New-York tribune. [volume], August 23, 1915, Page 10, Image 10

About New-York tribune. [volume] (New York [N.Y.]) 1866-1924

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Railroad Bonds
'fifermatlop Csmpsrlsom
Va laWI rrrparrd s hooklrt on
Pailrcad \\n?% vhirh ?-;??-- in
tenement Irrm ri mc ol trie pr n
cifsl fsctor? ir,tiding the boni
inte? t< ivoit ot the principal
isilrosdi in thi? country. It also
itxludrt the income account, man
t|etrent. capitalization snd other
iricrrr.stion of intemt toinveitor?
"vt'e will he please! ls-> mail to in?
vestor? scopyof Booklr? No.204
Harris, Forbes & Co
I Ir.r l.r.?t. Coiiim vVllllam
NEW YORK
Desirable Investments
Careful search for desirable
investments has impressed
upon us the value of the
5 Gold Bonds
6r, First Preferred Stock
United Light &
Railways Co.
deriving income from G.^s,
Electric and Traction prop?
erties in forty communities.
parti, lUtrt ,.? ft ,?.-'
li. F. McConnell & Co.
25 I'inc *-?.. >e\s Vark.
W. N. Goler & Co.
43 CEDAR STREET
NEW YORK CITY
INVESTMENTS
High Grade Municipals
Legal for New York
Savings Banks
To Yield 4.20%
MARKET UPSWINGS
in War h s hl!"
partlcu. S with reference to
Drlggs Seabury
fubma.ine Beat
/merican Marconi
Fressed Steel Ca
Kational Stoel Car
?
C.W.HARRIS & CO.
Member? of N V. ? url. Market \?-'n.
50 fcR0*D ST., H.Y. ??.';'.?,,""%..,
' l|l!H!mi!lll.'.li|-M?*?nB^.
Winchester
FREDERIC H. HATCH & CO.
riii.ne llroii.l Mln. .in Ilronri St., New York
Tr?sate testai Philadelphia
Studebaker
' War Stocks Special
Our (Free) 16-Page
"Financial Digest"
covers Studebaker and War Stocks,
? including Powder and Ordnance.
L. H. Cookc & Co.
. Th..ne |{r.|.,i 8584-5. 71 Hr.. ...Issus. N. Y.
! STANDARD
i WE WIU. BUY*Q W? WILL SELL
I
L
25 Eureka Pipe II?" I 25 Northern Transit
?? 25 Gileni Signa? Com. | 75 S. 0. o( Indiana
J 25 Pnlrle Oil A l.ai J 7S S. 0. ol Kentucky
s 25 South Penr, Oil fmt 7b Vacuum Oil
. CARLH.PFORZHE^IIR'i.CO,
< 25 BROAD ST.. N. Y.
Wanted
i Am. & British Mfg. Pfd.
a
: FREDERIC H. HATCH & CO.
' I'hor.e ItriKKl .Mill 88 llro.i.l St., \i-w York.
r-,i.-. ? ,?.., i ii i i ?? i nu .
Wm.A.Read&Co.
New York
Chicago Philadelphia Boston London
DIVIDEND Noll? I -
UKI3N PACIFIC RAILROAD CO.
The rr?uliir Meml - Vi.nuiil l"ui.len.| of
88.88 |,er shir, ,n 1 ?... I'r.'ft'i red Mod.
mul the ..?cul.ir ??uirtrrls llisi.lrn.l rt
88.88 |>rr slu.rr >?ii ?lie < ..mm.?n si<? I,
tl.le ?? ?
? V.rk S V ?n.l.... ??(t..l.?-r I, 1818,
"
-
, uri?'??< | *?
, with Hi? und. - .
. 1* I,a
Mil "1 l.l? V s ( R?HRT. Tteisurrr. ;
New Tara, n v \ .
Kl II III I? IKON ? UTERI ???MIVNV
Disidan,I N?. IX
At a masting "f the Executive Commit
? tee ..f th? I.
