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Wealth Markets and Commerce ,Exempt from Income Tax Safest And Yiclding4^2<rc to %W%t There is no form of invest? ment suitable for the private invcstor which is safrr than MUMC1PAL BONDS. as they are secured by taxes. For nearly 50 years we have speciali?ed in this class of investment. Our selec tions have proven so safe and so attractive in yield as to secure for us a con stantly increasing number of careful inveslors. Present priees give consid erably higher than the nor mal return obtainable from such securities. Writ* for Lhi T-47. Spitzer, Rorick & Co. Establi^hed 1871 Equitable Bldg., New York Toledo Chicago Investment Tax Law [New York State] Are vcm aware that this Law, which" wrnt Into effect June first, pennits vou, upon payrnent of a nomlnal 'tax, to rxempt your in yestment, aa deflned in the Act, from thr Personal Pr?Perty Tax In N>w York State. and that fall ure to coiirlv with the requlrc merits of the Law makes your Estate liaMe to a aevere penalty through the lmposltion of an ad ditionnl Inheritunce taxf We havr prepared a P?rnPn1*'; giving both a dlgest and the full trxt of the Act, and upon reque^t shall be glad to send you a copy. Write for Booklet No. 572 "Invrstment Tax Law" SpencerTrask& Co. Inreatmrnt Securttlea 25 Broad Street, New "ork AIBANY BOSTON .ICAOO NEW LOAN Exempt from Federal Income Tax $3,000,000 State of California Gold 4V*s Due aerially July 3rd, 1923 - 1930 Incluaive. Eligible to iecure Po.tal Savinga Depo.il. al 100% of the markel value not exceeding par. A legal inveatment for New York Saving. Bank. and Tru.t Fund*. Price to yield 4.35% E.H. Rollin* & Sons 43 Excbange Place New York Investment Bonds Rhoades & Company afamB*-. Wm Tor* Btorh girhangt 31 Plne Streat Naw York Interesting Rcviews Repuolic lron it Ste?I SouUu?rn Pacifie RocW lalaiwl Corriaa Aaroplano ar. eontalr.a ?n oar ,.,rr.nt rnarV.t !*???'? Copy *>n r^u'it. A. A. Housman & Co. w. T BBoeB r > ? . ;. y N r t y ' f.at<irf i ? 20 Broa^ atraaa, Naaa York IJ/l im in - a f^^i 434 m 66 Weaa ??<l *t. Finance - Economics WALL STREET OFFICE: Telephone: killli Bullding, 15 Broad St Hanover 6614 Tu4aday, July 31, 1917 A steady decline in the number af workers on tho payrolls of the factories in New York State is re-! ported hy the Industrial Commission ! at Alhany. In June the decrease ' amounted to 1.2 per cent. while in ; May it was only 0.7 per cent, indi- j cating that the depletion of work- \ ing forces is proceedinpr at an ac? cHerated pace. To some extent this may be ascribed to scasonal slack ncss in certain trados and to wage i disputes, while special localized causes, particularly suspension of work in a few upstate districts, ow- j ing to floods, were also factors. But the fact that numerous plants ' were working overtime and adding | to their working forces as rapidly BS hands could he procured suggr-,ts tfeat the main cause of the decline j is to be found in enlistment. It is ' significant that the decrease in the number of employes on the payrolls was much larger than the decrease in the total wages paid, while the nverage per capita earnings for one ] week in tho month were $16.20, against $16.15 in May and $14.41 for June, 1916. The average earn? ings have increased 28 per cent since the war began, while the cost of liv ing, as measured by food prices has advanced about 90 per cent in the same period. An editorial writer says that price fixing is dangerous because to limit prices would be to limit wages, and since price fixing is proposed for only a few of th? basic industries, the plan amounts to nothing less than discrimination against the workers in those industries. As a matter of fact, there is littlo danger that tho earnings of labor would he reduced, no matter how arbitrary the price fixing scheme might be. The demand for labor being so pressing and the supply so scant, limitation of wages in the industries I r affected would in all likelihood re aaH merely in a shif ting of labor to | other lines. Fortunately it is alto gcther improbable that the authorl ? ties will adopt any plan for price! ! fixing so lacking in flexibility as to' I make it impossible for the producers j i of essentlal materials to maintain | ! their working forces unimpaired. i , The only price fixing plan which seems feasible at this time is one ' i based or cost plus a fixed percentage | of profit, and under that plan wages ; would not