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Wealth Markets rid Commerce ?Fini Mortgage Public Service Bond To Yield 5.20', * irst mortRajrr o i all I "inra;n s prorrr.v v . Stocks ot iubsidiaries deposited under the nior;*ra*;f, till a:- estimated val?a :ion of approximately twice the ? - ess well il-.*, ei sified ?-?I eari i c* applied this Is e ? '. t-\o and half limes amount required '"Vri/',ir ' /.' ou r #?*"?#? 1 W.C.Langley&Co. Investments 115 Broadway, New York The South ? i i' Southern Railway \\r have ?wird a ?pcul pam? phlet ?.rtting forth in dct.nl the probable rflrct ol tlir great prosperity ol the South on the futtnc earning power of the Southern Railway, and why we believe tVi^t this property, through * lie* development of the vast natural resources of the territory served, has the promise of steady and sustained growth. Write for Pamphlet No. 568 ? i. Spencer Trask& Co. int.?"?.in-"-"! gesaiMlea 25 Broad Street, New York Al.BAN-, iio-min < Hl< MM Investment Bonds Rhoades & Company ? 31 Pine Street New York Proaper's of Reorganized Railroads - preaent "iy com i?r?f<" -altti the erfat an**eet*"*aMt OppOltlUlllitS ??i raoraanlsatlea o? formrr years. Circular K-17 on requtit. A. A. Housmann & Co. fs?? t .. Jotraban - ''*' ? I 20 Broad Street. New York MUNCH] li t I ??I 4.'<l at. U H ?-?at Ud St. _; Begin Today ' i? ? ?". Of Im <-i??m?nt ? OU il- Cr a ? : nnn i ot? ,on m?*r'" Jj yjUU LUlJ O? lull l-Htint-nt ? ?? ' ' S?l/"f>lwn? to In ? (m?sholm:*?(hapman I /? ' bae-M ? iioa J ? kenp* 71 HMtAOWATi HWSM VOM CTT1 M V MIIOMiU W rOHBBatS. K. V. tUMOMll.il -.1 IIKHOhl \ N. N V N Hi iiio.M) ?TEKET, NKWAKK, N. J. Babeofk & H'ilcox Hocking Valley Products American Bank Note FREDERIC H. HATCH & CO. I'hnnr ltr<MMl 6140. no Hroad NI , N?-w York Fllv.t. !?? ? ; ' STANDARD WE WILL BUY Q *i *_[LL -S--U I? CiVi batial MO. I JO C*-atlaa-i*al Oil U IwUi-ra f. L. I ?i l.al?*? iw|a?l Cam SO ?. 0 ?a* Hat I H Kr? Tari Traoill M ?Wm ?i ri.sk k?i ftefctet.A* CARLH.PFORZHEIMER&CO. "??;k-<.?j? IINIVII Bi-0-aa* II HROAI? ST v V Geo. H. Burr ?& Co. BANKERS 1Z0 Broadway, New YorW Pbfia-Jalpbta ?"?imi ffcHaga a S??i"a f-.n Trane',,?, Finance Economies WALL STREET OFTICE: V Us I.uilding. 16 Broad St Tel e ph o n e : Har.ovei f,.. I 1 ' ? / .*, 101 ? President's Wilson's message was ? ! with enthusiasm in tho financial ?hstri?;, because it pave definite expression to the general sentiment prevailing there, and : to many t.> pr< the end of indecision in finance as in other thinp:*-. For wi eks ilio security markets have been in a state of . which precluded operations on more ihati a limited scale. An itn mctl.at?. renewal of activity is by no certain, 1 owever Ii would nol '. ing ?i' tho dulness shnuhl continue for a considerable period. There arc still many con? flicting factors m the situation, time must elapse before it will lible t<> gauge developments in terms of business and stock markel activity, but there i? al least reason -ir anee ttiat things will i drifting and tal ? ivc course. Eliminai ion of the feeling ol ui tail ty which recently has threatened t educl ion m the volume of business will be weh-omei!. Though Wall Street lias no doubt that Congress will acl promptly and favorably upon the President's rec? ommendations, there was a noticeable absence of excitement on the stock market. Prices opened well above the previous day's close, with Steel common as high as 118-94, but after a brief period of activity the market settled down, and for the rest of the day