I I

Iw:

10

Are BondPurchases

Now Opportune?The (real nd world-wid- e eipati'

inn in credit and sluorplion ol cspi'til, which his depresied ill invert-ment- t.

hm been fflecliely checkedand rupital i accumulating for fifltimt in number ol yean.

Under nurh'conditioni it invirii-bl-

tttVt aund bond, inch 11 arereadily convertible into cuh, indgood bond are trowing icirce indidintin. We believe thfy srgoing hlithrr.

Send for list ofConsercatice Investment Bondt

Plympton,Gardiner & Co

VT WII.IIAM ST NF.W TOHK

Mrmhrra . . Mark Kraan

Confidence InviolateThe value of an investment bankingorganization to the investor maybe measured by the quality of theinvestment service it renders.Each investor bates purchasesupon the results from his previousinvestments.The foundation of our investmentservice is thorough investigationto establish true and permanentworth before purchase.Such methods safeguard the inves-tor's funds continuously as thoughthey were our own.

II rt'r fur nw (lfrrlnit of Soundloriilt, YirMltiii i'.. M "i

N.W.Halsey&Co.49 Wall Street, New York

Phllade.rtiU Chlcaeu ."inn FraiitUm

Harris, Forbes & CoSun-e-n N W HurrU A IV, H. T.

Pin Strset, Cor. WilliamNEW YORK

act icfi'ttil .ikiik for miinielpalit ic-- . and corporation anddeal in IiirIi grade munici-pal, r.iilrn.id and public utility

Bonds lor InvestmentI

Finlev Barrel, & So.74 BROADWAY

Bankers and Brokers

Nfn York vo I, return.Members New. ( .o ion I vcIkiiir-'- .

I Chic.'iK" P.omi of I'r.idv

Two exclusive private wires tothe West.

Chicago 203 So. LaSalU St.

STANDARDln4tr mat O In Inn from

lurthir ui hrrhtamlanl Oil I niinaril.Slii k

7trhHn n hluh Mi nimartL m rcqut t.!

CAPL H. PFORZH-IMC- RI'himi l1n.."-- . IIkm.I t x V

WANTEDIIMI MuxluhUil I'anrr Coin,

tin ll null i:dlnnJIHI c.rrnl Nnrlhern I'sperI oil urthrrn State rawer I nm.IIMI Slnmlarrf 4!a A lllertrle PM.IIMI I' tilled SUIe. Flnl.hllig Pfd.

FREDERIC H. HATCH & GO.Aeiv lurk lluslon

.ill llrind HI. .Ml I'nagrea Ml.rrhsle lelephane lirl .'. V.. Ilo.los. Phils.

Public Utility laauaa(ought and Sold

Saoclal Raporta on any Companyon Requeat.

WILLIAMS. McCONNELL t COLEMAN sBond tttnrk 1ln Wall St. rhnne 4U Jnhn Mew Tor I

American Public UtilitiesSouthern California Edison

I

United Light & Railways I

H. F. McConnell ft Go.lift Pins Nt. Phone 0004 John New York.

Henry Clews & Go.It. 13. 1ft, 17 and 19 IIIIOAD ST. l

MKMRKIM N. Y. STUCK KXCIIANOr:. ilocks aad Bonds bnuihl ond sold for

Investors; also carried nn liberal terms, 'llanklac Arroanla received subject tocheck si sight. Interest paid nn dally balances,

1. 1; r T K II H 9 CRKUIIliiued available the world over.

j

Wa Deal In I

DU PONT STOCK & BONOSHERCULES STOCK A BONDSATLAS STOCK AND BONDSAMERICAN COAL PRODUCTS

Hallowell& Henryft--J Heatar Nt.. V Y. lei. Ilroad 4Po5

Wm.A.Read&Co.Investment Bonds

Cer. Nassau 4 Cedar Street. New YorkChlcaio Pblladelplila liotou London

E. tC. RANDOLPHUtmbcra New York Sinrk IScnanca.Ill Broadway. New York.

Met Ml ftpM HlTllt lICaTttlU OMtrlmtt. r. SHir.i.ns. uir.

Taaktts kt IaMtBaai aad oihtr lsurltlaaf of tfca I'alud suua. CaaatU aaa UnSSST

FINANCIAL REYIEW

OF THE PAST WEEK

h'niwast MihIp Abnuiil hiiiI How

It Co in pare With Kvciits

unit ProsiM'i'tx.

' KI'ltOI'K'S HARD PHOHI.KM

Wi'rlil Conditions ami Complica-

tions TliroHtencd liy

I'olirlt's.

Speaking lust July nl the half earlygeneral merlin of the Kieat I'nlon ofl.oridun mill .Smith's Hank, Limited, Sir1'ellx Schuster, the Koternor nf the hank,tnnile suinclhlni; of a forecast nf probabledevelopment In the balance of tin- - yearwhich particularly Interesting to mullnt thl time. Sir IV I U Ik otic nf the mosteminent uf Itrltlsh bankets anil authorityusually attitches In tils utterances onfinancial conditions. Ill remarks whichare ahotit to be quoted here attl actedwide attention at the time oftheir moderate optimism, hut huve piuha-lil- y

been forKotteu. by now. He said:"The late r.ord Avrhury used tn ."ay

that, given a 5 per cent, bank rate for afall ly pmlonited period, Kolil would besine to flow Into Muidon, and althoughthe demand fr,om many quartern hadcrown of late yeni I think the a Ilia;remain tine even tliuuo.il a little moretime than formeily may be required totil Ink' about the result. Thus there seemsto be no leasnn whatever for taklnfc analaimlst view of the monetary ltuatlon;If only we hold oilr hand for a llttln whileand do not lend too freely to foreign na-

tion the economic position of the countryIs so sttont that gold will flow In natur-ally and ne -- hall well be able to deal withthe usual autumnal demand as they .'nine,A certain amount of how-eve- r,

