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Wrealth Ma rkets and Co rr\ m e r c e
Mackay &Co Short Tor m Investments Cir?ular on Rpqur?t ? 14 Wall Street New York America!) Stores Co, COMMON - ? - ? ? - ' Traded In on New York Curb -.'ii- ?"? Reguett GWYNNE BR?S Specialists Zi Broirl Si K. T? Phone 3232 Brr,??* Railroad Bonds ? - * Harris, Forbes & Co Pint Mreet, (??.w winum NEW YORK Partial Payment Combinations ? * .John Muir <& To. Odd Lots M nal?*?1?? **? X- Marl l trhaac*v Ha.'. ? 81 Hr.i.i.1??,,? . \ 1 ? ? .? ? ? l i lit cd States Bonds ariJ nthcr choice Investment Securities Harvey hisk A. Sims 1.2 Cod?t St. "Scx\ N ,?rk Fraciional Loi Service Orden eaecated n any anrunt >.f M<?rk-? and Bond? fol ? ash. Wr carry ll! 20 or r>0 *.h?ir<* loi?, of ?ra -onfd. >*'< ito l?*. drall in <n any of iK? I ? liany?. IM I ? l'n ll"* (. on-'lidatrd Ij. hang- all out , ?.i-??, i-; . rtj and quotation! are ttanMintto! bv ?ijnal, affording in?t?uilanr.?u* lerVKC. Ceet?ed ?i-roiinlanl?' ktnlrmrnt ? .?I out books peMSOed quattrrly. Wilson & Chardon ? Vx ? ui.ga ei \ V 52 Broadway, New York I. W??.l?..?,r Btmn* UM Connecticut Ry. & Ltg. 4 Se, 1951 American Power & Light Deb. 6?, 2016 West Penn Power 1st 5t. Serie* "A." 194t> Pacific Light & Power 1.1 H.I 5?. 1951 GE0.REITH.& CO. ?0 V \l I M. Y"i. Phone lihn .??0U High Grade Investment Securities Knautf|-Narljob?hul)nf l.quitiMr Ruildi'."*. New N Marl? \ V.l.I. I I.met ? ??????. NOBLE & CORWIN tS llr??,l M Nr? > ( oin /uxhange Hank F,r?t National Hank National Park Hank 1 rlf-l'mnr MM Hr???.t J Finance - Economies ?Vil!. STREET OFFICE! nn': Kroarl 8t Hanover U Wt ! 18, 1917. :\ ho ????''": ' f aecuril u?th two tb ? sec? ? tion planning . ? ' ' ???, p;?rr?l ? ? ? ? The forthcomii ment 1? of an ? which does not enter into r ? nppral to ' m. Th? ? ' that i peal can hardly be orerestimat -.' ,; bai kers f ? ' terms of ' ar loan ?9 raised by ? r the Nat ici i ommerce in Hern York, ? r]e> prepared for the nrwrt sue of the "System" marga h this, iti effect: Should the gt '. relying on patriotism to sure the success r.f the operati? ? he loan on a basis whi would than a "fair rat? ? . he sayj, should cither .m rj to the governmei ? n the matter of yii ? ? ter the equatioi 11 is- loaned, however, a fair marl. ? ould be paid, just as the go eminent should pay a fair price f the supplies which it must purcha "Would it I'?** fail Mr. Alexander asks, by way of ?111 purchase supplies at Far below the market, whi our ' bliged to purcha a price abo lie continues : ' ? ,? p? op ? ? xation. I I? ? ? njilr of the t'nit day will come forward groal emergency as fully as ai orward * uch ? I believe tli prefer ? .-h .-rh<-mr of tax tion aii'l allow py to I i for the pu ? ? on bon? be n Ice below th ? ?. ? the Unite hort ter ? Ik.i: i I I? ? ild be pul <-? ? m afford to pi ? .?? - In fart, tli (iovernment tanin not to pay a fair price. Long .' I be put on a ba rlptioi ' ? '. frarp Id not 1 upon lo train theii di ? . p|a< i bond t on a fair basi M?i el Not. only i ?Ii moc ? expect t ??ial -, ountry t undertake to place hniK-terni bond ? interest but ? temporary o pedient. H.jrh pressure methi about the dis ely ?ma! bonds. Hut high bout an; thine like a perman? ng, In th? ?Of th? . ? they arc nwdfii. This is a clear 'statement of th situation, except in one particular Mr. Alexander gives no intimatiot a fair rate << return on the proposed bond issue Tin- bonds arc to l>?' offered al pa will hear ."????? per cent interest 1 that a rn? The answei ri?ci's.