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New-York tribune. [volume] (New York [N.Y.]) 1866-1924, September 27, 1916, Image 12

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W EAL T H MARKETS AND COMMERCE
Analysis
M., K. & T.
of Texas
Ist 5's 1942
We h_ve prrpared ? nrcular
en theae boadl tattd ea our re
.e,,t ttOOti cn lb* MISS0UR1
KANSAS .v __AJ SYSIEM
- - - hese I Ma. at preaenl
j.rirra efford an unusual opporln
Vtill he pleined lo aend ? ?
imeaton en reque?t.
W.C.Langley&Co.
Investments
11.. Brnidwir. New York
Bonds Exempt
from
Personal Taxes
in
New York State
\, e have p.r|>-rrd a ciicu
i ii de?cnl)ing bond*! of
niotM claaaei WfUCll are
exempt from per?onal
? kgei in New York State.
> ,>ie< will He mailed upon
reque. I.
Y.eld4.15rfto5.40r\
Send for list I 127
IRedmond &d_L
39 Pinr St. - - New York
ACME TEA
COMPANY, Inc.
Special letter
?m Requett
MERRILI
I YNni
& (0
7 Wail St.
New York
r?
| Motc
The ftrowth of the
Motor Truck Industry
gradaa ? ? -? ? -* ati
- a w he ere
, i aecurttlei
-
?. ? ar T 12* will
? .-. ,????- f..r:na
...
. - mai '- ?
th? 1 ? ?.??????
Income Return is 7%
Geo. H. Burr & Co.
?ANKERS
120 Broadway, New York.
Henry Clews & Co.
| BROAD I
IIMIIIK*- V a. STOCK I .IIIW'.I
i.. ln. Bondi and Inaettairnt .Setundr.
> ani aolrl on rominiiairiii. Al
- ?' ' Drpoiit Ac.ounti
i ?i\?.-! ?i; - ? ? eck at i
- -
-
STANDARD
vs^ WILL BIY Q VU Will. SLLl.
I
L
- i
' i.a - ?
I
'
CARLH.PFORZHEIMER&CO.
'? ?? 4 1 '?:*. H't.- St. N I
IOI_?aJaa_ I l?. l ..r,, * .?.<,.
iii:. at I Iclnlnc ? ?rn A I* f,l
\ r>r<aalaa< hlan l'.,mrr ff.l
i ..l'r?l i llllilra |-f,|
??in.n. a rr.i
' * I .icl.t ( o.n
FREDERiC H. HATCH & CO,
rttam Hrr.H.I ||40 X<l llrrnial M . Sfaa \l4rW
NVESTMENT SECURITIES
Bigelmv Jc Company
. ' ftmt s? Plion. 6290 John
E. W. BLISS
J.K.Ricc,Jr._Co.
GARET GARRETT, Editor.
WAII STREET OFFICE: Telepheae:
? I . Idinff, IS Rroad St Hanover 6S14.
i day, September tO, tOlO.
A chastened .tock market of near?
ly 1,500,000 share^! Enthusiasm for
I 'iiitr.l Statei Bteel common wa?
much diminiahed by the discovery
that it could become plentlful. 'Ihe
extraordinary fact, neverthela
ita relative scarcity. Thei rumors
nf a corner COUld have heen enter*
tained by intelligent persons on the
day the price touched 120 ia an illus
tration c>f the rhanpe ln quantitative
relations ainca thr creation of the
United Statei Steel Corporation in
1901. Then the greatest living
_ of the art of stock market
manipulation. Ofl hearing that a
company \<.a- ftbout to hc formed
with |500,000,000 common eapital
stock, exclaimed: "It is prcposter
ous. No such amount of -*t..ck COUld
ever be sold t<> the puhlic!" |
Special ..rrnpth in the railroad
..-; ated by many com
mentators in a cynical manner, cor-,
re.-pondinp as it di rl to their notion |
of how they would "mai.ipulate" a(
Stock market if they had control of (
i*. They would bid un the indus-l
tnal.- under thr leadenhip of Steel
conmon until thr deceneiea began to
be offended. and then they would
takr hold of the railroad iaauea and
run thrm up. while selling Steel com- :
mon. t'oni pet ent critics who partici
p.le in thr presrnt stock market
ueree. however, that never was there
relatively so little manipulation. The
ation i- largely of apontaneoua
ei jgin. It I uiidl upeffl ita own re?
sources. Sprculators take profiti in
iir.r group of atocka and then, un
willing to fret into thrm again at the
aamc prices, they serk ahout for
other thinga that have gone up less.
it upon railroads. perhat
coppers, What shall they do with
their protit-'.' Ifoney is the thinp
thal falls. Everything else goes up.
The hond market is rather thin.
More than a quarter of thr transac*
Uoi are in the war loans of foreipn
countries, The investment demand
fur corporation hond- is modrrate.
Instances are frequent of holdera of
converting them into atocks,
? an risr.
If We Meant It.
A conference In Wai! Street be
rhe British government's rep
reaentative, on one hand, and repre
? .es, on the other hand, of
American finance and industry,]
tever may come of it. is the tirst
al step that hai heen taken to
? ry of neutral rights.