I necessary In the matter of newlaur of capital, ami the general develop- -

ment which has been so rapid during the'past few e,us may sslbly be somewhatretarded, but with the exercise of a fairamount of caution It Is probable that wneed not apprehend any excessively highrate for money (luting the autumn, sothat the latJe and prosperous trade of thecount y may progress without disturbanceor hltidiance. That theie will lie a con-siderable employment for money Is lie.tonddoubt. It Is needed fur the developmentof the newer count! les which In lecent

enr have added so gieatly to the volumeof our own export and It I desirable that

uch development should not tie suddenlyresttlctrd. but peace must be restoted, anda l eduction should take plate In the vatside of unpiodiictlte exendltuie amouKall Kuiopean nation, an expcnditiitcwhlch tniit have the most setiom coimc-ouenc-

on the economic dev clopmeut ofthe world at laige."

.ompntlng this survey with the hap- -

peulngs of the last thlee month andwith the liuieli(linK prospect what do wefind'' Among other thing we tlnd thatgold has not Mowed Into London tiut outof It To be ure. the Hank of Kngland'sdiscount rate fiom Aptil 17 last toOetohei --' was is per cent and not .I,but the tlit week of letilin to , ier cent,did not i bet k the outwaid tlow of gold,especially fiom the bank Itself Kffortswele made during the summer to spatethe tending hand In London, tiut neitherthl nor the economic position of thecoiinttj suttlced. tt tiring In much goldwhile expoits of gold continued. Theability of financial Loudon to deal withautumnal demands has become debatable,and ceitalnly since the advent of autumntheie has been mi practice of

III the new luea of capital, de-

spite the Incieasiug congestion of theInvestment markt. I!ritlh trade. nc onl-ine to the Augut and September state-ments, has not progressed without hin-drance or disturbance, for the report

how i cactlnmir tendencies. Further-mul-

the exploitation of wealth creatingiesouic In new couutiles has been sud-denly i est nc ted by the cm tallment ofcapital and t redit supplies with whichtireat llill.iln and the rtst of Kuropehave for years past been satisfying: vora-cious nppetllr. Nor has there been arestoration of peace in the llalkans nora i eduction in the scale of unproductiveexpenditure by the nations of Kurope sofar as i oncet ns the toll taken of wealthto sunpoit huge military atmaments.

Tluse are ienon why there has beenfiesh financial unsetllement abroad Inthe last few da vs. and tbe.v partly explainwhy whatever I tend there may he in ourown countrv toward contiactlon of volMines and values has received some arcel'lallon. What was said in these coIiiiihij

week ago about the momentous slg.nlllciinc of Hie ltstoratlmi of the Hankof KriKla nil's tlisrount rntc to 5 per cent.hn heen etnplinslieil ly the occurrencesami inillciitloiss since. It vsas iolnled outhere that the elevation' of tile hank ratewas a nnniliiK sIkii. although It was

that liniueillnte Inferences of ndefinite i hanii'ler ns to the causes of thewarnlnK miuht not lie any more readilydrawn than nsuallv the tnse lien themost slKtilfli ant nf all financial per-centages changes In the direction ofmoney mniket stringency. Kvents seem,however, to make the meaning of Hie ,

per cent, bank rate n little clearer.The weeklv statement of the Hank of

KiiRlatul published last Thursday showedthat it has lost almost $10,000,0(1 ftoldnftor raislnir the rate. Its present Kold

boldliuts aie almost $20,000,000 belowthose of a vear ago, which were In turndecidedly lielow an amount that wouldtie considered normal or sntlsfnctoiy evenIn relatively undlstiii bed times. Mean-

while the Hank of France, the Hank nf(iermany and mot of the other centialtianks abroad have been able, althoughveiv mticb at the rxpense of domesticconditions, to recruit nolil supplies abovelast year's figures, and In some cases,notably nt Rllln. lo establish n recon!maximum. Circumstance would 'there-for- e

suggest llutl the world's central. money market nnd Its central institution. are at a illsailvaulaice which cannot beI pel milled loni; to continue and that there,lis rif Imminent likelihood of a fuither; ilse In the London bank rate If theie areI special causes for uneaslne. regarillng

the Hiltlsb flnsnrlal position. Aie therenot'.'

Is not something of the sort signifiedby the relapse of consols to about theItiw record price? How about the chokedand suffocated status of the British

market, on which new canitalpromotions have been pouring; In a flood,the offerings coming fiprn everywhrie,

I0.000.000 of Bt. Petersburg-- 4Via at !'Jiv,tlT.fiOO.OOO nf New Zealand 4s nt M'i.

land so on, i ni". nt,, hiuiuurh unnei-- I

writers have had to take 80 per cent.I and more of Ihe latest offering, one ofj the worst fallurea of flotations belnif the

!2,3u0,0in of cltv of Vancouver 4 Vis at!',"., for which public subscriptions nf nnlv14 per cent, wera received. Again, whatIs in be thought of the aymntoma of dis-

tress noted In the continuous fall of out-

standing security Issues of the newercountries tn which Hlr Felix Schuster

In Brazilians, Canadians and tholike?

i We must recognise that foreign financehas a critical problem on lta handi, fordm anluitnn of flur own economic nrob- -

ems will bo hampered or facilitated bythe outcomes of foreign conditions. KuropeI carrying over all the strain of thopast year resulting from the outbreak ofwnrfurc In the Balkan, In which as yetno effective peace ha been made, Therehas been no political or financial settle-ment nf the Issues Involved In the

nf the Near Kastern queatlen orcrowing out of tho conflict, ahlch ortil- -

THE SUN, MONDAY; OCTOBER 13, 1913.

