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

mi ii ini limn TM rlitT tilillS WALL oliuSiu dUUKML. DOW, JONES co. Hon Bancroft Barta it. cnajnman, Treasure Price Up Oft 9 109 J.60! 87 Vi 19, 54 fa 102.84 73.77 8 70 i 95 13.00 9.35 4 14! Vi 7 14 1 4 Ex-drHdemd. J9 .17 1 5g65 4.85204.8523 Hem Tea.

TAit Paprr Hat Larger Circulation Than Antf 0(Ar inwrim FduiMlal PnbUeuUtn. uupii i tit Twir. 11 monthly, er lit asnta eatly, for either edition postage paid In the Catted Statu, Canada. ilexlee, Puerto Ha, OmaJa. JPnlUpoine Islands, Hawaiian Islands and Cab.

Foralxn. postage 14 a year additional. AMiniii changed en request; always give aid addreseee. AwtttMn(ii ftatas ill be furnHnad DT or any responsible advertising agency. Entered at th Haw Yofk West Office aa eeoond-elass mail matter.

Thm trmih ra Ma MARKET DIABY, 1919 1MI Monday, Dee. l--Irregolat. Monday, Dee. 2 Heavy. 303,615.......

Sales of stocks 864,175 7,327,767 January 1 117,7780 183000 of bond 12,800,000 January 1 $599,638,500 Immllm wesei Sake Stock Sales Price Up Off BTOO.Jbnalnmat. 14000 84 1 15800. Can. 6250 89 ltt 8200 124 7600.. Reading 47800 171 8700.South'n Pac 10800 109 7760.Union Pac.

80200 170 16900.U 47810 73 ..1 Average 20 railroads .....120.09 .60 Average 12 90.85 .55 Chicago December 84 V4 Chicago December 48V New York December wheat 89 ..1 New Tork January cotton. 12.38 28 New York January 18.10 25 Call money renewals 12 5 Time, 80 days to 6 6i6 Commercial paper tr' Sight sterling 4.844o4.8430 Next London tettlement December 9, 10, and 11. DAILY MOVEMENT OF AVERAGES. Following is the dHy average price of twenty active railway stocks and twelve industrials for period indicated: ladastflala Last high point. 13'1S, 83.43 Ijist 1 1, '13, 75.77 tasaO.

Adv. Dm. Monday 24 76.11 .03 Tuesday Nov. 25 76.86 .75 Wednesday 26 76.68 .18 Friday Nov. 28 76.21 .47 Saturday 29 75.94 3.1 Monday 1 75.77 .17 SOIUIIwaya Sep.

13, '13, 109.17 Nov. 10, '13, 101.87 MR. It. Adv. Da.

102.93 .09 103.77 103.32 103.18 103.03 102.84 .84 .45 .14 .15 .19 Lt the superior man laarn rla-ht principles, and lie will be lovlna- to other men; let the ordinary person learn riirht principle, and he will be easily manag-ed. NEW CONGRESS HOLDS FIRST REGULAR SESSION. Senator Burton Introduces Central Bank Bill a Subiti-tute for Regional Reterve System Meanure Con-greesman Henry and the Sherman Late. Washington The first regular session of the Sixty-third Congress was convened promptly at 112 o'clock Monday by both the Senate and House. Speaker Clark called to order the first session of the House, and declared the extraordinary session at an end.

Washington Imprisonment for personal guilt in violating the Sherman anti-trust law and the adoption of some drastic amendments to the measure were urged in a bill introduced in the House by Congressman Henry of Texas. The bill declares illegal every contract, combination or agreement between two or more persons, between firms, corporations, officers of corporations, where intended to restrain trade, to juggle the price of commodities, and to prevent competition either in manufacture, transportation or Chairman Adamton, of the House Committee On interstate and foreign commerce, introduced a bill which gives the Interstate Commerce Commission full authority to regulate the issue of railroad stocks and bonds and to prevent over-capitalization. Also a second measure authorising railroads to interchange transportation for newspaper advertising space and requiring railroads to advertise in at least one paper in each county traversed by nn interstate railroad. Chairman Adamson also introduced a bill authorizing the Secretary of Commerce to publish a commercial directory, listing all corporations engaged in interstate commerce. Senator Burton introduced a central bank bill as a substitute for the regional reserve system bill.