trading was almos! if not quite as apathetic as it has been during most sessions m the last few weeks. ; S.? far as couhi l>e learned, "out- ! took little part in the ?lay's' dealings. There is not likely to In? I much public participation in the im? mediate future, while the chances for anything like such wild speculation1 as that which Ijo?mii m 1915 and lasted through most of last year seem very remote. Industrial com p. will make nonsuch exorbitant profits | oui of the government's needs a they d'd on war orders for the Eu? ropean belligerents; or, if they should make more than a fair profit, th cess will probably he taken away from them through a.i increased tax on profits. It seems more probable that b-eaides raising taxes thi' government will \\\ price?, on the things it must buy which will allow th<-> producer no more than a reasonable margin , of profit. That, perhaps, was one of things President Wilson had in mind when he said that war will in? volve the organization of the conn-. n ources "to supply the mate-J rials of war and serve the incidental of the nation in the most abun? dant and ye* the most economical and efficient way possible." 'I hose portions of the message re- ? lating to the extension t?> the Allies | <>f "liberal financial credits" and to the desirability of financing the war to as great an extent as is "equitable" by taxation aroused much interest in financial circle?. As for the fir-* proposal, that has been under discus? sion for some time, and has met. with prcad approval. It is generally agreed to be the easiest and most practical way of rendering imme? diate assistance to the Allies. Even though the government will itself need large sums, there is no question of our ability to provide all the funds which may be required to finance' Allied purchases in this market. The proposal to meet a large part of the war's cost by taxation will probably be approved by the majority, though there will no doubt be considerable opposition. If it is adopted an ear? nest effort should he made to see that all hear a portion of the cost. It will not suffice merely to increase the in? equalities of the levy l>y raising the income tax and "excess" profits tax rate?. In addition, the point of ex ?mption on the p?rsonal income tax should be lowered as far as is prac? ticable. Certainly, all those with in - exceeding 5? 1,000 should be compelled to directly contribute a portion of the expenses of war. That would have the triple advantage of increasing the yield, reducing present inequalities in taxation and inducing people to economize. The latter is perhaps the most important. Perusa1. of the various estimates of national income suggest that the entire cost of war might be m?t by taxation with? out causing much real suffering. Nor would there be much protest if the burden were equitably distributed. Money and Credit A hroad?r inquiry for money on time combined with a slight contract the offerings of lending institutions has imparted firmness to 'In- market. \esterday, the ruling rate for loans based on Industrial securities as col i lateral rana-in-? from ?.?Vi to 4 4 per cent for four, five and six months. No Quotable change was noted in the mar? ke' for ioans base' on n mixture of railway and indnstrial securit.es Call ? money was in Cher?! supply and most I of the day's loans on the Stock Kx chance were ma'lr en a baaii of 2*.? pe? ? nmparrd with ?' " :i> Ruling rates on money jreit? compared with a ve?) ago, wer? low - : Yesterday ^ ? ??