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Wealth Markets and Commerce
War Income Tax \v<* lia-.? pwparad a chart show Of hool *?""" proposed IncOtTM TaB Bill reporte i VVayi .-?nd Meant O -.-. .-.ittf-e of tlie House i I Cotlgl sJFtCtl ?ncoines .anging from - S.4.0O0 0O0. A copy of Mr Kitchin? Report on the Y\ ?r Tax Bill and of the abo?" chart will be ?rnt upon re?que?t for C hurt Ar, II The National Gty Company National City Baal Bui'dintr New Yara investment Bonds Rhoades & Company 31 Pinr Street New York Municipal Bonds W? B?ra SI i :-r a romprr hemm? aal of caret drr selected munir.pal bonds i-*?mpt by l?w fiom the I ruerai |- m- Tax uri r?tomm?n-) for m 4 e?tr* - ' . |D Sr plras-d t*> Bfl - circulars to in4fj*--- - -.. Harris, Forbes & Co Pine Street. Cornrr William NEW YORK 'ir OB 7 Chesapeake & Ohio ?'?. M ' ? 'I ?IKl J \ " ' cutlet I . '.--.., ' ?tar K ii on rt i A. A. Housman & Co. f Ken 4 -; Bl ? li-'? ;. (I i 20 Bro ,d Street, New York lill 4M III ? ? I , I ..I Bl -". 44?.I ,| M United States Bonds of all issues, including the Liberty Loan of 1917 Harvey Fisk & Sons 62 Cedar St. New York Safety Car Heating Freeport Texas Co. Royal Baking Powder FREDERIC H. HATCH & CO. STANDARD \S | VA II I HI V jTN IVE 44 II I 4||j BJ BBBBsBS f I I Costin,nial oil 7?. bllMI M|?l I?"' |. MB Nsllc??! Triait .*. a o. .. **? ? ft.B.?SB. J, . f. 0 .? N 4 fmm I Ml L.iaa Tank C?ARLH.PFORZHEIrVlER&CO. f>-r-1j I Modem hijafCoBaopanySoviet J Metropolitan Trust Co. ft tlie (. ity ral New York - Bl I \.n lu*.!. |l I - ' _J - Finance - Economies WALL rntKCT OrTlCEi Telephea* M II Baild -, It Kro?d St Hanover 6614 ' (creating i , . 'lin?, important revela! ,,|- the . financi iho from hieb financial ? . .? a point beyond which money market Interest rat. will m I i"' peimrKted to ?j? if the ?n ?resighl of t bo mmunity can prevent. It ia that any pro? .h?- rental charges on rr?.ney will no1 ?'lily jeopardize the BUCCCSS of the government's loan operations. Inn at the same time irreparable injury to the i rrteri I houses, which al all tune- muai be provided with a auf y of funds ;it reasonable rate* . vernor of the Federal Reserve . Ne* York emphaiized lae! .ity of lirrpi"'": the ordinary day to day needs of buii applied Miih an abondai credit. What was more, ! ? erted ? v Department m ar? ranging it financing wa i - willi an ? '?'. toward reducing I ich as pon ible on the canrmerrial borrower who must have !.. keep the COUntry'a great industrial plant running. I.??r?l Cunliffe, governor of the glai d and member of the British commiaiion to this country, in hi- talk with representatives of the New York pre;.-, told how Brit? ain int to work hand in hand : v ith America in keeping money ratea i in this n,nike;. Gold ? to be, (?hipped to ua aa England can apare The fnovemenl hat already started with the |48,000,000 in gold 1 rought in from i anada last week. marking the resumption of the influx which halted the Ural week of April. United ? tatt - government ii ? a 000,000,000. Of this ? 1,000,1..<. for the Allies. They . pay the same rate of interest the United States pays, so it is to keep interest rates down on thia aide. Moreover, the fact must no1 he lost eight of that if ? Bl tain and her allies are to D other billion dollar credit likely if the war goea on . r year, the baiil for this . gold, must be expanded to ?i eel the situation. The immediate effects of the re? sumption of f/old imports have BO far not been reflected in the Wall Street money market, although the weekly . of tin' i 'tearing House banka "ii Saturday indicated pro ed improvement in the cash ?i n of the members, largely as ? gil of the fresh accessions of ? he metal. Money ratea are unlikely ne up much until the govern ment complete* its initial borrowing operation and the market has com? jj adjusted itself to the changed * . conditions. In fact, if