New-York tribune. [volume], April 27, 1917, Page 12, Image 12

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Wealth Markets and Co m ra. e r c e
lap-artaa! tkaifri ?a tkr Inrom*
Tai Law ai iDffralrd k? ta?
SrtrrlaiT ?( tk? Trraiarr.
Suggested Revision of
The Income Tax
\Vr have prepared a chart
dealin** with incomes ran**
ing from $3.000 to $3,000,
000 showing suggested rates
and amounts in comparison
with those now in force and
those originally levied.
a
The National City
Company
National City Bank Building
New York.
Booklet
On Conservative
Investment Bonds
\*i <? I i new ii
let 70 issue?
d h ,ii]-.trial
et siso
general,
Coupon and Regi?tered Bond?
Variou? Type? of Bond*
Redemption of Bond?
Sinking Fund*
"And Interett." Price*
Write for Booklet 550
Spencer Trask & Co.
linr?.|rn' Bt B** nritlr?
25 Broad Street. New York
ttl \\\\\ |i??v|(.\ I UK \(iO
. .?
Foreign
Government
Bonds
French 5s
Italian 5s
Russian 4s
Russian 5l os
Bought?Sold?Quoted
W? a***rlall?> li
- m.4
.
..rkrtH.
Dftcri}i'ilts Circular [i '_"? 0a request
A. A. Housman & Co.
20 Broad Street New York
>
it
Your Country
Needs Your Help
\/OU are doubtless plan?
ning now to ,do your
p.irt in subscribing to the
coming W.ir Loan.
To facilitate subscriptions
\-.e have prepared a ternpor
vrx.ition blank which
we will mail on request for
,. V.
/J+fBickmore&[q
IITB ROADWAY. NY.
April Investments
Wr s bou Id be
pleated to ?end
you upon request
our April (iicti
lar of public util?
ity, railroad and
municipal bonds.
E? H. Rollins & Son*
43 Exchange Place, New York
Baalaa Naa i m,!?? i??.. ftlfw
Our V, ? I '
"Where the World
Must Cet Its Sugar"
?near
I
,
Tool?, Henry & Co.
Equitable Bldg., New York
Murk \ N..I.I. I lir,?|.?. | |?rM1B
NOBLE & CORWIN
iHroaut H, Ham Watts
American Surety
Central Tru?t
Chat* Nat'l. Banlt
_ Irlrplmor 1111 Ilr-utd
Finance - Economies
WAIT. STREET OFFICK: TaleplMwti
Mills PuildinB, 16 Broad St BaattTtr SM4
rkursday, April .'??'. 191?.
Tho ?tool industry s? cm. t
thoroughly mobilized for ?
meeting tho government'
efficiently ai d expeditiously.
is almost
pply all the war steel that
? ded at prices far below
prevailing in tho <>pon niarkot.
announcement that, i:i compli
the ?government's ro(*uc.-t.
?ng manufacturers of plate?*, st
ural shapes an?) bars will fui
at $2.90 por linn
pounds for plates and $2.50
hundrod for tho others show -
far they aro prepared to go in
??iroction. Tho current opon ni;i
for .-tool platos is $6 a hun
? ounds, so that the price mad?
thorn for tho government is less
half of what tho private const
pays. Tho difference between
market prioo and that paid to
government on other prod
named is largo, but not so proa
i:i tho case of plates.
Wall Street is chiefly roncei
with the question of how this CO
prices will affect the earnings of
steel companies, and ihat, in t
depends upon the proportion of t
output which will ho taken by
government. Definite figun
point are not available, hut reli
estimates indicate that direct t
tary requirement?* will be undei
pi r cent of capacity an?l total
quirements under 20 per cent,
this connection a statement by .1
A. Topping*, president of the Re*.
lie Iron and Steel Company, in
May "World's, Work.'' to he iss
Saturday, is of unusual interest.
Topping says, in part :
A* the present time the In
? ?mated, is pro du.
>,- the rat?- of 42,.,000 tons of
cots per annum, or inore than ?
half tho production of I
world. This output of crude s
mea:.
of 10,000,000 tons, approximately ?
portioned as follow., baaed on I
records available: Rail-,
tons; structural .hap. .
?heared and universal plir
tons; i-hceu?- and black plates
tinning, 4,000,000 tons; wire pr
ucts, 3.000,000 ton?; merchant bi
4,500.000 tons; tubular products,
? i tons; miscellaneous ro!
products, 1,500,000 tons; se
?tee] used in forging,
eluding experts of semi-finis,
products, 6,000,000 tons.
As a mere suggestion of the p
requirement! of tut* army s
navy, assuming that shipyard
quirements, both for our merci*,
marine and navy uses, arc classil;
? iei, it is not probal
there would be consumed more th
one-fourth of the total output
structural shapes and pla*
would represent only about ."? pcrcr
of our total production. If we i
sume that the United State? wh
fully equipped will consume oi
t h 11 ?1 of
of munition steel now used by '?
