Newspaper Page Text
Wealth Markets and Commerce
First Mortgage Public Service Bond To Yield 5.20% lirst mort Rae?* on ail 5 I property ' amount < ? Coraii tied a ?1 eai " hall times amount re.* :' "R" en W.C.Langley&Co. Investments 115 Broadway, New York Booklet On Conservative Investment Bonds *V. e h a-, i - let de.itibi'C 70 iaiue? i I Pi .pal, For . ? ? ? llowS; Coupon and RegUtered Bond? Various Types of Bonds Redemption of Bonds Sinking Fund? "And Interdit," Prier? Write for Booklet 550 "Con?T'.*l.-e In Spencer Trask& Co. InTrMnri-'Tit .?r.iiritic 25 Broad Street, New York ALBA*-*! ..<?>?!? in ( III? \?.0 MlwTiVwr?. V??? V r*\ RUr. _____???_ The Inexperienced Investor Have you funds to im Many people have idle and surplus money v could he earning an at? tractive rate of interest with safety of principal red. Hot? you can invest There are many bonds from which v **.ako your funds f _rn ? ha:i five per cent. When to invcslP Shrewd in? vest''','*, are ta'.. tace et pr. ei t inusual ?rtunities by placing their monev in carefully selected bonds. VT* can I t i In mak'.n?; this E. H. Rollins & Sons foi?! 43 Exchange Place, New York Boston San Frosscist > Investment Bonds Rhoades & Company Mem brrr* Vf 31 Pina Street New York Our i'irt-vl/ir on Chesapeake & Ohio 1. Improved flnar.r.al ?tat?a. ? . ?pproprlatlom t'-t property tinpruvrment? und ?M?MBM1 j. v?i:.? rafla <?> u 11 ? t aUiul lo Ve supplied. C.r?ii.'ar K-ll cm rr?urit A. A. Housman & Co. ? * . f M?Bt>w? - v v . - . . W? I I ' 20 Broad Street. New York hk\n? m I S Fart ?S?l M. t? H?l *.M Ht 14 ? Tr*r?lnn < ?.m S l*f.l ?i <?___? a n?. <<>??? ? i-r.i Tsmstt-aaA-s- K. 1,1 S I*..? (..m a I'M Am. Hain Hk> A Ile?. _?ll ammm) h?. Calir?rfii_t Rflaaa < um a l'f.i MratltYfi |-..??rr (uni A I'M FREDERIC H. HATCH & CO, t*-amew Brim? tita. St* Hr?arl M.. Nrw V?rf_. la Finance - Economies tCAl.I, ST1 ? "E: Tclrphone: Broad St Hanover 6M4 trade ' ? ? ? i . ' ; There wi ? ? td on important quai ' ed during th? ' came tl Central Leather Company f? r ? pcrc? time.'' as much as in the fi ? v. ith a not loss of thi point. The market anticip?t? quarterly r "o*?l Corp< ? ? paying fixed charges and all on the cfimm": eighths of a p Money rato? roflo??' mentV initial war borrow ? iw an advance in the which compared with a pre\ during the per ? of th-* loai wore placed, i cent, bul the fa rato the "i when demand loi fer a brief period. The ? for the fl in the i proximity <>f the date on whii I mom ? on In the iue of Unit? -: in? ate of in debtedne ?. 1- urther off? , fact. it has hoon stated that an additional $60,000,000 of tho certificates have already boon arranged for. With the payment due on tho first block, banl ? have been com : polled to . temporarily at ? all and time, whi? h has U iffen rate ? ? ' int of Nov. in the Ti-? Reports from tho Pacifi dica' lit of ? .can participai world ? r. of industry, which w, tronv . time after tho war broki been impr hut the ] larr?' number of i-timulated the marl. me iii act.t.? . '1 i/.r. i the only important chang lions in the Pa break with Germany, save for the ' appearance of a slight ! I ' tion in retail t?a le, d dera? tions of economy induced by tl e war. This other direction.**. Most of the quick duced in the United - comes from California, and that in? dustry is in a ? as ar- ? sections <?f the metal pik business. A? ! tho W : Hank ol San Francisco, the condition ! of ?M w ..-?ry trad?