rates ? cid at the prevailing levels without, any further advance it will ompliahment worth while. The effect of the poid imports will st fell much from day to day. Money rate-; last week were estab-j lished in a 4*4 to ? i>er cent basis' for time loans, while commercial paper discounts ruled at the latter1 figure. The hardening tendency wai ?lue to the withdrawal of many lead | lag institutions from the market, owing to the demands of the govern - < all money, on the centrar?., w.is easier than in the preceding week, ruling around li3? per cent,! and touching as low aa 2. Compared with a year ago current rates for tim?- loan-secured by Stock Exchange collateral average :: per cent above the level of din year ago. Local banks took occasion again during the v ci k to exercise the rediscount privi ii'i'i at the Federal Reserve Hank, the local reserve institution's state? ment for the week indicating an in . in di-??.unt of approximate? ly |S,000,00(.0. In bia interview last week Ix?nl Cunliffe told his hearers much eon-, ceri ing the international final al itton that 44,4- both interesting jmii important, no4 the leasl of \4hicli deal! with th' I !i?>(<- circulation m England. lb suggestion that th?' English public n '?.Mt. after the v,?ir. prefer 'he one pound and tlie ten shilling note to tin hard none] of th?" gold sovereign as ;i medium of circulation, .1 ftei II,i* experienced the convenience <>f thi paper, pointed tu the p ?--ii - tablishment of a new system of cur? rency m England. The point i when England finds hern If ni a po . tu redeem outstanding not? m ?.?old am! ?-tar'- to ?i*? so she may lind the public unwilling to go back to the ?'Id 01 der. Lord ? unliffe laid that, apparently the people lit lied 4vith their unto*- and \4-ill no1 Call overeigns. and if they do noi call for ftovereigni there will be no .o hold Bl nnn-h poid against them. In peace times tin- policj in England hal always been t" secure circulai :: notMwith gold pound for The Frew h system of I ing has never been unreservedly to . rechange notei for .."'Id. Progress i^ reported in the paign for distributing the $2,000, 000,000 Liberty Loan of 1?M7. but th? results ?-till leave much to he de? sired. Failure of the Treasury off] ciali to make public importan; de taila of the offer i np until last week unquestionably held back man) pro spective purchase! from ? n their subscription.. Now thal ?'?II matten pertaining to the maturity, method of payment, etc., have been officially announced, the rate of in? coming subscriptions should i?e greatly accelerated. Bankers con? tinue to emphasize th<- urgent ; ? . sity of placinp the bonds 4\itli the investor instead of with the hanks if the offering IN to he the success thal is hoped, 'lhere bj no doubt that Mich a distribution of the loan can be attained if proper effort'- are made in the way of popularizing the issue. The lowest denomination, $50, i:. small enough for the smallest in vestor. That portion of tlie public unaccustomed to finance should he disillusioned of the idea that then- ii any mystery ahout the big loan. They should he told in the simplest possible terms how to buy the war! loan, and why. The ire ne ral bond market experi? enced another week of dulnesi and ?'ecline. The average price of ten hiph prade investment, bonds de? clined nearly ."-. point. The average of these issues is now at the lowest level since the middle of 1915. There has been persistent liquidation by institutions and indi? viduals durinp the last week. (lilt edged investment issues Bl Well Bl the more speculative securities have been sacrificed to raise funds to buy the government's war loan. The hulk of the Belling has taken place In railroad mortpape bonds. For*? Sign povernment issues and domestic municipal and state bonds did some? what better than in the pneading Week. The United States povern? ment 4s lost more than a point, sell inp at new low levels for the week. There was much discussion last ; week repardinp the rate of inten si which the banks should charpe their customers for carry.np loans on war bonds. Some hankers hold that in order to make the loan a succ?s*, and encourage subscriptions by invo . n of small means, credit should he ex? tended at no hipher a rate than the :.'