WEALTH. MARKETS AND C · WEALTH. MARKETS AND C0MMERCE 7% Preferred Stock Public Utility Company...

WEALTH. MARKETS AND C 0 M M E R C E

7%Preferred Stock

Public Utility Company withPreferred issue less than re-

placement values, Safeguard-ed by restrietiona of FirstMortgage Bonds. An unusualopportunity for investmentto yield

7*4%Particulart on rcgueit

W.CLangley&Co.Investment*

115 Broadway, New York

BookletOn ConservativeInvestment BondsWe haye luued a booklet de-acribing orer 55 lsauei ofRaUroad, Public Utility, Mu-

nlclpal and Industrial Bonds.The booklet also contalns In¬formation regardlng bonds In

general, as follows:

Coupon and Regiitered BondaVarioua Typea of BondaRedetnption of BondaSinking Funda"And Intereat" Pricea

Write for Booklet 550"Conaervatlve Inveatment Bonda"

SpencerTrask&Co.Inreetment Heeurlllea

25 Broad Street, New YorkALBANT BOSTON CHICAGO

IndustrialPreferred StocksThe attractire income yieldand margin of aafety over

diridenda of 27 inuea are

ahown in a apecial cireular.The record of thia claaa ofatocka during tariff reTiaionaand buaineaa depreaaiona to-

gether with poaaible effectaof conditiona after the war

are treated.Circtilar K-19 ttnt on requett

A. A. Housman & Co.{N»w Tork Stock ExchanjeNew Tork Cotton ExrhangeN. T. CofTee ft Pugar Esehaage

20 Broad Street New YorkBRANCHXSt

8 Eaat 4Sd Street 88 Weit 83.1 Street

AmeterdamBerlln

J.K.Rice,Jr.t5iCo.WlllBuy100 LaaaBaai a \irrtnl» Traneportatlon]ihi ( (.ntinenlal In*nranre25 E. W. Bll«* (on.

t<Hi l r«eport A Tumpleo Fnel Oil15 German Alllanre InauranceKHU.eneral Mmitfol.l 4 Prlntln*Ml \\. .lohna-Manellle C»m54» National Miret.v "Kiarita"

t<«\ Vnrtli KUer In.uraUli e

,Vi v it ..ti;il fiiel <,u*j', K .1. ateraoMa Tobacco Com.::'. Hlager Manufacturlruj

J.K.Rice,Jr.&Co.WIlISeIII8B BatmirB a Milrox80 1I.-I Lavrk. at We.tern Coal88 Olxoa ..!<>« ( rni llile:ji Irifpfirt, Texaa, "KUthta"'.'.. I Klellta-riimlx Inetireoire'<!". i.rrman Amrriran Inauranre10" lnc*r*oll-fUnd I um.IBB natBlaaaa Mkaii (om. m Pfd.88 VitMintal Barelj "Klghta"1". I'm .ilii.i ¦!..» (on*. ( .-.II. Com.4o »ln«rr Mimiifur luring

WKI Splitdorf Klertri. I -f.|.V.'» , ark'-'.a ln Unllated and

. avl r»*p»i!fu . Inwtc

J.K.Rice,Jr.&Co.to 4110 John Z: Wall St ;. V

Taking NothingFor Granted

Our retommrndationiwill commend them-»e!vfi lo you. Theyare bated upon tearch-ing tnvritijjalion thatt a k e a nothing forgranted.

H. D. Robbins & Co.Iucorporated

Intmttment Stcurititt

61 Broadway New York

aBoston & Virginia TrampTexa» & Pacific CoalBabcock & Wilcox

FREDER1C H, HATCH & GO.I'lion* Hroatd 5140. 80 BroauJ Hl.. New Vork.

/n?a>. U*ap|.t«.e to K<jaWo a/.d *^liad.l»tila.

STANDARDWE WILL BUY Q WE WILL SELL

m aaaaa we»ai c*»*. I »» i «f*** .>. l..« bbbbb f. i_ I v> <>n» on7* rralrla 0 4 8. I « Beaajr *ee«l*|M 8*»t* *.**» rni |a»V' » 0. ** 0*1

CARLH.PFORZHEIfVtER&CO..a-keeea 4M« 1-214 Be»ae. 24 BraeJ 84.. N. V.

I

Finance - EconomicsGARET GARRETT, Editor

WALL STREET OFFICE: ¦ .S?TaaiflMilla Building, 15 Broad St Hanoverj5514_

Tuesday, October U, 1916.

