The Wall Street Journal from New York, New York • Page 2

4 11 I UP 'ii'n 1 mi auisj. IE. ft I P- "I 1 Hi THE yikll STREET OURSAt. sy 'v unnia BTKsnia taunowt, sally, exe.pt Sear, ST DOW, JONES 5 CO. W.

BUBftOX, twMt. Hu-a Bancroft. Secretary, JoMpn Cask mi Treasurer. 4 WisaaVSC. Hew T.

Telephone: 'Ob Bread. TBI PAFBR BAR A LABQBB OtBOVLATIOR THAW AVY OTHBSX AHKBICAtr FISAHCIAIi PITBLICATIOK. Saaaertptiaat 1)3 yearly. monthly. ef ate Sally, for either edition; pastas paid to the United Slat, Cauda, Mexico.

Paerto Rleo. Qaara. Philippine Idaada, Hawaiian Ulanda aad Cuba. Foreign pottage' VeSr additional. AMmm will be changed at frequently a Ueehra.

but la every rat the old addre.a alao should be ftv.o. Advertleeanatet Rates will be furnlehed on requeat u. or any responsible advertlalnc agency. fEntered at the New York Poet Office second-clssi mall matter. The (rata la Ha proper aee.

MARKET DIARY. 1912 1911 Sen. 26 Irregular. Sept. 28 Strong.

707,931.. 91,317,803. 2.258.500. $5 1 0,341. 500.

Sales of stocks Since January 1 Sales of bonds Since January 1 1.389,573 96,435,893 $1,771,500 The largest transactions were: Price Up Off Sales Stocks Sales Price Up Off 90 38500. 33700 49S 2Vi 15200.. Amer. Can. 300 9 Vi 0 3070(1.

Emelffr 44200 62 3 9900.. Erie 10400 30 1H300. St 300 27 42 1 200 2C Nor Ore 154 l- 172 Le'iifth Val. 20500 15S IV, 44Nt 122(10. Pa 5200 35 Vi 172V 6 1O.VO0.

9Xm 137H 2H 3.1 l'-j 14960. lr St 200 22 113k 12850. Pac 16900 107 1 Vi 174H 44400. Pac. 233900 159 3 77 176900..

Steel. 595050 60Vi 31 123.S7 .19 Averaite 20 railroad 110.90 1.10 93.42 .01 Averaite 12 73.05 1.54 90'a Chicago Derember 98'i 53 4 Chicago December OS1 9 New York wheal. 4 New York corn 22 New York October cotton. 10.21 1 ll.Dd New York October 12.82 1 0 'money renewals. .2 Time.

6(( days to 6 mos VVsi'r (i', Commercial paper 45r; 4.S530(n'4.85 Sitrht sterling 4.86401.861.") 10. and 11. Next London settlement October 9, ieml-Tvt nxaln llnr lif nri' of I' ii mu snoil 1 1 ii'. ilf siav inK .1 1. I.

n.wi.l Kni-rs HOLLAND'S LETTER. (Co iliKtit'l From Firsl 'age) (mi or ir r.trer ininlenia telv available niace. there lie from to S9il.00O.00H of crsh. I his money is, fo the tnie being sequestered. It jerves no good pur- pec It earn nothing for the Tieasurv Depaitment.

If this money were placed at the disposal of the business men and the umers who this fall have need of banking ac- lonimiidctior appiehtnsioi the action would presumably put an end to and prevent any loss of confidence, tot, if vrtious reports rc co-iect. tne national osnsers oi Yo-k aie in a peculiar state of mind. Apparently they were informed tha'. the Secretary of the Treasury is disposed to place on deposit in the national banks some portion of the idle funds now in the possession of the Treason- Depaitrmnt. Apparently the bankers of New York would, on the one hand, be pleased if this were done and, on the other hand, wonder whether they would not be bet-te pleaseil if it were not done.

THE BANKERS' fEBPLEXITY. One of the reasons why the bankers of New York would be pleased to herr the announcement from Secretary M.Vcugh that he is intending to place some portion of the idle millions under hi' control on depo'it in national harks is due to the intimation that these deiosits be placed in the banks located in the agricultural districts. It may be thai this disposition of our local tankers is due to the belief that if Government funds were placed upon deposit in the hanks nf the agricultural districts our own banks would still Ik ahle to maintain the recent rates for the me of money. Our bankers are ro' to be criticised for rejoicing that at last rates for the use of money are sufficiently high to let urn a reasonable profit to the banks. The past two years have been very lean years fo- the banks.

