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The sun. [volume] (New York [N.Y.]) 1916-1920, August 24, 1916, Image 9

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THE SUN, THURSDAY, 'AUGUSTr 24, 1016
BAUBOAD HEWS.
r Return ' railroads so fir for the Ileal
T endad Juns 50 last and InTolrin- n
'SLffi mll of HMIS. or. roughly.
TtJie country'" Intnl. malt th lollowlng
VTS. .mount ol mileage:
revenue I1.52.30.M Inc. 17,
M.int. war and struct.
Xaint MUitinifiil.fi....
Trnporll!"
Tf '
v.i itier .ar(. ...
KM Included In tli above flgurt are th
iurn ol railroads which hsv reported
ro.a li'l ft lf '0' the '
mi the !rt.l" "I their respective expenditure
Si Thrir sross I. I10.007.M1. an In
n( n,wv47. And net after tax
titJCsM, n incrr.ie ol t2.J4.'.4tS.
la ror.,ldrlnt itfllm1nry weekly tgare for
Aiii a it it "ill he "ell lot that lb ooia
f.Vil reports ol ill important road In Au
Lit shord n Increase In rrou tor
mil month wna l." m" t'omoared
aitn AusiH. IMI. '"ii decrease ot 4 It
.,,1, m compared with August, lltl, and a
decrease ol " eompared with Auguat.
in: Mmilar flsuree lor July. ISIS, showed
irreai9 In gross ol one third of 1 mil
Z wmpared with July, 1M. whil for Juno.
tr.L tbers hon s decrease la ctsm or
i thirds of 1! a nil M compiro with
Jim. lH.
tailed State (AU' Dtstfteta).
. 17.M
Inc. ll.s
I7.:oo.im Inc.
4.'.;,t.s70 Inc. 11
7,77,I7 Inc. t
4:0 ;i,;u inc. 11 rt
Aggregate
lOCTMM
to ren
over 1114
parted.
15.1
ll.
!,:23
11.2,
niileago of
reads reportlnr.
fWted for the ttrtod
l0Dd week of August.,
first wsk ol Ausurt,... 4S,:v
retrtk week of J'i'r
nfii wtk of July 4M5S
Month ol July to."'
Mauh ol Juno, llt.tU
la ib following labls or sumetariaea r.
tens of (11 Import mt American MfTim rail;
Mrtconpantes now operating total el
amvexlaiatflr 180.000 miles of road. To
-iiTif) " obtained t ttrtdlnc total
taraiafa bj total mllfMt.
TOTAL OPBRATINO RtVIWtll.
Vif Anrtl. ilmr. Tab. lia.
KB ITtrtr. f 1,307 tl.: H.1M H.1M M '
So OTOT '14. p. C. S4 7 17 I II 4 74.1 11
W. mt 'IS. p. c. It 5 12 141 U. II
lot. orer 'li p. t. S4 0 t7. lit JMI
tniMTlXQ INCOME uR MET ACTS
TAAf.9.
MT. April
XDa OTfrarfi in;
41
Ml
(7
13
Mar. rb. Jan.
KU i:it 131
41,4 17 1
Mt 141
17.1
Ml
l.l
4M.I
n:
Til
H.1
10 4
1 3".
Int. 0fr 'U. P f. 11
he. ore '11. p e. 1W I
toe. OTtT Ml. pc. 44 1
lit. err '11. p. e. it 4
Eaitrrn District.
Atr-at Incroaaa
miUa of in won
roadi reportir orrrllll
ffjrtott tor m Pfnaj. pcriua
awoiid offli ol Au:ul.. 4.411
rtrit vtfft ol Auttuit... Ml
Mojth of Julr !,:
Xexi ot June W.4U
ASTERN SISTBICT ULX AVERAOKI.
TOTAL OPliRATlNO REVENUE.
Mit. Artil. Mar. Fob. Jan.
Mill imii'i. .. i;.370 i.'.im i:.:n t:.oi7 n.oc
toe. onr 'II. p. c. : 1 n.o :7. l.J M
Inc orer '14. P C I .4 50 Hi 2U
lac. (Tfr . p. c. 14 1 14.1 II T 1M ti
In; otrr 'll. p. c S3 : 11.7 II 0 3 J M l
NET AFTER TAXES.
Mar. April. Mar. Fob. Jan.
fTi tin tMn aito am
lor OTPT 'IS. pc 41 1 34 4 1.4 111 I 1U I
Inc. orrr '14. p. c. 177.4 73.1 H4U7I147I
he OTfr '11, p. c. M I 77.1 MO 67 HI,
Inc. orer '17. P. c. 71 1 104. 17.3 K.l M l
Koulbrra Dlatrkt.
Aff rcai'f lncrfaae
mueuenf in (rota
rnad rtj'orurc ocr lilt .
Perlfd (or th iirioJ twtiodJ I
Sfcood ffk ol Attiutt. IUK 111,
rtrrt (Hi ol AUmt ... 17.C34 U.7
founh ot July . .. 17.714 It.
nard wfk ol July .... 17.714 lis 1
omh 01 July n.c;i
.Monlb ol June t'.'lo 17.
I0CT1IERN BISTR1CT MILE AVERAGES:
TOTAL Ol'EKATINO REVENUE.
Mar. April. Mar. Fob. Jan.
1171
ri.i
14.1
l.i
113
Iff
17
1.1
lit
V iTfr:f . tl..j: H7 11.0.'-
lac o,tr '. ! c 17 9 U ! II 5
Ice otfr '14. p c 1S.J 71
Ih ortr p. c. It 2 14 7 I
1l. ortr '1.. p. c 11 1 14 I IS 7
NET AFTER TAXES.