> ago Call money ... 2' 4*?- 2 % Time mon.-,- . mit. i ?0 dayi.V/2<aSH'-. h> ? 3'ja3*4f, 234tf3 % - month?. . 3*4 ? 4 % .', to t? mos . "*0 3 % | Commercial Paper. Trad standstill and rate? are unchanged at 4 lo -i '??.. per < ? nt. Sei. . ?' the President's message. | Official rate? of discount of each of reive r.ilrral district? ?re *? fol lows: I I."IV-s\ Ov?1 I6or 16 up 30up ' !.c? to 30 to 60 to 90 ! . 3' 2 4 4 4 Sen York. 4 4 4 4 Philadelphia . 3'? ?) 4 4 .ml . ?'?> 4 4' ? 4' ,, Richmond ..4 4 4 4 ? . 4 4 4 ? ? hicago . 3' a 4 4 4,/j Louis. 3 4 4 4 14 4 4'2 I -, I -1' ? V , V y . V .. 1 4 4' j San Francia? o.. 31 ? 4 1' ?- 41 2 Hank ( Ipnrin-r*?. The (?ay's de? a' Net? \ ork and othei K \< hangen Balances. New York.. ..$760.770.418 $42.862.804 Baltimore . 11.097.521 1.521.401 Boston . 63.084,159 5.779.058 Philadelphia... 62.197.244 6*853.004 Sub - Treasury. Nea York banks j-ainnl from Sub-Treasury f 1,446,' Silver. Bars in London. 3611 pence; New Y'ork, 74H cents; Mexican dollars, ?7'a, cents. The Dollar in Foreign Exchange French exchange advanced sharply; lay .?n t he prospect ol United States entering the war. 1 rose to ;>.so to the dollar, the highest since 1916. Italian lire also improved. The rest of the market was ?lull and I barely stead}'. ? ing rates yesterday, compared! with a week nt*o, were ai foil? \\ ." a Yeaterday, ago. I ?CJiiot??! -toiler? lo thr pound. > i Sterling, demand.... .$4.75 \ $4.75? Sterling, sixty ?lays... 4.71' - 4.71 >.?, Sterling, cable?......., 4.76? 4.76? St? rl ng, ninety Hay-... 4.691, 2 4.691 "3 ? ('uolnl units in thr doll?-.! . demand. 5.81 5.84 '.j Francs, cable?. 5.80 5.83~4 Lire, checks . 7.65 7.77 Lire, cables. 7.64 7.76 . check? . 5.041 2 5.04 Swiss, cablet. 5.03' 2 5.03 i(Jiii.:??I r?-nls p?r 4 mark? i 'Reichsmarks, check-.. 72 69 *Keirhsmarks, cables.. . 72' ? 69' 8 ((lucfrH rent? t? the unit.. Guilders, cheeks ..... 40' ? 40 Guilders, cablea. 40 ? 40' . Rubles, cable?. 28.38 28.45 'Austrian, kronen, ch'ka 12.00 11.30 Stockholm, kr., ch~ks... 30.10 29.65 Copenhagen, kr., eh"ks. 28.90 23.85 cheel . 21.80 21.30 '(junta!ions nominal Below is jiivtn th" current e\chani**> value of foreign money in dollars and cents, togothT with the intrinsic gold pari?-,, aa calculated by the United I Hint; t 'urrei.t eichange Intrinsic value, value. Pounds, iterling.$475'"- $4.86r*8 Franca . 0.17 3 0.19 3 Guilder? . 0.40 i 0.40 2 Marks . 0.17.8 0.23 8 Rubles . 0.28 50 0.51 2 Lire, checks. 0.13 0 0.19 3 Crown? (Denmark).. 028 80 026.8 Crown? Sweden). 0.30 00 026.8 The above rates express the cost ot foreign money in terms of the Ameri? can dollar. You buy an English pound aterling for **.7.r>:'?; the intrinsi-s ?>ur ity is M.86"*i per pound. Thus, you ?ay either that pounds are at a dis count or that dollars are at a pre mium, which is owing to the fact that i in England the demand f??r dol?ais . with which to ?ettla account? i-i thi? country is greater than the demand in this country for pound* v. i'.'a which t,. settle Bcc.iunts ?n England. National < onduit and (able. Millet Hoe & Hagan and Prichett >*-? I o a??ers of the syndicate which under? wrote 175,000 ?hare? of the National Conduit and (able Company, announced lyeaterday that the ?ubacription books had b? ? Th? stw k for public subscription at ? American International ( orporation. The complete panphll of 'it'' company, il . ,j net 12,483,948. After nrovidin?