10
FINANCIAL NEWS
AND COMMENT
"WhII Slroct- Finds Some Tien
Rons for Sonfimcntnl
JlciMerninnt.
CAT,,, MONEY AT 7 PERCENT.
Some I'fciiVury In sentiment from the
xtrrmo, of depression In the first half of
tlie week wns limiilfciit In Wall Htreet
Veeterdny, This una encouraged by vnrl
on ltilluenre-, among them the morn
hopeful tenor of war advice, regarding
the allies, Wntisu Will Street believes
hat tho chances for curly financial and
business Improvement hern nro materially
dependent on thn progiOH of the allied
oolite. Another m.itter which entered Into
the reckoning as the further guln In
condition icporlcd hy the Hank of Kng
laml, wh,,re reserve ratio rose 2 points
Mora, lo.ilia decreasing nnd gold holdings
Increasing about f 12,500,000 to ft new
nugTegato J.'i0,000,000 above tho best
previous record In tho bank's, hlatory,
Thla rhowlng suggests that tho London
position conduce to tho proffer of help
ful proposals to American lln.uice by
tha Hellish Treasury representative, liio
Vlalt has been awaited for the pint week.
Official statements lit Washington that
foreign trado figures disclosed tho grad
ual accumulation of an uxport balance
on the dully movement were In Weeping
with ft variety of Information going to
provo that foreign purchuecs of good
tind oonimod'tloo are growing heavier
Mil the time, even though they are being
largely paid for by merchandise Import",
which are remarkably well maintained
under the clreumotnnros.
Our foreign trade must be counted on
Jowly to holp the direct measure
fcdopted to relieve the (drained situation
In forlsti exchange, whloh wj again
demonstrated by another advance In the
jirioe of sterling blllr, demand being
Ctrtrted around 4.87tj, with camea a cent
Mghcr. There wan alro romn htrrngth In
exchange on Holland, which prelum
Bbly represented, at leant In part, a
process of remittance to Oermany.
U would htdi that tho gold fund com
rnltte hu not wold a (fre.it dal of ex
chango far, but the provision which
It denotes ha. benefited the situation to
tome extent by It assurance of obtain
able remlltuice which might not other
vise bo procurable. Th lourtn call for
payment of subscription on the New York
city loin, th Instalment amounting to
JT,7S,000, wan accompanied by a trans
fer of homo IS.000.000 moro gold to Can
ida, and It Is thought that tho ptirchnrc of
exchange on nccount of tho loin explain
to a degree the persistent Untitles, of
utexllng bills,
A striking and gratifying development
of the d.iy wan a proffor of b.ink money
to bo loaned at 7 per cent, on fall to Stock
Hxchango borrowers Thin was another
algnltleant token of the relaxation wM.h
lias been taking ploco In the domestic
money market, where per cent, hoa lately
been the ruling call lo.in fate except In
tha case of the nccoinmoilatlon granted
to retrukir customers at lower figures.
Yrtrm outside points came reports of n
trrement of clearing houv oortllloat", and
tlUa procwM should be accelerated by tho
axpandlng volume of emergency currency,
the Isrnio of which, according to Treasury
figures, amounteil to J3uS,000,000 by Tuta
ly lost.
Apparently the domestic position of
fooney Is getting to be suyh that If some
Impulse to reviving confidence Ik afforded,
uoh na could emanate from Die Inter
tslo Commerce CommlsMon's allowance
tf liberal rate Increase, In the reopened
fJeMem rate ca-e, distinct all around bet
srmejit In general biitlness inlpht s-ion
be witnessed Irrespectlvo of tho Interna
tional situation. The Impoi'tanen of the
hcmrlnirs which begin In the rnto case
fwrt week Is emphasized by the reasons
kst forth In the withdrawal or tho 'Wabahh
reorganization plan from the Mla-ourl
IuMlo Service and Illinois Public Utility
iiommlsslons The brief memorandum of
tha reorganization committee In a moat
cfTootlve presentation of the fnct that the
welfare of corporate enterprise is not af
fected Miloly by the mergency precipi
tated abroad but is Involved In public
policies at home
Apparently business conjectuies have
been Indulged In n to tho meaning of the
measures Instituted for Increasing per
mitted denllngs In securities. So far It Is
not obvious that the reopening of the
Mtoek Kxchangrt has been brought nearer,
Jut It Is Indisputable that ilnnnclnl con
ditions huve been relieved hy th expand
ing sanction givfn for cash purchases of
lKinds, stocks and note Nor Is It quite
obvious why financial Interests should dis
approve publicity of quotations for securi
ties which are not customarily collateral
for bank loans. The public appetite for
quotations Is more apt to be wlutted hy a
icfusal to give quotations than by allow
ing some to be furnished.
At another tlnio the Washington Inti
mations that the Administration was pre
7nred to proclaim peaco for big business
would have attracted more attention. Just
at the moment notice In respect to Wash
ington Is chiefly absorbed by the dispo
sition which will bo made of Southern
demands for governmental aid to the cot
ton growers.
Rankers here nr engaging themselves
The Investment
Situation
A page of our Rencrnl circular for
the month of October Is devoted
to a simple discussion of the per
plexities of the present financial
situation.
History shows that those who
take advantage of extraordinary
investment opportunities are
the most successful investors.
Th Oclnhrr Circular .1D-.U,
tritri indues lint of carefully
ntUctid Minn's, sen ( upon rcMrsf.
N.W.Halsey&Co
49 Wall Street, New York
rhllsdrlpMa Pnnon Chlrao
SAFE BONDS
for
INVESTMENT
TVt'fa Ui Jor SutfttUam,
Colgate, Parker 8s Co.
2 Wall St,
New York
60 Broadway
nrtnAv.c34tist
lnxnAv.M23U)St
Third Ay 6148 Ui St.
Guaranty Trust Co. of New York
HO llrnndway. New York
Cnpitnl nnrl Surplus $30,000,000
Resources over . . . 200,000,000
"1f"flaT7
In support of the fit, Louis plan for ft
1160,000,000 banking pool to mako loan I
on cotton, because, for one reason, It
promises to obvlite any possibility of
governmental action. Moreover, If certain
changes are made In the, plan which will
uu:ri.au us iiuvwiiuKr" ir ouyeru as
well a aellem of cotton It can be mado
an altogether more desirable project than
in at first outlined. ...
lienvj "port selling of wheat was re-
ported and there was n modest "action
In grain prices. Tho quarterly dividend
on Amalgamated Copper was declared at
...,. ,, V, v .t,o u oM.r, v nuutuira
of 1, which had been foreshadowed by
the recent action of tho Anaconda direc
tors. MONEY IN NEW YORK.
Call money ranged between 6 and S per
cent.
Time money ruled nt 7 per cent, for
most maturities, the. range being 0 to R
per cent
Commercial paper was quiet, with rates
nt from G to S per cent.
Domestic exchange on New Tork : St.
luls, 4ec. premium, Cincinnati, IGe. pre
mium; Chtcngo, 10c premium.
Call money In Ixmdon was l'i"tlJ
per cent.
Sterling exchange was firm Quotations
were; Demand, 4, MM, ; cables, l.H"1..
The weekly statement of the Itank of
England shows the following chnnges .
Total reserve
Inc. f 2X10,000
Ilulllon
Notes reserved
Notes In circulation....
Public deposits
Inc. :,KM7
Inc. ;,&!, WO
t J.H U
i'fJS'SSS '
Pec. ipflS.P"":
Other deposits
riovernment securities..
Other securities
Dec. 4,170,000
liar ellver In 1-ondnn. !S;d.i In New
York. RlNc
New York Clearing House statement:
Kxchanges, f.:8l,G81,(157 ; balances, $1K.
3stlll; Sub-Treasury debit balance.