His substitute, which was ordered to lie on the table, provides for a central bank with twelve branches, a capital of $100,000,000 to be subscribed by the public, and a governing board of seven members to be appointed by the IDAHO WASHINGTON NORTHERN. Contemplated Purchase of Road by Chicago, Milwaukee St. Paul Reported From Spokane. Spokane Negotiations for the purchase ot the Idaho A Washington Northern Railroad by the St Paul system are under way. It will be soma weeks yet before the exchange of the bonds and notes of the road for securities ot the St Paul can be effected, as much of the Idaho ft Washington Northern securities are held abroad and by middle western colleges.

The Idaho ft Washington Northern, which was completed in 1909, runs from McGuires, Idaho, to Metaline Falls, Washington, near the Canadian border. Total mileage operated is 148 miles. There are outstanding $3,890,000 first mortgage 6 bonds, $1,200,000 five-year 07' convertible notes, and four-year coupon notes, besides $5,000,000 capital lock. SUBWAY BIDS OPENED. pelham Bay Branch of the Lexington Avenue Sub- may Under Dual System.

Bids were opened by the Public Service Commission for the construction of the Pelham Bay Park branch of the Lexington avenue subway, under the dual system. This section extends from Southern boulevard east of 147th dtreet to Hunt's point road, Dongan. street and Whitlock avenue to Bankcroit street ine section is a three-track lAm Mllmul to' tha southern terminus of Whitlock avenue, between Alden and Bsnkcroft streets, where it tha surface and becomes an elavatad railroad structure- Stations will be located at East 140th street, Longwood avenue, Hunt's Toint road and WhIUock avenue. Th aBeeessful contractor win required to mane a ae- or siau.uuv lor uia uuv iHwiunHk wu.iab.. 7AIIijSTIIEIilT 01UKAL, TUESDAY UOHIilliG, DjuCEUEiU X-lk RCCK ISLAND TRMSPOJTATION flfttiSTS YliED MI SLIGHTLY.

MANAGEMENT, COPING WITH EXPENSES, FIND? i Alftfl a BTUwoLINu BLOCK Bulk of Expense Reduction in Maintenance tf Wtv--Four Montkf Greet Loom A Tnm YtaS'tt OpmtiHf Inem Of JT toadti Car Movement Continues to JmprovoToMt Rock Island's loss In grots of $838,000 In October brought the four months' gross decline to practically 4, as compared with a year ago. Operating expenses for the month, excluding taxes, war reduced twice the extent of the reduction In September, but that was of no avail in bettering income. Taxes increased over 846,000, which, added to the loss in net operating revenue, made a decline in operating income to or 8284,000 leu than last year. For the four months, operating income fell off 81,165,000 to 85,696,000. The bulk of the reduction in operating expenses continues to fall upon maintenance of way.

Transportation expenses in October were, despite the efforts of the man agement, reduced but little more than in September, when saving of about 867,000 was reported. This is rather disappointing, as it had been hoped that costs in that department could be materially reduced. It may be that better results will be obtained when the volume of traffic recedes from the present level. That development, if it occurs at all, will probably not appear before January. Bo far, November has shown no betterment in gross earnings.