* tor preferred dividends at the rate of i'S a share on 10.000 shares the balance vas equivalent to $f. a shan- on 4.90,000 ?hares of common ?stock outstanding 'Contracts now on the books of the New York ShipbuiMinK Company total SI'.?. IMjOOO I,<>?, eminent Copper l'un base. Among <?jpp?r producer? who will partici? pate in the contra, t to supply the i"o> ?i iinient With approximate! \ 16,0 pounu- of the m?tai. ;it en averagt about I*'? .'.'in.- a pound 1 cm ?I.-s tho>? heretofore mentioned, err the followin-f concerns: Nevadi. l'on holidate.l Copper Company, K?st Butte | Company, Calumet and Arizona Mining Company, I'nited Verde Kxten -non Miaiag Companv. Old Dominion ? Opper Minm** and Smelting Companj iL'id the Magma Copper Company Inited States Steel. A statement to the effect that a plan for splittin** ?he i'nitel State? Steel I ., ?mn four part? Is under consideration wai said by E. II Garj yesterday to m. foundal ion in I Western Sen ><>rk A Peaaayh liailvsa?. I ii.. annual report for me of $13,682 sn increase <.f $2,810,61.5 over Net m ... noe totalled 12361,089 si 1,166,111. Nr-lrrn Mritrie V :. pecial n ing >>f (he tockholders yestcrdnj . 'in- prefe ?t.,, ; of thi ? otnpany from $16,0tX to $30,000,000 bj the ? nance of I It ;. part of plan thai the holdei of common si will In- ? .?, .. i ,1... ?t par a preferred ii lie to the ex of their ?.t. si nt In.I.lings of commo Bethlehem Propertie To Be Consolid?t! Stockholders Authorize $20 000,000 Issue of Bonds S'... khold? i < of the Bethlehi m SI Corporation, at Hi'' annual meeting Ii yesterday, voted their approval of action of tlic directors m making agreement with J. i W. Seligman.ba ? r . i,, underwrite tin- issue <,f $16,04 non new Bethlehem Steel common st. recently -..?.I under th.- capital re ? plan rhe opposilion <>f CI ence H Venner, of the General Inve ?nout Company of Maine, who ohjec to m., t of ih<- proceedings, wa; o\ ruled. II...: Bron C. An-tin Buck, All A Ryan and i M Schwab wi ? i -, directors for a trrm three years, after Mr. Venner pla? the names <,f .1. |' Morgan, Henry Davison, Charles Steelo and Willii II. Porter before the nicotine as 1 slate, ''ctinrr \ote.| 100 shares of ltd Th.. directors were authorized by ' stockholders t.. ii ue bonds not to ? ceed $200,000,000 Mr. Grace, in ? plaining th?. proposed blanket moi led it was the expectati of the ?lu. .ton to do away eventual .- hoi.line company and to co sol?date all the Bethlehem propcrti nto i ceri i: , book of the Rot lehem < ompoi lirman Schwi ,0,000.000 l'ii i. nt Grace read s statement kholdei letting forth tho ?I tails of the new stock issue. Chart M. Schwab, who participated in tl underwriting to the extent of $1?60( 000, received $30,000 as his conimi Slot!. ? Mr. Vernier entered ? vigo i, ? to t he tem of pay n i hairman Schwab, in r plying, said: "During thi last six yeai I have had S good opportunity of se inir the benefit to employes and to tl business of the bonus system, and >im convinced thai the great prosperit ..e Bethlehem Stel ?s ?lue to it. It hi a good many years since I ha\ heet, in control of st..el manufaet urin property. Thirty years ago, when manaped the Homestead work?. I intr? duced tl.e bonus system, and when became president of the Carnegie Ste? Works practically th? tem wa introduced. The ' irnegie bon i (rreea'ed : omet im? j s i ?gh as 19 pe cent, wheres the boi u i given to th Bethlehem Steel employ? ? never aver atred higher thnn 8 per cent. Com ment ha.? been made on the size of las year's and the present year's bonuses amounting to nearly H per cent, am some suirpestions made that the sam. should