The utock market auffered whatStock Exchange traders diagnosedas a Wilson shiver. But the stockmarket now is a thing that shivers

very easily. It is not sick; it is onlystuffcd. So mui*h blood has gone to

its stomach to attend to the businessof digesting profits that its exteriori.i extremely sensitive. Tactile sen-

sations are imagined when there hasbeen nothing to produce thera. Asensation of shivering may beat-cribed to a fall in temperature, as

one 6ays, on going into the air aftera very heavy meal, that it seems to

have turned cold, whereas the tem¬

perature is the same as before. Thestock market is overnourished. Itis fat und body conscious. It fearsfor its health, and has a morbid in¬terest in its own symptoms.

You probably wonld be unable to

find In all Wall Street a man withhis mind made up either to sellBtocka which he actually owna or to

buy artocks for inveatment on any¬thing that may happen ElectionDay. A rational reason for tblnk-

ing better or worse of Ameriean ee-

curities according as one man or theother is elected President eouldhardly be stated. The odds on Mr.

Hughes were once as high as two

to one, and Wall Street was veryEiire he would win. Its interest in

it was political and not flnancial.The odds on Mr. Hughes have grad-ually disappeared, and Wall Streetis not sure who will win; but thastock market has continued to risefor economic and psychological rea-

sons quite independently of politics.You can find plenty of speculatorsv.ho think prices would rise on theelection of Hughes or fall on theeiection of Wilson; but they are

talking of prices only.that is, offluctuations. They imagine that

"big people" put the stock marketup and down for political effect, justa^ they imagined that a modern re-

action in the price of United StatesSteel common from the highest priceat which it ever sold was related ina sinister manner to a meeting ofthe executive committee of the Unit¬ed States Steel Corporation. Steelcommon began to show weaknessimmediately after the meeting ad-jcurned. It was probably a mere

coincidence. But you eould not

prove that it was of was not, anymore than you eould prove thatweakness of the general market was

a Wilson shiver or the stomachache.

Weakness both in the Anglo-French 5 per cent External Loananc in the British povernment's Iper cent Secured Notes was owingnot to the fact of a second collaterallcan being imminent, but to theprobahility that it would be offereda'. a price to yield a higher rate ofinterest. It is an extraordinaryfact that Great Britain is still able(o borrow in this country at a lowerrate of interest than at home. Sheis paying 6 per cent on her new ex-

crequer bonds. Her 6 per cent notesare selling here tbort 99, to yieldabout 61-3 per cent. The 8 peicent exchequer bonds are. of course,unsecured, and the f> per cent notes

selling in this market to yield 6 1-3

per cent are secured by gilt-edgedcollateral; but if you raise the ques¬tion of intrinsic quality, surely theunsecured obligation of the BritishEmpire ought to be as good for a

British subject as a secured note foran Ameriean investor. The rate ofinterest is rising in the world. Thatis what is happening. The normaleffect of that phenomenon is tocausc a fall in the principal valueof old securities bearing lower ratesof interest. They decline until thenet yield of, say, a 5 per cent issueis equal to that of the new f> percent issue. English buyers of war

loans are largely protected againstloss in principal from a rise in therate of interest by an undertakingrn the part of the government lo re-

fur.d old loans into new higher in-trrest bearing loans pound forpound. There is no such protectionof foreign holders of war loans. Ifthe rate of interest risea the prin¬cipal value of their holdinga willfall. That is why short dated loans,maturing in two to five years, are so

highly preferred. Loss by a rise intbe prevailinj? interest rate cannotaffect them very murh, because theyare so soon redeemable at par.

Money on call at the New York StockKxrhanga waa aflfltflfl, with a rtilingra** of tfl) per cent, compared with2\ on Monday.Tha market for tlma fonda on brok-

.ra' Stock Kiehanjre collateral rnn-

tinuea dull and eaay. Tranaactionaconsiat malnly of renewala, new buai-neaa bmig eitrernely li|jht. There waa

no quotabia cbangfl ia raUa reaterday.

Ruling ratea on money yesterdaycompared with a year ago were aa fol¬

lows: AyearYesterday. ago.

Call money.... t%%.%%Time money: e-atamaa.

60 days. 31 2#ff%90 dava. VA9>*y*% V/m»3%4 months.... 3'/,@3'/2% */tf3%| to 6 mos.. 3'4(&:3'/2% */*.«%

Commercial Paper. There is little

doing in commercial paper. Despitetalk of firmer rates in the near futureon the part of eome bankers, there lsno indication that any auch develop-ment is lmminent If anything, thetone ia a trifle softcr. Rates continueat 3'i to 3% per cent for the best

regular maturities.

Official rates of discount at each of

the twelve Federal districts are as fol¬

lows: ,Matunty in days.10d. 30d. 60d. 90d.