be affected. The National City Bank, in its Jmonthly circular, presents an inter- \ j esting discussion of the real dis i tribution of wealth. Questions of j taxation, price regulation and the I like, it says, all rest on the final j oistribution of the fruits of indus !try in relation to tho average man's ' share. "We have often endeavored | to point out," the bank goes on to | say, "that at the very beginning of i any discussion on this subject it is important to determine what is real | distribution. In current discussion | there is but slight recognition of the ' value to the community of capital ac cumulations, taking form as they i mu3t in improved and enlarged fa l cilitles for general production and pubiic service. This community value of private wealth is understood by economlsts, and it is understood hy 1 everybody in concreto cases; every ; new community appreclates the gain ; from having a railway built into it, J or a water power developed, but in 1 general discussion it is usually as sumed that all the henefits of wealth accumulations, even in these forms, go to the owners. There is little I analysis of actual distribution. The i emphasis is placed on the ownership I of equipment, rather than upon the distribution of tht goods produced. ' Mert ownership of productivt prop ! erty, howrver, only gives the right i to go ahead and produce something. I All tht benefits from productive | properties come out in the stream of products that issue from them, and : the real distribution of the national incomo takes place at the point of ' consumption, where these products art flnally absorbed by individuals ' and disappear from tht common 1 store. "Whether a man is a day laborer or a millionaire, he actually gets as his share cf current production what he consumes or withdraws from the common supply to his own exclusivt u*e and benefit, and no more. If he ocupies a seat in a railway car, he has taken that murh; if he keeps a ! aervant, he has tnken that much; if j he owna a motor car, he has taken ! that much; if he keeps a costly es tate, ho has taken that much?but he getn nothing which remains ln ' the use or service of others. "If ho allows the profits of his ; huaineaa to remain in tho business for its expansion, they have DjOt l?ncri n-alized and may nevr !??. Kvt-ry ! town in the country can tell of bu.si i.ess houyos that have prospcrr-il, grown by rn??aris of their jir-.fii , and then gont into decay and flnally into bankruptcy. The proprietors real ized only such profits as they with drew from the business and devoted to themselves. If they withdrew profits from one business for invest? ment in another, there was r,o dis? tribution to themselves, merely a shift to another public employment." Money and Credit Money rates were steady in the local market yesterday. At the Stock Ex? change call loans ruled at 2\ per cent, with a low of 2 per cent. Offerings wero more than suffieient to take care of stock market requirements. ln the market for time loans based on Stock Exchange collateral the amount gf funds offered by the banks is Btill limited, which tends to impart a firm tone. Loans based on industrial securities as collateral were quoted at 6 per cent for nll maturities. Those based on a mixture of railway and in- ' dustrial aeeurities were a shada lower at 4Vi to 4*4 per cent. A gor^i demand for loans extending over the end of the year is reported, but few leading in stitutions are willing to make com mitments for bo long a period in view j of the numerous uncertainties. Ruling rates for money yesterday. comparcd with a year ago, were as fol lows: Yesterday. Year ago. Call money-2</2% 2'/2% Time money (mixed collateral): 60 day a.4^4% 3 @3!/2% 90 daya. 4'/4@4'/2% 3 @3'/2% 4 months_ 4'/2@434% 3*4e't 6 to 6 months 4%@5'/2% 334% Commerelal Paper.?A firmer ten dency was apparent in the commerrial paper market yesterday and most of the salea were made on a flat 5 per cent basis. Official rates of dlscount of each of the twelve Federal districts are as fol lows: i-Daya-. Over Over Over 15or lSup 30up 60up leBB to 30 to 60 to90 Boston. 3'/2 4 4 4 New York. 3 4 4 4 Philadelpbla.... 3'/2 4 4 4 Cleveland. 3?/2 4 4 41/ Richmond. 3'/2 4 4 4 Atlanta. 3'/2 4 4 4'/2 Chicago. 3'/2 4 4 4'/a St. Louia. 3'/2 4 4 4 Minneapolla_ 4 4 4 4'/2 KansasCity.... 4 4'/2 4(/2 4'/2 Dallaa. 3'/2 4 4 4'/2 SanFranciaco... 3'/2 4 4 4/2 Bank Clearlnga.?The day'a clearings at New York and other cities: Exchanges. Balances. New York.