be reduced in tune of big! ? prosperity, If 1 wen one of the mm. and was iisU...I to hav? my bonus decreased in timi i of pros perity, I would certainly expect it t? be increased in times of adversity." Elections The Public Service Corporation o( New Jersey, at the annual stockholders' meetinc. reduced the hoard of directOl from twenty-one to eighteen members by a decision not to fill the vacancies caused by the retirement of George J, Roberts and P. F. Wanser and the deaths of .lohn .1. Burleigh, Edgar B Ward anil F. W. Roebling. At a subse? quent meeting of the hoard Randolph Morgan, A II. Knaer, E. \V. Wakelee and Percy S. Voung were elected vice? presidents. T. w. Van Middelsworth Wal elected treasurer. William S. Bai? ler coi ? .1 Farley Osgood, vice? ? ' manager of the Public Service Electric Company. John I. 0Tools and Dudley Farrand hive appointed a tanl to President Thomas N. McCarter. Stocks Little Disturbed by War Messai Anglo-French Bonds Sh< Firmer Tendency?Stee Closes Lower i i ading on i he Sto? ?. I-, v t.i?lay was not attended by any citement whatever, the calmm market being suggestive of a mulsi ? . ? ? .sum in p< In V (.?? the epoch making cent- which 1 transpired in the previous I hours professional Wall Street, ?lee tu re.I by the Preaident'a war m ? ni:?- to ? ongress, was not a little p ?l.'.l to understand the appai cern on the pai I o nvi tor?. In conservative quarter? of the fini cial district this aspect of 'lie marl t- a ? thought to indicate that the ire i in. tit public m (-.'lierai had ?I e.nmted the probability of war over period of several weeks. <|at>iik back Germany's announcement of ruthl? ubmai ine w arfai e. Hank?m i stood ready I o tuppoi I I market if that became necessary, h their help vas not needed. The market opened with suhVic buoyancy !" carry prices for ? numb of the leading issues up i to - poin lea.lint; industrial share? su.-h United it Steel and Anacon showing conspicuously in the advun? in of the early demand, whi seemed to emanate largely from pr il nailers, who deemed it tl par' of prtiilenec to cover short sale i left the market in a state of apatl which ma?le it susceptible to renev.? selling by traders with bearish pr i clivities. Industrial?? Lead in tctivit) No -penal effort being maile to SU| pur' prices in the far.? of such offe developed, under whi? I early gain? soon gave place :.. a pei .ral decline that carried the more in ports ' lo 2 point i below O Monday. Total dea ing for the day amount? - to 926,000 share ;, of which 832,. wei m industrial? an<l the remaining 93,7" shares in rail?. L'nitcd States Ste? common, the favorne of the speculi ?.-? traded in to the ex'en? ( 222,. share Kir-t transactions in United State Steel common ranged from ht ? t li- .. the latter quotation represent :. advance rro.n Monday s close a J'a. On the decline which followed t'u low price touched was 116%, ?.hile th \'.n- at 1 1 *;"-?. ,i net loss of '?.. fo the day. \ngl?i-l reni-h I'.onds Strong [if. elopment i in ' he bond ma i k. m a way more striking and ?ig ???it than m stocks. The Anglo French ."> per cent bonds, winch recent ild at 90, ro?e in senaational man per for ? time on the proapect of th? United States joining the Allies, touch ing '.?">, which compared with a clos? of '.?'-'"- "ii Monday, representing ai advance ol '-"s pointa. \t the end o the day the bonds stood at '.'t, up IS points. Approximately $1,750,000 ol Anglo Pre?en bonds changed hands <>t the Stock Exchange, or nearly one third of the day'? total dealings. ( it;. ol Paria bonds were also strong, aellini un 1 ' i points. Other foreign bunds were llrm. United States government bonds wen . quoted lower on the call at the Stock Exchange, with a bid price of 99% f?