Allies, this munition demand in it^i
would not in all probability represe
more than 2 '? per cent of our toi
production, so that the eombin
uses of the army and navy app_
cutty could hardly exceed TVs to
per cent of the total capacity of t'
country.
Then? would, however, be adt
tional requirements to be met of
collateral character, such as mot
trucks, steel cars, barbed wire, et
which might incre.se the total ?1
Iflandl from IG to ><> per cent. S
to eight million-odd tons of iteel
a large order, but when you tran
in'.?' it into percentage of total pr
duction and spread the burden i.v
all, it can he taken care of wit ho
serious difficulty if proper coop?r?t!?
is maintained between all interest
viz., labor, transportation aiul go'
eminent.
Government protection through tt
navy and our merchant marine . i
doubtlesi be ret'uired to insure a fu
?upply of ferro-manganeac ore. Thi
material ,, essential for steel mal
mg. Although the comparath
amount used per ton is very su.al
agr?gat? i t the count
qulrement is large, aid all of i
eomei from Europe, A-ia and Sout!
America, and it should be the dut,
of our nary to see that this suppl;
is kept constantly flowing to u-.
The steel industry is perfectly ra
pabla of meeting ? very demain!
the government can make upon it
provided maximum production i
maintained. l'or this accomplish
ment it will require the loya
liera! ?m of labor, for we -hall nee?
full working hours and freedon
from labor disturbance, and also th<
fullest utilization in genera! industrj
of all male and female labor avail
able.
Assuming that the .teel trade
a to maintain opera?
at capacity, a maximum of one
fifth of its output will go to supply
the government's needs. These
figures do not indicate that private
consumers will bi starve?), M ),nd
beaa feared, though they may ho
greatly embarrassed, especially in
the near future, because private
business is being shunted aside m
oidor to make way for tho govern
needs, which naturally take
t precedence. Moreover, the figure, do
not <>n their face indicate thai the
profits of steel companies will It* bo
seriously curtailed ??? some had ex
I. Probably there i- a good
profit even at the prices named, but
ning that the government were
supplied at co '. extraordinary
profits on the remaining 80 per cent
of the- tonnage would
steel trade of continued prosperity
in 1917, though possibly on a smaller
scale than had been generally an?
ticipated. It. i? not improbable that
the steel producers will t'md in higher
prices to private consumer a sub?
stantial offset to lower prices on war
steel.
There is, of course, the po sibil i ty I
that the government will take over
the purchasing of supplies for the ;
Allies, and in steel products that
would represent a larger percentage
of the tonnage pn duced than this
g vemment will need, perhaps ?.'?">
ptr cent. It is doubtful, however, it',
steel could be obtained tor the Allies
on the same terms which have Ix-eii
i lade for this government, unless
aibitrary method?? were adopted. In
view of the spirit of cooperation
shown by the Btcel trade there does
not seem to be much dispositi?
do that. Even should maximum
prices he fixed, however, it is un?
likely that existing contracts, which
run for a considerable period, ?
be affected.
Money and Credit
U ?th th? funds inci
?. . ment by th
, subscription? to the $21
ury bill issue practically at an end, the
' supply of call money yesterday was
more liberal ami rates consequently
were easier. .Most of the ?lay's loans
; at the Stock Exchange were pin?
, a I'1, nor cent ' mpared with Z\?
per cent the day before, despite the
fact that increased speculative ?' '
in the stock market brought a larger
demand. ,
The situation in the time money mar
remains unchanged, with rates
holding firm. The tendency in this .)<?
partr:.' mil gradually hitrher,
quotations. Rates for loans baaed un a
| mixture of railroad and industrial se
curities as collateral were 1 per cent.
for sixty-day maturities and -l'a per
cent for all other maturities.
Ruling rates on m? ? rdav,
compared with a vear a-*o. were as fol?
lows:
Vi -tcrday. Vear airo.
Call money- 2l4?o 21 z'/?
Time money mixed collateral):
60 days. 4 */, 3 "?
.Uyi.*V/t% V4TiV f"B
A month?.. . 4I4?0 ?Va@.\\ 20o
o to 6 mos.. 4'4% "3i 2??
Commercial Taper. Loral ban'-.- are
Ition to discount
bills, although rat? i ? I m. The
average rat.' for the best paper
per cent, and a sha?!e higher in som?
Official rates of discount of each of ?
the twelve Federal districts are as fol
r-Day--, i
Over Over ? h ei
15or I6up 30up BOur
! ? - to SO to 80 to 90 :
?Boston . 31 2 4 4 4
New York. 3 4 4 4
? tphia . 3'..
and . 3U
Richmond . 4
' Atlanta . 4
( Chica**o . 3'/-.
