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Wealth Markets an d Commerce The New War Tax Law The atrir Iato onnl\ttd ?a ? -. to n il?i raaral rt'r'rn e 'er the ' >. > ataaa We have in presfl now and ready for final revision 1-The New War Tai Bill annotatrd and indeied 2?Reriied income tax chart The new law ia conveniently arranged for reference. The chart shows how it af? fects incomes ranging from $2,000 to $3,000,000. U.-triirM. fair thia War Tax I.it rraturar Ak '40 aat all tr>f plaaatat 4iit tila> and ra>t>ia*4 forwardaNrl immraliafa>lt aftar Ihr hill ia Mgnrd ht Prpaiairnl Wikon. The National City Company National City Bank Buiidiaj New Y.rk War Profits Tax Every uecurlty holder, corp< ra tion official i d business msn ib ; | terested ln <>"? su.T,:;:ar\ a.; the Salient fe-tures of tvn- Wai tTu Section of thc Wtr ReveBua Bill as it now Stand rhe tax to be paid \.-. firm or corpo? ral . .. ? be readil) arrived at y.. . to a compre henslve table Included in this ir) Write for Cinul.r No. 581 ? Btfl Tax" Spencer Trask & Co. Inveatment Seruritiea 25 Broad Street, New York ?iai\1 lUi-la.N ( nCAOO ? -k Kx< hanflt fffZTRtWftxytiffl When The War Ends Loof term financing. now almost ?l a standstill. will anqur?tionahly be resumed in bigger volume with tne arrival of peace. Investor*. in tbe meantime. can avail themselves of excel? lent security, ?tabil lty and lugh yield in well aecured short trrm note-. let u? 'end toti Circular l', 1 , n af laleal olfot'trtp bicMiftf, 67s% /3HBickmDreS[q lll BROADWAY, N.Y ! I A Study of Your Investments miv Bfflffl thal icnfl'.t'.ena . ?- | rr\t .i fltaUttfl hata y <;:..nf"il BlIK? tnry t\ ? rt- \ .rt hflBafl* Wa nratn'aln a r'apart I ; ? for the (mrffi.t <f Allaliaai :??:.? o I??partrr.tnt. A. A. Housman & Co. M ? I ? ' t'irtiania Ktm 1 rk I ?ta i 11 r .? i? .?, I t.r IH' '.. i I Ftaatoea la i ? Ikafla L'O Broad Strt-i-t. New York I ? ? rica JS Weal IM st Municipal Bonds <ire \ ielding high returns. Ask for our recommerulations. E. H. Roliins & Son? 43 Extlmngr Platr, New York > Bonds for Investment Harris. Forbes & Co. MWaH, Oairm-r William NEW YORK Liggett & Drexel Mtmhero Jttn 1 ?? kaflflfla Conservative Invevtmenta ? Send for Current Offerings li 1 Broadway New York ?Betfla iiiiff.ii.. !^^y-:'**',*:^:':z-z^c:y'^^f*Trr:::^:':^';1 NOBLE & CORWIN ti Un.Mil M. Na-w lork CcnltalTtust Chi 'tnalXat'lRk. V. S. Truti F'tral Nat'l Bank Finance - Economics WAU. STRF.rr omCEt Telephonei Milla BuUdlnu, 16 Broad Rt Henoyer 6614 Ti ursday, September 27, 1917. With BO indications of any easing of tho money situation, tho stoek market came almost to a standstill. Tradcrs showed little disposition either to buy or sell stoek-.. nnd the net result was an extremely nnrrow priCB movement. IYalings barely exceeded 400,000 shares. The prin? cipal movement of interest was thp rise in the I.ihcrty I.oan 3-_ per cent bonds, which sold at a premium of $1.40 per $1,000 bond, a new hiph record for the government issue. For several weeks there has been steady accumulation of the 3'-_s by individuals of means, who see in thasa bondfl perhaps their last op? portunity to obtain povernment se? curities which are tax exempt. Slight improvement in the pcneral Iwnd market is also apparent. Rail? road bonds are said to have taken on a degree of firmness that is sur prising in view of the apnroaching government otferinp. Municipal bonds continue in pood demand. It will take Fome time, perhaps two or three months, before the steel market will reflect to any marked extent the fixinp of prices by the povernment/-' For this reason the fact that the averape price of eipht leading steel products stands this week at $106.51, a decline of $2.3.'. a pross ton from a week apo, means little. The trade has not yet hnd time to adjust itself to the changed conditions brought about by povern? ment interference. Plates, for ex? ample, are still being quoted at 8 cents a pound, apainst the fixed price of 3.25 cents, and bars and beams at 4 cents compare with a povernment price of 2.9 and 3 cents. respeetivoly. Other products prices for whkfc have not been established so far art? still quoted at last week's level, ar.d these will naturally have to bfl ad isted. Steel billets are quoted at $60 a tor., a decline of $5 a ton, but a further reduction is necessary to hrinp them into line with pig iron and finished steel products. lt is estimated in