-ari!y be merely an ex pression of opinion, since there ii m? way of determining just what i. fair, especially since governmenl bor rowing will b< r triet ? i* by any nation, and the ex of the operation is an impor? tant factor. It by no means neees ? -. follow** that ?'.'.? per cent is ? a fair rate of interest on the not much below . ? n the issue ?if New York btate !"'n<i.?. which were placed with Investor- a foitnighl BgO on ? basis to yield 3% per cent It is above the yield on nun ? of high municipal securities placed in recent months, though all these ia? ?mparatively small. There are many high grade munici? pal and corporate buoea which sell ! on ? basil of under I per cent. Tak t ing account of thc<?c facts, and - fact that :, I ??-.! Statt ' ernmei I mm d i beyond doubt the II investment in the world, SH p.-r ceal emmfSM ? la.r enough return.I Entirely r???!?** from considerations of |?..' thf re \v?'ti!?l at any time be a vastly broader demand for a .". '_? por cent tax exempt govern? ment bond than for any corporate muni ? . ??.?iirity evi ? rlerably higher ate. Money and Credit _i While the volume of business il paratively small, rates for time money "rmly maintained, owing to the limited offering* hy the banks. I ? in-* institutions are inclined to favor ?1 . shorter maturities in prantini: ? accommodai on. Rat? day were unrha-, ? ? ra t r ??? : c< nt, rat? on nio-,r> rompan ?I with a year ago, were as fol? lows : terday. Uarap. Call money ... 21 '?', 2 % Time money ? mixed collateral) : 60 i!f?v?.3Vri4"- 2Vi?2*?4% 90 ?lay?_3*"?4@4% 2"4fi3 ". ' month"_4"o 3 ?*, i? to C mo?.. 4 (nVA*A. 3 ?. ('ommerrial Paper. There i? a *omi* what better d? rnand, and trading phow? improvement. The nilint- ra-e around 4'v per cent fr-r the he ' months' maturil ? Official rate?. of discount Of raeh of the twelve Federal districts are as fol - Da) O ver O vei 0 loor Kuij. ipl ; ? ' ? . 3' 2 4 4 4 " ork. 3 4 4 4 Philadelphia .. .. 3' 2 nd , . 3'/2 . 4 ta. . ?< go . 3' 2 t. Louis. ?'. Minneapolis. ' Kar ai I ty.. 4 ... 3' -, i an.'isro. ?,' 2 4 4 1 4 I 1 **/m 4 4' ', 1 4'i 4 4 4 <V/a 4'2 ? Clearings. Th? ?1.. ??- a1 "?Jew York and other cities: anges. Bs NVw Vork $724,186,253 $36.718.543 ore . 7.267.759 710.660 go. 93.545.695 4.598.579 Philadelphia... 70.842.081 4.926.587 .52.658.979 4.348.137 Sub -Treasury. '.? v loi ' ?.. s ib Tres ury, I! Vr.i< hanks Silver. Hnr-' in London, ?'?''?"a r-"''"". New York, 74 rent.?, Mexican ?lol'ar?. ? . ci nt?. Dollar in Foreign Exchange Exchange rates on Russia at:?l Italj were slightly lower yesterday in a dull market Sterling and fr<-?';~ bills were ly chanced during ' day's trading. ? l.i-inp ralrr- yrstn na?.. rom pared \\ith a week ago, are given in the table Am? i nan bal ? pended all dealings in (lerman ard \ trian exchange, so that dail) tat ion :? for either mark-" or kronen ire no longer available. Werk I ? - terday. apo. ?qu-iU-ri dollar? to thf pound.) Sterling, demand.$4.75vi $4.75*-, Sterling, sixty day?-4.7? 4.72 Sterling, rabies. 4.761 ? 4.76' .: Sterling, ninety days... 4.70 -?.70 .-.'iiMed uni?- In thf doll; r ! . demand. 5.71 ? 5.69',-? Kranes, cables. 5.70! s 5.681 ? checks. 7.11 7.17 Lire, cables. 7.10 7.16 . check--. 5.09 5.10 cable.?. 5.08 5.09 ? ?1 ..?'r.l rfnt? to thf unit ? Guilders, ebeeks. 40?"1.-, K)-i Guilders, cable?. 40'- 41 Kil. . 28.60 28.90 Stockholm, kr., chits.... 30.25 30.15 Copenhagen, kr., chits.. 28.50 28.70 . 21.40 21.50 Below is given the current exchange value of foreign money in dollars and eents, together with the intrinsic | I parity, a? cbIcuIu'?'