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..