Boston . 3 3'/g 4 4'New York.*3 4 4 4

Philadelphia-.§}* 4 4 4

Idereland_8'/. 4 4'/a 4'/aIRichmond «~.«~ 4 4 4 4Atlanta-....- 4 4 4 4Chicago ..-.3'/8 4 4 4^St Louis...,.-..*. 3 4 4 4

Minneapolla ...... 4 4 4 41/2KanaaaClty.4M *>Vt 4'/2 4'/2iDallaa .. . iYz 4 4 4!6an Francisco.3 3'/a 4 4'/2

*15-day paper.

Bank Exchangea..The day's clear-

ings at New York and other cities:Exchantres. Balanees.

New York.$710,401,898 *28,151,948IBaltimor. 7,089.550 768.683Boston . 40.449.596 4.709.596Philadelphia... 51.554,132 7,744,059

-

Sub-Treaaary^ New York banks lost

to the Sob-Treasury 11,809,000.

Silver^.Bars ln London, S2Vi pence;here in New York, 67% cents; Mexicandollars, 61?4'g5578.

Enrope's Silver Cnrrency.--Moblllia-tion of gold by the European belliger-ents has thrown a heavy additional.burden on other mctallic curreney, ac¬

cording to Samuel Montagu & Go.,,London bulllon dealers. The follow-

lag figures, showing the contra-tedholdings of silver coin by the Btate

banks of France^ Russia and Germany,at gimilar periods In 191* and 1916.are intereBting:

Rept, 191«. Aug., 1914.Bank of France.$67.368.000 $125,065,000Bank of German? 6.315.000 20,570.000Bank of Russia. 44,045,000 29.330.000

It will be noted that the Bank of

Russia ls the only ene to show an In-crease.

-

(¦old to Japan^-The Rub-Treasurytransferred $1,000,000 to Ran Franciscoyesterday for the account of the Yoko-hama Speeie Bank, which is shippingthat amount to Japan.

More Gold from Canada. Anotherj;.,.110,000 of British goM arrived frornOttawa yesterday and was depositedat the Assav Office to the credit ofJ. P. Morgan L Co., making $35,500,000so far this month and $420,000,000since the first of the year.

The Dollar in Foreign ExchangeKxehanpe on Vienna wrnt to a new

loa record when kron^n checks sold at

11.92. compared with 11.9S the day he-

fore. Marks were slightly easier. Barisafxrhsnge continued strong, rhTks ad-vancing from 5.27 Va to 6.26. There was

no change in sterling.Wrek

Yesterday. a;:".Sterling, demand. 4.75't 4.75s8Sterling, sixty days-4.71'2 4.71%Sterling, cables. 4.76-V 4.76 '»

BtarllBffa ninety days... 4.69'4 4.69'2Francs, demand. 5.84' 2 5.84i8Francs, cables. 5.83'2 S.SS^bGnildara, checks. 41 ¦-, 4078Guilders. cables. 41'a 41Reichsmarks, checks... 70 <j 70'2Keichsmarks, cnblcs... 70 \ 70^8Lire, ehaska. 6.54 6.49Lire, cables. 6.53 6.43'2Swiss, checks. 5.26 528' 2

Swiss, cables. 525 52734Austrian, kronen, ch'ks.11.92 11.99Stockholm, kr., checks.28.40 28.35fopenhagen, kr.. ch'ks.27.25 27.15Pesetas. checks.2020 20.13Rubles. checka.31.30 31.30

Below ia given the current exchangevalue of foreign money in dollars andcents, together with the intrinsic goldparity, as calculated by the I'nitedStates Mint:

Currentexrhanpr Intrinsicvaiue. ValBB.

Pounds, sterling.$4.75'i $4.86^Francs . 0.17.1 0.19 3Guilders . 0.41,, 0.40 2Marks . 0.17 6 023.8Pvuhles . 0.31.30 0.51 2I,ire . 0.15 4 0.19.3Crowna iDenmark 1... 0.27.25 026 8CrownB (Sweden). 028.40 026 8

The above rates express theAet of

foreifrn money ln terms of theNawieri-can dollar. You buy an Knglish poundsterling for J4.75ii; the intrinsic par¬

ity ls $4.36*4 per pound. Thus, yousay either that pounds are at a dia-count or that dollars are at a prc-mium, which is owing to the fact thatin Kngland the demand for dollamwith which to eettle accounts ln thiscountry la greater than the demand Inthii country for pounds with which toaettle accountB in England.- a

Japan'a ml.ling Industry ia makingateady progresa; her anntial import offlour before the Ruaso-Japanese Warwas valued at |5,000,0n0, whereaa sheis now able to export the commodityin an increasing amount each year.

