The sun. [volume], October 17, 1914, Page 14, Image 14

About The sun. [volume] (New York [N.Y.]) 1833-1916

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14
THE SUN, SATURDAY, OCTOBER 17, 1914.
FINANCIAL NEWS J
AND COMMENT
Easy Ponicslir Conditions in
Money Foreign Kxcliaiifro
Strong.
BEIT Kit TRADE KKTUUXS
Contrastlm? tendencies continued to be
dln-playcd yesterday In tin domestic and
International money market. Slock Kx
change call loaiiM wiro quoted nt C ami 7
Jer cent, ami Kcticr.il symptoms of nn
vuiler poMtlun In money wore matilfcHted
In tho uri?rcss made with tlio banking
rohermi for a laritu cotton loan pool.
fThn known tiiovctut ivts of iiinnev showed
that the rcmalndir of the rvsme deficit
vhlch the fliurlin? Ilouw institutions
hvo reported for two month" mlKht havo
boen extitiKUlrlied. I'relmiinaiy eatl
mate Ot cuh dianaes credit the Imnka
with a Rain of 1 'J.ouO.oOD ami upward.
A notlco tli.it the Villi would (pi nut for
tile payment on Noemlxr - of the Ilmtj
instalment f subscription to the capital (
mock of the new reserve lunk evoked no,
uniMtnn. Tlii- atjxreK.ite umuunt (tilled1
for In the New Vork district will he mhiio!
J,600,luo, of which thu bank In thiH city J
will provide about two-Hi rcl.. hut funds
or dniiH'Mte uses are now III UiereaviiiK
supply i
111 the fin film c.ch.im:cs the idtti.itloii i
u different I', ri'i'ini a little -iinbitloua ,
at the Iiioiiiuil to sunKcst a $ l.'.O.nou.nuti
Kold pool for the facilitation of trade, with
South Amcrim when tlm I lOli.nOu.two uold ,
fund bus Mill to produce a rrl.lMlii; clfect
ton mcrllni; exiiiatiKe lieiii.uul bills were
quoted yesterday at l.tts, with cubic at
i . a b Th . nlthoUKh th'Te was a cent tr-'
nclioii In inch class of n-ml 1 1 1 11. before
thu cloo. I'xchmiKu on Holland xolil at
u hlKher premium than stciilrur, and other
Continental remittance, with the exception
of inarkH, , (onxpieiiininl) firm.
The situation In Herman cxchanKe In
puaHliK. It In hellevid to Indicate aiuotiK
othur thliiKH that actual itonoinle condi
tions In i.crinunv are nothing like an com
fortable iih despatches repleellt them to
be on the surface. It Is also underslood
that tierm.my Is paying heie for supplies
of one kind or another and takliiK thu
cluni of netting them.
Afe bearing on the slciling exchange
market It is of Kre.it Importance to note
thit the Hrlltsh Trtnsury rt pten ntatU en,
air ;.! I'aluh ami Mr. Hl.ickett, nru
now eiif on their visit which him been
awaited fur the last week. They bilng
with tin in ver encouraging resirlH of the
Jlnani .,il situ illou In Lend. in and take a
most hopt ful view of the dcMdupnif nts to
follow the termination of the Itiitlah
lnoi utnrium next month. These vlsltois
rile wi ll quallfl-d to leml assistance In de
vising mentis to linn-- about an Improve
ment in the Intel national money maiket
nnd promote the foreign trade movement
;u mI1 as to provide fur tla reopening of
the Slock and I'olliiti exchanges Wall
6tret will he (tieatly surprised If In thu
course of the next few weeks the Interna
tional cnnfi-rtnces which h.ixe b. gun do
not aid In steps for a fairly wide resump
tion of tlminelal and business activities.
A llitli tipple of commotion ditutled
the financial dlstilet durliiK the day on,
the publication of n letter sent by a lead
ing hank to stock Kxiiiance hummers In
reference to the rn.'iglnlug of standing
loans. A good many banks have In tho
Inet fortnight negotiated with borrowers,
on this mbjict nnil Invariably with satis-,
factoty results. It Is understood that the
response by the hank's customers to the
litter In question was similarly satisfac-1
lory, bin tin' c.iminuuicntlou raised a ,
question of recognition of the prices re-
ported for transactions In the Irngul.ir,
unniril so-called cutter market
which has hen set up for cash trading.
Hcfor the ise of tlie tla tho Stock V.x
chnni?e arrts-'d nt nn understandlnc that .
jio irincnrtlfin of these (piotatlons was!
contemplated In the banking community.
hut It mlcht not be altogether unfortunate
If the episode should have the effiet of,
compelling some more ih'termlned atten- 1
tlon than Is King glvin to the solution of ,
tho problem of icopcnlng the Stock IZx-1
chancs.
r.ixonible comment was evi'ked by th i
nlxiees from W ihlnpton to the effect'
that tho Administration hail (llscoe..(it I
th undeslrablllty of planing li.atiR to
IvlllKerents under the ban of ollhial pro- ,
HTlptlon. It Is a fair Inference that th i
nttidy which the Administration ts now
making of huslness matters bus led it I
to the conclusion that If our hankers can
extend nccommodMlon to belligerent bor-
rowers facilities fur 'mpmvlng our Inter- i
nmlonal financial position and stimulating j
our export trade will be Incieaxcd. j
Meanwhile It Is to be oberved that
recovery In our foreign trade made con- '
slrWahle biadway In September. Imports'
nnd export, to be sure, were both will I
below the movement In September a year i
ago. but while Imports Increased only!
$P.4nn.flf'0 above the August iniioif,non,
the export gain was five times as large,'
nnd an export balance of 1 1 f!.r00,nno re-'
pillted. compared with nn Import balance '
of Sl'M'iO.nnn in August.
October returns have nlrendy been d". '
scribed as miking a better showing, a',
though reckoning must be made of the
maintenance of imports as ri result of for
eign liquidation. It Is verv llltelv that a
pood deal of tho persistent st.-ength of
foreign exchmre Is t. be explained bv
the volume of merchandise Imports i'n.
der the leidershlp of wheat, which re
ppondcl to hc.-ivv export buying all yes.
terdav's g'aln markets were firm
Opinion generallv on the beginning of
the Intie state ("omtnereo rVmimlfulcn's '
lnnulrv Into Rock Inland Tti"wav nff ilrs
na that the CMiintrv might profitably
he spared such senrches for pollt'cnl capl-'
tnl at this tlm I
KIDDER, PEABODY&nO
115 Devonshire St., 17 Wall St.
Ilo.lnn, Sew lurk
Ctirresnonttnts nf
EARING BROS. & CO., LTD.. London
HARRIMAM NATIONAL BANK
Filth Avenue & Forty-fourth St.,
New Yorlt
SAFE DEPOSIT VAULTS
( U A ICt Mil II I fill.
Union Trust Co. of New York
HO llttOAIIMAY
Fifth A'e ,. SVti St I'lflli , ,),!, s,
Capital & Surplus $8 300,0115
Ulnws Int. re, I nn lleimslla.
IHTVMUST CRUDITP.l) MONTHLY
pnld on nrcniuit. siihleet
tn Check, sprclnl rittcs on
tlnirterllflcste.nf lernislt.
I nlleil Mn'r.
It.rlifsue & Irnsi umpsnr,
ri'srsvnt "M st !. t ecnrsi l.'iihSi AithAr.
!5 ""COW-ORATM Oq
itunsuuunu una .
CONSTnUCTION EN0INEER8
riE6 S
D I
Vork j
PUtlLIO 8ERVI0E PROPERTIE6
FINANCED and MANAGED
OP Pine Street New Vork
GOSSIP OF WAIL STREET.
In t estlnen t Conndence.
