davidaulloa/AmericanStories huggingface dataset:
The Washington herald. [volume] (Washington, D.C.) 1906-1939, 1917-10-04
WASHINGTON PRODUCE.

Quotations given below are for large lots Of
good marketable goods only Jobbers' prices are
higher. Lower grades may be sold for less.
Fancy goods command higher prices.
EGGS-Fancy. strictly fresh. is: average re-
csipts. q: Southern West Virginia, 4oail.
CHEESE-New York State factory. new. "a
q
BUTTER Elgin print, l7,.; Elsin tub. IS
process. ~; store-packed, Sass.
POULTRY-1ive hens, per h., 8 BOOSTERS.
Is; turkeys, Is; spring chickens. 50a3l; ducks.
lsaZo: geese. l0al3: keats, young. each, soa51
DRESSED POULTRY-Hens, choice. pcr ID.
2ea1; spring chickens. per h.. 52a33; turkeys.
pcr ID. 2saS1; boosters. per ID. lsa2o geese. per
H.. 1SaI5.
LIVE sToCK-sbeep Per h.. ;as: lambs.
spring, 10; calves, per h., IS; medium, per h.,
lialils: common. per h.. l2al3.
SEEDS-Red clover. l3.0oal3 50 per bu. alsike
clover. II ooal2 80 per tu.; crimson clover ll6oa
ll5O per bu. timothy. 3.s5aio0 per hu. red top.
Ho0al5cs per Io0 lbs; bluegrass. 3.0ca3.50
GRAIN-Whest. milling. per bu.. 2l0a22o;
corn. per bu., 2lOa220; oats. white. 6sa7O; mixed
cats. GAS: hay. No. !. Z3a2i; No. 2 22a23.
FRUITS-Apples, new. Per bbl., l.50a6.5o; per
box. 5Osl.5G, California oranges. 200as0o; lemons
G.ooa7.0o. peaches. l.25a2Oo crate; watermelons.
25aJo each: c~Anloupes. Colorado standard, 100
a2.5o; fi.is. Tjal.0Q crate; grapes. Concords.
crate. l.7Sa23; Niagaras. crate. 2oOa2 80; Della
wares. crate. l75a2.50; pears. basket. 50a2.
damsons. baskel. 40a50
GREEN G0ODS-Potatces SOCaiCe per bbl
No. . potatoes, l.JOi2Ol; sweet potatoes. 3.oOa
$50 per bbl.: No 2. l75a2.00 Dbl: string heaus.
Ter Dbl. 4.0oai,O: peppers. per basket, 75al.o0
okra, per crate. 7jaI %; radishes DIT 100, l50a
100; cucumhers. basket, l.5oa2.2s; eggplant ga
80 crate: new cabbage, per Dbl, 2jaI IS: beets
per bunch. 5a5; lettuce. 75al51 per basket
celery. per doZ. 3hIj; celery crate. 25Oa6.Oo
domaine lie, tuce | GOAL 50. smash I sna9 On nor
The Washington herald. [volume] (Washington, D.C.) 1906-1939, 1917-10-04
COTTON MARKETS.

New York, Oct. 3.-Another sensational ad-
vance was recorded In the cotton market today.
and changes in prices were more rapid and
excited than on yesterday. Foreign and domes-
tic trade interests were credited with being
extensive purchasers on the rise and bulish
sentiment continued to be general
OPENING advances Of 20 10 4s points this
morning proved to he continuation OF yes
tcrday's upward movement Business tapered
of materially during the middle Of the morn
ing
The afternoon market developed renewed
strength on resumption OF trade and So 'cula-
tive demand which carried prices into new high
ground.
In the last hour price changes were frequent
and wide. The market was finally steady at
a net advance OF l0j to rs points
The receipts at the ports for the day were
23.il3 bales compared with q, asS bales week
ago and COTS tales a year ago. Stocks in
New York warehouses u So bales sgainst
ii.76 bales q year ago.
No exports reported for the day For
the season the clcarances amount to SO al
bales. against sio,sl5 bales in the previous
season.
Spot here was steady at an advance o. lG
points at q q cents there were no sales. Spot
at New Orleans firm with middRug ~
points higher at q CENTS The sales were
5.i06 bales.
Orleans, ASH: Savnnah, 5,sa; Augusta 2So;
Memphis. ios2; st. Louis. 76I
Furnished by n. L. Carpenter 4 20
The Washington herald. [volume] (Washington, D.C.) 1906-1939, 1917-10-04
STOCK MARKET QUIET
WITH LITTLE SELLING
Washington Railway and Electric
Changes Hands at IS.

