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u 8 THE SUN, ' FRIDAY, OCTOBER ' 16, 1914. 4 COTTON POOL PLAN Members Bcllovo Its Man agement by Them Would llo illegal. SCHEME OOEI) OX WILSON Washington, Oct IB. The 1'Vdcral tteserve Hoard discussed at Kreui' lentfth to-d.iy the plan (or a 1HO,(i00,00Q koM Iool to asslit the cotton producers of tli Houtli In tmldlnK the-lr surplus crop. Tho board took up the plan Item by Itrni. The members ant disposed to favor the general scheme on the met lietrly selemtKIc- of any mussum of fee lief J'et kUKKC(ed. Tin. itidlioslt on of the board to plana Its real of approval on thr pool schema la not piedlcited upon any h-stlle. alti tude and It was Insisted that fallur to .igrif at i nee upon tho plan did not Indicate that ultimately .1 way may not Kn found to brltiK about the ugK,eattd measure of relief, . The Mjmbllns: bloek to aceeptance of the plan of relief Is ba.ro, 1 on the hoard's fcellnR that it cannot let? illy amplify It functbiiis bv tnklnic on the trusteeship Of this fund or the actual nianaKement of the detalla of tho ..ystem. It wai suitsosted that In view of thin fact the board might accept tho responsibility In nn extra offlrt.il capArlty nnd assumu the direction of the pool an added duty, but net. nil .18 croup of seven Individual and not as th Federal Hifcr Hoard It Mlf. Tho object.in cited to th.ii was that to o ronatltuto itself a coinmlnlon for tho handling of the fund would carry an blliratlon to the Individual membership of the hoard which might be an unwel come burden a well its an obligation irhlch would 'bo unacceptable to the stricter cor.struera of the Federal re serve law. Another rolnt at lue la whether or not ,any e-hango In the plan under which the pledge of moneys to the pool was made would nercteltato the remaking of all the jpledges rf funds upon which the pool Is 'based. The Federal Rearrve man! Is orpoied to every one cf the cotton relief bills now pending In Congre.es It la net dis posed to give any aerlous consideration to tuiy of these measures. An Indorsement of tho Wade plan .for relief of .he cotton Industry was given to President Wilson to-day by his boy hood friend Henry V. Walters, chair man of the executive committee of the Atlantic Co.- Line Railroad. Mr. Walters to'.J the President that with spot cot ton aellInK around 4 cents a pound the Houth was faelns a very serious siu ntion. but he thought that the pool would afford the necessary measure of relief provided tho European takings of cotton should re.n h tho promised llgure of ", 000.000 bales. "Tho West Is going to grow richer out of this war, but appirently the Weft and South must pass through two years of the kindest economy." said Mr. Wal ters. "Hallway of the South and Knst am nln-.nl' hard hit. The,, cannot get money from abroad, and they must econ omize. After two years I believe the whole country will begin to benefit " Much uf the session of tho Senate to-d-iy was cle n-.eil to oniilderatlo:i of the amendment to tho war tax bill ottered yestila by Senator Hoke Smith au thorizing a lam.l iaaue to take care of the .itirplur of t cotton crop cf 1014. Senator Mn'uinln r of North Dakota lrrltutti.l tin- Sou'.uern .Senaturt, by o Ing an ai""i"ltnetit to the tottou runeinl menr rtlrn tlnir the S.-eretary of the Treasury to purchase wheat and otl.or groins uJ-eneviir the price should fall be low II in a b'i'hrl for wheat oi (if cents a bush 1 lor li.nley or 5U cents birnel fot oats. S-natoi Snvtot also pio fork el nn iiinev.ilinent directing purchas of toppi r Benator Hor.ih brought to the attention of the Senate a Wa-hlt.;;tnii ilna;:ttrh printed in The Srs to-d i.v giving tho lnforni.il! n that the riesldem would veto the war revenue bill if it came to him e-ontnlnlm: any of the proposals to have the Federal (lOierutnent finance the cot ton crop. Heti.itor Hornli asked the Southern Hen atone to statu whether they had any In formation on this po.nt. 1'e Intlm'ed that It would be us -leys for Cungreai to pnoee-d with the legislation In the face of n certain veti.. Senator Vard.ininn oi Mississippi sharply rosented the sucres tlon of a veto. "I have as much respect for Woo-lrow Wilson, the Piesident, cs any other man, but I'm getting very tired of auirirest'ons which we har In Congress and on th. streets that no legislation can pass eilther Houso of Camsriss that does not have the approval of the President," said Mr Vardaman. "I arn here to discharge my duty under my oath of olllce. Just as tho President must discharge his, nnd I do not Intend to he Influenced In my action by the thrent of a veto." In spite of Mr. Varitmnn's statement tho Southern leaders in Congress have been advised that 'President Wilton will probably veto any of the proposed cotton legislation. Senator Simmons brought that word t tho' Senate and communi cated It to bis colleague.! several days ago. BANKERS FAVOR POOL. Aesurnnee uf is.iei, 1)00,000 Here of .inil,OI)l,OIM) .leerteel, Tho plan for n ?lf0.ooo,ouu cotton loan pool pniosed by I'estus J. Wnde-, proal dent of the Mercantile Natloi-al Hink. grew In favor among thu Uty's bmki-rK yenterel.