nally started as a crusade of the llnlkanalllc against Turkey. Delay has con-

stituted a protraction of monetary strain,and protraction alone, wltluvit any

of strain, I debilitating, Hutthere has hern nggl avatlnn of slialn, theunwelcome Incie.ise coming fioni lb"

n (oimttles, which havej

ocrn in i iiFiuinrii i,, m) iii iiii,,.- - ",iiipltal anil ciidll. Inning the hot earKurope has had to rut down and finallyalmost to shut off supplhs nf money tosuch countries and ha tven hud to with-dta-

funds to some extent fiom debtorlands. The tesult ha been that theie Is

y tiouble so acute In South Americathat It Is described a fliiancl.il ctisKwhile almost everywheie else debtor na-

tions ale In difficulties. As long as pub-lic and private borrowei could obtainmoney on their notes and mnrtgngis theycould maintain the pace of even extrava-gant progress, but now the nuestlon I

what shape they are In to meet theirobligations If pressure has to be enduted,sod what iffccl of strain In the newercoutitlles will be tdlected In stl alliedKm ope.

Kconomli' cau and consequence ateheie seen inciting; In a vicious circle andsomething may ovcur to bleak the cornice- -lion happllv. but this Is no time lor met-- .'weaning lellance on customary assump-tion that "everything will wort, nut nillight." Thl Is a time when thing have'got to be worked out with all the skilful '

diligence and CHrefulne that can be)brought to bear by the manager of

cnleipi Is and the leadetsof tlnaiiie,with all the help that can be lent by the1head and dlrectois of government. It l

not going too far to use Hie word cilslIn connection with the whole fotelgn lt -nation. At such a Junctuie the aid ofgovernment can rarely consist of any-thing moie than acts of political self,denial and abstinence fiom Intel feience,tut this much set vice, government canalwav perform.

It I no time for stale repetitions of thoothlng saying with which confidence

was teassuied during the last veal, suchas that thete was no trouble except thetrouble caused by a foollh popular hoanl-In- g

of cash In continental Kurope, Cmsny competent person fall to see that tbewoild's tlnances ale In a state of grave,dlsntder, that the brunt of the task ofitrjltig to set them right has fallen onKm ope, and that the weight naturally fallmost heavily on the world' capital offinance, !ndon" la-- s than a uuartei ofa century ago very much the same kind ofcondition subjected the Old Wot Id to thewrench of a mot violent dlslottloii of.business and'banklng lai'ltlons. as nell aof speculative anil Investment commit- - i

ments. Tha same set of factor I neverrepeated at two similar ptilod" in thesequence of economic events, and In allthe resemblance there are differences be-

tween the condition noted y andthose offering In the late 'Mi and early'SUJ. Thete is piobably a far gleateritotal of resources now better concentratedto cope with emergencle than there vvathen, but now. as then, tiouble has beenhi ed of a most Itioidlnate consumption ofKuropean rapltal and ciedlt both f,u thelegitimate and for the oversoeciibitlve 'exploitation of the wealth fiioduclnu possibilities of new counttle. Theie must hea tendency toward simllai If nut Identical'consequences from similar If not Identicalcauses, and Kuropean tlnanclHl energiesare plainly being everted to aveit 01 mini-mi le the results of an eta of excessiveeconomic stimulation facllltatx! bv theperfection of capitalizing processes and ofthe machinery for expanding cieit

We have mutii at slake In the 011I1 ninesof the cuib.it rassioents with which Ku-rope Is ,sti uggling, Ourselves a bin row-ing nation, we cannot fail to be nfTectedby the necessities which may arise In

our creditor on permanent capitalaccount to the extent or billions or dollatsApart fiom that the peipetuatloii of ourforeign market depends on the persistenceof foreign buvlng power, while the flee-do-

of our home market fiom oppiesslveforeign competition is involved In thepreservation of the maikets alieaily

for the abruption of the c

capacity of other lanris. To whatextent the state of I lie woild's Hade, andespecially the state of Kuiopean finance,has alieady affected us or Is going toaffect us further cannot now be ascer-tained or demonstrated : but It is Idle tosuppose that we have not begun to make j

lespotise to such conditions as have beenIndicated, How, much comprehension ofthis Is there at Washington, where elabo-rate programmes are being executed orflamed for the puriHive of setting up new ,

ideas of government In the Held of t lade.intliistilal and financial endeavoi " Verv'little. It is to be feared

Their Is absolutely no evlilenie timttin- - Ailinliilstmtion and Its suiipoitrts III J

I oiikTi'Ss Have Iicriiii lo ret'oKiilzr thetcalltle of the win III to.i!a Then- - Isvery evlflentc that Washington vsltare

wauileiliiK In a norlil of mil ealltit s noun- -111 leu liy an extiloiteil mass of struKk'lluir I

souls thMarteil In rvery uny anil IkiiiihI i

spirits

to milftsti nill'nnlnBu Thui lu utdence Washington legaiils the rouii-trj'- a

ablest citizens, whether In lines of,corporate Industry oi hanking nttlvlty, asenemies to the public wasf.ire. The Wash- -Ihgtoii atmosphere seem Inflamed with

manias that piovoke oftraltoious conspliacy In every ptntestwhich Is voiced against the economic un-wisdom of tearing the of the Industrial oiganuatlnn pieces in a vainattempt to testore the social order as Itexisted fifty years or ago.

