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f.-V v 10 THE SUN, MONDAY, OCTOBER 19, 1914 'V 111 ! , i t The Investment Situation A page of our Rcnernl circular for the month of October is devoted to n simple discussion of the per plexities of the present financial situation. History shows that those who take advantage of extraordinary Investment opportunities are the most successful investors. This October Circular AD-M, which include list of carefully selected bonds, sent upon request. N.W.Halsey&Co 49 Wall Street, New York Philadelphia Boston Chicago SAFE BONDS for INVESTMENT Write Ut for Sanations. Colgate, Parker 8s Co. 2 Wall St. New York William P. Bonbright & Co. Incorporated 14 Wall Street, New York flrlUdelphla Boston Detroit London ' "i' . imm P. Hnnbrlgtit A Co.. nonbrllhl A Co. Bonds for Investment I Harris, Forbes & Co PlM StrMt. Canter WHIIsssi NEW YORK T " ItmiiflLl Fifth AV.O340St BSWrffl Lenox AV.&I23USL I Third Av&MOUiSL fnVfHtl.TIN'fl anil -M rtHI.IC SERVICE PKOPBKTIEB FINANCED A.NB JlANAOEI M Tin HUhI Now Vi G.M.-P. Murphy & Co. 41 EXCHANGE PLACE, NEW YORK Executive reorganization and operation of Industrial properties REBUILDING FRISCO PROPERTY. Annnnl Ilcport Slioria Itratilta of Nrvr Policy Adopted. Rebuilding of the property of the Bt. Ixmls and San Frnnclsco Kallroad, under the policy of tho court, 1b shown In the annual report for the year ended June 30. The receivers put back Into the property throuKh expenditure for main- tenance J3,40S,476 more than vns spent for maintenance tho previous year. Trans- I portatlon expenses decreased (744,356, a j raving which Is attributed to the Increased t ohsrees for m-ilntcnnnce. onarges jor maintenance. Without considering the failure of the I road to pay Interest charges to the j amount of 4,01 CMS on the order of the court, the report shows that the road enrned a surplus of $2,007,345. The court I believes that all surplus earnings should , conditions nre becoming propitious for nt lie devoted to the rehabilitation of the least a partial recovery In general busl ' property rather than to the payment of , ncts f some Impulse Is furnished to a fixed charges. For bookkeeping purposes, , recovery of business confidence. Why this unpaid Interest was charged to In- should not Improvement emanate from rome. also J910.S59. the annual iirouortlon decision of the Int'irstnte Commerce of amortization on the funded debt. The . report therefore shows it deficit of ;, f28.142 for th year. The principal Items of unpaid Interest were six mouths Interest on the refund lng bonds, amounting to 11,371,110, nnd eight months Interejt on the general Hen bonds, amounting to ?2, 202,959. All the Interest on the refunding bonds and $60,000 of Interest on the general Hen bonds was earned. The work of tho receivers In effecting economies as a result of recommendations by efficiency experts has been commended by the court. Operating revenue for the year was 44, 923,56k, a decrease of 2.4 per cent. Operating expenses wero J33, 270,500, an increase of s.3 per cent., leaving a I operating revenue of J11.652.9C9, a de- I crease of 24.1 per cent. Theroad paid taxes of $2,149,216. The total Income was 10,253,665, n decrease of 30.1 per cent. Out of this Income the receivers paid Interest, rentals and sinking funds to the amount of js, 166, 281, leaving a surplus of 2, 097,381, with 14,000,00(1 In terest unpaid. AMERICAN ROAD CONGRESS. JVrwI'ork Sinif Will fend IleleKntes in Meeting In Atlnntn. Gov. Olynn has named delegates to represent the state at the fourth Ameri can road congress, which will be held at Atlantn, !a., during the. week of No vember 9. According to ndvlces from Atlanta delegations have been named for most of the States and preparations are being mnde fu- nn unprecedented at tendance. The problems of city street construc tion and maintenance will this year re ceive exception-it attention, ns tho con tructlou nf high cluss roads now npproxl. inntes the methods adopted for Mreet paving. Among the prominent city engi neers who will discuss this subject are Charles R. Holllng, City Engineer of Ulch mond, Va. ; F. I. Ford, City Engineer of New Haven, Conn, i 1,. II. Smoot, City Engineer of Jacksonville, Fin.; John Weatherly, Street Commissioner of Bir mingham. Ala., and II. S, Hrown, City Knglneer of Charleston, W. Vs. Many difficulties have ntlsen In con nection with contract work In the on strurtlon of bridges and hlghwnys, and It Is expected that the congress will de vote murh nttentlon to ways nnd means of Improving the methods and conditions under which contract work Is being done The opening paper nt the special scsilon will be presented hy John J, llynn, secre tary of the New York State Itoad Build ers Association. Colleges nnd universities will take nn nctlve part In a session to be rteyoled to ways nnd means of furthering and Im proving the courses of Instruction In high way engineering nt educational Institu tions Dr. Hector J, Hughes, professor of civil cnulm-orlng nt Harvard Unlver- fity; rrot. r. J MrCauslnnd. denn of englneerlrg of the University of Mis- l-ourl- Prof. C. M. Strnhnn. dean of nutneer'.ng, 1'nlverslty of Oeorgln, nnd nr r. V, Mathison. president of the Georgia School of Technology, 9vlll be, prominent figures In the technical dis cussion. H'JfcUtii FINANCIAL REVIEW OF THE PAST WEEK JJcnrlnp-s of tho Ilnilrnnd Unto - Case on (lie Stock Kx chanpp Problem. KIKMEXTS OF A SOLUTION Unmistakable dsns continue to be ob servable that money or credit In the domestic market In working Into a more comfortable position. Home of the latest of these signs at afforded by the further shading of commercial paper discounts so that ns low as 6 per cent, has been re ported for high (trade names. Another Indication Is the reduction In the last few days of the rate for new call loans to Stock I2xchnnge borrowers, accommoda tion now being obtainable at 7 per cent., compared with the 8 per cent, figure which has ruled for