ample. When this stock was paying 5 per cent a call rate of 7 or 8 per cent might have checked speculation in the issue; but now it pays 17 per cent, including the extra disburse? ments that have been made regular? ly for a long time, and the trader might not consider it a hardship to pay- 8 per cent for the money to carry it if he chanced to be bullish. Of course, that would not apply to all stocks, and if there should be a sharp rise in the call rate it might easily happen that speculation would centre mainly in those issues paying large returns. Banking opinion dif? fers as to how high the rate would go if all artificial restraints were re? moved. One said yesterday that it might easily reach 12 per cent; an? other thought that an 8, or at most 9, per cent rate would be sufficiently "corrective." It is not impossible?that the Mc , Garrah statement was issued to forestall action by the Federal Re? serve Board on the recent request i of certain local bankers for a ruling as to whether they were to regard Stock Exchange loans as essential. That the Capital Issues Commit? tee is preparing to take action to | check the operations of "promoters" . of fraudulent stocks is a significant ; sign of the times. While working ? less openly in the last few months, such "promoters" have nevertheless ignored the regulations controlling applications for new capital, to which all legitimate enterprises have voluntarily submitted, and undoubt ! edly have obtained millions of dol? lars from the public. It would be much easier now to stamp out this j evil than it ever has been in the : past, and it is encouraging to know i that the committee has it under con j sideration, and even more encour I aging to know that the Investment Bankers' Association is cooperating i heartily. It is to be hoped that the commit ! tee of bankers and investment deal? ers formed for the purpose of devis? ing a plan to stabilize Liberty bonds will get a favorable hearing in Washington, for there is no doubt ' that the need for action of this kind : is imperative. The fourth Liberty i Loan campaign is only a few weeks ahead, and the campaign will cer? tainly meet with greater succ-ss if the discounts at which the outstand? ing issues are now selling are re? duced. Bankers and other compe : tent financial authorities have little confidence in the sinking fund plan, although that might be utilized ef? fectively a few days before any new j scheme were put in operation. The j probabilities are that the committee ; will recommend the adoption of the j plan which has worked so success j fully in Canada, though possibly in I modified form. In that case the | bonds would be removed from the | Stock Exchange list and all transac? tions would be conducted through committees which presumably would ?be established in each of the Fed j eral Reserve districts. The War ! Finance Corporation might well ? serve in the same capacity as the ? Victory Loan Special Committee in Canada, since it already has the au? thority to deal in government bonds. ? The only serious obstacle to the plan is the apparent reluctance of the Waehlogton Authorities to au thorize the payment of a commis? sion to investment dealers. That, however, is a vital point in any plan that would be effective. While in? vestment houses are willing to ren? der all service possible, and without charge, during Liberty Loan cam? paigns, it is obvious that they could ? not render such service gratis j throughout the year. If they can J develop a latent demand for Lib- j erty bonds in the intervals between j campaigns, and thereby maintain prices, they will have performed a j service well worth a liberal commis- ! sion. It is not improbable that if ! the Canadian plan should be adopted ; here, Liberty issues would all be ; selling at par within a relatively ? short time. Canada's Victory bonds, ; issued at 98.66, are now selling at I par, and the demand for them ex- j ceeds the supply. Although call money ratea were! firmly maintained at 6 to 6^ per cent I at the Stock Exchange yesterday, un? changed from Wednesday, the Bankers' Money Committee was not so active in making loans, as offerings by the in-j dividual institutions were somewhat! larger in volume. Activity in the market for fixed date j funds was largely restricted to the re-1 payment of a few maturing loans. Ratos were unchanged at 6 to 61? per, cent bid. Ruling rates for money yesterday, j compared with a year ago, were as follows: Yerterday. Year ago. ! Percent. Percent.! Call money: On mixed collateral 6 3 On industrial col't'l 6'/2 ? Time money (mixed collateral): ? Sixty days .6 4i/4@4'/2 ? Ninety days.6 4!