$612,956,863 640,837,877 Eoston. 63,757,763 11,626,153 Chicago. 80.959,753 7,559,506 Philadelphla.... 56.476,415 8,553,522 St. Louia. 19.891,072 4,124,771 SUver? Bars in London, 3?T?d; New York, 78H cents; Mexican dollars, 61 cents. _ Sub-Treaaury.?New York banka lost to the Sub-Treaaury 12,954,000. London Money Market. ? London, July 81.?Money was in better demand and discount ratea were steady. Money, loaned at 4 per cent. Discount rates Short billa, 4>* per cent; three months' bills, 4 13-16 per cent. Gold premiums j at Lisbon, 90.00. i The Dollar in Foreign Exchange The strength of exchange rates on I most of tha neutral countries of Eu I rope contlnues to furnish the principal > feature of the local market Exchange . on the Scandlnavian countries roae J sharply yesterday, touching the hlgh I est levela ln montha. Swiss francs : were alao atrong, while Spaniah pese | taa moved up another peg. The ex ; planation of the strength of tne nen 1 tral exehangea la found in the effect of : the embargo the United States has ' placed on ahipments to these countries. The falling off of exports from this . country ia tending to decrease the s ip ply of exchange, compelllng persons desirous of making remittances bid higher. French, English and Italian ex<hange rates were steady yesterday. Kussian mbles underwent improvement movirg ( up to 21.45 cents. Closing rates yesterday, corrpared i with a week ago, are given in the table . below. American bankers have sus pended all deallngs In German and i Austrian exchange, so that daily quo ' tationa for either marks or kronen ara ? no longer available. Week Yesterday. ago. (Quotwl dollar* te th. pmind.) Sterling, demand.64.75V $4.75iV Sterling, Bixty days-4.71'/2 4.71^4 Sterling, cables. 4.76h 4.76t'4 Sterling, ninety da>s... 4.69'2 4.69:14 (Qu.trrl nnlta to tha dollar.) Francs, demand. 5.767a 5.761 4 francs, cablea. 6.757g 5.751 4 Lire, checks. 7.23'4 721 Vz Llre, cahles. 7-22'.4 7.20'/2 Swiss, checka. 4.54 4.65 Swiss. cablea. 4.52 4.63 1 Quoted rrnU to th. nnlt.) Guilders. checka. 41".-4 ' 41'i Guildera. cables. 41'/2 41 \ P.ubles, cablea. 21.55 21.25 Stockholm, kr., ch*ka... 32.60 31.15 (openhagen, kr.. ch'ks. 29.60 29.10 Pesetas, checks. 22.80 22.85 Below 1? given the current exc'r.anc. valua of foreign monty in dollars aad rents, to$'(fther with the intrinsic gold parity, as calculated by tho United States Mint: Current exchange Intrinsic va!ue. vnlue. Pounds. sterling.$4.79A S4.86'a Francs . 0.17 3 0.19 i Guildera. 0.41'4 0.40 2 Publea . 0.21 55 0.51 2 I.ire, checks. 0.13 8 0.19.3 Crowaa (Daaaaark).... 0.29 60 0.26 8 ( rr.wns (flwadaaj. 0.32 60 0.26.8 The nbove rates express the cr.st of fortigB rnonev ifl tenn^ of the Ameri .??? dollar. >'>u bay nn tagliafa poaad ...:' ?t. ?..;., $170:%. The ii.trirtsic 1 rltf ? ?? 8i\aV '? par poaad. Thus, you 'aoy i-itlier that pounds are at a dia ount or that dollara are at a pre mium, which ia owmg to the fact that in England the demand for do'.lars with which to i-ettle accounts in this country la greater than the demand in this country for pounds *ith which to . settle accour.ts in En^'.and. Gold Currents. The loeal Sub Treasury trun?ferred 1726,000 by tcle graph to San PVtacI co y.s'erday for tha aecount of Japaatst baabtrs, arha Btt hippiag that amount of gold to Japan. A London financial writer, In com menting on tha gold movement from the I'nited Btatta to Jnpan, says. "In ppite of the extent to which Japaa haa drawa in the past on her halanees in America, so as to p!ucf thrm at or.r disposal, her present trade ea la so favorablo that gold has of late been floutrg from San Fran risco to Japan; and tinless ittBfl ar" taken to prevent it there seems every likelihood of a good many more millions going during the next few months. Now, it appears, this move? ment se?ms a littla wasteful, and to that extent regrettable. In the f.rst pltCtf Japan, so far ns is known, is not at all in urgent need of the metal some of it, but probably not much, is generally believed to. find its way It India while, in the second place, the outflow of pold from America at a mo- \ ment when that country is so greatly ( extending her foreign credits simply | Bioaaa that the Allies may be in tht position of having to send more gold to America to fill up the vacuum oe--a-| BioBtd hy Jaaaa'l withdrawals. And, finally, a'nd bf trajr of indicating the desirability of some stcps being taken, it