- h. id August 16th, 1116, It?? regular ?|ii?r
t-rly dividan?] ?.f i %% on I
.
lilt, ? ' i ....
l.tli. ISIS, ??
?. \tra dlvldsnd "t '. ol ?uni of
it,? , nmula ? ? ,i ,in idend? rta< ,,f
.luis- 1st. 1111. p er 1st, HIS
t.. Mo, Khoh!. is '
' |?M is,. .K-. t? m ,n op? n
RICHARD ." INI ? rstary
H??KI?I.N> t ?inm NgBDMII KKivii'ANv
Prefsrrsd
A regular ?luarterlv dlvldspd of 1 V'< ha?
h??n de, lare.I ,,n th. 1'i.r? rr-d Bt? I
tht? ? . i Hi i?'emt,. r ? I
1*15. to stockholders ol record Bsptamb? r
', 1??. 1915 I?o'>kn < lOM I
at 3*"" V at and open Bsptembei llth
, 1?1S. at 10 0?. A M ?'?
fc I i' SHOVE, 'I'r.aiurer.
REVIEW OF THE i
FINANCIAL WEEK
Torpedoing of the Arabic
Brings New Fador
Into Finance.
STOCK MARKET WAITS
ON PRESIDENT'S ACT
Relief Measures for Foreign I
Exchange Hailed by Grave
Political Situation.
I'ntil Thursday brought tho unhappy
Of the sinking of the Arabic the :
finnnci.-il romnumity was morr interest-*,
rd in what was going on within the
! stock market than in outside develop- !
menta. It cuve considerable attention,,
it is true, to the extraordinary situa- I
tion in the international exchange mar?
ket and to the proposals that were
daily being reported to correct the de?
cline in bills on London and Paris.
Nor was sight lost of the significant
advances of the German armies in Rus?
sia. Rut the really engrossing spec? '
tr.cle was tho stock market. And that I
because there was occurring there at
laat what had bo long been expected,
though not exactly as it was happen
ni:.
The unrestrained speculation in the
war stock- had made easy any predic? i
lions thai the market was riding to a |
fall. The higher these ??sues rose, the i
; more their ranks were swelled by
stocks of indifferent value, the plainer i
grew The vision of a day of reckoning. ?
; So, then, when there appeared for the I
first time, last Monday, the evidence '
; that profit-taking had become general i
' among the speculative favorites ex- j
' pectation? ran high that the fateful
: ?lay was at hand. But that hope, if i
it was. was destined to be dis- ;
appointed. There was no d?b?cle. One
1 day after ano- her pal -1 d and the profit
taking continued. But into the placet
left vacant by old favorites among the
war issues new favorites pushed. And
der performers, so far from col
? lapsing under the weight of distrihu
I five and public selling, merely receded
i a few point? and took up a new stand. .
As a whole, it may be said, the market
showed surprising strength; the mure
vise its resiliency had never 1"-. n
ted sir.ee the war speculation be- ?
1 gan, months ago.
Market Resists Attacks.
Obviously, the professional int? n I
who have been behind the more active
war issues have talents of no mean
ord i. Plainly, too, their speculative
grasp is a strong one. To the attacks i
? :' the floor traders on the Exchange,,
working with might and main to bring :
a reaction of size, they oppose?!
itanee such ;? few eould have
? ted '" ? "? i'n no ?lay up to
Thursday did the rout, st go against
them. When stocks yielded in one!
part of the list they brought el
forward and effected a diversion. They
distributed stock.- to the outsider? and
d not more selling but new buy- :
ing. Every day in the week saw- a]
million-share session, with stocks mov
ing widely in both directions, and no I
day ended with 'he bears in the as- i
cendant. Until Thursday, that is. On ,
that day the Arabic wa? sunk, a pos- :
Bible casus belli provided and a new
aspect given to all speculation.