May April. Mar. Fb. Jan.
Vl. atrruff . Iil7 i.li till I7S7 IT7I
Ire ot.- 1 i. c fi 7 r S IJ I M 4 II I
la' oirr li p c Hi 19 4 I:i 70 0 lit
Ir oi.r' J, . c. l'l 7'J 33 4 11.0 27.1
be orer
t M.7
lVralcrn Diatlicl.
AicTfaitf Increaa
iniloaft ill lit iTOaa
ro.iJ.- rrportinc ofr mis
PtoI nr tlif trnJ. period
.in ' it'i u( Atuuki., 1 . I 13.1
Ftnt weri tif Au;tiat...
1 )rtli wi-.lt cf July .
Th.rl ptl: o July
Month of July
lnr.:h if Jut.f.
, M.VIJ
!..' - .'0
4
13
M .'4
lit"
It
Repubuc Motor Truck Col (Inc.)
Iacerporated vadcr Law of New York State
7 Curaulatto Preferrtxl Stock -Par
Vahn el Sluuw $100
DiTideadi payable quantrtfi Jawarf April July October lit
CAPITALIZATION
Preferred Stock....'
Coainxm Stock
I m a aval
Airtboried Zafued
$1,000,000.00 $750,000.00
62,500 ah area, no par ralue
NO BONDED IKDEBTKDNESS
We are in receipt of a letter from Mr. Geo. W. Moore, Treasurer of the Republic Motor
Truck Co. Inc., in which he tummarizes the important features of this issue as follows:
i: The Republic Mthftr Truck Company U the lirgeit excluiive truck manufacturer in the United States.
its product it dtitributed through 407 local agent, 309 of which
Forty-eight State are represented by one' or more agencie.
handle no other truck but Republic.
J: Eitabliihed in July, loit, wjth a paid In capital of $8,000, the company' capital and uiplu (prior to
the aale of thi mue of Preferred Stock) wa 8$,S!o.9S, only ilitSo.joo of which repreiented caih capital
from time to titae contritmted. In addition, dividend of $198,717 hare been paid.
j: Salts of track aiaca the inception of the company, July 1, tot, hare been a follow!
Jttty 1, till, to jMoafy 1, ttU ( Bnoa.) S4 tracks
CaVwidar Ya r. ItU 378
CaleaoW Yaw. 115 1,855 "
Jaatiaty 1, If 10, to July 1, 1916 (0 mos.) 3,780 "
4: Of the 1,8)7 truck old from the beginning of the war, August 1, 1914, to date, only I2 represent war
order bunnei, either directly or indirectly.
5: The entire proceed of thi inue of Preferred Stock, $750,000, toes into the treasury of the company to
care for the development of it rapidly growing bunnei.
6: After the introduction of thi new capital, the company' balance sheet a of June )0, 1916, a certified
v.o., mows tangible aueti ot over 210 and net quick aiseti ol over
m
7: Net ettralngs for tke lical year ending June 30. 1916, were $530,593.6tt or in exeeii of ten times Prefened
Stock dirid4rd rcuiretneDt. Net earning for current fiscal year inoutd be lubitanitially larger. '
8: A linking fund of at leatt 37.500 or J of net earning after Prefened dividend payment (whichever
it the larger amount) ihall be et aside each year beginning with 1018, to be used for the purchase and
redemption at not more than $115 per ihare of the outstanding Preferred Stock.
to by Messrs. Price. Waterbouse &
169 of the issued Preferred Stock
9: No dividend can be paid upon the Common Stock until there ha been accumulated out of earnings
an amount equal to four years' dividends on the Preferred Stock, which amount ii to be maintained.
10: The company ha no bonded indebtedness and none can be created, nor can the Preferred Stock be in
creased beyond the amount already authorized while any Preferred Stock i outitanding, except by con
tent of three-fourthi of outitanding Preferred Stock.
It: T,he Certificate of Incorporation provides that the net quick assets of the Republic Motor Truck Com
pany shall at all time amount to at least one hundred (1009r) per rxnt. of the outitanding Preferred
Stock.
. Brood. Abbott k Morgan. Now York, for tho Bantwrt. and
Tha legality of tb aboro tanio haa ban approrad by Mao
by Mr. Edwin H. Lyon. St. Johns, Michigan, for Mm Corporation.
Price on Application
N
George H. Burr & Company
BANKERS
120 Broadway New York
BT. LOTJtS
BOSTON
OR IO AGO
BAM rilAMCTiaOC
SEATTLE)
RAMTFORB
WESTERN U1STH1CT MILK AVERAGES
TOTAL OrEKATlNtl REVENUE.
Mat-. April. Mar. Frb. Jan.
Mi', imitr,.... !: Is' lv7 4111 S7
te nr i, p, e. 211 S7.7 21 1 II.' ll.n
Ire evr 'It. P. c. 22.1 14 1 14 1 HI t
Ice. oi, r '13. p. c. I". 3 11.4 I 3 3
Ice cur i., pc.:.: hi ;j i lo.s l.'.s
NET AFTER TAXES.
May. April. Mar. Fab. Jan.
MU tmftt :T2 1721 1272 11SI 17i
lie, otr ".. p r. 45.7 (I I 41.4 J! 4
lie eer "t. p c. 4 tyi l lit 7 3
Ire oter ".3. p c. 32 0 33 1 11.7 US 'l.J
' erer '12. p. c. 40 2 33.1 Ml 1 7 till
DeereaM.
rnil'AMi, MILIVAVKKE A HT. rAfl.
Rilruir and bflKra Ulwru Mvwlirlilfr,
8 V , and rclrtc tat, immtM'rlnf 2on, re
"", "" twrean if 21, nnu an hour.
