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$1,200,000 Republic of Panama 5% Secured .Serial Gold Bonds Date?. December 1, 1916 Due Serially as Below Principal and aerni annsial intereit (June & December 1,1 ) payabl* al lb? Metropolitan Tm?l Company, Truite*?, Nrw York Denomination $1,000 MATURITIES $150.000 IWeinSar I. 1917 $MO,000 DecemKer I. 1?2I H0.000- Des-eml*?- I. I9I? H0.0OO Diva-mr.?*, I. 1?" . 1)0400 IV4.4-mr.eT I. I*>!? I ?0.000 December I I ! ?0.000- December I, 1?J0 130,000 Dr.rnil-a-r 1. 192*1 5lt*0.000 December I. 1929 ? hese bonds are a direct and general obligation of the Republic of Panama, and ore seemed by the entire net income of the $6.000,000 constitutional fund in? vested in New "? ork City real estate first mortgages against which no additional bonds can be issued a? long as any of these bonds are outstanding. I efaMty af tko *>**-*? 4i-*-**-?--*ed ^y .V?***-*. Sullivan ?J- OrooawsU, .Yrrr York, If, Y. tf;i\lno sold the qreater part ot this Issue, u?? offer the bs?MlKC at 100.50 plus accrued interest. Breed, Elliott & Harrison Lawrence Turnure & Co. Borland Building, 64 Wall Street, CHICAGO NEW YORK J.0.Y7) SALES <>.\ THE STOCK EXCHAXGE\ stocks in other citif.s. WEDNESDAY, JANTARY f>. lfMfi. BOSTON SI?)? KS. BUNIN U, aj ""? Ha Tradiaf n h^nd? on the Ne** York Stork T\rh?nfe \\><ln?-?<Uv nnuuint? ri fo ? ajralnst |9,591,tN Isisedsy, 5.*.0.'*2.000 a ??rek ago arid |l,78t?ttf a amtjtsja. Frvm ?,&"n?VI'> 1 to d,,e> * 1-L"35,000. afalnat $.1,736,000 In 1915. GOVERN-EM BONDS. a? 14*4 Ht ? .. 3<- et .1?.* ' a 4* aVlia? CO SlSj . >?-?v.a. a roara? ! .? . . . ? ? ? ? ? Tu!** ta 1 '.' - . :.k . ' '. /a. a : ,,'. ....... 11? . : a? ? > ? ?IV, , "?:t> s? M* , a? Si ? ? ?4 - , Il ? TT 4H? Gaanai?. a f. r - . - s. r .? _ ??sor. T4 [p ?:s Si?? de Trua? <A> m?? alp, Il CO II .'. ?? lat? Tnul ? ? '< a . M H Ut 4? T?_ (Jn ,. a. ?'S ?SU ?t r * Soi Pm ?a ??S ? SJOl 101?? ???? Ba? .1 Ar i. a.i< ta ?a Jaj,OU? ? . a g . hal ... I . i mat a a.-,i. 44 ?su ? 100*. 103S lift T? ?ta? rsa?V ? >* . I l> . . .-' - J?v| J ?? * . MUNICIPAL s s . . ??>? MU ?UILWAi ?>T> M18CEL1 -IBOC& i a.' .' ?* .'. Asi o ?? '. 4-,. h 101 IS k_ S? toa . __?Saaam tss ?a U.OJo ,. l'a, ? .tas. ;oc>? ?s*? ra_ Biaka ti? Ira] dfb na _ ? -? ) ... . . I - .... , s ? .. . ? . a . ? . ? ? I ' ? 0. . -? cl h I .100 i?ra : : : ? - K. N 101% *:??? Dalroi? ? -.-.j Oa* > * C ta 4 k. u s loos io?*. - a ? 'a . '.a . ?. - ? __? i ifs 4? ? 1144? (44 a . 04 \ .. . ' . (_? ?1*4 .KM) 4 0a0 ____?_ ??. ? ?1 1 ? a ? : \ .10? . a I - ? a 0 00 *.- r _ ? ? ? ii,-. ?? a ?- . . . . u a ..!..?*. . ? . * . .?>, . ; a ?na . ... ? ri ?? . ?? H .aala . aw _ ?^ . ... ri?? . - I . . 4 , . *a? [ ? ?- a a ..... M - ? ta il ' ? -Ta eoo ? ?__?V'aii Stau 1.000 ......... :?. .?*r Sa fu .1 1! ^^Sa\ ?'?-? ?0V, M ? --a MS p?1 1.4 , "? ? I Ls I .. ti ... ji e iltln? ? . .... A ; t x .. a . a ' '?? It? ? . ?S ?. l\ H . S . ? II ?>6? 11% ?? ? a I- -"a ? f ? ?? I M UV? a*? !? - ? 4 laV ? a M j s? 3S 14 a a ??a 1 . SI 1% ?a >'. .' iv. 7.a? 6uv) ;. ti ? a ? a :? i?Vi Pi n . a ? ? ?? ? ? ? , ?? ? u . S*? ?S 4 ? 1*4 a ? 