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THE SDN, MONDAY, NOVEMBER 10, 1W8. Are Bond Purchases Now Opportune? t The great and world-wide eipan ion in credit and Absorption of capi tal, whicli has depressed all invest ments, Ins been effectively checked and capital is accumulating for first time in a number of years, Under such conditions it invaria bly seeks sound bonds, such as are readily convertible into cash, and good bonds are growing sxarce and advancing. We believe they are going higher. Send for list of Consercalke Inteslmtnl Bonds Plympton, Gardiner & Co 17 WILLIAM ST , NF.W TORK Members .V Y. Murk KarhatisEr These CompaniesPay The V 'c Income Tax on following Bonds Yield WeMrrn United Hits & Kli-c "' Co. VitM & llltlx. .V r Honds 5.12' r Virninia Hallway & Power Co. Klrnt & Itfdir. .V , Honds 5.40 SI. Louis Spr'uf'd & Peoria lt.lt. Firxt & Itrdu. .V c Honds 5.l3ff California Cas & Llt'Ctrlr Corp. Vnty inn & WtlK. ."' Honds .'..'0' , Anirriran Public Service Co. Yield Flret Men G' Honds COO' , MortRaues securing above bonds pro vide that interest is payable without deduction for taxes, anil the com panies have stated their intention to pay the normal lfc Income Tax. Further particular) anJ prtstnt Martel prlcti of afore itturilltt sent upon request or l.isl AD-JO. N.W.Halsey&Co. 49 Wall Street, New York l'hltaitrlphln Chlraro Sun Francisco FINANCIAL REVIEW OF THE PAST WEEK Wliiil I'rocpsses Arc tit Work in flic Field of Values ami Why. W1DK STHAIN OX (.'AI'lTAL How Politics Honrs on tin Situa tion Much Pisconminir Done in Slocks. Harris, Forbes & Co Inwin s N. W. Barrti O., K. T. Iim Street, Cor. William NEW YORK Government Bonds Municipal Railroad and Public Utility Investment Finlsv Barrell &Go. -74 BROADWAY Bankers and Brokers , .New YorkS'OvU Exchange-. Member N-u , oik Cotton l.'xdunge. ( Chicago L'o-.rd of Trade. Two exclusive private wires' to the West. Chicago 203 t. LaSalle St. Henry Clews & Go. II. 1.1. is. 17 mm lu iiitOAl) sr. MrMltritM .v v. siock i: i iiamii:. Ntocka and llnmln Imiiiht nml hold Mr Invrsiors: also carried nil liberal term.. Hanklnc Account reeHiril sMtiL'rt i, abeck at alrht- Interest paid nn ilallv balance., i b 1. 1. i i r. if n r i it i. it i s tailed available Die world over' STANDARD O I L will nuT H Northern Pipe Line 16 Prairie oil & Oas II B. O. or Ohio Ml'nlon Tonic I-lne WILL Nl-.t.l. 10 Atlantic; Ili-nnlnc 25 South IVnn Oil 25 S. O of Indiana 50 S. (. of New York CARL H. PFORZHEIMER Phone 4E80-1-2-3-4 llroad. 25 llroail St., N Y WESTERN POWER COMMON OUGHT SOLD FREDERIC H. HATCH & CO. .w lork n llroad Nt. Private telephone bet. .N, llnitnn an Congress Nt. T., Ho.ton, Fhlla. lAmerican Light A Traction Com. Citiee Service Co. Com. & Pfd. Utilities Improvement Pfd. I WILLIAMS, MeCONHELL I COLEMAN. I Honda titocka I I nn Wall HI. Phone 495 John NrwTnrk' We Deal in DU PONT STOCK & BONDS HERCULES STOCK & BONDS AMERICAN COAL PRODUCTS Hallowell&Henry aa llrTr St., W. V. If I. llroad llio". E.&C. RANDOLPH Ifsmbcra New York HI noli Kachanra, III HrnaitMat. New York. lint int Open Market Sec.rltut Oipvtntnt 'I. 1'. SIIIIILUS. Mirr. featen In Investment and other Sacurlllea f mt the Untied atatea. Canada and Uexlog. Wm.A.Read&Co. New York Ckkago Philadelphia Boston London While Uoini'Stlo politic. 