The Wall Street Journal from New York, New York • Page 5

Municipal Bonds toned by dtles, counties, eta, of Wew York 8tate ere exempt front mU OortraacBl ul Stats Taxes, (U- oep Inheritance Tax.) Send for Ust Farson, Son Co. IbDbtn New Trk Steak Bukun Missouri Pacific llE have issued a spedal circular on the Common Stock of the Missouri Pacific Railroad Company, which we ihall be glad to send upon request. KnaiiilrNact)ot Mtmbtrt Norn York Stock Exchange 130 Broadway New York City 4' STANDARD OIL STOCKS Bought Sold Quoted Kerr Co, I Wall St, N. T. Phones 6780 Rector This Is What We Do: Exxuniite and report on ovary type) of industrial enterprise, ftom eoerjr point of via) management, opmm-don, tola, finance.

The reports rmAft contain the facta on which our clients can base their do-daiogn as torhsthercrnotaoxnake loan, whether or not to stake luresluients, whether woaot'to underwrite securities. Banks, trust ompaniea, private) Lanilug houses and indWidnal capitalists employ na for these andother-jKupoaea. Finance nd Trading Corporation 48 Eubanas HewTeA Labor Situation Aa a partial fattfto the trend of security prices, write tar onr Forecaster of Angnst 38th. It shows la chert form those Industries whlah Bswe toersesed or dacroaeed hrix labor forces sines mbo, Wa believe thta ai exoeOenft toOcaOon ef tha fate prices ef tha seumtoes of tba Industries -1 at il CSXZXBQ. Brookraire Economic Service "More oa a gtaOttkal au ooarapBTDto oimi raw tokk Buffalo Market NiasanuFolls Western N.

Y. Securities O'Brian, Potter Co. Maria National Bank Building Pi-feats Wirt through Whits, Weld Co. (HiddcnXjoniLCo. KaaAera HawXrkSwVTwrlianfta ftmatx joeoMBBitit otanasn BOTOX UHCAJCX STANDARD WE WILL BUT qWK "WILL SELL 25 Gal.

Big. Cora, a 20 Ohio Oil 26 Illinois P. Lu 8outh.nl P. 2ft Pralrl. P.

86 So. Penn Oil 28 Solar Reflnlnc la. a O. of N. J.

CARL H.PFORZHEIM ER me. at av. a. Beads for lnvestae.it Harris, Forbes Co NEW YORK BARKERS Established 1887 fhlladalpMa, Kmm York aad Cfclaaaj. G5 MiiladelpgTa "Ba THE WALL- STREET JOURNAL.

BOND MARKET NEW YORK, THURSDAY MORNING, AUGUST 16, 1917. PAGE FIVE ST. LOUIS-SAN FRANCISCO BONDS THOUGH ACTIVE AM) STRONG GIVE UNUSUAL YIELD Income Mortgage 6t Advance 9 Point From Ixno YearInterest Due October 1 Earnings of -pony Sufficient to Pay Interest On Bond of mud DMaend On Preferred St Louis-San Francisco issue nave been noticeably active and strong recently, particularly the Income mortgage 6a, eerie 1960, which advanced Tuesday to 62 compared with a low for the year of 46. I While the bonds of this company show a considerable advance 'over the low of the year, they are still selling: at price which bring; a larger return than those of any of other railroads recently reorganized. The income mortgage 6s at the present time, assuming that full interest will be paid on October 1, return approximately 11.09.

They are secured by a mortgage on all the property of tha company subject to $167,919,618 prior liens. Interest is payable, annually, October 1 at the office of the trustee, New York, out of available net" income for the fiscal year ending June SO next preceding such interest date. For six months ended December 81, 1916, after allowing for interest on the income bonds amounting to 1,056,760, and for 6 dividends on the preferred stock, there was a balance of $1,998,893 available for common stock, equivalent to $3.07 per share. Operating income for six months ended June 80, 1917, amounted 'to compared with $6,767,861 for the same period of 1916, an increase of $1,041,986. It now appears that the reorganise of this company scaled down the fixed charger of the old company sufficient to insure income to meet bond interest on the' new securities, including the income 6s, and the earnings of the new company are far above the estimates made at the time the company was reorganized.

