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Democratic messenger. [volume] (Snow Hill, Md.) 1869-1973, 1917-11-10
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Democratic messenger. [volume] (Snow Hill, Md.) 1869-1973, 1917-11-10

Pussy. Of Eden. Mr. George Gordy and
family aud Miss Mildred Ward. Of Sails.
hurry. Mr. and Mrs Chester Parsons
amd son. lanes. Miss Elsie Gordy. Mr.
Ealph Gordy. Of colbourne. Mr. and
Mrs " 7 Parsons. and Mr. James
t1rdy art family were entertained at
anncr rs Mr. AMI Mrs Eog Gordy last
sunday Mr. ana Mr. otis Raync. OF
SuoN tl4l, Mr. and Mrs Noah Rayue
and daughter ana Mis- Lillian Duncan
ana nephew .. Niard-. and Mr. and
N1- V q birk.rsan ana SON. Virgil.
vet" Visitors 10 tte Afternoon 20 Nr
Cord
Democratic messenger. [volume] (Snow Hill, Md.) 1869-1973, 1917-11-10
Increased Rates On
Parcel Post Packages

beginning December all parcel post
packages requiring postage Of q cent.
or more must bear an internal revenue
stamp. az provided in the War Tax bill.
The Postoillce Department has announce
ed that regular postage stamps will be
furnished
The rate will bee cent for each %
- postage. Or par, thereof above 20
Democratic messenger. [volume] (Snow Hill, Md.) 1869-1973, 1917-11-10
Presbyterian Church

Preaching sunday morning At ~ -.
and in the evening at 7.I5 sunday
School after morning sermon Theme
morning. Christ Mastery Theme
evening. People Who Are Like Boiling
Water. Subject Bible Class. The
Song Of Solomon. All are cordially
invited TO these services.
REV. W. s. KREGER. +
Democratic messenger. [volume] (Snow Hill, Md.) 1869-1973, 1917-11-10
JUDGE JOHNSON HIGH TYPE OF MAN

The regreabe result Of Tuesday
defeat Of Hon William f. johnson the Judgehip
feat the public suffers loss Judge Johnson the
distinguished lawyers OF Mary His defeat brought
about by methods which lose faith the
good intentions and their elevate
of positions OF honor and In the FIRST Judicial Cir
cult the coored instructed and encompass
his defeat
Democratic messenger. [volume] (Snow Hill, Md.) 1869-1973, 1917-11-10
THE SUCCESSFUL JUDGES

Two Judges elected Tuesday lament
ed Judges Robey D. Jones and Henry L. D. The
eessfgl candidates Hon Joseph l. Bailey Democrat and
Hon Robert F. Due Republican, These gentleman elected
for fifteen years We hope they pleasure during their
Of office feeling that the public considers worthy
OF the whose places they take
Democratic messenger. [volume] (Snow Hill, Md.) 1869-1973, 1917-11-10
THE PEOPLE ARE TIRED OF THEM

We said the people of Worcester County tired the Re
pubcanreope party and tie election Tuesday the
representation be That sweeceed has been
decent licked and the public
this against hypocrcy deceit utilization and abuse
a Democratic landslide 1919
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-03-12
Chile Copper to Put
Out Convertible Bonds
Syndicate Forming to Under
write Issue Of $35, 600, OOO

New financing of the Chile Copper
Company is announced by Eugene
Never. Jr.. e. Co., who are forming a
syndicate to underwrite s35,OOO'OOO 8
per cent convertible bonds. which it IS
proposed to offer to shareholders at
par.
The bonds are 70 be convertible into
stock at s35 a share. Proceeds Of the
lew issue will be used to pay OIL th'
floating debt of the copper company
and the balance will be applied to the
increase in the present plant from a
capacity Of 10000 tons a day to an en-
larged capacity Of 27,OCO tons of ere a
day.
Existing first collateral trust Z per
cent bonds are TO be paid off at their
maturity in 1928, and the new issue
will become thereafter first and only
lien on the stock of the operating COM
pany in Chile, all Of which is owned
by the Chile Copper Company.
The new bonds are to run fifteen
years. are convertible at any time dur
ing their life and are not to be called
except as a whole.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-03-12
Fall River Trade in
Print Cloth Is Active
Prices of Styles in General
Demand Show Advance;
More Life in Fine Goods