1, both thu c-r-(ninths nml the- tmcertnlntles of It, lins In en rDiitrlliutliiR suustantlnlly to the. Im pairment of conllilence nml thu weakness nf altiiH, nml whlln the descent of Mcv leu Inlii Kooliil iliaos Iiiih niiKini'nteil nnanclal Ktraln evi'iywheri", kIrM sliouM not Im lot-t of tin1 fimilaniriital raiiars of contlmii'il utiilprlyiiiK tciiHlon In nil money market anil IncrcaHlint uotrlctlon ot liusltii'fs emleavor. It took th ll.ilknn iiplicaval last yi-ar to ilovi lop the fart, lint It 1m no loiiRer ilouliteil to-ilny that tho troublo wlili'li la vexlntr tlm woilJ's affairs In rhlrfly tho roHiilt of fostering i-xceKslve ili'inamls on capital anil ri'SortliiR to tem porary credit to supply l.orrower with funds for permanent .purposes. )iii reason for the deiloloney of capital lu relation to capital requirement has 1 en the wasteful consumption of It In the way of public cxiwiullturi', such a are Invoheil lu war or lnimUnato prep- arat'on nKalnst war ami tho ahue of It ' by prliate cxtrnvntrnnrp which ha mill 1 t.itoil npilnst tho ncciiinulHtlon of capital 'at a normal i.itlo of Increment. It Is uIm umloulitedly trip' that tho scarcity of c plt.il ha been annravjitul by the timidity ulilch political ptoposal to mako , II bear the entire burden ol social cbaiiR.) have Inspired, Neverthelc tho orlRlnal i.iUm- of the dlfflctlllles with which lui-t-i) !s etiteipfls- and the llnmrtat mikets have been i oiiteiidliiR III n tent month) 1 and with which they are still rccUnnlriR ' l ib noted by the disparity between th , supplies nf capital furthcoming for the . xploltatiou of wealth creating resource and the applic.itliius fur capital which I have bi. n plesslllR anil are still plesslllR on the money markei. We have a strlk. Iiiu il nionstiat.on nf the ltu:itlnn In our own coiintr) In the ever urowhiR re. , course to short term no. lu order to pincuie-fur iiupor.itp eiiterprii-e the fund which hhnulil be obtaluid foul the sail? , of sli. k or of Inns time bonds. It would seem, how ever, thai the con- ilii.. mi arc mote adequately appreciated i i.t., !. for Kurope Is the reservoir of i iplt.il fur all the lxirrowltiR countiln of w nld, and It is particularly lu (Jie-it lint . It, that the clearest views nie e .r(s. d ns In the problem which ennftont I'litli'lllle ifToit. Only a few' Weeks IIRJ 'aimI Miiiier In a public address In I'.tiK ! i ml illsi usieil at Ciinsldeiable lenRth what lie . illed "th" cr.iinlib1 fur capital." He i .nnted nut that there had never been a ,i i lull" time when "iicli a htiRe demard npini c-ipltal had been made by the rapid d Mir.ultaneiiiis dc el ipmetit of a lame Miinli. r nf pew countiles coincident wlt'i fie .isioiilslilm; .tidustrl.il acth.ty stlmu liiid i'i older lands lie arctied that a me pi ri.ul nilHt i lapse befiiie there wool I lie am possibility uf sitlsfyltiR on eas lenns "th.se deseivlriR. but far too nit ineiiiti sniinis ut nne and the same time." Tlie pi libit in witli which the world I' sl'iiRRli'itr was stated tdmll irly In Keiier.il ins at til" reeeiit ni'i'lilik' lu lindon of in.- Standard Itirtl; nf South Afilca when lie ill. ul man. Lord Welliy, said' "The demand fur capital in older to de elnp enierpii-e tliruiiKhnut tlie world has liu'teasid and Is increa:nK at an mi P ir illeli tl l.itt. The question ail.-es Is nut tlie world attempt Iiir ton much at one Hint The ftipph of c.ipital is not. as appeir tn ! often thiitiKht, linllmltid, , and It cannot bo tun olteii reptated that the savlncs nf the win Id alone provide the 1 Clpll ll Ileeiled for Hie development of thu j wot Id. It 1 more than doubtful whether ' those savins are keepliiK pace with the ! demand made upnu tlieni. I'll. it detnund is not coiilltied to loans for productive pur-in-f It Include ureat i upetidltures on I war and armaments. Tliete are Indict I ttims thai the demand for capital is be- MiminR ton larne. but without foundln'; , oin lu-lnns nn nnceriai.i data we may sav Willi safety tll.lt tlie ptt-icllt Retlllletllc ll latin of ttuiease lii public expenditure an I in tin wot Id's boiTuw Inns caiitmi cutillnuti witlinut risk nf nionet.ny dUtuibiuice wlni li w ill nrf-ct all markets. Tliee con .ileintinus snould enjoin at the present tune a 1'iilky nf caiitlnu." Such a simv can be i nmmnilcd to Hie Htteutlon of nor pulltlii.ins, who seem bent nn HiiRiiientini; tile huiden or capi tal bv iidillni; scarce to scaicitv and have