Yesterdays session of the local
stock exchange proved unimportant,
both from the standpoint of trading
and from quotation-making,
Eleven shares Of Washington Gas
brought 20 IL and 701-4, and ten
shares of Washington Railway and
Electric. common stock. sold at IS.
Brokers were apart In their views,
with no disposition to extend trading
operations.
The first liberty loan bonds. the
Ia per cents, may be converted into
the new - within six months from
the date of the first issue, or they
may be retained on a 31-2 basis and
converted into even higher than 4 per
cents, in the event Of the government
authorizing q higher rate of interest
for subsequent issues.
This convertible privilege does not
pertain to the new 4 per cents. but
is the unquestioned right of holders
OF the 3l-2 per cents.
The following analysis of the New
York market situation was received
late yesterday afternoon by w. B.,
Hibbs and Company, from c. B. Cha
pin and Company, their New York
correspondents:
THE market acted rather we'll in
the forenoon. but later declined sharp
ly as a consequence Of q renewal
of heavy liquidation and bear pres
sure directed principally against Beth
lehem Steel. Now that the tax bill
is out of the way, the manner in
which corporations will finance them
selves. in order to provide for the
huge nfflux OF cash later on, is be-
ginning to be discussed.
Corporate financing IL now being
attended with many difficulties which
condition will probably be further
agitated II the war should continue
for a rrctracted period.
From the viewpoint of actual
worth. securities are cheap, but the
investment demand for same at pres
ent is not of sufficient extent to over
shadow the volume OF liquidation and
speculative sales"
The Washington herald. [volume] (Washington, D.C.) 1906-1939, 1917-10-04
BETHLEHEM STEEL
HAS SHARP BREAK
Excess Tax Law Believed to Have
Had Depressing Effect.
(By the InternatIon.I New. service

tBy the 1nternnttonai News Servtce.D
New York, Oct. 3.-Bethlehem Steel
and Bethlehem Steel d broke sharply
today. because OF the effect the excess
tax law will have upon the enormous
profits of that company. The break
came after early irregularity. Some
issues displayed unexpected strength.
such as New York. New Haven and
Hartford. Others were weak through
out the day.
The break in today's market was
not ascribed TO a bear drive, but al
most wholly to the weakness of Beth
lehem Steel. ST. Paul and a few other
stocks. st. Paul fell TO a new low
level OF Ola. st. Paul. pfd-. drop
ped to IS and closed at IS Is. with a
net loss of IS ST. Paufs steady
decline has had an inevitable effect
upon the market recently. Persistent
Liquidation has resulted from a belief
that 1t can earn no deyidends this
year.
The Bethlehem break came in the
afternoon, when prices crumblcd
rapidly. The common stock closed at
the bottom. 81 IA, with net loss Of
TIA The preferred lost ! point Beth
lehem B by far the most active Of
the company's shares. also closed at
the bottom, SIS l-2. with a f-point loss
Delaware and Hudson closed down
21-2 points. st. Paul recovered 81
from its lowest for the day. closing
with a net loss Of Ia Canadian
Pacific lost half point. Union Pa
cihc was down IS OF a point when
the gong rang. Southern Pacific.
whose range was but a half point.
showed no change from yesterdays
closing.
Steel, common. closed at los 1-2. with
a loss Of SIS. Republic Steel lost
/ is and Lackawanna Steel i point
Distillers closed with a loss of L.
and General Electric lost rs. Gen.
eral Motors advanced ! i-2 points.
The Washington herald. [volume] (Washington, D.C.) 1906-1939, 1917-10-04
All the Latest Financial Ne.vs Nth the Latest Stock Market