the steel trade that when aU adjustmenY have been made the averape price ot the eipht leading steel products will range around $75 a ton. This will compare with a hiph record of $120 a ton mado early this year. Complaints of a serious shortage of labor are being heard in many lines. Railroads, as well as indus? trial companies. are feelinp the bur? den. The steady rise in the wape scale is a reflection of the general situation in the labor market. The Naw Haven Railroad has just an? nounced that in order to meet the problem it has taken steps to em i ploy younger and older men in the operating department. The ape lim? ita heretofore have been twenty-one i to thirty-five years, but now the bars ! have been let down and the road | will take men into its employ who ranpe from eiphteen to sixty years. ! It is stated that the new limits take in men not Bubjcct to the draft act. and will tend to reduce to a mini mum applications for exemptions due to industrial occupation that would otherwise prevail in respect to railway men. An interesting development has taken place in the Southern labor market in recent weeks. Reports j from the cotton belt say that cotton | BCCd oil mill operators have been ) much surprised to find when the sea? son opened an increase in the labor supply. The skilled negro opera? tives, hundreds of whom went North last fall and winter and during the spring, bave come back, and they say j they expect to stick to the South. t While the proportion of the negroes I retuitnir.g is s*mall cornpared with ! the number who migrated north i ward, the movement is nevertheless looked upon in the South as signifi ; cant. Money and Credit DespUe the belief in many quarters thnt efforts would be made on tho part of the bunker-- to bring about a aub ? ?n ia interest rates in the local money market, no r-uch devel Opmenl took plate yesterday. At the Stoek Eaehaagfl the supply of funds for call loaa purposes was barely Ittf.cent to meet tlie day's demand.*, and a* ? romlt the ruling rate was maintained at the 6 per cent level establiahed on Tuesday. A small amount of money loaned at ;.*?, in the iniddle of the day, but the rate quickly returned to 6 per cent. Little credence is jjiven in finan eial quarters to the reports in circu latiOB thc last day or two to the effect that the povernment mig-ht fix a limit beyond which interest rates would r.ot be permitted to fjo. The demand for time loans r-eeured by Stoek Exchangfl securit.es wai only ftt.r jreflt* rday. hut owing to the ab aence of anything like a normal supply held 'irm at the levels established oarIier ia tha week Sobm loani ajra'tut industrial eolloti il were reported at I por cei for nil maturitioi Loani againat a mixture of railway and indu.tr.al se i earitiaa were held at ..'a ti. I pei ea ut, 1 with not much baaiaeei tiru BCta d. Kulinc rates for money yaatatiay, compared with a year ago, wrre as fol? low s: Yesterday. Year ago. (all money.... 6% *H% 1 Time money i mixed collateral): to dara. 5' 2@9'? 3 99Va% <>u days. 5'2fa6?. 3 (n3'4?. 4 months.... 51 zQG'o 3' 2?e 6 to tf mos.. 51 2W6?o 31 20? Commercial Paper. The tight money situation is reflected in the commercial p.-.per market, where the tenalcncy of rates cor.tinues upward. While most of the business moteal yesterday on a .'iVl per cent basis, brokers n ported somi' tranaactiena at i% pat ent. Official rates of discount for earh of the twelve Federal distrirts nre as fol? low s - IRor leas Boaton. 3J-2 New York. 3 Philadelphia... . 3'/2 (Teveland. 31,2 Pichrrrond. 3',2 A''.anta. 3'/2 Chieaaja. 31 2 st. I.ouia. 3^2 Minneapolis.... 4 Kansas City- 4 DallBS. Wt tSiiri Francisco.. . 31 2 Bank Clearings. The day's clearings j nt Naw York and other cities: Kxrhiit.sea. Balaneei. ' \rw york .$621,520,630 $70.865782 Baltimore . 7.113.791 1.146.372; Boaton . 35.744.270 6.796,379 Chicago . 77.436.475 5.286.270 Philadelphia ... 57.738,914 6.876,206' Sub-Treaaurv. N.w Yor* banka j ganed from the Sub -TreaM.ry J..-. iv;;.1,11,1. Silver. Fars in l.ondon, ilHd, h dfl eliae of 2'?id, New York, 11.91%, otx ??c: Mexiean d.-dlars, 79e, 11 deerea?a of bc. Bank of Kngland". LONDON'. Sept. I "7. The weekly statement of the Hank j of England ahaarad an Ineraasa In gold holdingi of the Institution amoanting to 1872,189. The proportion of raaerre j to liabilities now itandl at 19.59 per, rent. cnip-ired with 19.23 per rerrt a areeh ago. No chaaga waa nadc in Ihfl lank's diseoaat rate. which remaini at :. per icnt. The statement. with the changes from a week ago. follow-: Gald .Hai20*.11? Ine. 1372.839 'Reaerve . 