mauitestcd a , disposition In diminish lu (entivt s for a capitalistic t rfoi t. which can only conduce to iliimnlsht d accumulation ol capital. A la i He poiilon of Dm political prnijrainmes which are beltiR uiKed In State and nation assumes tlie Inevitability of a steady linw of cnpltnl for productive purpose under nil tlie clicumstnnce of rapid alti rations In the legal line of trade and industrial enterprise. Tlie as sumption Is utterly false nnd Injects an .lnm.nl ..f (hniK. llllo sltllfltlim Il'htl'll. ' left to Itself, I nnileiRoliiR natural pro cesses of readjustment tendliiK to restore a proper halnnce between the rail for capital and tlie supply of It In relation to the opportunities that offer for eco nomic expansion, liecnuse, however, the situation fundamentally Is not n domestic, but a world problem, tlie fnctor of do mestic politics alone cannot be exclu sively regarded lu estlniatitiR tho out look for a return to more optimistic expectation of prosperity than tbo.so which havo been fllllnsr mnn's mind lately. Ordinarily the normal roncequenco of uch discoveries about fundamental con dition as havo been Just Indicated Ib a rather prolonsed nnd painful senson In which there la an enforced reduction of borrowlnR demand, while the actual sup plies of cnpltnl available for Investment nr either built up throuRh economic or urn broiiRht Into hIkM by tho attractive ness of equities reduced to hHmklnn up values. Now, It Is manifest that for more than a twelvemonth the familial process of cure for economic maladjustment has been nt work. It has aliendy gone suni clcntly far to Insure a healthy recovery from the disorders with which the ecu nomlc liody ha been afflicted. The un fortunate development which Ih most to be feared Is that after the fashion of re cent years, when It has looked morn than unco an thoiiKli a necessary breakdown hud beRiin, Impatience with tedious and dlnRreeable but wholesome method of effectlnR relief from Htraln will lend to premature attempt to resume the rapid pare of economic proRress. The only out come of such attempts can be tho swift recurrence of acute credit Btrlngency and a freHh nml moro debllltntlne exhaustion of thn cnpltnl market. It cannot he questioned that srenernl business In the United Htntes Is slowing up In many Important directions. In deed the bjislnesa movement toward a i stiiRe of considerable depression mlRht b described lu laiiRiiaRo moro synony- mou with celerity, but reasons for de pressions of sentiment nro pot furnished by ucknowledRltiR till 'reaction In trade nnd Industry, on the contrary, recog. nttlon of facts Invites more optimistic considerations berause thu evidence Is coinpleto that preparations are under way for tho establishment of value on foundations of reatmed stii'iiRth. The tusk of restoration can bn Impeded by 111 advised political activity and politics will lint let acquitted nf responsibility for any unnecessary hui'dslilpH which are Inflicted by sweeping plUilisills to set up a new social order out of hand. Js'ovi r- thl,.MB It Im ttnniir.nl In.dttu .M,it , 1. controlling factor over value Is repre sented by the necessities which have forced contraction or effort In the fields where vnlties are created, tho extent to which contraction may have to be car ried further befote expansion can begin anew nnd the degree, to which contraction may be accelerated by political blindness to the obstacles which Impede economic enterprise nt thlr time. Translated Into Wall Street discourse tlio foregoing observations sucgest the Inquiry: How far ha the decline In se curities discounted smaller business I vnlunio and lesser business profit? Any anwer to such a question must depend very largely of course on the depth nnd area of depressed business, but at the going level of quoted values the Secur ities tnatket has measured In anticipa tion