* re ; mains the for some time pa ? demand limited only by the ability to obtain while trade in ?rholesall a, and a ready i marl-? tad on the w?. I coaat of Central and South America. De ' ?i belief thai the Far ested in foreign and imports are lim ;. the available tonn Money and Credit (?,;: t the Stock Exchange . ruling rate rlcted of the ' - apparent in the I : i . . ? collateral. ? ce?l fractionally, with I at '? per ? ,1 so g ;,? ??! A tO I nf- en tho ma terday, . yenr ago, were as fol ir nee. 2! z'a ra? : 3 % 3'4'''*'3' .>", ? 3' ?*% ?i 3' .% Commercial Taper. Ile mai ef discount of each of are as fol ,- -1 Over Over Ovei Lesi ' ? . 31 ; 4 4 4 . 3 4 4 4 . 3'/2 4 4 4 : . 3 , -V/i . 4 4 4 4 _.4 4 4 4 . 2\p 4 4 4*/a . 3 4 4 4 i . 4 4 4 4'a 41 ? 41 ? 41 ;. . V/t 4 4 4"2 San ? : " 4' ? 4' 2 Bank < lcnrin--s.- -Tho day's clearings i other citic?: - ?. l?alanee*. York.$582.197.705 $33,717.019 . 6.831.400 933.215 . 38.500,653 4.601.520 _ 84.728,669 4,640.623 a ... 52.048.100 4.389.959 . 19.425.390 2.878.803 Sub-Treaaury. . York banks lost ' London, M7-1? pence; 'an ?l?'ll:irs, Cold Currenl ib Treasury ? Francisco . which ? ?old - tit to Cuba. Dollar in Foreign Exchange 1 . -. oi dollar. In? n? accounted ?if the mar time, will ? rents, befor? played a . compared .?ire pivcii in 11 ? below. American bankers hav? i x I all dealings in Gorman and Aus' ? i that daily quo tationa for either mal I --n arc v ? available. Wool Yesterday, ago. (Quoted dolUn In th-? pound.) lemand.$4.755g $4.76*"4 . . 4.711 g 4.72 ? i...4.76 ?? 4.76 i*. days.. 4.70' 8 4.70 nl unit? to thf dollar ) . 5.71' 8 5.71' r . 5.70 ;) 5.701 g . 6.91 7.09 . 6.90 7.08 . 5.15 5.07*4 . 6.14 5.06""4 rents t? thr unit.) .?KP i .41' 8 . "0 41' 4 . 28.36 28.80 chica... 29.40 30.20 chits. 28.00 23.50 . 21.60 21/40 ? i ? ah ulati ?I 1 y th? i Mint: Current exchange Intrinsi value. vaiiie. .$4.75'*8 $4.865? . 0.17.5 0.19 3 . 0.4C'4 0.40 2 . 0.28 36 0.51.2 . 0.14 5 0.19.3 . 0.28.00 026 8 . 0.29.40 0.26.8 D t? rms ?if the A glish pound ' , the I? par ? r pound. Thu?, yon ? that pounds ..re lit at a pre ??? ng to the facl ? demand f'>r dollars with v. h to s? ants In this pounds with which to i England, -> ? Gold Output of British West Africa I output nf the Gold gie British West Afrieai ? gold runes in 191 : unces, 112.27.1 at |S??0S,6M, and In 1916, 3R9,0fiH ounces, values Ht ! SI ?r 1016 there, is a de ?. valued at f 4 ..'". ? With 1916, an.) on? of valued at $.",';i.717, as compared witi 1914] hut it appears that these decrease? are due entirely to conditions brought ?bout by the war. Steel Corp. Pays Three Per Cent Extra on Common Also Subscribes to Govern? ment Notes and Pays In? come Tax in Advance Steel Corporation's Best Three Months This i? ?hat resulted from opera? tions in tin* first quartet of 1017: Net earninffs of $113,121,018, lbs ? ever r? ported. Three pi*r ? i dit i?l? nds for ?; 1% three ? re. Pur.- 0 short tfrra government note . t of income tax ? ? ?bution of 13,000,000 to V. M. C. A. for an ?> y work. As to the second quarter: 1 . " P?? demand f? ? r steel will be even larger, with * Out of net rst quar? ter of 1917, amo ? Til the I Corporation w;!l ?li ti m dividend:? to ho! i immon .7*1 representing the rojru lar quarterly disbursement of l ? ?, nor ! cent an.I $15,249,076 an exti i distribu- i i ? ...n i.f 3 pel ? The am? ra dividend i came as a pleasant surprise to Wall Street, as ted 'in in? crease over the r? per cenl paid from the December quarter's earnings? In tion to the regular payment. In each of tho two previous quart 1011, commo ved l per cent extra. Klbert II. C-nry, chairman of the | United States Steel finance committee, departed front ' landing cu? : torn of merely handing out a type i written statement and invited the news ; papermen into h lowing yes? terday's meeting of tho board. He stat-od the directors felt that the won | derful showing made during the first 1 three month:? of the curren*, year war? ranted a larger distribution of the cor poration's earnings to the stockholder?. Tax I'avment Anticipated .Mr. Gary also said the corporation would sub crib? ' to the cer? tificates of iued by the Treasury Department pending the offer a i long-terra bonds to defray the . war. In addition, It by the board to antic?pate the payment of tho corporation's in tax, due June 16. This amounts . ,ut $9,600,. nnd will be paid imme I tho Collect ? mal ?