GERMANY TAKESSTEPS TO MEETPEACE PROBLEWSPreparing for EconomicReadjustment.Live Stock

Supply Increases

By KRNST KATIN.[Br Whalaaa to Tia Mbflflfl »ii aaytfllal

Berlin, October 24.

Germany is preparing for the daywhen peace will compel a readjust-ment of the empire's whole economicstructure. Already the government,recognizing the prob'.ems that mustbe met, has appointed a special com-

mission, whose task will be to

smooth the transition from war to

peace. The problcms of this com-

mission will be: (a) How to findernployment for the millions of Ger-man soldiers releascd from militaryservice; (b) how to provide raw ma-

terial for German industries, and(c) how to put abundant credit at

the disposal of the middle classes.Even the most optimistic financial

authorities were aurprised at the

piodigious demand for the fifth Ger¬man war loan. Total subscriptionflaggregated 10,750,000,000 marks.Statistics of individual aubscribersattest to the genuineness of thesefigures; 8,500,000 persons partici-pated in the offering. In contrastto the English method, the Germanbanks never suhscrihe for war loans.The life of the coal syndicate,

whicli was nearinp expiration, has1 een renewed until 1922. It now

cor.trols practically the whole coalindustry in the empire, includingtbe governmental mines. Prussiahas purchased one of the largestcoal propertics in Germany, and isnow the stronpest member of the

syndicate. The whole transaction istypical of the governnlent's likingfor industrial combinations.As a consequence of the better

fcdder crop, livestock supplie* are

rapidly growing. On Septernber 1there were 17,250,000 pigs in Ger¬many, BfBinst 18,260,000 in April.The supply, however, is still farshort of the 21,7.r)0,000 pigs ownedin Septernber, 1914. Caitle, too, are

increasing, with a gain of 417,000hrad since April. Milk and meat

production is still poor, ia conse¬

quence of last year's crop failure.A combination of leading financial

interests has founded a potato-grow-Ing company, with a purpose of in¬creasing the production of tlm sta-

ple.Chrmical companies are prosper-

ing. Twenty important concerns inthk business earned prnfits of 141,-000,000 marks last year, against107,000,000 the preceding year.

AMPLE~GOLlf.liEETAFTER-WAR DRAIN_.

Country Will Bc hqual to Emer-ngecy, Says A. C. Miller

Indlanapolia, Oct. 24. The man-

apernrnt of the frold supply of the coun¬

try Ifl meet the foifliga drain which ic

expeetrd after the rlor-e of the war waa

di?rus?rd to-day by A. ('. Miller, ofWashington, a inemhrr of the FederalKesrrve Board, bflffltfl the Indiana Btfltflliankers' AflaOfliatiOB. Bfl cxprer.scdthfl or.inion that tho T'nited States willbfl ahle to meet all demand* which willbe made without Bfllifllia diffirultir*1 or

disarranKement of the system in thiacountry-

Mr. Miller aaid questiona which willnrise after the war are, Where ia thejrold to come from and what is theprocrss by which it will be obtained?He continued:"Gold loat by the banks to meet the

foreifen ilfllflflfld would be r<*p!aceil bymobilizin**; a part of the present float-ing supply of the rommunity into theirbanda. This praeeflfl would be facili-tated by th« flflflfl with which FederalReaerflfl notea, eould b. iuflfld to lill tlieToid ereatfld by tha arithdrflflral of goldor other formx of currenry."

CORN PRODUCTSMAY BE SPLIT

INTO 4 UNITSGovernment Plan for Dis-solving Combine To BePresented Next Week

Plans for dissolring the Corn Prod-

ucts Refining Company, aa they are ex¬

pected to be outlined in a decree to be

t:led by tho government in JudgeHand'a court a week from to-day, it ia

learned from authoritative aourcea, In-

volva tha creating of four units to takeover the assets of the present corpora-tion.

Present atocfcholders, It la aaid, will

be enjoined from holding securities in

more than one unit. In that way it is

hoped that each of the four units willbecome atrictly independent andthrown into absolute competition withthe other three.

In worklng out a plan for diasolvingthe Corn Prodncta combina the gorern-ment officiala, it la declared, have be^ngnided by a deaira to avoid all groundafor auch crltlelBm aa haa been pro-voked by the apparant fallnro of dia-aolutlon proceedlnga both ln tho caae

of tha 8Undard Oil Company and thoAmeriean Tobaeco Company to brlngabout the kind of competition deslred.What atepa the Corn Products offl-

clals have taken to coraply with theorder of the court that the company bedissclved as a trust operating in re-

atrair.t of trade have not yet been madepublic. At a special meeting of thedirectora held last June it was unant-motisly decided to appeal the dissolu-tion decision.