>t the registered -s. compared with 99 th? day before. The .'is were 'a to '? lower on the bid price, while the coupon 4s of 1925 were quoted at 107, againat 108 on Monday. There were no actual transactions recorded. Silver Not Affected by Government Purchases The pr.ee of bar silvei \.;s U'laf fected in this market yeaterday by the announcement that the United State? government has resumed the purcl.ne ?if the metal fur coinage purposea. llullion ?l-alers said that, unless the government, purchnses were largely in Creaacd or continue?! over a long I period, th -y would probably not be much of a faet?ir in tne silver market. On March 'J;i. according to the an? nouncement of the Ilirector of the Significant Relations Money and Prices: Stork ol money gold in the ?-ountry loan? ol all national hank- . Total reserve (i. e., cash in national hank \ault and on deposit with Federal Besene hanks). Batio of this total reserve to gross ?lcpo?it liabilities of national bank? Discounts of Federal Beserve banks. Their liahility for notes, net. Their gold reserve against deposits and circul?t ion . Average price of 15 railroad stacks Average price of 12 industrial stocks. Pood eael <>' Ii*? ins; (Annslist index nuniher ) . Production : \ ntillid I S. Steel order??, tons. $3.044,309.292 S8.34O.626.0OO $1,493.433,000 12.1?. $104,579.000 15.941.000 $2.318.973,327 - | ? . .i $7?233,929.C??O $1.212,960.000 11.9% $61.675.000 8.903.000 79.9?. ... n.>- ,i? 113.77 114.86 97.99 98.08 ?:? i i.. ? ? k I,- t i ? Pig iron (dail> average), tons \? li.c ?otton spindle?? 246.536 11.576,697 94,180 33,117,090 23?J75 11.474,054 lYl,t*43 :,J.008.609 73.8% ? rn 115.49 93.68 eat >g >. 164.613 \\ heat ? nip. hushels . Cara rrap, bushels I otton ? r?>p. bales (e?c linter?) Distribution : Net sh..rt.iK?- of freight cars . Net surplus ?if freight cars . . 639.886.000 2.593^41.000 11.356.944 124.973 109.998 8.568.96b ;(te..*>*. 31,980,240 1,012,000.000 3.055,000.000 11.068,173 l.rnss railruad earnings Hank ? learing? ( nnimerii.il failures 20.299 ... . | ? ?. k Met "i i<t Uiiiian !>?> 31 , ... . ??1 ??????la, 0.1'. 15.3?. 12.6% . . . . ?? i-,?.. .., ?Ute 24.6?. 27.6?. 19.5% Msrrl A r ,r ?so 1.232 1,165 1,690 Hin! the government bought 200,000 -ilver from the American Smell niK ;'ompi>nv a' 7j'-4 .ents an ..iiii.-e for delivery nf the >an rran Mint., At the same time 200,000 ounces were purchased from ?he Amer? ican Metal Company at *.-'?. cnt? for delivery at the Philadelphia Mini week 400,000 ounces of silver were purchased From the American Smelting Company. Half of the meta taken for delivery at the San Franci co Mint ?M Til ?ents an ounce and half fo livery al Philadelphia a' T'J:. ? sn ounce. 'I he quo!at ion for bar silver j daj was , t '? cents, ? h ich i ..?ipare. with :i high two month? nr". of 79 cents and :i recent low of abound ',.' ? i ? loreign Kelii-f tell in London Financial Circles, l...n.I..i . April Pre Wilson'? -t.? ..-ii caused a feeling ??'? ..tion m ?nancial circles as it i recognised that the raising ol ;.ry credit* will he considerably fa< ilitated. Ne ? fork ? firm to-.lay, and Pari improved on the ( belief that action Will he taken re? garding the ..