39,630.515 Dec. 143,000 Soteirei. 29.992.640 Der. 117.000 (Circulation .... 41.131.515 Im- 516.000 I'ublic dep. 44.2W.857 Iir 3.520,000 Othor dep.121.702,116 Dai'6.533,000 Gov see. 58.189,328 1.'.. 4J.000 Other see. 93,154.2-10 Dat 2,868.000 liank of France. PARIS, Sept. 87/ The Hank of Frunce, ln ita weekly statement. reports the following 1 changes from a week ago. in franefli Gald holdinffl.Inc. 1.825.000 Silver holdingi.inc. 151.000 Natei in circulation.Ine 38,773 000 General deposits.inc. 187.011.000 Bills diacannted.Ine. 4.131.000 Treasury deposits.Inc. 6,233.000 Advances.Oc c. 4.478,000 The Dollar in Foreign Exchange. Russian rubles broke under 17 centa yesterday. falling to lf*4. The fre*h wcakaesi af Petrograd exchango was aaaoeiated with the statement iaanad by the Russian Miniater of Finanea showing that expenses of the war up to September 14 had amonnted ta 41,-1 00C OuO nor. rubles, or |20,MO,OW,000, or. tha normal exchange haaia. Raaaia 1 arai costs are steadily increasing.it is Btated owing to thc demand for highT, wagei and thfl increased price af neces '""' \nothcr advance in Spanish exchange -which aold at 24 cents, up U cent' from the day before -was looked upon as a natural result ofthe embargo on nld exports to Spain. Scandinav >an < vchang ? rates were strong. with Bteek holm cables rising to 34.30 cents, the hitrhest level in weeks. ClOfling rate, yesterday, compared ,viha week ago. a.cg'ven.n the tabU below. American banker- hava ena m-rded all dealings in v^rman and Austrian exchange. ? 0 th: t daily quota tiona for either marks or kror.rn are uo Ionger available. (Quotfd dollar* ta iha pound.) \\ eea Yesterday. ago. Sterling. demand.HJM HW Sterling. sixty days . .. . C71?4 4 7134 Sterling, cables. 476:, 4J6A Sterling, nlnatj aaya... 4.69'4 46934 ,Quoted unlta to the dollar.) Francs. demand. B.78J. |.79?. | Francs, cables. 5.7758 5.78S8 I.ire. checks. 7.74 7.77 Lire cables. 7.73 7.6 Swiaa. eheeka. 4-JJ ,J2 Swiaa, cables. 4.70 4.66 IQuotrd renta ta tha nralt.) Guildera, checks. 42 42 Guildera, cables. ? ? ? a Rablea. eahlaa. 16-50 g* Stockholm. kr, checks.. 34.00 33.60 ( openhagen. kr.. ch'ks. 30.80 30.60 Peflfltaa, eheaka. 24.00 22-80 Below is g.ven the eurrent exeh&ngc ralua of for.ign monev m dollari and centa together with thi intrinsic aald lanty. as 1 lalculated bj the I nited States MiBt: Current exchange Intrinsie value. value. Pounds, sterling.$475'. $4.86">8 Francs . 0.17.3 0.19 3 Guildera . 0.42 0.42 2 Ruble. . 0.16 50 0.51 2 Lire, checks. 0.12 9 0.19 3 (rowns , Denmark.... 0.30 80 0.26 8 Crawna .Sweden). 0.34 00 0.26 8 Ihe flbaVfl ratflfl express the ? o-t ofl foreign monev in terms of th- Arri.ri- | ean .lollar. You buv an EngHah pound ?terl ng at. say. I4.75H. Thi intriniie parity [fl 14.99*1 per pound. lhu<. rou -ay either that paandflara at .? diflcoaint or'that dollars are at a premium, arhieh is owir.g to thc faet that in England ihe demar.'l far tloll.in with which to lettle aeeonati in th.s eountry ii gri il er than the alemanl ,n this eoantxy t'or pounds with which to Mttlfl ac? counts 111 Kngland. -? Corporation Returns Wabaah 1911 An, ..t prrflM . . $3.526.21R $3,249,927 Net ' .0*4.756 *.12*.36* Huffaln. Raxhatster A l'ilt_thiir?h 1 ?:: AufUal flTflM . . $1,455,186 $'.2*7.819 N*t after lax?. 355.656 342.324 | Silver Drop* on Report China Is Out of Market London Gives Cue for Break of 4 7-8 CenU in Price Here Reports from Shanghai that China, a heavy buyer of silver for several months past, haa suddenly withdrawn froni the market were larj-ely respon- j sible for B biual of 4T? eents yesterday in tba local quotation for bars. This i* tbfl laifflflt break in silver prices in a sinj-le day since the armistice that pre- J cedi il the aadiag of the Russo-Japanese War, in 190... The priefl tiimbled IM pence over r.ight iu London, B development which waa quickly traaalatod mto a fall of 47*. cents an ounce in N'ew York. At yestcrdny's price of $1.01 % the bar aii- j ver quotation here showed a loss of ( f*7i eents an ounce from the high level ' recently oatabliahod. While dealers in bullion were not; stirprised Bt the turn taken by silver :n view of tlie steady upward move fltoal af the last three months, they were some.vYt' taken buck by the spec tacular eharactor of the day's broaa.