The notorious blacklist, the interfer?
ence with American mail matter, and
thr im ? transit by post
of tra.i.' secrets were aubmitted for
sion.
Mriti-h interference with Ameri
ade ha-- been characterized by
thr State Depai notes of
? | "unuairaiitr.il," "illegal," ,
nnjust," arid yet nothing ha*
done aboul it. Congress hai
; the power of repri.al in the
of the President. To exercise
it !?- very difficu'.t, for political rea
Bons. The primary obstacles are the
flgures of our export trade. In the
month of August we rxported, main
ly to Europe, .r>10 million dollars'
worth of goods. We imported 109 [
million dollars' worth. The halanre
? favi r waa 311 million dollars.
In the same month our net Importa
? of gold amounted to 29 million.
'ihi- i- a prodigious foreign trade.
I thi ouree of our amazing pros*
Th.-re is a preat political tender
for prosperity, eapecially in the
year of a riational eampaign, If the
s impoeed upon our for
?"il_n trade entailed a loss, then we
I howl in earnest; hut so lonp
as foreign trade enormoualy and
? .-'?.? prnlitahle. in . pite. of
restrictions, and i ao largely
/ to 'hr purchases of the same
belligerenta whooe invasion of our
? plained of, the inelina
tion ia to leave protest in the repinn
of theory and gather proftta while
thet ngis gqpd. Thr British gov*
? Idently thinks it extreme?
ly unlikely that we ahall engage in
nn nf repriaala which may in
jr. i'ir foreign trade, and that our
threat to do so is raainly a Yankee
The British por ernment is
But if we were really In
? aboul the principlea we a
rrl and caied more about our rights I
in the abstraet than our prr.fits in
the com rete, we ahould be able te
both the principlea and the
trade.
i or lacl of eourage to test the
,'th nf our own position we are
j f'.rnni f hahi'? of BUbmission which
ara burtful to our aelf-reapecl and
will diminiah our prestige abroad.
0 i commereial behavior belittlea
our political pronouncements. Por
' war prosperity we open
. 11 r credit onreservedly to the coui
ti |i -.hose Interference a ith our
right hai been har hl; eondemned
by 'iur jriivernment. Do UTt tUOail it?
Or, n.-4 our customers think, ara
we bluffing? Thii foreign trade, ea
sential thougb it may be *? the main
ienance a while lonper of prosperity
c* th^se line**, i. yet much mon- c -
to tti" belligerentB. We could
no without it. To the Entente Alli?
ance it is \ ital. -l ct tlicy impo t the
?? -. . ?.... thal hall go* -
ern trade between tho United 5
and neutral eountries! It il al r
Whuf the government eannol il". rep*
reaentaivea of Ajnerican finance and
industry eould very easily rlo. first
hy evolving a theory aboul il and
than by attting in ? concerted mai -
ner. Thej could aend the Britiah
governmenl to the .-tate Departn wi!
Money and Credit
Money on call .t the New Vnrk
Stock Exehange rulfld aga.n iinchanged
at 2 '?* per cent, with a low of 2% pei
cent.
Time funds on brokerr.' StaftCB El*
change collateral show no quotable
change. Dulueaa prevaiK with the tone
easy. despite the extraord nni y BCtivity
in the BflCUrlty market?. The inquiry Ifl
light
? a- rntes on rr - U rday
eompared aith a year age wera as foi*
.
A yeai
Yeatordaj ago.
< all moi -V . . . 2%-S 2 %
Time m
lays.3 .al1**"- ZekW/a**
?0 days.VAQV/a*, 2'/2?3 (e
4 ? .3'2'a3'4', 3 'o
? . 6 n?0Bths3! 2'n 3f4', 3 rr,
l ommercial I'aper. Ki'retnely dull
ttadn.g ia reported in the commercial
paper markel Offeringa sw as Iighl a?
naual ?nd InBtitutions nn not parl
??rly lateit ted. a
per eeat for prime regular maturitiea.
? sl ratea of dia? ich ol
? | twelva Federal diatr i' ? aw ?.
followa:
Bfaturity in day.
SOd. '" d
Boston 3 V/2 4 *
ork.*9 4 4 4
rhiladelphia .*V/g 4 4 4
Cleveland. 3', 4 4', 4ft
Richmond. 4 4 4 4
Atlanta. 4 4 . ;,/
Chieago. V/t * 4 fi
:- i ouia. 3 4 4 *
eapolia. 4 4 4 4J_
. *>/* *??/? ?"/! *>/*
Dallaa . 8?/a 4 4 4
San Fraaeisca.... 3 31 2 4 4|/2
* day pa;-*r
Bank Earhariges. Thfl day'fl cirar- :
h y* at New Tora aad othei
1.4el aages. Balaneea.