much poorer business nnd much more unemployment, of labor than nre now leporteil or In view, Po much money was withdrawn from securities at higher level In the last few years and has been held awaiting reinvestment ns to make It rather more likely than not thnt concession from current prices for stocks nnd bonds will bring money back Into the securities market, this Incident ally being one of the method by which the balance between cnpltnl, demnnd and supply Is reepvered. So far Indeed have security prices discounted a good deal of business depression as to make It alto gether likely that only urprlslngly un favorable: developments In an unex pected quarter would pieclpltate distinct weakness In the share list and that se curities, however they may dras and sag, rally and react, will persist In showliiR much lnctiltlveness to occurrence which merely' depict new phase of adverse In fluence that havo becomo familiar and even stale, As long as the Bank of Knpland Is np prehenslvo about the sufficiency of gold supplies received In Indon to maintain the reserve basis of the world's central credit miuket It I not ptobahte that foreign advice will encourage the thought that the period of flnanelnl readjustment Is near an end. There was nothing In the Ihiropenn depatches lu thn last week to sugRcst anything but the prevalence oi uneaslntss about the cumulative effect of prolonged tlnancl.vl tenston. ami Kuropj exhibited especial sensitiveness to til varying aspects uf Washington's dealings with the Mexican question. The dumestlc elections last Tuesday were superllclally construed in financial elide as s-jm.--what discouraging because they were quite as superllclally construed In politi cal circles as mi Indorsement of sweeping radicalism m the udmlnlstiatlve and legis lative branches of cm eminent. It 1 alto gether to be doubted If they lent them selves tn any such .significant Interpreta tion because nothing much except th" be diming", of new radical project has bo far been submitted to the judgment of the electorate and practically nothing In the w.iy of the effect! f tariff revtslo.i and o'her channe has been witnessed. tn the main, though, the thought of the financial and commercial commcnlty ! ivw less directly engaged with th finan cial signs noticeable abroad, th bear'ngs of Mexican possibilities on the monev niaikets and on general Industry, the manifold matters of political Interest ranging from the vote at the elections to the cloudy prospect for early currency legislation nnd the like, than with the tokens of spreading curtailment of for ward business. Steel and Iron no longer usutp attention and the record of com mercial falluies In October, the largest In number for the month since 1 seivcd to emphasize the conditions whlk.lt politics Is so much disposed to disregard. RAILROAD AND OTHER BONDS. i i Si!. 04 ;o'i Isl :' M 1 111'. H0' im ft". High- Low fl est Ailnnm l" is ".' II Am Acrlc Ch i v .i us, -. , AmC.iioas ul1 . MU : Atm'ot ii i1 . w i!. M Am II ft I. liv , bo ? AmlirilMms. 7P4 77 1ft AlilSinllSeel'KMU ltlPj .10 mT4IVvms 1)1", W, III AlllTAT It Is SVi I Am Tub is. . vn s Ann Ar 1st i. 'OS i' Atfi lit titiVfis .IPMiC.irtf IM Armour ISs ATAsr cv :.s mi. iooi-j ATAST V It. irj', IE', AT A.M'cva I'm .. 1 ATSrr.iU',s. '.ill AT AM" sills. 01'. ATA SI' ait Is. l A T A S l' oil ostd . :. All 1' l.llle Is. l AUCoaal Line nil tMs, . xv, II AO evils" K 11 A O C'lM I. Ml'i II A (IP 1. 1'. A U'Van. . IliO.T;.- . tkl', IIAO SIV s'. lit th 1 Steel r.s Hi lietllMrelfdg :.s ii. i ll'y a 7 Av in tut mt llknl'lty 1st tci . I'i ii itra id's !' hit:imi. t'n lIllTcvn k.V, s:.i, lil.nl lit f-t ie". iw ian t'n IH lt atd . 