| In MUI quarters peace talk was re jrarded as an important factor bearing upon thfl market. but most of the trade looked to deveiopments in the Far Eaat as the real cause of the decline. News From (hina Awaited A repreientativfl of one of tba larg i-t bullion houses ln the fiiiBncial dia? trici flflid last night they were await ing specitic information from Shanghai regarding the evident disposition on the part of Chineae silver traders to hold OUt of the market. (hina flOld close to 60,000,000 OUnOOfl of her silver ?upply 'o ladia an.l other countries last year, arhaa the pnee of the metal be? gan to elimb. Bflginning early thi* year, the (hl neafl began to buy metal to replonlab thfllr ? upply. ar:d thfl demand from thifl quarter, lupplementing the inereased' world arldfl demand for the metal for eoil Igfl purposes as | rflflull of the war. hai ?-?ur'- Juna beea tha aioat important fnctor ia the silver market. An em bargo an nl I lilver imports into India, nia<l" atfeetira the ttrst of thi? month, 1 as -Nu ibul oif another touree of de? mand. Interest ing War Development The rise in silver from the priee of 17 cent* an OUBCfl in 1914, before, tho ? ak of thfl arar, to the recent bigfa record of fl.OSH, made early thi* wiek, hai beea ona of ihe iatflreatiag devel* opmentfl of the war period. For one thine, K ha* reoultfld Ifl thfl bullion value of lilver eoim in ?ome eountriei rising to ond OnCOOding in some ln itoncefl their cireulotittg or face value. Tha following table ihoarfl thfl price per ounce of lilver al arhich tha bullion ralufl af thfl lilver in the coin is equal to the face value Ifl the country of iflflUflS I'l..-- . . | ai in I'. S. i iirr*'nry. Coin CenU V. S. dollar. .100 .lo hnlf dollar 50 Canadian ...'larioo Philipplne ;e-u. 60 do half t"-o 25 Mi li.a'i peM ? 49.84 do h-lf poao. .4.92 Pritish ihllling 2''..3* ?t !.?!.. h tran*. 19.29 Orman mark.. 23.81 .lap. half yen . 24.92 Imlian rui"-.- . J2.44 ?Stsi.iiard roin*. of nther i-cuntrifs in t.atin Union ha-1 '?ni( rafii. Relevant Facts I'nited Railroads o>f San Franclaco.? The antiual report for the year ended June 10, 1917, givflfl gross operating revrnues of $7,458,142, cornpared with 17,7(1,743 for the year preceding. N'et earnitigs after expenr.es and taxes were $2,206,940, a decrease of $n,_0S, 094, and surplus totalled $1*92.091, Bgalnat 11,270,610 u vear ago. Beovltl Manufiicturing.? An extra dividend of f 10 n share has beofl de? clared by this compaay, In addition to the regular quarterly uish.irsement of $_ a share, payable Oetober 1, to itoekholden of record September 'J4 Extra dividends of $10 monthly have | been paid since May, 1911, with the ex? ception of August, 1917, when $15 was i deelared. Total dividends so far Thin vear. inrludi.it Ihfl ragalai M'l.irtcrlv pavments. .imount tfl |lll ? '"?'''? *** ?,i tbfl year 1911, ?IH B .**!* was paid. Swan and Finrh.? hiredors have re sumed payment af dividenda by Bfl clariiif* thi per flOUt, pnyal.Y Novem h?r 1. aoxt Th.s is the hrt dlfltri* |,?t,on s,n.*e March :it. 191B, wl,.". ? per eent wns ilishursed. Seronil Avenue Railroad. Receiver An.lrew F Knlbach announces thnt ifl tOTOlt w.ll be paul on tlie |3.140,000 OUtstanding reecvcr's ceitilicates at the rate of 6 per cent per annum. for the six months ended October I. 191 J. Payment will l.e made nt th- ollice of th.* Guaranty Trual (ompany, of New York New crtiticnt" I, dat.d Irtoher 1. 1917, nnd due October 1. ItM, wil! also be issued to holders of the old certificates who care to .nnke the ex ihange. The new certificates will be redeemable ..' 'he option of 'he re? ceiver on April I. 1918, at par .md ac? crued interest. I.ehlgh Vallev. Thfi '-ompany an? nounced yOOterday thnt becnuse of the eommandfloring of its lake vessels en? gaged in the merchandiso paebagt trade between (hiinge and Buffalo, the ser? vice had bei n tfiocontinued. Four boats w?re opernt<-d in this service and all of tbem hnve heen ordered taken over bv the fovernment for use in the At? lantie trade. American Water Works and Flertrlc. (Yoss carnins:*- reported by the company for the year e.ided June HO laat show an inrrease more than offset tiriK the higher cost of fuel, labor, sup? plies, tojrether with inereased taxes. The showing of the suhsidinry conipa niofl operating in tho Pittsburgh dis? trict was especially good, owing to the extraordinary business activity in that section of the country as the result of the wnr. Tho report calls attention to the re? duction during the year of 6999,000 in the amount. nf bonds of the company outatanding, an.l the liquidation of the greater part of the bank loans of sub-J suliarv eompaniei dua on annual instal menta 10 1920. These loans. which amounted ta 12,017,000 at the time the company p/ai reorganiaad, in April, 1914, had beeB reduced to leas than 6360,000 laal June. 