Following table shows amount of each issue of bonds, exclusive of subsidiary issues, market price August 13, and the income yield on that price: St. LouisSan Francisco Railway i Price Amount Aug. 13 $73,817,000 Prior lien Series A 4s, 1950.. 61tt 23,848,650 Prior lien Series 6s, 1950.. 79 27,818,250 Cum.

adjust. Series A 6s, 1955 66 Vt Income mort. Series A 6s, 1960 52 i 8,681,000 General 6s, 1931 "Ill 6308,000 General Ds, 1931 100 Yield 7.05 6.58 9.33 11.09 4.63 6.00 $160,273,300 'Last sale. tlnterest not yet paid. n.

D. BOXD SETTLEMENT Agreement Reached By Baltimore Ohio and b'on-A-tenting H. A D. Bondholdcrt An agreement has been reached between the Baltimore Ohio and representatives of the non-assenting holders of Cincinnati, Hamilton Dayton general niurlKMge bonds of 1989. All of the 817,629,000 issue of these bonds except less than 82,000,000 face value were purchased by the B.

O. at 70 and interest Aj unofficially reported, the terms obtained for the onstanding minority allow the holder of each 81,000 bond to receive either $1,000 in B. Toledo Division 4 bonds pins $140 in ca3h, or $800 in Toledo Division bonds and $280 in cash. The BtltJmore ft Ohio, however, has the option of paying $840 per bond in cash. Non-assenting holders of the old a D.

generals took the position that the B. offer of 70 and Interest was not a reasonable substitute for the B. previous agreement to buy the bonds at 85, or at it3 own option give H. 4 D. 4 bond guaranteed by the B.

ft O. in exchange. This previous agreement was made in 1909, when the B. ft 0. took over the operation and control of the H.

ft. D. Iselin ft Co. were active in securing the better terms now offered. BOKD AVERAGES Average price of ten highest grade railroad, ten second grade railroad, ten public utility and ten industrial bonds, with changes from daily previous, month ago and year ago: Chnnge From Wed.

Tues. Mo. Ago Y'rAgi" lOhighert grade 8X41 10 second grade rail. .81.85 10 public utility bands. .90.01 10 industrial bonds fP Combined average .89.89 Jtl .04 0 US iJ7 i.35 i.01 1 US 3.80 a jet BOND NOTES Spokane, Wash.

Southern Montana Railroad filed mortgage with the county clerk securing $500,000 bond issue for construction purposes. Mortgage Is in favor of South Trust Co. of Boston. Worcester, has sold $250,000 temporary notes, dated August 16, and maturing November 7, 1917, to Bond ft Goodwin at 4.04 discount, plus $1.75. OOrPER MARKET DULL AND PRICES LOWER Prospect of Provisional Agreement On Price for Government Metul 1 Not Satisfactory to Trade Quotations Off One Cent The copper market continues dull and featureless.

Sales are light, and limited for the most part to future deliveries. Quotations are off a cent, but without perceptible effect in overcoming the seemingly habitual apathy of purchasers. Producers and smaller dealers express concern re garding the possible announcement of an only tentative price to be paid for Government copper, postponing final adjustment until a subsequent date. Almost any price, at all. reasonable, if definite and final, would be preferable from their standpoint.

Spot copper is offered nominally at Z7 to Z7tf cents. Third quarter can be had for at 26 to 25 tt, and last quarter at from 24 to 25 ft cents a pound. SUGAR CARRYING PROBLEM Refiners Offer a Compromise for Plan to Load Cars to Their Capacity In union with the other Interests of the eountrv deal. ing in movable products, sugar refiners are grappling with the transportation problem. One solution suggested, and said to be favored in Washington, is the running of all freight cars loaded to capacity.