\4,..v York.$746,347,265 $32,781,101
or. . 7.191.806 1.077.130
. 34.315.605 2.875.722
Chieago . 75.127.010 3.369.185
rhiladelphia ... 42.302.992 3.554.520
St, Louifl. 16.478.496 2.096,694
Snb - Trea.ury. NflW Torl banks
.. i raaaury 12,2*7,0
Silver. r.ar? in I.ondon. I2H pertCfli
here in Neu 1 ork, <"??'<. eai l Uex eaa
dollai . SH centi
(.old to ( hina. (iold coin to the
amount of $50.(."00 wau withilravan from
the Bab-Trefl ? J* '"rday for ?h p
ment to f h infl
The Dollar in Foreiijn txchange.
Ru*van rublai brokfl ra'hrr -?harp1y
-raaterday, falling to I1J0, compared
with ' the before. <>n!y a
short while ago they sold as high aa
. i a result of fr"' a.'
tly the del ? . ng of
? ha new Rm i ien
had an advoraB MBtiiBental effeel on
ruble exehange. .--'te: irerfl
nnehanged yesterdaj i i ket **a?
generally dull.
We.k
Ve tl 'liaj. .go.
Sterling, demand.4.75">8 4.75 'a
Sterlinir, siaty days... 4.71'-, 4.71->4
Sterling, caii!.-- . 4.76 a 4.76'a
? nety day... 4.691 .? 4.69' j
Francs, demand . 5.86 * 5.86
Fraaea, eablea . 5.851 -> 5.851 4
Guildera, eheeka. 40'., 40U
Guilders, eablea. 40 a 40'g
Reiehsmarks. eheeka... TQAi 70
Reiehsmarka, eablea... 70'i 70' *
I.ire, eheeka . 6.46' 4 6.45 -4
I.i re. eablei . 6.451 ? 6.4b
. checkfl . 5.31'4 5.33
eahle* . 5.31 5.32' 4
auatrian kronen, chV-. 12.02 12.05
Sti.iklii.hu, kr. rh?rk-. 28.40 .'8.50
1 opei I Bgea, 28..'0 28.30
- , eheeka .20.12 20.13
Huhle., rhecks.31.90 32.30
Bfllow l? given the eurra-nt. exrVan^e
valiifi of foreign money '" dollari and
eenl . Iogathor with the i, ? ?
parity a* ealeulated by the 1
Stati Mint:
? u-reut
. ichange Intrinaia
alui value.
?. sterling..... .$4.7S*>s *4.86"b
Franca . 0.17 0 19 3
era . 0.40;. O.tO 2
. 0.U " 0.23 3
Rubles . O.-n OO 0.51 2
? .0.15 5 0.19 3
< reaarna fDontnark) .. 0_8 20 0.26 8
'Ihe flboVfl rateia eXprflBfl ihr rost of
ra aioBfly 111 terma of the Amor!
ean dollai IToo buy an Engliah pound
sterling for M H thi ntrinsle par
ity 1* 14.81 . pi r pound il. 1 , m,'j
?)n r ti a' i>n'nni bi*i al 11
ccunt or that/dol il 1 premium.
which i? ovamg to th? fael thal li
ind thi di mand inr ihillur* w iti,
.,1'rli I'i .ettle BCCOUOl tl COBB*
l*i? itei thai Iha daai ind in thi.
country foi ponndi \aiMi whirli to
ti tlie BCCOBBta ia hngland.
BRITISH ROW
OVER SUBSIDIES
Founding of Banks and
Monopolies by Govern?
ment f lotly Atlackcd.
|| ,-,. ..- r ? ta_ ?
Bj I K\M IS W. H1B-T.
London, Septen ber i ?
Tiie ffimdual decline in Stock Ex*
change values ondei the output oi
uar '. ntinudl durinp .*-->p
... but wai very alight, accord?
ing to the computation of "The
Bankers* Magarine.'1 Affairs in the
city ..i Phe strength ofl
con ol i remarkable.
Another prodigy i? the great pr"
pcrity of nur Kar Eastern trade a th
lndia. the Stl-itS and Ciuna. This
tradr not only has doubled in value,
much greater in Ihe actual
quantitie of goods represented. The
prosperity of Japan of course may
partly explain it. but s preat au
thority with whom I have di e ed
it admit.-* to in." that hc is puszled,
r-p. daily ii ?? iew of the unfortunate
political conditions of china.
The meeting of Parliament natu
: rally ii crei ea political int
The povernment'.-, strength will be
iineii partly oy the military
.ituation and partly hy '.he attitude
of thr Irisfa members, The vote ot
credit will invoh e . neral discus
sion ar.d shou the temper of the
Ho i e.
Thr newspaper! here e (|
p ;,! the oversub
scription of tiie Canadian war loan.