*.? per cent interest which the bondi (?ear. The prevailing opinion, however, is that the market rate should be charped customers for lonna Bgainsi war bonds. It is pointed out that if investors knew their bank loans were lieinp taken i are of hy the interest rate on the bondi there would be ft temptation to let the loans run on, and it would be difficult for the banks to enforce the terms of payment Course of the Bond Market I hi!? grcpii snows tiir lii??h and iow points for I() I 4 and i 9 I i in the .tvrr.igr pri. g of ten very High CUS* iiondv nine railroads and o?*e municipal, and th** flin tuatHMg from January. 1916a to date. Will Turn Here for Capital lo Unify Canada's Railways May Need a? Much as $100. 000,000 I rider Plan Devised by Royal Commissioners lu s. mu WEAi LU , ,.;. .. . t/flti 7 HILE lationalixation and liniflcatil 'i of all the I? am i ailwaj - m Canada, except in ( ?ia.han Pacific Kailwa; and ii? Lmenean roads, will add aboul ? ne billion dol?an to the direct di b1 ? t the Dominion, no1 more than be? i. ?-. M fifty and one hundred million of oca capital will have to be sought in the mon*) market to giva effect to the i*ecomi*rwndati?na of the um lority of the Royal Commit ion which ha been I idying tai* coon railway problem. For this money, which will he required to place lhe enveniment systeffl on an ?tlicient working bali . the tiquet?es ?ne expected to turn to New i ork. The i 'oinmi"sioner - have <|e\iso?l on ingenious method to finance the There i not ? single <l"! lar of funded imlelitedn? Bgl I I .; ?? 3,777 mile of railway in the Na lian continental and Inter colonial hue.? already owned by the government, and it i- propoeed to ? icate a general ;.n?l refunding mort gage of unlimited amount, charged fini upon the present government road*, and ?cully upon all the re 1 ' lining line of the unified ? item, . c1 to the existing mortgage . .-r.iir.tv Nilcqu.i: The government railway? havi aboul 1276,000,000, and the In? tercolonial at the present time has ? COI i.bral'lo net revenue which will created when the line is proper lv linke?) with a modern transconti? nental system, io thal adequate se curity will be provided with new cap itail. It is proposed that auch a mort gage should be '-ned as required. The Commissionen believe that an? txpress guarantee of the government would not be required, or. in any ., e, thal -i.rh a guarantee would rot be necessary in ? comparatively ?bort time. "A lystem of 20,000 miles in a rapidly developing coun? try should be able, before many yean are out," they report, "to carry unaided bonded indebtedneas which would not. we ?. t?mate, need much to ? ic?ed $2,000 per mile." The plan ?if transfer of the Grand Trunk Railroad, the Grand Trunk Pacific and the Canadian Northern Railway from private to national ownerohip contemplated leaving the bondholders practically undisturbed. The government will assume the ob? ligations, and the security, therefore, will be increased. It is proposed that trustees appointed i" take charge of the unified system should hohl the I. tercolonial and Transcontinental IX ii ways, by ad of Parliament, as ti? legal owner, of the plr. leal property, and hold the Canadian Northern, the Grand Trunk and the (?rand Trunk Pacific lines through their ownership of the capital .stock. The government i in a jtosition to j force the surrender of such stock holdings under threat of allowing tie road t<> pass into receivership. (.eneroaity to Shareholders The Commissioners recommend a policy of generosity toward the s'iareh"ldi r both of the Canadian Northern Kailway and the Grand Trunk Railway. The government al-' reidy otrni -in.min,mil) of Canadian Northern Railway stock, the remain? ing 160,000,000 being in private lands. These shareholders -ay the . ommissioners, have no claim as of right t" compensation, but are en? titled to consideration. It is sug ge.