In the case of sugar this would mean in some cases about 100,000 pounds. Susrar men say this would entail great hardships on some ship pers, ana a compromise proposition tias been offered with the following provisions: Barrels and mixed cars to hold not less than 60,000 pounds, straight cars, containing bags not less than pounds. It is realized that this is the minimum likely to be acceptable to the regulating authori ties, and customers have been warned to take this factor into consideration, when planning purchases. Elk Baeln Petroleum Elk Basin Petroleum Co, has brought In a new well in the Elk Basin field in Wyoming. The well comnares favorably in sise with those recently completed in that state, according to airiosa.

lm of is SS i in was that 1 of troit ing could four of it from a being June. pany tba sharp ADVANCE IN OIL PRICES DUE TO GROWING SCARCITY CRUDE CONSUMED IN THIS COUNTRY AT RATE OF 886,000,000 BARRELS A YEAR' AND OUTPUT 800,000,000 BARRELS Prairit OH A Oat Pitt of to Cents a Kami, Largest Single Jnereate JUoent Advane of Pennsylvania Alto a Record Little Headway In Development of A'ew Field The Pricr Comparitont Independence, Kan. Prairie Oil Gas Co. has advanced the price of midcontinent crude to $1.90, tha highest price ever known here. An advance of 20 cents a barrel to $1.90 In the price midcontinent crude by tha Prairie Oil A Gaa Co.

in the largest single increase ever made there, and indicates pronounced strength in the crudo oil market. This advance follows one of 15 cents a barrel to $8.25 in the price of Pennsylvania crude a few days ago. The rise in Pennsylvania waa a record one, also. Growing scarcity of light grade oil supplies and greatly increased cost of production are the reasons for the advance. Crude oil is being consumed by this country at the rate of 835,000,000 barrels a year, whereas production only 800,000,000 barrels.

Little headway is being made in the matter of developing new high grade oil fields, except in Wyoming and Kentucky, with the first named state holding oat the most promise. The following table shows the present price per bsr-rel at the well, last year's high, the' low price prevailing before the 1915 upward movement started, and high price of 1913, in the various grades of crude oil: Present Grade Price Pennsylvania $3.25 Mercer, black 2.23 Corning, 0 2.50 North Lima, 1.88 Ilymouth, 0 1.83 South Lima, 1.88 WooBter, 0 2.18 Cabell, W. V. 2.87 Somerset, Ky 2.30 Ragland, Ky. 1.10 Indiana 1.78 Princeton, Ind 1.92 Illinois 1.92 Kansas-Oklahoma 1.90 Healdton, Okla.

1.10 Caddo, heavy 1.00 Caddo, La, light 1.90 Corslcana, heavy. 1.00 Corsicana, 1.70 Electra, Texas 1.70 Henrietta, Texas 1.70 Canadian 2.28 1916 1915 1913 High Low High $2.85 $1.85 $2.50 2.30 .97 2.00 2.25 .83 2.00 1.73 .85 1.40 1.68 .43 1.73 .88 1.44 2.00 1.10 1.01 2.22 .97 2.07 2.05 .80 1.35 .95 .63 .70 1.58 .78 1.44 1.82 .84 1.45 3.82 .84 1.45 1.55 .40 1.05 .80 .30 1.05 .90 .85 .75 155 .60 1.05 1.55 .45 1.05 1.55 .45 1.05 1.55 .45 105 1.55 .45 1.05 2.13 1.28 1.80 California: Valley: 14 to and including 17.9 gravity, cenU a barrel, 18 to and iiicluJ.cg 1S.S gravity, 99 cents. For each increase in gravity above 18, one cent a barrel increase is made. Southern: 16 and including 17.9 gravity, 98 cents, 18 and including 18.9 gravity, 99 cents. One cent a barrel is added for each degree increase in gravity above 18, VEULA XD CONTROLS CURTISS AEROPLANE Boats of WStye-Overland Absorption Term of Sale of Unissued Preferred to Private Interest Exchange for Stock and Notes Boston Willys-Overland, through purchase of secur ities, now directly controls Curtiss Aeroplane ft Motor Corporation.

Willys-Overland not only controls Curtiss directorate, but with two out of three voting trustees, is absolute control of the property for 8 years. It has been variously rumored that John N. Willys to have dominating voice in Curtiss management and Overland Co. was tied up through manufacture of motors, but details of connecting financial links have been lacking. Exact basis on which Willys-Overland obtained.

control and financed the purchase follows: Willys-Overland sells to private interests In no wise connected with the company $3,475,000 of its 7 preferred uthorized approximately two years ago and unissued since then. It receives full par value and in turn the purchaser agrees not to offer the stock for sale inside one year from Ausrust 1. 1917. Willys Overland gives Curtiss interests $1,600,000 6 notes maturing on or before August 1, 1918, with agree ment such notes are not to be sold. For the preferred and notes Willys Overland re ceives: 24,000 shares of Curtiss Aeroplane 7 preferred at $75 per share.