The forces behind the war storks had
two powerful allies. The first was the
undoubted great improvement in the
iron and steel industry, with ail
that that implied, not only for the gen?
eral business of the country, but for
tock of 'he Un ted State? Steel '
' orporation and of the lesser steel
nies. With the prospect that
dividend? on Steel would be resumed
liter than October and with the
knowledge that steel plan'.- were work?
ing up to the top of their capacity,
; with premium? being paid on bars and
certain other products where delivery
romised within the calendar year,
there era? justification enough for
stimulating enthusiasm in the premier
industrial stock alwaya supposing that
ce had not already discounted all
I that could be foreseen. The return of
, the oldtime leader to the forefront Of
the market ?lid what new war order?
and multiplication.-, of orders could
have ?lone. It gave, as wa? said.
?r of respectability" to the market
an asset in which it had been notably
lacking heretofore.
Big (redit for the Allies.
The second powerful force was the
'. report that the Allies were about to \
establish here a credit of $500,000,000
or more, wherewith to pay for the.r
war purchases. It Was substantiated
by the demoralixation of the foreign
I ex-hange market, where bills on Lon
iii. : were falling to $'."4 a pound ster?
ling, against a par of $4.8665, and bills
: on Paris to 6.05 francs a dollar,against
a par of about 5.19. Common set,-?
alone would havi suggest??! that sucn
idition could not continue t?. exiat
even if London lia?! not openly ex?
d ils anxiety. There were vari
OUI report? of what would be ?lone. It
was thought that gold would be sent
here from the joint supply of the Allies
! to the amount of $250,000,000 or more,
' to be sohl for dollar? and so paid out
to the makers of munitions, or to serve
as the basis for a credit of twice as
much or more. It was Vid that both
gold an?! American securities would be
sent, and that, in addition or as al?
ternative, there would be placed in this
try Millions of dollars' worth of
British short-term notes. Not until
late lu the week was there a sugges
t on that a deputation of leading Brit
nkera would visit this city to con
th our own bankers about what
was to be done.
The credit has not yet been ar
, ranged, and of the gold only $U*00,000
come hire within the week- no
more, possibly because that shipment
wa? said to have exhausted the stock
al Ottawa and It '.?kes time to bring
gold from England or South Africa.
There waa, it is true, an arrival at San
I Francisco <>f about $2,000,000 gold from '
Australia, but that, so far as i* known,
has not yel Income available here.
imething will be done in the
way of a credit before the definitive
plan ? I At an] r..t? . I
ed in the foreign exchange mar?
ket, where both sterling and francs
tallied from tItt ir lowest prices, i
l'. it whether the plan will aaaume any
of the forms that were Aral proposed is
at present doubtful. The grave Mtua
tion into which the Arab .? incide)
plunged the United States has .-topped
all consideration of that matter for the
time being, until it is known whether
or not our bankers will have upon their
h in.Is an even more important under
,- War is not neces-anlv the so?
lution of our difficulties with Germany,
bu preparedness ;- something no
banker neglects.
Arabic Attack a Shock.
When the first new? of the attack on
Arabic came m mid afterno?
Thuradaj then wa? the mialeading as?
surance that the s'eip had been d'lly
warned before being torpedoed in?i i
that her company 'rari been given tn-,
to leave her in safety. It was even
reported circumstantially that no lives
had been lost. And .-o, for a time,
tie stock market gave the sffair only
? | reflection. Steel and the cop
jer issues, (?reat Northern Ore and
New York An Brine, the "features'
of the^ay, continued tueir caretr. The '
market as n whole wa.< no different
from ?hat it had been at any IWwS
within the week It was in the ln*?t
hour, and almost at the en?! of it, that
the transformation occurred, broiignt
about by the first punitive report that
ii' warning hud .n'?:i given to th0
Arabic and that livCB hail ?been l?t,
including those of American eltl el
Immediately the list sol?! off rapidly
anil lo?ses of from 1 to :< peint *
? ded m 'be n?-i ive issues.