/2@434 | Four months _6 4%@5 ! Five to six months 6 5 @5?4 ! Commercial Paper.?On light trading' commercial paper rates held steady! yesterday at 6 per cent for the best' regular maturities. Bank Acceptances.?A fair volume of ; business was done in bank acceptance ' yesterday at the following rates: ? Thirty Sixty Ninety! Spot de- days. days. days, livery: Per cent. Per cent. I'er cent. E 1 ierible member banks....4>4@4 4%@4>4 4%@4</4 E1igible non-mem? ber banks.4?4@4/8 4%@4A 4%@4A; I n eligible bankbills.5!4@4 5J4@4% 5!4@4% For delivery within thirty days: Per cent.l Eligible member banks.4'/2 Eligible non-member banks.4->a Ineligible bank bills. 6 Sub - Treasury. ? The banks lost $1,456,000 to the Sub-Treasury yester? day. Silver.?London,. 49^d, unchanged; , New York, 101%c, unchanged; Mexican dollars, 78 %c, unchanged. Discount Rates.?Tha following table gives the current rates of the twelve Federal Reserve banks on commercial paper on all periods up to ninety day?,: .--Maturity-? ?? i.~ ??? ?.O E E 3 75 ? la 3 . *5" IS a : &3 :?5 :? ; ? s* ; : : El? : ? : ? Boston. 4 4% 4?H New York.4 4% 4% Philadelphia.... 4 4% ?4% Cleveland.4% 43/4 4% Richmond. 4% 5 5 Atlanta. 4 4?4 4% Chicago. 4 43/4 5 St. Louis.4 4?H 4*4 Minneapolis.... 4 4% 5 Kansas City.... 4>/a 5'/4 5lA Dallas.4 4% 6 San Francisco.. 4 4% 4% Bank Clearings.?Bank clearing? in New York and other cities were: Exchanges. Balances. New York_$726,537,807 $65,530,691 Boston . 46,980,094 14,174,532 Chicago . 76,682,991 3,899,871 St. Louis. 21,532,082 4,201,058 Bank of England.?LONDON, Aug. 29.?The Bank of England in its weekly statement reports an increase in gold holdings of ?880,146. The proportion of reserves to liabilities now stands at. 17.16 per cent, against 17.90 a week ago. The statement with the changes from last week follows: Gold .?69,663,034 Inc. ?880,146 Reserve .31,407,000 Inc. 16,000 Notes res. ... 30,223,000 Inc. 4,000 Circulation . ! 59,373,000 Inc. 864,000 Public dep.... 34,426,000 Inc.1,221,000 Other dep. ..135,630,000 Inc. 113,000 Gov. sec.59,348,000 Inc. 1,032,000 Other sec. ...101.145,000 Inc. 302.000 Bank of France.?PARIS. Aug. 29.? The weekly statement of the Bank of France with tho changes from the preceding week follows, in francs: Gold .... 6,435,308,000 Inc. 551,000 Silver ... 320,470,000 Inc. 1,325,000 Circ'n ...29,433,940,000 Inc. 10,141,000 Gen. dep. 3,477,211,000 Dcc.288,392,000 Bills dis..2,801,601,000 Inc. 16,813,000 Tr. dep.. 298,559,000 Inc. 136,491,000 I/Oitdon Money Rates.?LONDON, Aug. 29.?Money was unchanged nt ,'i per cent. Discount rates were: Short and three-month bills, ,'i 17:i2 per cent. Gold premium a?. Lisbon remnined 130.00. The Dollar in Foreign Exchange A further drop in the rates on Sw?sb frene? vea th? out?Uadinj| ?Urele? ment in the foreign exchange market yesterday, which was marked by a lack of fluctuations. Danish and Norwegian exchange ruled a trifle firmer, whereas pesetas were a shade weaker. Rates on Paris and London were unaltered. Closing rates yesterday compared with a week ago, follow. (Quoted dollars to the pound.) Week Yesterday, ago. Sterling, demand ....$4.7555 $4.7555 Sterling, sixty days.. 4.73 4.73 Sterling, cables . 4.7660 4.7660 Sterling, ninety days. 4.719b 4.71^? (Quoted units to the dollar.; Francs, checks . 5.51 5.63% Francs, cables . 5.50 5.62% Lire, checks. 6.35 7.50 j Lire, cabins. 6.34 7.49 Swiss, checks . 4.26 4.15 Swiss, cables .4.24 4.13 (Quoted cents to the unit.) Guilders, cheeks.51'?8 ?51% Guilders, cables.51 '/a -51% Rubles, cables.13.00 13.00 Spain, checks .23.55 24.25 Spain, cables .23.75 24.45 Sweden, checks .35.05 35.40 Sweden, cables .35.25 35.60 Denmark, checks .31.05 31.20 Denmark, cables.31.25 31.40 Norway, checks .31.40 31.50 Norway, cables .31.60 31.70 Argentina, checks.44'/2 445s Argentina, cables.44s-? 44% India, rupees, checks. . .36% 37 India, . upees. cables...37 37'/^ India rupees, caoles, Reserve Rank rate..37',? 37!<j Below is given the current exchange, value of foreign money in dollars and cents, toge'eher with the intrinsic gold parity, as calculated by the United States Mint: Current exchange. Intrinsic value. value. Pounds, sterling.$4.7560 $4.86% Francs . 0.17.8 0.19.3 Guilders . 0.52 0.40.2 Rubles . 0.13 0.51.2 Lire, checks .0.13.33 0.19.3 Crowns (Denmark) ... 0.31.40 0.26.8 Crowns (Sweden)..... 