60.000 shares of common at $25 a share. 81.600.000 Curtiss ten-year 6 notes, convertible into common at $50 at any time before maturity. 'Willys Overland for cash has already disposed of 20 the notes and preferred and common- stocks to interests closely associated with Curtiss and xriendly to Willys. PAIGE-DETROIT MOTOR Output Second Quarter tJ79 Cart; an Increase of Over Same Period Last Year Boston Harry M. Jewett, president of the Paige-De Motcr Car says: "One can buy far more motor utility, service and comfort for $1,500 today than he for $3,500 seven years ago.

The farmer can today exchange 400 bushels of wheat for a high grade automobile and most of them are doing it. A few years ago it took or five times that amount of grain to purchase I car greatly inferior to the present model. "Our output for the second quarter of the. present yr-ar, and including the first half of July, shows a total 6,179 cars, an increase of 25 over- the corresponding period last year. No cars are on hand.

On the contrary, has been necessary to cut our dealers' desired quota '25 to 60. "The Motor Car Co. has not borrowed dollar in over two years." TIUPP 3IOTOR CAR Floating Debt Greatly Reduced In July Company Had Unfilled Order for 7tl Cart Boston Since March 1 the floating debt of tha Hupp Motor Car Co. has been reduced several hundred thousand dollars. In April there were shipped 1,801 cars, 1,804 orders earried over to May.

During May there wets shipped 1,550 cer and. 1.028 orders were carried over to In were snippeo ana ooi oraers were and around the middle of July the corn- carried to had orders lor 761 cars on their books, Pennsylv R. R. Petitions Commission Washington The Pennsylvania RaOroad petitioned Interstate Commerce Commission to reconsider its downward revision of milk snd cream freight rates within 200-mile radius of New York, Philadelphia, and Atlantic City. Tha appeal is based on the contention that a freight is tba ma axpanaivats tauOat B.

ft. a Prier Lie Sfts Clere. Akron ft CataatansBe N. Y. Ch.

ft St. 17 Pine Bluff ft Wtersr 8a, If 23 N. YrC Lake Shore Colt Beg. Guaranty Trust Webster Coal ft Coke 1st 6s Chase National Bank Chateaagay Ore ft Iran 4a NatX Bank of Caeaaierco Cabin Creek Cons Coal German American InaaraaceCM Wilmington ft YsnaiflloB Irving National Bank Coal 6o Chicago ft Indiana Coal Sa Baker. Carrulhcrs Pell 18 Broad St, N.

Y. Taoaes 81C1 to 8161 Hanover Pan-American Pete Transport Company COMMON STOCK Market on N. 7. Curb ALEX. HERMAN BRO.

Specialists ST William tract 'PaaaM STS-sS Braa Carbon Steel Central Aguirre Sugar Guantanamo Soger National Sugar Penn Seaboard Steel Saata Cedlla, Sugar DUNHAM CO. Specialist Phone 4501-2-8 Hanover 43 Exchange Place Airs. Caai.Wll Milk Ft, Daarr atari Ca. raStnl Milk PraSarts Saaplva Milk Pta. rlDRICnSENfir? TeL John 3174-S-6-7.

84 Pine St, N. Y. CENTRAL NEW JCNrtlAND 4a, IBM FERE MARQ LAKE ERIE A DKT. RIVER Ha, 1SSS ST. IRON MT SOUTHERN fia, 1931 MOP rERK MARQUETTE FRISCO SCRIP WOLFF STANLEY ST Wllllaai BU N.w lark Faaa SMS mm SSST Bra SUBMARINE BOAT MAY START BUILDING SHirS THIS WEEK Contract With Shipping Board for Construction of Deadweight Ships May Be Closed Any Day May Use Oil Burners Developments of the past week in Washington appear to have -removed any uncertainty about Submarine Boat Corporation being able to proceed with the execution of its plans for constructing iteel ships of 6,000 tons dead weight.