$351,050.
BOSTON CURB MARKET.
Hoston, Oct 1C (Special). -Following
are the sales on the Ttoston curb market
to-day :
Optn- lllirh- Low Cles
Saira ini et. et Inr.
Ton nay State 0. ... Id 11 .10 U
joo Iiutte ft London... to .n . jn jn
) Ctimrt 1 1 1 1
i Chief Contolldatfd. .n ,W V
J") Crown lUwrre ... 1H 1'4 IH l'i
X. Ele A I)lu- Hell ,M .W ,(C ,K
TOO Vlrst National I'l IK 1 td 1U
0 Onldfleld Cona m Ud 1U
W.l Ooldfldd Ore. 1 8-l 1 J 18 1 ! 1 f-
1W Humboldt 14 H .14 .14
400 Mslesllc 19 19 T 7
Km Mexican Metsla 9' SO IT IT
Nevada t)mnla'.. .M )
V0O New llaltle ! !
inn old Dom t ma t. t. f r.
l0 Oneeo CO "i . W
Stewart 1H l'
Too t'nlte.1 Verde Ext.. 1H 1H K P
JOO Ptuted IroIlt Sh... 74 7it Hi 7-i
Totsl salep, S,t35 shares
Following nro to-day's closing bid and
usked prices:
Hid Anked.
Alvaradn 0 1
Day Mate (7aa 10 IT
It-.-oe - 1
Hohrnils J I1.
ho-ton Hly
Iiutte & Ixwdnn U o
Caloreras 1 I M
Chief 70 M
Crown Itenerre 1 1-1 1 M
Ilavl.DiJ)- i. 1 J
Untie Itlue D'll HI p.
1rrt Nstlnnal 1 1-H 1".
noldfletd Consolidated H. !
Ilouchton 11 :
Li Rose 7! I.
Majfstle . ni
MrKlnley to 13
Mexican Metals K It
New llaltle T5 1
Nevada llnualai 10
Ohio Copjier n,-. to
Bnuth Lake :
Pulled Verde Ktt 1 ',
Yukon Pi
DAILY TREASURY STATEMENT.
WASHINGTON, Oct 15 -The tlem-nt of
the receipt! and par warrants of the Trnur.T
hon-
October IJ This month. Ktsoal ear
IWelpta JI.I'O.J'.'I IK, T43.f.. !!:. Oliiwv,
Paywarranla 3.iei.41C ii.".IW ;..!. sj
IVfleit ll.Mt.0rO tl4,t33,Kn JH.SUM4
Jte ipi from eunoms October W were
S2tT.oiT: from Internal revenue, nnhnarr, 1WV
Ml: corporation tax, I10.K1. and miscellaneous.
IIf.3,MI
Nallnnal bank notes received for redemption,
Jt.t1.Wt.
The ca") statement of th United States
Trenturer for October 13 nhows:
(.KNKRAI. KUND
OoM coin jn.sv..::
finld eertlfli'lte 35.2".'. "0
Silver dnll it t'.i.lj.;
Silrer ierlfleitea 10.W7 SUT
Viuted Saief note !"01..w
Cerliflrfl elwk" on banks 1T.TO
Natlnial b.vi'- notes K,Ms,163
StilHd'irv slrtr. minor com and
sliver hiilllon K,3.IC1
Cash In Trensury i:i.r,T:,T
In nallonal hanks TC,oovwi
AvnlluMe rush In Treaurr ami
tianks ... OT.K7.9n
Iieduct current llahilltle, ISS.aM.Ji!
Vrf bilam-e In Trewmry and banks 11'i.lWTIl
Othrr Treasury uet (netl.. . 1I.f.;j.3."3
Net brtlwico In efriM.'d fund IT.CM.OIS
I1KKHVE KUNIJ
Cold coin and bullion tlfAo.oio
TP.V8T FUND
To red-em outstandlna certltlcatet .l,4r.:,T14.sr'
Grand total cash aewis In Treasury J.'iW.Mir'.OTT
RAILROAD EARNINGS.
AlaDsms Oreet Pou1hrn:
I'Jli Chsnces
Hrst week Dot. . 178,331 tc. $li.6
Treiri July t 1,301,612 Dso. ,1,06
Chicago and Alton:
rirt wrelc Oct... $310,054 Dtr. U3.T4t
From July 1 4,l6,r, dh 360,oj
Cincinnati, New Orleans -nrt Tsxa Pa
elllc: First week Oct .. 1177,143 Ieo. 111.308
From July 1 S,8S1,8 Ufa 1J7.135
Ceorgls (iouthsrn and Florida:
1'irnt rt Oct... JU.428 Den. J5.S
Front July 1 1 4T.7S6 Dec. 9,40.7
.Mobile and Ohio:
First week Oet. tt3l.J2 Dsc.
From July 1 3,344, 738 t)o.
Seabnarrt Air Line:
First wek Oet... J43a,3 Dec
From July 1... . 6,491.303 Deo.
CIIICAOO AJ.'D XL.TO.V.
)l,lt7
191,3(7
JlJl.tTf,
iS7.U0
Th Chlraco and Alton Itallmad Company
reports tor Auruat: 1914. CbiuiKes.
Oper. revenue. .
Il.l39.te3 Dea. (1C4.649
1(8,410 Vno. nC,44G
Oper, expenses..,.
Net oper. rev...
Oper, Income
Hal. avail, for tnt.
From July J:
Oper. revenue,. ,
Oper eipeniea. ..
410.091 Inc.
43I.C43 Dmi.
U.208 Ine.
:.0T.I9I Dee.
1,79,S41 Dee.
JUSIC
4,114
7 410
II1T.HJ
304. 91
Net per. rev...
Opr. Income
IUI. eill. for tnt
taos.CS Deo. 17,477
719,IS Dec. 19,177
119,919 Deo. 13. 210
PACTno COAST.
The PacJno Coast Company reports for
Auu-t!
1914. Cbanrri.
Grose tarntnea .
Oper, eipreieea.
.Net rnlnrs.
I'rom July 1:
Gross earnlnrs. .
Oper. expense.
Net eernlnas
1149,793 Dec. 143.1(2
S,0!S Deo. C4,(47
1113,173 Dee,
14,1(6
1 339,341 Dec
1,034,434 Deo.
I199.97
1W.31S
3 3 J 2. 4 26 Dee,
44,037
DIVIDEND DECLARATIONS.
i"omp,ny and Trtn. mock. AmLPayable.
Amal, Copper, quarterly SOo. Nov. 30
w uiys uvrriami, quar
terly....
Reoul Mtntnc, eemban-
nual, ....
Klectrjo Hond and rihnie.
quarterly
Kleetrle Hotel and Phare,
quarterly
K V Woolworth, quar-
t.rly
I, , How MantifacturlnK,
quarterly.
Niw Vnrk and Honduras
Mlnlnr ...
Padflc Hank, quarterly
com 1HA Nov. 1
net Not. 30
pfd 1H p;, ;
com 2H, Oct. 15
com m ej DeC
- 31.60 Nov. ;,
I
- 3c. Oct if'
- S Nov 3 1
-
ottts rrniT.mtn-,
SUB-TREASURY STATEMENT.
TVnONKfiDAT
Paid bv Sub-Treaaury to hnka
Putd by banks to Hub.TreMury, .
Claln to banks on day's trans.
actions
HI.S'iT, riliriAV LAST
Paid by Pub-Treasury tn banks.
Paid by hanks to Hub Treasury..
Oaln to hanks
Loas to banks earn period pre
tIous week. , ,
I
'
14,143,0011
3,101,000
i , -
ta 0,1 eee
.,,,,
4,301,000
19,106,000
900,ee
GOSSIP OF WALL STREET.
Vara for Call dinner.