weeks. From various centre also come advices to the effect that b.inks are contemplating tho retire ment of Clearing IIouso certificates as well an emergency currency, although It Is likely to be n long time before there. Is any substantial change In these respects. Thu most Important token Is furnished by the disposition of the bankers who are displaying Increasing courage In the profTcr of credit and exhibiting a Striking willingness to cooperate In various pool or syndicate schemes for the relief of commercial and financial conditions. More than one good result has already followed and will follow upon the creation of the foreign exchange, gold fund, and the lm , petus which was given thereby to united . effort Is revealed In the support lent to th project for a J 150,000,000 banking pool for loans on cotton. Just at the moment this Is quite the most ambitious plan under way In tho Held of domestic business ntnl It may lead to very desirable consequences. To Insure this, however, the original conceptions of tla promote! s of the plan should undergo some modification. It will be far sounder banking to regard the distress of tho cotton grower, who Is confronted with the Inevitability of low prices, than to con sider the requirements of the consumers of cotton. As a scheme for solving the problem prenentcd by the situation tn cotton the banking pool can best be mndo to serve economic ends In connection with the reopening of the cotton exchangee, which should be hastened In order that there may be a resumption of those deal ings In futures which will absorb tho 1014 cotton surplus In a legitimate way. For such an nbsorptlon a banking syn dicate to make loans on cotton would be a very useful adjunct If It were less a syndicate to enable growers to hold their staple from the market than to aid buyers In contracting for their supplies. No one can say that sound banking would be denoted at this time by planning to finance the withholding of cotton from the market. No one can deny that It would be the soundest kind of banking to finance a movement of cotton Into con sumption, that Is, to finance a buying movement. Money Condition nnil the Ilnte Cnir, Too much i not to bo expected In V" wR?' .of. "!' oney ith all the j uuuuum mi tun vi nin kiiiiko " . ... history hanolng In the balance. The needs of commerce and industry can be met with accommodation for which full prices are charged. The essential thins Is that accommodation should bo obtain able at some price by those who ' can employ It profitably at nny price. More over the rate of Interest must In the long run bo fair with duo allowance for nny given set of economic factors. The business of bankers Is to make a profit out of rendering the service of loans to trade and Industry. They can not for any length of time exact a greater r,.,,r ,h.n c.n(.rni business can afford to pay. If they make the ntt'mpt funds accumulate rapidly and the banker finds his ha,1,,!, fu" ,,r ,,Ilc on"' "lch is . ,, ,. ,, ,,.! reeker Ul mi Minift i-. ...... . . after employment, and Its quest Is slg- ,)alze,i i,y a fa the rate of Interest ,ln.ii . fntind for the excess of funds. unt To ixtent Indeed this prooiss Is vi..inir witnessed and domestic money Commission In tho reopened r.astern rate I -v. t,o.Hn0-a in which begin to VADC It'o dav? There Is no reason why these hearings should be protracted. If the commission "s going to be tolerant of those agitators j who mak' n living oui oi nuww ii. railroads valuable time Is going to be wasted. As un administrative body the commission hould of Ita own knowledge possess the necessary facts on which to base nn Intelligent ruling and the only qu-tlon to the point Is whether or riot It has begun to realize the chango which is taking place In the relations of politic rum uupiini.". ,. Of late the commission has shown Itseir to be obsessed with notions readily ne- pted by bureaucrats in rccenv .- .C;. relations of the citizen to the State, Vh,sA notions have represented the State .-, ,hat the citizen was made for It, although all American traditions are to the contrary, holding that the State was made for the citizen. As n corollary to the new bureaucratic Idea the enter prise of the citizen, what Is called pri vate enterprise, must be treated as sub ordinate to public organs, a subordination Illustrated In the case ot me inru., which political progress has gone so far ns practically to deprlvo the owners of property of the cssentlnl prerogatives of ownership. The biggest thing which the European war Is doing In the United States to-day Is not denoted by the destruction of Amer ican prosperity but by the substantia, contribution which It Is making to our future prosperity by revealing the real nature nnd basis of business. The war is showing to politicians that to which they have for ear been tdlnd, namely, that the maintenance and extension of business Is utterly dependent on the opportunities ond Incentives nfforded for the accumula tion of capital and ItB Investment. IIoit the Itrile Cnse Affrcls Seenrl tles. In various departments of Government Washington has already begun to evlnco n shrewd apprehension that political atti tudes toward business must undergo n vast alteration, an 1 pitrlotlc support of the Government In the present crisis Is lint to be mistaken for n concession of the Svlsdom of much eif the political record mido up In Washington during the year before the war, It does not obscure the fact that a great deal of unwise legisla tion has been enacted which events nre about to render obsolete, nnd tho Admin (fraflnu lu nmv nrnrlnimlnir a mirnnse toward business which clearly discloses growing appreciation of the obstacles 9vlth which, business nas nt nil times to contend without additional Impediments from obstructive governmental Interfer ence. These considerations make It almost unthinkable that the Interstate Commerce Commission should refuse to grant the railroads liberal -advances In rates, 9vhtch alone