Fall River. Mass, March 1l.-Trade
in the print cloth division Of the cot
ton goods market here was active last
week, and the fine goods division
showed signs of awakening. In the
print cloth division there was a steady.
fair inquiry for goods. As prices we're
advanced, when certain styles were in
specially urgent demand and manufact-
urers became slow sellers, the latter
generally were kept in mood to meet
the demand fairly well. Consequently,
sales were larger than in any previous
week since early last fall.
The total is estimated at-fully 30OO.-
600 pieces, of which probably $4,000
pieces were spots.
Wide and medium wide goods in odd
counts had the call in the bidding and
were freely sold. Contracts were sold
rather than spots. The styles in more
general demand were advanced from
sixteenth to an eighth cent over pre-
vious weeks prices.
Many buyers have been after scatter
ing small lots, both of odds and stand
ards, for quick delivery, with slight
success. There are goods on hand in
limited quantity. but usually these
goods were not what were wanted
The chief demand has covered con
tracts to extend three to four months
ahead for delivery, and manufacturers
have been meeting this demand. They
have shown preference for three
months contracts over those TO run
longer With the spot price for mid
ding uplands cotton at Is cents. actual
cotton Of grade and staple acceptable
here still higher, and costs of coal.
labor supplies and other things used
equally HIGH. manufacturers are not in
clined 20 engage their looms for the
long future.
The fine goods division is showing
more life than it has for a long time.
BUYERS often want small lots for quick
delivery to meet filling IN needs, and
the fact that they cannot secure them
indicates that the fine goods division
is still in a strong position. Its pro-
drtion is fairly well engaged for sew
cral months ahead. and there IS no ac-
emulation Of goods in any material
quantity. BUYERS are unquestionably
more interested in fine goods than they
have been lately.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-03-12
New York State Trust
Companies Prosperous

Albany. March 11.-Trust companies
Of New York state continue to enjoy
period of prosperity. Superintendent
Of Banks Eugene Lamb Richards, in his
forthcoming annual report to the Legis-
lature for the last year. sets forth in
detail the rapid growth Of these in
stitutions.
During 1916" he says, nine new
trust companies were authorized, max
ing n total Of ninety such institutions
which reported on November % last.
the date Of the last call for reports.
Six national banks were converted into
trust companies. while one national
bank was taken over for Liquidation by
a trust company. Ono state bank was
converted into n trust company.
Total resources Of the trust COM
panies November 90. 1916. were 81
Gl4.3l7.OSl, as compared with S2,532,-
1922 on December 81. 1915. a gain
for the year Of S2l1 ,l2i,295, or s.3 per
cent.
Total deposits November %, 1916.
amounted to $2,325,375,62i, an increase
for the year Of $124,79S,513. or Sc per
cent. This increase IN deposit liabili-
ties. together with loss OF nearly
slOO,OO0,00O in cash (ncluding amounts
due from banking institutions is Offset
by increases in stock and bond invest
mcnts of S2O,313,149, loans and dis
counts S1sO.4l7.27s, and other assets
of SIS. G3O,592
"Thc capital of the trust companies
on November % last totalled $9i,6OO,-
600. gain Of about $l5,OOOOOO for the
year.
"Thc privilege granted trust COM
panies Of accepting for demand at
future dates drafts drawn on them by
the customers continues TO prove popu-
lar. this item totalling S7s,767347, an
increase for the year Of S2S,7i9,753.
These bills are in most cases drawn
against actually existing values, and as
such arc considered by the Federal Re-
serve Bank as prime paper, eligible for
rediscount."
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-03-12