0.35.70 0.26.8 The above rates express the cost of foreign money in terms of the Ameri? can dollar. You buy an English pound sterling at, say, $-1.7560. The intrinsic parity is $4.:?0% per pound. Thus you say either that pounds are at a dis? count or that dollars are at a premium, which is owing to the fact that in Eng? land the demand for dollars with which to settle accounts in this country is greater than the demand in this coun? try for pounds with which to settle ac? counts in England. $50,000,000 Penn Road Bond Issue Looked For Soon Bankers May Act When Federal Rail Contract Is Signed The Pennsylvania Railroad, it was reported in banking circles yesterday, is considering new financing which may call for an issue of $50,000,000 ten year 6 per cent bonds. Kuhn, Loeb & Co., the road's bankers in the past, stated that no announcement concern? ing the expected offering could be made now. It is believed, however, that the bankers are only waiting for the stand? ar railroad contract to be signed be? fo i going ahead. The probability is th ; the bonds of the Pennsylvania, li'..e recent Union Pacific and Lehigh Valley offerings, will be placed on sale to the public on a basis to yield con? siderably better than 6 per cent im? mediately after the next Liberty Loan campaign. An increase of $75,000,000 indebted? ness was authorized by the road's stockholders at their annual meeting last March. In this connection Samuel Rea, president, said that "the board of directors will be enabled to issue general mortgage bonds or such other form of security to the amount of $96, 000,000 (including $21,000,000 unissued binds) upon the most advantageous terms as opportunity to dispose of either form of obligation may occur." An offering of $10,800,000 City and County of Denver 4V? per cent water bonds was made in this market yester? day by a syndicate consisting of Har? ris, Forbes & Co. and E. H. Rollins & Sons, o" this city, and the International Trust Company and Boettcher, Porter & Co., Oi Denver, The bonds are dated November 1 and will mature November 1, 1948. The public offering price was 95V4, yielding the investor about 4.80 per cent. The bonds were authorized by a vote f f Denver taxpayers and were issued i ' aid in purchasing the plant and dis ? -?bating system of the Denver Union \ ater Company at a price of $13,970, 000. They are declared to be a legal investment for savings banks in New Hampshire, Vermont, Rhode Island, Connecticut and New Jersey. Warns Against Big Speculation Based on Credit Money Committee Takes Stand Against Unrestrain? ed Market Activity Yesterday afternoon Gates W. Mc Garrah, head of the Mechanics and? Metals National Bank and acting chair? man of the bankers' money committee, issued the following statement: The elTorta to stabilize money rates made since the first Liberty Loan was offered have met with cheerful and sincere co? operation on the part of borrowers and lenders. The government in prosc-uting the war requires a constantly increasing amount of money, and while every effort will continue to be made to maintain rates at the present level, it is thought wise, in view of the present progress of the Allied armies, to point out that any disposition to indulge in speculative commitment?, based on borrowed money, must of necessity lead to an increase in rates that will prove corrective. Promptly upon the dissemination of the statement throughout the financia! district the stock market, which had been advancing with a fair volume of activity, turned downward, and prices of representative stock issues sustained substantial declines, running from 1 to 2 points and mere in some instances. The selling, while not particularly heavy, indicated a desire on the part of many speculators to lighten the current commitments in order to be prepared for any steps that might be taken fur? ther to curtail stock market loans. Statement Issued After Meeting The McGarrah statement was issued after a meeting of the bankers' money committee, at which the general money market situation was thoroughly dis? cussed. Mr. McGarah refused to com? ment upon or amplify in nny way the 1 statement put out on behalf of the committee. Bankers outside of the committee expressed the belief that it might be construed as a warning to the specula? tively inclined to go slow in the future. As one banker put it, the committee in its statement was to all intents and purposes serving notice upon the finan? cial community that should there de? velop any important speculative activity in stocks the committee would stand aside and withdraw its support from the money markets, with the result that money rates would soar to a level that would automatically check the speculation. A member of the committee, speaking for himself, said that the present stock market could in no sense be called