?! by the L'nited Stat? s Hint: ? ? m' exchange l value value. ng.$4.75-'4 $4.86"-8 Francs . 0.17 5 0.19 3 Guilders . O.-K)^ 0.40 2 Rubles . 028 60 0.51 2 I ire, ? .0.14 0.19 3 ?rowi.- (Denmark).... 028 50 026 8 Crowi en).0.30 25 026 8 . ? . .-'-, money in terms of the Amen can dollar. You buy an English ; I , .. I he intrinsic par? : i-r pound. 1 hu-, \ou pounds :.rc ;.? count or that dl at a pr? tiiiuin, which i- owing t.. the fact that in England thi demand for dollars with w'ni.h t?. settle accounts ii country is greater " ..n the demand in this count!y for pounds with which to sett'.e accounts in England. Canadian Pacific Loan Indefinitely Postponed I.or.l Shaughne ? dtnt ef the ("anadian Pacifie, issu? owing ?Mal in connection with th< poncment of the company'.? pr? : 1 ond "Tb? proposed t??n?- of (?.?lateral : trust bonds by the Canadian Pacific ? Railway wa? entirely nt the instance . and for the benefit of the British Treas uty The company would reap i... tit whatever, bul felt it a duty t.. g .?? such financial coop?ration as ?p? pos sible in present Had tl ? -?ne been tnade, the rompan) of credit and ch-*i to the exchequer ni. the einnire uould na\.? appropriated I ?00,000 I he trai.sar'ion ha? postpone?) indefinitely, because now conditions resulting from the entrance of the United States into the tt-r h?ve mide other nnanrial p|?ns mor?i de? sirable "* Steel Trade Is Rushing Work For Government One Order Filled in Forty eigFit Hours After It Was Received Pittsburgh, April Ii. |n ? it l?*a*-t no prrpnrt'-or.s arc required to facilitate the efl ? government tc c a "Hi basis, Within i*<=clf i? i? corn ?j for any d< man?! ? which nay he made upnn it. In two respect . however, its efficiency can he greatly enhanced. The first is in re? spect to an adequate supply <?f fuel, and the second ia in better transporta? tion facilities. The latter may easily . railroad boaid ? the Ns ?,, , ml rol ? sisting railroad >? are wholly inadequate to handle the nee?ls of the government. winch have preference, and the ncc?ls of the general public. As for impror ?ng the supply of coal and cok?*, that also is probable as far as government work goes. Last week there was evi denre that the railroads were aPernat inc their available supplies of rolling Stock between the valley mills and the mills of the Pittsburgh district proper. having rnougn to satisfy the de mandi <-( b Information Withheld. ? he loi al mills bant already made on account of government | orders, but the amount, price and character of the buainess have been by mutual consent of the ( manufacturers and trade reporters, , tin p.?Ik-;, being, it is supposed at the suggestion of the government Various lates have been made as to the in? of government orders, the fig urta running as high as I,.,000 tons, bul the popular estimate being half amount, This ii pure ?guesswork, ? ? Steel I'orp.iration i : ned, local official appear to be it definite information. The or ,1? rs all come from New York head quartci Local officials, however, have taken some credit to themselves for the er in which they have handled of the orders received. Thus it r. ported t h n* a telephone order from "i ?>rk was received In Pittsburgh ? th?- declaration of war to this effect: "Stop everything and tari work en SO-and-SO 'specifying the or der); government busjneaa. Start de? livery in twenty-four hours; complete ?Ii livery in forty-cijrht hours." And the man who related the story proudly "WY were on time t?