-iv Mr Wade salil that the plan had piacticullv been adopted by New Tor), to the extent of a $60.000. 000 sub- scrlption. It was loart.ed that thoui;h thero miy be some inodlflcat'on "f tile plan. Its rjen.ral features nre acceptable to New York bunkers. It is understood ihat the e,l?.o of tho subscription that Hill be taken by the bite banks, su-li .is the NiitlotMl City, tho Klrst Niitlnnil, t'u- National Ilank of Commerc-e nnd the National, may b ns hlKh hm )&,ijoii,oau eadi, while im portant banks of smaller resources may each tape as much 11s 2,1)00,000 of tho subscription. A b. ukrr who e.ild yesterday that his bank would take 2..'00.o0i) of thu sub scription praised the plan as n sound one and -ilso a profit ible one to those who enter, d II. It wns .ihown that th notes will b.- .1 gilt edgid security, as they wll' be eiihe- note s of the I'ederal It serve Hank cr of tho currency assejcla- nun in. 1. ie 1111 in ii niv.iiiiii- minus. The notes w'H biar per cunt Inter - est. a high return In v'ew of the excellent seen, lt A, aln, the notes arn made dc - ulrnble throtieh the f that (he lVderai v Hnarl is to mannge the pool an I "III thus es'ubllsh without outstlon the awinlu- in- toe nutis for all inirno.es ntnlsr the law l'lmilly It is believed, the a.,. e.i ,.f ,l,u A u. Hni'ch wdl etiaWe the u ryliig of almost ); uon una o' rsmon ti.ised on tho nor- patent sun nrougni oy 1110 i-iy-As-iou-nVat pf.Ce, vV.l tem to Mabllsh n pr cn Knter" Car 1 'orporaiinn nml thu riep.iy for cotton b.c.ter tl. in the prrserit tl cen- mnt C'r Hales Compun.e level. Splrners and other users of cot- 'I" sul Kruw t,ut "f ,1,n Purchase by ton, It Is thoueht. will be drawn Into the' Itecelver Hoblnton of 400 cars for the rail market .is pure-husers when .isiured that1 WR' company, and his refusal to pay J100 through the epe-!ir.m of the pool eotion I I'"" ottr as leiTiatiiU-il by tho "l'ay-Aa-will not hiao to be dumped on tho market You-llntci" company, as holder of thu In great ameumts. I pa.i nt. Internal and costs will Incream Vlcu-Presldcnt Hoyee of tho Cotton fl-c-1 the amount to bo paid under the judgment change sail w'stcrdny that members heartily i-i l-.i s- tl the Wade plan. "The N.-w V..rk C""nn r.xuhange, hn aald, "il! lie bt edited by the plan whe-i the t'tnn nes for th,. reeipenini he- caute the rotlon which In normal tluma would luvo gone to Kurope win not Imj uuiiiiit.'.i i' ems maraei wun a eiemorail- .ration in prices that would follow." A AN EXCEPTIONAL OPPORTUNITY Subject to prior ule we offer 3 Mortgages $4,500 2 Mortgages $5,000 2 Mortgages $9,000 3 Mortgages $3,500 1 Mortgage $10,000 NETTING 5 GUARANTEED LAWYERS MORTGAGE CO RICHARD M. MURD. Prsatdant Capita! & Surplus, $8,750,000 J A.' PLAN TO REORGANIZE WABASH ABANDONED Conunittce Announces l'l-cscnt Freight Rates Menu Only , Hiinkrtiptc.v. STATE HEM EE HEQl'ESTEI) Tho Wabash Itallroad reorganisation plan, adopted lascM" has been aban doned because of in conviction of the reorganlr. ttlon committee that the reor ganized company would certainly go quickly Into bankruptcy under the pres ent level of fielght rates. The unparalleled financial disturbance caused by the wir has been only u lesser Influence in the action of the reorg.mliers Ilk wl'hdraw Ing the plan. No substitute plan Is be ing considered. The decision of tho Interstate Com merce Commission on the ndvance In rater at the beglnnlrt of the summer Is consid ered entirely Inadequate to meet the sit uation ' f shrivelled earnings revealed In tho report of the road's operations of the last six months of tho fiscal year to June 80. The decision 11, the Interstate) Com merce Commission In the new case will be nwalted before the re-organliers berln to take up anew tho Wabash rebuild ing. It Is understood that those Interested In Wnhash affairs have high hopes thit adequate help will be extended the rail roads In the new decision. The abandonment of tho plan struck the financial communfty with peculiar force yesterday. The statement of tho e-om-mlttee, made In th form of a notification to the