St Louis. 3
Minneapolis . 4
Kansas City.4
Dallas . 3U
; San Francisco. 31 2
4
?'/a
4
4
4
4
4
4
4'/.'
4
4?/a
4
4'/2
4'/2 *V/t 4i-2
4 4 4'"
4 *A/t 41-2
Bank Clearings. The day's rlcuriri--s
. at New York and other cities:
Exchanges. Hnlanrc*?.
N'?w York.$1,070.394.416 $49212.386
Halt ?more . 7.524,053
n . 48.781.269
Chicago . 88.307.837
Philadelphia . . 62.490.868
St Louis. 23.121.C96
1,381.534
18213231
4.592203
8,188.936
5,424.389
Sub-Treasury. New York hank
j 1490,170,
Silver, Bars in London,
N? m York, 73\j cents; Mexican d
? 11 tv
Hank of t.ngland. I :.
nk of England
the following changes:
Total reserve.Inc. 166.000
Circulation .[nc 115.000
.Inc. 182.924
' securities.Die.9,607.000
.Dec 7,289.000
Public dep isil .Dec.2,318,000
Notes reserve. Inc. 22,000
.Inc. 102.000
The proportion of the bank's r?
. : his w, ck i
ia t week it was 19.7 i pi
The detailed statem?
follows with tin' same ?
1117.
?'"''?"'i .?55248,360 ?58,924.183
Notes res. . .
lies, to liab.
( ireulation .
Public <l?p..
dep.117279.000
Gov. sec. 37,472,203
Other sec .114,438,194
135.469.502
33.338.725
20V,
38,423.535
54.429.i94
43272,000
43200.000
29 V,
34,101,000
61,721.000
85,472,000
33,187.000
88,396.000
Hank of France. The weekly
of the Hank of Prance shows the
following ehaages, in fi
n hand.l?r. 9.707.000
Silver in han.l.D,.c. 1.318.000
Notes m ?ireulation.Inc 8,135,000
Treasury deposit?.Die 24.892.000
General deposits.Inc.66.338,000
Bills discount!?,.Inc. 5224,000
Advaaeei .Dec. 11,892.000
(lold ( urrenla. (?old coin to the
amount of $r?0.0O0 was withdrawn from
the sub-treasury yesterday for ship?
ment to the West Indies.
Dollar in Foreign exchange
Reports that the Unitci States (rov
ernment, in its next Treasury bill of
. , v. hu ii inn - \. it Inri the I
iviv week or so, tanl ial
?
little change cir?
cles >?? recent riee in the
exchance value <?i the Italian lire from
to the ?? fore
hado? e.l such a i t. Italy ha
?
facilities for
have been
rxtrem? the u?r began
Italy ha borrowed bul 126,000,.I
ffh direct loan operationi. Pur ;
ther a- i tunee she has obtained from
Britain and France The i
mg ?i1* credits l>> the t '1.11??,I States is
an embarra
? .chH'i.;?* situ?t ii
1 . speaking, foreign exchange!
?.. with an
erling |
end rubles were practically unchanged.'
compared
with a are given in th?> table
below. tmeriean bankers have SUS
! all deal ng i in German and
Austrian exchange, so that daily quo
tations for either marks or kronen arc i
no longer available.
Week I
Yesterday. ag ?
I'iunlerl rfnllir? In ihr pound.)
?.:, demand.$4.75.''? $4.75 ?4
Sterling, sixty '? 72 4.72
. 4.76 ?'. 4.76 ft
Sterling, ninety days .. 4.70 4.70
(Qwled unit- (<? the dnllar.)
end. 5.71' ? 5.711 H
. 5.70' r 5.701 p
Lire, checks. 6.911.. 7.00
Lire, cabli ??. 6.901 4 6.99
. 5.13 5.09' 2
. 5.12 5.0S' z
(?Jiit.i.i! r.nl-. to the unit.)
?iuilder-, check . -11 4034
Guilde? 41 '-O'?
Ruble . cables. 23.28 28.75
olm, kr.. ch'ks.. . 30.00 ..0.00
Copcnhag-rn, kr.. ch'ks. 28.40 28.50
. 21.70 21.40
hang*
value of foreign moil.. in d
ther a Ith the intrinsic ---old
parity, as calculated '??>? the I I
Mint:
i ?r.
exchai ! i
value. value.
rung.$4.75 $4.8658
I rai c . 0.17.5 0.19.3
! Guilders . 0.41 0.40.2
. 0.28 28 0.51.2
. 0.14.5 0.19.3
irk ).... 0.28 40 0.26.8
.0.30 00 0.26 8
re -i t'n * coal of
Ameri- !
illar. You buy an Engl ih pound
For $4 , the intrinsic par- '
- ?? ', per pound. Thu , you
?her that pounds are a? a dis
.?r tl a! do!lai are at ? pre
iniuni. w h ich . o * ing to the fa?
d tl,, d ?mand for dollars
with whii i accounts in this
an the den
lountry lor pound? with vvhich to
settle account
Reflexes of War
Much criticism is heard in Kngland !
at the grant by the British government
of a license t.. 11. nry Ford to establish
a large factory in Cork, Ireland, for?