'Ihe company's net income account eomparefl ai folloara 1917 1911 Pronortion of ne' oarnlnga of sub. water eompaaioa. $688,356 $653,156 Div.s. declared pfd. stoek West Penn. Trnc. i Water I'ower I :? mos.i . . 139266 Inc. other invtfltfl. and bank allow.. 710.393 713.65-; Tetal income....61.638,016 $1,366,810 Kxp. and taxes. 75.434 67.719 Total deduct.oi.-... 814.348 789,958 Net earnings.. . $648,234 $509,133 Earalnga of the lubeidian nratei companies ns carried to "iie books ... tlu- American Water Works ar.d Elec tric Conipm > f< r tiie rear ended June :;u, follow: -.9:7 i ;? 1 c Grosa earningi... $4,501,306 $4,118,044 Op. exp. and taxes 1.804.132 1,542.579 Ne* earr,,t,g-. , $2,697,174 $2,575,465 Int. chgs., etc.2.008.817 1.922,308 Proportion due Am. Water Uorks i KYc. Co. $688,357 $653,157 The a/aal Pena Traetlon an.l Watar Power Company raaumed payment of dividends ..n its preferred s*i,ck De* eambei 11, 1916, and thii added Ji**'. |SI (o the ca-h income of the Amen? can Water V.'oiks nnd Electrifl Com* pany up to -Tui.f 0 laal Two Lose Seats on 'Change; Another Member Suspended Acted as Principals and Brok ers in Same Transactions, Is Charge Berbert C. Taylor and John w. CornWflll, members of th.- StocK hx change, were oxpollfld from that insti? tution yesterday for "wilful violation of the constitution and pn.ceed.ngs in consistent with juflt aad equitable principlflfl of trude." H. H. Lewis was surpended for two years under similar charges. The dire:t chi-rge agair.st the brokers wus that thev had been found guilty of net ing in tho capacity of pnnc.pals nnd brokori in tlie same transactions. which is a violation not only of the rules of thc exchange, but al.so of the laws of the st: te. Hr. Taylor WM a member of the tirm of Charlea E. Quineey & Co., <.'.' 10 Broadway, and was admitted to mem berihip on the exchange Mav 29, 1892 Mr. (ornwell has his head.-uartet. a* 100 Broadway; he beeame a member of the exchange oi Oetob.r 27, 1994. Mr. Lewis has oeeu a member since June ;;, iv.*:. _ Significant Relations Money and Pricea: Nnw . T,ir t n Stock of money gold in the country.. $3,060,991,378 $2,548,241,473 *???.-??? aartad iHIM '-'i IIU pftfloau naai I,oan? nf all national banks. $8.818.312.CO0 $7,679,167,000 Their surplus reserve. 841.931,000 801.000,000 Hills disraiunted and boufht bv Fed- !?,. *?-< \ .,... ,f? eral Keserte Banks. $344,770,000 $111,590,000 Federal Hesarte notes In circulation.. 670.2-16,000 191.635,000 Total gold reserte. 1,402.317000 '509.978,000 i" tttm Tr.. ggt feafam a iaw ai-. Average price of 15 railroad stocka . 103.34 103.58 123.27 Average pricfl of 12 industrial stocks 91.09 90.12 101 .C0 Food cost of liting (Annalist index .?, mftt , , yrr ,,,., number I . 276.798 ' 273.006 ' 186.687 Production: Infilled C. S. Steel orders, tons.10,407.049 10.844,164 9*6.50.357 t - tr tgfi I'ig iron (daily average), tons. 104,772 107.820 Aetive cotton spindles.33,430.016 33.396.635 32.292,103 \N heat crop. bushels. 668.000.00o'' 63*9 886 000 (orn crop. bushels . 3,248.000.000 2,593.24l'oO0 ( otton crop, bales-. 12.499.000 11,356.944 Distribution: Net unfilled freight car requisitions. 31,591 33.776 ^9*873^ Ir --..ite or r\e.-rettr trent Uat aflgf .He.-ea..l orrk. M ? Jan 1 t,i '?' tVpt julr ?i j i "T;*"-.'. -,!- IHemadi Cross railroad earnlngs. 15.7', ? 15?# . 12.4*, - I- r???a or -o.-rrttr from laat ,.f l-t..- i.rr. Vl.e nrr* be'-rr \rtr | :,-. Bank clearings. ?9.1", 7.7% -24.2% A rr.'' hdf A ifi aat Commercial failures . 1,149 1,137 1,394 ?