For the first three weeks the loaded car move ment was nearly 8 ahead of last November, the number of loaded cars moved totaling 87,601, an increase of 6,473. Increases in carloadlng follow: Stock, 1,736 cars or 35 flour, 796 cars or 32; coal, 284 cars or 2.6 lumber, 605 cars or 13; miscellaneous, 6,219 cars or 18. Decreases- in loading were: Grain, 1,723 cars or 23; hay, 83 cars nr inr? onttnn 1 9A1 ar nr 98 rt One of the difficulties of the Rock Islsnd has been the delay in delivery of new equipment ordered months ago. For instance, on one order for 500 cars, calling for deliv- ery of 25 cars daily beginning with May, less than 400 cars had been delivered a few weeks ago, President de Aguero of Consolidated Exchange Says Present Levy Yield Small Income and Hurts Business. M.

E. de Aguero, president of the Consolidated Stock Exchange, has prepared a brief for submission to the legislature at its session next year. The brief urges repeal of the stamp tax on stock transfers. The author points out that while the tax yields very little income at present, the restrictions it imposes on trading in stocks results in loss to the state from curtailment of taxable property values, through the injury to general business and real estate. SUPREME COURT UPHOLDS KENTUCKY IN THE RATE CASE.

fCon(tiu(l From Firit Page.) but the Commerce Court sustained the nosition of the rail. ANSWERS TO tarauJoMit riKibmi is las roautTs eaaM iumwu'." i- TtrK.Moom tax. 20437 frn ponoii whoti Utal 4Hoein is 12,700 iepotiu for oMtetton eMpens from tAe of corpoN oon, who deed of tnut ngrtoo to pay the ooupont in full vHthoHt deduction for prttent or futurf fauws en said ftmpon, rfoee mid penvn jUling out the certificate to be presented with eoupone moke it out to teod that ho does or ooi not claim the deduction of tame income rtprt-tented by the amount of coupon? In ease he makes cut the certificate that ho dote not claim the exemption, and hie income being than $3,000, dote tho mortgagor company have to pay the normal-taa on the income of said person derived from taid eoupone, and dote the mortgagor company pay the normal tax on the taid income when the taid perton doet claim, exemption, hit income being than 83,0007 H. W. Answer The person collecting the coupon should claim the deduction to which he is entitled.

Otherwise the corporation might be forced to pay a tax on his behalf to which the Government is not entitled. It is not yet clear whether the mortgagor company could legally pay to the Government any moneys on behalf of an individual until such individual has been served with notice of assessment by the collector. At the same time the law says that the moneys withheld shall be paid to the Government, so in the absence of a claim by a taxable person the corporation might be mulcted owing to euch neglect. 20438 from recent instruction ittnei by the Internal Revenue Department that (a) certificate of oumenhip need not accompany coupon from United State Government, at ate or municipal teeuritiee in order to obtain cash for tame, and (b) that the income from all euch eteuritie need not be included in determining income eubjeet to the normal tax. Am I rightlG.

B. L. Answer The ruling seems to be explicit on the point you raise, and your understanding of it is the same as ours. Unless the instructions are rescinded you need to make no return of such income. TIMELY 3IARKET TOPICS.

Perrons interested in stocks have had enough just Then, In ship- came for worry over the currency bill, but some of them ment of grain east. Rock Island has lost from its lines a i have latterly been borrowing trouble. They have needlets-large number of its best cars, the return of which is very worried over on impression, which is rather nrevalent. slow at the best, and particularly at this time of year when most in demand. Time and again Rock Island has had to refuse business because of lack of proper cars, those received from other lines in return for its own cars sent out being unsuitable to a Urge extent for shipment of grain and the higher classes of traffic.

REPEAL OF TRANSFER TAX I'R(JEl). that Federal reserve notei are not to be available for stock market purposes. That is incorrect The Federal reserve note may be used to purchase anything that can be bought with "lawful money." Undoubtedly the error grew from the sections of the currency bill providing that tanks shall not rediscount with Federal reserve banks any paper based on trading in securities other than Government bonds. The same eeotions make it impossible for Federal reserve notes to be issued on bills secured by Stock Exchange collateral. But the Federal reserve notes issued in accordance with the bill msy be used for any purchase except, perhaps, the purchase of gold at the existing parity.