.MM Loir wurkdiiy contliima.
wwrlf mrn crnp: Iowa, baard on avrraro
Jll of vi (,'j ,1 an aero, inmrta from M
utl"n. tritkt;t arfrajo imdllfi'ti 'j".4: l.
l'"l. tat.fl on ari-rajf olrt of To hu.brla, rf
I'Tts fri'm 34 atatlona Indlralo a.traitu rniidl
' "J Mli.iirail, I'll atrragf
"'.4 of 4 bu,litl. icpor'.a from M atatloua
;Mliat auriff rouditlvn M2'. llUl l'u
"ta, Ijavd on arerace )l13 of 40 bunhrla. r.
!l"".'.fi! 30 sttloa Indliato avrriif rondl
IN S 2,
IHICAOO. ROt K Ir-LAND A I'ACIFII'
J"r.t iMttanliatton commlttff of atiak.
I.-H . a lid dtl-utuff tiuiLllmldfra nollnnl
tiak.ra that tlv might aa wall aw.
fi1 wk until railroad labor dlfflcultlfa
irt aJ-jitl cot -nlttf baa Ifrn working for
"rl k, oU ilana uutllnl and aanritonfd
rrr A Co. and lla.lfn, Mon A Co . who
t'T'K'l to uilimrltr now iyi.0on.000 prrferrift
tj inue with rr".l"-t of an I hour day
! 'sr'.' t'avy additional outlar for ir.
'"n haikera thuoiht tuany atockholrtora might
ttw payurat of pioH)aed S4'1 aaafaaniout aud
ftiasiutlnn u'minltu-t w:; ai'i-onllngly wait
I' ft t.t la tiiially dotrnnln-.l In labor con
JC"' hkt addltlonrl coata, It any, to
"4 ril IU ratrlallif.
BOfro.V 4 MAINU-Frra. nuitla, after d.
1". roeftlnjf. ataUd It waa opinion of
Muf?.,"'1 cul,) Int-iPfdleiit to aak for
tli!si!i "."'"'.'."V wd'tor'a petition for
"oil! Olt lu anaMtr.
J.MPh ' ENTnAItniorporatod In N. V.
F nit i.yL'" 0Mn I'r' rallroada In
"'in M oth-r ronntrlia
'.'iI.IIm'.' ,UV" "'fflua of tl,0SI,7,
a. 1 " " ' 6n .)"0-"i' fapltal atiNk
"f o'l' ",,V,fi '" l. I" 1W1. and
H"S. Ini Jit4 n'Mt ',c'r ,hrM
ei11."."5'.' Vll.I.F.V-Rfporla groaa farnlnga
'ul1,,..l.4''" '"C- M3.7.aud net r"r
" ll.VSI.K2, Inc 1153,779.
tl'n2:t?niS,,,a?"rXll,h. "f-etlronfaa of fall
imTnJ , . t " 7 nuintwr of tralna
m iJ.1'!'","',:,."r'' "'' w' tr "it
taraliai1. i:',,"'1 u"l Uvuw ".f
araijiii 1 pidnilc n rlty.
n'l'.Ii"1;i1JIAl!'"iKTT.crA,,,lulrrt Propfrly In
1",. .u' "' 7"n"nidatf l,txt car. and.
lartT? "J'' 'oal nation with ICO torn ra.
Utnf.iiVl1 "IP'1' h0,1M' ai-imnmodata alx
l""'"WtnM Total r..,t al.out 1200,01.
"ViW."3 WTIIIinN-llfpoHa ror :.
tin tt. yp'vl.w urnpiij $10,, liic.
ct at,.;.. 11 ... . I'"'. H'22.'l nulnt. way
lJ'Xn l.W. traii.portatlon 14..
tl.'CtO. '' '"t '"'r Uxn 50'a
'"'-'''.rl ''V Wi:HTI5R.V-Rnorta
'I.V liim'''."'''"! ff" 'inilnga ia..
K7it '"'W t""" J"'? 1. MM.00I. Inc.
l0.;"1,!P,':r,'t.,.T,,l'r 3?T JP0
"w. inc. iVai"! ! " r ,1''
trartlns afaaon ordinarily dora not bagla until
Sept. 1.
t'PKW-LEVK'kC CO.-4'hancra In dirfctoratr
ftilluwltig purchaae of company by Cltla Her
rift Co. were : Henry I.. Itohnrty aoixwled
ti. I). Rlakrly, Frank W. FnifaulT aurcftdcl
II. A. Whllry. and J. C. McUowell aucceedad
(icorgo W, Elklna.
IMS1IKR nOPV CORl'OnATlON-Tfraporary
turtillcatta for prtfrrrrd and remmoa atocK will
be rfail fitr drill fry tin Aog. Si to aettlvrnvtit
of all outataottlnf "whfn. aa and If laaurd"
tttntractr. trattlog In which began yratfrday,
bfu afrtral thouaand aharfs changed hands
at from 2714 to SiH-
KUL8EV WHEI.L CO.-Fllod tfrUficata of
Imvrporatlvn la N. V. with capital atock of
13A').IX, par 1100. ronalatlng of 13,000,000 7
run profrrfd and 110,000,000 common. Company
la l'l lake orer builnua of Kelary Whal Co..
a Jllch. corji-i Kelafy Wntfl Co., Ltd., an On
tario corp.. and Kelwy WTiitil Co.. a Tfnn.
tiirp.. to iwloct bualnraa of manufacturing
b"-l, rluia, bodlft and auto, attfaxitlea.