sources. But II has also been often
said that IL we were also able now
to demonstrate our Industrial inde-
pendence. then the people could con-
template with entire satisfaction the
situation of the country as 1t now
might be and as 1t may after the war
IL ended.
There has been a remarkable step
taken In the direction of Industrial
Independence since the war began.
The director OF the United States
Geological Survey, George Otis Smith.
has recently stated that. due to the
stimulus which the war created and
to the emergencies which were sud-
denly developed on account of the
war. the United States has made very
rapid advances in the direction of
industrial independence. We have been
utilizing our mineral resources, some
OF which have been heretofore neg
lected. We are now able to manu-
facture optical glass upon a very
large scale, and this has made 1t
necessary for experts to search, as
they have done. for glass sand of a
high degree of purity. They have
found this sand.
Chemical Independence.
It is a natural resource that has
been neglected. After the war we
are to be independent of Europe so
Tar as the production of optical and
other glass Is concerned. We ought
to be independent, Mr.. Smith says,
with respect to manganese. We may
yet be independent, because since the
war began we have increased our
output Of this mineral twenty fold.
We have increased our output Of
pyrites for which there is a great de-
mand for Industrial chemistry, by
nearly forty per cent. Mr. Smith
further more states that whoever
studies the mineral resources Of the
United States and the industries built
thereon, cannot fail to realize that
In time OF need like the present, pro-
duction rather than price is a matter
OF p. ime Importance. In face high
price may stimulate production and
increase available resources" Futher-
more home production can secure
transportation savings that will be
in reality a national benefit of prac-
teal value fully comparable with the
theoretical advantage of industrial
Independence. We must have eXpan-
sion of production capacity. and this
may DC secured If both consumer and
producer can adjust their projects
to atter-the-war conditions as well
as TO the need of the present emer-
gencies.
Many are Of the opinion that not the
least Of the benefits which the war
will bring to US. however great the
sacrifices may be. will be the es-
tablishment of industrial independence
in the United States. Had there been
no war we should probably have
gene a,onS slowly. Big business"
might have taught US how to secure
ultimately Industrial Independence
But the best opinion is that we are
now well established in the pathway
which will in the course of a few
years lead us to as complete indus
trial independence industriaIly as we
row enjoy Financially.
The Washington herald. [volume] (Washington, D.C.) 1906-1939, 1917-10-04
NEW YORK MONEY.

New York. Oct. 3.-Mouey on call al the
Stock Exchange opened at ~ per cert Ugh
S per cont. low per cent, closed "a per oeni.
Most Of the days loans were made at Ga psT
cent.
Time money did dot appear to be sfecio I'd
by the ease and decline in rate Of call money.
All institutions continued to hold firmly aud
at fun rates. Demand was gnoi and pnr
cent was paid in many cases on high grade
securities. Rates 5Ea6 per cent for all dates.
Mercantile Taper continued inactive Supply
was Of good variety and Of b 81 class names.
Rates jlza6 per cent.
The Washington herald. [volume] (Washington, D.C.) 1906-1939, 1917-10-04
NEW YORK PRODUCE.

New York. Oct 3-Butter- Easy; receipts,
$3.50 Packages; creamery. higher than extras
ass; creamery extras l9e scorel. Az; nrsts
Azdl5iS; seconds. 4sasl
Eszs-steady: receipts, B,l9 cases; fre.h
astheed extras. s5s4: extra frsts. i2aA: fr,ts.
Ssail; seconds. vas; state, Pennsylvania and
nearby western hennrry whites, hns 10 fancy,
Sac; state. Pennsylvania and nearby hennery
browns. tsa5o.
cheese-stsady: receipts. 2os boxes; state.
fresh, specials NJ; do. average nun, 2sa6N
Poultry Dressed. dull; chichsua. 80: fovh
nan: t,xneyA unehAngsd
The Washington herald. [volume] (Washington, D.C.) 1906-1939, 1917-10-04
BIBLE STUDY CLASS OPENS.

The extension course OF Bible study
of the National Bible Institute. OF
New York. under the direction OF
Rev. John Henry Troy held its first
last night and will continue
every Wednesday night during the
fan and winter at o'clock in the
Gospel Mission Chapel, 21i John Mar
shall Place. This class is interde-
nominational and will prove especial
ly attractive and helpful 10 Chris
tiau laymen who wish TO qualify as
personal workers and Bible teachers.
The Washington herald. [volume] (Washington, D.C.) 1906-1939, 1917-10-04
HOGS REACH $3.50.

Chicago, Oct. s.-Hogs opened strong
today. but the market closed slow.
Good stun advanced about ten cents
on the strong start. A high point
OF 1880 was reached. The bulk OF
the stock sold between $3.50 and s19 %.
There was not much trading in cat
tie at the opening. but the market
later developed healthier tone. There
was a moderate advance among most
grades. The highest point was 81.
less desirable stun selling as low
as $3.50
The Washington herald. [volume] (Washington, D.C.) 1906-1939, 1917-10-04
Rev. Arson Phelps Stokes Chosen