public service commission of Mis souri and Illinois that the plan had been withdrawn, presenled proof that was con sidered self-evident of the tremendous burden the Wahash Is laboring under and Us Inability to stand under any reasonable plan unless relief Is granted. "The situation of tho Wabash Is not unique," says the committee. "Its posi tion Is In the path wtilch all of the rail ways of this country aro following In varying stages of process. Thero can bo but one of two outcomes disaster 10 the railway and all the railways repre sent In their relations to Investments, sav ings, Insurance and to general business, as well as to public requirements and convenience ; or an Intelligent reversal of the policy which has carried so far be yond the Interests and demands of the people, The leorganlzatlon committee apptMl strongly to the State comiiilMileins for "Im mediate relet In respect of State frvlgti' and passenger rate, .is will, so far as call be accomplished by action of your States. ulierk and revurse the growing disaster now upon the Wabash an ' uth r railroads In the same territory." Th IJnliod States ltiilrlct e'ourt of Missouri, under whoie direction the rail-' rond Is now l-lng admmleteicd, n.-ently rerognlned that only in higher rates could the system b operated. The ee .-elvers were directed by the ,'ourt to lire every ffort to ?, ure -non- lavoiable rati-.-, aa retrenchment had l'ui utilized to the fullest xti ut Wall tab reorganization plans have e ,,mt nnd gone with suc,-et duilni- tlx- three years of receivership. It was confidently believed that the plan Jus' abandoned would g t'.irough. It Invohed thu rais ing "f 3i,nii0,0'i0, partially through as-Kcssnu-ntx, ard was considered a iue lerate and acceptable, plan "Hrlefly," says the committee, "pns sengers are now carried on the Whlnsh Itallroad at t'v rate e.f one-tenth of a eent per mile less thin It cos' the rel'ro-id to run Its passage- e -rvice, Frelult Is carried at a revenue of only a little over ot.e-tenUi of a cent tier ton per mile over the cost of ran In? it. Un der these conditions ro tpcuisu, nat-iral or phenomenal, In thr volume- e-f either .,'lass or of both clai-s- s of business will e tlset the proportions f the cost struc ture which has iU vtloptd." TO CALL FEDERAL BANK STOCK. Klrst lllMloiellt in lie Mode nlile- em NeM ember It. WAHlll.Ni,TeN, Oct. 13. At to-day's mi-.etlng of the Federal Reserve Hoard It was determined to call the first In stalment of tho capital stock of the Fed eral reserve banks and tho payment will bo mad November 2. Tho ellrectors of each of the twelve Federal reserve banks have been called to meet tho res rvei board In Washington on October so for a general cllscuislori of the final eb-tnlls of organization of the several Federal rierv bunks, Tho conference will bo followed by the announcement of a definite day when the risirvo banks be establlshi'd and op-ned for business A simultaneous opening of all the Federal reserve banks is thu aim of the hoard. llenjanilri Ktro-ig Jr, Wlllmm Wood ward, Ch.ules Htarek and I'b rre Ja- are tha directors of the Federal lt e.ve H.enlt of Now York who have been selected to attend the convention of directors of thn ' various l-'ederal reserve banks to b" held in Washington on next Tuesday. U Is understood, however, thru rrictlcally every dlnrtor of tho local l-'ederal lie servo Hank luiends to be present at the convention. Directors of the l'ederal Htserve Hank of Now Vork at a meeting tu-dav will divide tin- directors Into one, two and three yoar term members If nil the direc tors are present. It Is provided In the l-'edeial reseic law that such action shall take place at tho first full meeting of the bo irds of director of tho various reserve banks ( . T-HTrnr-nn riiTTn - WIN "PAY AS xOU ENTER" riGHT I 1 ('iiiiiniiiiles Sulnir Jti-tieiiiolltiin llr - , ....i,...- 1:.., .iu 11110 i.laiul ,,.. ,, ,,, r " 4,'-"uo '"l','-''- Judge Learneu iinnu uirecteii u jury in thn Pnlted Klates District Court yester day to return a verdict of IjtO.Ono against llnnfrttta ItohllisOn. receiver for the Metrn. polltnn Street Hallway Company. In the I t" 1'ialllaiu 'Mi' Kills Y1111II1 11 1 IN, John lltndei. lb -if 4 435 Third avenue, was Instiiiuly kll'ed vesierday alternoon when be was struck by a tie t lit 'Wii from the elevated structure at lSUlh street Into the arri of John Vay, n hotel keeper at 13?ti -Thlril nvemiA. WILSON GETS FOREIGN TIPS ABOUT TRADE President Snys His Mull Advices Indicate n Developing Demand. U. S. COMMENCE IMPROVES Wabhinotov, Oct. IB. President Wil son told callers to-lay that he was