According to oxpcrtn ihero Is a bond
market and there Isn't. As they put It
tho prosunt market Is entirely n matter
of sentiment. If n customer can ho found
In n cheerful frame of mind, say Just
after tho dinner hour, he may be per
suaded to buy a IhjihI at current low
prices. On tho other hand, If he has hat
an uncomfortable night's lecp or Is de
pressed by thu war news ho will refuse
to tnkn bonda at any price. Small as
tho Improvement Indicated Is It Is Im
provement. Uncertain ns the demand Is
It represents conditions Immeasurably
better than they were n short tlmo ugo.
Whereas tho bonds were unsalable u dis
tinct return of confidence Is now Apparent.
Tho panicky rush to sell nil kinds of high
grade securities nt whatever prices they
would bring haa disappeared. When It
became apparent that bonds could he sold
oven at concessions tho deslro to throw
them over illsaptenred. People who re
fused bargains offered them are now bid
ding for tho samo bonds nt considerably
higher prlcen. Investors are, of course,
still timid about tMng up their money.
The preference Is plainly for short term
securities over those of long maturities.
This Is natural In view of the confusion
over the prospects for the capital market
within the next year or no. Indeed It Is
now tho expectation that uncertainty on
this scoro Is likely to result In tho next
few months. Hut a start In tho restora
tion of conlldence In securities ha nl
ready been made and with money grow
ing plentiful throughout the country and
with an absence of further outsldo shocks
this improvement will gradually extend
until If embraces all descriptions of se
curities. The prr:;rwi of this Improve
ment of course will depend upon event!
In the Ihiropean war
t I'liiiiitoni Triidltiu.
Wall Stieet men who are endeavoring
to offset expenses by doing n little busl- I
nes In bonds or stocks are greatly ham
pered l the conditions under which bul-
ne now has to be done. The ordinary
communications between buyer and seller'
are of couise cut off with the closing of
the usual channels. It Is now necessary
for the broker to scour aiound the Street
In ordir to bring buyer mid seller to
gether. Tho consequent delny In the com
pletion of trades often causes them to
fall through. Moreover, In the present
iMtidltlon of disorganisation them has
been a notable lapse In the spirit with
which a bargain once made Is kept. Many
people now In the business are not always
Inclined to stick to their xvord when they
find later that they can make a better 1
bargain elsewhere. The i-onseipience Is
that the broker finds It extremely difficult
to get ii "firm" bid or offer or what he
can safely call a "firm" bid or offer In
ordinary times, even In trading outldo
the exchange, there are Innumerable In
dications of the prevailing trend of the
market for securities, and tlm lack of
these signs mav he to some extent re
sponsible for the prevailing confusion ami
Indecision Hut whatever the cause. It Is
now the custom of the hroker to obtain a
bid fur certain n-curltles at a certain
price: then after working haul to get the
securities he finds that his hid hns disap
peared They call this sort of thing,
"phantom trading." In the so-called gut
ter market "1111111110111 trndlng" Is even 1
more common it has been estimated thnt
out there seven out of nine trades never
go through. Hroker there now refuse to
do huslness except with thos.i they know.
lltllllnK Vhent.
While the furious speculation In tho '
wheat market In August and September '
has iiuleted down with the reliction In
prices there Is still a etrong hull ele
ment In the Street. Henskorf t.yon A Co.
present the prevailing argument of spec
ulators on the side of hhjher prices us
follows: "We have n deficiency In the
Kuropean crops estimated nt 30(1 million
bushels ; In the Southern hemisphere, !
t!0 mlll.on: In Canada, 72 million, while
the "hipments from Argentina for the cs.1- 1
endnr year nro 7R million, below 1 1 3 ,
.lrnl fiom India and Australia 100 mill
Ien Moreover, there Is the outlook f ir
succeeding crops. With th continuation
of war .'II aKricultur.il efforts become af
fected xvlth accompwiylng scarcity of
latnr Mini horses of which latter over
1,000.000 are reported on the battlefields.
Abo every week that passe there passes
with It th" seeding time of nsirh of the
Thiropean territory. With such
an expose iih we hive made the iiues- ,
tlon naturally presents -itself : Are pres.,
ent prces high? As a help perhaps
toward answering that question we quote
ftom the rep'rt of the Pep.irtment of
Agriculture. Issued on tho 7th Inst. : ,
AvenigH crops. 190!)-ISIS, 6Sfi.000.000 1
bushels ; average price. October 1. 87.6;'
Indicated crop, 1014. 802.000,000 ; nctinl
price. October 1. S3 ." With the present '
deficient crops (except that of the I'nlted ,
States) and il'vourniring outlook for 1
succeeding crips what Interpretation l
to be placed on this year's price exceeding
the avrnre of he prevlnis four years
by only 5.'.' cents'"'
COTTONSEED OIL.
yt Much Hull) Crude Oil Still
Offered.
The demand from the Went and that
rallied bv eonsum'ti inquiry filled to
prex-ent some new low prices. Crude oil
liquidation was not so heaxy on the bas's
of ".!' rents, but moderate amounts wer.i
to lie had and there wmk iiHultaut hedge
pressure. T.arge refiners nro Indisposed
to give a great deal of support.
Prer.
close
Hi. I.
f. IS
r. ?a
M0
:. s,-.
0 3
Closluj
pr'i r,
f. itJ.r.r.
r, s:i r. "4
r. ?ift r. 11
s tims ;
f. V.W- i
pnt . .,
lie. ember
.Iriniiiiry .
M.ir.li
May
MONEY IN NEW YORK.
Call money rane'd between fi nnd S
i per rent.
Time money ruled at 7 per cent, for
must mntiirltliH. tho ranun belni; 6 to S
per cent.
Commercial paper was cjiilet, with rates
, at from B to S per cent.
Domestic ejchiinKe on New Vork: Rt.
Itotils. fine, premium ; San l'ranclsco, .10c.
premium; Chlcniro, par.
I fall money In le-indon was 1 V, y "1
I pe.r cent.
. Sterling ochance was nrm. Quotations
were: Demand, I f "Bi ' cables, 4.0'
liar silver in London. Sl-Vd. ; In New
York, r.lr.
New York riearinar lfou statement!
Fix-rim lines, ISJi.1sS.77K; balances, $1,1,-
"nj.sr.n . f tib-Tre.isurj' debit balance,
m2,::t.
DAILY TREASURY STATEMENT.
WAtlllNfJTON. Oil Id -The slntement of
the retelpls and pny warrants nf the Tientury'
.hnvis
Oetnhsr 14 This mnnth Fiscal year,
lleeelpts It r.T't "U UT 43.341 $l'.l.C"l v
Pay wnrrnnts 2 911 P'tT S" Ml, 4:1 Ml s:o.:S
Ileflclt tl SII.JM fir. S7S.OH2 40,IT8,477
Itecf-lpts frnni custom, on (Vtnber 14 were
fai.lfhl: imernnl revenue, ordinary. 1719.670;
corporation tax. 17.IS5, nnd miscellaneous,
4V
National bank notes received for redemption,
1711 W
The cnh Mntement of the Unllrd Slates
Trei.urer for Otlobrr II pinis:
liK.NKIIAI. Kl'.Nl) '
(told com s7'j,ii.,yj
mid eerlitleates 34. im if.".
Sdvrr ilnllnrs '15.701
Siher certlllcalcp P. cr.l.reii
I'nlted State, note, . ,. S.iv,3 f.sji
Certified cheek, on hank, .. . . .'.'. f.M
Nuttiiiial bank notes ., ;?,4f! 4"
Suh.idiary silver, minor coin and
silver liiilllnu :.ntn m
Cn.h In Treisurv m. n'.ip)-
In u-itiniial binks ..... 7C. 4.v f,o
Avnllahlii cash la Treasury nnd
banks ... . ?ci ran
i Iiediii t current liabilities is uu Ml
liee tiat.iui'e lii Treasury and hank. In'i r.41 oc.