Federal Trade Commission to Act

Any plan which the company mayaubmit as well as that drawn up by thegovernment will havo to go beforo theFederal Trade Commission for ap-proval and then be reported back to therourt for contlrmation. It will he thelirst dissolution problem to come up

' beforo the Trade Commission for de-cision.The propertiea owned and operated

by the Corn Producta Company are theArgo plant, near Chicago, with a eapac-ity for grinding 60,000 bushels of corn

a day; the F.dgewatcr plant, on theHudson Kiver, with a capacity of 00,-000 bushels; another of the same ca¬

pacity at Pekin, 111.; two amaller ayrupplaatfl, one loentcd at Granite. City,111., and the other at Pavenport, Iowa,

and a atarch works at Oawego, N. Y.petails as to how it Ifl propoaed to

group theae different propertiea intofour units are awaited with interestDuring the hearing of the auit

againat the company it waa brought out

in the evidenco that its total assets hadan approximate value of $20,000,000.The authorized capital atock of the

company consista of $50,000,000 corn-

mon and $30,000,000 preferrcd, practi-cally all of which is outstanding, while

upward of $8,000,000 bonda have beenissued.

i--a-

Argentine Loan Nearly ReadyHecent discuasiona concerning a loan

to the Argentino will enter the at-ageof active negotiationa by the end of

the week. The amount haa been esti-mated as high as $100,000,000. Thebeat information now is that it will

not be so large, probably $75,000,000,but not andfll $W,.... The hopedfor .^outh Ameriean tinancing has forits purpose the consolidatior of theahort term loans placed here whichmature over the next four yeara. Theytotal approximately $70,000,000.,-.-

Daily Importa and ExportsDaily importa and exports of general

merchandise at the Port of New Yorkwere:

Importa. EflBfll-tfl.Tuesdav.'oct. 24.$3,541,829 $14,605,805llonday, Oet 00.. 3,467.281 27.765.935Saturday, Oct 11. 1.092,370 3,817,532Priday Oet tfl... 2,225,565 17,329,806Tbflffldfly, Oet 10. 2,747,169 5,799,929Wednes'y, Oct. IS. 5.094,547 6,744,979lu.-.lay. Oct. 17. 5.756.514 11,859,640Monday.'Oct 16.. 3,730.115 6,371,935

Significant Relations

Money and Prices: Now. Ayearag*.Stock of money gold in the coantry.. $2,655,141,473 $2,056,732,138

I.iitr-.' report, Neareat periodJun.- IB, Uat year.

I^oans nf all national banks. $7,679,000,000 $6,659,971,000Ratlo of their cash to deposita. 14%11.91

I,aet week. A year ago.

loans Bf Federal Reserve Banka. $104,057,000 $43,322,000Their llahility for notea,net. 11,896,000 15,680,000Their gold reserve against depositaand clrtulation. 70.4'',79.3",

Yesterday. The dny before. A jeer ago.

Averace price of 15 railroad atocka.. 123.91 12422 116.40Average price of 12 Industrial etocka. 10522 105.55 95.60

F'ood cost of livinn (Annalist index Laat week. The wk t>efore. A year ago.

number) .183-82 187.04 141.83

PrOfJuction: :'»i"ml-*r. BBBBBl Ayear ago

Infilled I. S. Bteel orders, tons. 9,522,584 9.660,357 5,317.618I.alcat a^ov't forecnat. I.aet year*« rrop.

Wheat crop, hashrla. 607,557,000 1,012.000,000Com crop. busliels. 2,717,932,000 3,055,000.000Cotton crop, balea. 11,637,000 11.191,820

DistriblltlOn: Octobar. Septemher. A y-ar ago.

Rhorfage of frrlght rara. 61,031 19,873-

Surplua of freight cara. - - 78,331r Inrreas* or derreaee from laat year.--,fiarnn.l week Kir»t week Jan. 1 to

of Oct ofOt. July .11.n7ma.Nl. CJ! laaaB). <77ma<U>.

f;rt)ss rallroad earnlnta.10.7*. t 8.6«,| 20.9%r Inrreaa. or rferreaae from la»t year-,Ij»»t week The week hefure. Year «o date.

Bank draring<» . 36.3% i 19.9'. 40.4".

BETTER TERMS FORNEW BRITISH LO.AN

Issue May Be $300,000,000, toRun Three and Five YearsPublic cffering of the new collateral

loan to Great Britain will probably ba

made next week. The amonnt is ex¬

pected to be $300,000,000. The de-

taila, though not yet offlcially an-

nounced, are practically all known.

The loan will have two maturitlea.Part of it will run for five years, the

remainder for three yeara. It ia likelythat the loan will be about equallydivided between the maturitiea.