1 ? a S ?k T. -. ?eu ?'a < *a l'a 16a, - a I a 1- , I - ?? -a n ?H . a | SS II '? 3 ? ? 1 a 14 4't ? . >'. "" 10*H ? a- ? ?> ' ! a a. u '.Ci : . a ! 1.? _ ac 4a la ?M A _ i. w: i) ?C la 1 T?* 83 82H * Ru -, ??? ' a i a ,Z i ' ' ^'? ???? .'Va : ?J Ml Va. ?H? 8-'a ?_____?_ ? Sa . . . ? * . . ? ? -?? . I . Nerf 4 IV ron 4a . ?: 4? S^F , . . * ,?u ^ 1.0OO 'I-, Taxa? ? j crt t? ?4 T4:a, > '4 II a < T Til?.? * l'U-iii.3 Ul M ?il rff U l_IXBOa_& ? - ? '->??> ? 4 ?i , rMid a? ? , : ooo M? do ?4J ta "?'' 35.000 . . ? a 0 r-.io?, r?"t a. : e : ? . :. 1 - ?. ? . os s * 'a M . ?-. '- . ?aa.? H oS M i ?. <*? ? Il 1KM) . ? : ) ?-.??na !*? rfj a. T4 a T4 v r A ?- r l?'? f : ; Oia, i . . ?? 4.00-, i rf? U _ S?H'_ IS-?O?. il f*? I>o?a;i d:a |V?i ^^^^^^^^^ '.v t) Si L ?**] * O yi:.t 6? Part? T ai"+ i_ It?u ?"?_ T * T ta - Vb . '? ?1 lad W a f?-" ?? 60^ 4? r- Et K ' - 9 ?. H r, ; . C H Bteel ? f ta a 4*. 0(, 9 SSVii (I 80S i , BS : a ? a \- . ? ' a Pa ? Mo L'd 'Sa .10IH1 ?I*? sa : f?* j rop ?? ias u. - -?'"t* ! ? li: u . ? -> -.(?x'ita. 1?M ? 000 ? MO I ?eau .iu ? _aa 4 _ i? ta lir?^ h^ t?? I ? ? ?c_ tnU>rVjro >'?/ u,? j, I "C I n t? V WS ??* ':?__ M l?% ???i Sa Cm * t.? la S? riat '.?-?la ?ac '' ? 1"?S Bava Laattar Sa )?} ? S M ?S 181S . ? , in . rea Tlj, -s ... I 100T? l?H ?J-OV? .*ll rai *?.!?' ?at ?s . Varti.? oo? ?a Cto ot/a < i :<t ?U ?T?4 ?sil? ?l Par? ? : i ? A Paysii c*"i i.MI . il ?M t 0''0 do s ? 4V?a ?? d? n 4? 1?4S . Pto Car A Cilre of C .'. .10. ?4 Paaor-.a .V E l?l 4. era? PU? ' r 4 St L IH? irH ?a?-?-? i- a ?fit f ? ? ........ H>a.l! .s r-1 4a - S.M4 -_-._._. a '? i . .104 : ? - 104 IHK ro-a? 014. .io:s ??s ?0 .!* H*, 04 4. 'a "? -. i* obi Sa ?S? : ? ri 4a RUT - ' * * ?J . u H Ins Su P s 101 ?44 ?'?H us a?. j_ ?d ?i ? ? Kur. lg Tai 4. v r 4. .<- o I? . saw 8? lllikt I.a ?Vil ? L 1- Mt * S 4? r .... 15 000 .... ... '"u do 4? Rl? * Gulf dl? ?.??v? _,.'a si L * ? r n? a t ^oa . riv 1.000 _____ I rl" 10.?--1 a ? 0 ? dr, -?t>:*Teil Ta ' .- ?hilo fi : x ? Vlirl;..?--. Rr ta ?T?baal Ul ta . do : '. ?i l.ooo . do rf? 4i r./.: ? 'I r 'i 1?' ;aJl ..i 18.000 ... 41 do i' T<* lit 4a - ? "a : I : '. ?? ? . ? ... is d-, <?'? -j-Ti Tr mis f?.r (>? r> d?i? . S do -M 4? ?.0.0 ._,._ s do T-.?t t?o ?rtf? 13 000. S * . S ? I . s . s a.? S IS 001 . i, Wra? ) ?artrlo ? ; - 8? An ? .-? I' ? : Jal . ' r " ? . ?. ? pi l N an - I I MM Uni? , . ? . 4 ? a ? .. . i . A?k Bay St ??; : ? l1. IA ".a . :? I . ?a ISS k '? . ' -, 13S IS ? ; a ' ISS ? i a i ? ' . M?-? Ml ? - : ^ I llah J?I?M? PHILADELPHIA STOCKS. ?.4: a rr ?io a Sus < A ... . ? a ? f? 11 ?41 ????________________ r ? .. 11 N? r l>nn Pen? -??el ? ' 1 10; 20 I? 4 ' Weat .\Ur7lv1d 4? ... T? W N * A Pa l?t ta 3,000.103". w??t?.-.. Dl : ,-i 3? a 101??. YTK A I. t ram ?a S M H)S COVERXME.NT BONDS. Y??t?rdav. T-jfsdBT Ash. ? I ^saaaam rs ?4*4 ? ?S. ?a. . a. .. . : . _ok ?.aal Sa IMS -SaJ - :- i rj Bid . 9PV? . 99 .101*-*. 109 Vfc 10 a-a. ?- ( 1 4 ?? ? ra ?a . , . r??- 1? ? a ' * m ?? 2? re? 19S0. K"-> 2? coup 1930. 01 ?8? re?.' 1P1H.. .., S? coup 1918. ?;S 4? re. 192fr....l 4? coup 1?-5? --1 ". 