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

A. Leach Company INCORPORATED INVESTMENT SECURITIES 62 CEDAR STREET NEW YORK 1 Robinson Co- United States Government Bonds Investment Securities 26 Exchange Place, New York Umltn Nrn Yi Stk Exdtmf I' 'fTbe Status ot (Your Investments ahoaM be periodically d.trrmtawd If rn are to profit by knowleds'. of constantly changing condition. Addr S.rvtee iA. A.

Housman Co. I New ryrk HI I New York 4 N. Y. Coffee New Tork Chicago Boal New Yyrk Stock Exchange uotion hixcnanse Members st Murar Exah. Produce Exok.

ard of Trad JO BROAD STREET. NEW YORK BHANCIUiSl Baal 4Sd St. 20 West cH St. IN DIVIDEND PAYING OIL SECURITIES Jl.B.Dcncoh&Co 74 Broadway, New York ewuts PMikoi.Hia boots LOUIS JJ AND Szfr iJV lITTM UMM BM.T1MOSS, ST. LOUIS Hswaaa cimcimhati Investment Bonds Rboadcs Company afaaibars Now Tork Btook Haohaasre SI Piae Street, New Tsrk Securities Oonont Sold Quoted R.

W. P. Barnes A Co. Dealer fn Standard OH Stock SB BROAD ST. T.

Mrm4 ITSs-B. FRANCIS, BRO; CO. (Established 1877) MEMBERS NSW YORK STOCK EXCHANGE iMUiaaPAL RAILROAD and CORPORATION BONDS 214 North Fourth St. St. Louis illL Central.

Louisville Dlv. Term. 1st 3ds Due Julv. lorci llionr Island B. K.

Go. (New) Debenture 5s 3i. X. Central, Lake Shore CoIL Trust 31s fASUV l'OUH J.WO Dies. Gregory Co.

5. sw Task. SS Bread St. Hastferd. SW Pearl at.

COTTON LETTER Toole. Henry Co. lumbers i ook Excnanc. I Nsw York Cotton Exohanao tSS Bread way New York AUGUST INVESTMENT SUGGESTIONS Circular on RoqntH MERRILL LYNCH C. E.

FAY CO. Investment Steuriti 66 Broadway Pbone Rector 7740 XKefaalted (Irrla-atloa Bds) Detaalted (Moxleaa Bonds) Xtafealted (Timber Bond.) Defaalted (Coal. Iron. Btesl Bda) XffaaWedl (Railroad Bda Defaalted (Oa. and Elsotrlo Bda) flJosaaMod (otroet Ry.

Bds) Defaalted (Waterworks Bonds) (BOCGHT SOliP itjCQTStD) FRANK P. WARD. 15 Broad Street, N. Y. Baefcraoter.

Bl.s.lvarakle, Rn.aaaUallea Beads Railway Equipment Bonds EVANS, S11IXMAN CO. Member. Maw Tork Stack BJachaas tt BROADWAT. JX. Y.

Zelephooe Rector 887 SPECIALISTS1 IlililtilTiii! BOND MARKET ATLANTIC, GULF WEST. INDIES SS SELLING AT LOW PRICE OF YEAR WkH Stock Advanced 100 Point Above theLow, Bond Have Fhtetuated Within Narrow Limit Interest CKargm Earned iSS Time Over In Jr Jo Co Redeem Bono While the common (tock of the Atlantic, Gulf A West Indies lines has advanced at one time to 120 points above tlx low of 1018, the collateral trait 5 bonds of thia company, doe In I960, have fluctuated within a narrow range and are now selling around 78 to yield 8.54, the low price of year, compared with high of 80)4 and a low of 74Tn 1918. The high for the current year wag 85 H. These bonds are a direct obligation of the company and secured by a deposit with the trustee of all outstand ing atocks of the Clyde Steamship New Tosk Cuba Mail Steamship Co. and the New York A Porto Rico Steamship Co.