-ted that the equity of the case would be met if the Canadian North? ern shareholders were permitted tn retain a moderate portion of the 160,000,000 of -hares which they now I ? bl, the amount t?> be fixed by arbi? tration. For the Grand Trunk Rail? way -harehobiers it is proposed that ; ii annuity be granted, in amount ".a moderate but substantial percent? age of s::.!',(i(i,(iiii) (the average divi? dend payment for the last ten years)," this to be increased after the first seven .ears by something like 40 or ,">0 per cent. The financial i.spect of the pro pi .-ed merger may be summarized as follows: The present ti\e?l charges of all the roads which it is prop,.-ed t.. unify aggregate %Afi00j000. This must be increase! by $(?,000,000 to pr?vida an am uit) to Grand Trunk kailway ahareh dders, for composi? tion with Canailian Northern Kail v ay income debenture holder?, and for interest on new capital required in,mediately. Considerable new equipment ii'needed, and may be ! urchaied by means of equipment trusta. In addition, a n-oosl many million dollars will have to be pro-, v dad for improvements and better* n ? ut-. Mimo of which are urgently M<iuire<! at the present moment. On the other hand, very large ?conomie . . anticipated from the amalgama ten ..f the Canadian Northern, the w (.rand Trunk and the Grand Trunk! Pacific Im? \ '""i i? time li al i. wed f?>i the elimination of Wft ' ful duplications uch ?conomie may at least balance the additional charges for nee capital. The unified government lystcn will faca an an? nual deficit foi a, lea, t two yean of $124..000. b. order t<, reach .1 po sitlon of solvency the pro:, income must be increased 'rom something over >|HU.iiiin,i",( to mon- than s l.Mi.iiini.nilli, ami . ne fourth of Mich ?nerea te I e retained a m ; incoma. i h>- < oniini doner bel lev? that a ain t.. tin. extent 1- not improbable m the course of he nexl ?x "r 1 even J I :ir . Although "iii ? opposil ion 1 - 1 1 1 i,.m to de? clop, it 1 i-vpi cted that the recommendations <>( the majority report v ill be adopted a- the policy ' 1 the pie.i-o? government. Government Needs 10,369 Tons of Zinc ?Market Will Not Be Affected by Prices Named, Zinc Committee Says Th<- .-,. ernment1 present require-1 1 leal "f /m?- for 4?.ir pmpe I '"'iii 10,369 to according to annoonei aieal niHilr ,..-.-r.., 1.'. the 'nu- committee .1 I .. , munn ..'ii " 1 ooncil of National Defence. Hie com? until ?e, h 'i h - m ii I-11 1 .1 1 . v. Hico to zinc pi.nil;..< ; .i-l.in.- for offerings of ilm e to 1 -'?' . SSCBI needs . 1 nment, du ide - th? reqoire? ? inciit? ?1. folio-.*. : <ir.1.h A. 6,703 ? ton?; grade B, 3,440 H ton*--, ead crmle ('..JJ.') tons, making ti,- total previouslyI Civcn. The prup- raiin*i| Bro II . rout?, II iiiii ?H,ii 'i i-mi , rea**eetively, for th? i bree gradi . -.- .th pi ?.. ed on ag i deelim '?:> ;:? .ni-' I rh - pri - - appl; uni*, to ti,. .-., eifled, end in of the '.'?'. 'grade < (prime Weatera spelter) 4-l.u-li ia re quired the pri?e named, ii- committee says, CRTIno* bare BB) influeaee upon iii" market for the metal, BOf should it have any inflm-iu-.- apon the prices of orrs In the Jeplin dietiiel Bank Law Amended To Aid Liberty Loan Superintendent ol Bania.*? ? alls Attention to Chan?a*r Albany, Mai It. A letter ju?t sent; '?