*??'" ; thla ,? ., iry also anno 1 that the company had subscribed (?.; the ? asked by to c .'?*? on if army ai -1 navj r - tra I divid? ml oi , Mr. Gary said: "This extra distribution more tr.an pays un the full | third quarter of 1914, when the quar? tern - 1 to one-half of 1 ? third - ng no , ? ,| paid o ? ?on during Experta Larger Earnings ?ommontitif. on the establish ? _? l.l;;l. the March quart? r, Mr. Garj d be even larger : in the cm : i in a atatement thai tl let-uj in the de? mand for the .steel corporation's prod? ucts, with the tendency in prie in. upward. Questioned repardinR reports that the Allies may buy in the I'nited ? the same level of prie nment will pay, Mr. Gary this question ! racially ' : I Corporal Monthly comparisons of the carn-i the March quarter showed a] remarkable Jump in the month of: over February and January, I The amounts were: Januai February, $33,416,171, and March, 0,422. ' Th " ' nel f..r the j quarter exceeded th.? previous record I of $105,968,347 made during the De '< ci-mbi-r quarter by $7,162,671. Com? ?a red with ti..- March quarter o? I9l7, : the I .*.:.?. in.-' d yesterday howe.i sn lacreaae of $52,407,384, or I per cent. Krai urea of Report The rrrnril of 1 ? rt| i by i ? ? i ??? the o il in war i , la the folio? ing tabulation. Quarter. 191.'. l '.$113.121.018 1916. 1914. lat.. 60,713.624 $12.457.809 2d.. 81,126.0-18 27.850.055 85.817.067 88.710.6?t4 $22.276,002 I th.. 105.968.347 51.277.50*1 10,9 Below is summarised the Inco eounl of th?' March quarter, a ponding period last year: 1917. 191? earnings.. $113,121,018 $60.713,624 Sinking fund and depreciation , 9,790.824 9.495.065 Balance . 103,330.194 51,218,559 Int. and ski*, fd. U. B. St I. bda. 5,585,438 6,706,627 Ralanre . 97,744.756 45,512,372 Pref. dividends. 6,304,919 6.304.919 Balan?a . 91.439.337 39.207,953 ridendi 21,602,856 6,353,781 The earnings fer dividends on th? enmni" ? the result of opera tiotis in the March quarter were rat,? m' $365,759,348 a year, or tin lenl ?if nearly 72 p?r cent on the $503,302,500 common stock outstanding. Canadian Northern Needs $101,000,000 In Next Five Years 1 un'ls to Complete System Will Rr .Sought in This Market The Canadian Northern Railway will u cash >)67>000,000 over a three year period and $10] ,li?ji>,000 over a live-year period to carry to completion its plans for a transcontinental S] ??ng to a report on the property prepared for the Canadian goverrment by a speeial commission, representing American financial interests. The mem? bers of the commission arc Kdward B. Loon; * of the I.?high Val? ley Railroad, and John W. Platten, president of the United States Mort? gage and Trust Company. Money Sought Here Ranking suiport of the project is sought in this country, and it is gen crally admitted that any comprehen? sive financing to he undertaken during the nexl few years will have to be arranged in Sam York. The builders of the ?anadian Northern arc Sir Will? iam MaeKenzie, president, and Sir Donald .Marin, vice-president. The road is on? ida'a three I railway systems. The American commission har worked ramme of betterment, iuli lUS improvements that should I" made and the additional e<)uip' red to make the prop ?ng. .Summing up the conclu ions regarding the amount of money required to complete the line ???ni the earning power it shoul?) have when finished, 'he commission says: "As the maximum programme sub mitted covers the minimum programme I uch further expenditures ? our judgment will he required over the ear period supplemental therein, we estimate the system's net, cash re quirementa for improvements and b?