may be pointed out that probably some of the Ftiropean Allies, more es peeUlly P.u?sia and France, must now he neoding accommodntion in Japan, to : pay for large quantities of munitions received during recent months." Reflexes of War Important action is being taken by the British Coal Controller in regard to the supply of coal during the com ing winter. It was announced recently that a scheme is to come into opera tion on September 10 whereby it is estimated no fewer than 700,000.000 ton-miles annually will be saved in the transport of coal by railway. When this scheme, which deals chiefty with long distanen trarnc, haa been digested and is working smoothly, lt will be extended to the shorter journeys, and in this way the whole system of dis? tribution will'be simplifled and eased. For the purpose of transport, Great Britain has been divided into twenty areas. The scheme now announced re- , lates solely to that portien of the coal whicn is being transported from area to area for inland consumption. In other words, it bears chiefly upon coal v hirh is being conveyed for long tit- ; tances or on 'cross-countr ' Jour^e/s. both of which circumstances >. e r sourc of ' ouble 1 ' ? " *? ''?'" pletic . f lvay -.1. ? roUmg ptecl ?;, ., . .,* sc.1. .me, BtlBfl doaif . to itl . ' transport, is based o three. main c M.sidcrat.ons: First Tha tht consumption of coal I should take place as near the produc ing point as possible. Second?That in view of the superior facilities affordcd by the main trun* lines tho movement of traffic should follow these routes wherever possible. Third That the movement of coal should as far as possible be in well defined dircctions. viz., north to south, north to southeast, north to southwest BBd east to west._ The number of imperial gold coins ytruck at the English Mint in 1915 was 22,338,027, having a sterling value of ?21 310,653; the number of silver coins, ' luo.234,514, having a sterling value of ?7 715,437, and the number of bronze coins, 76,008,101, having a sterling value of 1240,477, while the grand total of coins (inclusive of minting for over Bta possessions) was 206,682,642, hav- | ing a sterling value of ?29,385,568. Canada's war expenditure.both in the Dominion and overseas, now amounts to over $?50,000 a day. From the be ginning of April to July 20 war ex penditure in Canada amounted to BBV, 700 000, and estimated expenditure elscwhere, includ.ng France fenBfftBt same period, was $52,600,000, or a. total of $92,600,000_ Dividends Mlrhlran Sugar. Dividend of 4 M eent . N Saaeaaaaa. payable Bap>iBiBw l la atoekhoMm of raaara August l..; alwraaja. ]ar divdend of IM per cent on the preferr-d. payable Dl|lf ITT li to ?tockholders of r*e ord August 31. I 8?,thcrn Ptpa Una?ReBuUr nuarterly , dividend of II rer ahare. payable September I 1 to atocMiold'ra of re>-or<. Auguat 10. National ftUcuit.-Dividend Bflfi V*' I cent on the preferred atoek. payable Augu.t ? I 31 to stockholder* of rword Aug'iat 1. ; alio , ! common dividend of 1% l>er cent payabli i Oclober 15 to atorkholders of reoord beptem- , ber tt. Creason fonsolidated Cold Mining A MUI 1 Ing. H-gu!ar monthly dividend of lOconta 1 a ahare. payable Auguat 10 to atockholdera | of record July 31. Taxes of Steel Corporation May Be $200,000,000 $53,918,872 Set Aside Out of Quarter'8 Earnings to Meet Levies Net earnings of tha United St.ites Steel Corporation for the quarter end ed June 30, as shown in the report is sued yesterday, following meetings of the board and finar.ee committee, were SPO.579,204, compared with J113.121.01rt for the previous quarter. This appar cnt drop of over $22,500,000 waa not due to any falling off in earnings, but to the fact that the management for the first time made a comprehenslve allowanee for war income and excess profits taxes. The estimate of the amount of money that will have to be turned over I to the government out of the earnings | of the June quarter was $53,918,872. J Had no such allowanee been made the report issued yesterday would have shown net earnings of over $140, Ono.r.OO, more than $35,000,000 above the net revenues for the first three months of the vear, which was the high record up to that time. Heavy Impost In the statement issued yesterday an estjmate of the amount of war taxes that will have to be taken from the earaiBga "f 'he first quarter placcd them &t 6SS366j00O. With the prob ability that both e.stimates will have to be revised upward in