(.old held b> Keaerte agents again?t circulation included in general fund beginning June 23, 1917. For purpoaes of raimparlaon it Is Included in the 1916 figures. Banks Told to Stop Earmarking Gold in Vaults Federal Reserve Board Practice Defeats Purpose oi Embargo Says Further steps to eonserve the gold resourrrs of the country during the period of the war have been taken, ae? eording to an announcement yesterday by the Federal Reaerve Bank of New Vork. Benjamin Strong, governor of tho bank. actmg on instructions re? eeived from the Federal Reserve Board at Washington, has sent a request to lall ?ho financial institutions in this | distriet, including private bankers, that I they refrain from earmarking gold in ! their vaults for th-- aceount of foreign ' countries, except with the approval of I the Reserve Board. Tho reason asa.gned for this action was that. the practice of earmarking gold ia tantamount to the exportation of the metal and in effect defeats ia a eonsiderable degree the purpose of the President's embargo. In order to learn how much gold hai already been < armarked here for foreign aceount the Reserve Bank requests that the amount already thus set aside bc reported. I.aild Payments Permlssible The letter sent to banks by Covernor Strong bearing upon the request of the Federal Reserve Board makes it clear, however. that restrictions placed on either exporting or earmarking gold must in no way affect the payment of ohhgations due in the I'nited Sta'es either to domestic or foreign holalers, exeepting enemy aliens. Tne text ot the latter follow s: In ninnertion with the rejrulation'. eOtrer* Intr the etportAtion <.f .oin. bullion an.l rurr-.r.ry fmm the I'nitetl Srate.s. the ? A dewiri"* that ynu rei|iia>at a!l national baal S. ' atati? banks, trast companies. prftTBtfl baak* | inii f.rnm nr other ti.luriary in-titnti.ri [ likely to have earmarke,i roM Wt fi.reign aavount to aive you a full fcta.ten.int of the irol.l tthlcli ia held in ciii-to.fy by them. m rln-atinij nnder what Btipulatior.s it ?iu rfreive.l, with the aaaauriuice that the infor? mation foraiflhfld will be helil in atrict ron BaieaflB. Pitflafl inforn. th.'r'e i.i-titiitiona that thfl boani reg-ards thfl ??iinirnrMti.i' "f (?Id f..r f.ireiKri individual-.. lirnija. eor* porations or gnwrnmenN iu- beini* tan'.a rimi.rr tn tiie exportation of ifold, and that ifl the puhhc in'ereiit it reqtJBBtl that I 0 Biorfl goW I.e 4iarmark4.<I for for4.i1/n ac .ount except upon the ajiproval of the 1.011 i.i. lt muat lf? un.l.rsl.ajil, howev. r, thal aay raatriettoM arhieh may ha placed .;n n Um ??-I'ortatioii or earmarkinic of i-ol.l m'i?t in ru. way affeer the payment in floM wliaaani reajuircd ef nny obHaationa payable in ajolal within the United S'Ji'cs. tarhethef due ru flofMBttc or foreiafl boMen, . ???j.tirm enemy holden*. ihe rczulationa I BflTeaetiBg only poi4 arhieh ??? ta be ahippeaj . itsMs -f tlie fniff^l StttaM or to t.a. I markasl for foreii/ii BCaCOUBt, as itatad above. Withdrawals Affea t Reserte* It has bei'ii a eomriiun practice for I banking institutions in this city to withdraar gold from the 8ub?Treaaary and deposit it in their own vaults for ?'oieiirri nfou.it. This week fl tr.tr. |ae* tion of this character took place, in arhieh $2,000,000 aai placed in tiie ranlti af 'he Guaranty Trust Company for a South Aintncan coun'ry ln this way that gova-rnment, by not taking thfl gold out nf the Unitfld Statea. could | still use it as a reserve against ts im'e eirculatien. <>>i the other hand, the withdrawal of this go!d from the Sub Treaaury bera preaented it from being ur-ed as part of thfl barrk i.serves. News Digest loreign I 1.1..I...1 Attaits Fresh War Borrow. ing. 'LONDON, Sep'. 27. Money was icareer to-day owing to the demand for Treaenry billa and the withdrawal of iiome American balances. Diaeonnt rates wire t'.rni. Tha itoch market dereloped a pood | tone, bu? baainesi w.s -lack pending i announcement of the aietaiN af fresh i war borrowiag. Argentine rails anal | Braxilian baada continued to .mprove, j and a large bu-iness was done ,n rub j ber, ihipping and copper shaies ot hardenina prices. I'aris Ha.urse. PARIS, Sept. 27. ? Trading was quiet on the Bourae to? day. Three per cent rentes, iSO francs 60 centimes for cash. Kxchange on l.ondon, 27 francs IS centimes. Five per cent loan, 88 francs 25 centimes. New York To F?.tab'ish Credit Institute. Im I provement of the busina'rr-s and credit 1 itandardfl of the country is the objeel of ? movement arhieh, :t aai announcad here ye-iterday, is being undertaken on la nation-wirle -cale by the Xational As? sociation of Credit Men. It is the es tabliahment nf r national institute of , eredit. J. H. Trejfoe. secretarv-freas j urer of the association, said several prominent etlucators would cooperate in tho institute's efforts to help stu? dents in leading universities and col legflfl obtain scientific knowlcdge of credits ar.d business generally. I'r. J. T. Holdsworth, of tho Cniver litjr of Pittsburgh; Pr. ('. W. Gersten herg, of New York Cniversity; pr. K. < Lord, of Boston Fniversity, and Da vial F. Golieb will meet here soon, as members of the advisory hoard, to out? line th.