1 Mat n a t'r.H tun pm HuMi'I'tr lil.lir l&t if tU 5s hi1, si' . fallinsAlt.'is UT. ttt Canada St.1s IWi' j luVj I'rntllarn.n IrtPj tan, Cl.e.illier.'i.. 01 Wi tent Car 1st.. 01 00', Cent I'arS'ia. OO'j Mi', Cllltof NJ.1s ItS'i Uf. CAD 5s , toil, 0, CAOrv l'',s. ?ttt, 7'i ('AO I1AA IM. HI fl I A All.T-jS. . M't Ml I'llftOumls. Vl'i Ufa ('HAs')lll IS MS IHs CIIAO III I,. . Wt I'I'i I 'IIAO Ill.Tjs. W'-i Wlj CIIAO 111 .'.a . .Kll" tdlH CIIAO SAV IS. l M CIKinsLACSs.KUH payia Chi A lit Wis. 73U 'Vi ci Allans tl;'. in1; C 11 A .St I' CAP WS.ie!Jt IC'i C t A Kt P V A M.... 1025. IM'i 0 -M ht P cv i.j 102 0l'i C M A StP K m Via tot', lOi'i cmamP4. i:'i in, c a x w roii.ue'i n' CANWdhlM.l):i, l'i CANWitm is. I'5'ii Oi'i CA.N'W.Via Ml. M'i Chilly ttt fis. 07' i 07' a ClllAI' llll 11 Mt Ui Olns. Inr 71 Oslj Of, ', inn 77 im' j oi'( SJij OR 70' on I0T, oi'. 0.1 tn'. SI HI. 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S2', S21, t2 17 Sit 3 Mo K A TM.. en 6, Si -1 77'4 a?', 2il Mo PaeevSa !7'4 S7 :7S si 7774 t Mo Par 4 . iu'.', lo. ri'i H 7014 u 2 Mn Par coi 0T, pa', ir,i',' loflVj 103 10 Mei Pet in 91 01 01 4 MO ht 3 M A Onen m.113', 1131, li.Tj 114 nr.' 112', 8 Mor A I'i 1st. 101 lul 101 !, 103", lot 4 N C A St I. 51 10.V4 K1V4 10.V4 WVi 101 2S Net Tube 5s . uS B'.J, 84 -4-t M 1 Mill MAC M. I4 IH, 4e4-M 7 43 I NV Air llrake CV S .. .81 67 81 IM 87 5 N Vernal ia no. ', 091. 88', 14 tot?, M a NYCanallstji. W'i 88, WH '4 10l, 774 1 Nc Ueh 4s ,. 8.1 On 80 sf, S7i4 j; NV Cen3'i . 'j M' Sl4 T4 S7!4 JO NVl I.S3',S. 784 7 78'4o.l4 gZt 7(1; 7 .SVOL.S3'sr 7 79 78 - !s fl 7S 2 NVCA S1L41. MU Bft'4 8o4'4'w'4 83"4 I2J .SVOIU'I'JS'M temrcti.. toi'4 13'4 inriti 14 10SM 88tj 13 N v city 4'js U57. ... toi' M4 104 'tins', mT :: N V City 4',i 1857 new ...104 104 104 inj'j loo a N V City 44t 1817 . 10114 101 101', - H IOITsS 100 47 N V City 4'4i 110 ioo'4 too too lonii v,H 48 NVCItyll0.".9. B, US, "i 4- 4 8714 8"4 I NVCilylslMI. 864 80S Ml. ' 87'; 8014 S3 NYC!ty418J7. 97 Wis 87 4- 14 74 H4 3 N V city 3'4 1811 ... . 1&, SI', Si's M'4 M (04 33 N V (ita Kl 1. 11 A P 5s ,.103'4 I0l'4 lOl'i - 4 IIW'J 10014 53 N V lias Kl I. II A I'll. . SI! j "1 alS 4- l 14'4 80 1 NV LAW tat.101'4 101'; 101', -'t tltj irn 170 N V N It A It eves ... .107'; tost, 107', -'4 131 tos'-j 38I8NV NIIAll rv iletiijswi tos'a iita tos'j - 14 107';' tos 2 N V N It A II I- IHVi. 77 77 77 -J "O1, 77 13 N N II A II dl'b.T',1 1151 SO'-, en'., f.0'4 - 14 12 (I9'v INVO&W4,. SS l M tc' j XI k NVIIJsMlT4s. 74'4 7:", 7I' M 71 73'4 2ftl .'VHsad)r.s. 5I. 5.11, M - ', f?". 53 14 NTflliTl4'sl07''J 87', 87',-", 8, Si-., Kl NV Westehrst A Il.ist 4'js S3; 70'i 78'4 - 8i'4 784 37 N A W cv 4'. alio' 4 PC", 1037, - '4 107 Hi 1 Nor AWrvi. Ittl 101 101 113', tifl in NA Will 3d r ev 4a 1031, nci, ue-, r; ion, io:h 17 Nor A W l O.1I4 03 , 83't -1, 03 ss 13 NAW Pnra 11 si S7'j .11 1- a. 83 si Ikl Nor Par l. UHi 8l'i Oil, US'. 81', 35 Nnr Par .1 05", n.Vj 05', -', f.T, 1 Ohio lilv 1st I IB 1"3 103 - I mi 103 1 OrShotl l.as.inw's n, 10914 11:14 10s , S Or Short 1.5s IW'; in'; IM', nn loci's JHrSI.MTIt S8'4 S8'4 S8'4 vs'i H S OreWanhltltA Navii'f4s . SS SS SS 4 91'; ss 2 ro of Mo la ss'4 sii'4 ss'4 -i'4 o.v, ss'4 27 PaeTAT.'n.. 'Sl'i 86', 061, '4 101 W S Palisades Park 4k 103 0's 861, 961, -J, inj IPal'virlSl" 101 mi 101 101 tel n P.il"vl3l ioi 101 tot 101 int t P.I 4st 1931 r lot Pit 101 -II, 1031, llll 1.1 I'll 4s l'.MH . . 8M1, 08 O'J - I4 IU3I, tw'J IOI P.irv3'Ml8l3. l't'4 K7 'J7'4 4- ' 87I-, 85', 2 P3'ssi0l(l, . OS 08 98 4- la 87); 87!,' 47 PlitlaCncvSa HI33 . . .. oat; as 8i4 4 ei 8.1 4 P C ( ft St I. 4'ihser II. 100' 100', l(k)'4 4- '4 101' j 00)4 2 P Liulllnril 7 111 11 IIS 4- '4 I32tj 113 31 PLnrlllaiJS,. o'4 os'4 oe'4 ' ou', 944 15 PubllcServlce Corp N .1 5s. S8I4 Sj'4 8'4 14 ei s'4 17 HaCnCop6s.l05' 10& 105 121 974 3A I tils fen 4s, . 03', 01" ( 834 074 9PJ 7lllotiW4 ,. 7H', 7s!j 7S'j - 14 Si',- 7H 0 KtL A I Mt.1a.iai 1021; 103 14 lot p.i 5 SIL A I Mt 4s. 77)4 77' 77f - 4 S3 77'i 2 stLASt'Enas.ios'4 10s 10s !,' m'; 105 1 Sll.A.SI'ltnSl. 