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TOPICS OF DAY fl WALL STREET cgei Now*? .5 Boomerang ?emphasizes Apathy of Trading Public, KAllS DISPLAY AN N\\OM! D WEAKNI SS miNo? o. Ne? \nglo i reiich Here with " Vmericans" jij i daterai Securlt) . ? ? ? - - ? : I ' ' ion. ' ' ? ' ? fl ? Fight. ? ? ? ' ? ? ? i ? i ? - ' ' ' ? ? ? ? ? ' [ ? raidit**. ' I . ,1 by g the A ? i ? ? ''* ' B '.'on. ? wl . ? ?> ?,:, ' et they '? "*Jt |,,a.'" '?-i'' ?"??Ut?. BOXD SALES DY THE STOCK EXCHANGE \\\ n\rsn\"i. i \M m;> ???.. i?.|., rradlni la honda on the Ne** Yol* Btorh Exrhaaga Wedaoada*. aaaoaated ?l.;.J?;.?>Hl?. ?ic.in.-l 1- '. Ii.il.x-.it. 1...-.I... M.i'll.lliKI ., ,,,.,.?, Hk.? JII)(| -..-,.-,(,1.(1110 ?ear ni;.. Ir.ni .l.iniia?. 1 !.. .I.il.-, |9.H,8tl,tM n>?.t?ii-.| S.". I. ' I',?1(1(1 \u? |f*~., t.tt\ ERNM1 \ l n??M?s. ". i i . ? BTA1 i BONDS. ?'?. MI MCIPAI ?I 1 Tr ? . i I ? 4 , ? ?. M 4. - - ? ' ? p t .. 4 I 4. . I |?, | ... I. rf| ?4 lto\l> 4 > I , \ ?, I V ? 1 ' .- ? II ,11 W V*. \M> Ml??? I I I IMV a, V , ? M i. ?I 10? '. 1 l\ ? I ? .. ? <.?' . . ' ? . I ' I . I . .. . . ??I R 1 Aik 1 U ?S. ? . P ?- I I ? ? ? ' - i ? ? , . | V! Il VI. 4 M 1. A ? ?? ? la .1 i Im An I / . ? . i i ? ? I m w Va < I i It X Y Air Bri N ?. . ' ''. ? . , -. . ? ? ? i ? 4. ? . I. - ' "v. ' 4' . " '. util ?'a 4 - ' ? ? . ? ? ? a ' . . '. '.-? ?? l??4 ?? ?? ??s Si M ? ?. ? i ? <? . -.; ? . ? - ? ? ? ?? ? ? ? ? ' a ? ? I i,?iv I RNMEN1 BONDS. * Ask. i ' 0 ' 4 no ? n>!4 im1* EEL PENSIONS $659,389 : Haa ???->?. Eatabll hed In 1911. ? ? ? i - ? ? ? II, up 1 . 1914, 1912 and ? ' I . ? . ? I I ' ' Tube < : ':'? Iron ' . ? BRIEF WALL STREET NEWS TI..- ' i i k Exehaag i . permanent en ?e. fnr . Arizona Cop ??ml S ? ? ? 1 day, ? . a 0 lylor ? Co. ai the S Com* en* h gat i re a beei -rriberl for '. ????<?? - ? ? . ?-?'-?. 'A ? and C I? ?\'i ??.? ? I ; ' the r Hill ... . red ai of g I . ? ? '. ' khold ? . ? ri ? PI 5.000, ? BUSINESS TROUBLES B.pVruptrv, Prtltlan.. - ? ! ? ? i ,11 11 M . ? . ? ? I - : - I '. . . ' ? ? ' ? ? I. 4 ' I ' I ? | 1 . ? | . ' ? ? ' 111* - ? ... IB HA ? B.in?r..pt,> fcchtiluln. J.i. ' Iru.tra App..l.4??d ' LITTLE BUSINESS IN LONDON MARKET ??.??st of Dealing* ?n Anerlcaai Pone rhrough I reasnry I rench I oan I inn. i ondon, Jan 26, There la little bual i mi lag "M the ?' lock l ..m ida o? i ubbei hare a, gill edge ? i and the Prei rti loaa The laal " a ' mu ? ..il-,,!. rl.I unehaagad a! ?''"'?. i he a? n u.,i loan m ..I v." Amei ran ?ecuritlei \\i-r? negleeted I aa moat ? naai ? (roin?,' through the Tr? l he ' rie 1 ed a ?i id" and I nlted State? Steel ' - on the ?I ? id? nd . ?it. I he Han,. ' bnd bough! 181 In bai ppi .| y:;ii,iniii In aov - nd releaeed ?1,01)0,1. to ! i ypt. dl man.I Bad ?1?? rat? . American ei . certain In an . bate in the il.,u .? of ? ommoi ' : aadii a".I II. |ai .| ... . , ?* ? i ?? all firmei in? I *,' 4*? three month ' billa, 6'? per cent. ! ?? in day. ? ? cenl rente closed 25 < . ? l . . LONDON < I <>? in?; !i;i? I i ' -, NT? . \ It. 1*34 i 111 ?. ? . ? ?> ' ws - % '?, . ON THE CONSOLIDATED. ' tha leading I Excl ? : closed at More thnn Peti ? i Steel ! sin? i?. - ? - ...... i . a .... ? ? ? . . 4 ; .... ? . ? . ' . ' . i M ? ... ? , , , . , : i i a . ' . ' a ?I . . 1*4 ... . - ? ? . .... ? ? ? a - ? ' > I, ... ? ? ? - 4 - I I \ a ? 1 ; - 1 ? ? HIMNG. ? 4 a a " a . . , . ' I " I I * . 