speculative, so that as long as opera? tions continued on the present scale the aid of the money committee in keeping moYiey rates from rising to prohibitive levels could be relied upon. But as for permitting any large specu? lative operations, based upon borrowed money, that, according to this banker, would not be countenanced by the com? mittee, in whose hands rests the con? trol of the money market. Bankers Have Not Agreed There has been much difference of opinion among bankers for months as to whether the committee should under? take to keep the call rate from going above 6 per cent. Some bankers have insisted that, as money is a commod? ity, it should be permitted to take its own course, like other commodities, and that the law of supply and demand should govern the rate from day to day. But other banks, and the majority, have held that some such stabilizing influ? ence as has been exerted by the com? mittee was necessary to insure against undue stringency during the Liberty loan campaigns. The money committee was organized last September for this purpose, and the organization has been made perma? nent. Since its formation the com? mittee has operated in the market with a $200,000,000 pool at its disposal, with the result that it has managed to keep call money at 6 per cent or less when at times, had the market been left to itself, much higher rates would have been established. Relevant Comment Pierce Oil Advances on "Big Board" The stock of the Pierce Oil Corpora? tion, which made its debut on the Stock Exchange yesterday, was one of the few issues that was not suscepti? ble to the afternoon reaction. Open? ing at 16%, it advanced to 17 Vz, where it closed a point above the last sale on the Broad Street curb Wednesday. The stock appeared on the t.cker tape as POL.* St. Paul Again Defers The regular monthly meeting of the Chicago, Milwaukee & St. Paul di? rectors yesterday provided tho usual lack of information concerning the status of the preferred and common stocks, upon which no action has been taken since the latter part of ^J Yesterday's meeting was the eighth consecutive occasion on which the hoard has deferred payments. General Motors* Gyrations General Motors supplied the sensa? tion of yesterday's stock market by showing a net decline of iVi points on a turnover of 4,400 shares. At one time an extreme decline of lO^ points .from Wednesday's last sale was re? corded, the price dropping to 13'-. The next sale was at 132%, then fol? lowed another at 140 on a transaction of 100 shares. This sale suggested that some one had put in a market order to buy without thought of tho ease with which the market in this issue has recently been controlled. Stabilizing the Franc Continues Foreign exchange bankers expect the process of stabilizing the franc to continue until the discount is reduced to 2 per cent. That would mean that the dollar would buy only 5.30 francs. At present the ratio is 5.50 for checks, the most favorable to France in more than three years. The intrinsic ratio is 5.1813. The discount of sterling exchange in this market is about 2 per cent. -m McAdoo to Move In Aid of Banks WASHINGTON, Aug. 29. -To lighten the burden of banks in financing war industries, Secretary McAdoo has de? cided to recommend amendment of the War Finance Corporation law to per? mit the Finance Corporation to loan banks 100 per cent of the amount they have advanced to war enterprises, and to submit collateral of 133 per cent of the loan. At present a bank may get only 75 per cent of the loan from the Finance -Corporation on the security , offered for the original loan, and if 100 per cent is desired, 33 per cent col? lateral must be offered in addition to | the original security. This results in the tieing up of a j large proportion of the bank's credit, | and limits its ability to make loans I which later might Tie covered by the [ War Finance Corporation. Conse ? quently, many industries have been i forced to appeal direct to the corpora? tion for advances, and it is this prac? tice which the corporation wishes to I minimize. I The proposed amendment has been ' ratified by directors of the Finance ? Corporation, and will be introduced i soon in Congress. I -1-~. i Owen Persists in Foreign Bank Plan i j Senator Sends Questionnaire to Many Exporters and Importers Senator Owen, bent on reviving in ! terest?"in his proposal for a Federal Reserve Foreign Bank, has sent ques? tionnaires to exporters and importers throughout the country to ascertain their views on the subject. I "The Federal Reserve Foreign, Bank proposed," according to the statement