South Bend news-times. (South Bend, Ind.) 1913-1938, 1917-09-02

Notes of the Financial World

Elmer F. Higgins has been sp-
pointed successor OF the late Thorn
as p. Howard, chief national bank
examiner. who was killed in an au-
tomObile accident on Thursday. Mr.
Higgins was assistant chief national
bank examiner at Chicago and viii
have Jurisdiction Of the fifth federal
reserve district with headquarters
at Richmond, Va
?. G. Ranney, for 80 years treas
urer Of the Chicago, Milwaukee
and ST. Paul Railway Co, has at his
request been retired. effective Sat
urday He will be succeeded by
Archibald p. Loomis. who has had
"A wide banking experience having
been president Of the Aetna National
bank OF Hartford. Conn. vice presi-
dent OF the Union Trust company of
Providence. r. l., and vice president
of the National City bank OF New
York.
Requirements IF 100000 pounds
Of high grade spelter for use in
munitions are being specified TO the
trade by the United States govern
ment Last month there was ac
quired through the zinc committee
OF the council OF national defense
23.25O.0OO pounds of high grade
spelter ranging in price from Is TO
13 IL cents a pound. Prior TO that
the government had bought 10000
900 pounds at IL and II - cents a
pound The relatively low price at
which spelter has been quoted of
late has automatically brought about
considerable curtaiIment in produc-
ton
WHY'S Overland profits for the six
months ended June 80. we're a little
over S6.O0O.OOO. which. after allow
ing for proportionate dividend re-
quirements on the preferred stock.
is equal to 14.72 percent on the com
mon stock outstanding, or Sass
share of $25 par value. output in
the first half year period amounted
TO 91.4S9 cars, as compared with
94.477 in the same six months of
1915.
Copper sales were but trihing and
quotations scarcely more than nomi-
nal. says the Engineering and Min
ing Journal. There was a slightly
weaker tone and in the latter part of
the week September copper was to
be had on terms equivalent to "a 1-2
aga 81 cents cash New York.
while fourth quarter delivery was
freely offered at "a cents. regular
terms Consumers will not buy un-
iii they have learned what the gov
eminent is going to do.
Permission was granted the Louis
Vile and Nashville railroad and
other roads in the Central Freight
association territory by the inter
state commerce commission TO file
tariffs naming increased rates on
coal from the mines on the Louis
Vile and Nashville and other roads
TO certain destinations north of the
Ohio river.
Regarding the proposed redemp-
ton of S2.00O0O0 first preferred
stock OF Gulf states Steel Co. the
voting trustees announce that the
consent of holders OF requisite
amount or second preferred and
common stock not having been OBJ
tanned the plan for remeption has.
been abandoned.
Arrangements have practically
been concluded between the Sea
board Air Line railway and a group
Of bankers, headed by the National
City bank and Guaranty Trust Co
for the sale of 100000 two year 6
per cent notes Of the Seaboard.
National Enameling Co. earnings
for 1917 are estimated at about 30
per cent. Previous 10 the war the
enameling trade of the United States
was estimated at S25.OOO,OOO. of
which $1,000 600 was done by Ger
many. or the total National Enam-
cling claimed to he doing - per
cent.
A dispatch from Toronto says that
100000 ounces OF silver sold there
Thursday at 90 cents per ounce. New
York and London quoted commercial
bars unchanged at 9Ohc and 46d re-
spectively.
Recent purchases OF so. 600. 900 lbs.
Of copper in this country by the al
lies at better than 25 cents per
pound is the claim made in eastern
copper trade circles
NOTES STANDING HEAD
The investment market is full OF
bargains. but the demand is lack
ing, says the monthly financial let
ter Of the National City bank OF Chi
cago. The public is timid and ap-
| parently unwilling 10 make commit
ments. pending the development Of