Ac
Mr. Ford in- ,
tends te pi at the
rate of something ov< - year,
and it is s'il!..I that he will be able to.
begin, to distribute the products of the |
factory -.-.: ''The London ',
Times" that il o? seem that
''ho will sud
turns ? : cultural motor.
\\ ?? do eat Id?
ble ti start
?I? livering I Cork fac?
tory as early as he seems t.. .
If his srh? in the li!ieJ
suggested it is clear that bis output
: II the
requirements of the Ih;;,!, Isle. It is
200,000 farmer?.
probably means not more than1
- ntial market for 26,000 tra
to lnst out i
ar, an oui ? per an
num co,.!ii - bed without ex-j
For l mon- '
opoly and the complete absence of any i
titive Bril ? ih industry."
'! i,?- Dani h government ha requi
of corn at maximum j
All unthraahed corn must bo j
The gov*.
i ha a! o appropriated all un
malted bar?? y belonging to the brew
erie . These measures have resulted
in an immediate rise in prices. Scarc?
ity of coal has cauaed a great rise in
prices. Many provincial gas works are
? menting with a view to the pro
duction of gaa from wood. In ('open
hag? >n it i: almost impossible for the
public to procure coal.
. a resull of negotiations between
of the candinavian
powers considerable quantities of but?
ter are to be imported into Sweden.
The weekly quantity will be about 141
May Raise a
Billion Dollars
On Certificates
Secretary McAdoo Plans to
Lessen Strain of Govern?
ment Financing
\\ ,t hiagtOH, April 26. Secretary of
th?? Treasury MeAdoo may ofTer soon
another bloek of Treasury eertifleates
the country through
the Federal Reservo bunks. The sec?
ond ofTrring probably will l?-> the same
lise us the first, 1260,000,000, and may
fered within ten day i. Should the
government decide to finance th? *
lies to the < itenl ol *:>MJ,ooo,ono *?
i, approximately
(?1,000,000,000 would bo needed to meet,
requirements prior to .lune 30, the date
upon which the first proceeds <?f the
bond issue probably will be available.
Rai ting 11,000,000,000 before the tirst
? Is of the tirst bond issue are
available could only he accomplished
by the is .i" of taulier lots of ecrtifi
Should the Kov
eriimen' decide to raise this sum, it
could best be done by ofTcrin-* three
more hlo-ks of certificates. ?$250,000,000
? ii offering, about three weeks
apart, according to official <?f the i
. : y Department.
McAdoo Pavora ( erttSeatea
Secretary MeAdoo ia favorably in?
clined to the liberal use of certificates
of indebt? In? is as H means for casing
?r.iin upon the country's finances
in connec ion with the bond issue. Un?
der the terms of the war finance law
not limitcl to a total issue of
i 000,000, but is limited to si oui
. ng indebtedness of $2,000,000,000
represented by this form of security.
I- would be possible, therefore, for
him to issue far nuire than $2,000,000,
' icr, retiring the or' I
with bonds in Mich a manner as to
bring the 'otal due on certificate! n'
any one time within the "-'..,000,000
1 i m ! '..
Withdrawing money from the mar
it the rute of $250,000,000 every
?wo or three weeks by the issue of
blocks of certificates, officials believe,
would 1"' preferable to a sudden call
fur proceeds of ? $2,000,000,000 bond
Thus, should .??l.OOO/'OO.nOO in
be issued prior to June 30,
half of a $2,000,000,000 bond issue
would virtually have been withdrawn
from the money markets prior to its
a? the certificates carry the eon
n privilege and doubtless would
? vil :'"r bol
Little Disturbance Expected
In this manner, it is thought, the
..'' tin' country will be in a strong
On to meet the strain of war
fnancing and m n'mum ?Iisturbanee of
.1 conditions would result.
Secretary MeAdoo is desirous of
completing his financial programme a'
the earliest possible moment, so that
the country need not be kept waiting
for an announcement of the details
longer than absolutely necessary. To
this end instructions have ben issued
iary ?" ? i ?
the compilation of 'lata which must be
in band before a tentative programme
can be placed before President Wilson.
Numerous conferences with foreign
governmenl representatives appear in
??t. it is believed 'hat a pro
me will be in shape for President
insideration no; later than
May 1. Mr. McAdoo ?s known to be de
of having the proco, ?is of the
'?r a portion of them
in hand nol la'er than June 30. and if
?he customary sixty ?lay? are to be de
vii'i'l to receiving subscriptions and
collecting the proceeds, announcement
us to the issue would have to be forth?
coming not Inter than May l in order
'.? have the funds in hand at the close
of the fiscal vear. when the first $250,
vio.i. ?,f Treasury certificates will
??i he taken up.