7O,OOO.OOO
15OOOO.OOO

New York State bond sales are
always watched with interest by the
investment community, and the i'm
pending sale of $25,O0O,0O0 fifty
year As is no exception. Opinions
differ as to the wisdom of the State
Controller in bringing out loan at
this time, when the general security
market is in such utter stagnation
and when a large government issue
is imminent. 1t is more than likely,
however, that the best banking opin-
ion has been sought on the matter
and that successful sale is antici-
pated, provided, Of course, declara-
ton Of war with Germany does not
upset the programme. That is some
thing that must be kept in view, as
the Offering is nearly month off.
As most investors have strong
preference in these times for short
term obligations, some bond experts
are not overoptimistic Of the recep-
ton that will be accorded a fifty
year issue. The new Offering will
consist Of $25,000,000 4 per cent
ffty-year bonds, made up of $l0,-
100000 each Of highway and canal
issues and S2,500.00O each Of Pail
SADIE Interstate Park and Forest
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-03-12
Further Coal Shortage Seen

England, according to THE Black
Diamond" will not be able to supply
coal to the ships which pass through
the Panama Canal this year. That
work will have to be done by American
coal mines. This will subtract greatly
from the amount of coal available for
the eastern market.
The United States government itself.
the same authority says, is in the mar
ket for 100 per cent more coal than 1t
got last year. It's known requirements
are that much heavier and it will have
to 60 even further and commander the
production of several big districts in
the East This will further shorten
the supply of coal available for the
eastern trade.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-03-12

The state has been a regular Dor
rover in the bond market since 1903.
In that time the cost to the state for
its money raised in this manner has
increased from 2.S42 per cent to 4.2l
per cent in 1914. In 1915 the state
paid less for its funds, when $21-
100000 4i4s went on 4.O8 per cent
basis. Last year the cost dropped
still lower, testifying to the easier
money conditions, and $25,OOO,OOO
went on a 3.S5 per cent basis. Past
performances are always interesting
for a basis of comparison, hence the
following table Of state bond sales
in recent years, with the date, in
terest rate, Offering, amount of bids
received Qast three ciphers omit
ted and the cost of the money to
the state:
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-03-12
French Treasury Receipts

Paris, March 1.-The receipts of the
French Treasury of indirect taxes, Gus
toms duties and monopolies for the
month of February were 6s,OOOOOo
francs more than during the same
month in normal years and l05,00OOOO
francs more than in February, 1916.
The net increase Of the two first months
Of the year over the corresponding
period in 1916 was 2l5.000,000 francs,
Of which l37,O00.000 csrie from GUS
toms duties.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-03-12

Perhaps the greatest warrant for
optimism, however, is that the &C
emulation of domestic orders, ac-
companied by constantly expand
ing foreign demand for foOdstuffs
and the materials wherewith to man.
ufacture munitions, gives promise
that the volume of business, un-
precedented though it be, will be lit
tie affected. And Wall Street be-
lieves that the majority of those COM
panies which have been working on
war orders will soon find market
for their products at home, or else
divert productive plants to the man
ufacture of other things the demand
for which has outrun the supply.
In the basic trades, especially, the
outlook is considered highly favora-
bic. Instead of diminishing, the de-
mand, both domestic and foreign, for
steel and iron, for copper and spell
ter, grows continually. Prices are
at the top, and every few days they
climb a little bit more, in spite of
the fact that the problem Of financ-
ing foreign purchases here has been
difficult in recent months.
It is here that the Federal Re-
serve Boards latest pronouncement,
combined with the decision to permit
the arming of merchant vessels, is
expected to have a favorable infu-
ence on export trade. Companies
working on war materials have, in
spite of the warning taken con-
siderable amounts of Treasury bills
in payment for goods. Bankers who
should know said yesterday that,
with the restraints removed, such
companies would be expected to take
payment in much larger measure in
British and French Treasury bills,
unless they should decide to make
public offering Of such securities. A
decision has not been reached as yet.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-03-12
Russia Spends
s22,95O,OOO a
Day for War
Duma Postponement Forces
Imperial Bank to Huge
Issue of Paper