??Thr 'I inn -" explaina that we are
spending nearly leventy-flve mill
r g ;t \,'i,r tOt WOt IUO
plie in Canada, UlUI makinp r
l,le very largely thr . ing "Ut of
which these loans can be arranged
in return. Nevertheless, the total
[.pplication appear to reflect the
wonderful independent resoureeful
of Canada. They reflecl also
considerable banking BkilL '
BUpposed that there was BOmC New
and New England support
The ? i -licy o)" subsidixing
tding corporations to
engage in foreign trade is hcinp
Bharply que tioned. Gaspard Frer*
refusal to sign ? report I i
inp the big ten million bai k pi
? rant Al yesterdi ??' meet
?? the Anglo-Russian Trust
Cri-p suggested apain that no new
corporation were re
, - :. The que tion i how to re
. . ting drawbacka to Anglo
i: ian trade in a way to benefit all
th-* merchanti now intere ted. Crisp|
, a letter to the Chaneel?
lor prosperinp i ..' stive policy
of fair play all around. The British
nment, he bj . might, for ex?
ample, "ask the Russian government
to act reciprocally in banking mat?
ters by allowing British banl
open brai hi i P< trograd, because
I hav. for yeai
,,...! the i" ;" opening
brai ch e tablisl London."
Monopolj corporation i
dized banks would provide new sal*
positions for privileged per
,r,,l become but a new hoi
? : troying
equality of opportunity.
Criap'a letter will do pood. In
deod, H ll now reported that the
government baa abandoned the idea
,,f itself tai I Wng an Anplo-Rus
buui corporation or of conferring any
trading monopoly. The whole
queation will probably be ventflated
in Parliament.
I ri e tradera will meet at Man
chester Friday, with Earl Beau
champ aa the prindpal speaker.
CANADIAN CAR CO.
DIRECTORS EXPLAIN
Scrious Difticultics l.ncountcred
in I illinj* a Russian Order.
Althoutrb deellniaf to aaake public _
rejiort of th" eorpor.'ion's tinancial I
poaitioo an compiled bv Priee. Water-,
houae A (>.. of New - >rk, tha dlree
! tors of the i anado.ii I ar and Foundry |
i oinpanv, whi.h haa ?nro.jnt. r.'d Mrl
Beult ea daring th? la_t year in j
fog ? fontrit.t with ihe T.ussian '
(o-ernmenl for |8S,000/H_ ?"nH of
. hell and ihrapnel, laaood an explara ;
,,,,., ? jreaterday, lo " I ich
ani:
111- rlirai-tora MthoriM ? ?tatMMBt that
| irrfiil arialyhia ?.f tlir " Oltl lIlUVB bf
.- ..| 44 Illl tl,r HHlM
r.inlm.t.fl, mn-ie u <?? ?' ? S_.a*_ |??? 'rn
,...iivii....t li r-'.i that a hiilaataiitial
mtertta tn Ihe oimpnny frnrn tlir
nn. I'rUaK iim.. Ttta 'niiii.fl".'.. difl
? - been f?itermi_ an tttuaa. ?i"l
ntl Ipau ti ii' o ' ??? ?
44iii ba t .'iy eoau __
? tat. d hy thoae In el laa toneh
... , ,. . . ? ? ?
to Montreal a.kir-r., that tha direetof
u. uld bare I ? ?? *? l! ing U> t* ?? aat tht
? I ' ? e Hl-rolllll.!- ?
. . ?r. ,,.,t fer 'I t firt that tha f_
la Ha aettlenent **? Ith thr Ra
^?n rrnnirril. !>:,-. iind?*rt nk> n to |
rill abaorfc 4_hat i ?
the rinapanj haa auda on tha original
of tha eenlr?r*.
|. .. annoiiiirni thut tha Roaeiafl gm
? ' i ii , placed ? Ith Britiah m?l ai
orden iggrogating 19,200,000 jrarda "f
army rlo'h, ln lir delivered in th. r.arIy
qyrlag.
PLAN TO REORGANIZE
WHEELING _ LAKE ERIE
Astaessment of S27 a Share and
Lower Capitali/ation Proposed.
A plan af reorganiaation for the
Whee'.'.n? t 1 ? Railroad I om*
PM y, whi Bl been in ?
since June B, 1908, has heen prepared
by Kuhn, Loeb >< Co. BBd Blair i Co.
:. I to ra throagh the
paymei I of *--" a ahsn bj the stock
holdera, $9,984,701 ? ? ? oaey. The
total . rill be C l! ^rnn,
l74f811,?W tfl .?7-j..':.'\*:.v Fixed
ehargfla will be reduced b> |976,436.
Th? present eapitaliaatton ol
?i -ne nroposed reeap
talizal
Pro ? ' ? Reca
.aion.
1
$15,000,000 % 15.000.000
2.6i o.OOO 1.312.000
755.000 -
,. ?, ,.-. oflure. 11.8S2.59.' ?
, principal 6.859.850 190.000
Reeeivi i nl 3.609
,s ... 36.980.400 55.868.858
rotal
Italiaatloa... $74,091,456 $72,370,858
'?
. 1.744.950 768.515
Neaa- Stock for Noleholder-*.
In the capitaliaatiOB of the new com?
pany there will be an .BBBB of 511.??*?-,
800 prli i !.''.. taxk, whieh arill go to
the holders. of an equal amount of
three year notea of tl | ? i ' C0M|
pany. ' Holders of the HAMJ90Q tirst
preferred stock will rei i I ,!' 9*9'
f thaj I a bar? aa eaameBt,
? ? BOW prr | !B and
$4,986, eommoa.