*t termenta and working capital at $64, 000,000 over the three-year period and 6,000,000 over the live year period. Details of Programme "We estimate the sj requirements at $<*7,000,000 for the three year period and at |101,000,000 tor the five-year period, and the fixed the property at $462,000,000, exclusive of income charge nn convertible debenture stock, at the ?' the three-year period, which is ? ? per mile, an?! at 10,000 at the end of' the five-year at the rate o? ** 17,716 ? It i further asserted that the cap? ital invested in the property will amount to $621,000,000 at the end of three-year period, and that such capital ?rill amount to ?1565,000,000 at the end of the five-year period. The commission stated that short term notes, temporary loans, etc., which must be funded, amount to f86, 202,086, against treasury assets of _ Higher Rates Asked By Canadian Roads All the leading railroads in Canada, according to advices from Montreal applied to the Board of Railway Commissioners for increased freight rates and passenger fares. Higher en-* of fuel, materials, e?iuipment anil labor are mado the basis for the applica? tion. The roads ask authority to ad? vance tarilfs 16 per cent on all clas and commodity rates except coal, .?uch advances to become effective OB than thirty days' notice. Significant Relations A .?IT ?um Money and Prices: ^^^^^^ Stock of money gold in the country.. $3,083,904,808 $2,316,948,420 March I l?IT. I.oanfl of all national hank?. $8,712,000,000 Nearest p?r!.._l ?7,490,000.0O0 Discounts of Federa, Reserve bank... *1?2.662.000 $66.304.000 Their liability for notes, net. 16,459,000 9,617,000 71.0% 71.1% Y?*aterday. The di) *"-t-.re. Ayrarac-.. 111.46 111.99 113.33 93.31 93.79 90.01 Last week. The *?-tk befure. A year ago. 270.033 258.971 166.108 April 1 Mardi i A sear am Their gold naervs .tK-iinst deposits and circulation. average price of 15 railroad stocks.. Average price of 12 ?ndui?trial stocka Food cost of living (Annalist Indes number) . Production: _ Infilled 1'. S. Steel orders, tons. 11,711,644 11,576,697 9,331.001 ... A > -;<? i-: - l'i. iron (daib average), tona. 104,862 94,180 107.667 1 " March. _ ?fei-uan Activa cotton spindle*. 33.233.072 33,117,090 32.028.670 Tho!?'i- ! I're? i.ni.? ? ir - i a Wheat crop, bushels. 639.886.000 1,012.000.000 ??m crop, bushel.. 2,593.241.000 3.055.000.000 ( ?tmn crop, bales (exc. lintera). 11,356.944 11,068,173 Distribution : _. _. . , *-"?"*-* April I Mat-h 1 A year ago Not ahortage of freight rara. 143,059 130,082 Net aurplu* of freight rara. 4,638 Inrreaaa <_r 4trm*a* tram laat ,r*r flo ??ml win* llonlh at Jan I to of April K.-bruary FYt. Zs (14 rumia) ? 14? roa.la). it(fre??t?? Crow railroad earnlnfs. 114-2% I 1.1% 4 8_2% .-I or rea?? or ii?-r.?_n< from laat year -, I as.I ?<??! TI????* ?Wore. Year In late Rank elemrtntz?. | 32% I 32_5% 4 202", Mar.'-i February. A ye*r a.-.. i ?nn.rrc.aJ fallare?.. 