cnti repair the damage tbat 99-as being done to railroad credit before the war, ond has been increased by tno 9var, 1 The result of nn nllowance of service cbnrges M-hleh 5vlll permit the railroads to make ,1 satisfactory readjustment of tlielr clrcumstnnceB mny very well be a strong Impetus to recovery of business confidence, and such recovery nf confi dence must express Itself' throuih re- lease of capital -which wilt movs Into enterprise through tho securities market It Is a question accordingly it adequate preparations are being made by banking Interests for nil the favorable contin gencies Involved In tho possibilities of the reopened tato case. Jf the securities market Is not ready to reflrct ubandon ment by the Interstate Commerce Com mission ot the oppressive attitude which It has so long held toward tho railroads the chance Is likely to posi for iVoklng from business nny satisfactory response to the encouragement furnished. On all accounts, Including both constructive and destructive processes, the reopening of the Stick Kxchange Is something which can not be Indefinitely postponed. , So far as reopening has been deferred by doubt about the consequences of n shrinkage of quoted values, tho situation Is now such that the rrospect of con traction can bo contemplated without grave uneasiness. Prices at the end of July were carried down so far below the level of permanent values as to lessen the probability of any great additional decline after the world of security holders had had time to recover their senses. The likelihood vt severe further decline will also be guarded against If the Interstate Commerce Commission does Its duty, which now seems so obvious, and the conditions In money are becoming such that the market will bo In shape tn accommodate whatever contraction In quotations has to be dealt with, In nny case it Is time to look facts in the faco. To tho extent that the United States Is not engaged directly In the de struction of wealth or life through war It Is better off than the belligerent na tions, but the wnr has precipitated for us a crisis which must be dealt with financially In terms of national defence, very much ns though wo were at war. Wo have got to establish a war finance which does not fear to face tho situa tion as It Is and to venture on departures for which there may bo no precedent ex cept that which Is derived from the ex periences which have been crystallized Into what Is known as common sense. Problem of Stock KxrliniiKP oprnliiK lie. To date our bankers nnd business men have been busily ongagtrt with practical details of coping with the difficulties Into which the emergency plunged them, but they have made so much progress In overcoming these difficulties that the dnv Is not very distant when our men o'f affairs, our business ami financial leaders must concern themselves with broad and comprehensive undertakings designed to put business nnd banking on a new fpot Ing and afford scope for economic en deavor which Is denied as long ns energies aro devoted wholly to attempts to patch up machinery almost hopelessly shattered ami to rehabilitate processes rmdered archaic by the wnr. If Wall Street takes Its head out of the sands of professional optimism and looks at the actual situation It will see that nothing 1s being made better and even tually a good deal Is going to be tmdo worse by keeping tho Stock Exchange closed, ncjplte the suppression of public quotations, both sanctioned and unsanc tioned, trading Is going on In securities In expanding volume and at loner pr.ee than those recorded nt the end of July. Much If not most of the decline In values Is explained by the fact that trad ing Is not being done In an open manner nnd under the protection which publicity and authoritative cnntiol throw about a market Healings In securities nre going on and they will offer far more danger to the stability of the flnincM strurture when they are conducted In nn im. supervised, irrcgulv, outside market than me organized market which the Stock l.xchnnge supplies. For that trinlter t H a , already taking cognizance of the real quuiai ions which nre being made. This was disclosed In n rather striking Wall mreei ir.ciuent last week. Seller s neces sities should not be alt which Is to make me current market. The Investor has some privileges and he Is entitled to the advertisements of existing opportunities ' for a satisfactory disposition of his cap- Ital. Values are also entitled to the Blip- i port which the Investor can conspicuously 1 render. The dealings In securities which are taking place within the permitted limits of official scrutiny have undoubtedly helped to relieve the banking position of a good deal of strain, but they do not get us very far toward the provision of capl- tnl for trade nnd industrial enterprise, and this should be the objective of all financial etfort Such a provision Is abso lutely dependent on the restoration of the regular securities market, on setting up again the barometer of values which all business men may read. The men nee of foreign liquidation with Its threat ' of exhaus'lng our gold rec rves Is all i which has seemed to stand In the way of Stock Kxchange reopening, but It should not be allowed to stand In the way much longer. .MiKKratlon of n .Solution, Nor will It If the problem of restoring the regular securities market Is faced ' icnnessiy ny nnanclal Interests. The dlf- , Acuity offered by the jmrtents of a Ku ropean return of American securities has not been the difficulty of finding buyers for them hen-. It would be much to our advantage to take them hack, and Amer ican Investors will be glad to nvail them selves of the opportunity denoted by Ku ropean necessity. The real d.lllculty has been the difficulty of making payments for them, but the assertion can be flatly made that the reality of the difficulty tends to disappear on examination. We feel an obligation to our foreign creditors on open account to discharge our