LACKAWANNA STKKL Ctl.-Currfnt rati,
niatta plaof 3nl nuartrr farnlnga ubora ttnif
of 2nd qnartor, hfn W.!W7,27 waa arallaldf
for dlrldtiiiita. Although Jul) I. mint. a waa
allghtly tmtnr that of June mrrnit arnlng
are aaid to Indlvatf sow high record for Ma
HatX. proapecta Include largf aharf of r.rfiich
Heel ordfra. which aggragate mora than MM
lona. All oMIgatloM la roonfcllon with lha
tallliiE IB of tl.ontl.rm aoU ooUtandlru; Jan.
1 havt ln dlachartad. Fayaonu o; this ac
count an aald to haro baoo oaly obatault In
tl. way of dlTldfnda ao far Una yar. tTure
la talk of a or 7 dlaburafoar nt to follow
Kept, m eating of dlrtctora.
MAU.LIK MOTOR SHiNAL CO.-Xharterfd
In 1 "; .Aa raplUl of IMO.orA Inwrator
Uarwi J. Kllllao, Wm. E. Kllllan and
Qatar E. rerrlgo.
METROPOI.ITAM PBTROLEUM Annoani fd
that rapid progreaa U bftnf inada eonatruotlng
pipe line froin Tamlahna to nfw wlla la llghl
XuVtrict. Llnf will "-Mmlle lonf. "d ad
kfa irtlTfd br company a Y. ofBta) aaj
H will bo roniplftfd In October.
FBNNA. RUBBER CO.-Charttrtd la S. Y.
to deai In rebbtr good, tlrfa. wares, apfctal
tlf. "id nitlfa with capital of ftfo.'
IntwyoVatorsru. A. McLaughlin. ! -l
and U. W. Uupnl.
. .. . ..... . w a., a. n4 far....
Fl'lllTArt uuu a, iu.-j" S ' .. r
car Co . .rently, purcl,. by rit. t ..
im"tffl irf' dafuact a Stolid.. Io..
iorns to dftUt
. Ma-varan a-taaa-atil In V. T.
RAILWAT l,lKCS.'- -a -.
H, lloffrcker, T. J. . d L- M-TowBsoad.
HEAWIARD 8TEKI. A W''u,"r'
N 1. LIITD DU lAlTV n'-nj"" 1
f nfw ut I cd S ytr foW w Aru
Cc5ill0- Sine. Uaulng .utfinwt of h. If year
-.r .hr? .iS& t4wa
5Sw, ...Pd" tV.wiw; or almoat 2-3. p.tei.U
and good will.
U. H. BTEEL-Speeltl ltlei 'Jsaufd by E.at.
Srfflon" wail ' f arn ng " llJUIl.iTl cVmrnoi
mrporat on waa rararaa durlllf
t stan when wiling. w.. IMl.ta.rti
ffrTSt a" nonth?. Analyala of corporrflyn'a
affair trVata of oqulty. aaafta created .Inc.
lhln roinmon . J-"-.-- Vni outliok.
earnings, nm"""""
. . n r u. imlkl a iu. hann.
letters ft jrar, wur-u '" .r.. w
Zmt .uoolooo, "or Mft orer 114.
INDUSTHIA1 NEWS.
ajiX ttmuru .c ,..-1
ws D?omi'.o ""-Kbb'r """'"try wia nfrfrj
'Ion of Thl? "?PFi produc-1
kit iSih5i"iJ! ntomobrie tire, and tuboa.
Itaauati it. -i . J"Tr 111,11 ,,er wrorf.
s iSy ij!Jif,.b"' botn worked 24 hour
1 ttiiai h . . years, and Ita factory fa.
' lacroaaatj annually.
8Si &WiCJH.--lS- sharaa
I nff "'v. stock being offarad by Koppaabagan
ts ta.nPo':' "i.0.' "E" friwratK
Sa a v.0I"llM,. 10 ' bnalaraa of
JTafit A1fta,' uia 1,111 Baattfaetur
ihanii ?,,ld", " surjlcal good.
J$? COlU-'.-Ha'a 44an for
tau v,w ran stat yr, aJttaS. cxmv
jtjblic jmun HEWI.
ALABAMA POWEIl-J.uyJF1.,9', J?.e:
M 5; net VJ.W.JHi-.JS,.,
groaa U,34,W. inc. aw,a., ...
Kit icar? For aU toontho enlad Juno Wop.
i!!,tn nrrnw waa H.XW.OM, compared with
ViT fsn aamo tSrlS of ll. wbft net rT
UJJ Twfs Il":1 ". Ut year.
CIVIC INVESTMENT ,, (S-Hfc"
Holdlii eontpany which Uvt I
trol of Montreal Urtt, Hfat A Fowjr 00. ana
OWaWV IWaBW-B -
ra,ua, w "ii . - .
eMaAt wavrmH romm ut cx)-i
porta July groaa of I3M.S47. Inc. V.,:io. net
after taica. 3t:..3M. Inc. I'JU; auri'l" aftrr
chargfa IS7.0h:, Inc. 45.212. Tttolto itit'iilht
rna 1,51I.:22. Inc. $71,0iS : net after taira
t2.2IS.l4j, Inc. I31ti,4il; surptua after chargoa
$1.M7,S74: Inc. 1S,2M.
INTEIISTATB EI.F.CTRIC-firoaa for all
montha ended June 3i) 2t"2,13. luc. 13.1.29): net
1114.777, Inc. 117.731. Twelva montha cnta
rW4.t3. lac. l,022, lift 1241.240, luc. 1.1. ill
NEW KNH1.A.NU TEL. A TEL. Total oper
ating reieniie for June amounted to ll.7.Vi.ii24,
agalnit I1.M2.M for July, 1S1I: net opratiiig
rffenoa waa tU7,780, compared with IIM.ftyT.