Holdi' of tho 511,??'.''..?"'"'"' leeood pre
ferred atoek, after meeting 'he aa
ment, will gel |3,-'"??:.- ia new pre?
ferred and 110,794,160 in aew common.
tockholdera, after pa)
ment of the aaaeaameBt, will be glv?n
$5,400,000 in new preferred and |17,
r.nii.ooi) in new eommoi.
The ed hy the plan arill be
to pav off |8,67S,469 In re,-.
4. .ii demaad
and '?* Bggi .???' ? l I
249, Holders of oBBecured elaimi ara
? ? of new pra
ferred ai d ' * sommoa
for ea,-1: 'i11" in elaima,
ihe reorgaaixatioa -will bfl affected
through tbe ageaey of a compaay to be
incorporated, probably under the
of Ohio. II will he ra ted with title to
ill the raili * bisefl, rights and
other property oamed by 'He existing
eorporal .
louaced yeflterday hy
reorganixation managen thal in order
io become rar';'''- '" ?*?? !' '
ist be deposited on or b
Octi - ? . ' ? _
CHEMISTRY IN THE
WAR AFTER WAR
John E. darderi Talks on Need
of Preparedness.
l" Gardia, viea pre-,lent of
th? * ?? Baak aad 1 ? ?
foreign exehange deparl
?r:-,;., : befOW thfl annual
? ? the American l hemical
Columbia Uaiv?ralty. laid
special emphasia on tho need of ln?
? ,? ' - | if the I'r ted
to hold lt own in *be in?
ternational ' '' '
? il
gle at arm
? m- later
. tl gglfl, possibly ju-t a- I
for the supreaiacy of eomn
tereata, and in tins the ehamlat will
. bj Bfl amall part CoatiBuiag, be
- .
- . aflflplfl of tha Dfldtfld .*-t_t?*a of Ae ?
i Mm ? ? I . e raaliaad haja ta
- ???ot they were BflNM tbfl Oaraaaaa eaaama*
boI stoaafl ha tha matter of dsaa,
,|.4, ol . ' er el emiral-. ami -.he
mmcreial rariatla
.... thfl I fl r,. ii.trie-- i- B ..ilnmity Ihe
. been taueht taa, an 1 H na* ra*
... rople of thia eountry t?
.it ll.ey will _ ?>. '' ' ?
not tha BHahtaaat "aflaael ?? **t '
Hut the great fear I thal ' - ittata pt will
only ba a ' ' ? i*'"1 ?"*?*? ?
? - i BTflflflaa aaxaaUibrlana I
ill aaaia raa atetaa
tha im-?* i.f kaaat raaaWtanee, aaad hefara *?"
kaofl Ha I ha tha va?
?aflBfl Cuiflflj?fl powai so fai ?**. eartaln ia
i prodttet. ar? uioeattatd.
The eapit? iine.te.1 iii the ehemleni in
{ ?? ? i ? untry, BOl alone ,1 -
i i> ba-hlraetlr. bt i?iflthlni Mtormeaa*. aadl
unle*.*. we enter upon .a campaik'" '
pareilnes* now aae a-e, II ? .'. t.. reei I
* 4err rtadfl thachfl flrhflB the
aa-ar fh.it n, thfl e,-i,iinraic aa ar ol n:a11"!I
,. loaaaM i Thea ila Ing i* all
. Hl bat it dflo not taha a ?---?
? r .re ralnd le il.liimln. that it thai fl
gates are upen for the influ-. of the aa.irlii'
prodeet. later ea a sreat ,leal of tl
il.il -.4 ill he ab?olut*ly aa ipe.1 out, and II
i . -a . -. ba) -? r ? Um banker, tha mee
etiant and thfl profea.aion?l nian to put hi.*
l,e-t efforta behliad the one thought at the
i ?* SBl tirrie. 4.tiH that. !?, to rreate ia ?'.,
balit) m our pr-J-ttattioai thal ia. t!I rasi-H all
Bltempta pI Um atajtaUar ta u.?rtaaaa
THE INCREASE IN
EQUIPMENT COSTS
JullUfl Kruttaehaltt, rhairmaii o' 'he
Southern Paacifle, ln the eompany'fl an?
nual report is ued yeaterday *tat<-d
that Un '?? J" r eent increase in WBgBfl
to the federatcd orgaaisatloaa of en
|*in< men, tiretnen, conductori and
brakemen i*ratit.d by tlu paaaaga of
the flighl hour law will mran an annual
10,000 in operal iag oa
; ?
Comparativo priee. pani during the
\ear. uiul in 1911 and 1914, for
in un pal iietn- ef materia
upplic hoa inert i
I'aeiti,. tjrpfl BO MBger '? '
10,. Balhaa b-amaa.otl.fl taaflHa
1 1,000 gallon tank ear* .
I'late giriler hrulge*.
Rolh-d baaa .
Itur irun . lll
.toi|i-nnl bflfl ... .