I trading In securities on n strictly cash
basis thero can lm no uso for call money
for ordnary speculative purposes. And
v,.t thero lB n K0, demand for the call
' money now offering from Stock Exchange
, hcW),VH. Tho prlncliHil explanation for
,, ,ml.nomeOII that, while tho banks
,.n,.rM,y have maintained the policy of
aIowlnK Umn made prior to July
in In Mlniw! Ihrrn jirn H few len1 nr II
etltutlous both here and out of town
which hnvo been pressing borrowers to
pay off loans maoo by them, Kslbly be
causo they themselves nro In rieed.
Tho call money offered now. It Is sug
gested, Is expected to relievo firms under
such prc-sHtiro and In fact Is offered with
that design. In other words, firms can
transfer loans from ono lender to an
other who Is In n better position to ex
tend the accommodation. In this way a
more even distribution of the burden of
unliquidated stocks wilt bo effected. It
Is also suggested that a demand for
money may also come, from firms which
have a large amount of customers' oash
on depojlt. t'ndouhtedly In many cases
such cash depot's have been drawn down
In the past few weeks.
Knntnir Interest ntirden.
It was reported that half a dozen or
I more Irndlnir Institutions tiromntlv fot.
lowed the lead of the national bank which
yesterday offered money on call tit " per
cem- reducing tho rate on outstanding
lon from S per cent, to that figure. The
move was greeted with enthusiasm hv the
Street irenernlly. Kasler money -ondltlons
Kenernlly will help the present stock sit
uation Rreatly, especially If tho prospect
Is to continue for a prolonged suspension
of business. It will mean that the broker
who Is cnrrylni: stock on mirf-ln will be
able tn dent more liberally with his clients,
SUIT money during: tho past two months
has performed n Useful service In stimu
lating tho clcarini up of transactions en
tered Into on July 3, but now that these
transactions have been completed It Is a
heavy burden on the present position, Tho
lot of the customer with stock on margin
Is by no means aa comfortable ns mlnht
appear He may be free from repeated
marRln calls. Hut tho interest account Is
on Item of expense which continues
airnlnst him. Th Interest account Is rarely
recarded when stocks aro rlslnK. but when
tho market Is Kolnir In the wronir direction
or when aa at present prices are rlirldly
held at nn level Interest charges seem
to grow at a tromendous rate. Durlm?
the past two months of monetary strin
gency the (steady mountlnB of theie
charges has made more than one spiuu
lator seek niens of lliiuhbitlnir Tho In
terest churKK 1. of course, nn especial
burden on thn holder of non-dividend pay
ing stocks.
TVims- J.onn .Mnrltet,
Vlth the reer-ttabllshment of the call
nnd tlmo monoy market In a moderate
way .v most Interesting uucstlon arises In
n epect to the tonus upon which such
loans nro mado as regards coll'iter.il.
That Is to say, are tho lendliiK institu
tions making loans on th customary
terms and on tho basis of p-lces rullni?
on July .10? It has been dliTleult to ob
tain a definite, statement on thU point
Homo observers stoutly assert that no
ch.uiK'i has boon nwulo; that tho policy
of adhering to the old prlcci Is Itelng con
tlnued on the theory that a margin of
say 13 1o 20 per rent, at thorn levels Is
better than a margin of in per cent. be.
foro the break occurred Money brokers
also maintain that conditions urn sub
stantially tho same.
Ono loan of Jlun.OOO for ninety days at
6 per cent cecurrd entirely by Now York
city bonds w,w made . istirday, hut this,
It Is held, wns entliely exceptional.
Nevertheless, In splto of thcui axscrtloiui,
there are reports of londors demanding
a .10 per cent margin and of other
oxtraordlnary conditions llng specified.
As a matter of fact It Is nowhere con
sidered unreasonable that under tho pres
ent clreumstAnees euch a change should
be made. .Surprlso would be felt If thero
wero no revision of tho kind to suit tho
new conditions.
The t Committer.
The appointment by the exchange an
ihorltlns of a "committee on quotations"
tins irll'en rtse, to nit tmnremlnn that this
eten Is taken In connection with thn stock
market situation proper. It has been sug-, N',W" from Waihlnntnn regarding the
gested that tho function of the new com-!Wn(I Proposal encourages the belief
mlttes- la to consider what may bo dono In I'1'1.' " may meet acceptance,
the way of lowering stock prices grndu- Norfolk reported spots steady at r,u,c
ally from tho July 30 level In order to'ani1 marketh wore generally un- I
a,r,r,,4 un,l nvnl,,r,tti. n - H . r, ' II K"1 . KXlKlftS fOI' til" llOV f re ?l.-l
nt a trading basts.
A graduated reduction In prices Is con
templated. The committee. It 1 nrgued,
will consider each Issue In turn and decide
what concessions may be permitted In
view of all the circumstances. It Is also
rumored that Stock Kxchange firms aro
being sounded as to whether they are In
a position to Increase their margins on
already existing stock loans to tho extent,
say, of 3 per cent. Whether this Is In
connection with a movement to mark
down prices olllclnlly or simply Indicates
a desire on tho part of certain hanks to
strengthen their position Is not positively
known. According to Stock Kxchango au
thorities, however, this Impression In re
gard to the function of the committee on
quotations Is entirely erroneous.
P'or tho present the situation aa regards
listed rtockH la to be left unchanged. The
commltteo on quotations wns appointed to
deal with the subject of furnishing tho
Stock Kxchnnge quotation service. The
Hep wtia a routine matter with no special
significance,
PUBLIC UTILITIES.
The California Hallroful Cnmnileidon hae
authorized the Paeltlc Power and Ltieht Cor
poration tn Issue 19,430 shares of its It per
cent, nrst preferred stock at JSJ a share
and 14,43,000 first and refunding honila at
10 nnd Interest, with the pnelslon that the
bond Issue shall lis made subsequent to the
stock Issue. It Is also provided that the
nroeeede from the sale nf these securities
shall be used only to reduce the floating In
itehtednees of the company or for adilttlone
unit betterments, an expenu lures ror tne
latter purpose tn be etibjret to approval by
tne commission
The Montana Power Company. Ineludlnr
all subsidiaries, report for the nunrter
ended September 30 gross earnings of J90I,-
(is 4. an increase nr S4Z.1M operet ng ex
penses and taxes .sere 31?. 933 larger anil net
earnlima were ltf2T,33!, nr $33 III more than
for the corresponding period of 1913 The
surplus for the quarter was 1400,733, an
Increase of JU SSn. Tor the nine ninnthe
ended Heptemlvr 30 arose earnings ngxre
listed i:.Sl:."U. n gain nf I33H.777, operat
ing expenses and taxes tnrr-need 143,003. nnd
ni earnings wire 11.973.099, or llS,774
larger, and the surplus nan II. 553, M!. an
increeee of Ii:r,,liil0 over the eame p-rlod of
the preceding year
HnnU'sj Areiinnti .4 (inched.
Deputy Sheriff (Slnsbcrg attached yes
lerday Slfi,771 In the Hank of llrown
lire, A Co., nnd $3t),nfi In the. National
City Hank belonging to the clerman-South
American Hank In a suit for JuO,5G!
brought hy the Importing firm of August
Btiltnpp & Co. of 06 Heaver street for
breach of contract. The attachment was
procured on tho rround that tho de
fendant Is a foreign corporation.