j sent broadcast by the Senator, who is j chairman of the Committee on Banking and Currency, "is intended to begin I with a capital only sufficient for a new establishment of this character, leav? ing open the expansion of the capital as the needs of the American commerce i require. "It will be controlled by the Federal j Reserve Board and a board of directors | representing the United States. Thus. | the bank would have no selfish interest I to serve, but would have exclusively | the interests of the American com ! merce at heart and would, because of j its constitution, cooperate with other j banks and bring into the service of i commerce on fair terms the full bank I ing powers of the United States. i "It is believed that this bill, if en I acted into law, will serve to stabilize i the American dollar and make the dol | lar a standard measure of value in ! international contracts, and therefore ! very greatly promote American com? merce, the value of which is always measured primarily in terms of dol | lars." Friends of Senator Owen here said yesterday many favorable replies havj ; been received- Representative bank j ers, who opposed the suggestion when j first offered, repeated yesterday their opinion that the bill is patchwork leg? islation and unnecessary, as the Fed? eral Reserve Banks already have au- j thorization and equipment to do what the Senator proposes. Moreover, it ?3 i understood that members of the Fed? eral Reserve Board have privately said | the bill, if enacted, would injure more j than help in the foreign field. Among the interrogations made in the questionnaire to foreign trade ? houses appear the following: "Would it serve your interest as an importer or exporter to have es? tablished a Federal Reserve For? eign Bank through which you could obtain credit information with re? gard to foreign buyers and sell? ers, and conditions of shipments of exports and imports such as insurance and storage ? "Would it serve your interests to have, through such an institution, in? ternational exchange stabilized on a basis of reasonable compensation for service rendered and the American dol? lar maintained at commercial par?" When Senator Owen was pressing his plan several months ago .question? naires were sent to a selected list of bankers. This time the banks were not j on the mailing list. Ratify Stock Increase Stockholders of the American Suma ; tra Tobacco Company, at a special ' meeting yesterday, ratified the pro : posai of directors for an increase in , the common stock from $7,000,000 to ; $15,000.000. The increase is to permit ; the payment of a 15 per cent stock div I idend and the issuance of new stock to i the extent of 25 per cent of the amount | outstanding after paying the stock divi? dend. Tho capital issue committee at Washington has yet to approve the plan. ? The company's annual report for the : July fiscal year showed a surplus of I $2,164,654 after all ehnrges, including ? war taxes. This compared with $1,019, : 607 in the preceding year. After allow : ing for the regular 7 per cent dividends ; on the preferred stock, the balance for ! the common was equivalent to $29.75 a i share, compared with $13.96 a share | earned in the 1917 fiscal period. ?-?-?.?,? New Haven to Keep Boats WASHINGTON, Aug. 29.?Authority was granted to the New York, New j Haven & Hartford Railroad Company j by tho Interstate Commerce Commis ? sion to-day to continuo its operation of ! steamer and barge lines through sub I sidiary companies. The railroad's peti i tion had been before the commission ? since January 6, 1914. The subsidiaries are the New Eng 1 land Navigation, the New England ' Steamship and the New Bedford, Mal? tha's Vineyard and Nantucket Steam j boat companies. No time limit for the I railroad's operation of water lines was ? fixed, but the order says "action in the futuro is dependent on circumstances and conditions." Significant Relations $3,086,218,000 Nearest nerind Money and Prices: Stock of sold money In the coontry.. $3,08^767,000 $3^86.2*1*8 Loans of all national banks. $?26^041.000 $8^1^9000 Their surplus reserves. 114,668.000 973981 000 Bills discounted and bought by Fed- fast week eral Reserve Banks. $1,393.795,000 $287*964*000 Federal Reserve notes in circulation. 2.032,837,000 ^Vrnonnn Total gold reserve. 2,003,051,000 1,372.229.oS? Average price of fifty stocks. * 789?' '"" 70 *""''"' A ""'*' Average price of twenty-flve bonds.. oVoo o^?? 80-50 Food cost of living (Annalist index j^iXST TWe.kw?! t 90'62 "?""???> . 290.021 287.376 2*68 5??? Genera! commodity price level (DW. AufUit , Ju ?68552 index number) . 