2? Pan '8? reg. 9H ?:S L'? l'an ?I re?. VH -?'t a? Pan '?l reg-.iom ??9 8s Pan '61 couplOlV? BM. Ai* N li ? ? 99 ? ? 101 "4 ? ? 101 Y*. ? 110*4 109?a 110*4 ? 110 ? ? 98 ? ? 98 ? ? 1014 - ? 101V? ? 100 i ? i ?ta si.wo M ? - ? ____________ ?3 S ri.:;? ?'o ? um -, Phlla PMI? Rai 1 ? - - i..i,n lYa? ? . Irai ? ... a Bon? BONUS -, . i , I a Uxiult I Ou lai n-?'-* Kj ? ta ? L?h N ?? ? a? Ubi i i ' '? l'ei.n t- ' . do con ?*?? ? ? ?- . ? ? PMI? S3*? 4-a r-win-A !r.?n Si . 4. . 74 ?V N Y A P la. t' ?at b? ?S M* ? ? '- 'a . . ? a ? ? a . I.-TW M', 43 I a H ? a . ? I02H ' a a SI 1?; a i?s IM S~, a - . Il 10 f? ? 4 ?? ss a. a ikS . . | ? ? - H : . ' - . i m? \<;o STOCKS. ?fi-?-,. :> . r a r te ... * ? ?M "ru d.? Air, tr * B ? do l'Br p*.. ? ,.,, laf J.f ____________ 1?'** .1 t.? 4. io praf ?'?? r?l Powar. , *-c niai liy 4a Ar, p'?*f do rral a-, a .. ' 4 . _?-, - -? *J 1 t? ?- A . do I? ??? ? : i M ?? }? 4 S H ? 4? ?a'-or 0'? A Eaa'atm Sa } o??o PUBLIC l'TILITY .SEC t'RITir;? Bid Aa.k F I, * T Pt Cj 47 '.l'A A T ?f: . do j -*f.TS i I.li, (la. & E 15 N O la S P. Il .1 do pi?-? ' ?a ? a I' ' r 4 . tin l"' Os :' .* W. 24 ?.s 'a ? - * n ?SI ?s8 do (--f. . 00 &> r, -..?.'.i ?'a, pttft ro r:a "?p _l 1.1 do p-ef ... M ??>? ?a? ? I ?T? ?do | i?-f. f T II? I. A P 10 ? !a> 1>I?.' .48 \lA& Ma-a 41 do f. i ri?h K-.-ur.. Il M ???j i . ?.r. d?) 1 r?"f.W ?jlaajjBNl . ?S s: u 41 44 a? i? 17 f ? ? 1? U ? ? rr i i?. :: i - ? ,1m ?klPtaMtSLg MS i jrui ?r-t-a '?' rto ri . ?21? ' ? .144 ? l ... Si ' ??? Mont ward pr.. 111 ? .... ...i::s? '? . 177 BONDS (?ht? Cil I'- ? r? M . , ;. ? 4? .. . ? >-> ... i? Il . ' ss I - rs 144 ? !?? II \ ? ? . ? Bj M 103 -S ISS '? . '. r \ ? : ? * 1 a a a ? '.d . -a a. ? a_ . . ??? t, '* *W r_ !?4\ M -. '?*. ' '. '1 ? v>'*?TlH4a "_*| D-?* l'nP?r<? "*S rral nirrcharuHse "'? Vor? werei .a || W??,?-??lA>- 'aB P ?' . r ?????! ?'?" I M ^ Mo? U? -'an S ..-? J^i %,V: m *' ... SS ?... a. . ? - - " DAILY IMPORTS AND EXPORTS. and ??ports of ren at thr I'<ir. of New |. . ? ? - ' H ? I M?* ?,' .4.4?.. .?.?a FTirorra. ? ?. .. . ?' ?,4.a, ??Ai PITTSBURGH sloi k OpM n .' Vsm Ol ??aefcasj? > , a r ' . - a ? ? . Ail. '?'? - * '.*.<? 41 < a ' 1 1 ? 4 4 Gaa* aa us 14J, Hart a W pi ?oaa ? a . a . ' * .-:?-' ?> ? i a ? a ? -. ?-. . . I '. ? . I ? * '?'a 1.1 ? S' a ? 7?. '41 ? . ? I ? . Ill ' . io: ? ' - I a ? i " . 10?J ? __?_ ' ? 10? sf11 . a * ? ?? IS 14.1 TOPICS OF DAY IN WALL STREET Rumor of "Pessimist.-" Statement by Judge Gary Hits Stocks. SPECULATION ABOUT STEEL'S DIVIDEND Heavy Selling of Steel Cnrnmnt ?it tlio Close Report Kills Kaiser Wilhelm Agall. There .rere rumor? around during the di?y thnt Judge Gary we.? going to Isses a statement In whleh "rery pee ? ?ImiRtie" views were expressed no ? hoily know about what, unies? It w?? \ tin- fu'ure at general bulases. Balls! ' that th? r ,, true, jdlnr-d to ; reflection an th? r,.ntiv*i of the hank? ; in calling !?>un? ?tenet-rali ea Mon ? ?