00', 08 W'4 4-'4I01, U7!4 8 Ml. AST Km 5k 1027 67 S7 87 -1 -314 so'4 2 St LAS fern 5a ctfs 67 5514 SI' 4 -I'i 58 r,3 13 St 1, A SI' fdg. 7114; 70", 70''l 7914 K, 3 StPMAM l'4a 101!, top; 0i, ilipj (no;; Bertron, Griscom & Co. Membtra New York Stock Exchange PUBLIC SERVICE INVESTMENT SECURITIES 40 Wall St. NEW YORK 19 Boulevnrd des tCapudnes fAKIi Land Title Building rHILAUcLrrllA 6 NET RETURN We offer a security on which income to the private investor is exempt from normal levy of the Federal Income Tax; protected by equities of 150 and free of personal tax in New York State. William P. Bonbright & Co. Incorporated 14 Wall Street, New York London Philadelphia Boston Detroit Our Income Tax Department We have established a spertsl iniomi: 1 t.v iiifutf. MIC.Vl to furnish ourclk'iiisftnil friends with rs trans frnrn nmrt. gaKta relntlnir tn the lucnme tax pro Islons nf various bund Issues. 'I Ilia sen Irn Is entirely irto and nt ) our command. Members New Vork Stock lluhmce. 30 Broad St., New York Philadelphia Chicigi Boston Hartfard Stcck ticra-tge 108 So. o Conrress 33 ' ?n wiomg 11 suit si sunt street WE OWN AND OM hR" first niortir.ica bonds secured hf tin t,l.i.u data of Improved, lncoine.prnd'irni; trallr lorated property, lo yield ti j an I S. W. Straus & Co., u,.,,t, Mortgmga and Bond ttanlitr traua BulHlna On Will Air,,, ww ons tmmmmmm -TaH Capital WiwmnmiM $2,000,000 Ll Surplus Harrim an National Bank Fifth Avenue and 44th Street NEW YORK STATEMENT OF OCTOBER 21, 11S I.IABIXITIKS Capital Slo. k aSOsS.OOO.OO Murplus and UndlTlded Prom. ma.Boi.ia I'lrculallon O4.noo.oo llepoalti in,4MB,S3a.M.'l IIIAOlltCJ-S l.nana anil lllscounli .s),aa3ltll,lH United Silates and other iiuniii aoa.iiii.aa Nate llepo.ll Vaults 80,000.00 Cash, due from Hanks end Kithaniea. . n,a7O,04O.K7 914,858,917.97 $14,858,917.97 i OFFICERS .IIISl'.PII W. H iltlllMA.N, Pretldent JOHN' A. NOIII.K. Cashier Hit TAN I,. KKNMXI.Y, Vlce-Prea. OHLAKU( II. lUnillHAN, Asst. Cash. FIIIUIKIIIRK rilU.I.IPS. Vlce-Prea. WII.I.IAM A. Ill ItKI. Asst. Cashier I HUMAN II. lUIIKi:, .IK., Vlce-Prca. Iii:illltii: W. HrilKiriKD. Asst. Cath. IANKINQ HOURS FROM I O'CLOCK ft. M. TO I O'CLOCK P. M. lAK DEPOSIT VAULTS OPEN FROM S ft. M. TO MIDNIGHT TO HOLDERS OF St. Louis and San Francisco Railroad Company New Orleans, Texas and Mexloo Division FIRST MORTGAGE 5 GOLD BONDS: A mnlorlty of all the bonds of this Issue, having been deposited under the Bondholders Agreement dated May 28, 1913, the Bondholders Committee hns extended the time for the further deposit of bonds to and including November 15, 1913, after which time no bonds will be received except upon such terms ns may be imposed by the Committee. Bonds should be deposited with the Columbia-Knickerbocker Trust Com pany, at its office. No. 60 Broadway, Borough of Manhattan. City of New York. or with the St. Louis Union Trust Company, St. Louis, Mo. Dated, New York, November 8, 1913. WILLARD V. KING, Chairman. STEDMAN BUTTRICK, LKWIS L. CLARK K, CARL A. de GKRSDORFF. LEWIS B. FRANKLIN. ALFRED LICHTKNSTETN, C. S. W. PACKARD, J. F. SHEPLEY, GH. WALKER, Oornmittee. GEORGE E. WARREN, Secretary. 60 Broadway. New York. CARTER. LED YARD fit MILBURN, Counsel. Trustee for Personal Trust filth Aflaas ul .ttk St ... Tor, -empire Crust Comimnv MAIN OFFICL. 42 BROADWAY Uranrhrs riflh Arenut. nirnrr 47th strt,t 4 Cedar Mreel, nirnrr aa.au siffr, J4! Ra.l llnllslnii stPrl Mil lllllk EI En fXSTOly vwnwaa nun CONSTRUCTION CNOINEERS PUBLIC SERVICE PROPERTIES FINANCED nnd MANAGED SO Plna 8trat t New Vork Metropolitan Trust Company" jf tAm City cfJVQvr YarA s 4t WALL STREET Accounts of Banks, Corporation!, Eitates, , Firms. Trustees and IndiTiduals receired, on which interest at current rates will be allowed. Issues Letters of Credit and Drafts, available in all parts of the world. Designated Depositary for Court & Trust Funds Acts as