debit balances at great cost to our selves In the shipment of gold. We are under no obligation to Kurope to give It gold In exchange for such quantity of American securities, large or small, as foreign holders may desire to sell back to us In the present emergency When those securities went abroad we did not get gold for them. Their purchase by Europe was financed with credits. Ku rope can no moro expect to convert a large volume of these securities Into gold on demnnd than nil the bank depositors In the country could expect tho banks to cash all at once tho balances created by the deposit of check.", drafts and the like. In order to arrive nt a solution of the problem of reopening the Stock Kxchnnge we have only to recognize the utter Im possibility of paying Kurop for the re turn of American securities except In such ways ns He within our means of payment. Onco this Is recognized It will bo seen also that Kurope must take precisely that kind of payment. The only way In which w can pay now or for a long time to come for securities sold hock to us by Kurope Is to cteatc for the sellers hank balancejt hero which cannot ho drawn down In gold, It may very well be that foreign holders of a very largo iiggregnte of American securities would prefer to trade these se curities for American bank balances with entire wil'lngness tn await developments which will make, those balances convert Harriman National Bank Fifth Avenue and 44th Street NEW YORK CAPITAL AND SURPLUS . . $1,000,000 DEPOSITS : .$14,500,000 The valuable facilities of n conservative nnd Htiiblo financial Institution are at (ho service of tho customers of tho Harriman Nutlonnl Rank, lvhlch fully recounlzes Us obligation,) toward those who cnlrufct to It tho custody of their business- credit nnd financial rupltal, whether for reciprocal favor or for safekeeping. BANKING HOURS FROM 8 O'CLOCK A. M, TO 8 O'CLOCK P. M. SAFE GEP0SIT VAULTS OPEN FROM 8 A. M. TO MIDNIGHT Chicago, Rock Island & Pacific R. R. Co. To the Holders of .the 4 Collateral Trust Bonds: If you want to know why you should resist boing forced to deposit your bonds with tho Wallace. Committco under their cxtraordlnnry agreement (which is tho legal interpretation of the so-called New Plan) and which contains numerous drastic clauses under nny one of which tho Committco can practically at its pleasure vitiato or undo tho proposed plan, and why you should withdraw bonds heretofore deposited by you with this Commltteo whllo you still have tho right to do so, read my "ad" in to-day's Now York "Times" and send for my circular "B" and extracts of tho Wallace Committee's New Agreement with comments on most important clauses. N. L. AMSTER, 67 Milk Street, Boston, Mass. ible Into caah or credits In their own country. At alt events we need not bo squeamish about serving on the foreign holders of American securities notice that If they Insist on returning them It will only be on our terms and that gold can not be druwn against the sales until we nre good and ready to let It go. When that tlmo comes It I altogether unlikely that gold will be exported, so greatly will the International exchanges have moved In our favor and eo greatly will tho foreign demand for gold have dimin ished. Accordingly the reopening of the Stock Exchange seems to be nothing llko tho Insoluble rroblcm which has been widely represented. It may be that the sugges tion which Is about to bo ventured Is too slmplo to meet the requirements nnd It may nee.1 some elaboration, hut a pood deal of analysis devoted to It has failed to dis cover nny vital defect, llrleflyi It proposes to make use of the large authority which tho Stock Exchange governors have nn i tho discretionary power which Is vested In the banks. If the Stock Exchange will forbid the borrowing of stocks for "delivery checks will bo automatically Imposed on Euro pean sales nnd Iticld ntnlly tho po!b!ll-tlt-s of speculative pressure will be Im mensely lessened. For the rest It would seem to be only necessary to rule that payment for stocks must be made In Clearing House funds, which will create perfe-ctly good bank balances for nny Amerlcrtn use, nnd the banks can easily seo to It that thesa funds do not becom: nvallahlo for use outsldo the country In the form of gold exports except as th3 outgo of gold may be contllnued undr the rigidly centralized control nt pres ent exercised mere or less Informally and presumably to be exercised formally as soon ns the new Federal reserve banking system Is In operation. Fnrelsn KxrlinnKr nnd Onr Tlrlttsh Visitors. There may be flaws In the foreitoln; suggestion and some special apparatus may have to te contrived to dell with a res'orcd securities market, but the re opening of the Stock Exchange Is ;ros Ing for consideration. Other difficult problems have been taken up and one by ono are approaching (.olutlon. The great est pri'gre-ss Is being mnde In regard to relief for the distressed cotton situation, which Involves not only growers but con sumer. The Stock Kxchange question cannot forever aw.ilt an answer, and as H begins to look ns though tho difficul ties which foreign exchango Is present ing would not have to be contended with for a great whllo the return of foreign exchange to somth!!ng like normil condi tions ought to be anticipated by prepa ration to take advantage of H In tn securities market. The conu'ltutlon of the forelsn ex chnnge gold fund was a long step In the right direction, nnd although the opera tlons of the gold fund committee have not produced a material relaxation In ex change they have had a beneficial Influ ence In their assurance that a supply of exchange would be obtainable. Moan while Sir George P.ilsh and Hasll II. lllackett havo come here its nttlrlnl Treas ury representatives of nrltith Treasury finance to consider measures for the retoratlon of foreign exchange to the normal as well as for the facilitation of International dealings In jecurltbv. cotton nnd general merchandise. From