-?y. I ' ? tien to i-,any per ??ins thnt the International attention ant pa by nnrirr? to la>nd them t,. im I" ??? '? bates "i r. itralnts arara ?.t their ?ti ?periihition whet ; ? busirie-*! or on I k Exchange. Is not 1 Imply that the ? i fee per ? ..lit!,, to da ? r ' al thnt ?'i Wall ' ni tl, ? t that ' ? ' , ?n nre ; ": launel ad f-r , Idly, and that it i? illy the par? I i idoaa to heed ' ? pretation. A? to a S*eel Dividend. The Ciarv i-'atement ??? not relea?ed until thi? morning. Those who h?d he.mi gas to be forthmtnir.j had not ? ik on then bet the ronor tint It did not abound in cheerfulize-.? In Well S'reet, hi re el?e, mo-t people nr* alwayi on the lookout f.?r (?? ? ?it know!? dge of art .* ? ration'? chairman ares I I, i-hnse to that the etal ? . ? ? ? I hence, when the Steel di? et to COI of a dis lend for the common lock It han be.*n taker rate would thia Janano ' . ? 'ten ? ? i In that. Whether the what . - diVI ta common itock lis a n " ? ' Ttie- Sellln-r Order. In the la-' tea of 1 ? ?ay, when Steel area nearly m ?...-.?c' price for the da known brokerage house ?oddei ? :.?--,I - ? -v Th? t'lrni. according to ? ? re got p. had a ?*'l:r,tr ..r 1er for I The ? ? price dro- ? ? . ? ? , Row Will It He Taken? Mope and anxiety ?re -o romtnin gle.l in ??'ul whether, laat night, broker? I a eh?no- I dorur ? predict with ?'? eeitainty hi . .t wou'd r? .. Tii" . * t the pre n1 and the i to be no ?" rarrj i ? I n ... remarkable f what ii thhf 1 ilievi l. . , '.'. tree! i a i ?iri-nr- ? Bfl I ' :' ? ?* reason ' -al ' ment in many Indu '. like railroad timetables, Wall Street api?? ara i 'to rhaiir? ?at notice, and * mai when peace *-!.<>w Its first the hnrir.en t -. -re will Ire ?. lie". KnNer Killed Again. The Kil er. ? I ? - palm (,nlv to the ' ron i amber Bf ttaaea l.e ha? been k:!Ie,| :? s?. nr, wea alma I fatally killed ye I H;iv -on the S'oek ' ? Tha malady from which v ired to be ?ufTerinr/ waa carried evifj.ble conclusion more swiftly ' the terrible thing Itself work?, ai : itever aympal ? . ht 1 been for 11 I In the ? The deal ? ?"'?fi? erai Wall Street af the treat CO fl thought tea! no o'b.-r person will ever be ul!'* to get 1 * in a eonn ? long been d hi i tened b? ' lied. Norfnik Ni.? ?.-i \ el vet. ' r ? . I -? Itl'nnst e reportinp; for that month, e>trnor<ini :.ry a*tiins in both cro?? and net. The ^- ?si iricrtas.. eral 11,493,130, or 4* per cent; all but about $106.<'0>? coming fron, freighi revsnaea With operating i BBS, h? Sgl i. SI ? ? ? or a frs than 100 pel ? ... ? ?n pn ? I r ataoanl 1 five month- ? ? ? ? . ned from I ... ..-?'. nas alweya beei ? ?wn a* a road that which ii", far i ta ab ? ?. to bring eh? i redas? i |ts cost of ops Copper Famine Spread?. There la little ting a ' ? : tal except IB 1 huir i tad the eoxl I ? pper, whieh i? ? m ? tiers ii metal, an.I even I ? fr"" ' ' ever a | ? production ui the uieu?l| ' ha? hern enortnoiielr 1ncrrn?ed Since tin?** ?lain h few v-*?ir%,?i<:o when thrrr I Beemod t" be M top lo the m?rkr' Th* ofllrer? of on* r<i|i[?-r BgenCf I? 0 yealerday I lint they <-<?ii!.| Bell Setl Bg lar delivery l??-f<>re March, and <"' trneta for thnt .nonti? saerr beiiil" beeked ?t ?i canta, l'or April and aebtMn'ient delivery eoppar coeld ba abtalned st '.''?'? saete*bal Uitc wu.h im ?ayiag bow long that pnce would role. 