< itena to ba taken. Branches of tha institute will be ereated in educa? tional institutiom in cooperation with *he Taung Men's Christian Association. Principies of businesa. riierchan.lising, BCeaunting, creditl and collpctions, eeo nomiea, banking and curreney, eorpora ? aa Rnnnee, baaiaaea law, h.-mkruptcy and foreign trades are some of th? s'udies arhieh it is planned to have in? cluded in a standard curnculum. Admitted to Federal Reserve System. The st Lawreace Trust Company, of Ofdensburg. X. V.. has been admitted to membership in the Federal Reserrfl lystem. aeearning to an aunouneement a/eaterdaj bl thfl F'ed?ral Reserve Bank o'' N'v. Vork. This trust companv w^s orgaalxad in 1018 and has u capital ar.d -urplus of $12.1,000. Other Cities Rate Increases Suspended. WASH? INGTON, Sept 'IV Increases from '.? to li eantfl per buadrad pounds am patra* leum and its products from Oklahoma oil fields to interstate destinations on the Atchison, Topeka tt Santa Pfl Rail? road which were to have become ef? fective to-morrow were suspended to? day by the Interstate Commerce Com? mission until January 26 naxt, Proposed general increases in rates on grain from points of origin to Fast ern and Middle Western destinations whieh were to have become effective Oetober 1 have been suspende.l until Janury 29. I h<- eommieeien also suspended pro i oaa 1 increasea on grain products in eludiag rlour, from -.hicago to Atlantic porti and intermediate stAtions. BETHLEHEM STEEL NEW PREFERRED An Investment Opportunity EARNING RECORD r.arolnp. p'r .h.r* .re. rrolli Stl lienme or. nam pr.'.rt.A ? fooonorto t.< i ?*jn*>*v> __ -ano-.-'v.! flajoaaaa >?H! iaia t%.;at:,*\ 17.7a .*'?* '':_, !!!_ oi-aia-. smioo-h i?*li 1911 "? *'?.!;_ ...-.-ni i;o7 ittiT *..-,*"o.-n* B.IBB.1W '* S.ernge rarolnx* P" "hiir- . *?? <M Av-r-H- n.,mb-r of time. dlrUI-nil enrne-l .... 11 tlm*. A COMPARISON A.,.". p< r i.-rn'rn ,i ,r,. r,-. mt ikor*>, Vreferrr* f ,m ,,,, p,.,, -. . ^ imtmn'ffmmH w- s*? ;*> ,*>.. F. 9. ?"t"' *"' i_, mo -. ma iii-. '-nlr_l l-utli-r . ***- . |4- js ',?> e 04', \m-rlian Tohnr?'*> fl*> . .?||. ,, n* | ,,% \mer. \ar. (h*-nilial ? -. 2S -,? t?\ |#?|^ ? .-..Irsi * boaural an . ,(_ [| t). n*.i,.( \merlrnn BUgUT l*V .'?? ?? 100 I ?*.*". Ain-rlmn >mrllln** . - We rero-nmrml Bethlehem Bted ?* w preferred *% tn to larp mnrgin of lafety both in aaaetfl and "rnlngfl. Ita raloabk con-,-r,,on privilege, Ita eaeeptlonal Income jrWd and its auiuabbfld efcaaaBa Conpared lo "ther preferred stocks. Eastman, Dillon & Co. Membera New Yorh Stoek Exchange Inveitment B*.nk*>n . ? j New Yorh 71 Broadway _ ?_5 i llllllllllllllllllllllllUIMIIIIIIIIIMIIIIIIilllllllllHI.Illllllllllllilllllllllllllllll Schedule of the New Federal Income Tax \V> have prepared for the conve? nience of investors a tabulat;on showinp at a glance what tax you will have to pay under the new law just passed. A cop-: ti-ul bt mailed frre upon r^uett NA/illiam R.ftmpton fompany Municipal Bonds "Oter a Quarter Century in this Business' 14 Wall Street, New York St. Louii C';ncinn*-; Chi.-aeo Pi*rjb'i-gb Earling Elected Chairman of the St. Paul Board H. E. Byram Assumes Active Duties as President October 1 Direetora of the Chieago, Uilm i st. Paul Railway at a meeting ia th? Xew Vork offices of the compar*. terday fom-.ally elaeted H. t: '* preaident, to lueeeed A. ?'? Earlii | wa.'1 made chairman of tha board. Wr. Byram, whfl VU fur many year- *..." I r< -.lent of the Chieago, Burlington & Quiney, will ent* ,dutiei October 1. "1 am aflfluia ag tha aetiva manage ' meal af ti-..