1.232 1.166 1,690 Allies Get Bank Credits to Pay Current Bills Local Institutions Advance Large Sums Pending Issue of Government Bonds Pending _ r of funds : ?hi* riii*'-; der tii.? whereby this i.f the . ? I ?J . I Uli In.U'k.'t by means of cull ?it- demand loans ob ; from the banks and secured by tho d? ties as collateral. It v. i . that such loans outstanding in tin ; market at the present time run from 1 to !I Cr?dita About Exhausted Two months have elapsed sin?-?* Great ' Britain borrowed here last with a loan of 1250,0 10,. One month has elapsed the French borrowed in this market. It was poinl terday that practically all of the funds ; raised m I have been rx I haunted owing t<i th.- continued heavy purcl s ' T-it, while in the mean I me Gri at Britain ha*? ' ?' gol.I lo the United ??i as the curren' ? ; ?.f th'- Alii ot diminished to any marked extent, funds must he pro ? ,.!?*.! to pay for the purchases, and meilium of call .loans arranged with local harks. The rate charg? loans is .om. what above tii" ra?" for call loans at ? evertheless is still considerably under the rates paid on recent British and French note Early Help for Italy stated that as soon as the pro? of the l.'ti ' Government to the Allies be? j come opera ? red I hat, as reported, tl dil granted will be ma.I?* to Great Britain and that an \ early announcement to this end might pected. ?' has bet-n understood Great Britain and Prance would, jointly administer the funds raised by American loan, distributing them smong the other Allies as they saw tit. Italy v.'!] eome in for a substan? tial amount b:\- been foreshadowed for ; a fortnight by rapid improvement in talian exchange position, the rate 1 ?ire to the dol ? lar, compared with a recent low record , of around 7.90, Relevant Facts Intcrbornugh Transit Shares Weak.? Shares of th?* local traction companies displayed pronounced weakness yester ":',?? downward tendency of the I croup furnishing one of th,.' outstand ? inj: fe the dealings on the Exchange. < !om ? of the Interborough Consolidated ?'orpo which controls the Interborough Rapid Transit Company, declined from ' . -. closing 1't points off, on deal? ings of 8,400 share?. This was the low the organization B company. The preferred broke oint;. to ?'?* \. on ?i o*' Intcrborou i rumors of an impend? ing cut in ih" preferrt d dividends, the ??ut tii-:ii_r 'hm the company eras lacing constantly rising costs of opera ' tion, while the revenues were more <?r ted. A director of the company ?'.ire optimistic. lie ?id there ' ed with the t.. account for the ? ?ngs are running from .10,000 a day ? i he added. "With all ?lu?- allowance for greater ? i materials and with allowance for the maximum charge for the excess profits tax the net results till fairly well over 1916. There will be no tax on profita of our com? pany after July 1, when the partner 1 ship arrangement with New York City ? *u effect."" American Hide and I.ealher. Re ports ?"or the three months ended March .'il n?-t earnings fr??t>i operations . compared with $."",?'..029 in 1916. Net od from .July 1 to March 31 were $2,012,764, against $1, 796,227 in the corresponding period of ' the preceding y. Central Leather Company. The quar : terlv r? port showa I me of ? impared with 13,913,381 in i the corresponding quarter of 1916. Net earnings available for dividends amount t-> $6,33 1,62 1 with $2,1 In 191? ? the correspond- j ing period i Hie directors at | their meeting yesterday did not ta'^e < 'action on an extra dividend on the] common stock. Carra Da Paaee topper Company.? The annual statement of earnings for 1916 shows net income of $2,864,216, equivalent ti $4.28 a share, earned on of stock outstanding. lends paid amounted to $2,666,664, - Booth Fisheries Company. The board of director! at a special meeting of the (on-mon stockholders to be