1 In the year 19M the fixed charge of the company, Including those of lubai diary companies, were earned 4.2 5 times over. The consolidated balance sheet of the Atlantic, Gulf ft West Indiee Lines as of Dec 81, 1916, shows a profit and loss surplus of special reserves of 424, and net working capital of At the present time one of the small subsidiary companies is earning sufficient to pay the interest en the col lateral trust bonds, In the six months ending June 80, 1917, the four principal subsidiaries of the Atlantic, Gulf ft West Indies Lines earned $6,264,448 for stocks, and for the next six months it is expected to do better. Aside from the large 'yield on the present price of these bonds, there is a speculative feature based upon the privilege of the company to redeem the bonds at 106 and interest on any interest date. And of course the company could go into the market and purchase bonds for redemption purposes, at the market price. If the company continues to pile up reserves and working capita as it has in the past two years, a logical sequence wouldvjje a reduction of the funded debt In fact, during the past five years there has been a reduction of the funded debt of the holding company of $997,000, leaving $12,000,000 outstanding.

The high and low prices of the 5 bonds for the past five years follow: Year High Low 1917., 85 78 1916 80 74 1916 79 61) i 1914 68 59 1918 67 69 WEALTIIT NOT RTJBHTXO TO BUY MUNICIPALS Apparently Fearrd That Setting Other Sentritiei to Change to Tax-Erempt Bonds Might Remit in Greater Lou Than tht Saving Taxe I Boston Municipal bond market is not being generally availed of as a haven of refuge for the tax-ridden rich. There is a fairly steady demand for municipal smnirities, but the wholesale switching from taxable securities into tax-exempt municipals which might logically be looked for in view of the contemplated taxation program, has not materialized. As it stands at present, the income tax bill proposes, in addition to a normal tax of 4, supertaxes running up to a maximum of 63. It can readily be calculated that the very wealthy would have a larger net return 'from 4 or 4V4 municipals than from higher yield, but taxable, industrial or railroad securities. Undoubtedly the reason why such eerrremlnn I.

nn being accomplished on a large scale is because this is not i a seller's market. There is the thinnest kind of-domand for investment securities of the high-grade railroad type, as witness the decline from 97 to 87 in the average price of ten bonds of the highest class since the first of February. Thus an attempt to take advantage of the exemption from tax of municipals by liquidating other securities would probably result in 'a loss of principal greater than the saving in taxes. Moreover, investors do not forget that Secretary McAdoo not long ago proposed taxing the interest on municipal securities, although highest legal authorities declare that it cannot be vdone without violating the Constitution. In any event, it ia significant that in casting about for new sources of revenue Congress hss not resurrected the proposal to tax municipal bond interest BOND AVERAGES Average price of ten highest gradfailroad, ten second grade railroad, ten public utility and ten industrial bonds.

with changes from daily previous, month ago and year ago: hang Thwr. 10 highstt, grade rails 87 1 10eond grade SiJSl 10 public utility bonis: AS 10 industrial bond Combined averag. BOND XOTES Boatnn Bangor St Aroostook R. R. has called for re demption on Oct 1, 1917, its issue of $2,000,000 two-year notes, due April 1, 1918, at par and interest Salem, has' sold $46,000 water pipe loan bonds to R.

L. Day ft Co. at 10041. The $300,000 street pavement bonds of New Haven, were sold to 'R. L.

Day ft Co. at 102X9. COPPER aiARKET IS DTPLL AND PRICES ARE EASIER Conflicting Report Regarding Price Likely to Be Adopted By the Government Sales Are Unimportant and Consumer, Show Little Interest The little spurt in activity noted Wednesday proved to be short-lived, snd the, copper market is back in its old rut, with sales unimportant, and attracting the minimum degree of sttention. Average quotations for last quarter are fractionally lower, but the change has failed to arouse the interest of buyers. Straws from different sources of unquestionable stand ing tend to produce conflicting impressions regarding the price wmcn is iiKeiy to oe aoopieo oy tns government In the circumstances, the safest attitude is claimed to be held by dealers who state that they are "on the fence." Spot copper la quoted at cents, September 25 to 26, and last quarter at from 24 to 26 14 cents pound.

Shipbuilding Company Takes Site Taconu Tbo Foundation Co. of New York has taken site of 40 acres on the trdeflsts here adjoining the plant of the Todd Shipbuilding and plans are said to call for laying 20 keels at one time, possibly 40. Fifteec hundred men probably will be employed. The company is said to have contracts from the French government. Changes In Chicago Wr Board Chicago Harry A.