Diher Tiea-nry a-,'t, ineti u t,sa.:-
Net hilnnce in eeneral fund Ji7lll7!ii
KUSKI1VK Ft'ND
Oold coin nnd bullloii ir,arniw
TIII'ST Ft'NI)
Tn redeem outstanding cer.tlrlenle .M,41 111
Grand total i,h miela In Treaaury I,867,611,J
COTTON SENTIMENT
IS MORE CHEERFUL
, , mi i.i f M...I ,
IniproVOIIHMll TIIMIgllt Ijlkfly ,
Unless Certain I'lnns
Miscarry.
SITUATION' TX LI VKltl'OOh
I
it i. i, ..i... , .,...i,i 1
I. the view of not a fexv exi-rlenced
cotton merchants that the lowest prices,
speaking In nn approximate sense, haV'
already been seen for cotton provided
certain contingencies are met.
over It Is not believed Hint tho present
.rvlln.l.,,. 1. .1I.1...1 I ..If...
"i'""T" ''"' -
to uar hoprs for gradual and steady Ini-1
proxvnvnt. .lust how much of this
cheerful feeling has !,. prompted by of t .no M t ' " '"y ! biilMlnr; operations reduced over 30 perl
tho prospects of tho success of the $ 1 50,- ?a'" 1 1 ) ? T. "i -'". lth a piolonged period of warm
' . ....... . 'Hint considerable of the absorption or tho ,,..,',, i ,. r .ui, n, i ,i. i
000.000 cotton pool devised by I'Vstus J. i(.r,.nW ... .-hleiiro whs for Interests I W01l,n r H,,r',f"f wlt" ' normal tie
Wade It ,s Itnposslb,.. to determine, ,JBWf , Ktti
plan, at any rate, h.m more of the ele-. an unusual OTomit of wheat will be , TMt'.MU HrTiw from .Hm.nished .am-
ineius or sanity titan any or tii otner
ii.i..M,.1r,,. ...be,,,.,- fr tb. relief nt
i... .. ,.i i.. ...... i .
to contemplate measures to enable the
spinner to finance purchnses of reserves
..ln,,.e ... lln,, n hn .f
It has a fwituiv of commanding excel
lence.
It Is probable also that the. 1-llef that ; ,.;Vr,t,ntl0n"o'f wheap from Arontl.ui Is
the New ork Cotton I'.xcha nge m.iy ',,, , ,h , th ra ,
sis).. rm, bu.lnesH hss had a pro- Hhl1Mlenls from iluimllmi. Pessimistic
nounced t, luence on setitlmu.t With , yXllMr,.,nM llv,e, ,V(.rr, nfta received,
this Inst tutlon open nnd npcrnVJng n which for the moment nr.-counterbalancing
;''i!l,?'k' H,"'.I,'1"H "f 1,?!,Hll,ly favorable .UgrMlho crop news, it Is real
f..on i.0l)0 bales out of the pi-esent crop , tImt ,.lHl ,.,-, tho f ,hl, Ar-
would not linnose an Insuperable burden.
Through the m-ohanlsm of future con-
tracts It would be possible to distribute '
this excess over 11 period of veirs son
.. , . ?m - IS-rj
.wo or .nVee vnrs VVon now ns It Is
. . , " 1
lerniying ai iu present. latest estimate of lfi2.000.000 and nn out-
In fact. If the trade could he rid of the ., f (,,1,000.000 last sa?on. This -would
obse-slnn that the only way to obtain . not m,,iy ,lint the final (Invernment re
a reasonable price for cotton Is to with-1 ,,,)rt i Dis-ember will show 23,000.000
hold It from tire market and substitute . i,uhels more winter wheat than tho 17f..
for tills fallacy the purpose of facilitating j ooil.uili) last reported, but It shtmld nullify
broad channels for the outlet the oorrec-, , pfrM,t of rw.nnt intlmntlons that tho
tlon of the present situation wou.d fot-j oro,, 1U ft wllole h(1M b,.p overstated,
low automatically With rains in the Host during the past
Keen Interest will be taken In the views , frty.oght hours, virtually tho entire new
of Sir Oeorge Palsh, former editor of the . winter wheat nrea has now been eatls
SfnKsf. who has Jpst arrived here In th fnctorlly moistened.
reported capacity of financial advl-er of rorA bfittlr oash dHunnd helped
the Ur tlsh Covemmcnt. Cotton men read tir,rej)i ,.avv rilM , ,h(, ,,, ,,,,
yesterday with frre.it Interest an Inter-, cff(M.t. 1ar, raM t0 cnv,,r W,,M QUl,1itt.
view in which Sir Ceorge was credited ,K HillrkM,ej. Th bulge In wheat
with saylne that the cotton sltuat on was nnt Ul,or(ll, Argentine corn in
one of the important mailers which he ,pa(er and less was heard of pressure
wished to take up while here, lie auueu:
"We fed that the situation will qulcklv ;
straighten Itself Tlie opening of the .
Liverpool Cotton Hxrhaiige will of course
depend upon New ork and New 'r-
leans. We expect your market soon to
be under av. The free movement of
cotton will of course facilitate the pay- ,
ment of the nmoimts due abroad.
While some of the larger firms wl h
International transactions will b llkeh ,
to respond to Liverpool s reipiest that ,
remittances lie made of funds ileposlteil
In trust ns margins (,n open trades
rgitis on open trades It
probable that this a tlon
iloc.s not seetn
will
, . ,, , . ... lit.,
be fo ow.d b the R' pa'lt1
loon! (ommlsslon houses, Thse latter
are disposed to adhere strictly to the
text or the conference ngieemeni sianng
that theso funds were to remain III trust
until the trades were closed out. Thero
appears to be no actual 111 feeling over
the subject, but the determination to r-
slst the suggestion seems none the U
tlrm. 1
. . t. I... l,H,,n,lnnl
.MJ rejIliriS ' 1 e 1 - in". 1 ... ll,i'i
committees yesierday. It was unotllclnlly
-nte.l tlmi nroeress w is being made nl-i
rrateilthntprogrisswasi.eiiigniaiii.il
iiiuiikii 11 i iiis.i...jiiiii..i,.j n...... , u.iniier 10:.) in .V) to rn 10 M 10 jf. , meet the il.ni.iml The Mercantile Kxi ii.inirii
conference committee has practically Janniry 10 0; lot: 10.M loo 100: butter 1 lennmtee voted yistenlay to ehnnio ,
completed the examination of the mem- . Hlb- extras to pnmis iteiniiuiK Miindsy This ri- 1
hnrs nnd It Im holied to IlllVe all tlie re- '1nher .. .. II 0 n f in s.1 I0.U tl 00 dm tlon ol .1 point will throw more nf tlie ,
S e, h! in ,1m T m ii,. wm mll f January !. : c, ja J.:r, 9,: r i.l Intotl Mr.irra.le Trading .
piles In bN to-il.i Then .he lOtumlltee 1 ,,rol.al.l.v I- WILr tien the new
will know where It stand-, both as to re- "r "mat tt,re' ,r ,.xlr, ,. t,rcsil est ihll.hed It ,
.sources nnd the amount of contracts which . '"J" 1 " was Imim.-il'l.. yesterday to bay the finest
the syndicate will have to take care of. De. ember .. UP,' 1" lVi, " I""" " ere.iteeiy 11 limit p.iMiw ie premlurn
The following statement from the I.lver- May Z i;c.xt I SVmSrM'il
pool ,W as to why the market there, - - rJ!X?'&' ',uA Zni V nST-J ,
has not reopened should be Interesting TKE STEEL MARKET. 'e extra, M wore lie : llr.ts. .