> the dot!'* Aside from shipbuilding materials, it ' expected that on a tonnagi the requirements <?f the government will cut much of a figure for the en sun, p few month? at lea t. There is likely to arise, how ?.???-. which rimy largely inrrcR?e the hurry Up Steel product? called for. If ti? government virtually assumes con? trol of tin operation of the railroads during the period of the war. and if, as a quasi-war measure, it is deemed Im? perative that railroad facilities he speedily unproved, it is wholly probable that the pq?crnment will place or ders for plates for car building and structural material for im? proving terminal... in order that the needed < quipmenl be promptly supplied. In that event the needs of th? railroads would become government i.? eds ami t.iki precedence over all other business On the books of th?. manufacturers, imluding export orders. Orders Piling I p As yet there is no positive evidence that the needs of the government, mili? tary, naval and collateral, are so great as to have a discouraging effect upon the placing of new business for private enterprise. On the contrary, orders have been placed duing the last few ?lays for delivery during the third quar ter ol n< si year. Building and other contractors, however, contend that cur ibnormally high prices have al ha?l an effect upon prospective plans. They feel, however, that until fairly reliable estimate can be M to the duration of the war, it will be impossible seriously to consider plans that contemplate long distance de? li' the war should last long, and if the needs of the government should surpass all expectations, thus throwing deliver) on account of pri? vate contracts placed before the gov? ernment en'ereil the Raid, it is alto? gether possible that there will be can cellat now on the books, delivery of which cannot be indicated with ar.v dl 'niteness. _ Railroads Place Orders For Rails Far Ahead ?'-? ' thii .?.??? iccording 1 r," have com? ment >.ns for their rail re ?? - to be deliv? red a- far ahead ?nd the busines? involved amour It ? . ral hundred thousand tons. The Northern Racine Railroa.l has closed an order for 40.000 tons of rails for delivery over the last quarter - The French government has closed orders for two lota of 20,000 tons of rails each, and the Italian government has bought ].'>.0flit ton? .?f rails. Addi? tional large for? ipn railroad require i menta are under negotiation. The pig iron market continue, -n move rapidly, and large tonnages of R, ??? m? r mid foundry iron have teen rlored both for th-* year and for the first half of next year at advancing 'prices. A further restriction in foreign ?iipply of frrro-mangano indicated by advices thai Knglnh intinue un.ibl. secara lie? for exporting the alloy to this < ?i ) "'I h" lion \_-. | - : "Sr.nie -ititution may yet be maile on foi for shell st"el placed year. <?n two or.ler?. f.r 20,000 and ""5,000 tons u month, resperti placed in the Central West, it is mated that some plates, stjtict ??hapes or bars may be taken, indies a beginning of calculations on the inp of the war." -a New York Central Sel Issue of I Year Nol Announcement *??;?? man.' yeitei of the sale by the Seat York ten Railroad Company of $10.000.0(10 , year notes to J. P. Morgan Ik Co , wl lire being otTered privately for subsc tion by a group of Wall Street ban! houses. The notes ?vere sold in p of refunding and improvement m curo bond, which the company had tended to issue. The note* bear fier cent infrresf and are being ofTe It had b tood in financial cue!. .'