,
Har hed flrtffl . TS ?
ll? 1-l.tea ..?._.'JI*-,
BIGGEST YEAR
FOR SO. PACIFIC
Both Freight and Passen
gcr Revenues Show Sub?
stantial Gains.
irrerruption of itaaBuhip lerriee
through tha Panama Canal aad the ex
treordinary tra\el which wa? stimu
la'cd by the California . vpo-iti ins en
anled the Southern Pi.* fie J tem de*
? o abatement of automobile com
rr to establi.-h a new bigh record
for gro * earnings during tho year
ended June SO last. The movement of l
troopa to and along the Mexiean bor?
der and the jjcneral improvemer' m
.' nnd commereial conditions
along the company'? lines a'.ili*d ln la*
l revenue*.
.iunr.s: tha yr:.r
were ........ 4.J?*?. an ir.crea-e nf $'--'.
r 1915, and BS]??
- . rh reeerd of 1911 by .
Pl ? .gor earnings were * I
'. _n increase of 13,474,. rha
surplus tvaileble for dividends amount"
ed to 129,950,416, equal to 1036 per
cent on $272377306 eapital atoeki
.,_._ ? I per cent earned on the
?aaaa lharc capitalization the year
previou... Laat year's balance ai'ter
fixed chargea waa tha largest in the
Southern Paciflc'i hiatory, with the cx
eeption of 1910, when the 13 per cent
? ick included a %4J6Q ',
ti iiution received on Welli
i Fargo atoek owned, The 1916 Income
H " [th 'ho prcv ?? II
, year a folloa I
At. milei. 10,956 10.554
.$152,694,223 129.865.675
Total op. rev...< 152.694.228 129.865.675
Operating exp.. 97,443.658 87.753 842
.axea. 7.023.326 6.371.273
i ? coi. rev..7.273 50.946
ap.exp... 104,504^57 94.176.061
Net op rer... 48.189.971 35.689.614!
Otl <*r income . 12203.035 17.791.564
ncome - 60.393.006 53.481.178
? ? ??! rharpe*. . 29.507.752 33.850.583
I fd. ehga 934.838 -
Surplus. 29.950,416 19.63C.595
Common dhra... 16.360,632 16.360.984
Surplus for year 13.589.784 3.269.611
An $18,547,135 in freight
la ' ;? ear included the fo
ing gain : Mineral produeta, $5,01*! -
.? from the unusual demand for j
- ereated by the European war;
.'?ural produeta, $2,319,641;
produe**, *_.*_'_?.;?7.; manufaetured
produel . $5301,075, ehiefly received:
enti of a1;-omobilea, iron j
? ?! artielaa and sugar.
Operatlag Expeases lnrre.se.
_n ? reaae of $22328,553, or 17.68
prr eent, in ra b .?? operating revenues
earned with a decreaaa af ll.io
per eent in thr a'.erage revenue per ton
revei ie freight. _ decrease of
4.7'.' per (*?rrt : n tha average revenue i
per paaaenger mile and an increase of
| S16, or 1038 per cent. in operat- ]
tpenaea, Of the latter increase (
$5,061,444 araa allocated to ir.aintenance
$4,628371 to transportation and
r ? ?? Improvement*. in op*
,. efficiency were ihown in the
average car and train load*, in loco
motive fuel eonsumption and in ihe
movement of freight, eara,
i "i June 80 the principai advaneea to
thei Pa ? :- aad < lompanj
ted to $403483
royed ,. - a result
\ (t tha revolutioi irbaneca m
? itlmated at 6,020,552
tlent to $2310376,
? -
READJUSTMENT PLAN
FOR GENERAL MOTORS
I ormation of New Company u ith
1,000,000 Shares Proposed.
Holder? of more than 65 per cent of
Ihe stock of the GCateral Motor? I OUI
pany, lt la reported, hav. ilgnifled ? e r
approval of h plan for the read
ment of the affairs ot the eorporatioi
which pruvides for the formation of a
new eompany, with 1300,000 .-'arr- of
ihe par value of $100. of Whiefa 200,000
? will be il per rent cutnulatr.e
non-voting preferred stock. Holdf
the present preferred ar.) eommoti
?-1>.ck of the fleneral llotora (ompany
will be given the prmlege of exehaag
ing tix-r preaeat share- fo --oi-ks of,
the new company on the hai ia outlined
i'i tha following offleial announeement
laaued yeeterdaj:
"\ eorporatioa la heing formed uader
the laws of Pelaware, lo he kiiuvvn a-A
General Motora t.'orporation. Stock of
thi. company will con.-ir^t of 1,000300
shares of the par valtn- of $100 each,1
of which 200300 aharea ?ill be ?"> per
rent cumulative non-voting preferred
?tock, redeemable on an.l after Septejn
ber 1, 1918, at 'he option of the com
pan>. at $110 a -hare. plu.- aecru.-d d
idend rhe I'i ;* of exchange 1 w
follo '
Ui Tat r..i-li ?l,Hre pf present preferred
? . Hi..| .iii.-Miinl liareit ot preferred |
ttatk of Uie |),lii44are l.impany
? di 1 <>r en-'. (hart of prsotal ae
... tne hharrs of tiie comii..>n iti.-.-- ofl
ti..- Ddewai. 1 'oaapaar.