ir there ever was a time calling forsanity and deliberate piocedure In ourhigh political places It Is now, when thereis spread before anxious eves the un-

mistakable symptoms of n worldwideeconomic derangement of a deep seatednature. Civilization nu) not be able tolecover Its equilibrium or restore stability to value without painful sndarduous fiom which wenut selves t annot Nevel tlieless,assuming that a peiind of depressed volumes and values may have to Intervenebefore another eia of expansion, thetransition can he accomplished In one oftwo was. It can tie oiderly enoughslow enough to mitigate Its hardships orit cun be so accelerated as to coinniunl-cut- e

a shock eveiy Inteiest In the land,and recovery from shock delay

the normal recovery from de-

pression.Whatever tiappens abroad vse doubtlesN

cannot help. For what herewe be ourselves responsible. Whenconditions already contribute totviml a

or loss of Unit force whichbusiness linn nee know us toutldencewhat wiser course could politics pursuethan piosecute with utmostpolicies of so railed which dealdirectly with the terms anil basiseconnmjc eiiteiniise'.' What unwisdomcould be greater to manifest ruth-- 1

less purposes to carry out progianinie" i

of social conceived In seasons of i

full blown piospcrlty when It seemed asthough nothing could be whichcould paralyze enterprising ambition,curtail to wealth creatine en- -'

tleavor or contract as much as one)

day's Job or one dollar of wage thequantity of work and profitable tcwaidfor every labor willing Individual? Withwhat satisfaction will Washington bo ableto contemplnle any wreckage of pros-peilt- y

which It has helped to scatterthioiigh a land whore work ha In be.

found the men of ability who canfind It In order to keep a hundred millionpeople happy through emplo-men- t?

RAILROAD AND OTHER BONDS.

High- - t.nw-Clo- Net 1113M1 est. lllg ge mien l.nvr

4 AlUm P. 4t. 57 V 70 S3', 7t1 AlliSll .Ti. M' M' '' Wl 1ft Alll Ch f.s rtf 4 4 4 - 11.1 W;

lo Am A trie Chrv5 100 HI1!; - i9 I0l? M

J Am It tt I. As lf'f itVi inn'-- i - I02'v ie.

in Amlredebas. 7 T xi) To14 AmSmltSecto H4 l4 -- 1 im nit

nl AniTATpvl'i1(0 WAi Wi M I0i m1 Am T T cv

'liiii pd no to. no -- I'jioi'i o'i15 Am f&T rlt 4 "' ' )H ' t M

I Am Tubes. II II II 2 1M ItsAm Writ I'S. s.1l M s.V,' ' na1 SI

II ArmiiiirPj . 01 Wi' M1, SB'S

ATAMf cv S lot !("' tot '.Mov. in2 ATASP rv is. 9I( HI1 !'

s A T 4SI' cv Islano tll'i 01', m'j (13

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4Std .. NK'v K't Ml. - H M7 AtlGl.lne SIS 0l4 H', I, IT.', 7

11

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Dl'j2 nniM.i:.

W V4l Mi M'i Vi - I, WU W4.11 llAOS'f M't OO! ! 'IS MAO SV ,1' ss S7 S7 - U 9 sis

llelh Steel is, l't t' 0I' bCc K'i7 HcthMtrelfdf

si gi 2 mi --.,JllltT , ini toi ino -- ViWi '

l& llltTcvca .. ;i sflU ' -- l4 WW MSM Ilka U Kl 1st Pt'c M'i Wi S Wl'4 W

3 llkn Un Kl Islsld W'c H'i ' - H IOII4 U

llkn t (ins 1st I0V lOJ'c 10514 P4 im'i PU'jI lint It A P.I .li lii l" OS 03

pi lluh Term 4

Oivrvrmpl Hit, (US !' !' S.1 MushTrrllldg

1st g(d 4 sl'i 4'j e S l M17 r.d(iAt:S MS M S ! HI

I CansdsSiSs loft'j HISS ItttS - - IMS I'M'SPI Cent (! i n M 104 I0SS 104 S 10 KIJ

It c'l.e.vthn.1.. Wi tu's 4i ' VI Ol'ili Cent ISc ttt . 2S 2!4 92' - Ti ; 90

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2 CIIAyjnt 4s r. M' MS Mi -- ' 00 ICS2 CIlAy 111 SS. MS MS MS US S '

0 HA Xeb 4. 3S US S S 7 03

I Chtiasl.ACSs tin ml lot IS 103 sI Ch! A fit V 4s. 74 tS ' S 71

ClAtxiuSs 117 117 117 lift nasi2 t I A Lou is IIOS 1"2S l"2S - I". l"2S

1.1 ChlMIIAI'ucrl I

Nillllit 4s. . tl 1S 83 H M "'.1 C M AMP

C A t It IIU 103 103 -- I i 10M, 104

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c a l' w i I02S lies loj't H Wt 101S I

CM AMPcv4S . .. loss 101s 10IH -- IN toon too

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14 C A V Wron PCS IU2S I'CS -- I I03S I'OS1 canW sf 5 r nt! pa no --2S 102 102

f A w Mil

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i'IVIV cm 4. us his ! . US'.t t'A .' S2'. 2 2 . - S MS

CAN". 3'jte HIS 2' S2S elS MSt ill Itvs tslft l.s

LH CH1AP lilt is .21-- , IS MS 1 j

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10 CHI AP Itv 4S. li Ift'i US 9IS "I21 CHI A Prf 4s. :, 70 ;o - 5, ssS

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lotfS IimSS2S M

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IV III C If is IIIV1. 91 till, 91 HO SSI,s III .steel 4's . SJS MS iS S 'tlS

47 IndUnaStl.Vi 9i S '""l S HUS tS1S2 Intertsiro II T

!t sr A ins I04S 10s.