-? ? 'i ork < entrai would come into market lor fresh fundl because of failure of its plan to sell $26,000,000 new stock to stockholders of the c? pany at par. When that operation * undertaken N'rw York Central st. was selling in the market at aroi 10??, but when the rhnres dropped low par on the break which follow the (?crman announcement of ruthl submarine warfare tho plan ?ai abi doned. The New York Central is the th important' railroad which has been en pelled to resort to -hort term fitianci nfter other plan? had been lai?l T ether two rond- were the Krio nnd t Southern Railroad, l"?th of which b to resort to note is ue? after arringi to 'II bonds. -m ? Nevada Cons. Copper Earns $7.50 a Shar Company Last Year Produce 90,000,000 Pounds of Metal at Cost of 10.17 Cents The Nevada < onsolidated I'oppe Company, in a statement issued yeate ?lay, covering operations in 1916, tl | most successful >ear in its history, r I ports a balance available for dr. idem | ?if 116,002,0m, compared with *".'>.i568,1 in 1?M5, and $1,470,373 in 1914. Th ! was the equivalent of ?7.i>0 a share r ? ; ??" shares of eapital stork on | standing, against $2.7* in 1915. Grot I revenues of the company last year \???i ; 166,291, compared with ,111,611,2. in 1916, and $7.05'.".199 in 1914. Aft? dividends of $7,497,968, three times th amount paid in 1916, a surplus- of |7 504.087 remained, compared with $2 ?..">?,!i:?0 the year before. The balanc sheet showed at the end of th?: yea cash of |2,466^30, compared with <f&41 l'JO m 1916, an?) ?$97,669 in 1914. Th prosperous position of the company i due to tho abnormal demand fo i , ; copper metal. i Earnings last year \?ere compote. ?o. a hii'i? of ?..'.",.Kfl cents n poun?! fo the copper produced, againat 17.64' ? a pound in 1916. Although pr ! duetion in 1916 \?as larger than thi ? preceding year, amounting t?. 60,735, i 287 pound? of refine.I copper, compar?-?! with 62,724,461 pounds in 1916, an in crease approximately of 14 '-a per cent ' operating costs were higher, because of increased cost of labor and supplie.. The net cost of producing tho refined | metal, including plant and equipmet.t depreciation and all charges, was 10.17 cents a pound, against 8.'J*> cents in 1915. Excluding the item of doprecia : tior. the cost was 6.13 cents a poun.'.. Managing Director ?larkling csti mates the recoverable ore remaining in the property at the end of last year ! amounted to 67,99:1.117 tons of 1.69 p?r ! cent copper bearing ore. Ore developed last year totalled 14,476,519 tons. "The largo increase of tonnage de : velopod and reported," says Director .Tackling, "taken together with further increases that are assured for the con ; ing ye3r, add vastly to the calculated i life of the industry and the ultima*." production of copper assured. The outlook, therefore, for the coming year is even more promising than the re? sults of the last year" Receiver Makes Report on Needs Of M., K. & T. Estimates Differ from That Made by John W. Kendrick ? . ! ifl rec? rer of < i M - SS & Texas Railway, in S letter '? Hi llg ??? ? i ? i. and .1 W ' ?an ,\ ? ,, ri ?rgi mana rtei ' ? foi ? h i oncluaion i regarding ?he funds needed for the rehabilitation of the property, -a- ings to be ? cd in operations an<| probable future earnings which differ widely from those of John W. Kendrick, who re? cently submitted an independen' ri port on the propertv to New- York bunk? er?. 'In the. ?iiiestinn of ear!-, Capital e\ penditure the Kendrick report thai pi?.! ablj i ot moi ''"" - " Id i" advantageously ? xp tnded .