to the American cotton trade: I Mate dnrv talis, llnot wiv : i"'"'! to
fa?...-?; miiri!::;" m' n,:;v;Hoi.i.n,nu"nii , . i z?z?hM;. . k
quate safeguards have been provided 1 Iiulness continued the steel market's -I'l.'l'"- loner in. ides 1'..-.. Ls.i,.. l'.i.liltiK ,
nafeguards not. let It be understni.il. solely ' main feature. The present week Is de- 'i'" k hld fine -i'.ni'ic : No :. MtCO'e ;
for Liverpool's benefit but for that of ,.ir,.,i ,., mie bun the poorest that the ''K?-sp1'-ii!;lr'wi. a Utile Niter yesier-'
the whole cotton .raile-fhev sureh do not ; has experienced In many ,vrs ,;,l;Vil''llli1tffl
understand what they nre tnlKim. annul. .Mill operations nre running at about 111 1 He,vu.r have ample lreh slo.lt to meet the,
"At the present moment fl.nna.onn to jw.r rent of capacity and new bookings demand and tradlnc yesterday J fair Mar
C2,0nn.n00 is owing to the Liverpool mar- ure at even lower rate. Mills turning closed firmer than It opf-ncl 111 the morn- i
ket by Continent il spinners, American out wire products are still comparatively 1 1"t, ,'r,l""1'",'",-,i.M",,r,' 1 ".T!1' i"'i :
broker, and merchants and I-ashlre b.y. but demand for ,.,c,e pro'ducts has 1!" ?. W'!,. '
spinners and manufacturers, the lattor In fallen off peroptibly In tlio last week. Quo. ip,,. Wis.-mism daisies ll.iil'tc : twins. !)',
n perfectly lipltlmate mannur, like their tatlons are nominal. I n. ; Stnte skims, held specials. i:',jiv .
Continental -onfmreM having bought 1 The inn .l(;c savs: "Pig Iron is weak fresh. i:ivi,e : noor to fair 7'.il'M
cotton futures as hi-lges against sales of .mil slow, buth home nnd evnorf. but K(icl -With pressing demand for hish rrade
yarn and cloth. Now. supposing for a
moment that, as these short sighted
agitators desire, Liverpool did open with-,
out proper precautionary measures anil
prices dropptsl suddenly to a level which ;
exhausted the resoun'es of those who hold
the coutrncts on behalf nt the clients
mentioned above, resources which. It Is
needless to .y. havo already been very,
heavily taxed, where would a number of
the big spinning nnd manufacturing con-
cerns in Lincaslilro lie. without mention- 1
lng M'tno Imimunnt Continental Interests?
w nai would nappFii wtmni ue 'imi nun-
dreds of thtiusandH nf pounds of loan and
mortgage money would at once In. called
I,,. ,, great number of llmltnl and private
concenis would find themselves in Queer
street and probably the very gentlemen
who nr.. so keen upon having what they
call a free market In Liverpool would bo
.itnong the first to suffer and also he the
fi.ut .i ni.ii.,,tfilt. tif T.tveptiOfirM aetlnn
Advaucs of Kc were reported bv
practically every Southern spot market
of Importance yesterday I'Hces ranee
from f.H to T;c, with Savannah nnd
l.lttlo Itock nt the low flKiiro nnd Houston
reportlliK ine nuniesi uinire nt uu ine
Interior markots Kxporis wire 31.S94
bales, ohlelly to Mreat Hrltnln nnd Japan
Tho Into slitht for tlie wnek was estimated
nt 410.000 bales, asn-lnst fi.lO.OOO for tlw
samo week last year
DRY GOODS ACTIVE IN WEST.
Trmle Coiislderiilily Curtailed
Smith. Sns "ileiinoiiilst.
In
Hi
Ise
The Keneral movement of merchandise
Is actlT In the mrrtcultural sretlrms of
the West ami Northwest In tnat.uf ic -
turlPK centres It Is below normal, nml In
the cotton raislnu Ht'iilons of the South
It Ih very considerably curtailed, says the
Dry fonifs Kcoiioinlsf Where uiifavorable
,
week or two of low temperatures would
Klve a decided Impetus to retnll triile In
many sections.
Staple cotton (roods enntlinin to sliow
weakness, especiilly Kray Roods for con -
vertcrs use. nrown couons ami ineacnen
Hoods. With the raw material scWhr
around fl"j cents, buyers look for lower
prices, especially on thu coarse, heavy
fabrics. Mills, on thn other hand, havo
curtailed their production because they
do pot know what price they will ho nhln
to obtain for thrlr product. Similar con
illtlops. thoiurh of a more ncute o.har.ic-
,ter, prevail In Kncland, wheie cotton
coods production is ror me present at a
minimum.
SUB-TREASURY STATEMENT.
Tllt'IlfPA V
Paid by Hub-Treasury to Imnka.
Paid by hunks tn Huh-Trcasury.
)i osi.ono
t ini.nnn
flnln tn t.nnks on d iyi Inns
setlnns SINCE FRIDAY I.AHT
$1 Hon. nun
Paid hy Huh Treasury to bnnlia 117, ICO, OHO
'aid hy hank. In Siiti-Treasiiry
in m ana
flaln tn hanks t".OOS,000
bun tn IiiiiI.i si me period pra
vloua week 'r, 1,1.1,000
THE GRAIN MARKETS.
PorrlKners liny fjrnln Whrnl nnd
Outs Lend.
DcNplUi tho contlmiiil offerings from
some of the big Interests In tho wheat
trade, which selling represented hedgo
pri-ssnro liquidation and nppresslvo
tnclel.f t,e list exhibited llrmness.
Thorn wiih sufficient export business sup
plemctitlnit the huge dealings of Thurs
day to lift values moderately, f'onscrva
tlve peoplo figured ycstelday's takings for
ICuropean account at approximately
1.000.000 bushels, nnd Intimated that
there would havo been additional sales
but for tho market's bulge.
Scattered selling greeted the post-
Inn of the llrtutitrrrt ntutcment, showing
the week's rxmrta to havo been only
n 2.4 onn nT.(lBt 8ii..7looo Jn
the ptecedlng week and ,i,X34,0(M) In l13.
I nless clearances Increase during the
noxt few days nnolhor relatively Iw-nrlsh
More-""'owing will bo had on tlio coming iti
day, and In the meantime theso reduced
....... r , - .. ,.rf.,ntHr,,r tlm HirMftF
!'" li( """
farm movement
Tho trade U firmly Imbued with the
Idea, howover, that It Is only a ipiewtlon
ii'i"i ... ...u tun.....
. The Liverpool market again roso more
thnu
cents. I'rlvato advices say that
" .u "1'..' 'al 1 1 L? . J!.
CUIIIlHimiH Bl)r Mimil'Cl HIlU 1 ri-lir I. . I.
lape Into Insignificance, but the cash i
I wheat trade Is heavy, with prices con-
n ........ nl 1 ....... ...... In, I . 1 , ,1 ,
'.. . " V V " ' ...V" . '
, 1 """"'"""""" enlargement In foreign trade duo to the,
Ju .. ,. ... ...art,., cin.n the I w!r' 1,11(1 reports from the winter
- i . "larKp.t ,, "'"' "'"Iwh.-at crop, contribute bright aspicts to
ate report was published .show- , olh(,nvll. ,veree condition. While the 1
n.i.. i!!..m.. 1.. 5 1. ? ' .l
u'lif nun irn, vku Mint iiif vtiivwriniirll n i
n( ...... .in,.,,,,!- rnpn T1, 1.,..
,(ppn ,,.IUP,0 of nute n mlmber of scit -
ter,.,i lH)mplaints
U l(H. .H,lp,.,Jln-t,vn ,iPmBn(1 lprvnd
.,1,,, with that for other grain. The ex-
llort ,,,,es wero closo to 1.000,000 buidicls.
Cn.h house were on both sides of the
nUirkc.t. ht Kener.illv there was nn lm-
,,roVKt, ton en..,,,,,;,, oatB nB!1,n ,himiH,
pronounced strength. ,
!rm Theetipport from packers1
lvl i-m.lti.-ill v withdrawn. Snmi. lntr. '
,i.,,t.l thn neeiirnc nf
of a better cash deninud for meats. Specu-
,HtlV(1 ,,,.,.,, ,,, no, ,,,lthWK ovur tle
Minn- nun rnti 11114 nui lit it
deere.i-ng stocks at Chicago.