'ihr lacrease la densa tie eoneamption i-, th? besl f? nt ir<- ?it' the mark??. Slrike In Krpuhllr Plant?. 'the old maxim thai u irrn agam?t selling on -.trike new? ?OOBSBd to have it? fellowera in the Btre? ye Urday, lor certainly there area as m?h to get ??ut of Republ ,- iron and Steel aharee. In the reporta thai reached Wall Street all the eeaaaeey'a planta al reenes tii-.vn, exeept that fof milking enke, ware *.*,ni to be elossd down. tien elxteea area **??ri before the end of In*M ii'iir tu be h ..i ! of probable labor troubla -, Usa R gh ?? agea bi-mic paid bs companies working on arar ??r?i. r? being un incitation ta demanda i.-, workmen in other Induatriea, That 'the Bgitation ihonld have bogen in th* Kepublu* Iron ar.d Bisel works, r, ?, a surprise The cesspeey Is ?ni.i to pay the highest WBg-e.i in I he Young ? i.'t. * PUBLIC UTILITY NOTES l.eneral S.-hn and KnrniriK? of Vari 1.11*4 ( 'iirporat iiiiii. ? i .... Gas and Electric ' Jom? ar, Co and H ti .? and i ? funding f> p?-r ?. dated D? eemb? r I, 1911, due iv 1, 1942. ?? fa ich a being of? '? ?? u f?,r sub ei i I on. Nee "iurk Rstlwaya, ' ? :'. Rail waya < ? | . : et i ara inga ? ? i |291,' i ? ? - , and . ? I v. i. -, I . , u i r h si ' ?i ef i . - ? gei . ea totalled 82, ? l M07, 9 in 1914 Arkansas Valley lLailssay, Light and Power. An Issue of .1460,000 6 per e?-nt notes of 'h* Arkansas valley Railway, Light and ?ii. < been purchased b) . 4*: ( o., an.l is being ind accrue,! ' iield t ? ?" i ? r cent 'I h* no! . 1916, an.l matin 1. 191 Brat 1 led oui ? if nr. .i amour.t <.' '-. : I i ?' - ? -...ill be able to re? entire I ? . . ... ? Ne i | ., ?' i mpany. The I ' ised I ? .? lebt PIG IP0N OUTPUT AT A ?II?H?R RATE Amount i f Finn Orders at Steel ?Mills Withoul Precedent. Production of pig iron last monrh Ing the record of tin- i.. ! with i i - gun . year ?,-p -,? !n?-g.. an . ? . ? :irm or.ier? on their boi '?*.-. ? - for furur<- deliver] an ? ill ? "The ? say ? "Pig* iron in . of e*i. g, the oui jiut being ton? s da ton? in No 14 toni day. ,. on Januan i i , aga " ton? ? or 287 rip of Dee? The count i. g pig; iron at ? pening of 191 half the -;ie BC ? ? ? . n November and the ? ? ? - ?.. with an annual ?y of 1!.'.'; approi h ti?'w fur ?? --s for duple* a year. To?day onlj I ' fur? nstruetion, ting 1,7 ? .. ear, and lit , tie of thi be ieady in "The Iron Trade Re? ' aayi all line no ?I- ? ? ? ? . pro a i.piri ? indual reci t time lb] dera in band for at least imy of the additional to h** provided by h has .... try, a Ion. *] ( I i,!l II - IT \IMKIN. iritiei ? *-..;** room by Adrian H. Mul I I t ?" as ?*.',, .,!..,.. f. C ? M ? ? a I ?af I l?trl? I , . . - . .. -, ? . 1 ? a il h I i - .1 . . ? * ? ?. - I 4 ' ' I . - . - I .1 f ... a ' 4 ' I ' I ? ? ? 1 i ij.li*. da ?* ?? u.l (MORE BTCM K> ? ... u pr.. > ? ? ? . - . -, ? , ? . > , ? ? .... | . I 4 . ? > a " ? . i ? a . -? 4 4 4.4 r ? ? ? ? band * ?J ?* * u *J '* ' ?s^???