For alx montha ended June 30 oifrattiiK rev.
anur waa 110,113,111. compared with 9.0.V,,133 In
aamo prrlotl In 131S. with not operatlns ret.
enue of ll.oiJATO, agalnat I2.M2.3SS lait .tear,
OHIO CITIES r.AS-Eatlinatfa place annual
earnlngi. at rate of approilmatfly soc on com
mou atock.
I'llII.Uinl.l'lllA I'tt-Jnly troa f2.Si3.lM,
In.- 123.17i: net fS'X.77S. Inc. lau.r"! Kotir
montha groaa 13.427,22!, Inc. ll,U2,2t, net ft,
094.SS4. inc. 1417.411.
PQIlt.lC HKHVIIT CORP. OF N J -July
zro liualnraa Incrraard f.lSl.lVn, or 12 IV.
wlillf aurpliu arallaWe for dlrliteoda Incrraaed
f,172. Tor actcii montha euttrtt July .11 In
cmaar In Kroaa tmalnfaa waa 12.771,037, or
I7.2S. Sjrplua atallablv for dlrtdfnda after
Hifd chargfa, Ac, waa S2.572.US. Inrrfaaf of
70).XI.
WIM'ONSIN EPISON CO Earned balanca
after Interval cliargo. taira and other
peuMa for twrlfe montha endod Jnly 31 final
to 11 : a share on atock. Operating retmuf
for titflae i"ntlia it,:l,t. lniTf)e of
orer precedlug .mar tt f3.2).s4. calu of
14 5e. operating rtfenufa for July SlS.tS7.
Increaaa of Zt.n, and net f:U.S-'l. gain of
.7i,
MINING HEWS.
B05TON A MONTANA TJEVEI.OP.MKNT
CO-Rfporta from Elkhurn prnperllea atalf
Trin III uptr wurklnga 1 to 20 lfl wide
opened for rtlatanot of too feet. On limiting
wall aide la about S feet of orr. wlili.li ei"!cr.
tlitfiident tblnka will average 173 Ion. Keti.
mated that If continuous lo lower tunnel levrl
this nrf fhnuld net mmpany SS.txio.wio or J..
OOO.WO, Foundallona for bolat and cojnprreaor
complete, and machinery la being placed to
alnk shaft at thla point to meet upraise from
lower tunnel
BIO LEDGE COPPER Big Ledge Copper
enld on curb at 14 a aharc, tilghe.t piite of
current upward niturttnent and wltlilu 'i nf
beat prlco on retorii, reached In loll. Streugtli
due atatement by a large atorkhMdrr that If
fore July I. IS17. ahartn will be Hated In Jtcw
York block Exchange and company will pay
dividend!.
COLUMBIA MINES CO. Common atock,
TSO.Otfl ahares, par II, Haled In N Y curb mar
ket. GRANITE GOLD MINING! CO.-Reporla
Juno ore production greater than t.ono tons,
and July output said to exceed that of June.
Tlile material waa uken from Upper Granite,
Monument, Dillon. Dead lino and Coin prop
rrttea around 1,400 foot lerel.
LAKE COPPER CO -Monthly production,
which experta aay ahnuld be about IMO.noO
pounde, reported running aa low aa ton.ow.
rVardty of labor aaalguetl aa solo reaaon.
MAMMOTH CHANNEL GOLD MINES OF
CALIFORNIA. INC.-lneorporated in Dela
ware with capital of fJ.000,000 to engage In
general mining buaineea Incorporators:
Charlee K. Barneveld, H. B. Hayden and Harry
A. Larae n.
MISCELLANEOUS NEWS.
EXrORTfl A IMPDRTS Merchandlae ex
ported through the New York l'nlom llnuae
yeatcrday was rained at HV.ffUK. milking
tW.005,115 an tar thla week. lmiorla were
ralutd at 3.103,0M. making llt.7..TJS ao far
thla week, Eitrta from New ork je-terday
Included i Wheal. 14I.M5 bu. : coru, 1,M bu. ;
oats, 3.IM bu. : barley. M.StKi lm. ; lieana. 4t
bn. : Dear. I3.CI! thla.; flour, 2.1M aarka; corn,
nical 3,023 blila. : fed. 1,240 Ilia.; oatmeal. 775
okga.: bran, (.720 lha.: alcohol, 1.130 bh!. :
cottnnaeed meal, , lha. i nil cakf, llS.oM
Iba. : pork. 104 nMa. i beef, 377 bbla. i rf f, 26
It. : Vacona. tCO.W lha. ; hamj, 24,537 lha. :
lard, X2I.231 Iba. ; tallow, 44.400 11)1. : linttrr,
S7.on lha. : cbeaae, M.OM Iba. t cottonared oil,
174,404 Iba. : lubricating oil, M7.T47 gals.
FRENCH CREDIT Brown Btoa. A re
ported to hare arranged for new Ijs.OOO.noo
credit to facilitate exportation of American
merchandise to France. Credit Is tor 1 jr..
la lo be aTBltrd ol by M-day light' draft,
la eecurad by .collateral held In N. Y. .and
paymeut In gold at maturity la ruarantaed by
Bank of France.
GAHTON, WILLIAMS WIOMORE-Re-ported
to hare racatrad another order for
motor (rack for .Allla worth ll.0M.000, In
aacriiloo to 117. aOO.ooo order announced last
0. . Dl CHADENXDXS CO.-RaT
u
I
aa
l
MONITOR SILVER,
LEAD & ZINC
MINING
suid
MILLING CO.