> State bank? nnil trust companies hv the State Supcrm'eridi-nt of BBBSU attention to the enactment <>f np amendment to the baahiag law which provide? thal iBeh institution? --hall i ol be required to tua:*.tam 11 i again I I '""I . n pre eui iog i. - iii., -al. of limul' or certificate i co on 4? ii I-, th. Libel I .. I mi i lae i designed to ?timulate ?ubscrip lion to the government -.var bonds fhe ' "ail? II I folloirs ; ? I M i millie the bank? ai 'I l ni t com pani? - of v.iw , ork state to sohoerihe to the ful le ?.t oalenl eoneistOBt erith their n earee for the Libert-, bonds aboul tO bo issued hy th-- United State* goverameal and to anj other arar is? II thal may hereafter BOCOBIS nOCC ii-, ?i has boen proposed thal the ni tional KO-, ernment i|epo?it \vi?h ?ach inatitUtien? the proceeds of the ?--a 1 e ol' BBCh bonds until such time a- ?hey may be neeileil by the national go? erameat Such deposits by the in tional goveramoat in the national bank-, ha. e bren c\empted from re -er\ e r iquiremei I "In ord? i to place the bank?, and companies of this state upon the am? plane in this r?sped with the national beaks, the Legislature of th? --tate, artiii,*; under an emergOBC) BeOS? -ai.".i- Governor Whitman, ha pass?"I an amendmeal to the banking Ia44- under Srhich there ran b" deduct ed from the aggregate demand deposit? . (ram t ?rhieh ;tate institution? are re quired to carry rese?e, 'deposits du?' in the I'nited State? of America, repre 'entini: the proceed? of the sale of bonds or certificates of the paid I'nited ki,o\4 ii as the '. ar loan of nine ..".n hundred snd etroBteea, or tiie proceeds ol am other bondi cr eertif rates of the United States hereaftei .nil for '.? or purpo?e?.' "I deem it advisable to liotiTy you immediately of this? amendment, in or? der that you and your patron? may j ?b nibo for these bonds as liberally I s your condition and their cir^um tances permit, and thereby evince your loyalty to the national government In .he pre-?-ii' emergency." Profits from War Risks Resalta ol operation of the larg?. private British marine insurance com pani' I for the first full >car of the 44ar. I'll'', aie nm? available. They un? interesting, for they afford some idea of the amount of war risk bu iaei being 44 ritten. The "London Time?" i f recent date devotes t onsiderable spare to a m rumi?n of marine insur-inco .in.I the 4?ar, in 44 hieb il ?BJ : Then are certain dietinel differ enees between the present figures sad those 44inch were is aed in peace tim?-. First, 44.-ir risk -, arhich are usually written for each voyage or for ?luite : hort periods, are disposed of much more quickly than marine risks. An Baderwriter, therefore, who accepts a large amount of 4var business should shortly after the conclusion of the first year be in a better position to form .-, shrewd i?lea of what the results of this businees should in the main be. < easequently, *..> this extent, tin- : 1 . year ?ettlomeatS an- .i real indication of the linal settlements, and by the end of the second year the complete results of 44ar risk underwriting .should be known. "On the other band, there is at pres? ent a contrary factor at work affecting marine risks in contradistinction to war risks. ihving to the absolutely unpre? cedented conditions, ships have been kept at work during the war as long as it was at all practicable for them to bt at sea. This means that repairs have been deferred much past the uhUal time, and this ivill help to ?well the third year settlements Further, the cost of repairs has, of course, enormously in? creased. These two considerations to gether aroaM aatarssly tend to make the third year settlements in respect of pun marine insurance much above the normal. It would, therefore, be quit' impossible without clo^p examination into the circumstances o'." each com pan;,' BWaJBOBI to predict if the amounts put by to su-pen^e 44 ill, or will not, be a4ailable in the present ab? normal circumstances to meet all the demands which will be made upon them. "Subject to these