The currency bill, as amended by the Owen faction, I makes the prohibition against rediscount of bills for cur-, rency purposes stronger than did the previous drafts. The phraseology at present is: "Nothing in this act con-j tained shall be construed to prohibit such notes, drafts I and bills of exchange, secured by stayle agricultural prc- ducts or other goods, wares or merchandise from being eligible for such discount; but such definition shell not in-i elude notes, drafts, or bills covering merely investments, or issued or drawn for the purpose of'carrying or trading in stocks, bonds or other investment securities, except I bonds and notes of the Government of the United States." I Another section of the bill which should be of inter-' est to dealers in investment securitios relates to the scope of investment permitted to federal reserve banks in in vesting their own funds. Under tho bill as it passed the roads, saying the "allowances" were necessitated by traffic House, federal reserve banks were empowered to "invest conditions in New York harbor. In March, 1911, the Com-' I'nited States bonds and bonds issued by any state, mission issued sn order forbidding the railroads to give county, district or municipality. The Owen amendment further "allowances," and this order was enjoined by the limits this range of investment, making the section read Commerce Court.

follows: "To buy and sell, at home or abroad, bonds These allowances ranged from 3 to 4 cents per! and notes of the Vnited States, bills, notes, revenue bonds hundred pounds and were granted by the railroads on the nnd warrants with a maturity from date- of purchase of plea that the shippers who received them did their own lightering. Arbuikle Brothers have at their dock nt Brooklyn a sort of union freight depot where many shippers received not more than six months, i.ucd in anticipation of the collection of taxes or in anticipation of the receipt of assured revenues of any state, county, district or munici pality of the l. mtcd States, such purchases to be made in their goods. The railroads claimed to have contracted with accordance with rules nnd regulations prescribed by the me Aroucnies to receive i reign; mere as ine oniy access-; federal Kcsrrvc Hoard. ible point in the district, paying the sugar company an "allowance" on sugar received at and shipped from that terminal.

The railroads cluimcd they could not give the Federal Co. the same allowance because it was situated too far from the terminal points. The company then obtained docks within the "lighterage lone," but tho railroads still declined to grant the allowances, insisting the move was a subterfuge. The commission held the Fedoral linkers who are really working out the problem of the Co. was tho victim of discrimination.

The commission also denied the right of the Commerce Court to intervene in "questions of fact" Supreme Court, by Justice Lamar, in case of Lackawanna Railroad vs. United States, involving violation of commodities elause of Hepburn act, decided in favor of United States. The commodities clause case against the L. dealer in Michigan for a supply of hay for the mules in its mines, and carried the hay over its own line from Black Rock, N. to Scranton, Pa.

The Government contended that the railroad became the owner of the hay at Black Rock, and so transported an article of its own not necessary to the operation of a railroad, in violation of the commodities clause of the Hepburn act. railroad contended that as it had contracted at a certain price per ton delivered, It did not own the hay until it had been delivered, inspected, and accepted. The railroad must pay a fine of $2,000. Supreme Court, by Justice Pitney, upheld validity of order of Interstate Commerce Commission, requiring uniform system of accounts for steam railroads, and classification of expenditures for additions and betterments. The Supremeourtheld that companies that mine coal for their own use are subject to corporation tax: The Supreme Court of the United States decided that a Kentucky law taxing credit companies $100 annually, was constitutional, and therefore is not an Interference with the interstate commerce regulations.

Court decided that New York City bas right to tax bank stock; owned by banks of other states. The question was brought before the court by the Amoskeag Savings Bank of Manchester, N. with a view to determining the validity of the New York law taxing bank shares when owned by citixens of other states. The case of tha Kansas City Southern against the Interstate Commerce Commission in which the court upheld the absolute power of the commission over railroad accounting involved an item of about $500,000, the cost of abandoning a piece of right of way in the process of reducing grades. The company wanted to charge this to capital account, but the rules of the commission required that it be charged off to profit and loss, or to operating expenses.