Negotiations between the Slipping BoaxJ and Sub marine Boat Corporation officials, point to an arrangement under which the Government and the Corporation win do business on a co-operative basis, a mixture of Government and private ownership. 1 ne opernunjr company win unaouDicuiy oe paid a on i percentage of profit over cost of ships and it is likely that this percentage will not be changed from the 6 agreed upon by General Goethals when he was connected with the Shipping Board. The plan is to build 300 ships at Port New- ark Terminal plant of the Submarine Boat Corporation, I although orders for probably not more than 50 will be let I at the start or at least before Congress appropriates the additional $500,000,000 which is to be requested. Contracts similar to the Submarine Boat contracts will also be awarded to the American International Corporation whose yards are at Hog Island in the Delaware River and to the Harriman interests whose yards are at Charleston, Original plans to make all of the ships oil burners hsve been changed not from choice but from necessity. A I probable difficulty in getting all the fuel oil necessary was the reason for making this change.

A certain proportion will be coal borne -s. MAXWELL MOTOR DIVIDEND DISTRIBUTIONS I Second Preftrrtd and Common Dividends, Passed Tuesuau, HVrs In Force a Year Uncertainty of Outlook the Reason for Dividend Suspension Maxwell Motor organtised at the beginning of 1913 as successor to the United States Motor began distributions on its first preferred stock, which was a cumula tive issue, in July, 1915, by the declaration of a regular quarterly 1 and of 1 extra. A similar payment! was made in October. At the close of 1915, the company announced a plan for payment of the remaining accumu-' lated back dividends on its first preferred stock, whereby holders of the first preferred issue received non-interest bearing convertible warrants in payment of 14 back dividends. These warrants were convertible into first pre-1 erred stock at par up to June 80, 1916, and before the expiration of the privilege practically all were so ex-1 changed.

i In October, 1916, the company paid its initial dividend 1 of quarterly, the regular rate, on the 6 non-eumu-' lative second preferred stock, at the same time niacins I the common issue on a 10 basis by the payment of 2 quarterry. Monday the second preferred snd common dividends were suspended. The first preferred and second preferred dividends in August, 1916, were declared by the board for the ensuing I year, the last payments under this declaration having been made July 2 last In the fiscal year ended July 81 last, the full report for which will be issued probably next month, the Maxwell Co. turned out approximately 70,000 cars and earned net profits of about $6,400,000. This compared with the 1916 fiscal year's results of 60,366 cars and a net profit of $5,426,638.

Earnings in the recent fiscal year of $5,400,000 is sufficient to provide the 7 dividend on the $18,764,120 first preferred stock, the 6 dividend on the $10,127,467 second preferred stock, snd lesvs a balance equal to about $30 a share on the $12,778,057 common stock. How ths Maxwell Co. has grown is summarised in the following table of car production and net profits, beginning with the fiscal year ended July 31, 1914,, which was the first full fiscal period of the Maxwell July 81 Production Net 1917 70,000 $6,400,000 1916 60,366 1915 82,281 2,303,314 1914 16,366 1,606,467 Maxwell Motor common stock in 1910 reached its top price of 99, compared with the low of that year of 44. In 1916 ths high for the common stock was 92, and too low 16. Federal Land Bank Trouble Settled Washington The Federal Farm Loan Board has ended tha controversy over malmanagement of the' Federal Land Bank at Berkeley, CaL, by accepting ths resig nations of all tha directors ana officers and appointing their successors.

The new president is W. H. Joyce of Los Angeles. 7Ane Ore Higher Joplln Zinc ore prices $2 higher for low grades and range $70 to $76 ton, with heavy sales. Head or firm ix jUO ton.