If tlicy weie compelled to depend fo- their profits upon interest and discount rates they would have beer, also compelled to rrjuce their dividends. They have been able to maintain themselves because, on the whole, they have made investment of their surplus funds. WIIKRt: THE PROFIT IS Ore of the reasons why our local bankers have not jumped at the intimation that the Secretary was disposed to place Government funds upon deposit in national banks lies i- the fact that ordinal ily there is very little profit to lie lr in ftrff.ntin.fr mrl llliliT.inty limn riAnnsit. tn, 1 i I into piofits. In the next place, under a strict interpret- tion of the law.

the banks are not permitted to lend more than seventy-five per cent, of the money deposited with them by the Government. In the leading they muit retain twenty-five per cent, as a legal reserve So that in New- York, Chicago or St. Louis, if there were strict compliance with the law, a bank that received Gov- einment depotits amounting to $100,000 could only lend $75,000, but it must psy commissions or premiums upon bonds which it has bought or boriowed to secure these deposits snd it must pay the Government from on. per cent, interest on the whole amount. Therefore only at times when the prevailing rates for money are Mention -m .1 I j.

I jumn- the in the first place, the banks must place in the custody of 1 bear its proper share of maintenance, as heretofore the the Treasury Department approved bonds to secure these maintenance accounts have been mixed up with construc-deposits. If the banks are fortunate enough to possess the i tion. bonds, then no expense is entailed, but if the banks are "New York Central now has a better way of reaching compelled to buy or borrow these bonds then they must Philadelphia than via the Western Maryland, because it pay a premium or commission, and this will eat into the can utilize ite own system to Newberry Junction, Jast west i of Williamsport, where it has direct connection with In next place, the banks pay not less than one the Reading system, jn which the Lake Shore has a very per cent, and under certain circumstances they pay to the ltge financial interest. Any freight which it sends out of Government as much as two per cent, interest upon these the Pittsburgh district, or from points west of Pittsburgh, i deposits. There arc other incidental chanres which rut to the Philadelphia district via the Western Maryland, ii i nni tm aiijr irciai aavaniage to the na- 1 unu tional banks in the central reserve cities in accepting Gov- i ernment uVpoiits.

Hoixand. 1 I A Louie Trip. New Morgan Itiillding. Plae- for the erection of a new building the cor nur'nRA T. Arbjtrstton hear-rer of BroaJ and Wall street, by J.

P. Morgan 1 cl' I in: nnUl HoUl. M'n Beach, in July last, I have not yet definitely m. tared. It is not proposed S' Ston' rr8nd ot the Brotherhood put on I aemoliih the old structure before cold weather lets in as tho suinA witnw from the Pennsylvania I has been rumored.

i Railroad whose regular run was from Pitaeairr. to Al- Corporate Stock I twite. The Board ef Estimate postponed for one week action i resolution offered by Comptroller Prendergast recommending the issuance of $2,253,281 corporate stock to psy for to attraction of 8eHion 15, ef theJlrosdwsy-Lexington avenue subway. (tor Order. W.

B. flrace aV Co. have ordered 75 box snd stock earn from the American Car Foundry Co. for the Central Railroad of rem. TALL STIli: ET JOURNAL, FHIDAY MORNING, SEPTEMCEIl 27, 1012.

THE IREJILEY SHE DEVELOPMENT; FAMiAt SOLUTION OF- THE TRAKSPORTATIOK '1 PROBLEM PLAK PROPOSED FOB CQVPHY TtfTJir a i toTtrrtn wtir TwvumI PtMibilutii of Stttttn mnd Bxptniwu-SngUumt Un Ttrmmal OuMn- FuwrubU Option ferUh4 piwRaarul Ncai iMtmlhtitm Tfn York htd IU Ompeti. rJ'j tortSguiptntnt. ARTICLB il. A partial solution of the transportation problem of tto port of Now York lies In each plana ai that for the Montgomery terminal, which la to ba located an tha Km Jefeejr mainland, at tho Junction of Staton Itland aound and Railway rlw, at the aed of tha Arthur kill, between SUten Island and New Jersey. By Its extent of 907 acres, which, can bo doubled if desired, It Sur-pass the three largest existing terminals of one-half its capacity, of 200 acres, and of thirty respectively Its quay wall and pier frontage will be about 20.000 feet.

or almost four miles. This will (rive an annual tranafar. ring capacity of 2,600,000 tons, which can be doubled. The cubic capacity of the sheds will be 13,000,000 tons. Forty-nine large sited freighters of 469 feet length can be berthed there, leaving almost as much space for smaller vessel.