with enit official Information In regard to tha general foreign trade situation of the United States, but tfuit ho was In rocelpt eif a bulky mall of a seml-prlvate char acter. He said this mall Indicated that there Is R developing dejnand In foreign nations for American substitutes for goods here tofore Imported from certain of the na tions whose enitput has been either cur tailed or altogether eliminated by reason of tho war . I From Scandinavia, Spain and Houm Amerloa this demand Is evidently arising, nccordlng t" th" President's Informants, and there are suggestions of a demand from other quarters. The larger part of this demand Is believed to apply to loom prmlucts mostly certton fabrics. Trade llalance Shifts. HiMllstlcs mailr public to-day by the Department of Commerce show continued Improvement In commerce In favor of the I'lilted .Stales In September tho trade balance was ugaln ahlflod In favor of the t'nltetl States, thu exports having exceeded the Imports by ll, 181,000. whereaei In August the balani-e was 119,400,000 against this country. The following state ment Is miule by the Department of Coin nier o ; The foreign trade of tho United States In September showed marked recovery from Ibo extremely low levels touched In August, but Is still below the figures of September of last year. September Im ports were 11,43(1, 377 more than those of August, while Septambar exports wore I46,H21,S!)6 more than In thu preceding month. "Preliminary figures Just Issued by the Department of Commerce) through the bureau of foreign and elomcstlc commerce give the following t ij'tS' "September Imports, 413,!04,2fi7, ceim paled with 1171,094,043 last year and 1144, M9, 49.1 two years ago. nine months Imports to September 30. 1 1,409, &dR, 630, compared with II,327,36,071 In 1913 and 11.332, $94,727 In 1912. September expeirts, IISI.Hs.T'.iO. against 1218,240.001 In the same month of 1913 and 1199,678,002 In 1912. nine months exort to September 30, 1,t)17,33S,44l!, against 11,733,422,168 In 1913 and II, filti.024, 191 In 1912. "Of the September Imports HO per cent entered fre of duty, as against 63.77 per cent. In September. 1913, nnd 52 V3 per cent. In September, 1912 (olel ImporfH. "flnld Import" In September were 2.761.690, compared with M,C2,748 In September of last year, while nine months Impnrtte to September 30 were $39,941 -94rt. ag.i'nat J4C.199.10S last year OnM exports Hi .September wsre I21.SS7.202, against $49rt.o:i7 in S-ptember. 1913, while gold exports In the nine months to Sep tember 30 were 157,6,77S, against 171, 079,27.) In the same period last year. "In September the balance of trade again shifted to the export side, exports exceeding Imports by tl0.984.523, as against an excess ef Imports amounting to $19,400,35 In August For the nine months to September 30 the excess of ex ports eiver Imports was $67,972.9111, com pared with J40ft.037.OM7 In 1913 and 2S3, 120,714 In 1912. "The Imports Into and the exports from the port of New York 'for the weeks ended October 3 and 10. 1814, wore: Ini- ports, October 3. $18,516,011; October 10. IH.34ei.liiV Exports, October 3, $13,270., S6 . Octeiber 10. $17,969,983 Exports for the week ended October 4, 1913, $14,f.56.- SS, and for the week ended October 11 1913, $13,121,933." "GUTTER" BROKERS FORGED TO MIGRATE Col inn lia Trust's Cloned Plumes Sends Tlieni lo Ilenr of 12 Hroadway. The New- street "initter" market moved lis scene of operations yesterday from tho rear of tho Columbia Trust Company IJulblltiK. Juat north of nxchanfcc place, to tho rear of 12 Hroadway. Tho main reason for tho hurried llocklnK of tho New street brokers from their iice-us-toined haunts to a point somewhat fur ther south was that when they rushed Into the Columbia Trust Company Itulld Ihk to tclepliuno nnd rcetelve orders, as nil brokers must do, they found a sIkii which read, ".Servlco discontinued at the request of the bulldlnx management," hutif? above thu operutor's de&k, and all tho telephone booth securely tlosed. Tho New street brnkt,rs wlm hnv. . In every effoit of the police to dlscourase ineir irauins in tnat narrow thoroughfare the band of the Htock Exchange, said amsssSsSRWs Columbia Trust Company llulldlng. Although somewhat illscomflted for a fow moments, tho New street broUeis proved theinselMs eriial to thn emergency Urn bsarlcs were eent scurrying about here and thery abing New street to find whem there was arther long row of telephone booths -ittenued by all operator. Cigar ..e,,riH nnd snloutu them wel-ii In nlentv. , nnd rii-ht there tboso store mlsaerl cnaniM to do 11 thriving business