Ra*; of interest will be 6 per cent,

but the price at which the aecurlties

will be offered publicly will be ahaded

somewhat, so that the yield will be

slightly higher than the return on the

$250,000,000 6 per cent British loan

placed here in August. Those notes

were sold at 99, to yield a trifle over

5H per cent. They were underwrltten

at 98 and accrued intere.st.

The new loan, it la understood, will

be eeenred by a lower ratio of Amer-

ican collateral than the laat Secur-

itiaa of nautral countriea, which have

already been approved by membera of

J. P. Morgan *» Co, in London, arill

probably fo.m tha bnrk of tha col¬

lateral. Tba Anjroal loan waa backed

by thrae groupa .» Bocnritiea, havingan aggregate valne of $300,000,000, of

which $100,000,000 waa "AmerlcanB,"$100,000,000 "Canadlans" and tae re¬

maining $100,000,000 bonds of Argen-

tina, Chile, Norway, Sweden, Swltzer-

land, Denmark and Holland.

Russia Attended To

Although the total of foreign loans

taken by American investors since the

war Btarted will soon reach the $2,-

000,000,000 mark, the end is by no

means in sight Even with the formalannouncement of the new British loan

immlnent, negotlations are going on

for another $50,000,000 advance to

Russia. It was learned yesterday that

this loan will take the form of a bank-

ing transaction. There will be no pub¬lic offering.

RelevantInformation

Bethlehem Steel. The common stock,on a tornover of 1,380 shares, made a

new high when it sold up to 629. Itclosed at 61(1, an advance of 31 points.In 1915 the company earned 112.49 percent on its 114,80.001 of common

against 32.59 per cent In 1914. Divi¬dends are now being paid at the rate

of $30 a yoar on the common stock.There is $1-1,908,000 of 7 per cent cumu-

lative preferred outstanding. At the

end of last year the company an¬

nounced it had $175,432,895 in orders

on hand, most of which were for mu¬

nitions of war for the Allies. Since

then ao much now business has been

taken on that ln August it was cstl-mated that the total orders booked bythe Bathlahaaa aggregated $300,000,000.It wa? said at the time that it wouldtake two years to fill them. In Septem¬ber an ur.o^eial estimate placed net

aarBlnga far tlio current year at |0v>000,000, or $400 per share. The com¬

pany has an extenstve extension and

irnprovement programme lai l out, in-

volving an expenditure of $70,000,000during the next three years.

I.eather BaaaffBBV Central I.eatherwas another industrial to sell to a r.ew

high record. It touched 95>« on trar.s-

actions of 75,000 shares and closed 8'aup on the day at 04%. The companyissued its report for the Septemberquarter yesterday, which disclosedhuge earninps. The surplus earned kflthe nine months of the year ended

September 80 was equal to 17.90 percent on the $30,701,301 common, or atthe rate of 23.86 per cent for the full

year, against 19.90 per cent in 1915.The American Hide and I.eather Com¬

pany in its report for the Septemberquarter, also issued yesterday, ihowcdnet of $276,087, compared with $502.732in the corresponding quarter of 1915,equal to 8.4 per cent on the $13,000,000of 7 per cent cumulative preferred.Iiespite thia the preferred was strongand closed 21* per cent up. The dlrec-tors in isstiing the earninps statementmade apo'.ogy for the bad showingthus: "The effect of auch fluctuationIs naturally liable to be more pro-nounced in quarterly stntements thanin statements covering a more extendedperiod."

Mexican Petrolenm. The common

stock was strong yesterday, advancirg24 points to 113. No dividends havebeen paid on this issue since 1913.Pividends on the preferred were re-

BBflBSa] last spring at the full rate of 8

per cent This issue sold yesterday at

Bf, or 17 pointa under the common,which pays nothing. In 1915 the com¬

pany earned 24.07 per cent on ita $12,-000,000 of 8 per cent cumulative pre¬

ferred and 5.12 per cent on the com¬

mon. Its grosa revenuea were $4,509,-f.ll. compared with $5,4.39.PLN ln 1914,and $7,115,002 in 1913. The MexicanI'etroleum properties are located in thaTampico district of Mexico and com-

pri«e In all more than f>00,000 acrcs ol

oil bcttring landi.

LONDON BEARISHON WAR NEWS

Viscount Orey's SpeechIs Interpreted inTwo Ways

Br FRANCIS W. HIRST.[Br CaNa t> Tha Trllnina]

London, Oct 24..Influenced bythe Rumanian news, Stock Ex-change depression lowered prices to-

day. Viscount Grey's speech, whilflindorsing Lloyd George's interview,softens its effect on neutrals by in¬dicating his acceptance of the ideathat after the war peace may b«

guaranteed by a league of the pow-ers. The language of the speech isavibiguous. Some think it pointstr a long war of exhaustion and at-

trition; others think it is intendedto expedite peace.