1 I.lvr Mnck Mnrkef,
1 TllimHDAY. October H,
lleeelpte of beeves -vere 1,470 head, mainly
i consigned tn eUtiKhtrrer. N'e sales made
1 Mo-mo ine reeling was null ami weak,
with liberal eunnH' exn-i ted for l'rldav'e
market t)rejed beef sieady at ISlflJc fur
city dressed native sides
Ilreelpta of calws. were tin head tnebnl-
log 1' fr ,n" market Ooml and prime
vrai- iT"r lulu, "lurr Slow, anil coarse
heavy etoclt weak. Common to cholee veole
"w JOwnsHJ Pr lOO lbs.. Indiana ami
llirr.ni , nivr- r,ruy , 1 S 1 S V C XOT Cl
dressed veals: K'o lie for countrv dresd
Receipts nf sheep and lamlts were 4.040
h-ad, Inrluillng 3i ears for the market,
Sheep ere Heady, .limbs, iic higher the
pens were cleared Common to prime sheep
sold at ll.r.Ohtf, rer 100 Ilia., nrrllmii-v in
prime Iambi at II M. It Tt yearlings at i
" i.r-,i million sieauy at xtflle per
lb ; dree.e.l lambe Ilrni at 13t14 4e
rtecelpta Of lions -were 3.-:o hea.l. Inr.l.iH.
Ina half a car for the market, Feeling firm
and good medium hogs solo at 31, Hi per
I oil lbs.
I3tfi3; for medium to light wejjhta
i-eiinirj ureateu hoae eteady a4
THE SUN, FRIDAY, OCTOBER
ENGLISH FIRMS MAKE
NEW COTTON DEMAND
Liver)oorH Pcqucst for Mnr
pins Cnllpii Vlolat Ion of
ApTCPniont.
LOCAL TRADE'S POSITION
Quite a stir was createtl on the floor
of the Cotton Kxcjibuko yesterday by n
statement postod on tho bulletin board
announcing the receipt of n cnblo message
from tho pmsldent of tho l.lvorpool Cot
ton Association saying that In view of
present values being far below nlno cents
It wan KUggestnd that money deposited
with drslgnntod hanks or trust oompa.
nle ahould bo released to the Liverpool
firms Interested.
Tho conclusion of the notkii was na fol
lows! "Tho ivmunltteo feelo that tho re
ipirat Is n fair one, but nevertheless must
leave It to tin, discretion of each member
to do as h elects."
.Judging from tho comment on tho floor
thero was llttlo likelihood that tho Liver
pool request would meet with unanimous
rcsiKinen. It was pointed out that when
the ivinferenco agreement was drawn up
the ldveriiool market ngreed that tho
money should remain In trust until the
contracts wero closed. Tim contracts on
which remittance aro naked have not
been closed. U la thought that the pros
pect of the ond of tlio moratorium may
Ik- a strong Influence In prompting I.lV(r
Wiol's action, as funds obtained In the
Aiuerlcnti market lire likely to bo needei
for making settlements.
Following la tho dau-e of tho confer
ence agreement which nppcars to be vio
lated by Liverpool's latest demnndi
'That Now York Urms ahnll put up In
trust In deslgnatnl New York banks sutll
cleut chsIi to margin such cotton as they
are long In Liverpool to 6.70 for January-
Keliruurj-. and further, shall put up in
trust In designated New Yotk bnnke such
cash as will margin their December eon
tracts In New York down to P.1'0. Much
mar (fin will be released unconditionally
only to tho extent Justified by such eales
as New York brokers mny mako of their
long Interest In IJvcrpool through the per- 1
mission to participate In lh ballot, which
has been given by tho Liverpool Kx-1
change, nnd further, to such extent ns ls'l'nlrlj Artiste nnd lisrer .MnrUet
Justified by such purchases us they tnnv Wralrrn niiytnu
mnkv against tho contiacta w hlch the hae '
sold In this market for I,leijol account 1'hr H- occurrences of new low re
In other words, thin mnrgln which Is put"""'1'" w'" ropeated yesterday. Crude of
up In trust Is only re!.- istsl iincondltlon- ' fcings wero unabated. Southern holders
allv on closed contracts. The Liverpool doubtless desire actual money. Sales In
firm to whom such money thus becomes the Southeast were at 30c. Hedge pres-
..... I .....A ...... 1.... IH 1...- . I
avaiiaiiie navo ngreed to maKti tneir imni'" " e"-u. "'i. one unoe,
nrrangemcnts for transferring same to ! There wns toadlno Western Interests,
Liverpool. Such margins no are not un
conditionally released will be available for
return to the parties depositing them to
the extent Justified by an advance In
LIVeriKiot above .',.70 anil In New York
alsive 9.S0, The I.Uirpool exchange
agrees to give twenty-four hours notice of
any contemplated chungo In price nnd not
to make such change without consultation
with New York."
A prominent member of the Cotton I!x
change, who announced hN Intention of
Ignoring the Llterpool request, said- "I
think Liverpool Is pushing an Implied con
tract obligation rather hard. This l.s the
second time she has broken the same
agreement with nr." I
No reports were forthcoming from
either the Clearing House committee or
tho one having tne ondiratc plan In
band. A report on the Clearing IIouso
Is not expected until curly In the coming
week, on account of the necessity of ob
taining legal opinion on the details as
the, uie worked out Prouriss with the
syndicate proposal Is necrssarlly slow.
ns a few firm linve not yet stated their
position, nnd replies from nil flrme aie I
essentlul before the plnn can be put Into
execution.
Slightly better reports are now coming '
In from Southern spot mnrkets. A few
localities are felling cotton below fi cents,'
hut with the Wade syndicate In a.po itlon
to loan the same amount on r,000 one
.bales tho ctnmpede Is likely to be checked
S.I7 bnler, the largest amount reported ; i.
in a long tune These shipments wero
nbout evenl divided between Oreat '
Hrltnln and the Continent. I
THE GRAIN MARKETS.
Wheat
AlHuiices JVot Held
-1orn
and Onfa Wrnk,
Klther the reports of 2,000.00i bushels 1
of wheat ha1ng been sold for etjiort I
yesterday were exaggerated or the!
marketn made it pitiful reeronse to he
mnrkest made a pitiful response to the '
t,,.,.-o U.-nr-il riltlhrvrlll..a ln.A.l
vlewel after tho seoslon ctort nnd the
iiiiiuinmiy in uiuoiuo west iiun ino ousi- ;
ness with forelxiiers had been ovcrest!-
muted
Chartering of veavls fresh Inquiries
and Mime nctual salt at the Half nnd other
points were admitted, but It was ns
sertrd that whllo circulating thn truo llg
urea had received additions, Kxriorters
who nro looking forward to higher wheat
levels ultimately wero among those ex
preening vlewa of this sort
Incidentally nctunl wheat clearances
yesterday were only 61,000 bushels.
These were the smallest In some time. It
Is likely that Hrndstrent'a ertatoment, due
to-dny, on the week's wheat nnd Hour
exports will be moderately under recent
ehowinge.
Kuropean advices caused the Initial
gains In the market. The bellof that blfr
Western Interests were not operating for
n rleo nt present together with the alump
In coarse grain nnd bonetlelal ratnB In
Argentina explained the nagging of prices
that ensued Kluctuntlons wero errntlc
tn a narrow market and more wns heard
of tho eight cent upturn thnt hiun been
registered of late.
Helntlve steadiness of thn December op
tion nt Chicago strengthened the Infer
ences thnt oxporterH were In the market
The December-May spread has narrowed
from 8lji to SHc. Last year December
nxplrwl even with Mny, when stocks
ranged from 7,000,000 bushels to S, 000.000
at Chicago, against approximately C000,.
000 bnnhols at thl time. Wheat move
ment to that point 1a fair, but accumula
tions ore slow and recolnta are running
lighter. SHU this week's vblhle should '
show another Increase of E.000,000 bushels ,
at least. I
The Llveriwol market was very firm 1
yesterday and Ungland entered the mar- '
ket again for wheat. A report came
that cash Wheat at Herlln woa command-'
Ing 51.02 a bushel, Under the circum
stances It la not surprising that ewme of
the neutral countries nbroad are said to
bo engaged In shipping, or tempted to
ship, wheat Into Gorman)-. Cable ad
vices that the real deficiency tn the
French wiieat crop this season was close
to 7fl.000.noo bushels Instead of 27,000,000
as officially given wero read with de
cided lnterce.7.