view of the recent action of the Senate Finance Committee in increasing the corporation tax offlcials of the company believe that total war taxes for 1917 will ap proximate $200,000,000, an amount in excess of the total net earnings of anyi previous year except 1916. During the six months ended June 30 the Steel Corporation expended $43, 000,00 on account of additions and new construction. E. H. Gary, who leavea to-day for a six weeks' vacation in Alaska, explained that this expenditure wa* made to expedite deliveries of steel to tha government which, he said, have all been oa schedule time. As foreshadowad earlv in June when direetors dcclared n special Red Cross dividcad of 1 per Cent p.iyable July 28 the divK1-' ,.s announccl yesterday were the sarr .i paid for the March quar? ter. i. e the regular l1. per cent and 3 per C! it extra on the common ?tock in arf n to t'r.? usr.il (["'?'te-' dis K' ' : . i.^r aoat I i pre ferr . ha special k*d Cro. .vidend, amountim: to 86,088,026, waa paid from the aaraitga oi the March quarter. Earnings Still Rlslng Monthlv comparison -f tho earnings for the Jur.e quarter s .wed them to be on an asccndi.vg so . e, nn indica tion that the peak of profits in the steel industry hns r.ot yet been reached. The r.mounts were: April, $28,521,091; May, $30,773,551, and June, $31,281,562. Compared with the June quarter of 1916 the earnings this year, despite such a heavy allowanee for war taxes, still showed an increase of $7,078,139. Not including the allowanee made for war taxes in cither the June or March qaaitOM the record of the Steel Cor poration'a net earnings by quarters would comparo as follows: Quarter. 1917. 1916. 1915. lst..$113,121,018 $60,71.1,621 $12,157,809 2nd.. 144,498,076 81,126,048 27,850.053 3rd. 85.817,067 88.710.6U 4th. 105,968,317 51,277,504 The surplus for the June quarter aft? er all charges except dividends waa $68,873,536. After deducting the 1** per cent or $6,304,919 for preferred dividends, there remained a balance of $62,568,617, the equivalent of over 12 per cent on the $50S,302,500 common stock outstanding. With this amount earncd in one quarter it appears that the company will earn elose to 50 per cent on tho conimon stock for the full year despite heavy deductions for war taxation. Relevant Facts Certaln-Te*d Producte Corporation. - ?Salea for the ai?. months ended lune 30 amountecf to $4,150,493 and net profits totalled $627,559. After deduct ing $102,900 foi f.rst preferred stock dividendj accrued to July 1, 1917, and $56,595 for the seeond preferred stock, the balance available waa $468,064, equal to $7.?0 a share on the common Significanl Relations Money and Prices: ?,???, Bfaaraja Stock of money gold in the coantry. $3,088,711,272 $2,331,494,834 .V>ar??' p?rlM Maj S. 1917. prt?ou? >ttr Laaa. of all national bank.. $8,751,000,000 $7,606,000,000 Total reaene (I. e, caah In national h?nl< vaulta and on deposit wltn Fcder?rReserve bank.). 1.525,000,000 1.205,000.000 Katio of this total resene to btobb deposit liabilitiesof national banks. 11-7 ?? 108 ? Feder.lRe.seno notes ln circul.tlon.. 534.015.000 152.590,000 Tol.riold resene.. 1.362,263.000 M75.166.O0O faanaai. lha<Jarb?fora. ayrarifo Avera.e price of 16 rallroad stock... 103.74 109.18 118.60 Average price of 12 lndustrlal stocka. 96.35 96.9C 91.53 Food cost of livinf (Annall.t index Ub??b* Tt.a ???? rw?ra. AfBatasa numher) . 261.254 267.114 168.609 Production: Infilled U. S. Steel orders, tona. 11.333.287 11.6C5.591 9*640.458 I'ig Iron (daily average), tons. 1C9 002 110.238 ' 107,053 \ctive cotton spindles. 33,4G3.9!G 33,459,169 32,261,694 Tha II ' rtettea rter" a Wheat crop, hushcls. 639,J^j,COO 1,012.000,000 Ctfa crop. atBShttB. 2,593,-'-i 1,000 3,C5; C0C.00O Cotton crop, balea (exc. linters). 11,356,944 11,068,173 Distribution: Jun>1 * Nrt shortage of freight car.. 105,127 148,62? Net surplus of freight cara. - - 33,361 - 1 i -r??? or d?T???* from lut jeu -N t* I a -?k MaaBl <<f Ja . . ,?* :"-r May iu> ; - '?' nr' rsads). (ir? r ada) firosa railroad earnlnga. -16.2% - 14.7% +#% ,?Ir raaas or <><?:*??* rrom laat jemt ? Ltri ?.-?? Tl.- T.-h h?for?. Vnr u, ,i,-, llank cleurings . -: 28.7% -13.8% rt25.!% (ommerrial failure.. 1,186 1,296 1,2,7 ?Gold held by Krscrve ngents aga.n>t i r BlatltSJ included in general fund beginniiiK June*23, 1917. For purposes of lutnpariaon It ia included ln the 1916 ligures. stock for the period. or at an an.