their visit helpful results are expected because their financial embassy i n verv slimltlcant recognition on the part of Great Hrltaln of tho duty which the London money market owes as our greatest creditor nnd pas! International banker to assist American finance in meeting tho dltllcultlra caused by our his toric relations with British banking and commerce. There Is every reason to be lieve that without any American devia tion from political neutrality the mission of Sir George and Mr. Blackett will be successful In the promotion of better binklng nnd business condlllons here, which are very much dependent on In ternational arrangements. Sir George Is especially well qualified for the task. He has always been con vinced that tho economic destiny of the United States was one of progressive prosperity, this conviction being of the very essence of his Inveterate) optimism toward nil humanity, an optimism which has eKcaslonally seemed overweening, but Is a valuable equipment at this time for a man on whom devolves any of the responsibilities of leadership. I The ample Information which Sir I George already has about American In ! stitutions, business, values and resources nnd the wide acquaintanceship which he . enjoys In this country will make It easier fnr him to understand what the clrcum I stances requlro In the way of measures and to aid In framing them sj that American Indebtedness abroad may be discharged without needless dlsturbince and Impulses may be given to the recovery j of a trade which both In Its domcs'le and external pnases is oi vapi imporis-i'-n u Great Britain. Tho separate problems of the foreign exchanges nnd the securi ties nnd cottnn markets and the ifincrJl problem which they constitute will pro vide the subject of the discussions, wnloh hive already begun. It Is nnnounced that tho British finan cial embassy has c me wl:h no ire conceived plans nnd definite schemes to propose. It cannot, however, have ar rived here without some oraetlcil Ideas, and tho lack of -jny proa -ranged pro gramme makes It more likely that con. slderatlen of the present situation In I consultation with American lenders of i affairs will lead to beneficial conclusions. The spirit of cooperation which Sir George nnd Mr. HUckctt will encounter wl'l he qualified only by a prudent regard for tho hazards which attend British finance during me tremendous contllct thst Is ragintj. All the tlmo the country's f irelgn trade Is levlvlng In a fishlnn. whlen minns that In the course nf two or thr.-e months our International financial position must necomo moro favorable than it Is to day. Although the September cxnirt balanco was only about $16,500,1109, com pared with moro than $47,000,000 In the corresponding month last year, e ur for eign trade statement shows that external commerce Is recovering rapidly from tho shock administered In August. The Sep tember export txccs c .mpnres with an import balance of $19,400,000 In Auguit mid while September Imp. rts Increased $11,100,000 over August tho export In crease was $ I5,SOO,000, Moreover, port ngures enow- mat in uctoncr tne export movement has been 6teadlly e-xpandlng, and even though foreign liquidation - f goods anil commodities l making fjr sustained Imports tho current bilmce of triulo Is running In our favor. WANTS FARM STUDY CARRIED TO COUNTRY Dr. Finepnn Thinks City Poliool Course fiood for IJurnl Hepions. Farmlnf, already taught so cleverly In city schools, should be taueht In the country schools of New- York State, thinks Thomas 12. Kinegan, assistant commis sioner for elementarv education, fir. Klne- gnn has the stranse notion that a know!- edge of farming Is more useful outside of cities than In them. lie argue ably for the agricultural ed ucation of tho rural child in the llultrlln of the I'nlversltv of the State of New orK, just out. inis issue is uexotcd elementary education, ns discussed In the tenth annual report of the State IMuc.i tlon Department. The commissioner for elementary edu cation sees the need of making country school the enual of o'tv schools. llo Url. 1... .n,ni,ln,. ,-llv ,.,,! ,.nhl. population and school attendance in ISM ,. : 2; nnd lit present tst t!3. 233. 41. 43 674 Inouesls In 1S9.0 the cities of New York State , sol 57u. 672. 573, 671. 675. 576. 399, 600. held fewer people than the countryside, lie-ir. .... . . . and of the SUtc-K school child..-,, there J Jft .,o:'i;"y'',(..n,l,ahr' "rm was a majority ot 1B4 000 from the farm. j,,,rt xvil Before Claiegan, J. Nos. 679. At present the people of the State are1 633, 519, 129, 321. 274, 67, 63, 63, 667. roughly 10,000,000, Of whom S.000,000 ari" 219. 328, 2266. 2791 709. 675. 397. 707 2102. ir. cities. The report speaks of the "drift I SSJ.U i. i.J t' ijj 7;! jjo' c'a.e townid the cities," but It does not appear Un"rinl'shed' ' ' " that such a trend accounts for the gre.it Part XVIII llefore New-burger. J. Nos. shift, for the number of school children I 304, 683. 1979. fOl 602. 613. 690, 565. 29J outside the cities is only ffi.l-OO less than 5f- -:I1.S1-.,V 731 732 73J f 734 736 73: In 1SS0. Immigration and tho growth of'ij,,' 'esse unfinished. New York city seem more likely factors. I SurroK.ite's Court Clumbers Before To mako the country schools the peer I Fowler. Court opens at 10 30 A M. Wills of niiv it u .,L-enri- ir pinn ' for probHif l'hlllp Murthu, lonard E. Ap- or cll schools It Is nevsssarj-, Ir. Hlif.rtr Matthew A Ttvlor. Catherine .M. Ban thinks, tn tit courses of study to rural , i.vni-h. Lewis B Oppnhlmer. Anuu't o. lire. Keen tne coun-rv scneoi onen as lone as the school In town, look as closely to sanitation In child hygiene and school ; one pl.iee as the othpr and have tenchers ,ai experltnced, wdl trained nnd humanly . cultured In the country llebls as In tho 1 city Institution. There Is a strons plea for the further 1 placing undr State Jurisdiction of city 1 . scnoois. ur. f inefran is caretui to ex plain that what Is souplit is not greater fctatc power the state already has rather full powers over all schools bur unltlca - tlon nf the school laws and s.