On Friday there wa? another selling
movement at the opening, which era?
shortly rlieckrd, and ther?' followed I
sharp rally. A considerable part of
the losses sremaineri at the close, but
the final tone, all things som-nler??.!,
was good. There was Bull the expccta
tion then that sot.iething would ?!??
velop to show that thi German sub?
marine commander had act"d within
the rules of International law, and not
In a way that would bring the attack
within the description of "deliberately
unfriendly" acts. But nothing devel
oped overnight to v. ee backing to that
hope, and yesterday the market
plunge?! into a freak decline that ?
i mtinued until the eloi ??
Until light comes from Washington
upon the attitude <>t the Presid? :.*
toward the Arabic atiocity no fore
caal that may be made for the secur?
ity markets r;::i have any real valu>.
Hut whether the outcome la for peac?'
or for that condition which has BO
often proved merely the prelude of
war, there can be no harm in recall?
ing that the United States is stronger !
ir her banking resources than she be?
ever been, that the promise of the j
crops was never more striking and
that business has unproved to Buch
a degree that even war can hardly '
check its impetus.
WEEKLY CURB TABLE.
INDUSTRIALS.
??ale-. Ii:- ' I. iW.Laat. ''hrn-r?.
Vllance Film C . 1 ?
. . /. i ... v.'i-t t?m -
ir a Kdy.ll. M t* ? i"
do pr . i s in in -13
ii 240 Can Nat Oa? C. - .'< i ?
' ' .III Sir, 1 . '.'a -' -*'? ?*,
Car l-i *?? Pwr . i'"a *'i '?"* - ?*?
iCenl I'liv .... U n n ? I
do pr . -'?' -*? -'' ?*? *
? ramo sulphide i " ft ~ ?
4 ?7~
1.440 Kle irii Boat.. 4.., ?'? <?-? + ?
Lib. .i., pr ... .m ' ' i"' ?~
to new a ?H -r **?
730 Emereon Phono. US it - U* - *
H . -j Ufa a I ? ?
, tiende? Mrs ! I '?. 31 31
H ' i?ion Oil ? . '.
::? M.i M tfl I? *'a
pr ctl t . '?'.
i '. -. do pr w I ,,-...
do in? ?I. l: M
Im Motor? -. -? - ?
' ? M ? l'a
Int Nickel ., !.. ICI M* M
? Int l'en "a t 1 'a
? l: l. ?r . 'f? .'. T'v
1.000 lut stin Pump 14 7 .',
Va) 'a
; 0 Kl ?r.-.-)'.. rir* -1-1 17? 171
LaSk? i. r Boal 1 ? n il - 3'-a
; ? I Am I , I'. l'a ? a
..,??.- ? ? l'a
1.1 ?. -N.it st ' .ir i. :.M T.. 4? ?H ? 4 |
Mis Co. i:\
He? ' orp ? ??
? ?? m Rum h neu
I MotOI a
? ? L
?lim l-11m .
.1 . lu .- Co Am 1"!
? I
?? - .
U S I.t .<? Ht C t
o pi ' .
F,.?wi Ventura ? l'il . 13
? .-. ' i
1 w In R| t A
.
STANDARD Oil. SUBSIDIARIES.
? i
ye P i. '"i lt*i i"3
' ?<? nt.il i ?I1..-I" - .1 ?
? n' 11.. ' ?
? . I- 1. ? i
.11 Eur Kn 1- Ta.?? I'. . . ? :
? .
IS 143
Indium r _.. .1? 101 IV
V. 33 ? I
ki na
Northern P 1. '?"" 100 100 -
1.11 '
.
10
?
? .
? il
15
1. -?
.i:
,; ne*
Prairie
i hern P la
? nn 1' I.
-.. w !-, P 1
nt Cal.
St an O
of Kan
St.-in " et K'
Stan " of Neb..
m?t.f N .1
I S Y.
?
l'nli.n '1 .
n ''il
MIN
ING.
1A l'a
i ?Atlant?