^?4Sssssss^iaiBiB*BtJafB4^ats))>^Baa Davison Chemical Corporation Capital Stock (Voting Trust Certificates) Authorized and to he issuer! presently 130,000 ihares. .Shares witlioul par value and non-assessable. A. H. Wir-gin. John J. Nelln/an. C. Wilbur Miller. Voting Trustees. F*\e>f-istrar: Transfer Aj-ent: Chase N.itional Hank, New York. Bankers Trust Company, New York From the Utter of C. Wilbur Muler, Keq., Preti'ient, KM tummariz* tu fo?OWSX THE CORPORATION AND ITS BUSINESS: Hal Davison Chemical Corporation ha? hem organi/ed under New York laws with an authorized rapit.illation of 150,000 ?hires of Capital Stock of no par value. With the funds derived from the sale of [he stock, it will acquire all of the a??e:s of the Davison Chemical Company. The Davison (hemi'al Company is engaged in the manufacture, for gencnl commercial u*e. of sulphuric acid, fertiliser acids, acid phosphate, etc. It has been in luccessful operation ?ltex 1832. OPERATING FACILITIES: The Company owns and operates one of the lar*-e?t and moat modern sulphuric acid plants in the world. Its main plant is located in Baltimore, \M , on a tract of 410 acres of land, which has a harbor frontage of approximately three miles. If also owns hso other small plants located near Baltimore. It is n tm producing about 260,000 ton* of an<!s per annum. Upon the completion of additional facilities which are to be in operation by March, 1916, its output should be about 300,000 torn per annum. The Company also has under construction an acidulating plant which will have a capacity of 300.1*00 tons of acid phosphate per annum. That plant should be completed by the mid-summer of 1916. SUPPLY OF RAW MATERIALS: To assure an adequate ?tipply of raw rr.-'erhls for its operations in the future and to placs it in a position to meet competition at all times, the Co*****" has acquired about two thousand acres of phosphate rock land.- in Florida, esMn.'fed to contain about 7.000,111)0 tons of Wish grade pebble phosphate rock. It also owns -ulphiir-bearin-r ore lands in Cuba, in which there already have been blocked out 1.400,000 tons of hi**h grade sulphur pyrites, and ihe amount of ore in the property will undoubtedly disclose a very large tonnage. FINANCIAL CONDITION: The new Corporation will have no funded debt, no preferred itock and no current liabilities other than those incident to the normal operation of its busmen. Based on an apprais.il by experts, it will have net tangible assets of $11.950,000. EARNINGS: On the basis of businesi already under contract, the earnings of the Corpora? tion for 1916 should b-e at least $1.400.000. The Company has sold 85% of the total output of its acidulating plant until 1922. The bal? ance of the capacity of that plant can be lold at prices much higher than those in the existing contradi. Ml legal proceedings in connection wi*h the formation of the Corporation and the il - of this stork, have been uppro* *d ' Messn Spooner fie Cotton, Attorneys and Counsellor? it I i? v _ Our purchase of this -fock has been made on the basil of an audit of the ' pan? M "? Haskini cV Sells, Certified Publi rttants, and reports on it? Stephen B. Fleming, F.sq.. President. I I George C. St? ne, Esq . of the New fersey Zinc Company, and Dr. Edwin