;0 tiilri tniio Meltol tr 4'-- . 77S 7SS 7'iS J SIS 71

I Int Xav rss ; 7 7 S 7051 Ini Paper ns. nc 10? pr. mi ton

7 Intl'spercvJ vi s.'S ! JlS 2S7 Iowa On Is M M .v.. VIS 4S

.Upsliese IS st ss ss S 9S3 IvS A t :d is lev :.s U.VS e S 99 111

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9 UStcelSt lic.1 u.1,

rrJS - S MS 9ISM l.ksteel.vs I9l.i USS '

1 0'S S 'el' , inI t.acleilrtiss.'is pus 1'Si'j Iki1, S PC's !nS

to servltllile liy class of mure or less I in'ViCcon'.s.linS nV, lii, 1

wicked who have seUeil power 31 KilervosrA. 7iS --

thioURh pet veitlllK irlile(ril oppoi tunlty 172 Kileevissr II. 72S 71', 7I - V

that

heated suspicious

fabricto

mote

readjustmentsescape,

and

tnmay

happenswill

lesseningand

slownessprogress

of

than

change

proponed

Incentivesby

by

sustained

AttCo.ntl.lnr

MAMI'3'vs.

Misr

I I. KrleAW HI urjs tn:i, hcS 111 a misM I.SftM.SUIB.'S. H3S IC 92 S IH'v ll !

IS I.SAMSIsimi. tin, HI ul',- 1, ii;., v,',.'I l.eh Vol iSs .urns pms iikP, iiip, nmM; I.eVal I'naiaslUES HCS nr.", :', I0.V, no ,'

17 i.lgccttAAl i:n', .hi, litis e s IWS nSII l.lifjetlAM.'is us ui'j !i7i-- i S It't l I

I l.lslnnis s;s s.'i's '', 'IS MS sill.'i I, a, , Is , '.US HIS Hi 4. t, ne, mi,

I Msnliillaii Is, 11.1 IMS 92 - s "i sr.SIII Mntlne tllp'.s r,IS tl ill l', m', .MS

I Mich SUICIVI ,:.s uti ti'j mi S in IS 07

2'i MllaViir ' 09S wis 0'J's S lS 99S; MAM I, Is .MS M ''I .'S ,M

I MSPASSM is (.2 )l (17 910 Mil Iv A II 1st IUIS 101 101 ins tic,2 Mo Iv A ()' ."is 1(1 j HI'v Hi , IS I"!' H

1.1 Mob A TIs Ml SIS s;eS 1, BV SljJ. Mnlv AT2I 77 7P "IS 'S tl' 71

2.1! MKA P sf I' s KO , MS S k; HI1 Mo l A T f; 71 71 71 7iHS 7S.1 Mo Pe con nil1, PUS I'OS mi'v io:i2 MnlNtr.'. IMn 9P, III1, HIS 91', Hi

Harriman National BankFifth Avenue and 44th Street

NEW YORKCAPITAL AKD SURPLUS . $1,000,000BEPOSITS $12,008,800

The policy of Ihe Htrriman National Rank la lo establish withlis customers reciprocal relation baaed on mutual aatisfac.lion In the conduct snd transaction of business, and the per-sonnel of the administration offer every assurance of fair,liberal snd prompt dealing along broad and progressive lines.

INKING HOURS MOM I O'CLOCK . M. TO I 0 CLOCK P. M.SUE ItPOSIT VAULTS OPEN MOM S A. M. TO KIONIBHT

High- - Net 1913Ssten en e.( lug, Cli'lllgh Low,

iiMoPsc5l!ii;. Ofi' !H' WIS- - IS ton .V

llo I'nc cv to1, ;ti', I', m ;;h2 Mo Par 4 S7 1,7 t7 -- I 70S 4

2 Morgnn'l,sAlev's nw Ids 10 -- 5 tin 10

12 Mar A I s 1st 0 101 101 - S I0.1S 101

21 .Nat Tube A :iV, 61'. M ' S vis (

2 .rvvklliSs H2S "2S HOS ' "OS I0IS2 ,VOrl MACS. I I Is - 3 S7 43

.I NV Air llrale, cvr, nij n tn.i M

2 XWnn.iHsoji.PH lou ini t tots' tn2 MtSnnllsnl.loii 1110 imi - 1, tots HIS1 M'.inal4s(C. WIS WS IWS S I0IS S7 .VVCcqS 'II, (CIS S WIS S WS 09S2 .W Cni 3'js SIS si' j S3'i S s;s sn'v1 XVCM'as reg. si SI si 1 MS sn

Tl .WOl.S.l'j. SIS Mi'i 0i -- I 2Ss NL'I..S3Sr si so to Vi si ?7 XIT M 03Ss. 7(1 77'j 77S1 sn 73

WCASII.I. S' MS WIS I WIS H3'4lilt XVrity tSs'M

if m ret , I03S toas lias-- - s IMS w'ift X V city IS

in'.; . . MtlS loas ions - S I03S 00S6 X V City 4S

, 1837 new ..I0.1S ins 113 S IonX V City 4S

1917. . lots lot tots S IOIS I'"3 X V City 4S

11X10 0S OS '"S S IMI( MSV, X VCIH 41939. Pi !I4S !li S 7S !S12 NCltyllnts. lifts fft1, flftS ( S 7S !S13 XVCItyiIM7. O.'iS '! W aiS MIS1 X V as HI I,

II At' ft PBS I "3 l"2 IS 103' 4 UflJi7 X V (Lis CI I.