Corn There woa eonamnt pressure.
New iTop offerings wero to be had.
Hedge ewlltng and bent luimsurrt waa
noted nnd belated talk of cheap Argentine
corn Induced liquidation, Weather con
dltlnna wero much Improved, Short cover
ing at the deollne caused n slight rally.
Sentiment eeums more bearish.
Oats- -Selling by some of the large cash
nouses continued, Ah In corn there was
also bear pressure, K.ilr export rules
were talked of but dirt not have n -stimulating
effect Some authorities nver that
sufficient oats, are moving for thn tlmo
belnK to ejudly supply the aotitsl demands.
Provisions- Stock yard houses wore
eellera. There wsj lean support In the
nature ot abort covorlnj-, Hot roeolpts
10, 1914.
were lamer. Before the clow buylnr de
veloped based on prediction that tho
reml-montHly atatement on Chicago pro
vision ejtocka would show heavy de
creases.
Chicago prlwa:
Open- Hlrh- low. Cloa- I'rer,
Wheat lnr. est est, Int. closo
December 112H Ill's 113 13Li
May lim US'. 117S ''. HVt
Cornt
December IH 1, M '. 714
May "iV 10 V C9V. TO
Oat a:
December 4iVi 4(; 47?4 47', 4S
.May (1S CIS Wt tl'e Cl4j
Pork!
January 1I.1J 14 U TO lt.M 19 03
Lard:
Oetotwr 10.M 10.30 10 30 10.M 10.S0
Jumiarj 3.M 10 07 9.90 lO.VT 10.10
Illl.s:
OctoW 11.03 ll.M 1100 11.00 11.0T,
January s.7 .w 9.72 CM PIS)
New York wheat prices were:
Open- High- Low- Clos- I'rer.
Intr. rat. est, Inr. loe.
IWrmber W 12"S
Ma- i:i4 i:jt
THE COFFEE MARKET.
Almnl .",7110 nntis of 4.'nrTr4r I'ntiirra
J,titlldnf ed.
About r.,"00 bags of coffee futures were
llaulilnted jestorihiy by tho voluntary
committee of tho Coffee llxchniige. Slost
of the business wiim done In IJeccmbor at
6.4U, u decline of 10 points from tho pte
vlous day Mny sold nt fl.flO, 1,000 bugs
changing hnnds. There wns further switch
lug from December to .May at CO iilnt
dlffeiencc.
The spot market was ojilet, but shotvol
continued llrtnuess, Itlo 7h were quoted
nt Ojflfi'S. nnd Santos 4s at 10 "4 C4 10'6.
Cost and freight offers nerc scarce, but
thokc received were said to havo been
materially higher.
Keats of Interim! disturbances In Ura
cil, which were based on tho announce
ment of a cable censorship, wero allayed
by the tlrmness of yesterday's cable. An
advance of 'id. In the rate of Itlo ex -
change on Isondon wns neccpte.1 ns Indl-
eating no untoward developments In the
countrj
The lllo market on Wednesday was
steady, with Tso, i unchanged nt 4jiiii.
Kxchango on Imdon was Vdd. higher at
13d, Santos wna steady, with No. 4 un
changed nt 4$00, nnd No. 7 nlso un
changed nt 41050. Itlo nnd Pnatos re-
relpts totalled 40,000 bags, Sao I'aulo
' bad 3fi,000 and Jundlnhy had 86,000.
Neav York and New Orleans warehouse
deliveries: of Urnxlllan coffee on Wednee
day Amounted to 23.3G8 bags, ond for the
three days of the week they totalled
IS,!MD hags.
COTTONSEED OIL.
presumnbly strong, were among tho buv
ers. as were shorts and consumers', nnd
the mnrket hiut been technically strength-
ened by the recent break.
Hales wer
naies were
s.ui.ii i.aireis.
I'rer
lns-
Clesinj
inTS
(i.l.'il.VW
r..:ti ...r.t
r..4-)i.'4t
;. 6:,iir. 'A
L.tsr,.-")
Jlids
spnl
iieie'nher
January..
March..,.
-Ma)
r -
." T,
. 44
e N
TILE COPPER MARKET.
''m l"""'
1oieiiiciif Mkmsn Mrii, nf
Slots Iiih: lliifsii.
, L,ii,ri imiii im. nrtn oil IIH'.i 'il Ilie uul-
YesteMay'r business In copper was of I ',er Is undergrade md this Is not s-lllng.
small pmpurtloiis. In some quarters It'll"?" ""tM th.it there Is ti.u hle a
wes said that consumers were showing a VhV;,'o,a",,iorT,' Se",, "a".',, Tl'
little mon Interest In the market, purlieu-1 lino Hick was well cleaned up at tho close
Inrly the large ebctrical rotnpanlea. I ,a,t night. Prices: Creamery ettrue, 1-3
Some unall fales of electrolyt e, dellv-
i ered thirty days, were made at lit cents,
.ui... ,.i.. .. lit,
or the same level nt which most of the
"'""'"ess " nwm ro-rauj. i ue
fport movement Is beginning to show
hlvm of slowing dmvn.
BUSINESS TROUBLE;
.. "
KKlSeBtt
petition tn bankruntev . with liabilities
jl.'.nlT and nominal uss-te, J3.r,el, con
sisting or accounts. l:i.:C. wine tanks,
, ILwOO. etock, Hsfi. and mortaKes,
f-11. The trouble, 11 was stated, Is due to
trablllty to collect outetandlni; nceounts.
The roinpan) was Incorporate, I In Janu
ary. 1913. with capital stock 330,000. Han
dor A Moluar Is thf prisi.len- and Victor
Welliseh the treasurer
w A CAMflll.S A CO A petition In
uNiiarupiey na- o.-rn ne-ii ngainet i.av.
reuee and Abraham Samuels, who compose
the mm of L. c A Siinuels A- Co.. iiianu
fartiireri of costumre and dresies at 13
Last Thirty-third street. They also mado
an assignment ti II lluuard Ilabcock.
Liabilities are 17.(00.
TAllACCHJNI-niAMANT CO. INC.- A pe
tlllon In binkruptey has been rtle.l against
tho Tabarchlnl'Dlamant Cominny, Inc.
manufacturers nf women's and children's
huts at 131 Lenox avenue It wns al
lexed that the rumpsuy Is Insolvent and
executed a chattel mortgage of I3.0H0 to
A,,ele TsbAcchlnl without any consider.!,
tlun. The company mis Incorporated on
April 3 1914, with capital stock 14,000
and Ad-le Tahacchlnl was one of the ln-
uurpornmrs
("SJuXS
ui ami 93 Division street, have nled a p
tblon In bankruptcy, with liabilities, 13,405,
Hnn uesnis. x.uo.' run st nir nt on.1.
Jl.000 machines nnd tlxtures, 11,000, and'
cash In bank. J3 Judge Ma)er appointed
Charles II. Orlltiih. receiver
PAUL TANZSJA.N A petition In bankruptcy
has hen tiled against Paul Tamman.
dialer In coreeta and gloves nt 1S1 K,eex
street. Ho made an assignment on Tues
day. M. WIN'OBIt JIILI.INUHY COMPANY. INC
A pe'.ltlon In bankruptcy has been Hied
against the St. linger Millinery Com
Piny, Inc. of 9" Hleecker street. The
company made an assignment nn Keptem
l"L 5' ''""V Zalkln Liabilities are
said to he 121,000.
rnmpnsltlnn Cnnllrmrd.