A basin of forty acres will furnish ample pace for smaller vessels. The engineering plans have been prepared by H. McL. Harding, the engineer of the Upper Mississippi River Improvement Association, the chairman of the Commission on Terminals oi the Internationa i Watepways Congress, and the consulting mechanical engineer of many railroads. Speaking to a representative of Dow, Jones Ml.

Hard- PLW OK THE MOXTGOWKRV TKBMIWAL AT TREMLEY, 1. WITH ADJACENT iyDVSTRIAL SRCTIUX. mp wild: "New Jersey is a natural seapoit. It can develop an enormous business. Hut the rail- road- have taken up nil available space.

The property that ha been chosen for the Montitomery terminal is nuiiuiaui siLuttieu. i no snore line oi lap sauna envision I or me iscw jersey central Kailuiad is at the head of the H'rs oi uie properi). inrougn me center comes we tral of New Jersey. At the further end is the main line of he Pennsylvania. The Baltimore Ohio is a mile P- And the Lehigh Valley and the Erie are near.

All i 'hese nd others can be reached by the tormina, and its development. "There are today some thirty-three companies desir mK gci oerming lacnmes uiong wc water ironi oi New York. This terminal will comprise all the elements wnicn nro now deemed necessary for a successful nro now deemed necessary for a successful ter- jminal: piors. sheds, dray areas, warehouses. The ware- and small.

The cost of installation will be $2.50 lineal I houses for long storage and cold storage, for wool, to- foot for tracks; a car for the Telpher system; I bacco. sugur, coffee, and hemp, as well as those designed $8,000,000, including equipment, for the terminal. The i for fish, fruit, and perishablo commodities, will be sit- i Westinghousc company will make the Telpher tractors. I uated in the reserved portion of the industrial section to The railroads are in sympathy, as it creates business for I the west of the basin, as the domand arises. In this them.

In fifteen yoars there will be at Tromley a town area will be located the industrial lots, while in of one hundred thousand people the western division will be 'the homes of the employes The interest back of these large plans has net yet of the terminal, and of thoso factories and industries been revealed. The railroads, by their proximity, must situated within the industrial section. This terminal will be largely interested in the outcome. The Standard Oil be pre-eminently for through freight. is very near.

And the Standard Oil is building "Through the center of the terminal will be the tank steamers out of the ninety-six now in construction tracks of the terminal railroad, three and one-half miles in the1 world. These surmises may indicate the possi-in length. There will be sidings, loop tracks around the bllities of the new development which, under any cireum- I. i -r 1 i i wnoie waier irunv oi mc iei inniai, awuuimiiK, wim me receiving, classification, and storage tracks, to about thirty KXPECTEl) to akylan According to Hip Httilraad Oflicial Central Him Flctlcr 11 'ii; of Heachwfi Philadelphia Can I'tilve Own Sijftcm to Xetrbtrry Junction. One of the best informed railroad officials in the ina- United States, dircussing The Wall Street Journal's js of Wcte Maryland's earnings for the year end.

q(lth fir or rairni tern has been enlarged, that it has been called upon to 1 mm ia mow 1 would simply help a weak line in which it has no financial interest, snd depriving its own Uses of the substantial haul east of Pittsburgh and Buffalo, 1 "It is evidently intended by those who own the West- 'ern Maryland, if not already arranged for, to sell out to tnv inCW iur VIl.tat fi. wiin: tli.c hush Ml.t CVIUlajr I able to buy, as a means of reaching tidewater at Baltimore and thus availing of another Atlantic port. It may be desirable for New York Central to make such a purchaie in the future, but from the standpoint of the stockholder in I the New York Central it would not seem advisable to go I building up Western Maryland at the expense of ite I own system east of Pittsburgh and Buffalo, and later pay i n. trafllr Hii.rt.H fm toona. a.