In their wurus when an excltod brokor hurried up and announced that 42 Hroadway had both lrootha and operators. Immediately thei entire crowd of brokers, who had been blocking New- street In ever Increas ing numbers alnca the e-loso of the Htock Exchange, -noved south of Uxchange plut-e, and trading was nt once resumed In what appoare.1 to be an Increased 1 volume. Tlio superintendent of tha Columbia ! Trust Company llulldlng could not be I found to explain why the telephone sor- ' vice hud been discontinued, but there wns 1 ialK u' u"" "" iw " "i" uuior . employot-s of the building that "tho Stock I llxchango bad ieiiitsted It." talk up und tlown tho hulls by tho other i (Inventors of thu exchange seemed surprlaed that the "gutter" market had bee n disturbed and maintained that they huil nothing to do with It. It Is a well known fact, however, that tho "gutter" market und ths range of prices 111 wnicn 11 nits neen eiomg ousi- 1 nrss have not been looked upon with favor ! by tho Stock Kxchange, especially ss It inakds no restrictions ns to prices for securities and us ulues ure considerably lower than those quoted on the day the exchange closed. Tho banks and trust companies Ala) have looked askance nt the "gutter" market. Holder of Insane Woman freed. Thomas Scott, 71 years old, a real es. tats dealer, who pleaded guilty to liar- boring an insane woman, Kate Hsher, 40, wtlbnut authority for fifteen jvmi-s In iiinm nt 40!) west Twenty-rounh street, got fi surpenderl sentence yesterday from JustlrsN O'Kretn, Iteming and Kernochan In Hiiee-lul Kslons after Ti-obatlon Oftl cer Mulllns had rMiorted thut Bcott bore I run tfYeellent reniltuttiin. am excellent reputation. GOLD FOR POOL NOW FLOWS INTO CITY Interior Hunks flejrin lo Send .$2,5,000,000 in Hesponse (o First Call. TjONDON EXCHANGE HIM. EH Oold sent from the Interior banl.s and clearing housn associations In resimnse to the gold fund committee's call for the first 126,000,000 of the $100,000,000 gold pool has begun to arrive In this city. Although It Is not known how much of the required amount lus arrived as yet, a member of the gold fund committee aald yesterday afternoon thathnbellevedth.it the entire $26,000,000 would be available here within forty-eight hours. The gold Is being sent to the local Sub-Treasury and Is deposited - In Its vaults. It Is not being counted as part of the Sub-Treas ury's assets, howcior, and Is under the care of Martin Vngel. Assistant Treasurer, who has been appointed upeclal custodian of the gold fund. The gold sent In by tha New York hanks as their part of the participation In tha first $25,000,000 Is Mug depoalte-1 In tho vaults of tho Clearing House. As the gold arrives at the Sub-Treasurv Mr. Vogel compares the amounts arriving with the telegrams he has received regarding the shipments and then Issues to the i.-old fund committee, certificates of deposit. ICaprrss rosin Avoided. Wherever possible the shipment of cold I lie avoided In order to save the express ' costs. This Is done hy me-nns of tele- ', Kraphlc transfers whenever transfer nr.. I mado from one Hiih-Tressury to nn- thcr. This was elono when Philadelphia's Hold was added to tho pool. ItxchiitiKo 011 Loindon advanced yester- aelvertlslns; In this additional and tem day, owltur t- the call for the payment of porary circulation. The sad reverse of the fourth Instalment on the New Vork I this Is true. In all times of exclti-metit olty 1100,000,000 loan- by J. I' MorKan 1 ndvortlslnfj diminishes, thero are In 4 Co. and Kuhn, Iam Ii & O ., as syndl-1 dividual exceptions of ceiurse. but ihe cato manager. Korelicii i-xrliitnicu men are sporadic and only prove, the rub reported that the day wan a fairly hejvyl If this measured the extent of tin- d s one, considerable sales uinl offerings of aster to tho nowsjuipern that war bnn.s twill demand and e-ables helps; made, they would ex en then be somewhat wor The fou.-th Instalment on tho city Irtan off than th-e nvcraKc business concern, f amounted to JT,67li,000. Tho partlcllutlnn with diminished adxerilsliiK earnings the banks hj the privilege of maklnt; their would hne increased circulation lobses. payment either In cold or In exchnmri-, The tale of weiet of the newspapers has and many of them preferred to pay In only bejcim, however. The usual business tho latter rathet thill part with Kold. concern when trade Is bad, whether from There was paid In at thee otllcea of J. 1'. war or whatever tha cause eif the ee Mortcan A Co. In C'tine-etlon with the prcsslon may be. trims Its tails for the city loan t!,0tt.sri0 In irold, or koM eer- Ntonn. curtails thu workim? fon-e, reduce e tlfloates, and 11034,000 In exchange, the output War means to the iiewsp.i,)e There wns withdrawn from tho Sub- nn lmme-dlate and trenmidous Incre.ae to Treasury f r shlptncnt to Ottawa on this its cost of production, nocount IC.O.Il.OflO In cold coin, nnd Take tho Assoclutmt Tress, for examtn. from the assay ofllce for tho same elestlna-, This Is a cooperative and non-profit nine tlon :r,.000 in pld bars. Tho payment of tho 17.