The atock of thla Compan;
dealt in by ua.
i
Bsfl
I
$250,000,000
United Kingdom of Great Britain and Ireland
Dated September 1, 1918
TWO-YEAR 6 SECURED LOAN
GOLD NOTES
DIRECT OBLIGATIONS OF THE GOVERNMENT
Interett pagmble March 1 and September 1
Due September 1, 1918
Principal and interest payable in United States fold coin, at the office of J. P. Morgan & Co., without
deduction for oijf British taxes, present or future
Coupon Not of lljm, $5,000 and $10,000
Redeemable at the option of the Government, in whole or in part, on thirty (30) days notice, as follows:
At Ml eTfiif meertud Merest on mnw date prtor to September 1, ltlT.
At 100M end meerued Interest on September 1, 1917, and on una date thereafter prtor to mmturttu.
To be secured by pledge with The Farmers Loan & Trust Company, of New York City, under a pledge agreement
executed by the Government, of securities approved by J. P. Morgan & Co., of an aggregate value of at least $300,
000,000, calculated on the basis of prevailing market prices, sterling securities being valued in dollars at the prevailing
rafe of exchange, vis.:
Value.
Stocks, frond and or other securities of corporations organized In the United States $109JtHJ0H
Bonds and or other obligations ot tha Government of tha Dominion of Canada, either as
maker or guarantor, and stocks, bonds and I or other securities of the Canadian Pacltle
Railway Company lHmjOH
Bands and or other obligations at the several following Governments, either as maker or
sTuaranfor, ptz.. of Argentina, Chile, Norway, Sweden, Denmark, Swttserkmd and or
Molland lJtH.
Pending tho arrival and deposit of securities as above, the Government is to deposit temporarily with the Trust
Company at the time of issue of the notes, either approved New York Stock Exchange collateral of aggregate value equal
to that of the then undelivered xecurities and or cash equal to five-sixths of such value. All such temporary collateral is
to be exchanged from time to Hint in the same relative proportions upon the deposit of the above mentioned securities.
If the pledged securities depreciate in value because of change in market price or in rate of exchange, the Gov
ernment it to deposit additional securities with the Trust Company, to the end that the aggregate value of the pledged
securities shall equal at least 120 of the principal amount of the notes at the time unpaid and not secured by
deposited cash.
The Government is to reserve the right from time to time to sell for cash any of the pledged securities, in which
event the proceeds of sale are to be received by the Trust Company and applied to the retirement of notes by pur
chase, if obtainable at prices not exceeding the then redemption price, and otherwise by redemption by lot at the
redemption price.
The Government is to reserve the right also to make substitutions of securities, but such substitutions are not
to vary the relative amounts in value of the above-indicated three several groups of securitiet at the time held by the
Trust Company.
Valuations of securities are to be approved by J. P. Morgan & Co.
.This offering it made subject to verification of the list of collateral, and to the approval of the necessary detail
by Counsel.
WE OFFER THE ABOVE NOTES FOR SUBSCRIPTION AT 99 AND INTEREST,
YIELDING SLIGHTLY OVER 5yZ PER CENT.
- Subscription books will be opened at the office of J. P. Morgan & Co., at 10 o'clock, A. M.,
Aufust 23, 1918, and will be closed at 10 o'clock, A. M August 28, 1918,
or earlier, in their discretion.
THE RIGHT IS RESERVED TO REJECT ANY AND ALL APPLICATIONS, AND ALSO, IN ANY EVENT, TO
AWARD A SMALLER AMOUNT THAN APPLIED FOR.
AMOUNTS DUE ON 'ALLOTMENTS WILL BE PAYABLE AT THE OFFICE OF J. P. MORGAN & CO., IS
NEW YORK FUNDS, TO THEIR ORDER, AND THE DATE OF PAYMENT WILL BE
GIVEN IN THE NOTICES OF ALLOTMENT.
Temporary certificates will be delivered pending the engraving of the definitive notes.
FIRST NATIONAL BANK
, New York City
WM. A. READ & CO.
KIDDER, PEABODY & CO.
J. P. MORGAN & CO.
HARRIS, FORBES & CO.
LEE, HIGGINSON & CO.
NATIONAL CITY BANK
New York City
BROWN BROTHERS & CO.
J. & W. SELIGMAN & CO.
GUARANTY TRUST COMPANY, New York City
BANKERS TRUST COMPANY FARMERS LOAN & TRUST COMPANY
New York Ctty New York City
CENTRAL TRUST COMPANY OF ILLINOIS UNION TRUST COMPANY
Chicago Pittsburgh
t New York, August !!, 191$.
! Investment Questions and Answers
I
Fanning, Buck & Co.
Plinne. Rector r7 V.h..t PI
! J
Thl column appeari each Monday. Thursday and Saturday.
Readers may ank aa many questions as they like about Investment eubjects,
but please do not ask about a half doirti companies in one letter, aa It udds
unnecessarily to the clerical work of this office. Do not send money. This service
A trt'C Re euff to Stive your aaarenr wen tut yuur nume. i,rt;uetj mvm iiii)uih
are answered by mall. All correspondence is held as confidential.
Addrcks all communications to Financial Editor. Tub Sun, 50 Broad etreet.
opened offleea at M Broadway to conduct
t l'ial brokrmse bu'lneai In unlnted ac.
curitlee.
IRON A STEEL TRADE The Iron Act
say a!