A A HON LITT.MA.V Judge layer hoe con
llrtned a composition of Aaron Llttman.
ninnufacturer of furs et 143 West Twenty
fourth street, on application of Jl and
J J. Lesier, who said that crilltors had
accepted 60 cents on the dollar, payable
-0 cents caali and 20 cents in secured
notes due J aimer y 10 next Liabilities
were about I49.0OO,
Petition Dismissed.
fillKNIIAlIM HAHAt'IL Judge Mayer has
dismissed the petition In bankruptcy tiled
on September 34 against Mienhaum A
Harach. manufacture nf muslin under
wear at 111 Hroadway Abraham I).
Harach hs eettled all the debts of the
firm,
Schedules In llnnkruptcj ,
1IA1I.W VT TItACTION CONhTltaCTlON
COMI'AXV,S,.haules In bankruptcy of
lh Halluay Traollon Construction Com
piny of rorty-eecond street and Hrnad
way, of whlcJt Joseph (1 HoMn was the
treasurer, and nalnt nhlnh a petition
w.n tiled on January 33. 3911. show lia
bilities j:7,064, of which there are se
surert ls,333 uneecured M01.4H. nnd
notes I70.S70 of Uie South Shore Traction
i.'nmiiany held by the Northern Hank.
The nominal itsseu are Jisi.oif,, constating
of cash 1323. bonde, JIlO.ooo nf the
South shore Traetlon Company collateral
lor loana with tho Carnegie mist Com
innv. and accounts, 173,733, of which
J0S.839 are of the Mouth Hhnre Trsctlon
Company Among the creditors are the
Northern Hunk of Ne York, 8,S9:
Habylon Itallioad Companv, J77,3t3'
Hankers Utealty and Security Company.
J19.402I Fidelity Oev eloimienl Company
J509. and Joeeph 11 Itobln, 14.787.
DAVID HEDKHI. wbolesile dealer In dry
goods and general merchandise at 71
Franklin street, has nled n-hs, lilies show -,.n.,f.."b,l,,l,'
1li.33 and known assets
13,343. consisting nf stock. JL500; tlxtiirea,
IJiO, nnd iaeh In lank, IJ3, He also has
a. counts of 114,500. the present value
unknown, and real ut lots In Cranford.
N J., which cost 113,000 nnd were mnrt
gaged for 19, Mo. and -ire In the name of
F A. Shabeen as security fur the payment
of mortgage Instalments.
Assignments.
DAVID W15IRA manufacturer nf natrleli
feathers at K Waehlngtou idaee, has made
ati asalgnment tvi Julius II. Helter.
n,)n7,U 'I'" In dry goeda at
1031 Second avenue has made an as
signment tn Morris llanfi
Il'el,er Appointed.
liicm niunr, oil companv of vf.w
VOHK -Judge .Mayer haa appointed Larl
I' (Tarmloheel nf Plttaburg receiver for
tne nigh uraiie Oil Company of New York
nn the application of the Dsmlnlon Trust
Company of Plttebiirg, It was Hated that
the assets are nf greater valuo thnn the
dehtr, but are not Immrddtrly available
The ,-ompany la a Delaware corporation
capltalUnr, It la raid, at 11,000,000
THE STEEL MARKET.
Jttaiitifncltirrrsj III, Not Kxpcot Fur
ther .Mill Curtailment.
Whllo admitting that tho outlook la not
perceptibly brighter thnn It wna a week
ago otecl manufacturers express tho opin
ion that mill opurntlons aro not likely to
decline much further from tho present
level. Thli confidence Is probably based
on the assumption that railroads nnd
other largo alcel consumers, having
bought material no sparingly In the last
few months, will soon find It Imperative
to purchnse iulpm lit moro fr cly.
The situation n regards prices Is about
the same. Concessions can bo had In most
lines, hut consumers remain Indifferent.
With the exception of wlro products ex
port Inquiries are not lending to a large
nioount of business.
An hlea of tho oodltlon of the steel
trado In Uermniiy may no gaineu iroui
the following statement Issued nt tho con.
elusion of the roKiilnr monthly meeting
of the. (lernuin Steel Works Union, held In
Duesseldorf, (Jermany, nbout it month ago :
"Domestic business In seml-flnlshed
steel slnco tho outbreak of thn war has
been quiet, rrodurtlon, which In tho first
weeks nlmost entirely (eared, or shrank
to only tho small quantities necessary for
war purposes, bus grown somewhat better
slnco freight triiltle has ben partly to
Hiiiied, An Increase In the volume or
sabs In not to be counted on for the pres
ent, since the domestic ronsumiirs, though
they may be nblo to keep their plants run
ning, are. generally speaking, cut off from
the export market."
The Iron Tonic Vi lrio says . "As buy
ers continue to show timidity In making
purchase and trado remains poor Iron
I nnd steel manufacturers are drawing
pariillflti between this proent market anil
notable, perlodi of Inactivity In the past.
It Is stated In some quarters tnat It Is
... I,. 1. ,..! tivntttl' enrs In
nnil In some lines n sltu itlon ro utterly
, U(;R,h and lncklng In Interest among
consumers n now prevails,
r,, trailing, undoubtllj , Is the
I most Immobile In many years, and nit-
ti.nrltles In structural steel state that with
tho railroads doing practically nothing
contracts In that line re rnr below
any record of recent years, Hope that
a change for the better Is not far distant
Is not entirely lacking, and there Is well
Informed opinion for the belief that the
worst of the situation now la to be seen,
"It Is more and more apparent that
any nppnclablo change In the Industry'
waits upon the restoration of more nor
mal financial conditions. Until a market
for their securities Is cleared there Is
no expectation that railroad buying of
steel products, now ridiculously small, will
bo resumed."
DAILY FINANCIAL CALENDAR.
KX DtVIDUND.
Company snrl Term. fitoek Anit
American Clsr. ipnrterly cum l'V
American Malting, eentl. annual. - 6Sc.
Aimrlcati Malt Corporation, semt-
aniuiHl pfrt 11.00
Hums llrnt., quarterly pfd 14
Commonwealth l'ow-r, Hallway
nnd l.lKht. riunrterlv com 1ft
('nminnnnealth rower, Hallway
I and l.lrht. ouarirrlv.
ptd mi
pfl iv,
com 2 1
pfd 3i
: 10
PM
- - - 3c.
i '-! ft . Louie and Huburbjn,
Quarterly
nuj!m()n t.oimty i;i,ctrr ,Kht,
semi-annual
Houghton County Ulcelrlc Light
eeinl -annual . ....
I fn,Jl.ma l'tp Line, uuarterl.
Lewlfiton, AuctiNta and WnierWlle.
, Cireet Haiiuus. quarterl)
! Midway .Mlnlnr
DAIRY PRODUCTS MARKET.
I
II UI T.llt.-There ai u further .iclvnnee
yesterday of 4r on the IiIkm.si uradi-e f
butter This was eailieil iiy the UemaliJ tur
urli Krailes and the eerlou. feilllig oft ,,f
I tne mane, (juanty or rrreipte ore a little
""." ""ring, as',.; nr.ts.
-wsn- , t ,u,t.. yd ecore, ai, ; nrsts
i.
,,v .-,, ,iiiirj. luos, nnesi, IVU?Ui?r .
good to prime. :Cn .'ir.. . coiuinnn to fair,
24ic Process extras, 25y 26c. . ilrsts,
23VaO:i'4i , lower grades, sst, jc.; Imita
tion creamery, firsts, :3'ii.'lr. Ladles,
current make, nrsts, i.'pjjijc; seconds.