(171!. 000 pro vides for all of the New York -Ity ma turities abroad up to tho close of the current mjnth, nnd It Is not expected that there will bo any call for the pay ment of the fifth Instilment by the banks for a week or more. Pemnnd MterlliiK n .r7. Demand sterlltiK closed at 4.$?K yes terday and cable at 4.08 1;. Tnls com pared with 4.97 for demand nnd 4.iS; for cables on Wedne'day Mark., were unchatiK'd at 02 for both checks and ; cables, whip- francs were efuoted ut 5. arv,. acalnst r, OK the day previous. Foreign exchange men say that there still continues t.i bn , market m London lor tn nesi hiiki or nnance inns ni nr-1 tractive rates of discount and add that the fear of invasion of Knirland by the Oermans hn not detracted from the will Inrneiss demonstrnte1 hy the Ixmdou bankers to nccept American bills, liorae hanklnr Institutions, it Is said, are still n-ntlnulns to do a considerable! 1uslneas In cMton bills without confirmed ere Ills, hut business of thit sort Is not Keneral In exchanpn circles. CITY BONES LARGELY SOLD. Only -111 Per e'ent. Ilrmnln In llniids of the Syndlcntr. It Is unilerstoesl that over B0 per cent, of the. Ifl5.000.no0 New York city 4V4 per cent bonds taken by a syndicate com posed of Kuhn, I.oe-b & Co. and William A. Head si Co. have beep disposed of up to tho present time', leavlnu less than 40 per cent. In tho hinds of tho syndicate. The termination of the syndicate BKree ment makes sne!b!ei the sale of the bonds at whatever pi'ces may be deemed advls ablo by tbe'lr holders. It wns provided In thn syndicate nKree ment that elurlnx the life of the syndicate none of the bonds should be sold under 102.10. as onmpnred with 101. 4C, the price paid for the entire Issue by the synellr.it. In the last few weeks It Is nuld that transactions have occurred euitsldo the syndle-nte group nt prices ranging from 06 to OK. ,n "nes- .Murder. The death of Murray llennessy, former1 gang leader, In Tolyellnlc Hospital on We-dnesday night resulted In the holding without bail of Arthur I.nwrcnm of a 13 Wat Thirty-eighth street nnd (teoigo flordon of 351A Klfth avenue, to nwalt thn action of the Cnrone-r'a Juty by .Mag- Istrate Herbert ye-sterday In the West Side police court. CT y l DO YOU WANT TO KNOW ABOUT BOOKS? In the Autumn Book Number of the New York Sun next Saturday, October 17th there will be contributions from and by Booth Tarkington Mary E. Wilkins-Freeman Rupert Hughes Edna Ferber Julian Street Mane Thompson Daviess James Montgomery Flagg Kate Langley Bosher Waller Prichard Eaton Gertrude Atherton Conyngsby Dawson Fannie Hurst and William Caine and PUBLISHERS' ADVERTISEMENTS , . . K Ijj 1 r f ' w 1 ' f, ' S s, - ... 1" SlEAMSIIll- TICK CIS la any sari, umcltl Ataut Jl Haas. Uayrasad A WtallrsaaS C.. M Sib A N. V, i i)TO liKK.MUDA ldatl Vaoettlos u..ort I T.v-f..mj V nniinri'.ptni.ion . DsyslromXt. Y, Hound Trip 114 up. Auy Ait NEWSPAPER PROFITS HARD HIT BY WAR Frank Jl. Noyes, President of Associated Press', Tells of Popular Errors. ONE CENT I'AI'EHS SITEER II y rilAMC II. .NOVIlfl, PriMelelent of tho Associated I'ress. Thero Is perhaps, no popular misun derstanding nioro widespread thin Is found In tho current belief that a great war or other Important happening that causes nn Increased sale of newspapers Is profitable to newspaper owners. The fundamental error Is so grotesque to n newspaper publisher as to causo tW humor of It t afford soma solaco to him If actualities trouble him sorely. The simple fact Is that the newspaper Is probably a heavier financial sufferer In thu business world through war than any save those whoso property Is physically destroyed by It. On this sldo of the water the burden of the present European war Is laid heaviest on newspaper publishers of all our business men. This la so because of facts that nre very easy to uiideritmd. i Tho nowsp.ipers of large circulation In I this country tun almost without excep- , tlon one cent newspapers. The white t paper for these papers costs more than i tho wholesalo selling price. Thero Is a , loss on every copy sold and the greater the excitement, the more "extras" Issued, i