CTns prer
tnz close
Chicago prices:
Oncn-
Mltf
11!,
ms
K7
r.Si
's
CI'.
tilth
est 113',
US',
.
tIS
Low
et III'.
n;,
ff.l,
(
IT',
Ml',
wheat-
p.vemlur
Msv
,'"r",'
jjay"'
' oii,'-""
1I3
IIP,
ff.
Decemiver 4i t. 4i.
',
Ml,
M.av f.l I Rl X. FT P..
w.-, u. -.-, u,., ur.
lorki
. " 1 " " i w
Lm).
sMghtly more his been done In hematite
The output Is still ahead of needs. The
number of furnaces In blast In the three
districts Is lf.s, against l!in a year .Kt.
.Vrron,anganese Is weak, makers com-
petlng sharply, with Utile demand. It
Is nominally limited about $l'.3.2ti. Itu-
mors nre circulated .if American sheet
bars being offered, but it Is Impossible.
to trace nny sulistnntlnl business and
our own steel works want orders ptetly
badly owing to the Indifferent state of
the galvanised sheet and tin plate trades.
-intei n.iu sn.-ei i.itin ini 111 unu ui iinoiii
$21.33 cot, fielght nnd Insurance. Lust
week's tin plate shlpnpnts weto the I.irg-
est since the war started. About .10.000
tons of rails for Australia has In en
booked by Ilolckow. Vaughan & Co and
HO.noii r,ir Soulli Arrlca t.y tiu.-st, Keen
.t Nottlefolds at low prices, ow ing l the
sharp competition of Canadian mills,
Amirlcan barbed wire has been sold fit
' .;c ..... ..no. ,..i..t. . t.....
lf.R.13 per ton. cost, frelitht nnd Insur-
unee. Stocks of pi Iron hi ronmil'H stores
nre 1 07.1 32 Kross tons, nnnlnst 101,110
tons n w-eu npo.
' The Mill Iron Trtnlr savs: "Ileavv
urn-m in.in iim.Niu i..i ...wi.t-.i nr nun il,iv.ln. r,,., t ii. uf t. inirkti ui,
ni'.ls hae tilled IMttsbnrK district mills ,,rtt,.r IlU Anv heavy well dri's.ed fowl,
for next forty days, fully 10,000 tons ofler. In dininnd, and snnie were held oier '
these .irders bfltm' rw. lvcd In the past i with the expectation of an mlvnniv Medium
T,-eel PonnellsvUIe who trade reached w,rP ile'ted l.-irio' fnney roast
I the low p,.-,t of the year for shipments. i'Kir' ? l,,,I,n"2. .". UV!Z '
but tho pieseut nnmlnnl market prices
snow no cnance as yei. .lapan nas rn-
feted the American nlir iron ni.irlo'l wllh
I an Inquiry iiKKreRatltiK TiO.OOO tons of all.
isrii.leM Adltlonal Soulliern bliist foe.
grades, iimonni , Miuinern mast rur-
puces nccept J10. ItlrmlnKliam price
' hcbedule."
U'llllini J.icks Cn Iron i.n.l in..t
meich.ints. of (Ilascow, writ' under dale
, of October fl. ns follows :
"The market for Middlcsbrouph war -
j rants haa shown n decided fall, prices
havlm; declined from r.Os. Mil. last l-'rl-
. ,i-,v i.. .'.n n.h lniver tn.ilnv
, ti annul. iiui.'i.iitiiiK it. .uiiv lu.ii
, Hons for the III st elulit days of the month,
,is aifalnst IS.7H1 tons for tho same period
year; while stocks In public stmes
Hhnw nn Inciens.. of 2.(l.M tons for the
1 work, nnd nrnhnhlv mnhitrH' slinks In
Incremed to a similar extent.
Prices of hematite pK- Iron are asoHteors were slow, but prlie, Impruve'l nfi.V,
weak. Mldlesbroiurh liemntlto bdmr now
nbout Of.s. f. o. b. More business has
been done 111 America half finished ma
teria', which Is now tnklnir the place nf
contintntnl steel in this market.
"Marki ts are still waiting for some
more definite news fiom the seat of
wa r."
TirE SUGAR MARKET.
I'ernvlnn Ilim. Duty I'nlil, llimuli (
ill d. .13 Cents.
reriivlan raw sugar tn the amount of
l.r.o.O inns was purchased yesterdiy iV n
rellner nt a full duty paid price equal
i ii; cepi- i-iinnn raws were iiunti'd on
n bis's of i S!) edits
Th" refined pusar market was quiet
demand frnin all ipiaiicrs hr nu ver
lltrht There was nn chance In quota.
tlntiH for fine, Krantil.ited, tho 1'edoral
Company imo'lnc n cents and other re
finers LIB cents.
WEEKLY REVIEWS OF TRADE.
Pliiiiuclnl Conditions Improve, but
Huslness Is Irrrtctilnr.
Although financial conditions arc Moail
lly Improving, trade nnd Industrial opera
tions, according to the weekly trade re
views, continue Irregulnr and conditions
for this tlmo of the year nre disappoint
ing. Corporato and Individual economies
aro being practised. The slcel and Iron
Industry Is working on a CO per rent,
rapacity basis, and building operntlons
are only .10 per cent, of norinnl.
) u mi's says .
"I'lnanclal conditions Improve In steadi
ness and ability, but trade In m,iny de
partments continues Irregular nnd buying
Is cautious. A few lines exhibit consider
able activity, duo In port to extraordinary
war demands, white In others some de
pression Is noted. Corporate and Individ
ual economies ijre being largely put In
practice, nnd while they will ultimately
result In a great reserve power their pres.
ent effect Is to reduce consumption, the
Immediate buying ability of the peoplo
being diminished by reduced wages or
profit.
With the Iron and steel Industry work
Ings anil curtailing the purclnse of sup
plies until the matter of Increased rates i
Is determined, with capital conservative
In promoting new enterp. Ises. with col
',,,,, , .-,.. ,, ,h h.l. ., .
creased by the fear of a longer war than
was nt first anticipated, the situation
presents many features conducive to con
servatism." Ititttlttrret'ii nays:
"Though trade and Industrial opera
tions work forward very slowly, condi
tions being disappointing for this season
nf the year, evidences of growing ease j
money market matters, romlilncil with 1
"cut., stringency In money I,., not pa-.e-l !
as yet the progress made In the direction
of lessening tho strain on credit Is gtntl
fylng. However, business Is restricted,
and though merchants, except In the
South, nre hopeful enough, buying Is
marked by much cnnservntlsm.
"In fact, to use an often employed
slnteinent, new business Is of tho small
lot type, thu tendency being to shop
frequently and to purchase lightly rather
than to tnke nny chances with the future."
THE COPPER MARKET.
Noun Mien of 1iuirnf input -Mnny
I iiiiilrtrn.
Clearances of copper for the week ended
, Thursday night were r..inn toll". Incrc.is-,
t,ln ,n,nl October 1 to fl.4r.O ,
tons, against IT,. 2:1 tons last year. Thesv
shipments upply only to the port of N'-w
v"rl- "f late there ha- b. . n diltlculty
I" securing all freight room desired for;
copper, owing to pressure for other car-1
' The coming week, as . r. -ut, may !
witness a heavy movement of th mot tit
fo- Huropo. I
Vesterd.iy's market presented ome,
signs of Imnrovement. as ther., wero In,
the trade onerles from both home and I
abroad. TH- export 'demand seemed
u(1.lv nf ,i,.Vl.i, ,,ng Into fair orders dur- 1
I log tin- next few days j
Eleven mid 1 half rents a pound, de- 1
I Hvered thirty days, for elertiolytlc was
'the general limitation, although produceis(
ndmltted that lower prlof were iieing
: named on limited iiuantitiea by dealers.
DAIRY PRODUCTS MARKET.