Newport News. Va. Oct. 3 The
Rev. DR.. Arson Phelps Stokes, secre-
tary of Yale University. will succeed
the late DIR. H B. Frissell as principal
of Hampton Normal Institute. He
was chosen today. DR.. Stokes was
graduated from Yale College in the
class of 1896.
The Washington herald. [volume] (Washington, D.C.) 1906-1939, 1917-10-04

and the demand To- the cash article was light
with sales Of only 500 bushels.
There were declines in the market for hog
products with pork showing the greater loss
Of the list. The business was mainly local and
scmewhat mixed. but underlying 1t was the
constant demand for home and foreign armies
and civilians with the fact that the United
States will have to supply most of the demand.
Furnished 10y W. b. Hibbs & Co.
The Washington herald. [volume] (Washington, D.C.) 1906-1939, 1917-10-04
Fuel Administrator Appointed.

United States Fuel Administrator
Harry A. Garfield has ann unced the
appointment of William Potter. OF
Philadelphia. as State fuel admins
TRAITOR for Pennsylvania. Mr.. Potter
took the oath yesterday morning.
The Washington herald. [volume] (Washington, D.C.) 1906-1939, 1917-10-04
NEW YORK CURB MARKET.

New York. Oct 3.-The Curb market business
today was quiet with few exceptions. and scat
tered Throughout a fairly broad list OF issues.
Price changes were in fractions. the trend Of
the movements wss undecided. The professional
interests were predominant. there being prac-
tically outside demand.
The Washington herald. [volume] (Washington, D.C.) 1906-1939, 1917-10-04
LIVE STOCK MARKET.

Chicago Oct. 3-HOGS-Rsceipts. 1900;
firm. Bulk. lsSosle.iS; light. Is.l5al9.35; mixed,
s.l5ai9.5o: heavy, ls.l5als1; rough. Isl5Als IS
pigs. Ho0alf 30
CATTLE-Receipts. 1863: strong. Native
beef cattle. T.3aT.so; Western stesrs, 6Sal5O %;
stockers and feeders, 62Jall25; COWS and heifers
5.ooal2o; calves e.5al6.oo.
sHEEP-Receipts. 800; strong. wethers.
sl0al2ao; lambs, i. 5oals.Fj.
The Washington herald. [volume] (Washington, D.C.) 1906-1939, 1917-10-04

A wide, fertile area will be reclsir1r
cd by the construction OF a 3s-mils
canal in Natanzas province, Cuba.
The Washington herald. [volume] (Washington, D.C.) 1906-1939, 1917-10-04
Washington Stock Exchange.
Furnished BY W. B. Hitbs & 90.
SALES

SALES
i54
After call:
Washington Railway and Electric com, 10
at e
The Washington herald. [volume] (Washington, D.C.) 1906-1939, 1917-10-04
MINING STOCKS.

Furnished by W. W. yesterday & Co. Inc.
cor mn TT nc
The Washington herald. [volume] (Washington, D.C.) 1906-1939, 1917-10-04

7. Harvey Henshsw. who was re-
Gently operated on for appendicitis,
is able TO be out again.
The Washington herald. [volume] (Washington, D.C.) 1906-1939, 1917-10-04

Pittsburgh. Pa, Oct. -HOGS-Receipts.
l,sOo; lower. Heavies, le.25al9So; heavy workers.
ls.lial92j; light yorkers, lsooals.5o; Pigs, Il Sea
800
SHEEP AND LAMBS-Receint, zoo: steady
Ton sheep. Ills: top lambs, I75o; sc higher.
CALVEs-Receipts. 100; steady. Top, 800.
The Washington herald. [volume] (Washington, D.C.) 1906-1939, 1917-10-04

W. T. Neal. for the past six years
local manager for the Western Union
Telegraph Company. this city. has
resigned his position
Honolulu star-bulletin. [volume] (Honolulu [Oahu, Hawaii]) 1912-2010, 1917-11-09
Lack OF Steel
HALTSBUILDING
AT Fl. SHAFTER