-..ciianire position. In the money market it is the opinion thai ;i oon America's ?nancial plan? ere disclosed the hank rate will be low ered. The slock market had ?? good 'one ..n the President'? address, and, while] .... ipectacular buying occurred, a feel ?ng of quiet confidence prevailed. Allied bonds were firmer and American nuls were marked higher, with a few. transactions in securities not. requisi- ' tion. .I for exchange purposes. Rubbci i toi ?. ? were t rm. M.?y -.'.a: m ??nii.l demand a' 3*4 per rent. Discount ra'es were inclined . ?hort an?l three months' bills l*i per cent. Parin IU>ur-?e. Pari*. April ?.. Trad? ing was * i i ? ! * on the Bourse to-day. Thro? per c? nt rentes, 61 franc crntim.'s for cash, Exchange on Lon? don, 'J7 francs T.") centimes. Five per cent lo.".n. 88 francs :>."> cent m Dividends I'nitin ?HI Inmpiir,? of California. EUgU? d<? idend >.f 11.60 i>ei- share and sn extra dividend of IL payable April : i to lock ol . :or?J Mi Atrhison. Toprk.i & S?nU F? Rsilwsjr. Keguiar quarterly dividend of l'? per ,-ent ..n ii. romrnon itoel . payable June 1 to ',,?' i.r record *ipril 10 Fajardo Sufjar. U uni quarterly nuid<?n<l ,,f ':'? : per cent, payable May 1 to I ... r.,..,,,-,| April henturl?? Seeun'.ie?. Corporation. Regular quarterly dividend of H? per .-?nt on th? ? ?referred sto?k, pajahle April 1'', BI Wgl ? '..-re? April 7. ?lk.Uht.ma Natural lias. it.-p.jl:,r quarter? |y dividend of I'4 per i-eiii. pa.MiMo April 20 t.. holder, of reeord April 3 Corporation Returns St. I.ouis Soul!iwe?lrrn | February eras $1.233.178' $<>32.918 Net after tax? .M5.360 114.2*,', Surplus after .-ham.?. 210,200 28.103 ?Deficit Seaboard Air line ; ?!?'. Kebruan ... .$2.549.344 ?2.289.728 ter lax? 7,:2,332 738.279 Two month?' rtom ... j.UB.511 '..434.529 :..i eftci tax? - 1.454.395 1.346.484 ? he..?neake ,< ?Ihio !T I'?In. Kebruar? gro? $:.679.25ri $3.845,077 921.956 1.127.063 Surplus after chanre- 269.086 3)3.209 Detroit tnited Kail?ay 1917. February ?rn.s.$1.282.227 $1.113.845 Net after taxe- 357.011 349.296 ( l'irjijn & Norlhwi-tern 1917 ' lit) February tros? $7.332.617 $7.681.804 Net inc.m? 495.863 1.571.818 I In. a?n A Alton 1017. t-'ebruH $'.376.715 $1.344.563 Ni-r revenue. 352.115 393,002 Tolfs-to, St. Louis & Western Ttailroad I!?I7. 1916. February srro.s. $471,089 ?449,530 *.. revena?. ?4.'23 152.490 U. S. Treasury Finances tVs hington, April 3, Condition of the I'aite.l States Treasury a' ?? 0 ?lav showeil: Net. balance in general fund. 195.135.719; total receipts. $3, 044,465: total payments, $2,831.317. The deficit this fiscal year is $163. 496,609. again?? a deftcil of $49.473,960 last year, exclusive of Panama Canal and public debt transactions. Southern Public Utilities Co. First & Ref. ?YltR. V, Bonds. 194 3 I \R\l\l.?? , ear end, D t... Earairagl. $1.7(1^.1 >7 Oi.erating r.xprnse?. ?V laxes. 1,064.37*1 Net Karninj-J. $r>ft4,76? Int.-.est on entire lund-d debt. 27^.070 Surplus, $40S,(,93 Net Earning* 2.4 time* lntere?t Charge?. Price on application ?. H. Rollins & Sons U Exchange Place, New York Ititslun Baa Irani l?i>> I I.I. ng. 1 J United Sugar Companies hing ??> . : I ? .11 ?!. I. ? gral PB r. Qll To?le, Henry & Co. Equitable Bldg, New York High Grade Investment Securities Kuau(l|Nacljo?i^kuljiif able Building, N tw . I Modern Trust Company Service I Metropolitan Trust Co. of the City of New York .eoige C. Van Tuyl. Jr.. Prende?! rti Fifta \ - Executor , ir^r Trustee Charter*) 1822 The Farmers' Loan and Trust Company Nos. 16, 18, 20 & 22 William Street Brauch Office, 475 Fifth Avenue New York LONDON, 16 Cocaspar St., 3. W., 26 Old Broa<i 3u. E. C. PARIS. 