Probably it is a fair inferencethat the British government is mostinsistent on guarantees for thefuture and ia not disposed to backextravagant demands.The fall of Constanza probably

meana fresh auppliea of oil andwheat for the Central Powera, batthla yeara Rumanian harvest ifl not

very good, and the Constanza depotamay have been depleted.The young rubber companiea got

a small concession from the exceaa

profita tax, but are not satisfledwith it

ForeignI ondon Marketa,- London, Oct. 24..

Government disburacments inereasedthe supplics of money to-day. Discountrates were steady.

The near Eastern war newB keepa thestock market dull and easy. Gilt-edgedaeeurities lost a fraction to-day on

moderate aalea, and Rumanian oilstocks were weak as a result of thesetback in tho Dobrudja. There was

little disposition to operate anywhereexcept in the Ameriean section, whichwas the bright spot, with a goodbusi-ness in low priced sharcs and UnitedSiates Steel. Brazilian bonds were

tirmer.Money, 5 per cent; discount ratea,

short and tnree month bills, 5^ to0*ja per cent; gold premiums at Lisbon,62.00.

Paris Boura*. Paris, Oct. 24. Trad-ing was quiet on the Bourse to-day.Three per cent rentes, 61 franca 10

centimea for cash; exchange on Lon¬don, 27 francs 81-*4 centimes; 5 percent loan, 90 franca.

New YorkCoal Sitnation Seriona. The anthra-

rite aituation is daily becoming more

strained, aecording to "The Coal TradeJoumal," and so far as the trade cansee there is no hope of relief beforethe close of the lake season early inDecember. That will divert a consider-nble tonnage eastward. It will no doubtafford a measure of relief to this mar¬ket and other points that can be freelyreached by rail, but U is doubtful ifmuch extra tonnage can be diverted toNew Kngland because of transportationobstacles. Prices at the local ports, aswell as on line shipments, have ad-vanced fully 50 cents in the last week.

-

Trlseo Reorfraniratlon. J. t W.Seligman & Co. and Speyer & Co., rfl»organization managers of tho St Louls& San Fnnciseo, announced yesterdaythat the new company will probably berrady to issue its temporary securitieson N'ovember 8.Inited Alloy Steel Election. Edward

A. Langeabaen, president of the BarberManufacturing Company. has beenelected ehairman of the board. HarrvRoss Jones has been made president,K. E. Rogers vice-president and E. I>.llang secretnry and treasurer. Theboard of directors consists of the fore-going and William H. Woodin. E. H.wellfla H. A. Colby, Bayard Dominickand John \V. Prentiss. The last tworepresent the bankers in the new cor¬

poration, while the others are heads ofconcerns which are regular customers.Ameriean Hlde and Leather. Follow¬

ing a meeting of the board of directorsyesterday rrorganization plans weredeelnred to be at a deadlock. T. S.Haight said that no rfladjostaaeat planwas fcasible which was not approved"with BflbatflBtifll unanimity by theshareholders." The company's poorearnings for the Septernber quarter,made public yesterday. were attributedto laek of "war ordera." The earningswere thfl poorcst shown for any quar¬ter since tho beginning of the war.

Other CitiesFlour Prlrea l'p Again. Mir.neapolis

Minn., Oct. 21. F'.our prices continuedto risrf here to-day. Fancy patents were

quoted at v.70 a barrel, an Increase of15 cents over yesterday. First clearesold at %i>.20, an increase of 30 cents.

New Railway llead. St. Joseph. Mo.,Oct. 24. At a Ateetiag of the directorsof the St. Joseph L (Jrand Island Rail¬way to-day E. E. Calvin, of Omaha,president of the Union Pacific, was

made president. G. G. Lacy, of St. Jo¬seph, retiring president, was electedvice-president and was made treasurer.Alexander Millar, of New York, was

elected secretary, and E. Stenger was

rc. lected general manager.-

Canned Beana Stronf. Chicago, Oct.24. The retail price of canned beanshas been advanced 50 per cent, whole-snle dealers admitteci here to-dayBeans which sold at 10 cents a can arenow bel'.'.n? at 15 eents. A cheapergrade is selling for 12 cents.

Boaton Coppers. Boston, Oct. 24.Tak;ng prorits from the advance whichhad carried copper shares within a

point of the yeara highest averaje un-settled the local market to-day. Reces-aions aet in at mtdday and rauaed a

marking down of Bflflflfl issuea. Tho closewas colorleaa. Copper Range, 71lk;Allouez, 70; Granby, 9lS; Old Domin-ion, 70.