-.u.: rate of ovt : || Telephonr Lo. n arninga o. companiea lor t. M reported to :;i? ee Commission, amou..'.. i to 62 - ' ?? an increase oi 88464,424 ?*%! hat month in 1916. Nat raTOBBOa aiter expenaaa wtra 68,481,421, a gain of 6666,164 Earnings for the thjee months ended March 31 totuiled_ $76, 461,036 in gTOBS, aa increase ot $9. '83,801 over the corresponding quar ter a year ago, and, net rei'? ' - ? :? creasej 62,366,728, to 826338,786. Porphyry Production. June corper prodaetioa ot the prineipal porphyry companies compares aritb May as lol llawa: June. May. (pounds) (poundsl Utah .16^09,067 19,262,856 Crr.no . 7 193.262 6,923.457 Hay . 7,014.114 8,015,281 Nevada . 6,850,186 7,239,978 Consolidated Gas. Electric Light and Power Company of Baltimore.--A syn dicate composed of Alexander Brown & Sons, of Baltimore: Brown Brothers, Jackson & Curtis and Lee, Higginson & Co., of New York, has purchased $5,000,000 five-year notes. The pro ceeds of the3e notes will be used to give the company additional facili ties. Middle Weat Utllitlea.?Halaey, Stu art & Co., the Illinois Trust and Sav j ings Bank, McCoy & Co. and Russell, Brewster & Co., of Chicago, and A. H. . Biekmore & Co., of New York, have jointly purchased $1,000,000 three-year i 6 per cent collateral notes, series A, j which will soon be offered, to yield : 6.80 per cent. General Clgar Company?Reports for the six months end"d June 30, last, a i surplus of $654,265, equal to $2.64 a | share earned for the period on $18,104, I ooo common stock after dividends on j the preferred, compared with $2.35 a ' share in the corresponding period of ! last year. Groaa earnings were $2, 1240,684, against $2,151,246 in the cor I responding six months of 1916. Atchiaon, Topeka & Santa Fe Rall way ? Operating revenues of tho system in June aggregated $13,809,027, an increase of $1,874,627 over the cor? responding month of last year. Operat? ing cxpenses were $8,357,364, an in? crease of $1,139,824. Net operating revenue amounted to $4,951,663, an in? crease of $734,802. Owing to an in? crease of $819,000 in the amount charged off to tax accruals operating income for tho month decreased $79, 442 compared with June a year ago. Atchison's operating income for the first six months of the current year totalod $23,977,553, an increase of $2, 874,081 compared with the correspond? ing period of 1016. Plttsburgh Rolla Corporation?An nouncement was made yesterday of the incorporation under the laws of West ' Virginia of the Pittsburgh Rolls Cor- j poration to take over the properths of the Seaman-Sleeth Company, re- I cently purchased by William Morris Imbrie & Co. The new concern has | outstanding capitaliiation of $1,000, 666 6 per cent mortgage convertible j sinking fund bonds, $500,000 of 7 per i , cent cumulative preferred stock and I $1,500,000 common stock. The manage I ment will remain in the hands of the I , officials of the old company, J. S. Sea- j ; man becoming chairman of the board and David L. Eynon president. The I bonds of the new corporation h*ve . : been underwritten by a syndicate ai j New York, Pittsburgh and Philadelphia I : banking houses. The Seaman-Sleeth i ; organization has been operating about ' ' sixty year3 and during that time has J developed from a small foundry busi- ! i ness into a concern havlng net aaset3 Of about $1,700,000. For the ?ast fertp years it has specialized in the ' manufacture of chilled and sand iron | rolls and pinions. Allls-Chalmers Manufacturing Com : pany?Salcs billed ln the quarter er.'lnd June, 30 aggregated a value of 8^,441,575, compared with $5,106,130 in | the corresponding period of 1916. Net i profits were $1,002,458 compared with | i $950,7*1. Unfilled orders on the booka ; of the company on June 30 aggregated $16,584,842 compared with $18,000,847 1 on March 31 laat. ' Pennaylvanla Syatem.?Combined op? erating revenuea of the Pennaylvania : lines, East and West, in June, were $43,562,112, an increase of $6,048,082 over the corresponding month last year. Operatinj- expenses, including tax ac ' cruals. inereased $6,143,091 to $33,516. i 633. jpaving operating income for the ! month amounting to $10,045,509, a 60 1 crease of $95,1-11. For tho six months ended June 30, operating income to | taled $39,603,819. a decrease of $10. ! 