-honl tystenis nnd nn end to such absurd and const intly recurring proposals ns that of the Mayor, of one city who wanted to abolish the bond of e.lnivitlnn nn l v..t In Mr,,- ..i .. ii i V " j j, , Bin tun i-unrin in lure iiiiu illi-cn.irK" irriiiicir, iiiriusi- iiietll mill tlx tllojr salaries. These political sr.hr mrs have Inces santly to be fousht under the Present con- fuslnu methoils. Dr. I-'lneuan sivs. lie presents n model of the law with which he wishes to clear the nround. . ,,.. , , . uutuvi i'iui'B.u, uiiuuiett io every one who pays tchool taxes, Is that the separate collection of school taxes be nbollshed and that they bo collected with the taxes of ei-ii iimnanip. it is argucfi mat tnis would do much to extinguish the serious Inequalities of the present school tax. that It would save money, tlmo and effort nnd prevent great waste. I'ndcr the present system Itils Impossible properly to audit I tax returns from 10,500 school dlstrlets and the leakage Is large. There are Interceding descriptions of Improvements In school buildings, with j excellent photographs. OPPOSES EXTRA CREW LAW. President of IVtuinvl vnnln Hnllrnn.l Make. Appenl In Public rnii.APEU-niA, Oct. 18. Samuel Ilea, president of the Penrsylv.inl.-i Hallrnad. to.day appealed to the people of Pennsyl vania, New Jersey nnd New York tn SHlt the r representatives In the nettt I.i-uin. ture of those States to repeat tho ovtrn crew law Mr. Hen's appcil, which Is be- I c,rNo.1. OTAiV,, Ing posted In nil stations ot, the rail-S96P, 1 942 1861, 2101, 3893, 5903, skit, net, road and on nil employees' bulletin boards. 799. 3776 1156, 2811, 3580. 7616, 5068, follows- '18210, 8311, 1224. 8337. 3907, 3908, 39ns. JJIO, "It Is In the Interest of the public. 1 Hii; rowC if'nieS'; wnose cnier concern Is good service and ,...., train 011 thl rili,n., 1.. . V 1.9 ery train on tnis rallrond has a full crew, und this extra expenditure adds nominK m snn-iy ur puiuip convenience. rri, .nrn. mnnn.. i,.i -i. . . spent to remove 'grade: crosVmgto Z prove tracks, signals unit bridges and to buy steel cars. ' "Thl otra erew ln n.M.i. , mis extra crew law, which compels unnecessary expenditures, is one of the factors 9Vhlch menace the ability of this rompany 10 pay present rales of wage to that great body of employees whose ncuvuies nre ni-euru, i no j-unilc Service Interest, we appeal to our employee In their best Interest, to nslt their retire- sentntlvcs tn the next rcnnsylvanln, New jersey ami .-mow mm legislatures to le ne.l the extra, crew law." saieiy, mat tne extra rrew law now on . .".'; " L.r."."a l,n" call. Nos the statute books of ' v.insylvnnla, New ' Wli V-iVfT 7793 'siJl l-.8,',' llll Jersey and New Yo.rf be repealed. This 1 "l."! "li! lift 391-.' Ul 391?' 39 ' I S?" law causes n w.n'e of 1, 100,000 aiiiiu. 3922, 3923, S'i2i. 39J6. si26, ,9927, 39s- j,;,' ally lm the employment of unnecessary 1 a'-"0. 3 931, 3935. .1937. 3939, 3310, Highest men on the P linsylvanla svstem i. nuniber reuched on regular call 3940, men nn lne j t inisj iv.uiin system alone. County Court Civil Calendar Part IV "No one s more concerned than, tho , llefnre Dike. .1. Court opens at 10 a 'xi l'enr.sylva- 1 Hnllroad Company In so. Inquesu-Nos 2501, -665. 2674, 2673. 267! curing r .ixlmilm snfetv on It. I(. . ?"7.7. 268J. 269l. 2695. 2696, J694, The commission snouiu seo to It that nil trains i"Kr. ii"rr- inen, receiving stolen nre tironorlv manned Such notion ,,.,,,,Vi pr"P"rl- Michael Murnn (two Indtsl. as. nre propon manned, Much action would saulti Chnrl Schwnru, n las Nathun Weln. amply protect employees and the public. stein, nllaa cbnrle. Mavers, grand larreriy. "We anneal to tho ueonln In ihni. receiving. Plain rsi-11 Eerrarn. irrunii i.,! To the Holders of THE HOCKING VALLEY RAILWAY COMPANY, ONE YEAR 5 GOLD NOTES, DUE NOVEMBER 1, 1911 Notice Is hereby given that the above Notes lAtlnn Ami kitrrr mlrr nf ihc lame At the oltlce In order to provide the funds required to pay the above Notes, this Compnny ha oM fifi t.oetift Co, stiU The National City Dank nf New York, subject tn the approval of the Issue 1,. ti Utilities Commission nf the Htatc of Ohio, a new Issue of M.ooo.oiii tare value of One-Yr . h , 5 Notes, due Nov emtier 1, 1U15. . ... ' Holders of the niaturlnir Notes are referred to the advertisement of Kuhn, I.oeb Un ..a National City llsnk of New York, printed hereunder, for the terms on which maturing Notes Trzir i! exenangeu lor inc new .oics. THE HOCKING By JAS. New York, Oct. 19, 1011. Referring to the above notice of The Hocking Valley Railway Company the undersigned offer to holders of that Company's One-Year 5C; Notes. d,,L ' Kf I 1 IflU . 1 -!..!! .r ..-..I. tl. rn .1. r '..u nuvcinuer it 17111 uio piiviicc vaw..u5..i5 u , , , , v, l(iG new -ne-Te CcC Notes, due November 1, 1915. A mull nnvmenl nf S7.K(i in rPKncct nf cnrll 81(10(1 Nnlo evrl i will be made to holders accepting the offer of exchange. Holders desirinfe to avail of this olTer, should deposit their Notes with either of the undersigned. The coupon due November 1, 1914, should he de. tnched and collected at maturity. This offer is subject to withdrawal without notice. KUHN, L0EB & CO. William & Pine Sts. New York, Oct. 13. 1(114. COURT CALENDARS THIS DAY. NI1W YOWC COUNTY Supremo Court Appellate Division He. cent. Supreme Court Appellate Term Recess. Hupreme Court Special Term Part I. Before Pendleton, J. Motion calendar called at 10.30 A, il. Part II. Iifor Donnelly, J. Court opens at 10:9D A. M. Hi parts matters. Pupreme Court Special Term Part III. Tlttorn (llegcrlch. J. Motions Demurrers Nos. 216. Ill, aH. 275. Preferred causes Ncs. 331-6. HSl. SC4, 3301, 3108. 2860, 3130, 3612, 3191, 3S91, 3251, 29SS. General calen dar Nos. 2312, 2 00 3. 2351, 1371. 2376, 796, Utl, 1092, 1693, 232", 21t, 2345, 1399. 2113. 