Bill to Pave Way
For Mobilization
Of Gold Supply
Albany, M. V., April 'J??. With a view
to assisting the Federal authorities in
mobilizing the gold in this state for
war purposes, a bill was introduced in
the Legislature to-day to permit bank
and trust companies to deposit percent?
ages of their reserve with the Federal
Reserve Hank of this district.
The measure, which was introduced
by Senator Marshall, chairman of the
* ommittee on Hanks of the upper
house, was ndvunced to the order of
tinal passage. It would carry out rec?
ommendations of the State Hank'-' As
SOCiation and th.' trust company section
Of tiie American Hankers' Association.
The bill would permit banks to deposit
with th?- Federal Reserve Hank all of
their legal reserva m excess of 4 per
Significant Relations
Money and Prices;
a teat me
Shirk of money gold in the ?ountr... $3,088,90-1.808 $2,316,948,420
?s.Arr-it period
,_.-,?_ of all national banks. $8.H2.000.000 $7,490.^0.000
Total re-?r.<* ?i. e., rash in national
hank vault- and M deposit with IM-4fJ?lMM i ./v. ___ nr_n
lederal IU-erve banks). 1.564.194.000 1.205,646,000
Rallo of this letal r.-erve ttpw
dep.isit liabilities of nahonal bank- 1?.? ? ?*-*?*- ?>
Discounts of Federal Keserve banks.. $102^662.000 $66.304.000
i'he.r MaMlity for note., net. 16.459.000 9,617,000
Their g"l? reaerve against deposits
an,l circulation.
\.era__e uru'i' of 15 railroad stocks.. ^^^^^^
iltrait Pnce of 12 industrial stocks. 95.66 95.40 90.87
71.0", 71.1%
... The ?1a - t??fore. As rar aso.
112.92 112.44 114.90
Last week. Tka week before. A>earag.
270.033 258.971 166.108
ftaeai ??>-( of lining (Annalist index
number) . ^^^^^^^^^^^^^^^^^^^^^^
Production: kjaeram
I ntilled 1. S. Stetl orders, tons. 11,711,644 11.576.697 9.331,001
A ?...
Pig iron (daily average), tona. 104,862 94.180 107,667
Man-h. Februarv. A >far ??/.>.
Active cotton spindles. 33.233.072 33,117.090 32,028.670
Tli? ' ? _'re%lou? \?ar s erop
Wheat nop. bushels. 639.886.000 1.012.000.000
(urn crop, bushel?. 2,593.2*1.000 3.055.000,000
? ?.tton crop, bales (ik. (inters). 11,356.944 11,068,173
Distribution: . .,,
A y?ar ag-o
Net shortage of freight cars. 1 .3.059 130,082
Net surplus of freight cars. 4.638
?to or dfi-rriM from lut jtat
Herni - il of Jan 1 to
et April iary Feb. tl
(14 l*i tliSroadai. illlrf*!-1
Grose railroad earnings. ? 14_29. *?***%% 8.2%
, In t.*-A ,r Ar r.iM from l??t year-^
tjiiit ?re1? The week before, fear t* Sate
Bank clearings. .32?. ?32.5?. 20.3?.
Mar? I. I*, t rnarr. A i ?arase.
Commercial failures. 1,232 1.165 1.690
rent of the i '"''1 dope ts and trust
compai es in exc?
It vas ?tated thai I ? nt o'
the bill would result in the accumula
i. m the '.?ult? of the Ked< ral Re
rr. of many mill?
ion-? of dollar?. .In ' how much the
sponsors would nol attempt to esti?
mate, a ; the proi !"'' missive
; nil not mandatory.
War Bonds To Be
Sold in $100 Units
forthcoming government
war bonds will le issued In s ?
denomination as $100 I regard
eertain, John Muir, an investirent
banker, said yesterday thai he had
been '? by the Secretary of
th? i res ury, Whether any of the
loan will be offered to 'he public in
denon 'nailer than |1
. but well informed bank?
ers here say that, in order to obtain
the wide ' i"' b ? distribution of 'he
bonds, the government will probably
I ap i ' red
mail unite, an enormous amount of
onda, it v said, eould be sold
through department -tores and ether
agencies which come n close cort.ict
with a large number of person- who
have only small sums to II
Relevant Facts
Central Railroad of New Jersey.?
Operating re? 'nues of this ro
1910 totalled $34,372,348., according to
the annual rerort issued yesterday, an
inrroa-e over 1916 of $3,808,443. Net
operating revenues were $12,216,701, an
increase of $1,601,078. Of total operat?
ing revenues of the company $14,976,?