Work on the new ordnance build
lngs at Fort Shafter is being delayed
for lack of structural steel, which is
lying on the piers in San Francisco
awaiting cargo space to Honolulu. OF
the twelve ordnance buildings, nine
are now ready for the steel trestIes,
and not bit of steel is on hand to
build them.
Local contractors and architects are
much concerned over the structural
steel and other building materials
situation. Last Friday Ripley e
Davis, architects in the Boston build
Ing, sent cable to their jobbers in
San Francisco, asking if building ma
terial would be placed on the freight
embargo list. Yesterday the answer
came, saying that while there would
doubtless be. delays, the materials
would surely come. -.s.
From the cable which was en-
phatic," said Mr. Ripley, Il take it
that there is no occasion for undue
alarm. Of one thing / am assured
and that is that building materials are
not going to be classed as luxuries,
and that such goods will be shipped
as room can be made for them along
with other life necessities. We are
going ahead with our plans for new
buildings just as we should do in nor
NAL times, so far as shipments are
concerned"
As for lumber shipments, much of
that is looked after by the lumber
dealers themselves, who own schoon-
ers that are used for no OTTER purpose
than carrying lumber. If the lumber
can be got to the West Coast ports, d
local contractor believes it can be
brought to Honolulu. --.-
The same contractor, however, ex-
poets to. see considerable falling off
In the erection of big buildings re-
curing steel and iron in their con-
struetion. This state of affairs is al
most inevitable, since not only is
cargo space lacking for the shipment
OF such material, but the difficulty
that lies. in the way of the purchase of
structural steel and iron for CONNER
c1al purposes will not be overcome
until the end of the war.
Honolulu star-bulletin. [volume] (Honolulu [Oahu, Hawaii]) 1912-2010, 1917-11-09
SUGAR PUBLISHER DIES

NEW YORY. Oct. 16.-Wallace Pot
ter Willett, senior member of the
firm of Willett and Gray, publishers
of the Weekly Statistical Sugar Trade
Journal and Daily Sugar Trade Jour
nal, dean of sugar trade in lower Wall
street, and universally recognized as
one of the worlds leading sugar
statistical experts. died in his eighty
second year, at his residence in East
Orange, New Jersey. on Saturday,
October IS. Mr.. Willett's death was
reported to sugar circles on Monday
and was received with sincere and
deep regrets throughout the trade with
which he had been associated for over
65 years, and in which he held a
unique and commanding position.
Honolulu star-bulletin. [volume] (Honolulu [Oahu, Hawaii]) 1912-2010, 1917-11-09
COM MERCIAI NEW 81
Honolulu Stock Exchange
Friday, Nov. 9.

3. MERCANTILE ~
Alexander & Baldwin -. ..... 49,.
{. Brewer & CO. ............ 49,.
SGGsR-
Eva Plantation Co. -. 3oI2 81
Haiku Sugar Co. ....... ..... 49,,
Hawaiian Ayr. Co. $50. go. 40
HaWn. Com. G. Sugar Co. 49,. 43
Ha"n. Sugar Co. ....... ..... 34Lz
Honokaa Sugar Co. 4I2 49,.
ticnon1u Sugar Co. 49,. .... .....
Hutchinson Sugar Plant. ..... .....
hahuku Plantation Co. :. ..... 49,.
hekaha Sugar Co. ......... .....
koloa Sugar Co. ........ 49,. 1870
Mesryde Sugar Co., Ltd. ga sIz
Oanu Sugar Co. ........ 80 31E4
oiaa Sugar Co., Ltd..... 6 6Ha
onomea Sugar Co. ....... 81
PaaHhau Sugar Plant. Co. 49,. .....
Pacific Sugar Mill ..... I've .....
raIa Plantation Co. go. ...........
Fepeeks@fsugar Co. go. 900. .....
FIoneeTMiil Co. ...-.. ..... 1914
San CARDS Milling Co .. 49,. 49,.
WaiaIua Ayr. Co. ....... ..... "a
SuSdF 10 49,. s.,..' .
mIsCELt AHsCUS-
endau Dew. CO., Ltd. 80. ..... 49,.
1st Is. As. 7 &c Pc. 70. SOC. 49,.
End Is. As. fully paid. $50. .....
Haiku Fruit & Pack, Pfd 900. .....
Haiku Fruit & Fack. Com ,.... ....,
Hawaii Con. Ry. 7 pc. A. 4I2 534
Hawaii Con. Ry. pc. B. ... 3I2
Hawaii Con Rv Cam .
r,a"a!,Sn electro Co. -. ..... ....
Hawaiian Pineapple Co.. 4oI4 d
Hon. Brew. G Malt. Co.. 10 1874
Ho'otulu Gas Co., Ito. 800. ....
~" r. T. G. L. Co. So. 49,. .....
Inter-Island S. N. Co.. 900. .....
Mutual Telephone Co. =. .... 20
Oahu Railway G. Land Co. 800. 5000.
Pahang Rubber Co.,. ..... .....
Seiama-Oindinga Plant. 800. .....
Seiama-oIndines, 10 pc.l ..... 1900.
among Olok Rubber Co. .....
SONDS--
Eeach Walk Imp. Dist. E. 1o1 .....
Hamakua Ditch Co. 49,. .....
Hawaii Con. Ry. pc... 76 80
Hawaiian Irr. Co., 6s... ...:. 900.
Ha". Ter. 4 pc. Re!.nd<.. ..... .....
HAN. Terri 4 pc. Fuo imp 900. 900.
a"- Terr. Pub. Imp. pc ..... 900.
H3w Terri 3 2 pc. ..... ..... 500.
Honokaa Sugar Co., 6 pc. .... .....
Honolulu uas Co.. Lta, os $500. 500.
Hilo Gas Co., Ltd. $4,000. 81 100
Kauai Ry. Co.. 6s ,...... .....
Manoa Imp. Dist. Sc pc. zee. .....
"'--.J de Sugar Co., 5s.. 900. 900.
Mutual Telephone SIS -. ..... ....
Oahu Railway G. L. Co.. 900. ....
Oahu Sugar Co., 6 pc. :. 800. $500.
Oaa Sugar Co., pc. -. ..... 81
Pacific Sugar Mill Co... ..... .....
San Carlos Milling Co. 100 .....
Honolulu star-bulletin. [volume] (Honolulu [Oahu, Hawaii]) 1912-2010, 1917-11-09
& co. TAKE
$4,000 IN TERRITORY
BONDS FOR HAMA WHARF