II A P 4s . 4 MS MS MSt X V X II A II

evil .. HIS in III t- S 12 lo'3J NVX1IA1I cv

tleb os vv I HITS b S I"? i I07!( 1047 X V X II A II

s IKftH . t so so -- 7 SV4 SO

12 X V X II A II4s IBM. si) ? 7 -- 7 SS ti

10 X V X 11 A It3S 103! ret: M si M so sa

2 X V O A V 4s. M k S MS Rft

2S XVIttfd(4s. 75S 74S 74S - S 711 7JS212 XMt9dJSs. ftft .',4 34 IS 0' tl

01 XVTel gn 4S 9S 7S 17S - S S MH14 ,N Usteht

a Host (S. yy i 2S IS 9S sISI Xorf So Ss . w OS 3

41 X A Wrv4Sal04S I ".(' ln3S IS to, us6 Nor AW cv 4. 103 lai 103 IS 112S MII Nor A YV 4s. , t3'i OJS S ii W SS

lit .NorPae4. . HS IS 4S ! tSH IS2XorPcSs. 7S H H S!llu Or HyAXv 4s. ; t2 93 94 91

1 OrShort l.fts.iw I'Hi ions - H to 10314

3 Or S I, file 4s. 91 91 91 S 'S M7 Par Coast Itt.loos- - 100 ion ioi)sj 9

M I'acTATSs . 9S 9! H - t lot 93

M racT3Ssllft. 97S 97S S'S f 97S MTift Uaa A Coko

Mr si.... 99,' ws 9s'-!i- oa s3 Ptu A K 1st .. SIS "2 S MS H 79

10 I' C C A St L3'Ci ser K... 94 94 t94 90 90

s Plxirlllard7t.ll9 11a nv UiS lit21 Plorlllardfu. W'i M Kl 9WS 944

7 Publlc.servlrsCorp X J 5s. 90 9S MS S M WS

1 Ity Ml Spr f.s, WIS MS 90S uS 96

32 ItavCnC'opBl.llO IU7 107S -- IH 111 97SKdc reo 4. . ms 4i( 94s S 'S 9IS

7 Ul 94 94 4 OSS 9IS2 ttrplAS ..'34 103 PI2S l1" - 1 10J 1021 lieplA.s r.s So. m wi m 92S sS3 Itln (! Wis so si so SftS 70S1 Itoih A I' 1st lu;s p)7 1H7S S 110S 107',2 K wa o con mis i3'a nns IS toS 102

2 Stl. A I 3114. n M 79 S3 71U Ml, A Iron JU

ItlvA Cllf 4. MS U S2 - i 77S2 stl.ASFrnes to7 107 107 tin, iuin Ml.ASKcnft. 90S WS w; S iocs v?S1 M.AS1 SWS 94 94 lit 100 94

3 MI.AMI'fdK. 70S 70S 70S - S 7St Ki

III Ml. AM' rrnfttIIS7 ft3 M S3S ftos

22 Stl.SWHI . IS ) sos MS2 Stl.SWcotl Is. 7s 7 7

I SPMAMcims. HI Kl Ht S 93I Stl'A .Vl'acSs (S I00S I0S tlS 113 IHS'j

III SAA M'assls. s ns ?0S IS 9ft 79',2 SV.tlAM-:t- t Kl vie go iiftS IU

.12 .eti A I. sdl 74 73 .321 .Sollelll ATSs 9S U7S 7S mi 97' j

121 .so P.tc 4s . U.'S III ICS20 1'JIC let Is MtS 'J I ;ii Ul',

117 So ISc rv Is ?S S nns s4 sPacsir ter Is 7S

2ii Ni.itli Its :,s int h:iS 104 MV int2 S Itv St t. Is sf, Mi, SI, 11 ssl, 'v

is SullHj irrnts 7IS 7l'j 74S S ' 72 SS Msnil (in Us vtS 94 S "IS S lo"S5 Tenn Coal I A

lilt mi 'J so 99 10.1

I TrlssCncvs l 'S I'M I'"1 S IwS:'leAI'ltA.PCS P'l I'd -- I I07S Pm

9U Third Ave ref4new ... . soi TM, 7 1H S3S

4.1 Thlnl AveadJ.",s new . 7.. 73Vi :ss IS H'i

II To kin .. si (S sis HIS SI10 T SI 1. A W 4s :.t ft 1 47S

1 Lis A llet 1st l"l i(t ini 101S 10J

62 I Pc 4 us' o;s c7S 90S 9t

m 1 Pne let 4s M ICS !S S MS K'iI9U l'c cv 4s P21 VI HIS S 7 sa;t,

ir ititsr f.i is ;a wi .a at MS21 1' S ( 1011P 109 lo" 109 - IMS P'

fi I s;s lee ois t j ''4S 10IS 9S'1 ITS of MexA. 90 'H ( tS 90

(' Sof Men 4t 4 st si 1 S.S. S3' ,111 t Sl'sn.ls cpn 99S 99S 9IS S K'3S IWS

Pi fsitublieros PCS PCS I'US 1'nS PHI

,UC LS Steel sf.Ss 110., 101 psi - H i'C oiS2 L'SSilsf .VsrelrtiS 100S liS iois 94 Va Ca llronn

llrosACnctf tS s' 4S IS Mf. Va I C A 0 .1 91 92 S 9.1 9

to Va llv .1. lisS lS 9H 9S1 VaASYV n M. !IS 91S 51', W I' tali;

on.Wshash isi tin', pS 10.1s - S iwis t''S3 Wall Isl t e toe 104 10 101 liltI Wah 1st llet ins 10.1 Prt 1 107 injs9 Wahath 2d .90', S 0S IS 99 9I'