','!'! was accounted for by merchandise
ihipm? 11,500 by anthracite coal
shipments and $8,113,013 ?by passenger
traffic. The surplus from the V;'1**'
operations after dividends was $2,605,
r, -. .,". ?ni n 90,332 over 1916.
William <;. Hosier, president and
general manager, says that included in
the total operating expense account of
were expenditui
360 for ? mploy? ' eompen lation laws
in New Jersey and I'ennsy'van
631 for the Federal valuation ol
r? ads and 1121,972 for full crew lawa.
The average revenue tonnage per
train miles last year was ?60.1 tons, a
' li',.'.' ton 1, and the average
carrie.1 was 70.14
miles, a decrease of 0.83 mile.
Baltimore & Ohio Railroad.? ! he
road's statement of operations in
March shows g?-0ss operatic? revenues
1,892,766, an Increase of $423,055
I compared with the corresponding
period of 1916. Net revenue totalled
$1,468,807, a decrease of $718,737, ccm
i ared ? .th >? ?.ear ago. Th ? de
vas due to an increase of $1,381,020
in transportation expenses. For the
ihre?- months of the vear ended
with March 111 the company report?'?!
I 10,774 in operating rever,.'
; increa 19, compared with
i a year ago. Net revenue of $6,939,115
, represented a decrease of $234
I The company issued this statement ex?
plaining the unfavorable s
made in March: "The large increase
in transportation expenses due
: ly to the adjustment of the wag? of
? the trainmen to meet the eight-hour
; day and the back pay due them under
this law from January 1."
Allia. Chalmers Manufacturing Com
, pany. Quarterly repot: shows total
| sales of $5,183,716, compared with $4,
374^40 in the corresponding three
1 months of 1916. Net profits were
,672 agairtst $740,337 a year ago.
i l'nfilled orders on hand nt the end of
the quarter amounted to $16,000,847,
'. exceeding 19I? orders by |
Metropolitan Steamship Co. The
Court of Errors and Appeals at Tren?
i ton yesterday made an order allowing
! Kdward M. Collie, receiver for the
company, to enforce the receivership
decree made in the Court of Chancery,
notwithstanding that an appeal has
been taken to the higher court. The
receiver is authorized to prosecute
pending suits.
Consolidated (.as Company. Deelar?
ation by the Consolidated (?as direct
terday of the regular quarterly
dividend <>f 1'? per cent set at
reports that the disbursement might
he reduced. Th?1 stock made prac?
tically no response to the dividend an?
nouncement, however, closing a frac?
tion up, at 11814, on dealings of 1,000
shares. This is the lowest level for
the stock since 1914, when it was
quoted around 112 as a 6 per cent divi?
dend payer.
International Mercantile Marine.-?
Both the preferred and common shares
became strong in the late trading on
the Stock Exchange yesterday. The for?
mer advanced to 81-fe, closing at
up 1 "h : the common was less active, but
showed a net gain for the day of ?*??. A
meeting of the executive committc?' was
held after the close of the stock market,
but no announcement was made con?
cerning tiie matters discussed. The
presence of Harold A. Sanderson, one
of the British members of the board at
the meeting, le?i to reports that impor?
tant inform?t ion was given concerning
the prospeethc taking over of the Brit?
ish controlled vessels by the govern?
ment.
Allis-Chalmers Manufacturing Corn
pan). The report for the three months
ended March 31 chows total sales
amounting to $5,188,716, a gain of $808,
87*5 over the corresponding period of
1911". Net pror.ts totalled $900,(*7'., an
increase of $128488. Unfilled orders
, at the close of the quarter amounted to
$lt'.,000,h'7. exceeding those a year ago
by $3,968,661.
Missouri. Kansas & Texan. Advices
from St, Louis yesterday stated that
Federal Judge Hook, upon the petition
of Receiver Schaff, had authorized the
payment of the interest on the first
mortgage bonds of the Missouri, Kan?
sas & Oklahoma Railroad and the Boon
ville Bridge Company, which matured
November 1. The court also authorized
payment of the interest on the first
mortgage bonds of the parent company,
which maturi'd December 1.
Fruit Growers in Spain
Unable to Ship Products
Many fruit growers ir. Spain are suf?
fering heavy losses through the impos?
sibility of getting their erops to foreign
markets, owing to the. lack of space on
outgoing ships, according to a report
from Consul ("eneral Hurst, at !
lona. The few vessels available prefer
to carry other cargo and fresh fruit
has been left on the quay* to spoil,
(ultivators are losing so much money
in this way that they are not even gath?
ering certain classes of fruit, and whole
districts that are largely dependent on
the sale of oranges are being seriously
affected.
Accordingly, a royal order was issued
and published on March 17 requir?
ing every vessel leaving from Levantine
ports of Spain to carry fresh fruit to
[ the amount of at least one-tenth of its
cargo, on condition that the fruit is
delivered alongside before the depart?
ure of the vessel and that the fruit is
destined for ? port at which the ship
calls.