Ttat ahOtti l'nn - t.. Iiec.ntie e>Te-t,
oi Novmber 1. 1914 m a* i.. satiUa iharc
? ..rriil Motairit ..irn|>aiiy of
? i n. ti <? rii>-e ,.1 bwiaam I'.-uib-r !?
raeehre tha dividend .i.i-lared on Bep*
t, '.li^-r .i,_ payable oa Novumboc t, I9|4.
st....i, t.. iie eschaaead ttat ha Ottaaitai ,
ia it la tiie (iuHrnnty I nii4t (ompany nn ami
a.ii.r OetobM iV 1914, an.i not later IhM
n. ? mbcT 1 1, 1911
Canadian Loan Subscriptions.
. 1 r ? ,1 .vit. Oat., Sept 36, 1 ha $100,*
.lanadian loan baa baen more
than doably ?obocribeo, it waa ?n
nouneed here to-day, Subaerlptiona
nre -till pourinr; Ifl fr.un all parts of
tha eountry. Ihe i<>hu arill be followed
by arrangementa for further imper'al j
credits in Canada, ami t.> ttni ..n.l
nanei Miniatar vshitr li to meet the
latuid'an Bephei ?' AaaociatioB foi ?
conference.
RISE IN WHEAT NETS
PATTEN A MILLION
Big Chieago Operator Said lo
Have Sold on Advance.
?aaaea 4. ivtet*. th? b:g thicago
grai'i market operator. ha- made
pro!;'.s of more than $1,000,000 by the
ri*e in wheat. Aceording to "The
Korthwefltern Miller," he on'.y recent
ly sold out the bulk of 4.000.000 buah
els. bought at $1.10 tO $1.2$ a bu hol
in July. Oa one day of la.H week he
unloadcd 1.500.000 buahela ard at an?
other tima sold 1,000,000 baahel al
more than $1.62 a bUflhel. H
from the oneration are aatlflaated to
1.:.ve BTflraged more than nn cents a
?
The same authority says Arthi:
ten, another Western operator. la cred
ited with having a largr-r liaa than
I'atten, bought from near the bottom
price up to $1.15. Hfl has taken prO-tfl
on some of it. bu' i ? a "*-' bull."
This i* iBtereiting to Wall Street.
much of the reeent buying ti'
stocks ifl repor'ed to have come frOflfl
spei-ulators in the Weat who are said
to have used their grain market Bl
to buy stocks.
News Digest
Foreign
I.ondon Mnrk Market. LofldOB, Sept
20, The feature of to-dajr'a generaliy
quiot stock tnarket was the ^trer.trth of
? r ? c ? sa of which
arere searce, and prices ad...
sharply on tha exeeution of a number
of buj ing orders. Shipping share. were
actia-e and flrm, but most of the re
cently aetive induatrial and rubbt r
yielded under realisiag ar.d
general declii.e oecurred. Amer.iMt.
securities were dull throughout.
Money was in modoratfl demau I
ea ly suppliad. Diseouot rata
were quie'. Money, 4H P'*r ?
eount rate., short and three months'
bills, o1; .. o*k per cent; gold premium
-
Pari. Bourse. Paria, >ep' 20,
Trading waa quiet rm tho Bauraa to?
day. Three per cent rentea, 02 fraaea
,'i0 eentimea for cash; exehange 00
?. 27 franea $0 eentimea; .1 per
ren* loan, $0 francs.
New York
V\.,iried h\ Vrithraeite >hortage.
The scarcity of BBthraeitfl at the loeal
loadinp porta, layfl "Tlie Coal Trade
Journal." retlecting a.i it does the
fererishaeaa of demand la other mar
kfltfli i': eausing a good deal of worry
among the eity dealer-a. l.ackit'..
age ;;..- tie for morfl than a few days'
supply, they cannot make sultable pro
? - meeting the rush that. alwaya
eomea with the first cold weathof
they apprciiend seriOBfl trouble at that
tinie. So far they have been able to
secure enough tuinage to keep fairly
well abreast of orders, but it ifl beconi
ing harder to do so in the ea?e of
and jrrades most in demand locally.
New Rescrri* Hank llirector. Thfl
? ,rs of the Federal Reierrfl Bank
of N'ew Vork have telectod Jo flph D.
Higgina aa an aaaiatant eashier,
action wa^ approved by the F.-deral Re?
serve Board Mr. Higgins waa for*
s Ami in I ,e N'a
tlonal Hank. of thia city.
lniver?al Joint.. It was announeed
yesterday that $1 ,100,000 ?. per ccnt
cumulati.e firat pre'erred stock of tbe
Spicer Manufacturing t.ompany ha.
been purcha*ed by a group of iaveflt*
ment bankers. headed by Merrill, Lyncb
& Co., of New York, and Ca.3att 4 i '?v,
of Philadelphia. This issue, whieh will
be offered at l^O and aerrued rim
dend;, is convertible at any time, share
for 6harer into common stock. Tha
company is the largest manufacturer of
universal jointa in the I'nited States.
t'. A. 1 >>*i a, pre- dent of the Spicer com?
pany. statea that additional plant facili
tiei baTO already been provided and
machinery is being Installe whereby
the production f,,r 1911 arill ba hr ?
to approximately 700,000 ur.iver*al
jointa.