661,528. The June showing was muc.i better than that of other recent montha. News Digest Foreign London Market Cheerful.?London, July 31. The stock market developed a dccidedly more cheerful tone to-day on the war Rawa, which asaiated allied bonds and gilt-edeed securlties fraction aliy without, however, increasing busi? ness. Explosive and provision shares v.ere firm features, and Brazilian issuoa further advanced with ixchange Kub b< r, oil and shipping stocki eus< . ?ff, The low priced Ameiioan BfCBritiea were occasionally bought, but the oth ers were neglectcd. Elections Frank D. Potter, of Pouch & Co., has been eiected vic-p.-e id< nt of the Gffl cral Ordnance Compai Corporation Returns NaahvllU, ChiilLanoofa & St. LaalBI . II:. 1616. J'in* rroaa.f 1,1'.0.268 $1,003,101 Nat aft tax. 201.033 213,946 Vircinlan Rallwayi 161T. 1318. Jnna rroaa. $956.211 $683,557 Net aft tax. 455.027 325.186 Colorado Southcm: i8iT. ma Ptaaa maa .$1.4?6.933 $i.i8?.849 NV. nft taa. 451.501 301.253 Minnrapolla A St, 1-nuLi: ni7. i8ii Juna aro?. $9/'.455 $832,757 Net aft tax. 261.302 I'Uh Power a LUht: 1017. l?16. Juna CToaa. $407,041 $336,946 Nat aft tax. 198,686 166,645 Motor Compames Report Businesss Moving as Usual ?? Sales and Profits of General Motors ami Chevrolet Hold Up Reports of operations of the General Motors Company and the Chevrolet Motor Company, contro'.led by W. C. Durant and allied interests, were is? sued yesterday, disclosing large in? creases in sales and profits as com pared with the corresponding perioJs of last year. The returns ore of un usual interest at this time, in view of the recent decline in motor stocks on the belief that the spread of a spirit of economy, incident to our entrance into the war, had cut deeply into the profits of the motor car industry, par ticularly whera profits were at all de pendent upon sales of pWsure cars. The General Motors lompany, con? trol of which ia held by the Chevrolet Motor Company through ownership of 450,000 shares of the common stock, shows for the eleven months ended June 30 last cars and trucks sold ag gregating 169,415, eompared with 121. 113 in the corresponding period jf 1916. Gross sales approximate.l $185,750,000, against $141,149,746 in the preccdinc eleven months. Undivided profits were $28,750,000, against $24,862,193 last Expects $30,000,000 Profits M L Prenskv, controller of the com? pany, says that "while the month M Julv will show a slight faWiag off n volurre, due to the completion of cur? rent schedules and closing down for in ventones, it is safe to say thal the profits for the twelve months will ex ceed $30,000,000. The cash in banks and in sight drafts, with dorument at tached at this date, amounts to ap proximately $16,500,000. While this la nearlv $7,000,000 less than tigures last reported, attention is called to the fact that stocks of materials necessary to protect the coming* year's production have been increased nearly $15,000,000.' The report of the Chevrolet company covers the six months period ended June 30. Cars sold by the company nun.bered 65,235, against 32,514 cars for the corresponding period of lJlo and 69.690 for all of last year. Th<?( cash value of the cars sold amounted to $29,704,773, against $16,338,585 for tht corresponding six months of last year, and $31,877,376 for the entire twelve months. a Standard Form of Cotton Contract Is Held Illegal Broker Says Exchanges Will Be Closed if Decision Is Sustained Fort Smith, Ark., July 31. -Federal Judge Frank A. Youmans, in a decision here to-day, held that the present standard form of contract used on the New York and N'ew Orleans cotton ex? changes does not comply with the pro visions of the United States cotton fut ures act, and therefore is illegal. The decision was rendered in the suit of Tborn & Maginnis, cotton brokers. of New Orleans, against Fred Browne, of Fort Smith, to collect $23,315 on a cotton futures transaction. "If finally upheld it will prohibit trading in cotton and will close every exchange," paid C. B. Thorn, nember of the plaintiff firm, in discussing the ef fect of the decision of Judge Youmans. "I'nder the court's ruling it will be necessary for the slips as they pass from broker to broker on the floor of the exchange specifically to name the principal. These slips must be signed up the next morning by 9 o'e'.ock. In a vast number of cases the principal lives hundreds of miles from the exchange and it is impos-uble for him to be pres? ent, so it readily can be seen what the decision does." Equitable Trust Joins Movement to Mobilize Our Gold Alvin W. Krech, presldent of the Equitablo Trust