2t,P()c>r oir?<c? x yt" *v>. n, , ..' . ?&U0? 232.575 218.779 Production: Unfilled U. S. Steel orders, tons.8,883,801 8,918,866 10,844 164 Pi? Iron (daily average), tons. :. A 10,354 A {jj^g * year ??j. Wheat crop, bushels. '''sTsAboo'1 Wo'a??flnn Oat crop, bushels . -,i428,000,000 1 S ai?u?? ST "?',bu8hela. 2.898,000,000 3 IM 4fl452 Cotton, bales . nfiioivin * oa'494.?00 . . 13.619.000 11,300,254 -?. ... .. 1-Increase or dec-rets? Iinm ???,. y. , Distribution: ?">?<<* ? r-JgJ?5,g*L,yo?-; Perorvlweek Monti, of r0a'lb J^TTT I" Aluni"?". Jlltm ' to Gross railroad earnings.+13.1% 1-12.5% 4.9*50/ Lut werk Week befar? ? '? flank clearings .+22.6% +11.1% + 6.5% General: , , .. ?July 3! .lune 30 ? Ar'iv.? .otton spindles. 33,674,896 33,720,413 33,418 233 Comm. rcial failures (Dun's): Number. J,"v' 7flfi J'""'o?, a ,?.?.,? Liabilities. ?0 7flOK79 *ifi????? 1'137 Building permit. (Brrtrti^ft). ' ' " *9'789'5'2 *10'6O?'741 $17,240,424 ''!? r1,llw,) .$38,837,542- $53,853,817 ?Includes 14 switching and terminal companies. Bankers Aim to Stabilize Market For Liberty Bonds Plan National Organization For Support of War Issues Ways and means for effectively sta? bilizing the market for o?itstanding United States government Liberty Loan bonds are being studied by a committee of investment bankers, whose appointment was announced yes? terday, consisting of George W. Hodges, of Remick, Hodges & Co., chairman; Charles E. Mitchell, presi? dent of the National City Company; Harold Stanley, of the Guaranty Trust Company, and J. W. Horner, of Will? iam A. Read & Co. The committee has already held sev? eral conferences, and its members are I hopeful of beinjr able to evolve a plan for the establishment of a country? wide organization that will serve to protect and support the market for the Liberty Loan bonds of both present and future issues. The Canadian plan, which is working most satisfactorily in supporting the Victory bonds sole by the Dominion last yea),, is viewed with favor here, and it is not improb? able that its employment in the United States may be suggested, with certain adaptations to fit conditions on this side of the border. Committee Will Report Findings As soon as the committee has cov? ered the whole matter of supporting the market for the Liberty bonds it will prepare a report of its findings, which will be turned over, with sug? gestions and recommendations, to the committee of distribution of the Lib? erty Loan organization in this Federal Reserve district. A member of the committee said yesterday that what is most needed is something that will tend to maintain a continuance of buying power in the market for the various Liberty Loan ? issues in the period between loans, when interest lags. It has been sug- ' gested that the bonds, which are not listed on the Stock Exchange, be taken off that board and the market be trans? ferred into the hands of a great body of authorized dealers, who would un? dertake to develop a demand for the bonds sufficient to absorb such offer? ings as would have to be taken by the market. Canada's measures of this character have been operative for many months. The organization there has the backing of the government, and dealers who find buyers for the Cana? dian Victory bonds are given a sub? stantial commission, whereas the deal? ers who have bonds to sell receive no remuneration at all. Need Bond-Selling Organization For some time past bankers here and in other cities who have been identi? fied with the Liberty Loan campaigns have been aware of the necessity of the formation of a large and compre? hensive bond-selling organization that might be utilized in the support of government securities. It is estimated by a competent authority that there are about 40,000 banking institutions and investment houses in the United States that could be called upon to join such a selling organization and spread propaganda in behalf of the government in its endeavor to finance the war. It is generally acknowledged that such an organization would ren? der valuable assistance to the govern? ment in connection with future offer? ings of bonds, as well as helping to maintain a quotation for the present outstanding Liberty Loan bonds more nearly to the level at which they were originally floated. News Digest Foreign London Market Strong.?LONDON, t Aug. 29.?The stock market had a strong tone to-day. War loan 5s and Indian issue?? were the most favored in the investment section, while French funds had a good tone, and Russians were better. Neutral stocks were weaker, as a consequence of the im? provement in th value of sterling ex? change. Industrial shares, Cunards and oils were again prominent feat? ures, and rubbers and gold mines re? ceived increased attention. Money was j in strong demand and harder. Paris Market Steady.