16.1.00 ?Alt? Co M n ??
.?Alaska luan w I i:*?
Ml.. Am ? ',.mm iri |. r ; ',
' ??? ai; ion m jin? i
?
?
pel
i
l Butt? ?N .
: li: i ' OP..100
1.77; ? lui- ?'",' " I. ? I?
? ' ' '? ;, - Ai t.: Km... *?
,.:- N- . t till r,
?
M.'? ? I?
?
! Cons .
? ?i...,.n., Id M'-r-l.
How? Bound a I i
Iron i.i"- ""
i Esten ?? IS
Lake i .
? .? ? IS
? ? op i>\
... La Hr.?. ' 'on? ? '.?
i."'. m i. n..i i '?; i ? '?? US
-. M , -? tii Mini
?
? Mi Kin? I '.ir
?v ther I."'
??.loo Si n L'tal I
; i . n Nil ..-.-nie M Co >".
?Oro ...74
Kei ? '. ii Mi" '?'?
?
?Silver Pli ? 1?
? mil Pili '-? ?'! ! II
l'a
Mining. 1 *? 1
? ? .;?, : itll M .
? : ono Mere? r
!,,. Esten
,,, c i.t Nei
?l-llnlll'in
?
? l'a
? '
.- si .i w Km i ' op !?''
RAILROADS
l mm Wabasti m i US l
IOS do pr A i '
r> lu do pt l:
BONUS.
1771 0M I M M m.? U
?
... .- .
i a ?
, r-t..i I f
BANK STOCKS.
American "
Atlantic !"?
Am Kvli.. -""
Battery l'aik I?0
bowery
lisant I'.iik. U"
i ; <\? I ?
' '. nt n . ITS
?
??ii *.? Tin nls IM
-
.1 .... 4i>0
? ? Nat l?J
:;*.
? !r .V 153
-
Colonial I '
seo
Corn I'v-h -"'?
Et?t River ?"
?
Sat...
iifih Av?
Filth Nal
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in In
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- ? nii.in .... 1
iboaid
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lahtf :
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orkvllle
TRU8T AND SURETY COMPaiNIES.
Hi l Aal Bid Aak.
Alliance Hltv 70
- - ?
. 117
IV..
. ? Mise I
?i- M it T of tfl
'?? N "I lali I
i SI M * a i": 11}
r .. ;-i
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?15 an -*3
I'll 111 la ,V T itS?
? ?45|r.ealtv A?so. . ??
? M'a
1 -,.ll?rt\
I rookl
?
. -..inn . i- :.l
I'n..In
.Me
I"
14."
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e
Hainklin
I ilten .
Queraatv .
Hamilton
Hui?..n Tr
int Bba Cot W*
a
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i.
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K'ns
_??>tr?
Co.
173
I Title OAT.. 3Tf>
I'M.it,
lt'ni'
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ISS L'8T(T*T ?'*
144
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IT? i
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:?>
NEW YORK BANKS
GAIN IN SAVING!
Report Increases of $18
000,000 in Resources and
Deposits During Year.
Albany, Auf*. 22. Despite the Hi?
turlieil financial conditions crcatr?! b
the FaUrnperin war, the savin??!? bank
of New York State made a very ere.I
itable rhnwini* during the twelv
months ended June .10, 1915.
Reports of the 140 institutions, a
filed with State Superintendent o
Banks Eb*~*8BS I.anib Richard:?, givin?,
their Condition as of Julv 1, show tha
their total resources were H?SUJUe,
??80.13. f?n .Inly 1, 1011, their total re
:.nil-res were $ 1,"? 12.02.1.K74.70. an in
cr-a.-o for the last year of $1\.'.72,
866.34.
During the same period their total
deposits increased from $1,77.1,2.1.1,
81*8.79 to $l,7<Hl,.r.24,?"Ol.74, a net gain
of *flS,.111,2(12.;?...