,,..vr-r-.. i.. . I ..ll .. ..l.nn.-n
t I I r,n - . Iiri .- v. .'I ........ it. 1 iv. . - 1
yeHenl.iy 1 xeeia 1111 u.uaiii'c nf i,e on the t',t
uraiies of pn'Kiin iock mi ine inner iii-s
were Heady. ih siifllelent fr.-li slink to
fSJf l? 'V 'idvanee",";? ," 7n I
refrigerators which admitted i4 . 11ml the
nnrkit tin-ed uniisiiallv firm list nlnlil lm
, '"'"l Z,a"yJ,!i,,"iLml7s
' .h SlK h'iV", "u't
Ntler than It did early In the week Itcivhe-,.
are ennfl'I'tit tin re will In' further advances. I
s the little imports thai have liecm sent out ,
2::,!,',:i!r',oidhr,sAa;1m'.t 'w.a! 'in i
price. Pines Krrsh fathered extras. 3l(ilio : 1
1 extia flints sm.-iic : firsts j-.,,?v,. . mhhihIs, I
I '"-'I'" ,!!'rl'r ' '"V,' .:' V""" 1
1 J,!;;;," jiiv'se'!. ".re "Pennsylvania 1
unl tiearny Hennery willies, laiify. large. 4H
ri hennery tirowns, atfi'fie.; mixed colors,
";,,.lv''.. 1V)frTiiv Th. v. ,n n.un.
; yJ;n V-hl.-ken. wTlle fowf. remamM
uiii'liiiiiiietl Old musters were In lietter 1I1 'nand
and iliey advanced u,r , while turkej s t-ie up
"' . V"""" ,",r',v . J-e.irr.iir nmnmit
,
mine exin 1 ti.l this morulas- Prices ChleUeii,.
' Itti Hi1.'' : fowls liil.i,t
tnrttevH. mlxe.1 heln. ami
oltl rnnsters.
lurijeys. nilxwl hens and lonj., lis- llueks.
illie'-,. Ion"'''1 Snm,"r" n,,L
li(i:.i:i POIi.TllY -There a, a belter
ildiinud fur fre.h killed stncli se-terilav nnd
innrket ele.nitil up in Is-iter slnipe th.iu for I
dome unie ims neni.-inti him uni siifni'iint to
.nmltrr fowls "old rather -low Hut few old I
rnoslrra wire in slant nnil these were taken,
leailtiz tile mnrkel fnirlv bare Pleniv nf
nrlni du.-ka to meet Ihe tlniiainl. Very Utile
tu ir.i'. n -t..' ti mumm iiuv innnvc in
lHr,,, r, follow Turkeis. Western Wl
' ?e : Western milk fed, It and :i IPs,, is to
I hnr. rowJIc : corn fed, Ktil'jf chlekens, We.t
ern. milk fed. I IPs nml mrr 11.': miml
' ".i!"' 1,ll!";l,iplll,,;,,,n1'V'y : !' .cadi,
I lb? Tn I on'r"
1 em, m lbs nn',1 over lo doz ' v'c Weatern i dry
' picked. 6 lbs snd over. IV. : old rnn.iers
ll'a" ; I'""' Itland dueka. lMiK.ijc , s.nial.,,
I prime white. 10 lbs lii due . 51 r,n; "Itu.
, sciccmi ynuna nens nini lorn,. ;ri2 c
Picked, nrraiie. laiilse
., .
Live Sloelt Mnrbet, .
dry
KIIIIIAV .....
i He. elpts nf l.eeies were i ;54 heinl I...
1 !'A'!Vnl-V,...'i1,".r.?.,;..,'l,0m',r,'t' mnkleir
the iiirly hours nnd at the c ere firm
to lnlr tre. hinder, bulls ruled steady and
meilliini nnd cniumtin cows were unehnnaeil
In prlie. fnt mws were n I rlftn llrnier , -r j , ..
vanis weie clenreil. Ciiuiinnn i rlintru
stt-ers snlii nt n ar. a"fj9,7o ptr loo lha nen
nnd suirm nt f 4 ISntf S.l. luiils nt II 50fi
$7: one choice fal hull lit 17 3,1 Dressed
tieef steady, nt 1"M1c fr city dressed
tlv. sides
lliirlpln nf cnlws were fi 7 1 head, ilniiud
Inr III! fnr the market Prices were nrm
in 551ir.l'f h.Kher fnr venls, firm fnr kms.
ere nnil earll'iKa. Ctiulliinn In rhnlce veils
Mild at ! .01113 pir ino Ih, : culls at iti
i yeillllllKS ul 14 t0, Kliliurm at 15 r.O
(itv dressed veals nrm nt llfiltUn n few
at I9e.: inuntry dremed nt 12H7c
liecelpts nf sheep nn, I Inuihs were 7 bit
ntnd, IniiudltiK Sis ciira fur Ih,. market
Flieep were steady; l.imh. alow hut nnt
fiui.inhl' lower. Inferior In prime sheen
sold ut per ion P.. . medliim tn
prime lamlis at 7 75H IH.5S cull, nt in
Driitsnd mill tm tidn nt sfiltr i1 rt'-.i-,
Inmhs at l.'tilli wllh Iuik dressed selllnir
In n nrnil wny nt IIV B
Tli'lpls uf Imas wr 7 7nn h'nd Ini lini
Iiik ahnut half n car for the market I'rle.s
weak In n fnrtlnn Inwer Whols ranire w,i
111 IS. 55 per 100 Iba., rituiha aold at J,5S1
17.80. (
Executor Trustoa
Chartered 1822
The Parmers' loan and .Trust Company
Nos. 16, 10, 20 & 22 William Street
Branch Offico, 475 Fifth Avenue
Now Tork.
LONDON, 16 Oockupnr St.,fe W.j 20 Old Broad 8troat, E. a
PARIS, 41 Boulevard Haussiranrt BERLIN, GO Untcr don Lindon, N. 7. 7
Travelers' Lottors of Crodit. Foreign Exohango.
Administrator Guardian
To the Holders of
TheHilton-DodgeLumberCompany
Six Per Cent. Serial Sinking Fund Gold Bonds
On Oct. IS, 1914, the United Stntex District Court Tor the Northern
District of Georgia nppointed receivers of the property of The Hilton D-idg.
Lumber Co. The Protective Committee organized under the Depo'jttnry
Agreement dated May 26, 1914, has been in close touch with nil development,
The petition for the nppointment of receivers was filed with their approval an 1
one of the receivers was sURRCsted by them.
The Committee now holds more than W'v of the bonds outstanding
The Committee has determined to extend the time for deposit of homti
to November 16, 1014. On or before that date bonds mny be deposited uith
Old Colony Trust Co. of Boston, or First Trust & Savings Bank of Chicago.
After thnt date the Committee reserves the right to accept deposits only
upon such conditions os it may nt the time impose.
ROPES. GRAY. BOYDEN & PERKINS,
Counsel.
JOHN RAE GILMAN. Secretnry,
60 Stnte Street.
Boston, Mass.
October 16, 1914.
t,V & "Si -it ft tft ft 55
1 Franklin I
TRUST CO. I
Announces the opening of ft
an Office at No. 46 Wall
Street, and offers to its dc-
positors all the conven-
ienccs of a Banking Office
in the center of New York's X
financial district.
MEMnrnoFTiiK n y ci.rAtttr:a imtsr AsfcN.
AVw York Ofott 46 Wall Strrct
17 1 I ... f - C . .