held May 2 will recommend the changing: of the number and par value of the author ttoek shares from 100,000 | with a par value of $100 each ; hares of no par value. It ?i proposed that _5M,000 -hares of no ' par value shall be exchange.1 equally ; among the holders of the outstandng common rtock in the ratio of five -hares of the new for each share of the old. (?asfon, Williams & Wigmnre, Inc.? The eompai l rnings for March of I for the first quarter of 1017 up to $905,- j ire from the opera- ' tiona of th" exporting and importing company alone and do not incluile i?*s from the steamship company r.or of the European companies. There was nnid out of earning*, on April 1*5 $l,i.00.ni.O notes that matured on that - | ' v outstnnd ir.g. I'nt'l'.e?! orders on hand April 1_ were valued at ?"2"C9S1,044. compared with $17,5..7,_99 on March 14. Mexico Take? Over Railways The American Ambassador at Meileo Citv reports to th? State Department under date of Apr! 19 that the Mesi r-i'i -".ovrr. rr.cnt has taken ovi?r the Tehuar.tei*cc Railway, the Vera Cruz to Alararado Railway und th?? rolling stock md connecting tracks of the Vera Cruz Terminal. Gold Exported by Japanese Bankers Transfer of $3,250,000 from San Francisco to Tckio Is Arranged Japane?!e bankers here arrang??d yes ter day with the \'r. Sub iry for tho ?i [?-graphic tra m Francisco of $3,260,000. amount of gold coin will be ? from San Francisco on the next ship sa:,' ng for Japan. The latest export of gold to Tokio brings t?,e total shipments fron Un ted States to Japan in the last eight months up to approxim ' 000,000. This movement has taken nlare despite the efforts on the Japanese fii lO ai? re:.d . I as much gold as ehe ?? ? ibly. Hanker? said yesterday that Japan ese commercial interests are again piling up large gold balance-. ? I States, as a result of th" heavy balance of trade in their favo*. It i I understood that, mo-t of this will ?V kept on deposit here and used in the extension o " commen?ai In? I in this con Recently lending Japanese bank?, in? cluding the Vokah.ima Specie Ba Mitsui Ginko. the Bank of I Hank of Korea and other imp? commercial institutions have been ac? tive in enlarging the American connec? tions of Japanese business and finan? cial interests. The plan is to consoli? da'" and hold for Jopa ?? war much of the trade row carried on be? tween the two cour.tr In the last year Japan has on two oeea on* turned over to Great B a aum of ?$60,000,000, making $100 000 in all. of the gold accum for Japanese account. The fac Rritain and the other Allied countries will obtain large credits from the United States makes unncce.--aiy any further transactions of this character. News Digest Foreign Treasury Bills Flood London Market. London, April 24, Business on the Stock Fxchange was ?juiet, with a good tone. Most of the demand was for the war loan, consols and gold shares at firm prices. Oil stocks were active an?l improving and Mexicans were better, but rubber issues were easy, with the commodity and Argentine rail* finish? ing weak. American securities were dull and uninteresting. Money was in good demand and dis? count rates were easy. Owing to the market's disinclination to digest i'50,000.000 in Treasury bill* in one day, another method ha instituted by which ?20,000,000 will he issued Fridays and smaller amounts intermediately at fixed rates for the , discount market. The membors of the exchange were generally pleased by the announcement of Saturday holidays for the purpose of war work. Money was quoted at 4'? ppr cent. ?uni rates for short bills, ?*?" - |.er cent; three-month bills. 