Wheeler has resigned as president of the Citisens' War Board of Chicago, to devote his time to work under Food Administrator Hoover; and was succeeded by George M. Reynolds. Cyrus McCormick, Jr- also resigned, and his place was tikaa by Ira Darling. Wed. Mo.

Ago VrAgo J07 11 441 .69 4.70 .15 146 6.95 45 .76 i.n J00 1J0 iJO 1917 Earnings vs. 1916 Earnings In onr Anal ths earnlne. ol of binary is. 1911. wa forecast Steel O.eisaatea Caaaaaalc fafcna rjtllittaa That wa foMaoaat aoovratalr Is provaa by the Stvtdand balance! available for Wi first all months 11T, as Indloatsd by rsports obtainable.

Our Analyst of Aucust 27 contains this -Information sad a latter or oard will bring It to you. Brookmire Economic Service "More than a statistical eryawisatfcm." SS Mm Stmt CONSVLTIKCi OS-TICKS NBW YORK Guaranty Trust Co, Equitable Trust Co. Columbia Trust Co. tLS. Mtge, A Trust Co.

Natl. Bank of Commerce Westchester Fire Ins. Co. Remington Type Stocks Crocker-Wheeler Co. Kings Co.

E. LAP. Bordens Milk Stocks Singer Mfg. Ltd. NewOrLRy.ALt.4Hs L.

'A. NORTON Tel 2800-2805 Broad BROAD STREET 1 American Light Traction Bought Sold Quoted W. F. PRESTON i 10 Wall Street, New York 3 Tclvpksas IWrtar STS1 4 We maintain a hall point market In Smith Truck COMMON STOCK McGOVERN SS Braad St, H. Y.

TvL Brsad' 444 AMERICAN CHICLE Bought Sold QuoUd Holt McWilllam 71 Broadway, N. T. Phone S109 Rector AMERICAN I.K1RT A TRACTIOft CITIES SKKVH IMTKD LIGHT A RAILWAYS StMtar TSPT Eastara and Ws.tsrn oflless CLAUDE MEEKER 71 BROADWAY eonnactsd by direct Private I Wlrsa i Established 1RSS. vs raw rssi BO risk RshlM-r wk orrra mn sai.k no reaVral Irrta A SS Amerraa RasllataT ia (irrmt l.ak TraaaH nwt Mtr A at atrrwkl. El I SO My-Prdata rake IV Itrl, Lark Wa ral lea Vteafk'a.

Ck. Km A Co. ISO Attaatio Steal Morton Laohenbmch Co. KavHaMe BsilMlaa. N.

Y. Clrr Tthnteat SSS4 Rsetas HUDSON COUNTY GAS 6s PATERSON PASSAIC GAS 4 EL. 6s GAS A EU OF BERGEN CO. 6s STARBUCK, VAX SAXT LEGO SS Broad St, N. T.

Telephone 29S0 Broad N. Y. County Nat'lBank MANSFIELD KIRK 10 WaD Street N. T. Thawe 2 Rscter Central Railroad of Haiti 6a, due 1919 Railroad Securities 4s, due 1962 Chicago, Rock Island ft Pacific 4a, due 1981 HARTSHORXE BATTELLE Members Nsw York Stock Eton.

ore SS BROAD STSUDBT BBW YORK CITY Eastern Steel Co. Stocks BOVCHTSOLD QUOTED WM. CARNEGIE EVVEN tee BROADWAY. HEW YORK Tea. Rector SMS NEW TORK STATE BONDS SEW YORK CITY BONDS Barr Schmeltzer Specialists 14 Wall New Tork Brazilian Traction, L.

P. 6s B. Southwest 3fes BRITTOfJ. ROLLINS no BROADWAY. BBW YORK TeL SSd Steets MICH.

LIMESTONE CHEM. CO. 1 CUMULATIVE PREFERRED Engineering: Securities Corporation ST WALL STttFIRT, R. T. TEXAS ROAD EARNINGS LARGER Income' From Operation, Year Ended June, Increased JVcorfy 80 and Net 6M Austin The State Railroad Commission has compiled reports for the year ending June 80, 1917, of the railroads of this state.