the greater thai loss. Loss In AdvrrtlslnK. In ordinary tlmew this loss Is made up by advortlsln receipts. It Is obvious, liowe-ver, thst neithlntr Is re-eelved for the lnir organization of some 000 papers t: purpose of which Is to facllllatu the ex change of news betueen its members anil tho collection of 0rlRln.1l news for their Joint benefit. Spanish Weir's Jlxpense. In times of peace it maintains news bure-aus In all the world centres eif news and the ami of Its operations runs a: nually to nn enormous sum. The little flurry of the Spanlsh-Amnrtcnn war, how ever, cost the Associated l'ress l!7f,000 In addition to Its normal expenses In preparation for the proverbial "ralm- day," which with the Associated Tress Is -Rr. an emeratency fund of $100,000 had nfPn aecumulatel. .Since tho latter inert 1 0f j,,y this has been eaten Into at nn .ipirxlMnT rate, for the Associated Tress must exnanel Its eorrs of correspondents at all news points from London to Teiklo, must multiply Its cable expenditures b five or' by ten If the censors graciously permit As with the Associated 'Tress, so with all Individual newspapers, largo or small The maintaining of editorial nnd mc chnncnl forces durlnr unusual hours to provide for the prompt publication of decl.iratlema of evar anil gn-it battles alone amounts to a heavy burden. It Is when the case of tho Individual great nowspnpers, like thes of New York and Chle-ago Is considered that the full accuracy ef CJcn. Sherman's pronounce ment as to war la established, so far ns thee nnwspaiKT is concerned. Xe-avspuper Initiative. These ne-wsnapers feel bound In thu performance of their duty to their rnide rs to do a large amount of original news gathering In addl'lon to that done for them by tho Associated Tress or other news gathering organlxatlons and the ex pense to them Is simply staggering. It Is doubtful whether airy of the publishers of the gieat newspapers can even now refrain from either tears or bail language when he thinks of tho orgy of expep.o In which ho was Involved during the Spanish-American wnr The ordinary proll's of the most pros, perous vanished into thin air nnd the less fortunately placed found themsedves f...l..n ..nnrmillll .t.llpteN Hnrrnv. Inr. as that recollection haft ben it will seem like a rosy dream If the present tltnnlc conflict continues for :e considerable time nnd the newspapers keep up their expenditure's on the scale of August and September, H may well be that all newspapor owners will be praying for a censor who will forbid nny reference to the wnr to ba cabled. irf' . TKt KlIlAl, MAIL, HTEAM I'ACKKT CI). HeiguUr aalllnia to llvmuds and Waal Indloa. s 'ins a son. Uas. Am., II stata at. Clark.'! Orient Crul.e, lli. 14, ItOO uui N, H. KottereUiu. Jf. C, t'Urk, Times Uldf., N. V. Coward Shoe li.ee. l.ft.Mfr Coward Extension Heel If your ankles "turn," this shoe will keep them straight : if your arch is weak, this shoe will strengthen if, ihnur arch has fallen, this shoe will restore its position. A Bhoo highly recommended lw orthopedists for tlio roliof and remedy of all " Hat-foot " conditions. Coward Arch Support Shoe nnd Cownrd Extension Tleel, have been mrtdc hy James S. Coward, In hin Custom Department, Cor over 34 ycarB. JAMES S. COWARD Mill uoWb Fill! I AMI PALM BEACH STL'AMKUS "SAX JACISTO," "CONCHO," "COM Ah" New icrvicc now in operation, via Key West and "Oversea" Railway. Moit unique am) delightful trip in the world. Every Wednesday from New York, Tampa St. Petersburg Ditect Ueameri from eNew York every Saturday, affording all-ocean route to Wot Cout Reott of Florida. CIRCLE TOURS To s'l Florida polivs tla Kay Wr.t, thr laltnd :y rturnlna via Jack sonville ami hlatnrlc Chnrlaaton and luxilrinua atesmera of Clyde I.lne, f'ombiliaeioll HAt.-r ri.1 le ,ra e. Moll.e. Ala, 1 1I11K by .Malloijr l.t;n Nteaniers and returniiiir a 1 1 rati with lltiersl atnp over privileges at all piln clpnl rltlea en ro ite Clrrl tours to Oalveatcn, Rstaevsy to the Houtl!ft. solna hy Matlnry Line ali.t retiirnleic 1- rl wl'll lib era' s--i oeer prltlieres at nil prin cipal Itlfs on mute e' lliket We can alaf plan yoi.r uinter lime, rsry to In. ' ule Cuba, Trto m , Mexico and ilior de'.lirhtfu rioria t,f APYI ritt:A.fKHirAx MOWl JfintTT'i'Tut :CxE".7 I Addrraa all correspondence to i CLYDE -MALLORY LINES I I-ler :iO .