Ojfictti
MiiMr.w iKrnoi.i:i m (nii'.NY
1.1 M I l Ol' IIIXAWAKK,
1'lrnt l.lrn unci llrf iiitilhie tlr, lnMnir
1 'iitnl Itulil IIiiimIn, rrhH '('," ,
(iinrnnn Trutt Comjtatr ut N York.
an Su-' ejifor TruFtc un lr tl Pctl of
TriMt r urintt th ntiov- iu :mil (littl
Uotober 1. IKli Mjv iiivi urojt.iP.iiM fr
tlif of nn man of Ut almv Wontln
fix ran l purchnif. i Ih.-lutilni; .irfruil tn
Tcrrwti, fur tbi "itm of Hire liiin-lred ihou
natul, thto mtulrcj loll,irn anJ n(nii nluf
rrntjt 1300.300 iy ) he.ilfd propi.ln will
rCrUil t the ;mrntity Tnim ('otnimny
nf Nw York. HO Hi ul vi uv, Nvv Yt)rH il,
until 1) o't Nifk A M, lnlin . Novml-r
4, liH HomU nfrrtl at tlif ltiwfMt pilr.
irnti trrillnfT 15 nn iinrut"l lntrnM
'-crptfl proportion.. n-ly ami pll
for nn Mutulav, Nu finluT 1 1'.. 1 1 4. upon
ilellwr. toi(iilipr wiih jcrruptl lntirejt to
thit ilntr onl TIim rlicht In rnprveil to rr
Jrl any ami all olfMH.
OL'AltANTY TIU'HT COMP.WY
OV m: VOltK
llv A .1 HKMIMIIUI. PruvMrnt.
.mkmims i'i;rnoi.i:tM (iimmm
i.i mi i i:ii, or ni:i,tv.Mu:.
I'lrsl I. lea unci Kefiiiiilliu; llt. stlnlp
I'lllld (iiild IIiiiiiU. .Verb's "II,"
i.tinrnntv Trn.t 'eiiii.iii: ur New York,
ns Siiifessnr Trustee utnlfr the Iiee.l ,.f
Trust srtirlnir tll slmve Issue, anil tinted
(li'tol.er 1, Iierebv Invtlt'S prnpostit. fur
the sste nf h. nrinv nf the nli.ivs liond, ns
Min If purcliiiseii ilncliiilliu; nerriied Intel
est), fur I lie sum nf two liiiiulred nnd ninety,
nils lliunsnnd ntul twimtv seven tlulliirs nnd
slxtv three cents I J -" 1 . 0 J 7 f. 3 ) Senlril irn
tio.nts n til he rerslied st the i.unrunty
Tr'nt Companv nf New Ynrlt, lm llrii,idiv,
New nrk lil, nnil ill o'tiiirk a .M .
Wediifsdav. November 4. lull llnmls nrfered
at the lowest pricn inut exceeding 10:, nnil
lirerueil Interest), will he nicepieil jirnpor
tltimiiely and pnld fur un .Muiidiiv, Novem
ber 10. 1!IH, upon ded'eri. tei;ehsr wllh
riceriisd lliteres to lli.il ilsle on'v. The rlcllt
Is reserved o reje. : .im untl nil ufrers
Ul'VltAVTV iill'ST CI)MSV
OK Nl:V YDItlC.
lly A J lli:MPIII.I.. ITesldent.
MIIMf'AN I'llTIIOI.KI .M COMI'ANV
i.imitiiii, of iii:i,vini:.
First l ien nml llrfunillmc (l'-r s.M,IIK
rmid liultl lluiids. series "A."
(iuarau1 Trust Cuuip.in nf New Vnrk,
iih Huci'essur Trustee under the Peed of
Trust seeurlnR the nhnve lusue, and dated
Ditnher I. IUU. hereliv Invltt s proposal. fnr
thn vale of ns mum uf the nlmve bunds as
i an he purchased ilniiudlni; accrued Inter
est), fnr the sum nf three hundred thnu, and
elKlit hundred and furl ' three dollars and
furlv-one cents I Ono.S 43. 4 1 I. Sejled pro
tins ila will be received ut the ilusr.intv
Trust Ciniipanv nf New Ynrk, 1 in HroidwiM,
New ork lin, until 10 o'clock A M
Wednesdnv, Nuxeinlier 4th. ISI4 llonds of.
fered nl the lowest price inut exceeding 105
and nrcrued Interest i. will be nicepti.il pro
pnrtltiuately nnd paid fnr nn Mniidnv. No
M-niher in, tJtl. upon dellverv. tiiRether wlHi
ni'iTued Intereat tn thnt date unh The
rlKht l reserved In relert any and nil nffera
i;tAHANTV Tltl'ST I'OMl'ANy
or ni:w voitK
llv .1 IICMI'IIII.U I're.ldeni
BOSTON CURB MARKET.
HOSTON On, id (Speeinli - Kollnwlna- are to
day's aalea on I tic lloalnn curb mnrket .
"pen- itii.il- Low
Clos.
In.
.71
.11
Sales Ine est est.
1 jtn Atlanta Hold . 51 ;i '.si
6"i Iliy State Uas II .n u
loo iieaver cnu
im Calner.i
3ua Cons Copper
kvi Crow n lle.erve. . .
i) Davla Duly .. .
IT. Knele A lllno Hell
400 First Nnllmnl ....
l(') (loldfleld Cons...
P'i Iron Hlns,nni
1111
I'i H. t'i 1U
1 1-16 I 1 11 1 I 10 1 1 II,
,M tVi M ,r,l
.9". Oi !', t"i
1 1-16 1 1-16 1 I III 1 K,
ll, t4 1". l"l
1'; I'. D. li.
loo Jim butli r f
W .as .f,
-jn.) .iiiinno Kxien in .ia i.n ,
7t"i Majeatle ... 07 .m .07 .nt,
VI .Mexican Metals ... .17 17 .17 17
l' Nevu'ln-Iloiicln, . .51 f ,m m
4'WOhlo 15 .15 ,R .u
1115 fulled Verdn Hat 1 in .'19 j j.ji
Tolnl .Ties, a,;vi shares.
Follawmi are the closlnj bid and asked
pritrs.
Hid ,
Alv.1r.1do . .D
Hay Stale 0 10
llt"40le ro
lloliemla ,. 1
Ilosloii Ely . .,
Calaveras . 1
Chief Cons .rn
Crnwn Hes. 1
Davis Daly . fin
K.ule A II 11 .-.
Firsl Nat 1
tailed I lnd i.i,i
1 iwtiiti von ..
.11 1 1 1 ti 111.- lit mi
I 1I..1 Ito...
I'i Majestic , .
7T. Men .M rials .
I', New llnliic
e'.i IN liouiila.s .
Ik, (lino Cup
75 . '-out h Lake
!"i 1' Verde Kxt
1 I !! Viiknit
1'. 1 Ml
-V'
1)7 Ioh
ie .17
75 1
15 ,M
.05 .15
-". 31,
1 II,
1". V.
Afscssinrnl paid,
DAILY FINANCIAL CALENDAR.
DIVIDFJN'D I'AVAni.K
Company snd Term Hlork, Arm
I.ehkh Valley Coal Halea, quar
terly me.
CIIARI.KS V. ADAMS, 2nd
DANMvl. . WINC
iiucii ;. i.kvick,
ci.akk i.. pooi.k
ciiari.ks s. kk1t1i
Coninilttoe
rhl'ai'o. Seplenihe t"
To tiik iii:iiiMTt:iii:ii mil. ui-lis iii pn.
Tlli I-'Ci)N I'l.'llTIKI' TI.- I KJ
IINH TWO AMI Tillli:K. I.- I I II i .
DKII Til T CIJIITAIN I' MtTIl I it
cKltTiiic vri; A(!iti:i:.M.s i )
.s or AfiiTHT ). i .n; I.
ADoi.piir.i ! iiAim.r.Ti ni v
K ui:!- i n iu.i:s u nci.iii i u
ni:n r a e-i'it i . t i: nnhi iimi .
iwi:s. with tiii:.msi:i,vi'.s ,- i
'o.sit.iiii:h ami i:.Mii m '
COMPANY Ol-- vr.W YllllK Hit i
IMW AMI tup, iioi.nnit" 111 i
li. I V TION l KIITIFII ATC4 i
I CIINIMI Till'. rAI'ITAI. STIli K llK
Till: (it II' M.O IIAH.W YX I'llMI'l'
ami uriiKit Di:i'osiTi-:i.si:ii ntT'K.