-PARIS. Aug. 29.?Prices were steady on the Bourse to-day. Three per cent rentes sold at | 63 francs 70 centimes for cash. Ex? change on London was 26 francs 20 centimes. Five per cent loan brought 87 francs 85 centimes. New York Price of Stock Exchange Seats Un? changed.?The Stock Exchange mem? berships of the late Benjamin G. Tal bert and of Roy C. Megargel were sold yesterday for $53.000 each, unchanged from the last previous sale. The buyers were John D. Merriman and Jesse A. Rothschild. Atlanta. Birmingham & Atlantic In? terest.?Holders of Atlanta, Birming? ham & Atlantic 5 per c.?nt non-cumu? lative income bonds have been informed that prompt payment of the September 1 coupon depends on whether funds are advanced by that date by the Railroad Administration. The income bonds were given in exchange for receizers' certificates of the reorganized compar. < The Columbia Trust Company is trus? tee for the issue. Lackawanna Directors May Negotla' ? Government Contract.?Stockholders ? I the Delaware, Lackawanna & Western Railroad, at a special meeting yester? day, authorized the directors to nego? tiate the contract with the Railroiil Administration providing for Federal operation. Buy War Savings Stamps Metropolitan Trust Co. 60 Wall St. 716 Fiflfc At?. t COUPONS $35,000,000 REPUBLIC OF CUBA ."> (.oiil Bond? of 11)04. Coupons du? Beptember 1. 1918,. of th above Bond* will bo paid on presentation at our offloo mi and aflcr lli.it tlat??. SPEYER & CO. X*v Tork. Aujrust 89. 1811, ?enjamin Franklin^ s.*y? t ^ For want of a nail the thoe Was lost For want of a shoe the horse mas lost For want of a horse the rider was loti For want of a rider the message wat lost For want of the message the laitle ?at lost' Deliver the Message -i\. Thrift Stamp is only ? ??ttJ but it will help to deliver the message to the Kaiser and aid in winning the War. Buy some today. FrankUn trust co. established lSS8 46 Wall Street, New York 166 Montague Street, Brooklyn 569 Fulton Street, Brooklyn ?c??>>X'?XwX^':?c?*!??x?:??c^k?>.:^??;^m?^ MADEIRA-MAMORE RAILWAY COM PANY; PORT OF PARA; i'.HIZIl" RAILWAY COMPANY T?OTICE 1. To the owners and or holders of t?,? bonds Issued by Madelra-Mamore Raliwsv Company, a corporation organized under the lawa of the ?-t?te of Maine, Vn-tei? States of An erica, and secured by a cer tain Indenture or Heed of Trust made hv Madelra-Mamore Kalhvav Company t? Empire Trust Company, a* Trustee *? dated 1 October. 1910; and by a certain other Indenture or Deed of Trust sunnl? mental thereto, made by the same ?aril? dated 20 March, 1913; v*nm, 2. To the owners and or holders of th. bonds issued by Brazil Railway Company a corporation organized under the la?..! of the State of Maine. United States of America, and secured by a certain Inder, ture or Deed of Trust, made by Bra'tl Hallway Company to Empire Trust Coin pany as Trustee, &c, dated 1 June uni" and by a certain other Indenture or n'.'i of Trust supplen,,-mai thereto, made h'v said Brazil ? Railway Companv to um Empire Trust Company dated 1 ADrii 1911; pnl' 3. To the owners and or holders of th? bonds issued by Port of Para, a corpora? tion organized under the laws of th? State of Maine, United States of America and secured by a certain Indenture or Deed of Trust, made by Port of Para to Empire Trust Company as Trustee &c dated 1 March, 1909; 4. To Madelra-Mamore Railway Com? pany and W. Cameron Forbes and David T. Davis as Receivers oi said Madeira Mamore Rallwaj Compan?, appointed bv United States District Court, District of Maine; and Reginald C Sai eau us Receiv? er of said Madelra-Mamore Railway Company, appoint, I by the High Court of Justice in Englai . 5. To Brazil Railway Company and V Cameron Forbes as Re elver of Bratli Railway Company, appointed by United States District Court, District of Maine; and W. Cameron Forbes as R. elver of said Brazil Railway Company, appointed by the High Court of Justice In England' 6. To Port of Para, and to Alexander Mackenzie and Henry S. Fleming ai Receivers of Port of Para, appointed by United States District Court, Southern District of New York; and 7. To all other persons concerned: Notice is hereby given, pursuant to an order made by Hon. Clarence Hale, Judge of the District Court of the United States, District of Maine, dated the 11th day of May. 1918, in a certain sr.t therein pend? ing in said Court wher In Deane Mann is complainant, Madeira-Mamore Railway Company and Empire Trust Company are defendants, end Empire Trust Company is cross-complainant and Madeira-Mamore Railway Company and others are respond? ents, that an application will be made to said District Court of the United State?, District of Maine, at the Ignited State? Court House in the City of Portland, Maine, on the 19th day of October. 