Executor, Trustee, Adminis trator, Guardian and Agent. m .fort, tBacott $. stovia IIS BROADWAY, SLW VORK NEW ORLEANS SAN TRASCISCO MILLER, FRANKLIN & CO. Efficiency Engineers wiurrnAi.i. in ii.iii.m.. m thuk Production !nereaed. Operating Ktpenti and Costs Reduced. Examinations ni R porta on Profit Earning Va ue of I'ropert ei. THE POSITION OF Pill 1 HENT OF A MANI'FA.TI HIM. CONCEIT WITH SFHVrAN I 1 l SAIiAIlY AND OTIIEK IMH I - MENTS IS OTFEIlEn '1 tl PETENT MAN WHO Mill IN VEST Oil KIND lNVETOHs I III! K.in.onooKTHEiioMisor i m COMPANY, CAllUYINf. TOl K HO.NLS. APPLY H. .1. K., ROOM llKtti. J.-. HltOAD ST. , X. Ti . i The Union Trust Company of New York offers a special service to individual trustees who desire to have the clerical and routine administration of their trusts carried on at n low expense by an expert organization. The Union Trust Company will care for the trust property, assist in making investments and in selling securities, collect the income and pay it over as directed, and will render accounts in the form in which a trustee Is required by the Court to state his accounts. A trustee will avoid expense and trouble by having his accounts kept in proper form. Correspondence and Interviews are Solicited. UNION TRUST CO. OF NEW YORK, 80 Broadway Capital and Surplus $8,300,000 Loriivti.t.r: MsiiviLi.t: It.. It.ltOAII MIMI'V.M 71 Mroailway, Nrr York, Oct r.'nil. 19p In ariunlatice lih tf.e lern.s of iit V r , nr me i:anauie. iirnmrsnn ami xasn Mon of this Company, Un' folKmini: n: i n anil ten mm tinui . h.ii ItiU tiny hv -n for tlie .Sin Mac l unil, lr' 11 4'.1 f.M lJ ISM 177'. 18 47S fcM lil 1101 s.' ?fl r.i5 710 im: ui7 i-j? M 519 717 101 1 11.11 1S 71 Ml 7S7 IIUl H.TJ l-i i 73 Vl.'i 711 lull ll.'." lf.l S.1 r.W 7", ln7 inr, llll 11.1 Mt 7'.s llisi) l r.VI IK. I :.i r.7i 7Mi nui iwi iii.i li- XI M'J 1131 ir..vi iw ' jia r.i mi 117: iwu w JM MI7 I'M I17J 1W7 ll. ?M am k'.j urn i;n7 i.m H.7 f.14 74 l.'l 171.1 . ''.I 31W 87.1 Oil i:il7 17;U . '71 41 R74 TO 1.17H 1741 i'"!! 'Itie Inicrest on llie same will rA.i- iWfrl lt, 1011, nml itie prlnelpal of Ine tmmts, jilus t per rent, premium. 111 bo redeemed at 'M or on and after that dat. r U. sUlTHi:ns, Aajlstant Treas'ite Low est, hi 7i III tin 7S'. I.lj Ml IK1 Dili, j 73' 4 JS's Clos- .NVt ISIS inc. Oh'ltlKri Ixw. HI 1 '."I "4 7u - n "i llll 4- 4 113 it.'i -' s.-,'-; 73' - i 77'. i-m, u im fr I . at Ul 2ls IkV'j M) WVH i IW4 I Mi'i '4 H31i C4 103 - ', 1071, l"l 3', ine.',- mm s!j 7ulj 7hi, r."s "'l U'l 1171, 7414- "I'a f..V, Ol'-j l'i III a fl4 H7! Ml 'J 101 B71 -ll'J I in IUI', 10;' io7.'i tos Itlrh P.lln "t 5 M I.S W 1st . 84 0 MLSWron 4s. 77'i 6 Sl,Milrn4i. ft4 I St PA S'Paefi. tin 2 S.AAI'aa4a. If'i IS Srah A l.aiij. "I1. 4 SollellTATts. Wi M Sn I'ae 4. . li 5 .skil'aotsrec- 0" so I'ae iff 4i. :", m So 1'ar rv Is . s.M 3.H .snulh Hy.ia .lid's I'tt 1 Ko Ity : t e irtit, 103's ins'. 2 S llv St I, la. S3'i K)4 M'i 17 Siillwy emu. 71 , S Term It i! Aa St I. 4S S!l I TCI. Hat II 101 Jl TeiasCoeviw. OS' . 1 Tei 1'lst.H.U.ii'j mi's hoi, ; Thint Av M .loi'j li'l' I0' 44 Thint Ave ret 44 new sn!j Wi m'i 109 Third Ave adj :,sien'., , 7MJ 8 Tnly" . t T St L W 41. tir.i j tin tl I'ae 4s ".Mt !1 t'l'aeref 4a . 'il', 7s tri'ae rv . tii4 IS f lllisi'td is. 31'., I I Ml Olt llo'i I I'll j ll'H t CSItltyft IS. M 'si H 4 l'.SI(ulil)rriis.l"'.''j lie K3 :yi t'S steel af .la lun'j 001J KM 31 Va ra llrmvn llros&Cucir W)J 3? V -Car Cli lat. Wl i'j Va Ity As.. .. as 3 Va&SW en ss. 01 IS Walmsli lat,,,liC'ii li'Ui mH 2 Wall lat Pet.. too ton 104 18 Wnliatli :d. . 8li vtH H 11 Walil'lltaTer llrlatlirtf IS 19 Waliaati ri 4a. 40 6 Wash Cent 4a. 831. 11 Wctiest I.SH..H0 a Wtatn i;iei-.1. 