2123, 2007, 1761, 2411, S66, 3075, 2216, 53, 1685, 1320, 2443, 2311, 166?, 1164, IMS, 612, C?dsn unAnlnherl. Part IV. lletoro UtiangT. J, finished. Tart V. Before Dolany, J. Case un Csse un- finished. l'art VI. No day calendar. Hart VII Before Ford, J. Clear. J'art VIII. Before lllunchard. J. Clear. Causes to bo sent from Part III. to Parts IV. V., VII. and VIII. for trial. Trial Term Part II. nefore Tags. J. NOS. 2414, 2483. 2204. 1796, 19H. 16324, 2473, 2119, 1S18, 2101. 2379. 2661, 2229, 2IS2, 2399. 2400, 41(s. 2930. 2SS4. 2933, 714, 2193, 1929, 2465, 2306. 2362, 2381. 2494, 2554, 2557. 2613, 2660, 2655, 2709, 272. 202, 2905, 2933, 2837, 299, 2365, 2762. 2739, 2466, 2907, 2631, 2990. 2291. 1977, 1906, 2906, 2186, 2917, 177s. 2SJ3. Ca unfinished Part 111. Before l'hlltln. J. Noa. 419, 6069, C16U, 4760, 663, 5261, 6263, 5260, 6257 6170? 5258. 5011. 5195. 217, 219, 219. 222, 230. 231. 302, 306. S09. 311, Sit. 433. Cao unllnlshed. Part IV. Hcfore Oreenbaum. J. Nos. 91, 31. 25. 6653, 736, 549. 689, 4427. 90. 343. 1018, 6C2, til. 183. 234, 239, 245, 246. 249,251, ,i32, 2i. 263, 266, 268, 271. 276, 20. 291. CIPai-t V Hefnre Whltaker. .1 No 293. 718, 361. 6001. 749, 208. 913, 454. 79, SO, 242, 293, 291. 297, 299, 299, 2J1, 207. 299, 301 Clear . . . Part VI llefnre Ix-hman, j Nos. t,4 c- Ittl A? SiO I. 616. K16. 893. 351. 677. nils! 599.' 42. 819, 319. 321. 322. 323, 325. 318, 11" 115 rl-ir Part VII llefnre Crourh. .1 Nos. 329 332. 39.-,. 338, 339. 312. 3)1. 316, 39?. 353. 331. 355. 356. 337. 35S. 733, 330. 359. ltd 1.1 1.1 JrtV 266. 367. 392 Clear Part VIII -H. fore fluff. .1 Nos 893, S3 1. 196. 195. 300. 374. 379. 391, 3'S. 396. 349, 390. 391. 394. 39-.. 397, 399, 400, 402. 404, 421, 1 ie.n irt. 1A. le.r. rm iinlliilnti p,.rV Vv llefnre Week., j Nos 763. 765, i ase unilllisneu. 870. 871. 874. 999. 13. 89 672. 969, 6021, 6",5, 191, 690, 93. 2 id. 309 320, 389, 105, 407, 411, 419. Clear. tui t6. 79. 7-jo. 9. 7i: 796. 791. 118 183, i 479. 701. 696. 4200. lie. 785, 119. 247, 381, mi" 458 4.V." Clear 1-nrt x I.- Atllnurne.l for the term. Burt XII lli fore Dugro. J N'n. 820. 901, 906. S'l-J 349. 423. 421. 427. 131. 432'a. 43 1. 4 40. 4 11, 412. 444. 446, 419, 450. 461. 453 151, 456, 457. Clear. Part XIII. N" day calendar. Part XIV --Before Platzck. .1. Nos 814, 428, 416, 611. 403. 2192. 327 2207. 2208, 2212. 2213. 76, ! "113. 2128. 2175. 2926. 631. 411 1 Albert, jiarsarcita tienKen. iieroen . I Scbettel. i,ust.iv lIonsta,it. Simon iiueens I .TZ'J-l IV. V.....S. 3207. 3210. 3211. 3212. 3215, 3217. 3218. 3219 Estate nf Marv V McCusker. Clt) Court Special Term Part I. Hsfore 1 Lynch, J. Couri opens at 10 A M Motions I lirt II Tlefnre Schmuck J Court opens at 10 A. 51 Kx parte matters. . Part I Trial Term Ilefore Hansom. J Nos 1731. 1753, 1756, 1697. 1706. 156. 1599.1 1369, 928. 1730, 377l. 917. SM. S3J2. 83204.1 1711. 83821,. 8101 4. 62.17. 6230. 1452. IWU. 1210, 1.-19. f2tll,, 12251,, 1212, 1183. 1201,1 1 1263. l.'si, 4233, leot, 1212, lire, 1607. 1663. I "5'- !!:? !"' H' i$f- JiJJ- ' c'n's"' unfinished"" " Part II Ilefore rinellte, J. Nos 671. 1 682, 37, 5,0. sut, :s me. esi. onus, an, ! .-3.. 61". -'. " 6)6, 647. 618. e; in. 680. r.ii. e,sj 663. 651. (jjj. 5, ma, aj, e5, 6 669, 669, 699, 700, Case un Case un Case un ease un- 1.70, 672. 673, 679, 686. 69 694. 702 710. 711, 735. C.ear Part III. Ilefore Smith, J. finished I finished Part IV llerore schmuck, J 1 '"rt V. Before Ia retra, J. tlnlshed II .HI ,. lim'ir ... ti.,... Oreen, J. finished Part VII. Ilefore Delehanty, J. Case un I nn'l-ed i fl nV,ahre'd D'for'' McAvo, J- c"" " causes tn be sent from r.irt I ! III., IV., v . V! to Parts VII. and VIII. for trill. K1NC.S COUNTY. Pupreme Court Appellate Division See end Judicial Department. Thn nest term of this court w-lll begin on Monday, November 2. 1914. The printed rases or papers on appeal must be tiled with the clerk for said term on or before Saturday, October 21, 1914. Dated, Kings county, October 16. 1914. JOHN II. HYHNE, Clerk Supreme Court Appellate Division Sec ond Judicial Department Here!, Hupreme Conn Appellate Term Secnnd Judicial Delia rt ment It ecess Supreme Court Special Term Before Crane. J Court opena at 10 A. M l.ltl. i motions. Before Manning. J Kx parte mailers. SuDreme Court Special Term TrinU ii. fore Mnddnx, J Court open at 10 A. M. Day calendar Nos. 67. 619, 1188, 44. ?5l, 250, 612. 1121. 108, 1424. 71. 764 Highest number reuched on the regular call, lit7 Supreme Court Trial Tsrm Purt 1 Be fore Asplnall, J. Part II Ilefore Garret- son. J ran iv. Herore Henedlct. J 1 VTT ,.'.'for'' v"n Slclen, J. Pari VI. 'will be passed for the day. No ratise will miinwing causes it answered ready will bo passed fnr tl day Noe 2700, sfoi. Vodh 2703.2703 14. 2104, 2706, 2707. 2709. 2709; 2712, Highest number Teached on regular eaienrisr 2713 T,Krt? JCV,7 BJnnr. at o a M John Hose, Daniel Campbell, "Has Dennis MeKelney, alia. Dennis Meehan, selling cocaine. Joseph Mnylan. carrying dangerous weapons David McCall. assault Nleole lie Leo! murder, Harry K. Brnest reielvlngi l'rank Ilretner, grnnd larceny, p; 11 Hsfore Ksw rletto. assault; HomuM cstt. J, James Klo. ltobtninn. urnn t- "ny receli Ing, llow-ard Deane, man p'JLl'.Li. u'Jriln . lu"B William Kit-man, assault: Diitntnick iiuhkpiuui weapon, us. I'art III Before Hylan, .1 Max itoso, - I r" "V"" "' ipmi . juscim impoiria, iMs.au It: Jucub Huron, assault 1 MorleM.Uo, I assaulti Dumlnlo Curbuccl, James Davloo, will be paid on and after .November 1. tat i of the C'oiananv. 71 Ilrnadunv. Nru . ffifa. VALLEY RAILWAY COMPANY. STBUART MACKIE, Treasurer. THE NATIONAL CITY BANK- 55 Wall Street to Tin: iioi,ni;its tn Dallas Electric Corporation imvr MoitTd viir. cot,i..Ti:n.i IlitT - (t i . ".it re-t I -?l r.i . .-. ' t .i P'f , "i j, h. 1 all tn JltM, ,Vo S0. KAIt 1,111,11 IHM Under the Sinking 1'u-i I pi , Deed of Trust rtate.l ,T .-.ii.it 1- tween the above Coinpan an 1 Company. Trustee, th, , given notice that It has the ei -r for investment In the Pi.