it toon tnta engineer thre and a half hours I to tell the Arbitration Commission erf the multifarious duties involved in taking his train ovrr this run, although as a matter of fact it required only two hours to make i the actual trip while on duty. The engineer would probably have been talking yet had not W. Morrissy, who represented the engineers on tM uommiMion, pasaea tne loiiowing note over to Mr. non-eommituL cranton Trthane-Repub-Btori-. "Do you appreciate the fact that VOUr reeni.

tion is paying hah the expenses of this hearing and also of making a record of this ma nsiu arm wnting SnOUier Oasstd it ever to the witneas. reads "Put en the sir." miles in length as needed, -with Worn tot still greater trackage in the space reserved for this purpose. The ear placement -will be ,000 cars, AU thia will be unified by the latest types of car and cross transferring machinery." Handling and rehandllng 'will be After tha first handling, machinery will do the rest, "by overhead conveyors, tractor and trailer hoist trains, with 'movable cms and loop tracks. direct transference between -vessel and nil bv mechanical math. jods, -elimination of lighterage, less detention of ships, leas terminal expenses, a dollar a ton will be saved on through fraitfhta Mr.

Bsrdlng Jotrher pointed out that the Kill Is'U5o1 ieet mum; this equals the Thames at London. Tha depth is ample for the ships mentloned, and, with a tonnage passing through the sound twice as great as that of the Sues canal, it is xpected that the Government will in-crease the depth from 41 leet, mean low water, to 80 feet There is a small island of ninety seres whose mud can be pumped out This would make the waterway half a mils wide. Elsewhere breakwaters would have to be supplied by the Government SUten Island is a natural "Europe is far ahead of us in cheapness of transfer, Boston is trying to develop at the expense of New Yort. It is spending $9,000,000 for later it is to spend $25,000,000 snd up to $50,000,000 for terminals. 8o.

Lon, don is spending $83,000,000 for the same purposes. Montreal is a of New York. Norfolk has a beautiful harbor. If it digs channels it will prove a tremendous competitor with New York. Costs for shipping snd transference in Antwerp and Rotterdam are a mere fraction of what they are here.

At certain piers in New York; two thousand tons a day are handled. Twenty cents a ton, or $400 a day, could be saved." Mr. Montgomery, who is at the hesd of the tormina: plan named after him, said: "The plan is the result of twelve years of preparation. If the terminal is built a city will follow. From Sandy Hook to Tremley the name of the new development the dlstsnce is eighteen miles.

This 4s less than to Manhattan. Lar business interests are already placed in the vicinity. The Grasselli Chemical Company of Cleveland, with twenty-three hundred hands, is there. So are the Warner-Quinlan Company, which have recently spent $100,000 on Improvements; and the American McKenna 1 Process with eifrht hundred hands, which has been there for five years. Trenilev-Lindcn is near the Standard Oil Co.

plant. Near it is Kast Linden, and next ti that is the Rahwav river. In three months the plans will be bi.iiiiiii.1 m.i riiiiuil rnmii ntnii h. UFii iu a year. Tremley should be the distributing port for Newark.

inree miles further up is the Texas Co. Perth Ambqy is a port of entry. New Jersey is the logical place for berthing facilities. All railroad come to New Jersey from the West, save the New York Central, and that operates the West Shore, jn New Jersey. It coats .60 cents a ton to lighter from Jersey to Manhattan or Brooklyn.

This can be saved. Europe far surpasses us. in one dock at Hamburg there arc 134 irh-anaed prunes i In Genoa revolving jib-cranes carry two or three tons at one time. So, of many other Euroneun cities laree nances, wouia tremendously relieve the pressure New York harbor and the whole port of New York. upon XEW PRESIDENT OF CAMItRIA STEEL.

tt Donner of Pittsburgh Elected Prcnidcnt-Rcpluglc Elected Vice-Prenidevt. Philadelphia A special meeting of the Cambria Steel board of directors was held Thursday mrming at which the resignation of Charles S. Price, president, presented last week, wa formally accepted. Mr. Morris reported on behalf of executive committee that W.

II. Donner of Pittsburgh has finally consented to presiuenjey. ne accordingly nominated Mr Donner for thai office and he was dulv wweni, J. L. Replogle at present assistant tf) this nrtfiairlAM and resident at Johnstown was elected a vice-president Mr.