1iii -unlit in a teipieet tlti.v lodce I "a
and in. i,c upun the uniloreltrncd, as Den ,n.
laile. uti.lfr the nhnve inenlluneil ncfee-a.nt.
b Hie r."lsire.l liulitei-s uf par .n ' ia
rerun, ale. ,.ie, one. Tnn and i e
tssii.,1 and eutst.in.llnir under add are
nirnt, h' tliulr attomets In f.irt purp r in.
In lit tlleretiiiln ilu,v nuthnrl'Je,l. repr .1 I
lllt.re tlinn lOej. nf tilt whole nil'tlli r if
eiiual pnrt. repie.ented l.v panp Ip. 'I -
tlfllrntes. Serbs (ne. Two mill Three -sil-l
und nutetnudlns- tintler anld nRreetuetii t
request Ii tvliiic been made pursuant t ' it
third parnir iph nf Sectlun 4 uf Arm !e "in,
nf 'aid iiKreemetit. ynii nnd e, h nf
herei, nt. illled that n ineetliia; uf the x!,
ttre.l hnlders nf p irtli Ip.l' Inn eertll1 -l
Serle. One. Two nnd Three, l.eueil nnd it-
atniiillnir under snl.l ntrreeinenl has a
apnuliittd nml Is herelo tailed hi the
eluned. as liepneitnrles as nfnresald b
held at the Ketleral offices nf lbs Cli' IK4
Jtallwais i'nnip.inv, t',00 Hnr'ni d fl'n k it
carvo, ll.lnnls, tin Wednesdnv. Oi teht r
1SII. nl the hour of ten i.'clnrk In ih
nnnn of s.ild tlai. for the purpose '
shP rltiar mil ntlnc upon the n-liri '
s re.oliilluii to he presented tn said n (
tllre, i In sr the underalRneil na licpi i
h iifur.'Hnid. to vote, ur cause tn be "
the en.dtul ',,. k nf tho Chlc.iKU I i
Cniiip.iii', nt the annual nieetlliK of the .' It
holders nf said 'uiiipan) lo be he II
reneral ufflc... nf said Companv. i hi r
Illinois, nn Thursday, Ortnher lin
nt am adjournment thereof fur Oie e i
lo he nntneii n said resolution, as tllre t ri
of the t'lilcnKo It.illwavs Cuitipatn fot ihl
then enslltllK tear
A KOt. PHI'S C IIAUTLIT1-
CII.M'NCIJV iii:i:i'
cn vni.i:s ii iii i lie u.
AI.IIKHT A. Slit M.l I"
CIIAIII.IIS O. DAWI.S
Deposlinrles under the Aftreement nientten.l
tn the cnpllon hereof.
to tiii: iioi.nniiH oi
iiiMi'.M.o. nut iicsi i:k a I'in tiii nr.ll
KAII.Vl .11 i tiur.iM
n3iii'ii:NT si;iui:s -n" is1, w
in
lllie -oveilll.er 1. II'IH
Notice la hereby Rlien. as pro i' 4
tide Xljf nf th Indenture, dale i s i n
her 1st. ISO!, mads hv the llntra i. It '!
littshurKll Itatlway Cullipaliv to Ii,
iintv Triut rniupany of New York ,
tee. that bonds benrlnir the fol u iik ,
number, have been drawn for re leu t,
the SlnklliK I'lind, and will be pull
after November in, 1914. nt In, a'
upon presentation at the Trust I (
nl the iiiiilerNlrrned. fter Ni '
1111. Interest nn the above bonds wi
llnmls should hae the November '
coiipnn uttached.
.. is, 31. 33, 47, 50. 51, 67. f, 73 "
. S7, 91, 111, 14.-., 140. 31k, 3 I.
34. 4 1 0, 535, H57. ,',l, ill.,, I,f.l .r,"
lillt, !, UHl, 1.39, 61.', 61.7. SI3, 7.. "I"
a&l. kf.J. S71. U76. (.1)9. 903. Oil. I3
-1
Pr.
n
991. 10I1S, 10-.fi. 1095, 11. 'i, 1 1 ,-.. U
12.-3, i::a, 1SJ2, K"l, I30f.
1371. 1385. 1431, 143S, 1447
15'I0. 15911, 11181, H,nj, inn,
1741, !7i:. 1717. 1777. 17si
1331
14.0
It...!
ISO',
4
11.. ISS, 19k4.
CirAHANTY TlttJST COMI'VNY O'
YOIUC
llv A J llllMl'IlII.I, I're.l
Dated September 2t.ili, 1914
W
Clli'Klt CDAI. AMI IIKIV CIIMI'N'1
I'lr.l MurlKniie R"c Mnklnt 1'iinit l.ulil llontb,
Ntillte In hereby ulleii, puru t
terms uf the .Mnrlcaite dated thn'
October, D.9S. that the under- ,1
Trustor, wl I receive sealed pi pi,
3 I' M uu Ihi. fiiurh tl.i) it
I9I4, fur the sale tn It uf bonis i
tlesctlbed, ut a price nnt e v I
and in , rued Intrtest tn nil urn
nrlent tn u.n the sum of II., . 9
"I Hi: M.W VOltK Tltt'sT a-t IX V
Successor in ('until, etilnl Trusi 1
1 he City of New Vork Tr r
Hy II W MOIISI h
New Vnrk, October 13. lll
i:i.Ki"iiiiNs ami iii:i:i imo.
Mi:illl'AN I.IICIIMIIIM 1. I II
50 I'hur. ll St . Ke Vnrk, Sept
N'lliil'K IS IIKHKIIV lilVKN Ih .1 1
meetlnirof the alni-klioldeis of AMtUll '
COMDTIVK COMPANY will Is. lie ,1 m
ol the Ciimpaur at a) Chun h St .Si 1
on Tuesday, the smb. ,.iy ,,( ), 1 ,' , a
o'clock noon, for the purpose of 1 ,
Jhricliira for the Irrmnf thn,' e,ii' ' '
traus.i. t Inn of such other business asm i
ctimelMfiirelhemeetniE Aiiieiulmeiiisl -pi
and 13 of Hie ll Laws, crealiut. .1 1
C'nmnilllex, mid cliantliithe iiumls' m I'
necessar) for aiiiiiiriini nf the Kaecui v
tee from four to three will Is' prese a.
Ilcatlou, The polls will rrnuiui opt 1 '
o'i lock until 1 15 o'clock in the atte
dey Tbeatneklransferbooksuftlit'l 11
be closed from the ','lst day of sea
Ihree o'tlnck In Hut aflrrunnu, nun 1
day of Oil , 1911, al ten o'clock in the f
C. II DUNN Y Seel
.MII.I.IIItllllK (OMI'.XM.
NOTII'F.
The annual meetlni; of the S'n k'
tlie .M I I.I .11 III l( ) I ' CllMPASY nl
tlm nltlce uf the Ciimp'iu) 1 sink
Ttluiil. Piiih Aleiiur, llumiihli '
New Vnrk I lt. nn .Mnlltla. N t '
1911, at 1:00 n'cbiek noon f
nf h Hnard of Dlrei'li.ts for t lie e
1111. 1 fur the iraiis.i, Hon uf u It
ne, as may properly coma be
ini'iMliik-.
A i: dl.AHK' s
Dated this sevente. nth d,it m Hi '
. !
IIIVIIIF.MIS AMI INTIIHKST.
THU TltK.NillV Pill TKIIII !'
Trt llttnl, .S J I Ii ' ntii -
DIVIHKND NO t.'i
At a mt-et Iiik if ihe II 1 I ' 1
held Ihla tint .1 dividend uf UMi 1 1
11) was ilerlarai 011 the n t
1'rcforrrd Stork of the rompm
oil Di'tnliel- 24, 1911, to .'in l'i
record nt 3 o'clock V M O. mtir
Transfer bonks do not clnss
C, I. I.AWTON, Secretary and T '
patf.-tMa-ir
" j.L1! .1' ... l.ua..l. .J.SULieUWl ,
-vksh s,,-:ysti-"'.- -iivysT.,., j
,jet
if