South Bend news-times. (South Bend, Ind.) 1913-1938, 1917-11-11

One New York commission house
which has been bearish in Reading
for six months sent out the follow
ing: The selling Of this market
is about as good as the buying used
10 be when Reading was 10 and
Steel 1876. IL looks as If somebody
had a bag open for all the Read
ing around 60, and the selling is
probably coming from people who
used TO write glowing letters when
the stock was up around 100, tell
ing about the segregation plan.
This is the same Reading that near
~ everybody was bullish on when
it was selling $40 a share high
err
It has been the general impress
sion that because Western Union
during 1911, 1912 and 1913 earn
ed an average OF little over per-
cent on its S99,7S6, 900 stock, its
excess profits tax for 1917 would
be relatively heavy. The capital
stock of the company has a book
value Of nearly $135 a share. The
excess profits for the fiscal year TO
Dec. 81 are estimated by officials of
the company at about S1,200.OO0,
equal 10 less than 1 IA percent on
the stock
Ii has been a matter Of COM
ment that so far this year gross
income OF the company has been
running at a rate 10 show a gain
Of s11, 900, 900 for the full year,
while the gain in net was but ST.,
500. 900 A part Of the explanation
now appears in the fact that be-
fore the balance of net was taken
the company had deducted its es-
timated excess profits tax. For the
full year of 1917 Western Union will
earn between IA and Is percent for
its shares. out of which dividends
at the rate of percent are being
paid.
Friends of the New York Cen
trail say that if an advance in
freight rate is granted in the east
the roads present dividend rate
may be taken as safely guarded.
Business of the American Hide
and Leather Co. is declared to be
of such proportions as to keep the
concerns plants running practical
~ at capacity.
Midvale Steel and Ordnance Co.
for the three months ended Sept.
80. reports prosperity. despite heavy
taxes. Net profits Of sS,03s.2S5
were equivalent TO $4O2 a share.
This brought net profits for the
| first nine months up to $685.
466. or S11.67 a share.
Assuming that net profits in the
current quarter are on par with
July. August, September, the COM
pany should close 1917 with earn
/ ings approximating s51,400,00O, or
about $3.50 a share. Net profits
OF s32.169.164 last year were
IS16.OS a share.
Taxes in the first nine months of
this year totaIed s52.S7O.954. equiv
aIent to about 50 percent OF gross
AT this rate taxes for the full year
might reach s7O.4e46OO, IL earn
! ings in the current quarter approx
innate those returned in the third
/ quarter.
4 commission headed by Sec'y Of
Labor Wilson. which has been in
vestigating conditions in the cop
per fields OF Arizona. reported that
SO far as the immediate output OF
| copper goes tire commission found
/ the situation satisfactory.
Metallic mineral products OF the
J-1i1cd States for 1916 are officially
stated m st.621. S32.177. as compar-
ed with S9e1,751,92s for 1915
| Nonmetallic products. sf.S7s.507.
I 2S2. as compared with $1,3sS.565,
f. l21 for 1915.
Although transactions are natur-
tally practically nominal. dealings in
the foreign exchange market were
I. greatly GO used yesterday in view
nj the disQuietirg news from ITALY
and Russia. with quotations declin-
ling sharply. Petrograd exchange
was quoted at II 1-2c 10 the ruble
\ a decline Of 1-2c from Thursday
anu 20 SO far this week. Still an
iother low record was esta blished ir
lIaIan exchange. with the quota.
ton at $50 lire 20 the dollar
which il the most adverse level &C
! Rome yet reached. a week ago the
quotation stood at 7.s5 lire TO the
dollar
Combined earnings OF all Byllesby