- Bt Paol," he laid after tha meeting, "without knowing much ahout tba aetual eonditioa of th ? propert * laa or' my flral aet*' a ill ba to maki ' impeetioa ti ip, nftar ?? ?? eb i > - ? ? * I ? make recommend itioni | or improvementi thnt may l.e beeded i Im bec'onung president I hope to relieve ! Mr. Earling of the brunt of hii paal dutii - " Mr. Karling laid he felt highly ? honorcl that the St Paul direetora had createrl the position of chairman of the board for him after flfty-two yeara of ion icfl with the road. The company's earninga, hfl ll * had been floriouflly impaired by I tivitiei of the I. w. \v. in tha w. *? fomeatlng labor troubles. Now tha' many of the men are poing back to , work in the mines, however, the com i pany'fl earninga, he declared, will show , material improvement. ln addition to the strikes, Mr. Earling aaid the un | willingness on 'he part of farmers to ship their grain had atTected earnings. Elections Directors of the American Writing Paper Company hava elected J. ?'. Mat* lack viee-preaidoat VY Porbei Morgan, Y., of Morgan, Livermorfl &* Co., has been fllacte ? director of the American Maltir.g Com pany, to succeed Ansel Phelpa, n - tigned. Dividends N'-w Jer.ey /inc. Roculor nvmttttif diw den.l ef ? por ?.?-?it, pojroblc Novoaabef l" t.. itoekholden o* reeord Oetober II. In.piration < ..n.oliduted I opp-r. Q jarter ly dividend e( I- a -har-. priial.le October *.*! to itoekholden of roeord 0 *? Delaware, I.ack_->_nna ". WTootirn Rail? road. Keuular nuarterly dividend tt eent, paw.hle Oetober - I lo itoekbold*ai ef roeord Oetober t l.uk-n*. Sterl. Q***T*tt*f dividend of 1 K per cent en the f-r-i and leeoitd prattfpto itoek, poynble Oefc ber II to stnckho!': reeord Beptember 19 American Malting. Refulni .yiarterly div Idend ut II '?" b Kiare on the fir-t preferred ..'.,. rk, poyeble November l to itoekho n on! Oet.r 17 Moliy Su?ar. Resnlar auarterlr dl of 1 ', \>rr eent oo ti.e preferred ito ? hie Kovember 1 to itoekholden '?:' 0 ? r 15. Americnn Shipbuilding. Reflllor qunrtri dividenda of '? \ l ? - eont on tho preferred und 1 j ner cent on the eommon ' " . . al.le November ! tO toekholden of record (.-*, bor II. \ irrlni.i ( arolina < hrnural. Rogulor qnor t.-rly dividenda ?' |2 1 -r.aro oa t.;* pre ftired ond II ? mtt h ihon '"i the . Preferred dividend il .?? ? ll ? ? 0 ? . itoekl Wen ol reeoi 10 t".f| the eommon November '. to Im of roeord 0 * ??? r Pool* Kn?ineerinc A Maehine. R'-cri'ar quorterli dividend ol >'* per .-<-nt, pojrol ? O.-toi.er 15 t.. itoekholden of record Oeto? ber I l nited Statea Uaaa. U larterly dlvlderd of '. \..r .-ent. paiahle Oetober '. > '." itoek* holder. of record Oetober IB. I'. S. Smrllmc & Krfininr. Ilegu'.ar 0,'iar t*rly dividend of II -' 0 lhan on common itoek, poyoble Oetober l". to itoekhoMc ? roeord Oetober I Bwtfl * ?'o. gotra di- idand of ! poc .-ev. Hanov^r Klra Insurance. QllQlUlly di.t dinfi at iM P'-r eaat, pajroMa urtoboi l. National (look & Suit. I .ua 1 quarterly ', dividend ?f 1 :4 per .-ent on the common ?tork. payable Oetober II to ?tockholdera of record October V National Tool. ? t'stia] quarterly dividenda of | | ?r .-ent on the ,-ornmon ar.d 1 , por cent on ti.e preferred -t.'.-k*.. poyoblo O ?.. ber I. Ir-ln? National Rank. Wuarterlv di.idend of 14 per fent. payable October 1 I Kiflh National Rank. quarterly dividend of j per c.nt. payable October X. .j^X-X**>X~X~W"X'*X'*X4<,**00 Benjamm Franklin ,<,,,? "/.:;?? i/ftrt er pta'UJtad ftaradf hkiaJ." Tax Exemptions ?L. r.dcr the Ne** Vork S:i:e In. tBt Tax I.aw, i:r:a:n cusei or' bonds niay be rr.a,;e tax cxetr.rt tor a period net to excred E?*C yein. To take advar.'agc ol thii aroaaflfli ol the law, ezenptioB ot sfc-rittei ihould be mace bc'ore Tax Day, ( i ? er ist. Tht Freailia Trt t Caatpaat ''iii ? ?? ilh in-ormation regi.-daf, ? - a-x ir.c Ittend te thc ravment ot the tax for i*s t [ients. franklin TRUST CO. PiOaMilaaf iSSS 46 Wi . ItfBflC, Naw Yerk 1A6 Mnntaa; fC STrar', Rr<y* 11 Itta 1 ..I'i.'i Vrrf, P oo? afl <-X-X-X?<'<~X,?>?'X-*'X?-X"X->0** Robinson & Co. U. S. Governrncnt Bonds Investment SecuHbci 26 Exchange PUce New York pjemBon Vtrm lo't Ptotm BflflBflflSal COTTON LETTER .viiail. 'I on fU.jueat Toolc, Henry & Co. \ \-e-r York Stuek Srehoogt ifembe't v#.? j urk CottOm Ki'htnf UB ?BflflHtflBJi s'" !_L Bankers Trust Guaranty Trust Ameriean Thread Pfd. FREDERIC H, HATCH & CO. I'lione nr.ia.l .,110. JO Broad M *?>?" T,rt* . . ? . ; rx.a to ?-' ?? A. 1 I' r-llawrta'pUa. 5l0/ 5af. First MortjHta ZlCr/' jf/0 frrlalfton?_{Jyft 150 ^RQAP-vxy- Pwo?fiCoBTiAir?[ STANDARD wewillbuyO wewuxsnx M B,.^a>. P L. I ? aai... ttttti-* :i .Mlnal.P. L. ? ? Pra-flaO * ? :? llllnal, P. t ;? 8 0 of aj 1 1141 UalfM Taak Llaa ? ? 0. f ? r I ? *? ? ?? "; '? N Ua.oa Taak Llaa <U ? Sama 4 PIMfll CARL H.PFORZHEIMEReaVn* 1-vi.a iti.fli | BftMal. U iVMl 01a ??..%