Donner will continue to reside in Pittsburgh and will nis uuiies jrom mat otlice SS We town. -s in Johns- PEPPER AND SALT. "BOW TO GET RICH." If anybody wro a book on wealth- He read It. On salnlnt coin energ-y 6r stealth He read it. A book on "How I Il.ri i.

Or Or nnles for Oittln, Coup1n. With a knife-How to RMt ecure Wealth He read It. From ta.jjeh took. earn. h)i w.r.

All pearl, of wisdom millionaires mla-ht He read them. If anybody composed torn, mailm. mt. Or other, told their atrnsjrlee, for the Br nlcht and a i.u He read them. it eacer eyes.

'But when a ohanee for fortune came to him He mlaeed St. When Lock wnt by. with lantern bnrnlnc dim He mlaaed It. Kach eUanc to make a million sauntered by Unnoticed by his reetleea. Jiopcfm ye He flrst must understand thins that wa.

He mlaaed It. Tw.ia In the paper. Just the other day You read It. About a carriage that took hi in away We read It. It waa the bumplxs poorhonse van And on the aeat, at ease, this luckleaa man Held In tola hands a book: "Ureat Wealth The Plan." eaun He read It.

Chicago Post. THE EASY TASKS. Let the man who complain, because his ork I. remember that cheap people can take care of the taska Chicago Record-Herald. hard easy SOT XOX-COVMITTAI.

The Jadge may not be lOMuarlvna. but rmi can never I fco nooBJ rOR imi sr. TT 1 1 ro. ft Allnm r- Vim. I Cnuriejy of tlic nngiiiriTlMS lu-cord.

i i 1 I i K'lteo Ir maier wm ma Ken yoa wit noelttrer dan ikked otuer u.i. d. roau- wasfc WSBURSEM tji-t 1 ii ii ivjt-ji'ty-'''' THIS COMPARES WITH $149,000,000 pAiiOUT IN OCTOBER, 1911, AN INCREASE OR NEARLY tA Toiof Amount (jniUU Dividend ani i f7t, elicit of Inttrml PafrmU Bondi Upon Which Inttrttt 'U Payable Qetobtr Total 'r' 7 000,000, NutOiest Payments Boing MaU in hly. The estimated dividend and Interest disbursements for October, 1912, will exceed $160,000,000, Up to the present time dividends declared upon the stock of the New York city banks and trust the various railroad, Industrial, miscellaneous, and electric street railway corporations oMhe United States will aggregate which compares with $79,189,462 in October, 1911. The total interest payable upon the bonds of the railroad, industrial, miscellaneous, electric street railway companies, the cities, states, and counties of the United States, and the Government debt, is $76,612,242, compared with $70,688,886 paid in October, 1911.

The following table gives the dividend disbursements for October, 1912, comparing the separate items and total with the corresponding payments made in October, 1911 DIVIDEND DISBUKSEMENTg. Companies Railroads Industrial and miscellaneous Electric railways New York city banks Total 1912 42,447,698 7,111,511 4,625,100 84,093,930 1911 $29,05830 39,039,852 6,504,300 4,587,280 79,189,462 TOTAL DISBURSEMENTS. Dividend payments $84,093,930 Interest payments 76,612,242 Total 160,706,172 $79,189,462 70,638,336 149,827,798 The grand total of bonds outstanding, upon which interest is payable in October, 1912, is $3,884,180,150, classified as follows: Railroads $1,945,631,000, industrials $518,229,000, state and city $343,749,000, electric railways $430,321,000, and Government $646,250,150. Dividend payments, which will equal or exceed the million dollar mark, are: DIVIDENDS DECLARED. Railroads.

Stock Companies Rate Outstanding Canadian Pacific 2 $57,076,665 $1,141,533. Canadian Pacific 24 180,000,000 4.500,000 Chicago Northwest'n 130,117,213 2,277,051 New York 1 223,290,000 2.791.125 Southern Pacific 14 272.072.405 4.090,064 Southern Railway pf. 24 UO.OOO.non Union Pacific 24 216,627,800 5.415,690 Union Pacific pf 2 1,990,872 Industrials. Eastman Kodak 124 19.586,200 2.448,275 (Jcneral Electric 2 1,546.709 1 (Joldficld Consolidated. 30 cents 1,067,744 lnternat'1 Harvc l'4 so.omi.mio 1,000,000 Swift Co $1.75 75,000,000 1,312,500 Public Service.