- the ll"-.: (WO vrai I. Ml I S J - . "In my original budget I suggi I an expenditure of $34,000,000 ?n foui year-, which was later revised to ??I?*,. 000,000 in two years. This latter figure I believe is absolutely necessary in order to meet the immediate nee?ls ' of the road, and should be apportioned I as follows: Kight million to road and ' shop facilities and $8.000.000 for equip? ment such as refrigerator car?, oil tanks, coal cars and box cars. ( barges for Betterments "For the purpose of determining what the capital expenditures ?houl?l be for the next two years, Mr. t\cn ?Inck notes that the average charge to additions and betterments and equipment, for the five years from 1912 t.i lfilfi were $2,233,111 per an? num. These figures are ?lenved from net amounts after crediting substan? tial amounts from abandoned property, retired equipment, etc. The actual f'gurc ?rere as follows: Instead of IT-'.$2.068.397 S1.S59.586 1913 . 4.*-28.000 3.961.469 1914.2.584,000 t.839,365 1916. 1.946.000 1.234.375 191?. 3.968.130 2.570.759 "The average actual expenditure. therefore, was $3,019,006 per annum, instead of $2,233,111, for which money I ;i,l ?i he provided." Higher CtMtfl a Tactor Diseasaing the recommen?!ations of Mr. Kendrick as to operating ?cono? mies, Mr. Schaff points out that while many specific savings can be made, these an* practically sure to be offset in large measure by higher wages and material costs. Mr. Kendrick's estimate of $1,420,000 saving in operating ex? penses to be made in 1020 he reduces to $340,097. On the matter of faming*. Mr. Schaff thinks that gross earnings of the prop? erty by 1920, instead of being $39,400, 000, as estimated by Mr. Kendrick, will no! net ad $37,700,000. Rio Tinto Profits Show | 70 Per Cent Increase World's Oldest Copper Mines Inexhaustible Source of Wealth The Rio Tinto Company, Ltd., operat lag the famous Rio Tinto properties in Spain, the oldest copper mines in the | world, whose history dates back to the ? eleventh century before Christ when the Phoenicians traded in copper ?le lived from its ores, reports profit.? ' from its 1916 operations of $10,990,450,! an increase of 70 Ppf cent over 1915. The company realised an average price ? .,: C90 a ton for its copper, compared with 172 m 1913. During the yeas com mon stock dividend vas increaseil from .?:? per cent to 93 per cent, which, with one exception, is ?he highest rate, paid since the capital stock was sub? divided In 1897, IK? per cent having he.-n distributed in 190?i. In 1914 the company's profits dropped from $6,760, 336 to M.313-230. -??? U. S. Treasury Finances Washington, April IV Condition of the United States Treasury: Not bal? ance in general fund, $78.168,454; total t?, .-?4,496.988: total payments, $3.744.057. The deficit this fiscal year ii $176, 544.385, against a deficit of $57.069,882 last rear, exclusive of Panama ?'anal ami public ?lebt transactions. Significant Relations Money and Prices: Stock ?.f mono gold in the country.. $3 044.30^92 $2,318,973,327 ,?,?, ?I .11...I..??? ?..???? . ??I2.U00.000 tM9O.?m?00 ...??...',">'*;???;"?"? ^&t *& Their liability Iornotes.net. '?**""" -vw*-" Their gold rese?e against deposits and circulation. Yesterday Ta? ?ay *?<**?..?? 4 year a?? *,*erage price of 15 railroad slocks 112.16 112.65 114.42 erZe Jr.? of 12 industrial stocks. 9443 94.75 91.77 *"?"? i.?st wee u The week befor? a ?-ar aco. ftmA cos. of Ihing ?Annalist ?nde, ^ ^.^ numbc r> . Production : \ nhlled f. S. >trcl orders, ton. . 