4 INACTIVE STOCKS. un? listed I ... . 4 ; . ' . ISI'JI : \ * ' I I ' ? ? ' 4 ' ' | ..... ? HOLLAND TO HAVE GOLD FUND HERE Plans t<> Save Exchange Losses em Inceimc from American Securities. B ?., . ' 'ii" ' Il hm I eompl? ? 'a with the N?? tioaal Baak of Commerce In thlaeityta eatabliah a j r? -1 > i raatrve her*. Thia ia ? ? . i ble foe Dutch holdera Un? in aeeui Itiea te eolled their v. IthOUt loaa ne ..f the high price of exchange en Hnllunil. The fund ?rill proba1 inniii here m lil the e nd of the war. Bead eoupon ? and iliviilend ? a .1 be dtp theii their oa n b i h ?rill eaah ? ther | be teat here for collect.? ? i will r? Korb and !><? i.. ... It will b< the m ? time In Hie his llolland'< i ent ral Lank thai i .i ?w ? ? ..' th?> ? of Ei \ . and m Eg) - rving i The Hank of < ? ? ?? wire? and ' ' ? ? or the >Su I oommitiil".! a ? per can! ?hen al rrenl al a eon Thii coi Would -, cnrrerred the i thia country. pt? I, but the ip Pern ? WILL HANDLE WAR DEALS ' oloael Daan Joiaa < anadian < ar and " Forcea Hire. The I ? ' 1 ? .1 P. ? ?? ' of ( ? : thai ? i "actoi I .- ? ' te ? ? ? Foun dry Com] r the I ? ? ? ' ? ' . R .1?. ? - . : ? ? ? ? ?' ? ? ? I - v ? ? To Vote on c ipital [ncreaie. ?? ? ? ? - ai tion : DIVID? Mi- DI i LARED. ? ? a ' ' ' ? ,, ' ' ? 4 ? - ? DAILY IMPOR1 - 1ND E.XPOR11, ? . ..... i/a i 11 NEW ISSUE $15,000,000 . The Willys-Overland Company Convertible 7% Cumulative Preferred Stock PKCFERREO vs TO BOT l ASSETS ?AND F Al'MS'VS PAR VALUE OF SHARES. $100 'J-i?.'?rl? ?li?iti?n'l Ha'?a fi'a, Ha?a al |ai a-?, Ap-I'. ' ? II *ST, Be ,l"H,il,!i it ? ?t,> i,i in p,M )' ?>? ?.; ? n <?( *h?'.,-?? i ? ?-. ' a.? ri-ric? ?I 1 IS and .rrri,?r| iJivi<1<-c 'a on Apri. I. 1917. *r an? - I - - -h-'-attir ?"['! Fl RRI D I APITALIZATION - . To be pr?s? A'i-1 or ?? ' Convertible 7% Cumulative Preferred tocl $15,0 '?" r]00 Non-Convertible 7% Cumulative Preferred Stock ! ? None The old Preferred stock was called foi ed? iry " ***** tint the || era have taken I tion to authorize the creation of thi Stock and the increase of the auth? tock from $25.00 I that ? ?suitable amount thereof has been reserved for the nversion of the < avertible For information regat rig I - ue of Convertirle 7 rred nd Uh busines*. of *K- I om| i tti ntii n i cal ed to the lettei Mr | .'fin N Willys, Pre I ?. lid bi "'1 t'r?,m ihe ti me of the iu ed follows : The Company ranks a*? the second largest manufacturer of automobile* in the United States and DC? upies the exceptional position of manufa. tunng, with the excep tion of irrtam ao. rssones, practically ev:ry part of the cars. Sale? have increjred in round numbers fiom 325 cars in 1907-1508 to 95,000 car? in 1915. Based on contracts already closed covering actual 6ales, the deliveries in 1916 should approximate 2G0.000 cars Net earnings for the three y-ars and three months ended September ^O. 1915, after allowance for depre? :at:on, averaged ? iproximately .'??-'? innum Ol times the annuai dividend requirements on the $15,000,000 new Convertible 7% Preferred S'ocl:. Vor tie feat ended December I, 1915 (partly est mated? the earning, were over Si0,000,0?00, or 9!. time- :ements. Tv.tal net assets, exclu? iv? of food mil, [tatents, trade-marks, etc., as of September '!. 1915, together with the net ? :r'.:n the sale of the new Convertible L". Pteferred Stock, were over S35.00?.OOO. or over 2'4 times the par vaiue of the $15.000,000 new Convertible 7??