considerations, the figures 111 the following table are a guide to the r.ctual prouts on the un ?onrriting aeeaaats for Itli. They -how. for ?even eompaaies 44ho?e ac? counts permit o?" analysis on the same simple liaos, the net premiums, the ac? tual earnings, after allowing for all claim settlements and expenses, and the ?urns put to suspense to close the accounts, and the percentage of the profit lo the net premiums. The?e com? panies may be regarded as repres?nta? te- of the whole market. The pre? mium 44ere largely increased, and the actual prof't and the percentage must be rockoBod a- diatlBctly satisfactory. In every ra -. the actual profit is in eraaaed, While in --rime mnar.ccs th?. pereeatago is also higher. Thus the British and foreign earned an actuii! underwriting prout of $i?.<3.715, or 23.4 per cent, as against $513,855. or BLI per cent for Itli. The indemnity' profit of ttSSjSSt, or 15.4 per cent, com? pares with $52.".,40ti. or 16.9 per rent. "The Merchants' figure? of $3J*?._'?V',. or 'JO per cent, compare with ttSSJEtm, IT ;,!-o ?u per cent. The Reliance earned I144.1M, or ICJ per cent, as against tiUjimt, or 1?". per rent. Th- Sea'? profit of gttt.iH, or li per cent, com par.-? 4? tk * i" I." 1 ". 01 ITJ per cent The Uaieu rerorde.l improved fgurcs. with a prof,t of Sun!.Jin, or lo I p.-r eOOrl ri? nzmnst S?JItTO. or I I J p. r cent. And the World ?how*d also much improi ed result?, with a profit of $460, M5, or 23.9 per cent, as against a profit ..f 120442s, or 16.7 per cent, for 191 1. Surplus on 1915 Account Net Pro (Us. <',Tn|,n!-,y. premium". K\r>*n??*s. Actual. Pet. Britton: an?! I-,,-.?-.. $3,921,840 $310,585 $9-15,755 25 I Indemnit?. 5.216.695 100.485 802.660 IM Mer i ints' I.633.81C 99.425 326.265 20.0 863.765 72.430 146. '05 16.9 1.116.320 133.430 -135.405 14.0 I kin 3.559.770 230.750 851.210 15.1 Wo I 1.926.-S0 41.420 460.565 23.3 ""In tile lecond table are set out the premium? accepted last year, the claims paid, and the percentage they hore to the premium. In each case the increase in premium income is striking, although the 1915 figures had. as I rule, been far larger than those for 111?. The British and Foreign increased its premium income by 11,338.373' the premiums of the Indemnity were raised by as much ns $3,976,t4.".; the Horehaatl', which is understood to written little, if any. war risk business, increased its premium in conic by 1431,230' the Reliance an Otfiei which has been successful for mi.ny years in writing a small ami carefully chosen account-raised its ' premiums by $2S3,315; the Sea raise.l its premium by as much aa $3,167,.??'..'.. whereas its whole premium income in lill amounted to $3,116,320; the Union by $1,395,500 and the World by |1,*| 1*1,230. "These are, on the whole, large in? creases, and it is to the credit of the London insurance market that under? writers have been willing to assume such enormous liabilities as are repre lented by these figures of premium in coin? 1*. The market has thereby un? doubtedly vastly assisted the mainte? nance of commerce. It must be appar ? nt to .-my on.' \? ho ?tudies even most .supcrl'.eially the weekly ligures of Brit- ! i.?h losses that nerve is needed to write l?ge war risk accounts. Neutrals have at all times been assured of being able to plac? their risks in the Knglish mar- ? ket, which has consequently been in a position to reaffirm its. value and pre- '. ? iiunence. First.Year Settlement* in 1916 ? ?inipany l'r?uiiuni? Claim? IVt liri? mi.! lor. 1, 1, JJ,160.515 $1.388.675 26.9 lnr|<-mnitv 9.'92.840 3,:30.550 36.2 M?rchanta' . 