07 M ali Pitts Terliytstlsetr lS I7S 17'. - i 37S ns

3 Wah ITItv 1st4CnlTrclffnrCrnTr I i l --JS IIS

1 Wall P Ter Ky2,1 (self S S s

47 Wabash en Is. .'41 4'S 4SS -- IS MS 4S29 Wah ex 4s Ku

Tr rtf std I7S S' 4S

I Wesln r.lecv pit leoS l"t 102 1, S3 Westn Md 4s 791, 79 7 sr, 7J

4 Westshoi 4s. HIS 94S US', ul2 West sh 44 c (US 9IS 91 S -- IS. 7S is.2 West t'n 99 UK', IIS

f, West L'n l',s 92S Vi - S , ssS21 W fstlntlimise

r.lec cv .'is ICS HIS HIS k ' oi s?SWhAl.f.cnU 75 71 74 t S s 70

I Hue cnl Is . "7 sr 7 "IS siIlonil sinles.

l.ast vtrtk.t8.inH.nOU.Pjrvin'.i wreu. 7,4iltl. 0(1(1Jan I liiilstr. till) I .! HS.Otm4Selerailar flat Seller S day rt ittSeller Uitlis tui

CARUSLE ISSUES ROAD RULES.

'flirt- - PresiTllir Wrlxtils ttml Npcptlsnf lii I or Vrhlflt'a.

Aiiiast, tot, I"- - .Itilm N Carlisle,t'liiiiiiilssliilit't' of lllKh'iis. tins IssiipiIlilies Mini resuliitlons fui tin- - protection I

of tin1 S t .11 o nnil roiinly inuils, paitlrii- - j

llilly I' I" til H"" "f tl.lflloil rllKllll'S,...... I .i,,i,l,i,iu u ill nmnlilli, tin,. La nnd nlttn. '

mobile buses. They will tnl.e effect Octo.her 2n, Copies have been sent tn everyfoiinty ami town siiperlnleiKlcnt of high-ways, who In case of lnlatlons may

In action nf tint tin- - penaltyliy Ihe hlRhway law, whlcli Is n

line of not less than MO anil not motethan 11"n fj'r each offence.

The iCRiilatlotis limit the welwlit of alltraction endues, steam rolleis, automo-bile truck ami oilier poner vehicles tofmiiteeii ton, which Includes the vehicleami lo.iil, escept bj special permission ofthe Stale Commissioner. Such chiclesi.iii.sInK a weiRht in excess of four tonsKhali not he opt rateil upon any State orcounty hlBhway nt a speed Kl cater thantlfleen Miles nn hour. For six tons wcluht,IncludlliR vehicle, the maxlmiini siwtl Issix miles an hour when such vehicle Isequipped with Iron or steel tires, aimtwelve miles nn hnortr when the tires atenf hard rubber or other similar subsliint.e,

Merrbiinta Hewitt l'amalTa,The winter campalsn of thn Merrhniits

AsMiclallon will be hcRun at u dinner ntthe Wnldoif on Nov ember K at which ills.iilHsioli will crntie alioiu how to pitiinnleln im it i c ia I Hupitinac of the .

Tin' M.tjoi elect will be lln pilncipalM'c.ikor, both IMwaid IC. McCall nnd JohnI S u ii i Mllclid ImxIiir piciiiImiI to bepicsriit,

Major Kline hsa alao bean Invited.

We Offer to Bankers Entire Issuesf

Mortgage Bondsnrl

Preferred Stocksissued by successful Public Service Corporations whichhave been financed by us, and which operate in sub-stantial and growing centres in the United States.

Bertron,40 Wall .St.

NEW YORK

& Co.Title Huildinj

10 Boulevard Capuones

High grade security, earnings three times interest,a closed mortgage and an income yield sixand a quarter per cent, are features of the

CONSUMERS POWER COMPANYFirst Mortgage 5' Bonds

The jfory of that fanjs is Inld in ore ncif ircua

William P. Bonbright & Co.Incorporated

14 Wnll Street, New YorkLondon Philadelphia Boston Detroit

Metropolitan E51Trust Companyif Am Oity ofJVQw YbrA

49 WALL STREET

Accounts of Banks; Corporations, Estates,Firms, Trustees and Individuals, received, onwhich interest at current rates will be allowed.

Issues Letters of Credit and Draft-- ,available in all parts of the world.

Designated Depositary for Court & Trust FundsActs as Executor, Trustee, Adminis-

trator, Ouardian and Agent.

9

The Passage of the Income Tax will create complicationsfor everv Estate and evprv individual with an income of morethan $3000 a year.The Union Trust Company of New York intends to doeverything in its power to make compliance with the law assimple as possible for its friends and customers, and will nivemost careful consideration to this important matter as soon asthe bill is printed in final form and the Treasury reflationsissued.Correspondence or interviews in regard to the Income Taxor other problems relating to the (care of property will be wel-

comed. UNION TRUST COMPANY, 80 BroadwayCAPITAL and SURPLUS - - $8,300,000

.I

,

.

I MHMHEIHH CapitalIHWBIW $2,000,000auiaauuiiULAgUUiiaaj

BKjUubbH Surplus

'mng 9,UvW,UUU

Tnutee. for Persona! Trusts

ruik a.?taaa aa 34k 14.. Hmw T.rk

Emuirr ulruat CompanyMAIN OFFICE. 42 BROADWAY

Breachessent Fifth Ateaae. caraer 43th Ureal.e)r. Cedar sireel, enraer Nattaa Slraal343 East Haaslaa Street.