-orlh HUer M:w YOKIC er ea I at -J ticket eilllre-t StHI t USS Ifii ny, N. V. LINE to HAVANA a7ncSdas Sailings Tliuisdaya and Saturdays. NASSAU Weekly servico from New York anil diiect connections with Havana. MEXICO H ttVt S-it'.lntt S. 5. HAVANA 10. M0 Taut PurUteiaeat S. S. SARATOGA 10,000 Tan, Uvalacentct ard elect of larg ateam-ra in aetvice. Separate or combined tnnraof ft, 10. II nnd 22 daya. $60.U0 fcndup. Eicellrnt art vire, aparioeia paaaenarr eiiiartera, floek lela, rt" arid arhedulea will be piomptly aupplied on application. NEW YORK & CUBA MAIL 3.3. CO. (Ward Line) GENCKALOFFICLS, Hlerl4,CR.,N.Y, White Star ll&flt I.OWBeM October 21 New York- Qucenstown Liverpool lUltle Oct. at, iinnu Adriatic e)i t 'JH. noon iN. Y. & "Boston Italy tGreccc ia Azores nnd Gibraltar '(-simple .Vn. (I l 1 1 1 1 it 1 1 ,n v. 17 Americaiii Line Under the American Flag Now York Llvorpool M. 1-nut.eii t.l 7, iiniiti en Yurk.eii t. 74, muni AtlanticTransportLine New York London Mln'MUa.en i.v i.lium MIhIih.ih t..- i,n :;tnni 'urnianS eirflee, U llroiedeeii), 1, CUNAMD FttMithtd 1840 Fastest Steamers in the World. Aquitania, Lusitiinia, Maurctania SAILINGS FOR LIVERPOOL t.st ii.ii el -lit riu.Mii:i. MAURETANIA.Wed.. Oct. 21. Noon Franconia ..Sat.. Oct. 31, 10AM ..Wed., Nov. 4, 1 AM ..Sat., Nov. 14. 10AM Sat.. Nov. 21, 10 AM Sat.. Nov. 28. 10 AM LUSITAN1A Laconia, . , Transylvania . Franconia. . . CEN0A, NAI'I.ES, MALTA. PATRAS CARPATH1A Sat.. Oct. 31 CUNARD STEAMSHIP COMPANY, Ltd. ' 21-24 Slats titreut. New York. 'SAVANNAH LINE "r A'i.ff1-" ftan tori, oinro col riltli Afsass. OLD DOMINION LIt To all points Hiiutli Ji.d Weal Uvury Wnakdsf I I' M 1'lar 11 North lllvnr Tai 3ioOKri.nl.Hn l-ANAI.V unil U'eat Indlea Crnlara. SuIIIiik. Wadnaa.lava and llulurilavs hi'tid (or hnoklsla. I'ulU-d lult C'oiuiisny, 17 lUttery Place, N.Y, Coward Arch Support Shoe 2M J74 Oreetewlch St NEW YORK SOLD NOnilCKI! tl.SE Sn4 ler Cilahiw FRENCH LINE CompagBle (lenerale franaallastlfjue post A i. si:uvicr Sailings for HAVRE ROCHAMHEAU . Oct. 17, 3 P. , LA TOURAINE . Oct. 24, 3 I. M CHICAGO . Oct. 31, 3 P.N! ROCHAMBEAU . Nov. 14, 3 P. M FOIt l.NroilUATION ATI'I.Y Company's Office, 19 State St., N. Y Hudson River by Daylight All Service D.illy llei-pt Sundae Direct llail ronne-otions to nil peiints ' thee CntHkllls, HurntoKii. tlio Atllrondac-K-tho We-ot and North. Musiet. Re-Htiiurmr 1 t Iienvo I)ibroei-K fit , MO. A M;W 1.1 ' St., n A. M.: W 120th ht , 0:20 A M . Vt 1 Iters, D:45 A. SI., ItimlliiK nt Woat Tow Ne-wbtirftli, PoiiK!iki-iiHie, Kinxslii Point, Cuthklll, HudBOfi mid Albany through rail tloke-te bi-twe-en Xeiw Y ami Albany nceepte-cl j Hudson River Day Line (A I. HAM' IAY I. IX 11.) Fall Fares New York to Albany, Troy and the INorth .art-eat and Moat Mairutnccnt Jt Itlvrr Steeemera In the Veorl.l, IterLalilre,' i ,.ii eirae, I rojn 'Jtrnaaelaer,' Tier .-13. . It., ft. Canal fit.. II P. 51. elallyi Vleil l.TJd Ht., el:.lo I-. 51. Phone Miring IMOll. Hudson Navigation Co. To PORTLAND, m, ?.re MAINE STEAMSHIP LINE S. S. NORTH LAND and NORTH STAR leave I'ler 111. Ne.Hh Hlrr ton 'i-n Siret nt Ge I' M Tiieartsjs Tliuirriav- it .Saturdays. A dellehttul s-inlle. r..' ar irlp in l'ortlMid. the till 1.1 i if ti Tleketa, elc , at the pier atao at S 5 or. Trnnsfer Co., and Touilsl nfllres iliriitu.eul the rlly. Through tlrleta 10 all ii!-.la Itsairaire eherUed Ihrouirh iu.s 1 i:it.N m 1U.11SH 1 1- e tin rem 1 io FALL RIVER LINE TO BOSTON $00 Sirs, Iv I'ler . s H ft l uluin Si, N - Ulli:- l I- M .Mlvlc e Ulllitilil I.lne sire lv 'e- il, N ' t luustnn ht . Merit iln . a only. S.JO ! M I " 70. 1 ii , ft I r it st film p M. Neiv lint en I.lne sir lv I'ler 2a, I It '-. Cstlurlnc Si , ween daya, 8-J V It. Ilrlilsepnrl I.lne tr. Iv Pier 2S, K It wrf'a lull mil.'. 11 A. M "i in: i't in u- hi: i-i.ksi i, - COLONIAL LINE BOSTON JM.V, $2.60 PROVIDENCE ,!',';?;, $1.60 Week days and MiniUys at 6 i' M ' au. . It., foot Wrat Ifimatnn at All eiiit.ile Itooill, K l.lttl let s:j.l. tUreleaaenmii i J, ptown Oitlcr, HruaelMsy and ZM it h Hurlii iUI rton talr r,-.-.KO lroi!eaeeillrctl,iI' lllitalile Slatei uoiiK I .ilea Dslh. lorluitlnic hunilay, r,:,-0 p. in. I I rom I'ler III, K. II. 'I'tinns Jim iimhtij' I Jlty llclirt (Ittle-e, :u Hroadway, I I.rtonii Ticket omrc, ll'y nd 21 1 MANHATTAN LINE To ALBANY FARE ?1 fin ROUNO TRIP H 50 f. " . "J-UU GOOD lO DAYS ' Ihru 1 k'ta A IUkk.' I hee k'll In Ml I n in I IiIiiIiik ,-ereli e it la I arte Rleatnerh leave etslli, I'ler :n, Nurl'i ''I I foul el llniiktnn SI !iM I Vt Hist , I St . rl I' M Telephone WJ9 .Sprlnc 1 Sight-Seeing Yacht Pstttry I'ler Dally. In.io. i Do, Te-i H me. HARTFORD LINE From Nee I'ler SO, Knat Hlvtr, foot 1-ae-k Hllp. dally rirept Miinctay, at 5 I' U (ONNIirTICI'T HIVKIt l.ANPlNllt-' TOl'ltS. n I r raniBlae llellKtllful 1 l'y T Washlnclon ,,,"".r n't. MApiKH il Low Still mm iUVim..