-si M Ut-ral Trust lt Ootd Hnmls I under Offers of bunds eril-ji-- i Dillas Klectrlc Corpora-Ion II,. s . received bv tho Old C .on T-a Trustee, 17 Court Htrt 11 uto-i -stts, until noon of Thurs.li o 1911, at which tlma the wi i The right Is reserved tn rei' t a offers. Interest on arceptei km w iuturday. October 31st. 1911 oi.n (Di.eiNY TitiT roMrM HucceedlnK Cltv Trust e . , By CHKKTEIt II Hi ii Vice Pre' p. October 5th, 1914. CAKTKIt COAI, AM) IKON COMPINY First MorlKuge 6 .-lnl.li.it I unil (,l, Hondt. i.l .'ii'l,..,r ,yr r.liniltK I III Nolica In hereby elve.i. tu terms of the Mortgage dit.i . October. I99S. tlul the u r Trustee, wl I reeelve sea'ej p 3 P M on the fourth ! y r 1914, for the sale to It of I 3 described, at a prl, e not cx and accrued int'-rest to an flclrnt to use the sum of St.. . TUB NBW YUltK TIU'ST Successor to Cnnt1nent.1l Trust the City of N-w York. T' By II W MOUSi:, New York. October 13, 1914 NT, V t KI.ECT10NH AMI MKBriMIS. " " -Aw CKNTHAI, NEW BNOKIND lit 1 1. WAT C09IP.4.NY. notici: The Annual Meeting of the f of the CKNTItAI. NBW B.N'lI.AVi KAIL. WAV COMPANY be held a- il, -; of the Conipmv, No. 265 Main i-'tri".- 'cjih. keepsle. New York, on Werlneii 1 , . Nn,-n. ber 4th, 1914, at 12.30 o clo. k P M, f .r t, election' of a Hoard of Dir." tori f t il t enduing e.ir and for the transi t' n nt ,: other business as may properly t oms tWori said meeting Dated this nineteenth day of October 1111. A K. CI.AHK. rstsrr The annual meeting of the stockho.lers ot the Perclval K Krowert Company, In- wl'l be hold at the oltlce of the Compan;, 111 Wen! Knrty.second Htreet, N- Y01V eitjr, on Monday, November tie 2nd, 19U, tx l JOHN A OOUI.DItl'P, y.rswry -1 DIVIDENDS AND INTKIlKtsT. ' " i EI.KCTHIC IIONI) AND MIAltB CO. PKEKEHHBD ."TOCK DIVIDEND NO II. New- York, October 14, 1911. The regular quarterly dlildend of cms anl ene-half (its 1.1 per cent on the Prrferrel Stock of the EI.KCTHIC BOND AND SHARE COMPANY has been declared, payable No vember -'. 1914. to stockholders of r-ord at the close of business October 11, 1111, on which date the transfer books will c'.oss anl reopen November 4, 1914, II. 51 FRANCIS. Feorstsrr. . EI.IXTHIC IIONI) AND SHAKE CO. COMMON STOCK DIVIDEND NO 12 New York, October 14, 1914 The regular quarterly dividend of two (I) fer cent on the Common Stock of tb JI.trTIUC HON'D AND SHAKE COMPANY has been derlared. payable October if H14, to stockholders of record at the cleso cl business October II. 1914. II. M KHANCIS, PecreMry, WESTINGHOUSE Electric .V MMntirnrflirllir rnmnin.. A dividend of one per cent on th COMMON1 l0. k of ihls Company for the quarter er.cU.-if . !" ? P?i so is?,. ,S "ivi nuninrii ui rrr rii rtr Nam in 101 , B D. SHt'Tli, Tre'isurs New York. Fept 23, 1911 selling cocaine; Charles Hlns, asnult .MrNally, assault. Albert nth a mil of children. Uerllemenn Ab.ns dangerous weapon. John Turle- T Owen "nenl r ' I i .mil ..,..tu,un. oiienipien robbrv gran cen, assault, Itobert MeCour' r grand larceny, asuuiH. Surrogate's Cnur' Calendar Ketcham. S. Court opens at 1 A i ?e M in ine mill or Records, second (In, 1 A Mary Parrlngton. E llernnrd f r lood. Catharine O'Nell, T J 1-ov -f ,-ln M e t i j.iuir, uizxi Kirrnner, c .91 r IV ' '-nions, .Mary ueinnii'i 1 -f.. ,Frnnk J. Klhnn Ottn llanh H rigei. ,ninony .Miller. S V Vcr. Hebern Accounting In the --n' Charles Wilson, Jcromliis UmWln Jernieyer. S .Marks, fatlnnne -1 Bupey. M. Caullleld. Osmar K -p Kruse. (leorge Hudson. John .-i n Jane Smyth. Estates -H .- k Mary J. llallagher Albe-t Van 1 k. A. Auld Contested calenda- " t.mllle ituber. Patrick nTmu- : .. 1 lam 11. Hcndrlrksnn lJUBBNS COUNTY Supreme Court Spe-nul Term T Before Clarke. J. Held In tl.o loiin lloue In Bong Island Cltv N v opens and calendar railed at 10 Ihe Special Term room (.round e -tnrne must have readj f .r pleadings lor the court when placed 0,1 the dny calendar p '1 I'laidn ei ul, Ilurnttt s fie- Villa Construction Cn-npanj i Boap is Ulrst .Methodist Eplf-- 1- ' of Hushing, Ward is city of I.nglo Morgeutlnler Pfert. r i pany; Martin vs. Martl.i. fsbt-ik -MacArthur vs. MticArthur, -Brenner et al, Cohen and .mother Construction Company and ano'i. larger vs. Mulr Band r .rpor.ul Highest number rearhed on IIih Is 117a Supreme Court Trill Term- P ' cov, J. Held tn the Cnunt I'otin 1 Bong Ialand City, N. Y court 1 calendar called In I'art I . 1 a , of - -s9 i'l .,t irt I 1 1 1 .1 'ir 'in . -4 91 - Ilemllnger vs. Nelune Me- r I (leoghnn as udm -s N '? Queens County Itallw-ay Comptt-v -J v. "P'sdale Btimber Comptnn Nichols Copper Company, K..(k. vs Coney Island nnd Hrin.kir ' Company. Maber s Same, t.u ' central Union (las Cnmp-. ' ndnis., vs. Brooklyn Heights I r pany. Lewis ns adniN , vs .-a pie i-x rel., McMulion vs (li.- 1 '" ident. Harnett is American 1 ' panvj Cooper n American -ui.' ' or ew 9orK, j-omiskev 111, Dlau, McKee vs. Slandard 01 Niw- ork, Tho roiioulng . . ready will be passed for Uu 4 v will be net for ,1 day on th. nagh. as trustee, vs, the Ctti . ' Sherlock, as ndmx . vs luteal,, Transit Comniny. El(ib,t i Savlngs In the city nf New 11 ' s. Thomas J siren I'nii.ri' Ilrooklyn Helghla Hall 1 1 lllnes s. llrouklvn HelgM l'i pany, I.eln va. Brooklyn t, . and Suburban Itnllroml Cotni i vs, the lledell Company. Mu.'-n Motor Car Company and m-'O' fano vs. Brooklyn, ijueens (. . burhan Hallrnad coinpin- ' North American Hrewlnj Co:. 1 lnalre vb. New York nn(' North tlon Companj i Wachsn. ..h 'it Evans, y.leglir vs. Craen A ' fant. vs Balance and iltnslesi. M -Ing Ciiuipali) , Ban. an Infan County Water Compani Km .ia-l fant, vs. the Board of Edin aK". of New York; Cooney 2 vs M ' rst number reached on the g'-n-' 1 Is 645, . Cftunlv Court IlumnbreV ' 1 r. 1 r M , l'l t ct iter be no cnlondar In the County Queens County during the w-e'k 19, 1914, Jiefereen Apnlnted. By Justice Kurd Clermani ' I Borough Invest. Co., rronklln P KecrUrrs Aipiiliili-d. By Justice Ford Peopla. Slate c VI John Uosiuin, Irving L. Fo.. N'. T. 1 nf i I 1 III