Iln an Krrand lo K11--1.1 Pr |
Ilenry l Kmcry. former chairman of
the Ul ted StatOfl lantf Board ai.d for
nine years profeseor of politieal econ?
omy at Ifale, sailfld .*;ep:ember 2S on
the st I'aul for Petrograd, wheia hfl I
re?ent the "iuaranty ! ral I
pany, of New *i ori,, in some special
vaork preliminary to an axtension ,,;
that institution'- interests in Ku
Stock Increase Propo?>**-1. Dil
of the National Surety ?'ompany a* 1
special meeting held yestcrda;, madfl
the recommctiilation to -.tockholdflr-.
that the eapital stock ot tbfl company
ba inereaaed from lo.oiiii.imii to ?'?4.0i?o.
000, by givitig to stochholders tl ? righl
tO lUbacribfl tO one third of the;r pri
ent holdings at JtoO per flhara.
Erte Rond. MaaAy. J P Morgan &?
1 0. ai naanca that they are prepan 4 I 1
ikiner definitivfl bonds in exchaag
their trust receipts fur the I.in- Kail
road 1 ompaay gflncral mort,;.igo. i pei
cent coflvertiblfl gcii.i bond--. Serioa D,
upon presentation of the tru I reeeipl
al thi-ir o_ce.
lexas 1 aflaaaa) Caattal imrra.e.
Director of the rexaa Compaay, *
baa lar|-e oil propertiofl in Texaa 11
aloBg the Mexican border, to-day ie,
ommended an increase of 2f ncr cent
m the eapital stock. tO $M^00^0O. Tbe
? ath ifl t? 1"* offered at pur i>n a
[ir.i r ,al .1 liiisiv.
Mock Karhange Seal. I p. \ BSOB.
11 on the \eia > ork Stoela B*i
change changed hands yesterday at
Conservative
Investment
Bonds
4V_%to?%
?-.
??.
? -. s
'?.*.
? TT' ? ___
-. . ?
. a '
Write for Booklet 552
' ' '? V
SpencerTrask&Co,
IX____ n -Kiairaj
25 Broad Street, New York
.i__.ii ____, rmrtu
U* ?" "??? I -k .- . titam
i '-'-?-*-?-?-?-?-a-'-f-a-a.^ ft ntQff|S|
| Benjamtn Franklin ieji:
't\ '' Empley thy timi wtll, \
?{? if thou rnrtneit to rtit UowtA
| nP918 "vin8 m*7 De?ppBed?
<{? * BMT ?.' well u to li*.
?}? The m?n v. ho is not obt-jjaia^
?J* r.r. '.? on his fuadi ii notanpiot*
?{? his manry to the bc.t adranta|e.
?*? Thii Company al!owj imerata,
??? daily b_la__l and JMN ijg,.
4 hearing ceritv _res of depodt,*.
* able on demand or st a fixd'xt
1
t ? . aaal I ..
i Franklin TruSl Companj
J, AV_. /?" Otjkti *b W?_Seea
{? ....r* Ofatt i_ Msaofsi St.,_'__
? . . ba Si l - - I _Mk,_U
?r*M**I**a**a***'**?~?**a**^**.'*?**a'*I*,a"t
Tungsten
International Tungstei
CORPORATION
Believed lo have the l?rj*?l ?
poflii oi Taagstea Ote ia _m1 -
Wri're for our ctrcular on
Thia Renuirhable I'roptrty
Price $7.50 per ihire
Case, Underwood&Co.
Investmentt
52 Broadway, New._r
M-rlin Arnn ( >m. & Pfd.
United Drygoodj Pfd.
H. W. Johrn-M^nville.
Paeifie C__ <*_ Elec.
M_iinin<., M.xwell J_ Mo?_
_'isk Rubl-er
Kicly & Horion
.lll Hrnavl >l . V I I'i in' B__ ?
Wm.A.Read&Ci
Investment Bondi
Nas.au _ ieoAr Street., New Tn
.. - r
SEND I OR B00KU1
'TheSafelyolSaviif
Now U 'i'
Dakm Uo & ImrtsfiM-l U
\ aaeta. "<_t,JT'
??anii.aoi' Bldg ' '? '" ?"- *'
?1 ?ani|
c ___f
Bt .1.1.1 \v M -" ' ' ' K .? *
Wl iV_'k. d'_1 *'?'' ?V-*
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M fl?. W fl *
compi * (
and a loa af $31 ' I? __J
e-t ,..
1
M.tii Ceaaorablp VommftTg^
\ ?"?
mad* w^|
? '
rhanjf '
lhat the n.emhei
time to ' " ' ..''n,|.
ford. tra. ?
\
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New fert ? '" ?
I ..ntlm.cl on !??'??
yytaamut1

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