'Pig lion rather than steel haa been the
r.iarhet leider ill tb week. The spectacular
oldera for rhfll aud other war rteel, uilh
deliveries running alx to ten montlit ahead,
having been put on produiera' book. Inter
et In the ateel trale centrca on Hie balamtt'g
n supply dtut ilrmaii! In the domeatlc marltei
for Ihi Orel half of 1317 Yel It la evident
that tbe Alliea want much more nctd Irnm
the United Matea Proditcera ham t.t
aolicited again In the paat week. In rlras
net It Mere, tn aay what ruundi or rounded
blllela they could furniah, with what Urlu
enea and at what pncee Many mdera mm
on the booka of lentluv eteol rompauiea
'."L xul' ear delivery muat gn um to
1317.- The recent Inoreaae In domeMn; buv
tug for the first half of 1917 ettll leac tlic
total much short of what aome steel matter
had expected. But at preaent high price
ctineunicrs are tautlnu,, in apite of warniin-H
that they may oreratay."
The Iron TriMe Rtritw aara: "Pig li,,n
now I sharing- more Iteely In the treinundnua
demand for iron and ateel product!, mil
throughout Hie country there Is a crowm.
niovemeiit among cnnaiimera to place their
ordera for delivery up to July of next ear
Slceltnaking aradoa nf iron are atiffenlng in
price; advances of Hoc. a ton have been paid
in aome di'tricle, but foil nil y niiliil i, nunc
lugtlih Utile can be ad led nr ilitruiiod
from prerlout atateniente with regard to Hie
demand upon the mllla for Heel pi-nluct
which coiititiuea nf auch eupeilatlve propor
tiona that snlra rxeciitivea are haul dmrn
aa to how to dletrllntto their output anion
their customrra to that all may he rc.irun
ably aerved,
MOItltlS lLAN CO.-Nntlee filed fit Alb.'inj
nt Inc. in capital atock from W,v00 In II,
0"0,in.
SMITH A TERRY TRANSPORTATION'
CO.- N, Y Curb haa Hated rnnipany'a "S.oni
inmnion hnrea and tt.ooo preferred allure,
liiith df tW parity,
SUGAR STOCKS'.
Hid. Aalc
Cardfiiaa American , :'i) in
l'B..tMtia American el T.l im
Central Agulrra is:. i'in
r,iiM.y i--i -
Fctlcrul Mi lit 70
Federal Pf V, hk
flnantanamo til ai
Juntos 17) I'll
loiaa isn t.vi
Manstl tri n;
Manatl pi S3 7
Mat ansa American 20 40
M.umt American nf 70 Ul
National M n
New Mqtirro 170 I'm
Baula Cecilia 7 II
Santa Cecilia pf r.
Yabuooa Ill let
For etigar stocks not Hated In (hi tablr
see stack lists of sals.
Yotk city.
timers) Eleclrle Co.
K. Loganiporl. N. V V III you klnd'v
.el- ni- through your ineiu-ry "
tllllltll. HI 01'" T .... I. L. Bin
nil
thi-
llnitilc Conipany
tear and hUo -tn
think lfl orde-a
tlcnti'iil Klectrlc
.lap.meae Goternment rcrntly paid off
block of Ita bonda, and If ao what waa thf
amount. Aic 7
Within the last month" the Japanese
llovcrnment biniBht and cancelled 2ou,
000 4tj per cent sterling bontls of the
first series and f2.-i0.000 4 4 per cent,
sterling bonds of the second series.
during the lant
enlmate of what
111 amount to?
Company received
Hitlers in the net nve years as miiowe.
l'.ir. ii:'.'j.oC..c9i: m, iJ.748.t,si ;
I'illl fUl.Sli'.M:; 1312. $in-'."34.7SSi
15.ll. fr...S51.'J"5. Ortlern In 1916. It Is
.Mlnmted. will reach a totnl of 1170.
iiOO.ooo, linenl partly on unofllclal flKtires
hihI pnrtly on onleia already billed.
I', S. Steel,
r Antiury Park What waa the largest
tu'rnoter of I Is t-t"l lomtimu In a ) ear
.Into the formation of the company and
what waa the prlre range In that year?
Tho -:rtulet tmmlier of nharrs of
fnltt'tl Stntes Steel Corporation common
etocli dealt In In any one year In the
Now York Stock Kxchanpe wan 39,413,-
tt it, inn Tho hlah nrk-e In that vrar
""" '". . y -a it,, t... I Ptnlea controlled uy catumet ttecia ai
:is 91. reached January 3. and the low -,. of ATK ur-teat pmducera
price mis bl'a, reacnen juiy -. .Mlulmt tonitmnlcs controlled by Cain.
I met A llocla MlnlnR Cnmpiiny are lite
fnllon IriK : Ahmeek, Alloue, Otlumet-
Heels, 4'oiilcnnlal, C'llfT, Urallnt, Isle
Mttaburg, Shawmut A Northern.
T M., Nfrt ltnclif lie Can loll tell nie
when the Interest on Ilia I'ltteburg. Shaw
niut A Northern Orel mortgage 4a
orlgtnnlly defaulted? How tnanv of the.e
bonda are pledictd under the 1'lttshurg A
iShatinut Orel r.s
Intereeit on the ritlfburfr, Shawmut
A Northern Hist mortaiine ts was de
fatillcd AttKUSt 1. 190.1. Of the 114.191..
nn outsitnilliur, St1.9S3.ono ate pledKcd
iin-icr the Pltlsliura; A Shaw mill
Hist Ks.
Calumet A llerla Mining ( n.
S. I. M . Illucbainton What are the coin
ptnles controlled by Calumet A llecla and
Monitor Silver, Lead & Zinc
Mining and Milling Company
Afain calling attention to thl atock, we quote from a wire re
ceived by the Company from it Engineer in charge of the newly
acquired properties at Kingston, N. M., in which he aummarixea as
follows!