The surplus on market value ol
stocks and bonds on July 1 last was
$l?S8,?0tt,?086.12, an increase for the
year of 698.463.08, while the surplus on
par rain? of stocks and bonds was
93,415.69, a ?ra'ri ?if $12,7t".",.-. 10.'.'0.
The number of nrim accounts on July
1 la.' I u.i- n ?ni-.-eii e for ''
;..?.?;? 0? 21.411.
Tha number of sccounts closed .lur
lllg ?he year ?YSI I77,?',f.7. while .r)0n,6|')
\v( re closed in 19] 1.
The amount Withdrawn was $4.11,117,
? 9, which was $80,196,48749 less
than in 1014.
The amount deposited was $.1f>7,072,
851.62, or 853,249,993.04 less than in
1914.
The increase in deposits is mainly
due to the fact that durin?- the last
year the amount of dividends credited
iotalle.l 884369,706.29, the increase for
the year over the last twelve months
benii- 82.759r208.68. I
Executor Truste?
Chartered 1822
The Farmers' Loan and Trust Company
Nos. 16, 18, 20 & 22 William Street
Branch Office, 475 Fifth Avenue
New York.
LONDON, 16 Oooktipnr Bt,, 8. W.? 26 Old Bros.?? Strait Ft. 0.
PARIR 41 Eoalerard Hans-mann BERLIN, 56 Untar den Linden, H. 1. 7
Travelers' Lette? of Credit. Foreign Exchange.
Administrator Guardian
WAR TRADE BOOM
IN EXPORT GAINS
' New York Gets Largest Share of
Increase?Millions More than
Last Year.
The magnitude of the export trade
of the I'nited States at present is il
' lustrated by the fact that the exports
from New York during the week sad?
ed August 14 were $11,S00,O0O, against
110,726,000 in the corresponding week
(.f last year. For the full month of
Jam the export trade from all ports
of the I'nited States was 70 per cent
j greater than in June of last year. Man?
ufactures exported in June amounted
to $150,000,000, Bgainst $90,000,000 in !
June of 1914, and foodstuffs $72,000,000, '
against $11,000,000 in June of last year, '.
the percentage in gain in foodstuffs
being greater than that of raanufac- j
tures.
New York has had the lion's share j
, in the recent gains in exports. The !
total value of exports from the Tor
of New York in the fiscal year 191
was $1,194,000.000, against *?865,<)00,00i
in the preceding fiscal year, while fron
all other ports the exports were $1,
, .".75,000,00o, against $1,500,000,000 in th(
same months of last year. The actua
I increase at New York was $329,000,000
or about 38 per cent gain, while th?
increase from nil other ports was bul
about $75,000,000, or a gain of approxi?
mately 5 per cent.
Exports to Nish of $250,000 worth ol
trini'rotuluol a few days ago illustrate
the change which has com.-> over our
foreign commerce in recent weeks. New
articles go and in large quantities,
.--hipments reported last w?-ek include
^?"8,000 worth of gunpowder, $427.iii?u
north of ammunition; ?8883,000 worth
of cartridge*; $550,000 worth of loaded
and $*<0,000 worth of e*mpty projectiles,
61,399,000 worth of auto trucks, and
$1,250,000 worth of leather, illustrate
in some degree the activity of the ex?
port trade, and large consignments in
which this export trade is being moved.
Laut Saturday's report showed $144,
000 worth of locomotives to Piraeus,
$409,000 worth of motor truck* to Vlad?
ivostok, $200,000 worth of cordite to
London, and several shipments of hex
amethylenomine to England and Italy,
and one shipment of triorymethylcne
to Genoa.
WEEKLY SUMMARY OF BOND SALES ON THE STOCK EXCHANGE
(Reprinted from The Sunday Tribune.)
u. . stem ?,iea. hi.-he*t li)?f?>l, tinal prices and net chantres of all bonds traded in on the
?jii ?"i?;x^jt?;*. *?-- ??? ?- ?*?< *-??*-? - ?? ?? - ?*- -?