The railroad contended that it could have made the tame improvement on its old right of way without abandonment of property and that in that ca3e the commission's rules would hare permitted charging the whole cost to capital account, notwithstanding that the cost by that method would have been considerably greater than by the one adopted. The Commerce Court upheld the com-mii9ion. The of the so-called book trust to maintain arbitrary sale prices on copyrighted books, was decided by the Supreme Court against the trust The main question at issue was as to whether the trust should have a "copyright monopoly" in the sale of such books. The. Illinois Child Labor law, prohibiting employment of children under sixteen years, was declared valid by the Supreme Court, svhich approved the minimum age limit." The Supreme Court today affirmed the' right of tha United -States customs officers to seise and declare forfeited goods imported under fraudulent Consular invoices and undervalued by tha consignors, oven though the con signee may be entirely innocent ef any wrong.

Supreme decided in case Australasia and China Telegraph Co. in the Philippines versus United States Involving subsidy of 4,500 a year for four years, Hn -favor of telegraph comnahy -V'' E': "The only happy people nowadays seem to be the politicians," said a banker of largo international experience, in discussing the income tax. "The politician seems to be happy because he is able to give many of us a whole lot of trouble in doing thing which might have been ar ranged sn as to impose very much less work upon the income tux administration for the Government If one for a reply. Presumably, there is a congestion of cor-respondent from all over the country on this subject, so that letters may have to tuke their turn. AH of this could have been avoided if the net itself had been drawn with some regurd to the convenience or application, without tleduttini? at all it inn nr Mcnii.l decided by the Supreme Court against tho railroad, had rcvenuc earner.

There never has been a time when the nothing to do with coal. The company contracted with a business interests, of the country and the invHiinV generally wore more impressed with the absence of good judgment nnd reasonable foresight in the drafting of a revenue measure. The government should not be encouraged to think that the tax regulations which it is issuing from week to week are any more satisfactory than the act itself. The fact is that they give us bankers entirely too little time to carry into effect not only the law itself, but also the instructions bearing upon the law. There is no necessity for such mistakes, and they are expensive end vexatious oversights, to say the least" PEPPER AND SALT.

"IIAVEJIT GOT TIME." Opportunity tapped at a door. With a chance for the brother within -He rappad till his nna-era wre anra And muttnred: "Come on, let me In. flare la aomethina I know yon can do! Herr'a a hill that I know yon can climb Hut tha brother Inside Vary quickly replied: "Old fellow, I haven't at time." Opportunity wandered along In ararrh of a man who would hue, Ha mill to the Inilnl-ut "llwre'a a nhance for tha ti-llow who trim." But Kih of them aaUl with a smile, "I wish I could do It but I'm very busy tmlny Very tdday An4 I'm Horry to aay That really I haven't rot time." At laat opportunity came To a man who was burdened wltli cares, And nalil: "I now offur the aama Opportunity that hus been theirs Here' a duty that ojiicIU to tie done, It's chance If you've Kot tha time lo take II." KiilU tha man, with a itriii, "Coma nlonK. 1'ukh It In! i'll either find time or I'll make It." Of nil the excuses there are lty which thin old world Is accursed, This "haven't got time" la by far The poorest, the feeblest, tha worat. A ((elusion It la, and a'annre: If Hie habit Is yours, you should shake it, Kor If you want to do What I offered to you.

You'll And time to do it, or make It. -Detroit free I'HK DIFKKRUKCK. Ooe thins; nbout Ice Is, that It Is never sailing Ilka hot cake. Philadelphia Record. THE JXK1ICIAX.