The increase of income from operation of ail oi xne roa as curing we iweive monuis amounted to or nearly 60' over that of the preceding year. The net income from operation for that period was compared with $26,198,620 for the previous year, an increase of 59.54. The total operating revenue was $187,997,589, 'compared with $11,727,586, an increase of $26,270,063, or 23.51; total operating expenses, $96,208,862, compared with 885,638,96, an increase of $10,674,446, or 12.48. 1" 1 American International Corporation American International Corporation hss declared the regular quarterly dividend of 75 cents a share, payable September 29 to stock of record September 5. Directors also decided to issue a call for an additional $10 a share on the capital, of which only $50 a share has so far been paid.

The call will apply to stockholders of record September 10, and will be payable) October IS. i JOURNAL Second Section Second Section: MORNIHG. 31; 1017. PAGE FIVE 1 11 11 A 6 INCOME csa be eUaiaed by a parehaae 4 the foTwtmg group of beads Osaar Rapids Urg Power Co. Woe First stte-s ts lOoS SO radsral mrnao (By-Prodncts Coke) rirst Sj Rsf -a 1SS1-1SS4 10S TloM S.TS BoIvayColllsr1.tCs4Klns.toB Land Co.

Joint Oea aftse Cs IMS 10S i-TS Nsw Rlvav First at CoU Tr ft ISM Si Averac rlsld Dttailt on application HORNBLOWER WEEKS M01DW1T, TOBUK BOSTOIf CH1CAOO PROvrDrNcn ditroit fortlakd FOR SALE Cardenas-American Sugar Dayton Power light Pf d. Electric Properties Com. Great Lakes Transit Com. CHAS. JONES CO.

atroael St, New Tar Vslcvkaas S1S Slsstse Osate "OriMnMst Advance Rumely 6 Debentures Dae 1925 Chas. D. Barney IS Bread St TeL riot N.t Transportation Stock (Fifth Avenue Coach Co.) PATERSON CO. TeL 198S Rector 20 BROAD ST, N. Y.

Lehigh Power Securities Csrporatiosi 6 Notes Cons. Cities Light, Power ft Trac S'a 1962 Northera States Power Co. S's 1941 Kansas City Western By. 5's 192S A. E.

ITTKIN CO. 1st Breadwar tl ceL rses Bow York City Dayton Power light PREFERRED JOHN XICKERSON, JR. SI reader ar Tredlaa' Drp. Bew York Phoae Rector MIS Local Caw Abbott. Johnson Co Mambsrs N.w York Stack BaekaasT.

TeL Rector 4819 120 BROADWAT R.C. MEGARGEL CO. BIeabera Bew YerSx Stark Kaeaaawo Investment Securities 37 Piae York FOR SALE 5 Ctieseborough Mfg. 50 Flannery Bolt MORGAN FIN LAY tiS Broadway, X. Y.

Tel. Rector 648.1 Indian Refining LADD WOOD Members Nsw York Stock Exchange WALL ST. B. Y. Tetreeeae I NEW JERSEY SECURITIES B.

H. F. W. PELZER Meanbers New Tork Stook aohaaare Pboa. Broad MM 10-11 Broadway, N.

t. California Municipals OFFERINGS WANTED Sutro Bros. Co. Members New York Stock Exchanc. IS Broadway.

Bew York Toleekoa. Stoats, tsas American Light Traction Cities Service radflc Gas Electric Puget Sound Light Traction' F. McConncU Co. Tel. SOS4 Jeaa.

few York Municlptii fcionclei YIELD UO PROM TO SHT William R.fimpton Company Id Wall Street. New York at. imii CtaeteaaM Catoeae rirtabaraa BANKERS TRUST -BANK OF COMMERCE i LAWYERS TITLE A TRUST CO. FRANK J. M.

DILLON Tel. SdS Raeter Tt Bread wrar. Maw York Investment Securities FOSTER DEDEV0ISE la. Vol SSSl-S eeka OS Cedar at, B. Y.

BnUerBros. Bankers Trust Co. Safety Car Htg.4VLtg. United LL ft Bys. CoatXPf.