C. Holden, School of Mines, l.'nt versity of Wisconsin. Application will be made to list the stock on the New York an 1 B Stock Eichsnges. We offer for subscription 110,000 shares of the above stock at $70 a share. Kissel, Kinnicutt & Co. Ladenburg, Thalmann & Co. 14 Wall St, New York 25 Broad St., New York Dominick & Dominick 115 Broadway, New York / i a tvertisemeni appears OS a natter of record, a.t the entire amount of ttock o'r. red has fen t AIMS AT $1,000,000 INCOMES !.i\ *.-.-,? iation Deziar??? $200.000.000 a ! rar ?'an Ha Meed. rtalat nader which ? tax of t?00,000,000 annually would be . ?pos ei ?era ef laeoi ? ramendod by tha ?? Tas Asaoeial eharered ? the poor are compelled ti ? - , t tha ?? ? . ? the rich are per? sde t'r-.?-:r4. ?????? i made 1 1 ? ? -- '????? me of i families n a c mntr?/ ' HilvOClltPS the poor will he compel'- ; I y Increasing (??*? I \. 20 P. C. FOR GEN. MOTORS Distribatlea of 51.?..",0.000 Cash Fixed for February 14. ? .-tors of Meter i ompanj jre terdaj placed the com 20 par eet I annus declaring two divi ? ? ach. the ?rat for . November I, ami the to end irj 1. 1910 The two disbars? ?ii will mean a cash dla? 11,650 BOO, will bo pay i tan 14 to holders of January IB. ? regular 20 per cent rate ad from tin-.u to time ide rri an official I ;. ?--r. rdai '- .ii*. Idend. will eonafder at the a . ? I?. r, ? , unpany on er 16, ?it^clarcd t? dividend of ,r,,> -nt in ?ush. The only previous lend on thi- laaaa ?a? ?a '? ItOO, soon sf ter the reorganisation. -? SEEKS TO ENJOIN STRIKERS Internal i.iii.il >ilat>r I ?mpun.i'a Peti? tion H?-ard ?n ? oun. New Ha I . Jar,, 5. The ? ' ??:,:?? ? ompanVa of Meriden, lor un ir.junc? tion against iti rs and I ? labor -, .. . leard in the Superior Court. . ? of per? to work ? fa : idea and '?' ? i , of merchants in i ,J liunaher appeared a? r, . 'endants. The silver is alao suing for $'.?' I ?a. The com;.a- in ? . ? . ; n o. Walla a: d Roger H. Da - Bank of Germany Return. ? wire , ?ill?, d ? -? Impariai Bank of Gen ii ? - : : irki ? II and bank _? ? Privi ? ? ? - non m?rk? ? ark?. llation and ???'.. ? . . ' u ' ? - ?-? -- te : *...*. . marks, Western Pacifie Railway Company Plan and Agreement for Reorganization To the HOLDERS OF CERTIFICATES OF DEPOSIT Issued by THE EQUITABLE TRUST CO.MPANY OF .NEW YORK, or sny of its agents ("ria. Illinois Trust <**: Savings Bank. Chi? cago, Illinois. Old Colony Trust Company, Boston, Massachu sett?-, and First Federal Trust Company, San Francisco, Cali? fornia) under the Western Pacific First Mortgage Five Per Cent. Thi.-ty Year Gold Bonde Agreement, dated May I, 1915, and all others who have subjecte-d First Mortgage Five Par Cent. Thirty Year Gold Bonda of Western Pacific Railway Company to seid Agreement: not:*": is h?rebt 0~T*"n* to th? ho'.d-r? or oess**tea*aa ot L.**po?u l??-j?d undar ?r.d 'o all cthara who hav? ivib;?.?,?' **".r?t M>r.(?|? Flv? ?*f ? Thirty ??ar Ooll Bond? of Waatitri. f..:". *'..;?.?> ?top-aay :j las , i - - - -ir?*rr.?r.t. d?t?" Mar 1, li".l [s?Bl h w?? -*nt-.-*l to"0 fe* tiv?j?n A!-In W Kr? i. ar.,1 ott'.ars L?rtl?e at ll.? ?.r?" ?art SB?] ?r-aln ' .