101 4 Wrmn M.I Is 77 & W.NVAI'Atal.loi'i irl'l04ii t WcatSliorc 4s. lali OJ'J t"34 -I 79 11 -', M'l Ufa "7'. a ton'i ll4 IIW K2H 77! i 74'J M's - ' 5i' a H OH, - 'li 1114 'j (Kl J, M'i !4 63!i bl 47H 0 1' a.'j ro O.'i 10 70 ao'j r.') imii llVj 97 117 III'- 119 I Ml SOIt i 10 i'i mi 4- H l"J oajij -1 5.1 43 oh on' i H 09 -1U tyi?i w !a IW I""7 1 107 IM'i TRANSACTIOm FOR THE WEEK. ailrMSl Otker Sktvaa. 1)1 v 1el.t 10.4 Mod Sale. Adams Hipif 110 AlaaUa Colli ,, . ja.to AlllaChms sih pit. 100 AlilsCbmpAthpit 8,04 Amalgamtil Cop. UlRoo I7!i I7S' -!( 27' j 1l Hi, ir' ! ri'i ir.'l Mlli S.H4 -7i 83'j 83H im 'a I0l' -Hi tiiv, 101 inn nm i ic' Wi 77 77 .Vi 75 ton4- 1C.1 vx'i (CH 14 West Un 4'i, m'i ao'5 9! - ! ua!j ssj. SO Wehtlniliiniso Kleo ev 5i . i 01 Ul 01 HH 1 Wh&LKlst.lOl 101 101 -! im nin 8 Whftl.lien &VSU 05'i O.Mi Oil. liili 2 W,I.UWIll).0Mi MlJ ((.Ms l.l 1011 M 3 Win fcStl' IM.Iim'a osi low- -2i; inalj lonii 4 WllkrsM'. 1st. 11.1 0i' U.V 1. till let UUIaCenils .id Ki4 w) '-j ji, i t WiaconaluCen Supillul 41. 87! 1H n'i 00' j S7'ii tsellersndaysnat. II11111I aiatei. Last week. 7, 07a, OOO, Previous week, tl U,:4A,000. Ian. 1 to date. tt,U0i,00U, ,.. H.lllt 11,1)7 7.(11 8.47 7.H'.' 4. Of) tl.'JO I 1 .1 8.01) s.:i4 7.06 U.40 10. 8 7.20 0.04 11.41 7.011 ll. I :i 7.110 0.00 fl.64 .3 6 H.m n.fia H.78 0.00 'J3.7 o,aa 0.03 10.4 a.BH a,r4 0.14 0.14 e.on 0.80 e.47 Am lleet So car . Am lleet Su pt Am Ai Chem . Am Ac Cli pt Am llrake. Sbon Am llr Shoe pf. Am Can . Am Can pf. Am Car t r . Am Car & 1 pf. . Am Cities Amer Cltlea pt Am Coal. ... Am Coal Prod. Am Coal Prod pf. Am Cotton Oil Am Cot Oil pf . Am Express Am Hide ft I,, ,, Am II 4 L pt... . Am Ice h'ecur,. . Am I.lnteeil Am Llnaeed pf. ., Am Locomotive,, Am Loco pf Am Malt Corp., , Am Mult Cor pf.. Am Smeltlni Am Smelting pf.. Am Smelt See.... Am Snuff Am Snuff pt Am Hteel I'dy.... Am Sugar Am Nuear pf Am Tel A Cable. , Am Tel & T Am Tobacco,, , Am Tob pf new . Am WaterWUs pf Am Woolen,, ., , Am Woolen pt, .. Am Writ Pap pf Anaronds, Assets lieallztn . , Askoo Mar 1st pt, Associated Oil.,,. Ati'h T S I' Atch Tft H 1' pt , Atlantic Coast u. Haldwln Loco,, Baldwin Loco pf. Ualllmore 4 Oblo 400 100 100 100 100 :riio .lino 1000 .100 son ion iron l too 00 ssoo 7750 aoo ion 100 rs'oo se: 100 Tooo tuoo 340 400 1011 0100 8000 rno 1 mm :no llin Week ended fur. a - HlSb. low. Cloatne. Chant a. Hlfhest. 113! US 118 7 1(50 Jan. SI78 207, 21 - lla 2400 Oct. 0 O 0- la 0 Nov. iniaRept. 724 60le OOI4- 3tj BOta Sept. ania 212 S3 - 1 fiOI2 Jan. 0ft 08 HO 811 Mnr. 4ftla 461a 46U4- 17s 67 ,7an. 00 DO 00 - 19 110 Jan. QUI Jan. lama laota laoia- i ltin.v Jan, nl 28.18 2SR- HM ,i07H Jan. 110". KO 8Pla- 1 lailla Jan. 44 421a 421a- IS4 ftO.'is Jan. 113 1I2IhM21b- 17n1I7 Mar. Mil ail 3 it 4fl'U Jan. 11214 11234 fl's'ig- l( VHla Jan. , , 76 Juno S7 Mar. 1O0I4 Jan. 38i aaa, 37 - I a 7 an Jan. HH May IUO Feb. '.Ha 3I3 3la- N 6ts Jan. . . 2HI4 I'eh. 21 20l 201a- i 27:14 April I21r I07 lll4 I4 lain ov. 33h 2014 31 4- la 33s rYov. 30 30 30 lH 44a Jan. Oil 00 Pfl - 2U IOII.I4 Jan. lie (lis flla- 'Im 13 Jau. 11 1 la Jan. nna (lifts niea- Ian 7434 Jan. Ooaa 00la OOftg s8 107 I'eb. H(l Jan, 103 Jan. 106 Jan. 401 j I'eb, IO8I4 IORI4 IOHI4- s4 iih Jan. I IiI.In Jan. IHUh Jan iam4 u oi8 11034- lt4 140 Jan. 230U 2301a 231 - 1 204:14 Jan. I0078 1001a 1007s- U UtHlsJ.in. till Jan. a a 1 a sept, 7ll 701a 70ta '4 82 Sept. 14fta I-Ih I4.i- Hh 32W Jan. 347 llliriM iKlfM- 1 1- 4 Ha Jan. .... .. 120 Jan. . . 06 Oct. 43In fen IVJta (107 II078- s, I nun Jan II8I4 1)8 IISI4 I4 I fl','1 1 Inn I I II 116 II 6-V 'si I 3'1'm Jan 40 411 411 63l. Jan I 061a June IIUI4 02U l'2'4- 7 IODUh Jan. IMS. Lflwe"' 118 .V 5 ion s-pt. l Jan. 41a Jan fllfi J' re IOH4 e ue ' 4 I U ''M PO v v. RlUa rir 128 J' es 21 ' 8OI3 aula 1 08 3 ,11 1 OOI4 7 !J 18 ft .1 4 8 .11 .11) A a if HO ' in :i Ha -001.1 I 16 ii3 1 6t ; 1 ll' s so 1 2 " . 04 . 6's 1 4 1,1 fiS'j ' 0" ' 7 n 1 . ' 160 1 00 i' 1 104.l4 I I n s ' ,lll 1 I His Villi (III O.i I l"8 ', -I 14s ..11 . I 1 II 1 1 I ' no il 1 I 4 11 i (i . .1 BOf's Je