Bond ft Mortgage Guar ante By-ProducUCoke JOHN BURNII AM CO. su VeL Bow Ye rstvads svise se Ail Investment Secttrttles Harris, Wirmiriop MKMSama Nsw Yee Sto.k KasStiaj. Chl.ag. Reard of Trawo New York Cottew CaoRr)f Stook Caokaoso Now York CoffM Ka.kant. To Stoekaey te WaH tktri CHICAGO NEW YORK 1 6940 More Acres of arersa ell las da war.

pnrckaaed bf Knickerbocker -Wyoming 0U Co. The eonpanr now has SO.SIS aerea la Kentaeky, Tsnaes aad Wjromln. Writt te laassl W-S ALFRED H. SO BROADWAY, H. Y.

Y.L Bcewe tat Russian Govcrnm't Internal 51s, 1020 American Gas Electric Common Central States Electric Com. Pref. TJ. S. Lljfht Ilent Pref.

a investment Secrxrities OS Kscbaaa. PL Tkeae Broad OSl-a-d lit Ojrdpnsburjr Lake Champlaln 4s ioulslana Arkansas 5s vNew York, Ont. West Ref. 4s Central New England 1st 4s Maryland, Del. Virginia 5 Fo J.

LISMAN CO. Members of Nsw York A Cn lease Stock Kxehaaaea St BROADWAY. BBW YORK SILVER STOCKS Send for Special Letter Kemcrer, Matthes Co. atamber. Pbllad.lphla Stock Eichanse IBlaadard Stock Ksehaoae.

Toroote 50 Broad St 'Phone Broad 6824 New Tork TORONTO BUFFALO PHILADELPHIA Direct Private Wires te All OSaeea. Investment Securities White; Weld Co. Id WaU Sis sol Bow York Pyrene Mfg. Co. 10 Stock H.

N. WHITNEY A 8ON8 Members Now York Stock Tt BROAD STREET NEW YORK Aetna Explosives Preferred Aetna Explosives 1st 6s. 1945 DUNHAM CO. Specialist 48 tensors place Phono 4561-8-8 Hanover NATIONAL HEADQUARTERS i re Investors' and Stockholders' Lists MANUAL SB NT UPON REQUEST STOCKHOLDERS' SERVICE CORP. 44 Broad St, New Tork "The Hundred Dollar Bind House SPECIALISTS 01 ALL S1SS BONDS Bend for List MU aad Booklat 120 Broadway New York "how New Orleans Ry.

Light 4s, due 1935 FOSTER ADAMS Msmbsrs Nsw York Btock Exchanss Ya BROADWAY, N. Y. Teleskea. Hester ST1S CHtaeaa Usfct, Meat A Power of Pa. Sa, ISM Clea.e ties Sa.

10SS Aai.rUaa Water Works A lyestrls Sa, SSSd Katatre Oas A Fm.1 Sa, 1S3S J. A. CLARK CO. i BROADWAY. BBW YORK Teles aeaa Reeter flsa-T-l.

AK1CIUCAN WATER WORK A ELBCTRIC WOT PENN TRACTION A WATKR POWER NATIONAL SECURITIES CORPORATION All Issue. BOUGHT SOLD CtUOTED OTTO BIIXO st Wan su sr. 1. DISSOLCTIOH OS PARTWBRSnBIP MOTICB A. A DAVIUSOM A CXJ.

iro AIXi WHOM IT MAY CONCERN: A NOTICE that the Dextner.hlD h.retafnra uniiuu. of William P. PeUrson and Uarrf Brolaskl undsr th. Brn! nsins and stylo of R. B.

Davidson A and conduct. si So. 42 Broadway In tbo Citjr of New York and at Penobscot utldins. fetrolt, has been dlasolvsd. lbs N.w York bu.lnees of R.

8. Davldbon A Co. hat been acquired by Mr. Brolaskl solely and will te carried oi by him At No. 42 Broadway, uadsr the Srm name and atvls of 8- Davidson A Co.

The Detroit bu.lnees OX R. 0. Davidson A has bsss acquired by Mr. PsUreAn and wtU be earrled on by blm at Tie Ponobaoot Vulldlao DetroM, Mich, ander his nam ame. iw fork.

My SOS. inr. WTiXtAM P. FKTERSON tUMMJt I A.