DividendsOflflflflfl Conaolldatad Capjirr. Recular

quartrrly <li\ idrnd ..f |t a ahara.Na'i.nal 4'lty Bank. Hrgulnr aeml-annual

dM.lrn.l of f. par cent, pt*fl*flUa Novemher 1to laoafl of rword CX t..l**r 21.

llMnola Trac4l«n. n***i1ar <T.rterly tiirl-dand i'[ \ nl 1 per cent on tha common

THE

Security SitoationIN

RetrospeclAND

ProspectSend for our Special Letter "407*

Renskorl, Lyon& Company

r A'ata York Stnrk BrekmAp.J Chicago Board of Trtdt[ New York Cotton £*c*un«

Members C hicago tsoard of l radaXrw York Cotton Estket,

33 New Street (°;^),N.l

Consolidated fias,Electric Light & Power

Co. of BaltimoreCOMMON STOCK

Earned last year four-teen per cent.

Pays seven per cent

Yields six per cent.

Is listed upon the N. Y,Stock Exchange.

Write, call or 'paoae for clrcalarfiriaf coaplete ioforautiea.

Thompson.Shonnard&CoMembert .V. V. Stork KxthanfA20 Ejicharige Place, N. Y.

Thone Hanovar 7014.

\ Benjamin Fran^in, flaJH.J "Usrfu/atftinmenti inyturtrinr-A ity Will' frocurt riches in msttrirj",e> _:-.,-.1

ZnpHIS Company is pre-l| pared to attend to all!Xthe details of management',£ of large or small esfatea.

& Scnd for our bookletJentitled "Custodianship ofI Real and Personal Prop-|«ry-

? FatabttA.^ .

I FhtnAlin JruSl Compatrff JKbb 1»rk Oftr.tl 41 WawSatatft BBaBa ofeti 166 aaaaaaai St., B'auva.<f Faaaa St. Ofut l 569 NtaB S*., B'kira,|^x**>w-:":"X":-x-:->:-»000

Large or SmallInvestors

Tour order wi'.l r>.-»K* p*r*>*ala-- ntlon whether fnr n<M tota or

Ita Bhara letah aiat No W-H af aaaaaaai B>

..,.,,.. «¦ r*<ju**-

(hisholm t (hapmanVaaBaafB{£», £.£<& :,'^*a^71 Broadway, New Yorlt Citytis Montaau* s* . ateaaaaTfa* V JII North Broadway. lonkera. V. I.

777 llroavl Nreet. >ew»re, 9. «.

Henry Clews & Co.ard II BR<

MKMBrJll '

N. *. *T<>< K K\rH4.*0»Stoclti. Bondi and lavotiaent fccanaa

bought and told on caBBaBMSMB. A'« BBBaon coniervative terma. Depoiit Acceaaoicived mbject to che.k at ught.

Intereit paid on dailv bilincci.BRANCH OFTICBJ

609 Firth in s'3 X- 1* r1111 Broa.lw I '¦¦'¦ UV,'-..50 Union Hquar. 1« CBaH IV BB^

SEND FOR BOOKLET4Thc Safetyof Savings'

Now ln our J-th r*ar.

CaOaefS L-.fl & Iflvestnieit c*A Havliif* and 1 **** ^¦{¦tffat t.

8 !iamp*on Jaafaj. Bl BTBBl »».. B»

WmXRead&Co.Investment Bondo

Naaaau & Cedar Streeta, JJ^JJJChleaaa phi'.a«i-:rh'-» »' **** "^.

*tock. bbbjbbIi aaaaaaaBBB 11 * *¦»¦ **

crd October II. (ma-W*KaminUtlquia Pewer. R"^," 5^,^

di% bl. n.i of 1 V r*r cent on Bapj ^.tovk. rayahle November II te .f*»or<l October 31. jMleai B

:33 I-? r-er eent. inrreej.trf the -J..)W

capital atoa-k from |S0«|.000 to '^ ^^Ontarto Steel. BecwJat y*1^.LJ. fV

of 1 U per oent on the aaalaalaB aa» (yrable November 15 to *tavk of refv"

National Carfcon. K.tra <«' '^"jar*rent on the common itoc*. par*1""

TbbBb Cenaatlaatal V+ftfA*II . -hare. r.rable November M "

r*>rord October II.

Corporation KeturnsCentral !^.U.er. BMBert fafjjj Jg

¦aaaaa aaaaaaaat lo. J'^VaaaJBa «*aftaf pr.forte.1 .Itxl.leml* o< I- <¦.

Coniiuueal aa aaBTe '»« aa*aaaa