"" S? S S trt SETA ^^?"^J!^* ??T * "" ** *"'""
was closed. I??tal ?ales frcm Januars l i?> ?"??? *
In
7ptn , "?iifiiunrnrans?'!*- ? ??????-i
???*.}
?" ?? '?? ??? Vr JSfi? Sri Lo?? m h i?5
COVERNMEN1 AND Ml INK OTAL.
lap Is? I .
II
. 1,-|. ? ? I
:, N j May 1"-' I HI*
Novl_
. 1' '
'
do 1 ?
1 I
I
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STA1??;.
1 ? TFIiiTi i Hange 15 : Hange H.
ilU'h'Low;.Vugi Net '
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WHY SOME WAR STOCKS RISE AND WHY
SOME WAR STOCKS MUST, WITH REAC?
TIONS. CONTINUE TO RISE TOLD FIRST
AND MORE COMPLETELY THAN ANY?
WHERE ELSE IN THE
DOW-JONES
FINANCIAL NEWS BULLETINS
AND MORE WILL BF? TOLD THE COMING WEEK
NO FINANCIAL OFFICE IS EQUIPPED OR
BEST INSURED WITHOUT THE DOW
JONES FINANCIAL NEWS SERVICE.
First and foremost in the Financial field are the Elr-c?
trie Page Printer Flashes of the Dow-Jones News ?Service.
In a few minutes, but often simultaneously, go the
Dow-Jones Bulletins into the financial offices with fuller
details and columns of comparative statistics to be studied
by all intelligent investors.
Investors over the United States read this bulletin
news, with still further expansion, in afternoon and morn?
ing editions of The Wall Street Journal.
AMERICA'S LEADING FINANCIAL NEWSPAPER
In the New York financial district ydu are not in clos?
est touch with the financial world unless the Dow-Jonei
News Service is at your right hand.
As an investor you are not posted, in these stirring
and changing times, unless you are a daily reader of
THE WALL STREET JOURNAL
^^^^^^^^^ TO THE HOLDERS OF THE
Twenty-Year Five Per Cent. Gold Debenture?
OF THE
Chicago, Rock Island & Pacific Railway Company:
Feferrint* to the Committee's notice, dated July 16, 191 * C? is hereby
riven that the Committee has extended the time for der- ' ol debenturei
under the Deposit Agreement UNTIL OCTOBER 15, 1915. after which dite
derosits will onlv be accepted on such terms as the Committee may determine.
The Committee has arranged for an advance at any time prior to October
it i'M5 to any holder of a certificate of deposit issued under the Deposit
AeVeeme.it desiring such advance, of the amount of the interest payable J*
it? 1915 on the Debenture? represented by his certificate of deposit M
advance will constitute a loan at 5 per cent, per annum interest to Such certit.?
cate holder as set forth in the Deposit Agreement, and nuv be obtained onlv
upon Presentation to the Depositary or Sub-Depositan o his certit.cite of
derosit for notation thereon of such advance and delivers of proper ownership
certificates under the Federal Income Tax Law in respect of such interest.
The acceptance of such advance will be optional with the certificate holders.
Copies of the Deposit Agreement nuv be obtained from the Depositirr.
Bankers Trust Compaiiv. 16 Wall Street. New York City. 01 the Sub-Depositary.
First Trust and Savings Bank. Chicago, Illinois.
Dated, August 19. 1915. SEWARD PROSSER.
Chairai?.
E. K. BOISOT.
A. BARTON HEPBURN,
EDWIN G. MERRILL,
JAMES SPEYER,
B W. JONES. Secretary, Committe?.
16 Wall Street. New York City.
FRENCH POURING
GOLD INTO BANKS
Depositors Buying Na?
tional Defence Bonds
on Large Scale.