Indication that T. H. Davies & Com
pany contemplate the purchase of $50,
coo worth of territorial bonds to cover
the appropriation for wharf at Hama
Maui, is given in an announcement by
Treasurer Charles J. Mccarthy at the
harbor board meeting yesterday
The treasurer stated that he has re
ceived a query from the Davies firm
as to whether the Hama work would
be taken up should such a purchase
of bonds be made. Governor PinkhaH
had approved such an allotment, he
said, and the harbor board also voted
approval The Kaeleku Sugar Com
pany, client of T. H. Davies & Co., is
at Hama.
Honolulu star-bulletin. [volume] (Honolulu [Oahu, Hawaii]) 1912-2010, 1917-11-09
RUSSIAN BOND
HOLDERS need
NOT BE AFRAID
(Ry TICK r. TAPE)

Considerable CONSERVATION was tett
| Yesterday in local financial clrcles
following the publication of the news
! of the deposition of Premier kereh-
sky of Russia, and local holders OF
the Russian bonds, of which three mil
| lion rubles' worth have been SOLD mere
were particularly anxious regarding
! their investments. 49,.
! That the New York bankers were
! in the know Wednesday regarding
the deposition of Kerensky is SHOWN
! by the fact that heavy liquidation Oh
! Russian bonds took place and the
! price dropped from 40 to 125. Part OF
!. this drop was of course influenced by
the general trend of the market, when
! has been exceedingly bearish. during
! the past week.
| Local holders of Russian bonds, VINO
are not trading for" quick turnoVers,
| should be content to hold their securi-
! ties without the slightest apprehension
as to their future value, for 1t is the
general belief OF financial experts
that while the bonds may reach lower
levels than ever before should Rus
STA declare peace with Germany they
will eventually return to par when the
worldwide peace is declared.
While a peace between Russia and
Germany would today cause a crash
of tremendous proportions on the New
York market crash that would prop
ably be lasting for some time in near.
ly all stocks and bonds. the Russian
bonds would be the only securities
with the exception of war brides to
rise from the crash. For such peace
would bring German gold into Russia
for her wheat and petroleum and
would tend to stabilize her trade bal
anCe.
Where in 1913 Russia's trade bal
ance was in her favor $75,0Q0,0 to-
day it is nil, and the balance is against
her to the extent of $1,000,000,0 900.
That is to say, ner imports are $1,000
100000 in excess of her exports. BY
declaring peace with. Germany she
could Immediately commence eXporta-
ton and this would bring gold into
the country and restore her financial
stability WHICH would result in a bull
ish market for her bonds.
On the other hand, if Russia con-
tinues in her present condition with
out an able recognized leader such as
Kerensky might have proved to be, the
bonds will drop to lower levels. But
even if they do the end of the world
war will bring them up again to high
levels because it is we'll known fact
that war bonds always rise the mo-
ment peace is declared. So that in
any event local holders of Russian
bonds need have no fear for the safety
of their investments.
Mr.. Smith is coming to Honolulu