Bllfar The burgest favor you can do a friend is to make tilm rely entirely on bis own efforts! Askit Wall, consider me aa an enemy and Injurs ma to the extent of a 15 loan. Memphis Commercial Appeal. UVT aOMR DO. It Isn't every man who has enough sense to take care of the dollar. -Chlcaso Newa.

i Auroass seldom cornea lo a man who is too Uay to to after It Kansas City Jlmas. r-: V- ''vCi'i'p' FAIRFAX HARRISON ELECTED PRESIDENT OF SOUTHERN RY. SUCCEEDS THE LATE ItNLEY.XAS V' READ OP SOUTHERN AND AS30- OATED, LINES, Including Mobile Ohio, Alabama GU South. Virginia at Special Meeting oj Beards Vacancy on Board and Executive Committee flay be Filled Deo. lt-Horriton Will Jtetir 1 From Monon Presidency.

At a special meeting of directors of the Southern Railway, Fairfax Harrison was elected president, succeeding the late W. W. Finley. Mr. Harrison was formerly vice-president of the Southern Railway and for the last two years has been president of the Chicago, Indianapolis A Louisville which Is owned jointly fay the Southern Railway and the Louisville A Mr.

Harrison was also elected president of three of the associated lines of the Southern Railway, succeeding Mr. Finley at special meetings of their directorates. There were, Mobile 4k Ohio, Alabama Great Southern and the Virginia Southwestern Rsilway. Following his election to the presidency of the Southern Railway, Fairfax Harrison made the following statement: "I am in entire accord andNrympathy with the policies of my- lamented friend Mr. Finley, under whom 1 have worked for seventeen years.

I hope to continue to build up the Southern as he built it, by promoting and enhancing its usefulness to end its cordial relations with the people of the South. I count on the support of the entire present working organisation of the Southern rank and file. Having grown up in the service with most of them I know how to value them, and I am proud to believe that they are my friends." As Fairfax Harrison of the Southern Railway was already on the board and executive committee, there still remains a vacancy on the directorate and executive com mittee caused by the death of Mr. Finley. These vacancies may be filled at the next regular meeting of the board on Dec.

12. President Harrison will take up the work of Mr. Finley where the latter left off, including attention to the development of the agricultural resources of the South. As a member of the executive committee of Southern Railway, Mr. Harrison is perfectly familiar with the situ-ation involving the proposed blanket mortgage which the committee haa been working upon for some time.

That matter, while progressing, is not yet in shape to be pre-1 sented to the board for action and will not be ready lor a considerable period yet. Directors of the Chicago, Indianapolis Louisville will meet shortly and will probably elect a successor to Mr. Harrison as president at that time. Mr. Harrison is a Virginian and has been particularly identified with the South.

He was born in 1869 and graduated from Yale in 1890. He was admitted to the bar ot New York in 1892 and conducted the practice of law until 1896, when he entered the service of the Southern Railway in tha Wal demartment a aolicitor. In 1903 he It is not the things which were expected that make markets. During the period of anticipation the effect is discounted so that the actual news is generally availed of for the realization of profits on commitments entered into before the event really took place. For months there has been talk of a suit to dissolve the American Can and the probability Is that many large lines of the stock were sold and that numbers of those previously committed to the long side, not only sold what they had, but put out short lines -with the intention of covering on the bad news.

The technical position of American Can is probably strong at present and although the stock may be hammered by those anxious to obtain an opportunity to cover It would probably be unsafe to sell it now. a A big reaction in business has long been expected and probably has been discounted by present prices for securities. It was not the expectation of a business reaction that originally put prices down; but after they went down, that held them down. The news from the steet trade is particularly bad, but it no longer affects writes to Washington, ho is certain to wait a long time I the n181 fr Unittd Sute Slael At iu sent price sioca naa pruuwuiy uiicvunicQ wic 11101. univvnvw conditions thst are likely to be experienced in the trade, and apparently large interests are buying the stock on recessions, although they do not follow it up on rallies.

There is an Wall Street remark that the bears get Thanksgiving and the bulls get Christmas. There is some reason for the assertion. Around the end of No vember there is frequently a pinch in money, and that is usually tho time for a shake-out. preparatory to an advance at the end of the year. The ostensible reason for the vear-end rise is that investors buy securities about that time, as a means of investing the interest and divi dend money, or the profits which they expect to get out of business, in advance of the actual receipt of those funds.