IttilHe,; lower grarira. t!'i Jfll,,- paik
lug stuck, held, fine, 21t'3l'c : No. 2, 20c :
louer gra.l.s. 131 9l,c
CIIUHSK There mis a better Inquiry
and trade was good. The export from Wis
consin nf JS ears and some thousand boxes
from here gave the market n llttt- better
tone, hut there was no Uunue In quotations.
It la not believed there will be an rutiher
reduction. Prh'e follow . state, n,
fresh, white utnl colored special-, I4,i
L"'-; colored and while, average rainy.
'IV- undergndes, 13til4',c. Wisconsin
daisies, llollc. twins. li,K14a,c;
?ia,t.,fcln"- rpeclale. tj, u 13c . fresh
l.,)i:i,c. . poor tu fair, 7i J 0.
UiHlS Thire was .in advance testerdov
of Sc u dozen on the best grades of fresh
stoik. AsMo from fancy quality the mar
ket is burdened with medium rtnr'a Mom
of the receipts are wuak In body. I.idly
elirunk-cn ond command Irregular prices.
Thr wae u helter Inquiry for held stock
yesterda, and the export of some lo.ouo
care Tor the week save the market an
entirely different tone Checks anil dlribs
were n little tinner, aa were refrigerators.
Prlics. Fresh gathered extras, 313c.
extra flrsts. i'54i30i ; ilrsts, 34m 27c. eer
onda. 3Hf33c Dirties. No J, 20,- , s-o 2,
1411 Xe ("hecks. ISHfllSc lief rlger.tt err.
firm, charges paid, 222:i,c . s-econds,
-O'tiUIUsc Pennsylvania and nearby hen
nery whiles, fancy. Inrge, 44s(Bnr. 1un
nery hros-ns. 33i.1o ; mixed colore, 34B
3!r.
LIV11 PmiLTIlV 1'rlces wero Sc. better
yieterilay for rhlckene and a rent better
for fowl Trade was goiel. with 31 cars
unloaded for distribution, Old rnoeter were
llrmer by to Market win, cleanrd up In
good shape nnd receipts for the week will
probably he a little less than 100 cars
Prices ehould hold llrm Prices: Chickens,
MtfUiijc. fowls. 1 4 fr 1 T r old roosters,
13Hc , turkey, mixed hens ana toms. He
Ducks, 14'ilic : geese, Western and South
ern, old. Me. Oulneae. f0r Pigeons, 10c
InKSSi:i POITITKY There were fair
receipts yesterday, but the demand was
generally slow and disappointing Large
roasting chh-kens ami fancy fuwl were lu
demand, hut there were only a small portion
of the receipts up to the requirements. A
largo portion ot th" chlrkens nnd fowls
were Irregular In slie and prices. Old
rno-ters were npnrr Thre was but little
Inquiry for Long Island and spring ducks,
and sales were slow l-'roten turkeve were
easier by lc. estarday. Very little froren
stock left Prices follow: Turkeys, West
ern, ir,rr20c. Western milk fed, tk end jl
lbs. 12 tn box, :0',r22e , corn fed, 17,f 19c i
chickens. Western, milk fed, I lbs, nnd ever,
19c; mixed weights. 17c; Philadelphia,
faney, 2 lbs. each. 211123c, broilers, 191
20c , Mlehlgnn. resided, 4 lb and over,
HHc Fowls, 12 lo box, Western, 00 lbs.
and over to dor., 20c.; Western, dry picked,
R lbs. nnd over 19Wr.t old roosters, 13Hc;
Long Island ilnrkr, le.HS'ic, squabs, prime
w-hlte, 10 lhe to do, 13 30, 9 lbs., J3, H lbs.
12 ,i0, dark 31 3K'-i II 30, guineas. 3 lbs. and
nver, 75fijaOc Frnien turkey. Weetern,
selected jNiutig hens and toms, 31ff22c. ; dry
picked, average, ltit)o.
F.I.KCTIONH AND MF.r.TINGH.
11HST rilHFF.HHKD HIVIDKM) NOT1CK
NO 1.
I'ACirlfl OAM AND F.l.KCTKlr CO,
A meeting of the Honrd of Directors has
been called for 12-00 o'clock noon, October
31, 1911. for the purpose nf declaring a divi
dend (No. 1) of tl ",0 per share upon the
full-paid nrst Preferred Capital Stock of
this company for the quarter ending Or.
inber 31. 1914, pnvahle on November 1.
111, to stockholders nf record al 13:00
o'clock noon, October .11, 1914 Cheeks for
the dividend will be mailed. The Transfer
Hooks wld not close and owners desiring
checks payn.hle tn themsetie should have
stock cerilOcates issued In their own names
on or before the last-mentioned dxte.
D. II. FOOTH. secretory of th
PACIFIC (IAS AND J5LKCTH14" COMPANY.
San Francisco, California, October 10, 1914,
OntdlNAl
. PHIIFIIHRKD DVIDHND
NOTICi: NO 3.
PACIITO (i.s ,VNII KLKCTHIC CO.
A meeting of the liord of Directors has
been called for 13:00 o'clock noon, October
31, 1911, for the purpose of declaring u
dividend (No 3M nf 1 jo per share upon
tho Original Preferred Csplt-il stock of this
Company, 4"or the quarter ending October
31. 1314, payahlo nn November H, 1314, o
Stockholders of record at 12:00 o'clock noon.
October .11. 1914 Checks tor the dividend
will 1,e mulled, The Transfer Hooks will not
close and owners dralrlng rhecks pa) able
to themselves should have slock certiorates
ISKiied In thetr namee on or before the Uel
menllotied date
P It. POOTF. Secretary ef the
PACIFIC II AND KLKCTHIC COMPANY
Han Franrltco, Callfornbi, October 10, 111 4,
NOItTIIKIIN KCUItITIEei CM1MPANY.
IS Liberty St.. Nen ork. October 3, 1914.
The hooks for tiansfrr of the caplt tl stock
nf the Northern Securities Company will be
closed ut twelve (12) o'clock noon Octnber
17 1914, for the purposes of the annual
meeting nf Uie etockholdere to he held No.
vember !, 1114, and wtll be re-opened at Ira
1101 o'clock A M, on Tuesday November 10,
NJCHOLAfl TKIIllUNB, Becretary
STOCK EXCHANGE LOANS
DOWN TO 7 PER CENT,
''iiii(ls Moving1 More Freely
lSunks nnd Other Insfitii
lions Kiicoiirnirpd.
A slgnlflcniit move In the money , trt
In call loans on Stock Kxchnngo col , -Rl
wna mado yesterday when the l'lrrt a
tloiial Hnnk nppeared In tho market w,tri
funds to put out at 7 per cent., a cut ,,f
per cent In the ratu that has prrv , t,j
for weeks.
Slock Kxch.'inge men Helcomnl t . ,a
crease, Tho 8 per cent, rule mnii.i ,ia,
by banks very generally hu been
HIHit with Slock Kxchange borrow i
the banks have been loaning lo lie i
meriinl customers ut t per cent ,u i
mercl.tl paper In the open markit i ,
romtiiatuleii more than 7 per cei.t
case of good mimes.
The slgtilllcntice of the lower rn'
patent. It was evident to the I
comintinlly that funds have In gun i
much more free, that men ,.'
weiillh mid the heads of hinto Inst
are feeling a greater oonlldchco r, t
uatlon.
Together with the nnnounceini nt
lower rale by the Kirst National II
t' ,
as
US
loll,
l
Pis
It
was learned that other Inslltutior i ,,t-.
doing likewise. It Is tltulerst"i I i,H
n lining the hanks not In the tnin ,- - u.
Wall Street district the Hro.nlwav i -u'
Company has put Into operation the ,me,
rate. The Nntlnnnl City Hank Invar',, i'.j
does not chntgo a higher ntte tlutti fi per
cent.