2.265.045 534.790 23.6 IO Iii'.ii,-?' . '.147.080 296,645 25 9 B?B. 6.281.985 2.473.550 39.4 I'ninn. 6.955.270 2.740.255 39 4 W*?rld 3.227.aV,0 1.170,405 36.3 "The second striking feature ia the' table is that the percentage of aettle ment last year was in every case higher than in 1915. Thus, the British and Foreign settlement of 26.9 compares with J?.4 per cent in 1915; the In-; demnity settled 36.2 per cent, as against 33 per cent, the Merchants' settled BJ per cent, as against 22 per cent; the goliaact ttttM 25.9 per cent, as against 23J per tent; the settlement of the Bee was 39.4 per cent, as against 31.2 pet cent; the I'mon also settled 39.4 j per cent, as against 38.9, and the World , pani out 36.3 per cent of the premiums, H against 32 per cent in the previous I i year. These in the main would be heavy f.rst-vear ?ettlements for ordl-! nary accounts and would not promue Brach profit after the ?econd and third year ?..-ttlements have been made; but. j happily, as has already bein indicated,' when v.ar risks are written first-year I ?et'lements should naturally, owing tot th?' fact thn' they 'run off' quickly, he h? ?... i er. "It cannot be too strongly emphn- I . -i/e.l that in the-?- ?lav.? war rnk un Why you should subscribe to the "Liberty Loan" Because '''"" (Soternment need? yow lapgsjrf ? -- I/I,II> jiitnit'inl s i j,in it r/h'ir moral tuppot I. Because tht L''"" """' l,r "" ^erK^min? ss$y - , >?.*- it nu st be jullji nub?crib'd to fur ,,4s!i the tone?t needed t* mutt be i,i ?Tftfoai / ibt 'l t" thoroughly dixrr)Vr. gOt] tll< ?Air ? Becauser'n" I met icon ' ditidually resto* - xihir for the. teelfore ni hie Country at //,,*... the '"''?' critical time in .'* his .'.i 'i We urge the necessity ot I ubsmbing to the 'Liberty Loan" now. To delay your Duty is to jeopardize the Honor of Your Country. Having already subocr.bri! io the Loan ior our own account we place our serv.crs at the disposai of the Public, without charge, and invite both large and small subscribers to mike ?heir subscriptions through this institution, either ??* our Man Office, 54 Wall Street, or our branch, Forty -second Street and Madison Avenur Central Trust Company of New Yor!*a Capital. Surplus and Undivided Prohto over $22.000,000. ($21,000,000 or '.?.flieh ha?, been ?-a.r.cd ) derwritiag is not 'child's play' These i who anama big n?ks do so ?eliber...? I) and after Cully taking into ic?oaflt all tiv factor? within their knowledge, bal th*j have ilwaya been naei ? m the dark at to the intention!- of Ger? man?., while even to Knflish under writers the operations of the British navy in meeting the German -ubmarin. menace are shrouded in obscurity. It hould be a matter of real congratula tion not only to the insurance market, but also to the country g*flerallv, thal ?. far ladeiwillera appaat te ..??me nut '..eil on the righi J'?le if profit ami In?-, ind ilia' t!..-rr. |.-i? !. . ? tee?* proiit tnxatiort to pre. foi .:*rg-- balaac* on the debil >:ue could only have one result -ooner or lat-r the closing of the market and th. withdrawal of facilities which British. Allied and neutral ship owners and merchants have found of incalculable assistance in carrying on the commerce of the world." Reflexes of War Plans for demobilization of the Ger man armies when the war n?is arc being prepared. According to informa? tion coming from Germany via neutral countries, the German Ministry of War will seek to prevent the creation of unemployment and to direct thr flow of labor as rapidly as possible to industries and trades of the great? est importance. The demobilizatior will be gradual, and there i-? no definite provision as to its dur,i'UKI. Th I German arm] authorities are saul t?) have la K1 dow I as a principl?' that BO soldier i; t?, he release.I until he has found work. Men v.ho do not lind work may be retained in the, army for as long as four months, sub? ject to the general principle that the older classes are to be released first, preference to be given to men belong? ing to any of the following nine cate? gories: i 11 Leading personages in trade, in? dustry, shipping and other economic sphere?; (S) The heads of