But there is another, and perhaps it is the real reason for a December rise, and it is that institutions encourage an advance so as to be able to make a strong showing at the end of the year, the custom of "window dressing" being as prevalent here as in England, wTfere the term originated. This year there was no downward movement at the end of November such as frequently precedes a December rise, and for that reason many speculators think the year-end movement will not occur. It is pointed out that there are many things in tha way of an immediate advance, but which are likely to be cleared up within a few months and it is argued thst until they are out of the way an advancing movement is likely to be deferred. The probability is that money will become easy in 1914; and if by that time the railroads have received their full increase of rates, and a satisfactory currency bill has been enacted, a big rise might be in order. Short Term 'Notes.

Corrected uy Curtis ft Sanger: RAlUtOADS. Security Rate Due Baltimore ft Ohio R. 6, July 1,1914 Chesapeake A Ohio 4U, Junel, 1914 Brie Railroad Company, 6, Apr. 8,1914 Erie Railroad Company, 6, Oct. 1,1914 Erie Railroad Company 6, Apr.

1,3915 Illinois Central Railroad, 4, July 1,1914 Lake Shore ft Mich. Sou. 1914 Michigan Central Rail'd, 4Vi, Mar. 1,1914 Missouri Pacific Railway, 6, June 1,1914 New York Central ft ft, AM, Mar. 1, 1914 New York Central ft 6, Apr.21, 1914 New York Central ft 5, Nov 6, 1914 New York Central ft Sop.15,1914 Now York Central ft 4, May 1,1915 N.

N. H. ft H. R. R.

6, May 18, 1914 Northern Pacific R'lway, 67, July 9,1914 Southern Pacific Comp'y, Jun.15,1914 Southern Railway Comp'y, 6, Feb. 1, 1916 -INDtTSTBIAt AND PURUC VTIUTH58. Amalgamated Copper Co. Mar. IS, 1915 Brooklyn Rapid Transit.

5, July 1,1918 Consolidated Gas, N. 6, Feb.25,1914 General Rubber Comp'y, 44, July 1,1915 International Harvester, Feb.15,1915 United Fruit. Company, 1 May 1,1917 Westing-bouse Electric, VJe, Aug. 1,1916 Bid Asked 99 100 Vi 98 98 99 100 99 99 97 98 V4 99 V4 99 99 99 99 99 T4 92 92 99 99 99 100 99 99 99 99 98 99V4 99 99 100V4 100 99 100 99 99 99 9994 96 96 100 100 95 96 99 99 100 101 100 100! Trayclcrs' 1 .,4 Letters of; Credit v- Payabla' throughout Foreign Cheques and BUIf ot Exchange CABLE TRANSFERS Collections made in all Countries The Farmers loan Trust Co. 16.22 William Street 4T3 Fifth Avenue II t.

ye Old Bread St, M. C. PARIS insi.iii 41 B.tTrd Haaaaaaaa, Cat UXm. W. I was made assistant to the president and in 1906 became Benjamin F.

Bush, president of Missouri Pacific, said vice-president, which position he held until 1910, when he in St Louis that in view of attitude of public, acts of resigned on being elected president of the Chicago, In- legislative bodies and conditions in money market, he ex-dianapolis A Louisville. He continued, however, as a i pected to see Government ownership of railroad, director of the Southern Railway. Mt SoB sUUs fc AUntic p0, ifm WM Mr "ti ing this year, will be prolonged to end of January next, ZT? c-ing to difficulty of arranging conference of shipping mer, KtlV yvitMlVm Willi. II liioauc? iuwj aiHiiiinouavvH successful both for the Southern Railway Co. and its terri-tory.