11.711.644 '1.576.697 9.331.001 ,-lt iron (daily average?, ton.. 1MN2 Kjj? 107.667 Active cotton spindle.. J3.?.7.090 33.W8.609 '1.980.240 Uheat ?...P bushels. 639.886.000 1.012.000.000 Wheat ?top. nu 2.593,241.000 3.055,000.000 ( orn crop, hu.hcls . Tii-cojj tir*fli7-. Cotton .-'?P. tmm*M lexc. linter.). 11,356.944 11.068.173 Distribution: v \fi .li-.rtage of freight cars . 124.973 109.998 Set ?urplus of freight car. . A >,?r ago ^^^^^^^^^^^B 3.650 Ineraaae at " *ai I Ml ?' ? ,?!? i ?? i?s r->?-i?i. tiro.? railniad earning. . 10.2*. 1.1% &2m, |?i . ., I? ?tat? Hank clearing. . 32.5", -16.2?, MJ% ?... 1 rlrm- I SOI ??-v I on-merrial failure. . 1,232 1.165 1,690 * America's War Resources We have jus! prepared for ti> br-n?-* tit of our clienti an exhaustive exhibit of tli?- wealth and income of the United States, including full compart >on with all the large Kuropeati Nations. Thin exhibit should ho -,f profound inti re I to the banking and investing public. A fe? extra copies ar?- available. Send '<>r ? '? i ?" iVo .1. Moodys Invkstors Skrvice \|ohs Moot? >"> Nassau Str-eel, \c\?. \brk k-BSSSSS?MSSBBBBBSS **m 111 / PARTIAL PAYMENT BUYING OF STOCKS enables the small investor to acquire standard securities on convenient terms. This system may be applied to the purchase of United States War i.'an bonds. Write for Booklet I?-25 describing the method. HARTSHORNE cc PiCABIA i/, ,i.?- rs ,V< ?? I ' Wall Street Telephone 4500 Rectcr Authorizes $1,000,000 Purchase of War Bonds National Surety Co. I mpowrrs Finance Committee to A? t l>irectors of tho National Company ph-.-c.i resolution v ter da;, authorizing the finan? subscribe tor the new government loan bond ; for any amount up I 000,000. nth ir lars;c instil ? i?* expected ?.'tion with i i ? ? few ?lay?, including tome of th. viu-trial corporations which have ?-ui plus funds on hand in larcc- amou Meantime ? ? r? i<? r - from who want. ??? subscribe for bonds on an "when, as and i.re piling up in the hands of sai r.nd investment brokers. Th. -. *-?? :*.->r amount? ranging all th.? ara) trom 1100 up to th? tens ?it th?,;. Relevant Facts Republic Iron an?l Steel. .1. A. Top pine, chairman of th.? board of di ! rectors, at the annual meeting of the eompanj yesterday told t1?.- stockhold? ers that th?- whole industrial pis the corporation is being ope rat. top speed, but thai facilities had bren embarras.o,I :,, pome extent b] transportation difficult embargoes .?uni th.? labor shortage. ? "All our new construction worl been finished," he said, "except one new blast furnac.-. which will he in 0| tion in about four weeks. The cost of everything prohibit? an. construction work being star'.! War time is hardly a time to build." Announcement was made that the directors had adopted a new policy with respect to publicity of operation?. "On and after tli?? next mee til g of th,? board of directors we will : terly statements of ineoate," said Mr. Topping. "**avi- that the eorpoi had been m a process of reeoi il tion ever since the presen! admii tion took hold of it we would have followed thai i "? ? v earlier. Now that wc have rounded out of operation-. ! feel that we can with greater cons.s tency issue reports of that kind." The stockholder? adopted the follow? ing resolutions: "Resolved, that the thanks of the stockholders of the Re? public Iron and Steel Company ,.re hereby extended to their most able and hard working chairman, John A. Top pun;, and his excellent statt' of . tants. ??.ho have removed their from being the football of speculators and who bave made it the pride and hope of ?ts fortunate holders." i:-tiring director? wire reflected bj th?