The money market brought forth an
other encouraging element In the situa
tion yestetday when funds wete (,!
for six months and one year nt S pi r c, nt
A well known Individual lender ma 1r
the market with funds nt this rntr. On
merclnl paper dealers noted continued i-n
pmvement In the movement of high deai
paper.
TILE SUGAR JIAHKET.
Ilnw nlil H Cent hrper Ttiss a
tV4Tek A aro,
Tlio local sugar mnrkrt continues doll
In all deportments. Haw eugar OJtn be
purchase,! Vi cent cheaper than a week
ngo, but refiners nro apparently Well
stocked up. Judging hy their lack of In
terest In the market. Demand for refined
sugar showB no Improvement
Quotations yotterday were unchanged,
with tho Federal company quoting fine
granulated nt C ccnta nnd other refiners
at O.Ii" cents. Haws wero nominal at
4.fi2 cents' for spot.
it(n;r.H i.oroMonvK ivoiiki
.to I'hiirrli hlrei-l, New York itr.
TO TUB IIOI.DkMh OF F1HST MOHTiiAOK
FIVK I'KH CENT. HOLD HOND
Pl.HAHi: TAKi: NOTICi: that this Com
ranv pursuant to the option contain-1 le
aniKraph Fourth of the Mortgage or De1
nf Trust dnteil Mnv 14lh. l:i01, given bv I
t Hie Colonial Trust Company ue Trustee
iwhhh Company has ueen suceeeded it's
lliiultable Trust Company nf New York o
em h Trusteel for the purpose of e i-lrr
an Issue nf Five hundred thousand nr,
par value of First Mortgage Five Per t't
tlnlil Honds, and to a written notl, e pi-,
to -aid Trustee ou April 20, 1914, ef It,
Intention eo lo do, will on November t ittt
1914, redeem, pay off nnd dlsi harge a,i c
sold Honds then outstanding, uml raid Mort
gag or Ded of Trust
sold Honda shall cense to draw lntert
from November 11th, 1914, and will be r
deemed at par and a rued Interest upin
presentation an, I surrender thereof, with u
unpaid coupon- nlta,'hed en and after
,1,1 date at the efdr "f the nqultab s
Trust Cnnipane of New York, 37 Wall Street
New York i It J
nouints i.ocoMOTivF. wonKs,
Hv f It DF.NVY, Treasurer
(WIITKK COM. AND I HON COMI'XNT
llrst itnrtgnge ,' , lnllng 1'iiiid (odd Hond,
Nntlre Is here'.,v given, ptlrsuillt to fle
telms of the Mortgage datrd the hrst il iv '
October, 1V9. that the undersigned, SB
Trustee, -elll rerelve s-aleil proposals up ts
2 V M on ttie fourth il'ij' nf Novenit-e'
1914. for the sale to I of honds as ate r
described, nt a prloo not exceeding 101,''
and aecrueii Interest to an amount t '
tlclem to use the um of 11", ;,'. IT
Tiin ni: vohk TnrsT company.
Successor In Continental Trui compan' of
th city of New York Trustee.
Hy II W MOHSH. Secrrtur
New York. October l" 1911
NOTICK OF APPOINTMENT OFTIU'HTI P
notici: is m:ni;iiv oivkn that tn i
conlatice with the terms of the mnrig'iae o'
deed of trust dated Mav 14. 1'ni mat h
lingers Laiomnttve Works to Colonial 1 rie"
Company, Trustee, said Hogers levromnrli
Works has by an Instrument In w-l'l c
under Its corporate seal appointed ri
r.qtiltable Trust Conipiny of New York
Trustee under the raid mortgige. mi T'
Kqultahle Trust rompany of New York t,
duly accepted raid design Hon
nOOF.HS LOCOMOTIVH WflllKS
Hy C. H. DF.NNY Treasu e
DiviDr.Niis and iN'Ti:i(ir,
MIl'TIILHN HAII.WAV COMPXNt
30 Church Si . New York, Ortnb-r I' i !
A scrip dividend of J per ce-it l i.t is,
this day been declared on Hie PltF.FF.Itr '
STOCK uf Southern Hallway
pny.'ibl to stoekhnhiers of re.-ord
rinse of business on O- tolier 31 t'nl n
dividend certificate maturing Novem
1919, and hearing Interest from Novem
1914, nt th rate of e, per annum let'-
on certltlcates for the amount n' lion w'
be pnyilde eml-annua,l) . In ueeorden Its
coupon thereto altachtd lmrr.st n" i
tlllrates for less than 1100 will be pe at' " I
maturity, hut such fractional icri'fi a -amount
aggregating 1100 will be k, utj
able for $100 certlfleile bearing '
annual coupons. Dividend cirtllbates
be mnlled hy Messrs. J, P Morgan .4 Co
Fiscal Agents, un December 10, lt4
F S. WVNN. Se, -elr
W, Hteed St.. New York, Oetober 9. '3'1
4Jn Dei-ember 10, 1914. the Voting Tr si
for Preferred Stock Trust Cenltlea-.es of '
Southern Hallway Company nil' be i
pared to distribute such of the abo,e i
dend certlftcotes as are re, elved hi rn
among the parlies entitled thereto, as sue,
appear of tecord on their books nt the ,
of business October 31. 1914
,i p mohi;av i'o
Agents for Voting Trustee,
AMALCAMATKJ) COPI'F.K CO.MP W .
42 HroniUvny; New York, (S"tiher 1.'
At a meeting of the Directors of th
Amalgamated Copper Companv. a I
of nnr-half of nne per cent Pi ef I " '
declared, payable November ioti, ', '
stockholder of record on the books r tha
Company aa of 12 o'clorlt, noon ( e
2tth, 1911 A 1 Mi:i,I; Seerr i
NEW VOHK tf.i.kpiiom: compxnt
Iirt and firnentl Mnrtgage Imlri
Sinking Fund Hnnds.
Coupons from these hnnds payable b' t lt
terms on November 1, 1914, nt the cm er
agency of the Company In Nee ' -l "
Hoston, w he paid In New Yerk .
oltlce of the Treasurer, Tloom tli.i tn r
landt Street
WALTKR HHOWN. T-e. '
STANDAItll MILI.IN4I COMI'IAI
49 WALL STHUF.T
rnEFKHiino stuck nivnn-vn n
t New York Ch. September 1
The Directors of this romps n, I",
declared n uiv blend of TWii 1'
HALF t:',--,! Pi:n cnNT from C
lugs of the Comps.nv upon tlie i l
Stock, payable October 31 IP' 4 '
nfnrer of the Company, to the r e-rel
siora iionir or record on October
7 transfer hooks of the prf"rre
will be closed on Hctober 20 1914 a
o'clock P. M,, and open on November
at ten o'clock A. M
JOS. A KSQ I re,,'
'
res
INDIANA I'll'H LINK (IIMI'IVI
2i Hrouiua-
New York O, tot r' 1
A dividend of Two Dol.ar and I
per ehnre ha been declared on th '
Sim U of lid Company, pa' ab N'
14, 1914, to rtoikhnlder of reeot
close of business October '7 1914
All communication regarding pa ' e
change of address should be sen'
underatgned not later than Voven-b-
oiioiirsi': ciinsF.Hiio' s
!ve
tela
HIT.WAHT MINIMI rulllMN'V
The Hoard of Directors has a
quarterly dividend nf ten pr cem
and two and one half per -ent '
upon the Capital Stock of the Compar ,
anie uctnoer jvt!l, Isll, lo etora
Hecorrt al the close of business O, teb
1911. tork Transfer Hoeks cine a
P. M October nth, 1914 and rrnprn
A, 3d, uctobor 2uth. 19,4
11 1 HAM C TODD Treas
i
tr
ten
.fryer""- --
nK.rnr' -