commercial, indus? trial and agricultural concerns, and such of their employes as engineers, f? remen and inspector?; :: Independent traders, farmers, etc.; li State, provincial and communal officials, clergy, teachers and railway and tramway servants; (31 Seamen an?! tshermen; iii Sk 'led WOrkme* an?! arti.un? provided tiiat they are tukinp; up ??eti i.ite emolo;, mt Bl ; 7 Unskilled workmen in employ - ments ?vmcb will immediately require larg" ?upplies of labir, ?such as mining, agriculture, o', trata? trade and dock?; .8) Students and persons who at the outbreak of the war were being trained for a profession; and i9) Germans who before they were called to the colors were domiciled iibroail. and wish to return. Last vear there was a shipping !irm in Kobe. Japan, conducted by one of the largest funa-narikin i"w;ir bab>" o- nouveau-riche i, which pad a ?l..i deiid of 500 per cent per annum. There have been few companies in any branch of trade and industry rivalling that dividend, but the same enormous rate of dividend has recently been declared by a paper manufacturing company in O-aka, the Nakanoshima Paper Mill Gc mpany. More than ten companies have 1? a started in Japan since the war be,rv. with the object of investing in fet*ig*l countries, according to the Japan Trade Bulletin. The 'principal con? cerns among them are the Oriental Trust and Guarantee Company, lapital ?zed at 20,000,000 yen, a joint Amern'an and Japanese corporation who?.- object ii the financing of China; the China Industrial Company, with a capital of 1,000,000 yen, aiming at investment in an electric lamp manufactory in ("hine; the Oriental Trading Company, with a capital of 600,000 ji-n, a joint stock concern, hoping to promote Jupuriesc trade with America and (lunn, UM South Sea Trading < onipany, with a capital of '.,000,000 yen. to i r.fnge in the ?hipping trade, mining mid trust business with the Siuthern Pacific 1*1- j an?!?, no?*- under Japan?se military oc 7% Bu. ". Lir-?ri-, ' ' and .ici iattOBM inc?ate. return eli ' .ities ^mice Coa> Preferred Stodt, no? telling on aboat a " "?- h.s-.s. The property 4aines and t.ihiht. -'f camine? tarrant its selling on .1 ; % basis. I he ' ompsny's buslaesi is ! . ' ? *afel : the Preferred 'tick against .1 bj *ar conditions. Our istmias arc di -. ataasl Henry L. Doherty & Co. BOND DBPJBTMRX r 60 W?ll St., New York - We Finance r.l?*iiri<" I.i-.'ht, Powrr and Stree. H.iiiway Kntrrr-risi?? iritl Reeordi of Bslabllshed Kaniing* We Offer r.iti!.i r^ in! iBvestasrat D??!?*n Pristen Public Utility StcurlUai ?. fondt seo 8 Usit?e Electric Bond & Share Co. iPtld-u? C* 'til ?ntl Surplus Cl04fl.MII 71 Broadway, New York Indianapolis Gas 5? 1952 Wise. Minn. Light 4 Pr. l?t Re?. 5? 1944 Northwestern Elec. Co. l?t 6? 1935 Columbia Gas & Elec. Deb. 5? 1927 GEO.RE1TH & CD. 40 WALL ST.. N. Y. P?o?e M? M* FUNDS in a crisis > gta4 te latvia? BOH J*? as a in-'h'-i !?. ? k roi OH , - . .1 prompt Wllliii:'-- Bl ?': ass .' : rata ira a ivertB ? BBB HO" H. H. PENNOCK Iron I? , I-'. 11 1.? ." U'0*? I H ARRIMAN NATIONAL Bil Fifth Avenue Se Forty-fourth St New York. 8AN?INC 1 Olino FROM 8 1. M. "0 8 I * SAFE DEPOSIT VAULTS 8 a. M, TO Mlgg IHVlDBfD NO1 H KS_t Southwestern Power Se Light Ce? I'rrr-rr.-?! ?atora, l?l*lll?-lld Th? rrjular .|u?u-t?rly OlvMleaMl .? "J, and thr??-aua?rt?rs p. r .?n' M4? ?' on ? Pr?f?rr. .1 Sto<-k of South???!?-! ""-"'v., I.Hill iomp?n? li*? h*?>n .l?,-Ui?J **f,\. .Inn? 1 IBU -, ?-,.. k!-.n!d.r? >.f r?ioM " ih? , ,UM "f Liniti^s? M?y "1 1?:' .41 II AKMN.. I ????tataf? cupattoti; the American Ja-'?"?-*. ?*' du?'nul Company, promot-.; BJ okartinto, ..,' w %?.* York, and etaeJB ' T..k10 sad Kow York, with o <iP:t*J* r,.(Hiii.i?oii ,,,,. te eagage in real ???*? nr-in?-?? m New York, the 1'....<.?.' <?? ion Company, with H capital of ''?SI 000 >en, te ?*n?iBgo in cotton pUnta*?*"" 11 Corea on a large ?cal?.