Petrograd. March 1.-THE Russian
Minister Of Finances. p. l.. Bark, in the
course of an interview with repre-
sentatives of the Russian press, an
nouaced that the government had been
obliged in January 10 extend the ennis
sion right Of the Imperial Bank one
billion rubles further This was ne
cessitated b. the postponement OF the
opening of the Duma, where the min
istry had introduced two bills request
ing the extension of the emission right
by five billion rubles $3.50 100000.
THE war expenditures" said VI.
Bark, "are still growing, and at the
present moment amount daily to forty
five millions. Altogether, war credits
+otalling twenty-eight billions have
been expended 1t is self-evident that
such expenditures cannot be covered
b.. the returns from taxation alone, ana
the Ministry Of Finances was forced
to issue credit notes OF the Imperial
Treasury. However, the Russian mar
ket is not large enough to absorb all
the issued Treasury notes. This makes
it necessary to discount these notes IN
the Imperial Bank. But in order to be
able TO do so it is necessary for the
Treasury TO have a considerable amount
Of free money; in other words, it IS
necessary to issue new series Of credit
notes"
One of the interviewers called the
minister's attention to the perlls OF
paper money imitation. NJ. Bark re-
piled that the war expenses are being
covered mostly with other resources, as
proved by the fact that during the war
only six of the twenty-siX expended
billions were credit notes. All the
ready cash that can be obtained is be-
ing gathered by the Treasury. Savings
banks are being encouraged. their num-
Der since the beginning of the war hay-
ing increased 800 per cent.
There can be no talk Of the devalu-
alton Of the rube after the war said
the minister, in answer to a question.
"The Ministry of Finances is prepar-
ing a series Of measures 10 enable the
ruble to return to the ante-bcllum po-
sition. A great deal has been accom-
plished already. The ruble abroad. in
spite Of some unfavorable circum-
stances. has practically stopped falling
in value.
"The Ministry Of Finances, aiming at
the prevention of the devaiuation of the
rublc. is keeping the national defence
bodies spending money abroad from
buying material with Russian money.
Wholesale delivery Of Russian credit
notes 20 foreign concerns leads to the
falling of the ruble exchange abroad
and to its devaluation at home. The
latter necessitates the issuing Of new
credit notes. Thus we get the magic
circle
The minister denied that the high
cost Of living in Russia was due to the
low ruble exchange. THE real cause Of
the rising cost OF living" he said, "is
to be found in the transportation diff
cultes. which make it impossible at
times to obtain products in various
parts of the country. The labor masses
are earning now several times more
than before the war"
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-03-12
Issues Booklet on War Loans

The Guaranty Trust Company of
New York is distributing a booklet
which explains in chronological order
the war loan operations of the United
States from 1875. 1t also contains
much information about the present
financial status Of Great Britain and
France, the national wealth Of these
cosntrics. their annual income. and
their potential ability to face the obi
cations whih the present war has inn
posed upon them.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-03-12
Monday, March II, 1917.

Beginning in a period OF severe
depression. the business Of making
munitions for the Entente Allies de-
veloped so swiftly that within few
months it had produced the greatest
speculation ever witnessed IN wall
Street. Stock prices rose fantasia
cally. yet in cases no more than
profits. The making Of big fortunes
overnight became commonplace.
Now, with the peak Of the war or
der boom but a few months behind,
the munitions business is coming to
an end, and the market is uncon-
cerned. The publishing of a circum-
stantial account of the approaching
demise comedies with a rise in prices
on the Stock Exchange.
There are several reasons for this
apathetic reception of events which
a few months ago would have caused
wild excitement, and perhaps a dis
astrous stock market panic. One is
that the liquidation, which began
with the publication of the Federal
Reserve Boards November warning
against too great investment in for
eign loans, continued precipitately
when Germany made peace pro-
posals" early in December, and Gull
minated in the break following the
announcement of the latest subma-
rine campaign, had relieved the mar
ket of much of the element Of dis
tention which had developed through
transportation. Another is that the
passing of the munitions business
had been foreshadowed several
months ago, when H. p. Dawson. of
j. p. Morgan e. Co., returning from
a conference with officials of the
Allies. announced that England
would soon be in a position to fabri-
cate all the finished munitions which
would be needed Also. a factor
making for strength is seen in the
conservative policy which has been
very generally pursued in the mat
ter of distributing the excess profits
accruing from war. in other words,
Wall Street believes that wise man
agement has put many companies in
a position where stock prices are
justified, war orders or not.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-03-12