4'i percent. Gold premiums at 1 Paris Bourse. Pars, Apr;! .'I were steady on the Bout day. Three per rent rentes, i!l francs 65 centime.' for cash; exchange o ?ion. 27 francs 1? centimes; ? per cent loan, 83 francs ?*.") centimes. Elections Si ickholders of the Inspiration Con ,-ed ( opper Company, at their annual meeting yesterday, elected the retiring board of din (fa the exception of ?lohn F. Ah oui. directorate now coasista of fourteen members. Corporation Returns St. I.-ioU, Rorky Mountain ft Tariflr 1917. 1916. M,-ir.-h aros? ?*?32.?'09 $201.679 Net after Ux?M 96.048 Surplus afier rharg U. S. Treasury Finances \\n*!? ngtots, April l'A.- The condition of United States Treasury at the to-day: Net balance in general fund, $83,617.332; total receipts, $4,946,335; total payments. $2,914,693. The deficit this fiscal year is $168, 589,099, against a deficit of $54,027.366 last year, exclusive of Panama Canal and public debt transactions. American Cigar MacAndrews& Forbes Porto Rican-Am. Tob. R. J. Reynolds Tob. Weyman-Bruton J. S. Young litmrjht?Sold - (?noted LEVETT & CO. 43 EXCHANGE PLACE, NEW YORK Tel. 1641-4 Iltiii--.fr Our Book .1-7 "Where the World Must Cet Its Sugar" ? tpla ? I tl !?!'.? r: -if :n ati??t and I ? ar . o m pan y ?i la ?P-riJ.>> ? . Toole, Henry & Co. v n ? ? ? ' Equitable Bldg., New York H. D. Robbins & Co. : Ht 1 Investment Securities ?tit?u':ri/ Invited 61 Broadway New York -_ High Grade Investment Securities Knandj-Nadjob & Kulji? Equitable Building, New York Exempt from Increased Federal Income Tu Indications arc that this war will be financed largely t-y taxation upon the in? comes of the ?itetett Municipal Bondi an Exempt from Federal IoconwTn It follows that the demand for them wilj increase, with a cor responding enhance? ment in i We cm offr- vou Fetj. er,i!-Income-Tax-frte Municipal Bon? at prices yielding 4.10**, to 525% Particular? an rt ? ? ? ...^ Spitzer, Rorick & Co. Established ? 17* Equitable Bldg., New York Toledo Ckic-n, -^ f 111 m 1111 i i ? 1111 m 111111111111 h mm? fKHQ I Safety of Prinript-l j= ? MA = Assured Income ZZ ? ?ret A -, ,nd Ufftm^ 3 .? ran obtain ? ? ? ? of ?5 April Hat. Tli IM tnrlu?**? ?. ? ?ucs ?-x?-Tipt fi ~ M Ti\. Pllt'.hl? to tattr, ? > ? ? ? I""**o?lta, iv) ? ?'? n?tik? i? ?t. ? rtou Btati S ?nd /or Bond List H?7.' ? WilliamR.f?mptonj?, ? Munii i : >. 11 Hindi ~ O errniuf ? Hi Sstuaau = 14 Wall street New Twt *"*! II mna'.l Oksta fiiiiiiiiiiiiiiiiiiiiiiiiiiiiniiiiniiiiiiiiiiii* Atlas Powder Du Pont Powder Hercules Powder New Jersey Zinc Du Pont Com. (old) Port Lobos Pet. Boaghi .Si/ !-Qtotei LEVETT & CO. 43 EXCHANGE PUCE NEW YOB // /. /'.;.' | Hrtruitr - -? New Government War \m Tllh facility of our bauet partmet't ate it the ti posai of our clients andthir*** lie in general, for lundlini?* scriptions ?or the propi Tht, ?arrie? i offeree v tthoat I*** t ktwl (hjsholm&(7apmah ^f " a ta ? ? ?>? vow *?>? J^? ViB^OaOWAY^wYOMC.? 7J7B.QAoST.ilT. r1???*??H.'U. Henry Clews & Ci il. 13 : ? ?" '* ?*?**??j Stock?, Boa.li idd lBve,,B',')*3 i bought and ?oM on .?. mmuuon. Ah? ^ ! ?n coruervative trrm-. Dtpout A<c<w* ?fivrd iub)?*ct to -hfck ?! ????*?* Interc-t paid M ?i'.'y baUncf? BKANOII umCij^j, ItT riftk Av? '.. SSaf 1? L'Dloa W*t? U CoMt Ht- **"* Government Bond* Corporation BoncU Public Utility \preferrwJ-W and Induttriai Geo. H. Burr & Co* 120 Broadway, New Y?J^ PhlKd-lphla ? ?< " ?.. fMa>** S^attl. "?? "^ Our Instalment Pav" P*" ,W^ 6% to Savers pm-l f-r fr*. Nap*. Th. fi-frU ?' **'*"*? 1>,?I. ?. M ??? *-J_l^A Bsl<?r ?Snrsl Conpjrt Fiftla Amm ??*? ^ f*: "7 ^ hv.al '* .-??ln????i m}}^?aaMtmtVS**sasr ,\aa?l? *?** lubicct ?a muul?"a^ Tru.tea for Per.oaJ Tru?