MEW TORIC

MILLER, FRANKLIN A CO.Efficiency Engineer!

nHlll IMI.I. IIIHI.III.Mi. MW KlltKProdiiction iVlcretted Operating Eipenieiand CotU Reduced. Eximinationi and

on Profit Earning Va ue$ of Propert et.

j.fort, 35acon $. "iPavie

n$.irccrall BRtlAOWAV, NEW VORK v

NF.W ORI.r.ANS SAN FRANCISCO

I"

I

TRANSACTIONS

RallroaS mm

nu -- Week endedvlebl. .sincUs Sales, tilth. Low

0 HO iiam T.ipressAlaska Cold ::otio sus :riAllltCbmsMh pd.AlllarbmpMli pd 40(1 1 7 17Amaletmtd Cop 1MM1I0 7ft!S 7Am lleet Siiesr i:sn a4ij

8 1111 m Pert She pt(i .a ft Am Ac Chem'i an m Ae Ch pf7 in m HraKe Shoeft. as Am llr Shoe p(

Am Can7.4(1 Am Can pf4 lift Am Csr ft I'.ft (Ml Am Car ft F pt

Am Citieslo p Amer Cities pfN.OII Am ColK 47 Am (;oal l'rotl7.011 m Coal Prod pt

Am Cotton Oil ,i,loo

Hill Am Cot Oil pf ionio :i Am llapress im

Am Hide ft I,Am II ft I. pf .inn,Vti Ire Secur 3.1llAm l.lnseedAm I.liibeed pi sunAm Locomotive. I.Mill

7, OH Am l.oco pf sonAm Malt Corp. .mil

II.OII Am Malt Cor pfII .'A Am Smelling 1.1 1.Ml

7.(1 Am Smeltlnz pf . 70(1

(I I 7 Am .smelt See ..7 7 4 Am Snutt.(J Oil Am Snufl pf ,inn

Am Steel I'd)' . . 40(i

e'e

no 1

a7u11,4 Am Sucar iann no(1,14 Am Sugar pt I I I

Tel CableII Am Tel ft T 1KMIII I'.'ItU

Tobarco :iio aatHaToll pt ne ion 101

a. i 7 WalerWks ptAm oolen inn a a

S Ml m odlen pt ami hi laAm rlt pi I on I tn

e. iHI Anarnnda t'4'.nU.40 AueUKeellltn.. 70

GriscomI and

I'llll.AIJI-l.r'H-

HIS

of

f

1

1

,

,

Does the Income Tax

Affect Your BONDS?Consult I's

Mrmtiers New York hint' a nanceBroad St., New York

Philadelphia Chicago Boston Hirtlord

Stock Eiclianse 108 Sa Congress 39 ferIniieisi Ls Sails St Strait Strut

WE OWN AND OFFERami ninrlraee tinnils by th bl(Rsiclas or lmpTovrri. income.proaiieinj, oa.trallv Inratnl properly, 'lo yield OS aad fS. W. Straus & Co. urniw

Mortgage mnJ Bond Bankerairsua aulKlr.c Cm Wall trlPSsno HEW TV..

amessss- -

lNCOs;sos:aTiojj

OON8ULTINO andCONSTRUCTION ENCINEEftS

PUBLIC SERVICE PROPERTIESFINANCED nnd MANACCO

SO Pine 8treet New Vork

FOR THE WEEK.

(llhrr Skarssau11 i!.i

Clnslnc Cbaigs. Highest. ! nwtlftO J.m (1 w '

7S a4.fl (lei I (i s,Oct I

Ilia Sept 41 J ,1i rSOIa Sept is Si ,1

ftoia .'n : I n ' ,1

Sil Mnr i ' nft7 Jsii !t 4 'nn .inn II

(Hit .Un 4 on1 a (1 N .Inn s I "4

4(17s ,lsn .11

I7K I 'JDlv .Inn. hiau ftll.1 ,ll!

I 7 Mar. ;

4S3j .1n.781a .'an 27 .lime

Mitr. 4 snunu Jsn. 1.1 I nft

an --

liftft7a .Inn08 n

ian 4 I IUI I'eb. 1

Is Jan "a .

an USU Ten I Vs.14 1 U a Nprll

n'Ilia .Inn.aai - 4 a a I la .ii volilUlsf U 4 'an. ,1

n I la 4 I niW'4 .1.111. n 4

fta4 . 14 I a .1.111. ft 'i111 ia hi 4

(Ul r.ais 7 4.l Inn111W4 tm:i4 - lOi led. 11

Kil .1111. 'i'lea .inn I n

00 no I lift ,1 in. tin40tv I eh. aft

on nnia- - 7s I I 8 .l.ni. I 04 I

ft: I I ft.'se I 1 IX .l.in. nu41 it I m .Ian. .in

vu 34 I VO.I4 iftH I4tl Jan. an '

134 vanino

"ii t.ii .1.111. aimno I I onu .1 .11 'II,

nn .1 .11 (I

V I ' I (1 IllsSill mii t

n"a " .Innsua i"a 4 I tj Jm l'l I. r

70 - ISO Im. sept

-17

01j 7 07- S-

aaia ania- -,inn 441n 44 441a- -

:: na na pv -

susn it.Mj :i;i :i;i.vt- -

.I;:-!- ! iiftu t rt i v iulimn r.iH 4at4

40(1 II lift lift -

inn :uHa iki :id -

.imi oft 4141a d4a(t- -

4 ,1477Oft Oftan i an

'.'(lis '.'IIa ini

a4ij aaiaaoij anijIIHI4 114

nu ft4

Itft.l4IOOTh

ftIlKl ft.la

8.U1 Am ftft ft

H HK AmII 00 tit

m

rapa ins

J00

PA

1'xi

30

0

secured

Oct

.Inn

113

ft87

t.tiM

.'.

ft--

a 7:14

4la

a7 a

I

av

I t.ia

7ft

an

II