Anglo Aster. Oil Atlantic Reenlng Cumberland Pip Prairie Oil Gaa Vacuum Oil 1 I Investment Securities Harris, WirmiROP a C9 km Bute Now Yaek BHaok tssnaaaa CMeeae tr4 af Traae Now York Cettaa taeaaaa ChWaae atewa Kaonanns Now York Carres aaemaaae The Roekery in Waft 9UA CHICAGO NCW YORK THE 8TANDARD AND INDEPENDENT OIL8 Tkaa ara twa Bulla raaaaaa wy mrm tka laaieal k.aaaarter la StaaSarS ai a la- SaaMarat Olla. lat Wa BMlatala tha laraaat aa auMrt Sata lafarmatlaa aartaat aa alia at aar aran haaaa la tha ttntn, a-ta-hrak 1.4 Oar Slrart wtra rrirm mm all ai raaaS tatrta all aaataatKlaa. Coneult teith hi by wire, telephone or Utter. L.

L. WINKELMAN 6l CO. 44 Broad Street, New York Wall Street Joorna! BuIIdlns TULEI'IIOMB S4TS BROAD PMIad.lphla. Pa. Wllmln.ton.

D.L Park.riburf. W. Ya. Clavaland. O.

Dlnet Private Wire to Various Markets SANTA CECILIA SUGAR PFD. FREEPORT TEXAS CO. Orders executed on commission vt i rt Members New York Stock Ezohansa 60 BROADWAY TeL Rector 6334 American Gas Electric Co. American Light Traction Co. Pacific Gas Electric Co.

Western Power Co. LAM ARC HE COADY 14 Wall Street New York 'Phone 9970 Rector lllf I IDC ITllIIQCSOU LOdQ llUSl LO, in Minneapolis l'n ta Minnesota Municipal and Corporation Bonds of Minnesota and the Northwest Affiliated with the Northwestern National Bank The Logical Investment of ths Present Time Send for our Circular W. J. S-A JOSEPH I MEMBERS aEWTORKTL yl STOCK EXCHANGE mj Tiumow tyi5 9BOADl 129 BROAD ST.N.V. CARIB SYNDICATE STOCK.

ALASKA BRITISH COL. METALS CO. S. G. FOX CO.

SPECIALISTS se niton sr. wkw vork ti. Sift uroao OSCAR ALEXANDER CO. COMMISSION STOCK BROKERS Specialists in Outside Senrtties 41 BROAD N. Y.

PHOHE3P BROAD Sinclair Oil 7 Indian Lighting An Columbia (ins Elec. 1st 5 Sinrlair OH Warrants GEO. REITH CO. 40 WsU Street, N. Y.

'Phone 3000 John le.1 aad offer a rHKI'KHHKU STOCK of an Industrial company, suarant.ad as to principal and InUr.at At a price to Yield SJSi E. CLARKE 37 Wllllaai J. Y. City Pkoa. Broad SOU rhii.n.ipnia diock exouana.

oia N.wark Klnn.y ElJg CUBA COMPANY DEBENTURE CUBA RAIMIOAD COMPANT lat HAVANA ELRCTRIO fi. CUBAN GO Kit NT BONDS Ba ABRAHAM CO. 10 Wall St, N. Y. Rector 6MMM446U-518I New Jersey Securities OUTWATER WELLS 15 Exchsnge Piece, Jersey City, N.

J. TeL 20 Jersey City West Penn. Power Co. 6 Notes, 1919 BAQCOCK, RU8HTON CO. Sfcaalatra Bl.w Y.rk China.

Staak Bx.laasa. Boat. la. Bids Wall SI, Chlaasr. Haw Y.rta SHORT TERM NOTES RAILWAY EQUIPMENT BONDS MUNICIPAL BONDS rOKEION GOVERNMENT SECURITIES BULL ELDREDGE, St STaaaaa Straat, N.w Yrk TaL Cartlaadl SSS WB CA USE WE OBTKR Won.

SALE SOS Wattoaal Kabbar tow Uraat Situ SO Hap. Mator pfd. BO AtlaatU lull Pfd. CarUaa A.r.lma. Sa SO Oct.

Bilaaalaa. A Bra. ISO Atlaati. Steal 100 Bapablla Mater Track SS Aatar. 14.

dt TracUaa fS Plak Mabbar 31 orton Lachenbruch Co. EaallabU alldlaa. X. T. City T.Uab.a.

6SS4 HMtol '-'Vou SALE 25 American Refractories Com. (S) 200 40 Hockwood Co. 7 Pfd. (S 92J Cox. Paret Co.

Mambara N.w York Staak Exohaos l.flnt4a Sa, Beets.