41 Roriierat-fl Hausamann. BLRLIN, 56 DnVir l?n Liad?, N,f-* Travelers' Letters of Credit. Foreign Exchange. Administrator rruardian United States Inheritance Tax Law Rate of taxation increased by Amendment of March 3, 1917. AN amendment to the Federal I t?te 1 ;'*? I .a w increases the rate of taxation Oil ' ! net estates, within fhe United Stare--, ol persons dving on or afrer March ;, 1917. This Company has just published a hookiet with the complete text ot the orig? inal law, as passed by Congress September 8, 1916, together with the amendment and all regulations to date, fully indexed. A cop; ? be sent upon request. Guaranty Trust Company of New York 140 Broadway m m ave. ?iin'i ' ajino"! o?ri? ? lifth \.r. *?.lH??ra?l I .????.?.. I I I Capital and Surplus $40,000,000 The Pittsburgh & West Virginia Ry. Co. Reorganization of the Wabash-Pittsburgti T? rmiiud Railway Co., West Sido Belt K. K. Cm., and Pitts? burgh Terminal R. R. & Coal Co. We have issued a circular <>n this property which we should be tflad to furnish to anyone interested. $CHMIDTSl]ALLATIiV Member* Neo ) ? ?'<? Sloe*) Etchanf* 111 Broadway, New York 'Phone 3260 Rector COGGESHALL & HICKS Members of New York Stock Exchange 128 Broadway New York THE LONDON "ECONOMIST" Pound??] In 1(43 by th? Fill II . ..:..i... JAMBA w ILSON ???I Kcllted, until :. W vt.Ti.i: BAU IH? Known throughout all th?* world M ?in independent, impartial and trustworthy authority on The Lon? don Money and Stock Lxchange. Annual subscription for the United btatrs ?2:4.0 ADVERTISING. Owing l?' il* urculation among BanL<*i< anJ M<-i. t.anls of all Nations in all parts of the World, II" E< onomist " is a valuab!? nedium tor many ?.lasses ot advertisements. Henry Clews & Co. : -i It ?ltd II BROAI Ml 1,11 K-. V V MO? K l\?ll\\?,r Stocka, Bonds a ?id Investment Securities ' ar,d sold or? .oinnussion. Also tiling ?n coriteivattvr lenri-. Deposit Aicouiti rt> ;ei>ed ?ubjfct to hc.lt al sigiil. Interest paid un d-i!y balan? <?? BRANCH orrit*B8 ' 'i A .? Waarr-n It . ???*. 1? ''ouri Ml Bkl n HARRIMAN NATIONAL BANK Fifth Avenue & Forty-fourth St. New York. BANKING HOURS FROM 8 A. M. TO 8 P. M. SAFE DEPOSIT VAULTS 8 A M. TO MI0NI6HT J?s?or (Ernsl Company Ftftk A ..nu. ..d Smth St.. N.w York i , , . . . . I ?-.III ??!? milllllttt' ' * rt. ? ? ( ' r -r*ifl.' pii.p? ??. '?-lar Ulf al iitrrf?! lhaii la la , ?.Ui,1r.?a! Trust?? for Perann?! Trust*. APRIL C1RCUL r Mailed on Re?ues' .Loti ?t variety <*i lected issues o? bonds and preleried -liares yielding attractive rate*. \ rlmi ill ten ? in fi rio? ??i ' . mail H. D. Robbins & Cr. 61 Broadway ^Nev^orV -=j-x: Tolealo. I'eorU A >M '" ?<* "" '? I?, Hi.- II? -tor? ? i Hi? ' .. lir.t MortMl?- I ????*".? *"? '** * 1??" 1 / - or? hon.lhol.l. r?i u p ?? ; .'", k ' ???nm Bondhohlen. an?l : ????" etamXa youi ?*-?*?* Y" ? Tiit. The K.rro ' ,h, u lam "i?- b .. v? I IIOM V ?? NN* t lulfl?*?' M.:.l *.*? I-KI l\ ?H ? HIMO K -*.H\I.? .niiiN vi. -in i?i? ? ?""'?' Kim IN ..IIUIv Nerrelan ?: ? .11-.in. M., >-*r *?rk ' '?? IM\ III! NIK KELLY-SPRlNGFIEl.tTIRECO? \ lauan f ?tor OuVSt . ? nm ? ,.iin>ati> h? ."?I pajaP? 1?17 to - ?" .?-..?'' ?l ?h?- , : *. 1*1* i- smttmtn ? OlW.e ..I The 1 nllr.l ?.-.. I..ipme???nt *'?? N w . orn< M. i *r?> ?*-"-*"?>*? !?? .. t.k M. ?"'" The Directora i.??.??? ?hii ^^^^^ quart?-? I) ?ll> U|?ad ?>f two per n*iar*i. ana in <vl-1?tl<" ... ? ?? ? f* ..f ^roflta ?in i\e?d I ! lira, payable April II, 1*17. U 1 ItlJ Check? will l?> mail? I L W. MOKMlli..