As president of the Indianapolis Louisville he was actively in charge of the operation of the railway, so that he comes to the Southern Railway prepared by practical experience as well as the most detailed knowledge of its affairs. BROAD STREET GOSSIP. NEWSPAPER SPECIALS. Shareholders ot Industrial Savins and Loan irt procers of liquidation, are protesting against granting tha application of State Banking Department to be permitted to pay general creditors of concern, and want to know why it cost oanaing department 1127,000 to run concern three months when it cost company $33,000 to run as a going concern during its whole last fiscal year. Oaklawn Sugar filed eult against American Sugar Refining Co.

and J. T. Witherspoon, local manager, in United States District Court at New Orleans, for 589,469, or triple alleged damages sustained through con-spiracies in restraint of trade. This is third suit filed with, in a month agaipet the American Co. Senator Kenyan, while denying he was preparing to Introduce a bill calling for Government ownership of railroads, said he would shortly present to Senate figures showing that a great saving to the people could be effected by Government ownership.

London Times, editorially praising American Ule-i phone system, pays high tribute to foresight of T. Vail and other organisers of telephone system in United States, declaring: "Their outlook has been steadily national and not Joseph R. Darling, who had charge of preparation ot cases brought by Government against Harvester, Bathtub, Moving Picture, Pacific Coast Plumbers' and other so-called trusts, resigned as epecisl sgent of Department of Justice effective January 1. London Statist shows total capital issues in November of 12,127,000, against 14,160,000 a year ago and in November, 1911. Eleven months' applications aggregate 220,586,000, against 193,169,000 in 1912 amT 171,835,000 in 1911.

in December. One feature of treaty soon to be signed by Great Britain and Turkey is grant to British subjects of concessions covering all oil wells located in Arabia, Mesopotamia and Syria. Question of White Star Line's liability for payment i fall of claims growing out of Titanic disaster has reached Supreme Court from New York Circuit Court of Appeals. Official owning of Cape Cod Canal is set for July 1, 1914. MARKET OPINIONS.

Hsyden, Stone ft We believe the unfavorable! features have been well discounted and that underlying conditions are gradually solidifying to a point where a considerable upward movement would follow any development that would induce the business interests of the country once more to take the initiative, but as long as tha latter will not do so no great movement may be expected. In brief, the time does not seem to have come yet for large speculative commitments, but we do believe it Is art excellent opportunity to rearrange one's holdings to tho best possible advantage. Finley, Barrell ft Leaders hold well under the circumstances and we think they rhould be purchased on any sharp reactions. Kesne, Zayss ft Potts: In our opinion, money will grow firmer from now on until th end of the year. Thern may not be actual stringency, but rates will hold firm and high money may mean even lower prices for stocks for a time, at lesst.

T. L. Watson ft The very severity of the scrutiny with which the banks for some time past have been regarding collateral loans hss led to extensive weeding-out of weak acounts. But we (till have with us the crisis in Mexican affairs, and doubts as to the final character of currency legislation. We have, however, discounted much, adversity and the undercurrent of monetary tendency is toward New Year's ease.

John Muir ft For the past week as a whole, wo estimate that purchases of odd lots exceeded sales by about 10. Buyers exceeded sellers by over 30. Tho analysis, broadly speaking, point to the presence of investment buying and speculative selling. Williamson ft Squire: The stock market has discounted many possibilities which msy never occur snd in many cases will undoubtedly not take place. We expect higher prices over the turn of the year.

J. Frank Howell: Well qualified authorities are saying that commercial depression hss about run its course in New EngWnd and that In several branches of mechanical industry working men already sense recovery. These movements of depression and improvement usually run from the East to the West Sternberger, Sinn ft People are awaiting the President's message and when this comes out an increase In activity may be expected. E. F.

Hutton ft While liquidation is still in evidence in certain issues, we do not look for much change until the President's views are expressed regsrding the currency bill and the anti-trust question. AM tat oedAiTOi EAT THAT OATMtAt I OX AMNY XOU 1 T1CKUSB OtOMBKT WOU TUB FAM1LT DISCTFLrSa from the De Uoloes R(ltr and La4ar..