- largest vote ever east at an annual meeting of the company. Of a total of 521,910 ihares outstanding 363,49 ! voted. Hon ton & Maine. Judge Mor the United States District ? our:, a* Boston yesterday authorised James H. Hustis, receiver for the Boston & Maine Railroad, to pay the interest <>n **-'. 000,000 of notes of the Connecticut River Railroad, ?me of the leased line? of the system. The payment had opposed by c-rtain stockholders on the ground tna'. the notes ?ere not ? obligation. The Connecticut River Railn v .a. .intended that fail? ure to pav the interest would result in cancellation of the lease, The court held, without deciding the controver .. that it was tiie duty of th? preserve the property. A cash balance of $7j6O2j606 for the first months of i ported b) Mr Hustis to the court decrease of |73l,698 from the cash ?n >iand at the beginning of tin- receiver? ship is said tO be due to heal penditures. The total receipt! f? period, which ?-niie.i March I, tVi-i. - wen ?'?-. ? - ; - Columbia I,as K Kleiiric. ! for March gross earnings of 11,01 an increase of 110430" ?ver th? responding month of 1916, Net after taxe? amounted *?> |8S1,160, an in ? of 123,046, The company'- . for the iirat three months of the cur , rent year totalled 63,166?46, an in. I of |499,027 over the corresponding ' period of last year, while ne? niter taxes was Sl.T.'IJ,'.*?"?, an increase of 6273,91 ? Motor Share. VSeak. Weakness of the HUtomobile -hares was one of the outstanding features of ?tork maiket. Studebaker lost '!'? points on the ?lay's movement, closing at 64% afn-r tolling dotn on ?iealing? of near!', '.'ii.ixmi -hares. This was the lowest pre- the stock has touched since I'.'l.'., when if sold at '"f.1*.? Since then it has gone as high as 1">*>. general Motors common MEXiCANCUKn \tSSS? of the Constitutional GGvefFimeit if Ktssl Engraved i v In? Am?nera am\ i npanjr, promue? ? grca 'in ^nr-nl in value - OPTIONS ROUBLE EXCHAN6E! ?I till Dtc. 31. 1)17 Bought & Soli. Specialists in all Fore/911 j (m\ eminent Bonds ?1 rrija-rtt ALFRED R. RISSE CO. f,6 Wall St., N. Y. Tel. 4511 rWe B'klyn Gity & Newr?m1sl5s'2 Central Union Gas 1st5s? New Amsterdam6as tefrt Standard Bas Lt. 1st ill Win. Carnegie M Specialists NY (it. Pet-lie nm* 100 Broadway, N. Y. Tel. RecUri? I Sugar Stock ? Bought Sold-Qh*-* CCKerr&?r =?j 2 Wall St.. N. Y 'Pkon?67Ml*? Union Trust Co. oINeiW 80 BROADWAY rma a? * J?"1 ?*? r,rxh *'? ?*?*' AHo??a Inlereat oo U****** ft'*3S [lecu'or, Guardian, Inw**n - at 10?J soiling ?low. ? : ? Th*? '"sgr. n? h-.trh i.?- II*1-? in JanusiT ?J ? tion *?**,"..Tit/l lent of 1hc oliJ?T^ ?har? of the old *t??k/ ,//***"? ? llUKi ??' T?-fi*' . ' ?r '' ?' - ???*'".a\mA ? -' :heg0J:Tns* '?'??"' ?"? ' ' ,m??rJ3?'? neorle '? i,n'.' ?ilisii*1' 'Vo ten*1 torn.?hi!?", which will "-."L-n ..?..,.? of the manui*^ - \eln.i I.Mil?-'*?"* '"""SS??'' nounccment of the o'*?"'',,,*, ?/* new pr..t?-?-tiv.- ,-ommittee l? L* *'"?!? 5* following the application w?-^^ tte? " * UP ????*' r'' he N**^ . ompuny; ?? " Trttt* i* v.ce-pr. ?N???Sk^5f ranv: ?iarl<? H. ? W ? -,,?1 !,,.?. Merchants ^^'.^.jJT^ W. F. Hoirm.n. ??'?J y v ,n t "tt?)n ?on^he g?** iharl.'?. E. Shol*W. ?f '?" Chemical ?'" J ?\?erl???,??7S#I??l (nfA eres? ?-"fad ,4-roui *?Y! however, of H^Vaur ?***% frea??* of 1197.1?!. Aj*r <?,..* ?lua equal to *?*?? ^ .it? ?*f ron-mon stock. *?<*?*?"* cent earned m l-*!?* ?