News Digest
I oreign
Fair Kii-inc?.? in War Loan. I.on
'If.n. April 26. Badg lintiee
ied to rh?"*k gilt-edgl d
and rubber shares oi
change to-day, but a fair baaineas **??
? ? war loan, with the
?Ii*.ii!'*nd ?!? -.onial and Scan?
dinavian hon?is and Mexican rail? were
good, Argentine rail-? recover?-.! i?
itockl were steady. Otherw
wai -lack, with the tone cheerful.
American securities were afTec?-?! bi
the ri??* in Wall Street, which neeensi
tated higher Treasury bids for tl
. but low-prieed isues only re?
sponded to the rise fractionally.
usury bill payments increased the
demand for money. D.scount rate-? wer?
dull pending the publication of the
rates at which intermediate Treasury
bills will be issued.
The Stock Exchange will be ?
next 1 lav Day).
Money was quoted at 4*i per
I)i-count rat?>s: Short bills, 4*4 per
cent; three-month hill?. 4 13-1?. per
cent, (?old premiums
Paris Hourse. Paris, Apr I
Trad ii the Bourse to
day. Three per ? I, 61 francs
? I.on
?lon. 27 franc* ik centimea; 6 per cent
loan, m franc-- 65 centimes.
New York
New Stock Kxrhange Members.
(???or?:?' M. I.. La Branche, Daniel W
Gurnett, John R. Ogden and Ambrose
D. Henry have been elected membcr
of the Stock Exchange
Other Cities
Public Stores Coal. \Vashin_?on.
; April L'C). Representatives of public
j utility plants appearing here to-day
before the Federal Trade Comm
j (harped present high prices of bitumi
I nous coal to the ?hortage of cars and
diverting of coal carrying cars to other
-?it.
i..'pr?*<er-*at.ive-; ?if six railroads, the
il Of New Jersey, Norfolk &
Western, Western Maryland, Southern,
Reading and Wheeling & Lake Krie. re
; peated in a lare, the reasons
advanced by representatives of other
I railroads for the present high price?.
The rusli on the part of the public to
coa! was described by ?
"hysteria." Shortage of labor at tho
'mines was another reason advanced
j for the increase in price, which the
j ?ailroads agreed i? about double the
! old contra. I
They emphasise?! the fact that the
coal operators are not anxious to re?
new contracts and prefer to aw.
velopm<>nts. Several of them said they
were compelled to confiscate coal, for
which they settled cither at the market
prie? or under the old contract if the
\ coal came from operators with whom
had contracts that had not been
i completely t'Tled.
| Increased freight rates was the rem
lggested by the railroads for the
! present conditions confronting them
? through double coal bills. Represent
| atives of the industrial plants and
general consumers will appear before
? imlision to-morrow.
New Haven Bill Formally Reported.?
Hartford, Conn.. April 26.- A bill to
1 amend the charter of the New York,
Haven ?.. Hartford Railroad Com
; pany by which it ?vould be authorized
sue prefem an amount
not exceeding 500,000 shares a*, a pur
of $100 a share wai re*
, favorably to the Senate by the I
lativc Committee on Railroads. A* a
hearing yesterday on the proposed
amendment President Arthur T. Had
ley of Vale, a director of the company.
said the authority to issue preferred
to meet indebtedness was ?mpera
Corporation Returns
Raltiraore & Ohio
1917. 1916.
March Bros*.$9.692.766 $9.269.711
Net . 1.468.807 2.187.544
Wabaah
'.'17. 191?.
March grofs .$3.378.144 $3,085.110
Net . 1,045,701 1.026.163
Huffalo. Rochester & Pittsburgh
1917. 1916
March rrro - $1.143.108 $999.126
Net altor taxe*. 183.717 244.518
National Fuel (?as. Report f"i* thl
ended IVveml.er 31, 19IS, compares as fol?
io..-:
1916. 191$.
Gros, earnings $7,278.691 $6.416.732
Expenses, taxes and has
.un-hits..! . 3.350.461 3,153.591
Net earniiiK. . 3,928.230 3.263,141
Mineral Output of Russia
According to the "Torgovo Promy
shlennaya Gazeta" I Petrograd), the
output of salt in the Urals during the
first eight months of 191?. amounted to
179,604 short tons, which represents a
' decline of 42,060 tons from the output
; of the corresponding period of 1916.
The output of coa! in the Urals dur?
ing the first eight months of tilt
amounted to 930,315 tons, an inei
of 147,694 tons over the output for the
corresponding period of 1916,
During the first seven months of
1018 the production of pig iron amount?
ed to 2,252,600 tons, as compared vvith
2,212300 tons for the corresponding
period of l?il?. For the same periods
i the production of semi-manufactured
????^:-MK-^*-?^-x-**?M^4>H^
Benjamin Irankjm says :
"Weight* atuithti tik ew ,
liberate an'urr,."