-r? of r:r?t Mor-|i|, Plv? :'?r i <*:,: Thirty Tlar >>'1 Beeda r '< i It, , Be P<4ti;*4.y Coinpanv. p.rttaa of "l;. ?? o:id part, ir..'. | ' - ? ? ?a th? ' f'r.,t?-ti4a A(r*i:r.?nt ') thai, pursuant to tl.? pro-n: j a * -a ? " ?- I ? ?tgraamam Iba in?aralgnae Cemmlftae ?-tin? aader i?i" Pro.- -.. ? ai.-- * i III pripinl ?'i?,i.,'?a, Br la? a?SrmatIv? ?t? i tal . if all of It? r.einb'r?. a Plaa fcr.il Atr?*m*ru datid ! - ? *.- ?> '.111 .- 1 ??malien of ?h* lnt?r??'a ol ?h? Dapt'tT? und?- ?aid "?'rot? A| - a ? th* infor^?rn*nt ?t t.-.?'.r r'gt.*? ? . .a * id a of II ? "*'*n and A?r-?n.?nt ??:? ?. th? K? lltabl? Trual ? a? 1 ?p sl-.ary under a*td ProUi-tl?* A?r?-m*nt. Hoid?r? of ??M ??rlMeaaee el Sefli and eth-r*. if aay ? Ba ? ??b ;????.? 1 any ?I ?ai* i onil? to ?aid Prat? i v? Afr*?n.?nt r ..? -x Mid A?re?rn?r.-. trtthla lha Berti 1 of ?1? .*?k? - let? 0| th? flrit putiii allon ?I thla r.o-.U?. '.n th? rnaur.-r ? - I ? pr???*rlt>*d !r. ?aid Pro?.* t!\? A?r*?m-r.t ?-. \ ?uch lh?r- '? > ? ai* a Ira? from iiaid Pro-.?,--Iva A?rao:i.?i.-. -a-..', ?,? co: il ? ? ?'??- i ? | -, : tv, . ? to th* aald Pian and A|:*?.n*o4 and will b* !rr?vn.ah v ?; ; a | toBolud-d th*!?*?/ The Plan adop'*d inmlt* tv*'d*r? of """??'.?m l?acl."o Rallw?r Company"? ':-?? Kertgeg? PI*? p,r ??' Thirty ??a?- O. ,; Jtor.d? not d?p'i?"*4 u-. '.-? th? if* -.. ? Agreeneat '*. j.-jm.i ; ? aeraa ?vltli Th- ?qultel i Truel ? any of New Tor*, the r>?po?',tary -.n"*: ?aid Plea ?ni agree-aeat, or ?*'?*. ? rr.? ? i ?ntheriaeS at?-.r of ??.a : ?. ??-- ?ii ?h?r?*-i- to >?? o.*.* parti?? 4? ???a Pi*ri .... i Agreameac 'ju'. im i.- liege ?o '? do w!;: espire Pebruery ''h. lita Pr'nt-d l*ept?M *f eaM r?an ar.d A?ri?m?nt r-ay h* *bt?'n?4 b? hot'-ri ?I Cartifl ???-? of Dei ? *ri. 'f ?ay, ?h-) hay? ? *:? -1 ? * >.. te ?aid Prat? II ? .'..r-r. ?-. ?i I *> ;-r? ?' va-f,t,*rn Pae'.fl ! ? ? .rr. fiaiiy ? Pirat 1 yaga P4va Par Cant Thirty T??r <;. ? Bond? eo ? ?> h* Iiaip.?.i?ry at it? offl,:a In ST??* York or (?i:?r January 1 IIH i ? , *i Itaaalsl?sgaataat thatr ?SI aela Baataa. cat ai.nr.iia Fian aea r.,r< ? , Dat?,l. I --?rr.b-r 21 IBIS. ALVI?? W Kin? it CKotrman DAHD R rOROAN W1IJ.1AM A. nisn C. M-JlVAHO HI.AIB AM III ?IT UIIIIWI tAlaOMOM L de UK! ?N ST.tltn J Mr Klin OaVOBOB HIII1TKIL ikkdki'.ii K H meF-K IAMM I? Pnrj.\*?i ni? MAMD h KOCVO i.VmiMi:?* j ARMY AND NAVY ORDERS; MOVEMENTS OF WARSHlP'j Wasal laUB. Jar.ua-i 5 I : *l NOtaA.N ; ? ' I. 81?. ? . . ??: . . - . . : ... * a ? a * rv. * - * . ? 4 H E _ . ?-. -1 ,carita. U> t ? ? 4' a' ' ??-??'. ?.. ?? . I - ? . Van , a a . a . . - ?, y. Mata?' fl ? . MiBlNK roarv staltet a? ... A II lahIN-a '?) M. Bl I . S ? *? II 4.- ,.??-. , a I i I - ?* a , ?. ? . ? ? ? a ? a . ? a. al-, , *'.?,. ? ' . a ? . ? ? .a., i. a., .-i? ?. Usaos - BaaSsi -sais a_ Ina? i ? ? MMffBo ? ? i v i . a a . . , ... a ? a . , I ? ?? r.-1 ?v.ra ? a . a > ? ' . ? . . ' a I ? i a ? -' ' - . . .a ? - a - . ? .t .71 a a a ? - . . ? , a ttgtaa?t $45.000 Suburban D-al. Ii* . t SS ''to Kraun PI I the Marie, a* ? it sC, seat keaal cor ner of V. a Roch?lU In par' ? ? ? . aJaia.