"Immense ore body here and whole section well mineralized."
The Monitor holding now embrace an area of over one thousand
acre of mining claims the major part extensively developed
These statements have been confirmed by Officers of 'the Com
pany and Prof. Rtcketta of Messrs. Rickett & Co., Consulting En
gineers of the Monitor.
We invite your orders in this security
H. G. Einstein & Co.
Phone 4515 Broad
25 Broad St., New York
Union rarlfli'-Canadlan PJtlflr.
n i; h Which nf the two teina.
older which ba-1 thi gfVater ' T.iiiesge and "o'..le, t.a Halle, l.aurluni. Oat-cola Con
which haa the gre.itcr capltallwatloii, .tucks . sollilittfd, Senovu. Hunerliir Tamarack
itnil bond together? I anil White Pine, Of tlieae the, three
l'nlun J'aclflc Itallroail Company was latg-pat aro r.iliimct-Hecla, Alimcrk ami
liii-tirpurnleil In 1S97 as succesMir under
it-irKanlxallon to the Union I'acitlo Ilall-v.-ny
cvimpany. which was formed by
critiHOlliliitlpn of the Villon racltlc Itall-ri-iiil
ninl the Khiimiih r.u'lllo and the
Penvpr Pai'lfli In 1SR0, The oilsln.il
Union t'nt'lllo In thl-t cnni-ollilatliin waa
iliattciril by tut of 4-oiiBrcm July 1.
ISO'.', t'anadlitn rac.llli- bh Incorpor
ated I'Vliruary 18. IlKI. The ftveraiie
inllcaKe operated by Vnlnn l'aclfla In the
JltKi lineal year wan 7,784, !9 and that of
the t'aiiitrtlan fscllk', In the same year.
11,917. The b)Ul capitalization of
Union l'acltlc an of June 30, I91fi, waa
jiii;r,,sri8,Hu5 and of Canadian I'.-icltlc, an
nf the same date, JS7o,365,988.
Indian
It. I,., Aiihiirn I hnve been reading an
article on Indian llnaiice, and one of the
trriua I fall to underatand, What ll a lie
In United Htates money7
A lac la 100,000 rupees, and aa a rupee
It worth at the par of exchange a shade
more than 32.14 cents, a lan In the
equivalent of approximately J3J.411.
JaMaee Itonde.
B., New Toik la It true
that
li.treoU CoiiKollilHlcd. In addition, the
t'alutnet S. Ilccla Mlnlnit I'miiiuny coti
IroW the Citlumct Traiieportallun Cnin
pany. Ktietnn Wharf 4a.
A, C. P., Philadelphia Will ou Mndlj
give me some Infnrnullon about the rto.ton
Wlurf Company 4 per c.nt. bonds, pMrtlcti
lurly aa to the earnings applicable tn In
terest on these bonda? When was tha com
pany formed?
Bobton Wharf Company first mort
gage 4 per cent, boudH, of which there
are outstanding 12,100,000 of an author
ized lsHite of $5, 000,000, are a dltoot
utilisation of the company and are re
cured on real estate located In the Im.tl.
noes section of Ronton. A provision nf
the Indenture Is to the erfect that the
mortSTHeje lie limited to ail amount eciual
to 50 per rent, of the amiesned valua
tion of all the company's loal estate.
Heal estate of the company ronnlsla of
ifllce and other bulldlnou, warehouses,
wharves and other property, Net earn
ings of the company In 1915 applicable
to Interett were almost alx and one-half
times the amount of the Intercut, olid In
1914, almost given time; In 1U,
GIRARD TRUST CO.
PHILADELPHIA
I'll iKrERF.lt ISM
Capital and Surplis, $ 1 0,000,000
K. II. MORRIS. 1'roalileiil
W. N. ELY, Vlce-Prcwldent
A. A. JACKMIN. Vlee-Prealdent
K, ft. PAtlK. VlcPmaldent
ll. II. S I'IIAHT 3rd. Treasurer
8. W MtililllS, Secretary
more than eleven times; In ISIS, prartl-
cully hlxtcrn tlinea. ami In 1911, more
than nineteen limes, The bonda aro
lt'doeniubln ut 10.' and lutriest on any
Intrtest dale, tut three months' notice.
They are tax exempt In MaM-actui..ntts.
The company was otKaulzrd In IS ltd.
Note as Filed Charge.
A It . Hionklt n Are one ear note of 4
rnrpflr-itlon ti b regarded aa part of ib
funded debt nf that corporation?
In one sense, one year nntre of 'a
Zinc Concentrating
A i-urlty with tit rieit-it poal
t'lilitrs HiHt un )i tecur.M At
itioxt dttiii in rlt v .V cotitp4n
Ili.it bAiiMltfei I'V litv.r line prlff-j
ftihl th rturn nt normal t'trnllUin
irr.rj for Cfpv of yprrmt Uttf
C. R. BERGMANN & CO.
Investment Securities
6G BROADWAY, NEW YORK
Ttltphnnts: Rt;!or b!60-l..-i
corporation are piopct- eonsldered In
the liiirded debt of 4 rnipnriitjiiii, slnctt
they full wlllilu Iho elihcie nf Hll other
IIncjI ch.trscH or tUiliR'tlloiiH th.it that
cmiii'ir.illon hm to unci wl'liln .1 fy r
n. licit niche iimntli, Hul In practice,
aud for orillnary putpoees, only duo
paper, which h.ta a limner mttutlty thin
a car. la totiaMcrctl pari of tlir ftimteil
debt of a ttiiporutluii, one ciir tinlea
being considered ua partHltim; tnrne uf
the nature nf n flnatlnr, debt,

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