Expert Ad-vke
\J?t of the nature, of t.
? ?V'titanrtl
depositor* 15 the opportunity,-,"
suit freely with officers repf-J^
financial and investment probiW
Such problems have a personal!
teresi for us and we urge our de.
positon to avail themielvej fi^
of fhe ?r: r hepfulS.
cussion.
?Prospective depositors ?vfl ^
lisll}* received at any of o?
omces.
We help the small sccoun- ,,
grow and invite accounts of j-cc>
and over.
Franklin
TRUST CO.
?toMt-aW M
46 Will Street, Niw York
166 Montague Street, Brook)--?
569 Fakoa Street, Brooklyn
?r*?-*-,-H---****-trl1-r-* j $??0?qMh
ROBINSON & CO.
L. S. Government Bon-d*
Investment Securities
26 Exchange Place New York
1 mrt ftacft A.?-?*??*
Liggett, Drexel & Co.
BickSatta t Ct,
?I'mlier, of New
*i iirU Stock I.Mliani?
We Specialize in
Firs* Mortgage
Public Utility Bonds
61 Broadway, New York
it? >-11 is Birr alo
~ I
STANDARD
WE W|LL BUY Q WE WILL SELL
50 Nf? Yc-k Tr, 2J Pr-Jr*? 0 I (.
50 South P-xin Oil | ? tmtt*tet P. L
2j S. 0. of K?/. a 21 SO. It la*
50 S. 0. ofN.Y La ??ShSlS?lfcl
CARL H.PFORZ HEIME R&CO,
?I'tio??? ? I Brotd. .1 Brota *.. !?. t
Williams & Coleman
Specialists In
Public Utility Securitie*
60 Wall St. New York
Continental Paper Bag
St. Croix Paper
New York Dock
FREDERIC H. HATCH & Cl
I'hnn?. Bf?d *'l 10, "0 Broad "?t. *? T*1
PltfStS mmtjmttm l? ****** MJT.lt Talli '
STOCK MARKETS
IN WAR TIMES
.\ S-wn-Ial l^tlrr ttrmribea U? oat?
tatatimta dtirin?- nur llvil and ******
Wnra anil ll<?-ir analog.? to ******* '**'
?In 11,11?. ???i?? "I It." mnll-xl i***
J. FRANK HOWELL
M,?niii.r 1 onuollilated Mod. ?fcfvJJi
-,.' HKO\llU.\l, *"'''?V ?"*"
iron and steol was 2.67.-.K00 tons si<
2.620,200 to' ' 1 ?'!>'. *ni m
production of finished iron *"?& ???
was 2.104.100 tons and 2,092,100 It**
respect;
SANTA CECILIA SUGAR COMPANY
PLAN OF READJUSTMENT
To the Holders of First Mortgage 6 Gold Bondi,
Preferred Capital St.ock, Common Capital Stock,
or Vot.ng Trust Certificates therefor:
The under.-igned Readjustment Committee, at the reijue-t?
the holders of a substantial amount of the First Mortgage ?'c Wl?
Bond.-, Pn? fer red Capital Stock and Common Capital Stock of w
SANTA CECILIA SUGAR COMPANY, have prepared a Plan for
the readjustment of the securities and affair.- <?(' said tompanj,
which plan has been approved by the directors of -aid Com par, y.
In the judgment of the Rea.ljustment Committee the PI?
equitably readjusts the respective rights and interestii? ta ?
the Kcaritiei of th<* Company and its prompt effectuation '??
petted to inure to the materia! ?avantage of each clasi of*>ccur l
Holden of Hon.is, Preferred Stock and Common St0C?V0j/?J
Santa Cecilia Sugar Company are urged to deposit their,2?"/?..
certificate! of stock (or Voting Trust Certificate* ?"^rr
Immediately with the COLUMBIA TRIST <"(-M-*A* V'EJJ
positary of the Readjustment Committee, at its office, NO. ?*-<? D\rtZ
way. New York City. The Depositary will is.-ue Certificates 01 sj***
posit in reepect to the securities deposited. .
Bonds must he deposited in negotiable form with *"*%_,;
1?H7, and subsequent coupons attached, and c?,rV.hcatM,ELf0r)
fern .1 or Common Stock lor Voting Trust Certificates tn<???
must be duly endorsed for transfer with necessary stamps*??*
The plan provides that no securities may be deposited s
May IS, 1917, unless otherwise permittc.i iiy the Readjustment v-v*
mittee. Mers*-'
The Readjustment Committee is under no obligation to? nom ^
securities who fail to deposit their securities u"der.?*iani.D0S1tsry
Agreement, copies of which may be obtained from we *}-r'
or from the Secretary of the Committee.
Dated. New York. April 18th. lilT.
H. I ? KKKKO. -VMj >*?-???*\l HVHf.X.