1t is considered unlikely that they
will venture TO make any substantial
public Offering, though az small
amount might be so brought out TO
get the feel Of the market. But in
competition with other foreign Sc
curities, some Of which are col
literally secured, which yield high
return, Treasury bills could hardly
be placed with the investing public
in any large amount, except on an
extraordinarily high yield basis.
1t follows, too, that the companies
which may take the notes in payment
will not be able TO absorb them in
unlimited quantities, nor are the
banks likely to accept them as col
lateral in unlimited amounts. The
objection which was raised by the
Reserve Board last November-in
effect that such notes lack liquidity-
still holds, and it has meantime been
given point by the experience Of the
Bethlehem Steel Company, which,
unable TO convert its large holdings
Of Treasury bills, was obliged TO
borrow on its own notes.
Nevertheless, much Of the trade
may be financed in this way; but
Wall Street thinks that the principal
effect Of the Reserve Boards reas-
surinG statement will probably be TO
makey easier the floating Of collat-
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-03-12

Preserve. There have been years
when a successful bond sale OF this
character has been just the FLIP
needed to set the general investment
market moving. 1t is too much to
expect that in time like the pres
ent.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-03-12

Money rates relaxed moderately
as the week progressed, and toward
the end of the period funds were Of
fered at substantial concessions from
the high levels of last month. Quo
tations for loans for the longer ma
turtles were made with much great
er freedom than Of late, indicating
increasing confidence on the part OF
the banks. Business still continues
largely in the shorter dates, and will
likely do so until it is known wheth-
or there is to be war or not. Call
money has been in liberal supply
and the ruling rate has held stead
ily around pa per cent. In the com
mercal paper market the average
rate has held without much change
around Az per cent. New York
City institutions have shown more
interest of late. More gold has been
received from Canada and additional
arrivals are expected.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-03-12

orally secured foreign loans. Since
the outbreak Of the war we have
made advances to foreign borrowers
tn the net amount of approximately
s., 50O,OOO,OO0, and though mean
while domestic credit requirements
have expanded enormously, there is
still available a vast reservoir of
unutilized credit upon which to draw.
Renewed confidence in foreign
loans on the part of investors will
facilitate the placing of foreign
loans. That such loans are more
highly regarded now than they were
recently is indicated by the action Of
these securities in the last few days.
On heavy transactions prices have
risen substantially. When the No
vember warning was published the
prices Of foreign issues receded,
though not heavily at first, the initial
losses being fractional. But the de
cline continued well into this year.
Thus, the Anglo-French IS, selling
at 945s when the warning was is
sued, got as low as 9012, and now
stand at 925s. The United King
dom 5s went from 90 to under 90, and
have recovered to 975s. The Amer
lean Foreign Security 5s dropped
from 9S1a to 953s, closing Saturday
at 90, up Is on the weeks trading.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-03-12

Bond prices have been creeping
upward for a week in response to a
slight broadening of the demand.
Inquiry for almost all grades Of rail-
road and industrial issues has under
gone some expansion, and while ac-
tivity is still at low ebb as compared
with January and preceding months,
evidence is accommodating that in
vestors are gaining confidence in
values. II is idle, of course, to pre-
dict the course of the bond market
at a time like the present, when war
seems imminent, yet those in the
business Of buying and selling in
vestment securities argue that the
large amounts of idle money cannot
fail to help conditions before long.
Besides. it is argued, and with some
reason, that the market has been
well liquidated, pressure of offerings
from the other side has ceased and
prices are at attractive levels. 1t
must be remembered that the aver
age of bond prices is now the lowest
since the summer of 1916. Bond
dealers stated during the week that
most of the business is confined to
the execution of buying orders for
individuals, estates and institutions
with idle money to invest. Few bonds
are pressed on the market, but a
supply is always available if the
right price is bid. At best, however,
it is a rather thin market.