1918, at 10.30 A. M. on that day or as Boon thereafter as counsel can be heard for an order permitting Empire Trust Co.npany, , a corporation organized under the law? of New Yajrk, United Stat.s of America, to resign as trustee under said Ind.ir? or Deed of Trust dated 1 October, 1910, and under said Indenture or Deed of Trust supplemental thereto, dated 70 March, 1913, both made by and between said] Madelra-Mamore Railway Company and.? said Empire Trust Company a;- Truste? as aforesaid; and directing aaid Madeira-? Mamore Hallway Company to approve and accept such resignation as trustee, and to aprolnt a new substituted trustee in th? place and In stead of Empire Trust Company as trustee under ?aid Indentures or Deed? of Trust made by Madeira-Mamore Rail? way Company; and releasing and dis? charging said Empire Trust C( mpany from any and all further liability to an/ and all persons under said Indentures ?i Deeds of Trust mad- by Madelra-Mamat? Railway Company and Empire Ti ist Ccaa pany; and dir,-,tin: the substitution of such new substituted trust! is a party to said suit both as defen lant and as enmv complalnant. in the place and in stead ?4 said Empire Trust Company; and graft lug such other and further relief to KmpS? Trust Company a; may be Just and proper. Dated, 13 May, 1918. Signed, EMPIRE TRUST COMPANT, by LEROY W. BALDWIN, President. at MEETINGS The American Agricultural Chemical Company Notice is hereby given that the Annual Meeting of this Company will be held at the office of the Company, Plant Building, in the City of New London. Conn,, on the 12th DAY OF SEPTEMBER, 191?. ?* 2 o'clock P. M.. for the purp ?e of electing a Board of Directors f, r the ensuing year, and for such other business as may b? brought, before the n eetli g The Transfer Books of both the Pre? ferred and Common .-'eck will c!o*?_ .. o'clock P. M. on FRIDAY, AUGUST ?0. lgisT'and remain- < losed until 10 o'cloclt A. M. on FRIDAY, SEPTEMBER 1?. I?**? HORACE BOWKER, Secretary. New York. August 16, 1918. DIVIDEND NOTICES THEPIERCE-ARROWM0TORCARC0. A quarterly divid? nd '? "?' P< ? " ?'?'?'?? ?'i** been declared on the preferred Bti cK of tnis company, payable October 1. 1918. to stock? holder? of record September 1C, 1318. WALTER C. WRYE, Treasurer. SOUTH PORTO RICO SUGAR CO. August 28, 1918. The Board of Directors of South Port? Hlco Sugar Company has. this day de? clared the regular quarterly- dividend of 2% on the preferred stock, payable in cash at the office of Messrs. William r-ehall & Company, 45 William St., New York City, on ? ictober 1, 1918, to sto, kh, dera of record on September 14, 191?. The Board has also declared the r?guiar quarterly dividend of .'?'> on the eomm*J stock of the Company, payable in "d.?idead scrip" on October 1, 1918, to stockholder of record on September 14, 1918; su^ scrip to bo dated October 1, 1918. to ? pnvable on October 1, 1921. to bear Interest at the rate of T% per annum, payable semi annually, and to be subject to redemption on any Interest day. Such scrip will ?? distributed to tli? common stockholders oy Messrs. William Schall & Company on October 1, 191S. F. A. DILLIN'GHAM, Secretary^ OFFICE OF THE NIAGARA FALLS POWER CO. 16 Broad St., New York, Aug 77. l?'-s At .1 meeting of the BoartJ of Director? of this Companv, held on the 27th day 01 August. 191S, a dividend of $2.00 per share. w . .. an , : III onal divl nd of $?< 00 p" share on the capital stock of the Company. was declared from the surplus net proms. payable on the 1st day of October, is?* to stockholder? of record at the close or business on the 14th day of September, 1918. F. L. LOVELACE. Secretary- _ KXOX HAT CO., IXC The regular semi-annual dividend er 5*f* on the first preferred ?took of til? Knox Hat Co., Inc . will be paid September 8. 191S. to hrst preferred stock holders or record on August r8lh, 191S, at 3:00 P. ?? iSigned) BRATTON WITHKUFLU Secretary and Treasurer. August 27th, V.MS, - MAGMA COPPER <OMP\M'. A qunrteriv dividend Of Fifty Cents 1 p?r ?hare bus been declared on the M ,0,Y this Company, payable September .?o. J? to stockholders of record at th.? close 01 business on September f, 191S. HENRY E. DODGE, "V?rt)??W??> . , Aururt ??. 191?. . ..-?^j?J?