American Tel. 4 2 318,427,500 6,368,550 Manhattan Railway 60,000.000 1,050.000 United Gas Improve't. 2 55.502,930 1,110.059 Disbursements thus far for 1912 aRpresrate made up in the following ftshior. October, September, August, July, June, May. April, March, February, and January, $207,000,000.

STROXfi COI'PKH MAIJKKT. DcH)itc Report of High Price Still Plcrtti nf Metal ut 17 Centr. Despite reports of high prices for copper there is still plenty of metal to be had at 17c, electrolytic, deliv- ered 80 days, but the outlook if for a general advance to at 177c. baai in the near future. Domestic buying fairly good and foreign buying very active.

Domestic consumers have covered through November for the most part, but Europe has still to purchase a large part of the metal for delivery durir.g that month. The Producers are expected to n.Ae a good statement for September, as domestic deliveries will be very large, and exports good. One representative of everal hundred million pounds of copper per annum says that he believes production during the remainder of the year will average between 140,000,000 and 145,000,000 pounds a month, and that therefore the Producers' tlatiftics for the rext three months will be favorable. S. T.

MORGAN OPTIMISTIC. Preidevt of Virginia-Carolina Snid lliutives Condition South Are Extremely Vnt-orablc. S. T. Morgan, president of the Virginia-Carolina Chemical who attended the quarterly meeting of said to Dow, Jones that business conditions in the South are extremely favorable: "I do not recall a time of greater activity," he remarked.

"The tobacco crop is suffering stmiewuai from the effects of drought but the cotton crop wil; well above the average. The volume of business is very lar'e. the only question being that cf margin of pioliis. (if course we in the South will all vote for W.lson,' be said, "but politics are let of a burning quest.on this ear than for many years past. The of the South arc busy to waste time in idle discussions ef political nffairs." NortliWThtoni hk.

I.ljclil Coke. In the first statement of earnings issued by the North-j western Gas Light and Coke the income account for the calendar year 1912, cumpates as follows: 1912 J9U Changes $1,415,642 Inc. $211,734 Gross earnings $1,627,376 Op exp, tax dep 813,795 Net earnings Bond interest 299,172 Net income 024,409 712,344 Inc. 703,298 Inc. 2R1.98H Inc.

441,318 Inc. 101,451 110,283 27,192 83,091 NEWSPAPER SPECIALS. Long Island Railroad has refused consent to Brooklyn Rapid Transit's plan for subway under St. Felix ttreet, Brooklyn, where first named is property holder. Railroad also objects to Interborough extension from Steinway Tun nel, planned to cross sunnysiae vara on elevated structure.

suggesting same be run underneath yard. Alteration to meet objections would cost city over $500,000 and Public Service Commission may ask Appellate Division to condemn right of way. British Minister to China advised President Yuai Shih Kai to carefully consider situation before committing China to course of action which would not meet approval of the six powers, and presented to President detailed statement of Chinas Boating liabilities, amounting to neatly $50,000,000 which fsll due within a few months to be met from proceeds of any forthcoming loans. Baron Autenreid and W. Imhelder, plantation man- sgers from Sumatra, say cultivating of tobacco and cuffe; I on island is eteadily diminishing in favor of rubber and 1 cocoanuts.

At present about $25,000,000 English capital, $3,600,000 Dutch. $2,000,000 French, $4,000,000 Ameri-csn and $400,000 German money is invested in rubber industry. i Pennsylvania Railroad has ordered 44 steel suburban coaches from Pressed Steel Chr Co. and American Car A Foundry and 22 steel through-service coaches from Standard Steel Car Co. Sehinasi Brothers deny they are involved in negotia tions for new tobacco merger.

AUH H. The maa ho work cliit hnirx lar. And ay his work le donr Uy have a lot of timr to clay. Hal fee wa njrh mon "-ClDclnnatl fcnauliar. FREE 01; TAX IN YORK STATE ii if-- lB- i Nov.

Yielilnribont 4 on inTcstmcat! Circular on Appi icition Kidder, Peabody $5t Co US Devonshire St Boston St, New York ANSWERS TO INQUIRERS. A'ctSb'-. "becrlber. to No aooh a. carwini Wrely apecqlatlv.