Company, explained yesterday the purpose of the go'.d re serve deposit made by his institution at the Federal Reserve Bank of New York. Heretofye trust companies have been required to carry 15 per cent reserve, at least 10 per cent in cash and 6 per cent in designated deposi taries. Last May the state bankin? law was changed ao that any part of the reserves on hand in excess of 3 per cent of demand deposits may be de posited, s-jbject to call, with the Fed? eral F.es-rve bank in the dlstrict in which tha trust company is located. The purpose of the amendment was to assist tho government in Baobilislag tho flnaneial resources of the countrv. In making a deposit last Friday with the local Reserve bank, the Equitable Trust Comrany, Mr. Krech 'said yes ttrdajTi was only supporting the amend DltBt, $8,953,000,000 Is New Foreign Trade Record Balance in Am-rca's Favor for Year Is $3 63 3 )0,000. a Hig Washington, July 31. Amer.ea's for? eign trade in 1917 re 1 the unpre Btdtattd total of $ 53,040,000, of vh eh $6,294,000 000 - arta sad ?2.669,OCO,000 mporti Jbbb, tha Isat m nth of th ftaea] rttr totallad $676.1 t thaat of an mor.th l0l> ?| the axeeptlon o;' aat Ja laary. In ioi ? during tno month were valued at $30. 00i ,1 W). Th trade balanc in Ameriea's f. .< ? for the vear was $3 036,000,000 , I i wn. 51.499.000,000 more thta the y.-.., l.e:'.,re. $2,640,000,000 more than in 1115 1.164,000,1 lar ar than in tha l>v-t year before tiie wir. The inerease ln the rountrv's total foreign trade was $2,422,000,000 over 1616, $4,511,000,000 bi t 1011 aad $1,0115,000,000 over 1914. Kxports dui ing the veir were creater by $1,961,000,000 than in 1016 $3 >25. 000.000 in 1015 and $3,929,000,000 ln 1914. Imports also show a BTttt in? erease. The 1917 total was $461,000,000 over 1916. $944,000,000 over 1915 and $705,000,000 over 1914 Wert Pcrto Rico Sugir Company We are | :.:r-:ng the Picf-rreJ Stock oj ihe We.! Pcrto R.ro Sugir CoBV p;.iy at a ptiea to viald 8 . 1h:? BUBBhBBBl may be br;ef!y de.cnbed by the (ollowinj; attractue feature.: l_Assets back of the ttock are nnprais-'d at S15J per share. 2?The dividend is being carr.sdrr.ore than four times. 3?The preferred stock carries with it a bonus of 19% in Common stock on which earn ingl amount to $40 per share. 4?At the present price, the yield is M which is unusually attrac tive for the Preferred Stock of a company in such a strong posi tion. Writcfor Dcscrlpthe Circul*r ! Toole, Henry & Co. M-mVr* \>u> Vork Stock Bzcnangt 120 Broadway New York fjiittin.iiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiimj 1 Judging the Valuef of 1 Municipal Bonds | Ins^murh a$ we mamtain tne S ? largcst ofnee weit of the Mi.su- ? iE ?ippi River, we feel wel! qualitied ?; jj; BB detrrmme the value of Munici- B S pal Bonds in the weMern and ~ ~ .oulhTii .ection. of the country, ? E ^e also. of course. earry large = ??? blorkj of Ea.tern Municipal Bonds. =j 1 WiU'amR.fimptonfo. | Municipal Bonda ? ? Ovr rj 0'4ii tf Oiturv in thia Bult ? ? ?i ~ = 14 Wall Streel. New York ? St Louia Clnclnnati ~ E CBteaa* Plttaburfh g SiiiiiiiiiiiiiiiiiiiiiiiiiHiiiiiniiiiiiniiiin ODD LOTS Write Dept. 10 ffisHOLMtSri^APMAM ^f*... .. ki? vom itoo r.'?"H 71 BROAOWAY.NtwYOSsClTV II N P?c,?ow?r, rciNKC?S.N f. 2l3?i3NTAoueSr, Bhooi.lvm.NT. 777BROAjSTaatT. NeWAHrt.N.J. Liggett & Drexel J/.Bnl'ra .\>i, Vo-<i Stock Exchang* Conservative Investmenta Send for Curreni Offerings 61 Broadway?New York lioaton DutTalo STANDARD WE WILL BUY^ Q WE_ WILL SCLL 25 Northorn P. L. j 25 Pralrla P. L 25 Southwn P. L. ' 25 So. Waat Pa. P. L. 15 S. O of Kan. I 25 8. 0. of Cal. 50 S. 0. of N. Y 6aa>25 Vacuum 011 CARLH.PFORZHEIMER&CCX ,-.... . . 4 i;. ma II BBOAD *r. n. t. fe!in Irms STOCK & NOTES Kiely & Horton 30 Brotd St.. N. Y. Pkme Bro.d 6911 General Oa* * Ele<\ Cum. Ffd. Amerionn I'ow. tt I.t. Pfd. DaanaaaaM t-iarht Pfd. -t?n i.ir.i i. i. a Klec. Cona. a Pfd. Inlerktate Baa. Pfd. (olorado Pow. Pfd. FREDERIC H. HATGH & GO. rhonw Brond 5140, 80 Broad St.. Naw Tord Prlvate i?!fphon? to B^aton and Phllad?'.;.<il4 ISaWoSTRAus &Ca 5Utf, <ajfcf8)|t|fjj|a|6i6 010 SerialBoncj 150 Bno.MTw/ry. Pucrxt Cohtlaicd 6064 jjm .?aauaaaj W. C. Langley & Co. Investments 115 Broadway, New York City H. D. Robbins & Co. !r.(.ori. rat^.1 IWESTMFXT SKCTRITIFS 61 Broadway New York HIgh Grade Investment Securities Kuauti|-Nact|uD^Ku!)nr itablc LMkUngi K?i >>,r? Bonds kr Inveslment Ksms, Forocs & Co Pln. ttreat, Cefier WHItae* NEW YORK