-. Preferred Stock, net quick assets alone being substantially l'/j times the par value of the new Convertible Preferred Stock. Convertible from January 1, 1917 to Jaruary 1, 1922, inclusive, into Common stock st $300 per share with provision for substantially proportionate reduction if any Common sto'.k. in addition to the $21.000.000 outstanding on November 11, 1915, shall be issued as a dividend or for less than $.:00 per share, except as to $1,500,030 Common stock reserved for special purposes. A cumulative sinking fund for the purchase or redemption of the new Preferred stock at not exceeding 110 and accrued dividend is to be created by setting aside on July 1st annually commencing with 1917. from surplus profita a sum equal to 3??, <-f the aggregate par value of the new Preferred stock issued whether or not outstanding. The Company is not to create any mortgage or issue any bonds, notes or other evidences of indebtedness maturing later than one yesr from the dite of issue, a out the consent of at least three-quarters in amount cf the outstanding new Preferred stock. The ( ? nv'a i receipts will be delivered In the first Instance, which ?receipts will hy ,v -. ?e ? hangea e f r st ertit ites when engraved and pre red The legal pri-iced-r-gs for ?' - - ..-- ?? ed upon by .\ie?;srs. Lravath ?Se He- '?:?? a. New York City, and by Lawrence. Maxwell, F.sq.. ( ncmnati, Ohio. ' '?.? "- provision? governing rig ?? ???-. preferences of thu Preferred Stick util he 'urn-'h'J ?a tsplireh n en? reference thereto ?( made ? t ill drtc-.'.s. Ihe ( omeany tlates thai B*#J a - ? ??* made to list this Convertible 7% Preferred '.?r? ..-* the New York H'.ock hxchar.ge. OVER THREE QUARTERS OF THIS ISSUE HAVINfl BEEN SUBSCRIBED FOR UNDER THE OFFER TO THE STOCKHOLDERS. WE OFFER THE BALANCE. SUBJECT TO PRIOR SALE ANO ADVANCE IN PRICE. At 106M. and accrued dividend Descriptive circular furnished on request, William Salomon & Co 25 Broad Street IOS So. La Salle Street NEW YORK CHICAGO STOCKS IN OTHER CITIES. |,ei-l?>\ SKI? RS _^_l ? - , ? ? - ?at Ml . '. ' ? " - . - . I - . . . . Mai - ? . ? i V'. BAILS ? . I " - - ?. ' . ' ? 4 ? ' a I I . . . ? . ' . '. ? 1 " BALTIMORE >leu KS. - s ' a . ? a ? ' ' t????m????????????T . a - 14 . 61?. ?*? INTERNATIONAL MERCANTILE MARINE COMPANY COMMON STOCK . . ?- . a of ?h United State? Mortgage, ?ir. Truit Company ? I?! I Deposit Agr'-rri-nt | ' v I I 5. In o-4,er to CO I the nil ' The N-?w York Stock Exchange, which I???'?'? '. ' ? . ? ? Depositai I ? ? led TO ant in. II DING JANUARY 27. 1916 ..... ? .. , i that II will rt t ie ?!-?, ' ' ' ? m the Con? ?? e Is warranted in wi . I that thi ? H ? who iho I their co-operal . .... ... . ' n?ii- or. i ? \ 11 : ?. i bainaaa I I IM - I ? I MM llllS \, Il I, (I ! Ar.pp ? 4 ? \ h - i.i-i. - 1 l< \ i ?,|i HHOM1 WILLIAM f. *'A3I iSTH rar, fork i.'inii i-rrnt | PHII ?VDELPHIA STOi KS. ? . a ' ? .a ? ? - | - ? - < HICAGO STO! KS. ? ? . ? - .. I o t ? I'll 1 -CI I'?,Il -Il.l h??. H I?**, law u*. - y . 4i 4 ?.a, ; . | a I * . M i . ' . , ? % . i i : i ' S "-i ? ? ? ? . ? I ?a a ? rr a . v I u YORK ? i I V noNPS. ' i ? ?. .. ? ? <??? i. a ? a i ,'a V I0l\? "4 ? a ?\ ? a ?S . ' ? 4 I .'J . . . ? ' Central Re*El?tetf Director?. . 1"0.? y ??? r?e I l.eia . : ?r ita ... :.