Inquirer, net ye.o., Inquiry Department. The Wall Street Journal. Broad Btreet, New Ters fcKt RKD DKBT TAX tl vrr' 1 niirt secured debt Mr tkt of Sew 1 ork. u-Hai power, hove the heal under to make a declaration. J.

p. j. Ansr Und an amendment to the mortfraire rr- cordmg tax law, which became effective June 23 mo holder of bonds issued prior to Julv 1, 1906, secured l-v rnortgage on real property lying in New York state, ma'v render such bonds forever free from all personal, un of one-half of 1 on 0oo bond troUer of New York state. It is required that the I.Hd- toJTnr bon "fmP' '-II ami swear to an affidav.t settintr forth tho ,1 numVr of the bonds the date thereon an.l the pur value. AIo tl.e late of the mortpaire, the cnuntv in (he state of New "iork the mortsape was firs! recorded in.

what book mortfrapes, number of fenim and the rame of the inortgagor and the mortpae. presentation or such an affidavit tosretlier with the bonds, Mt the of the County Cicrk of the oountv whore the m.irtcaire first recorded, bonds, upon the payment t.f the ta become tax exempt. Tiie recording officer upon each bond a statement to the effort that tax has been made. Pay mert of ta m.iv be made at il-ofliceofthe Sute (VmiptMller. Suto House.

Albany, V. Also at the State Comptrolk r's offi -e. 165 Bmadway. Ww York city. Copies of the law may be obu.ntd lihoi application at of these offices of the State omptroll, r.

Ical assessor" have nothing to do with the this ax. There is no obi en the part of the individual to make a derlnr.it inti nf am- nr erty or hs holdings of securkies. 'except the obligation honesty which he owes to the state. if POTATO PKICKS AM) IMPOKTS. Arrrrgr fr Country on September 1 Has Cent 9 a fiitehel.

Potato prices on September 1 averaged for the entire country eentj a buhel, compared with $1.14 a year go. Meanwhile the price had fallen 43 per according to the a.eiML'e of the Department cf Agriculture. Prices potatoes under the eaM.n crop of nearly hjshel-. or i.Cirly lun.Ono.Oof) bushels more than ar, show a mor pronounced decline than glmot any 'ther foodstuff commodity. The average import price in January this year was 52 cent a ui.

the largtvt in fou- years, for the fiscal year ending Jfi 1912, durM." which :3.734.695 bushels were im- tt hu.sh( of Ki-ca 1912. 191 1 1910. 1909 ii nctow arc tc.e comparisons of home crops in and imports fur fiscal years, together with price domestic and foreign potatoes, on the dates given: import nomet rops Karm Price j. Imported Price Jan Bushels Dec l.Cts 13. 734.695 $0.52 398.000,000 292,737,000 o.vo 79.9 55.7 54.9 218.984 1.05 253.208 0.C1 8.33,9fi('i 0.41 1.

j-i'm of foreign poiat-ies by will elim.rr: ar-y quantities art in the iL-cs! ye.r.- a'-I 1912, leaving p-jecs to determined al- i i-'y bv domestic production. METALS IMbangc quoUs copper quiet. Spot to Sept, 17. i i. i id 17.45(n 17.75; Nov.

and Dec. 17.4''ovl7.i5. I miiihct strong but quiet. Spot (o Sept. nt ,0 Nov.

50.50('51.no. 1 loiu.5.25. Spelter 7.60g7.75. I. Thursdaj Noon cable, i upper n.arkct steady.

-Low Laiit i Change! a ti Unchanged Unchanged 18 17 79 80 IV. Sp. hut rr i 'I in market strorg. 221 15 230 10 231 15 ore 2J9 15 .228 220 15 l.oi.ior, Thursday Closing cable. ppcr n.arket steady.

High Low Last I sd sd sd Vi 79 79 Up Changes a Unchanged Off 1 c-po Fut n- .79 18 9 79 18 9 79 18 9 Sale- of spot, 600 futures, 800 tons. I market firm, 212 232 232 Up Sp. Fut jre, 230 6 230 230 Up Sale? of spot, 60 tons; futures, 600 ton. Hest copper, 84; unchanged. Spe'iter, 27 7s.

up 2. 6d. i 4.ABMI1M. His SAM.K.K. rom the Nrar World.

sx.