[By r?trl<r tf> The MbHIM )
Paris, Aug. 22.? The exchange of
| gold for notes at the Bank of France
i still continues. The total ???nee May at
the Bank of France alone now amounts
: to $475,000, while it is announced that
; in many cases depositors have ex?
changed gold for national defence
? bonds instead of for notes. It was noted
last Sunday that all depositors had
i bought bonds instead of exchanging
? gold for notes. The issue of a new
consolidated loan is believed immi
I nent, and the low price of 68.50 for 3
per cents is attributed to the desire of
I investors to wait for the new loan,
'n the face of the Russian retreats. '
Russian industrials were unusually ac- ?
tive in the market lest week, and !
, showed several points' gain on the
strength of rumors concerning the
Dardanelles, which met universal ac?
ceptance on the Bourse. The same
rumors affected Russian bond?, which
were inclined to sag.
There n considerable optimism in ,
certain quarters concerning Brazilian
fir anee, but it is feared in ?-triers '.hit
the proposition of the Brazilian fed- '
eral governmtnt to assume the debts
of certain states mav lead to internal
discord and make the muddle worse
than ever.
American stocks have been inactive, ?
but with a tendency toward a higher'
level.
SECOND DIVIDEND
FROM STATE FUND
Policyholders Get 15 Per Cent
and 12 Per Cent Rate Re
duction with It.
I
A 15 per cent dividend to policy- ;
holders for the second six months
term, ended June 30, has been issued,
according to an announcement by the
State Insurance Fund.
"This is somewhat less than the aver- i
age dividend for the first six months
term, which was nearly 20 per cent,"
the statement says, "but the rate re?
duction of 12 per cent, which went into
effect on January 1. naturally resulted
[ in a lower divider.?, for tne second
i term. The net cost of insurance to
; state fund policyholders was 7 per cent
less for the second term than for the
first, as greatly reduced rates for the
! second term more than offset the some- |
i what reduced dividend?."
The highest dividend, rO per cent,
_____
Standard Card Report?
On Active Stocks
50 cents each
U. S. Steel
Amer. Can
Republic Steel
Mo. Pac.
Utah Copper
Wabash
Beth. Steel
Crucible Steel
Westlngheui?
C. R I. 4 PW
Gen. Electrte
Miami
and over 500 other?
These Reports have been utti
by many banks aid practically
all the banking and broktrtft
tirina tor ten years past
Before buying or selling tak?
the precaution of rlret eon*it
Ing the Impartial Standard
Card Reports
Available now to Individ?an
for the first time at 50 cents
each. Address Dept. E
Standard Statistic* Co.
49 West Street, New York City
Taking care of anotar i proo
rrty needs MRf knowledge ??>**
involves greater respomiWity
thsn taking care of one's own
This Trust Company tt*k m M
year? of experience ;n its ?*"?***
departmenti has ?ccumuist? ?
breadth of knowledge impo??*
for any one ind:vi-iual. It? ?*
ents are protctrd by all WS
safeguards of la* tSai ma*SS
financial responsibility.
Few person? realire how mW
are the services of a Tr ist Ce?
pany and how -Hkient.
Fiplanatory booklet I? $"'
aies to You" will be sent <*
request.
Metropolitan
Trust Company
-eorie C. Vm tm\? }'??
rrtaileat
49 Wall Street
will be paid in the light manu??? r
groups. The rate for he*-v'*' ?u
f_ctunng. building construct*-****^
in-, quarrving and lumbering . Jltf.
is 15 per cent On 'xi,v**'u,,;*s 1?
nelling and subaqueous <onttr? ^^
per cent will be paid. **>d *r-lleil
portation. public utilities ???
laneous trades 5 per cent ? fa
The net premiums v,rltti"a?j]**
fund for the twelve months ?i??"^.
30 amounted to ?1.2^7.03. ?0. I? ,?
ber of policy-holders on th?* !^.^ *,
7.X53, as contrasted with *> *-*'? ?at
1-14 The expenses^ior '"?ftln
months amounted t>*- 1" P*r r>l?e ft*
earned premiums. The ??*''
the first >e*r was ?..7 per e?**