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Successful Commercial Activity ?5 largely dependent upon banking ?ervicc and the ooOpcratioR of I ?-trong hank is ,m important bus?KM .i?*sct. The Mechanic5 and Metall National Bank il a commercial bank which has the resources, connections and experience nei essaiv for the protection of its depositors' interests .and it invites the account?? of those -eiiuiring expert service The Mechanics & Metals National Bank OF THE CITY OF NEW YORK 20 NA?SA11 STREET Deposits (Dec 31, 1915?, $203,000,000. lOaVD SALES ON THE STOCK EXCHANGE MONDAT, J\M \M II, 1016. Trad'.n?S in bonda OB the Ne-*? "lurk St.-la IM hange Moadni amnunled to ?iilt*?*?". ?(??'?*'?? M??*l*?*00 -Salordav. **4.4:-.?\0(rO a ?? *"' .?, From January 1 to date. *>1 U.TH.'.OOO. ?gain GOVERNMENT BOM? ? eck aeo iin.l ?1,1 I4.0M n?t $5<U3fl.lM>0 In 191S. - ... a sm \ ? a I?. 8TAT1 BONDS MIMC1PA1 BOND?. ' M 111* ' ? I ?a |t I ?a 14 111 '*?>* ? i ll|l '.144 ' . - a ! - : . -' L I' HI * K 4? ? ^V"U': a , ' M*. briar? - .-* ?* ??v*-?** ?* Tsj" ?_, _ if -- ;? "? _ - a - ' : II ' -? iV cC? - ?%, ' ? a* F .?a? ' ' 4 ' ' ? ? i .'a -- P f '? ?* 105 :?> -.? ll?!r T???:??? l.A'l .*... ??pit-pi?! II l.-J (I l fil lit ? i.eoo 111 St r M *a M U >' ?It it?4 IBM M._ .. i?S * ?a ?l 44,. ... i r ? 10 us ?.? ri? * ??'?>? ?"??, 1 ?t ? 4 - v '? ,34, ?-.' ' A I ??j S. ? ?. - - fl'? , I ? at T I? a ' a -?? - it* - r ? V ? ?' M ?. ' ?4 t ?? ? . Il i?a > It :? 4 a ?? * . VI 4. ? - I? ' W*| Ml 4? ? 1 ? > : ' ?? .. II II ?' ? ?I . ... I - ? ? ? P?4, ? II 1 ri ?: * ? I ? - ?ru * TV'.- ' I A K I I ?au? 4? ? IM? * *? io: IMh US 11 103?, ,a, -? | fell II .'.'? Tn If?', '.' ' Tm?? A li- III ? ^o rig 4l II?-. 14 , M' ll*| a I - - A 1 JOO . * A Potn?- 4? ?a ? 4 R'-r? rf? ?. '. ? i 4 H? - ? I"1? I. . GtilLII 8? ?. ; T 4a * 1 ? I I . ? "a 1,|0. ? V? I . a- ? 4? - Ill 4a i * ?4 II 11 I1 . ? . ? . I M r ? ,? "? i ?? 44? II.Hu ?. , : a ...... ? Pad!? 44 "'?'-? N paid ? . ? ?4 ' f'o r'f? - . I ' ? ? I ?? . ' , a. 44' U* - . r?4 ?4 Mo l?t 1? V < . I 44>at ' - ?..s 10 . I ' I.M 4 ? ? . 4'???al GOVERNMENT BONDS. .Mondiay. Sa'urdav. a ...jj | refi |?80 . ?non, ? coup 1930. Bid. iop; 101 "i Aek. li '? Sa ie?: lfM*" 3? rnuD 1<M8 10:1 ?s *ou?' I? reu ? 4? coup 1925...110 re?. P* If, !??" i a,. Il Paa '61 rer-iom I? Pan'61 coup.iom Bid. a 99 101 li a 110 98 9S iom 101H A?k. V.ST. L. CAPITAL ^ISED TO $26,000,000 -?merit Levied or. Stock ln Readjustment Plan. th.- financial re ?palia & 1 mpany an *?*? m. d that I? ?ah about ' n pre ?tockholdsrs, upon paying ! paying ?? - other ol the new 5>"t ?a. * W h rota? "i. 1'ui at latei '? '*" . raiaa the S* l'iT' '"''? "? Hayden. twen?;j ? ? ""??>?>? rwrite lh? prtu ' " ? , aeat nut paid by the sharehuld. | .> close of businesi yesterday about 50 pe? cent i ' sary to maki e had approved tl lolderi hk'. ? I'<? - ? their stock under the plan. ? r the pre read ? eut the u huve . ' in the rate of the road or m the man ? ? t as they su Al 'P I ot disturb any of the company'3 or equipment trust obligations .'. St. Louia, the ? entrul or the Dea Moines & l'on lyadleate manm 'eceive as con a commission of - < ?vin uni ate ol stloi f $4 ribera to the ayadieate ?rill re? it commisMon of 1 per cent, or $181,2 - Vandalia Resumes Dividend. Directora o! ' Vi lalia Hailread ' 2 per The dividend ?? paaaed : 1914 i r. Pannsylvania of the company's and ?rill roeeiv? 1248,500 from ? lend. TOPICS OF DAY IN WALL STREET Market Decline Is Hailed as a Blessing Thai Is Much Disguised. MANY SPECULATORS Jl TTISON CARGOES Over President's Warning Proves Useful as an Aid to Mroak Pria s, - complexion ? i political opinions, advanced va? r?en?* - " them called "the tears the Presi? dent ? -the roun Bnt there was a pr?t* y penrral ortune ' ' ket. It mus n pity for who hid to suf!' . I, thnt Id break so badly, but inr Die un vietims, but for the ' ', thnt ' more thai ?t no ? I ? I com ? I of ?n te part of their load. urlty No Less. Investors have nothing to be troubled about, becnuso Investments are not ?ut? tering If investors are people who buy incomes and take no thought about tem? porary quotationa for their securities, they have no cause for worry. Divi? dends on sound aecuritiea are not threatened, It is notorious t .?striai companiei i row as w materials i vi ry ? nately high ? . drnds . . in a preat majority of canes, thiiii ) ive, as in demand foi thi m. On every week Bhows bosii i Capital After the War. There has been a difference of opin? ion, ever s il ce the war began, as to wl.?t'r- e would be ? or lower prices for capital. It was argued yesterday that the decline in the stock market couid hardly repre to meet a higher cost for capita] at the end of tv e war because :' had occuired in I uoua advance in ' market, Dread of the ? ? make e N'p'.v York ? ? <T ?iX ii'onths or ? ? d the individual? who are credited with having bought those bonds nre men whose reputation t'er foresight is well?nigh world-wide. ? h those who believe that peace nd an abundant supply of funds : in th;-> emjr.tr> have the ith them. Crop ol Inventora (?rowing. II is a mark of th" u!e:.t'y changed times that hank presidents and other f note in the f.nancial world are a froe dcm. Whr- em sounds a note ? alia,d : si one: of the war on abi ' - aboul ? than :t has e days when prob? ably more even ' An -;i declines, ? r to be thrown off'it. balance by every vagrant rumor fore ? es bi-^-an to be a | indus tl bor are teaching nut ? s of other counti His appeal Denied. Incid? - who was ? iv the ' 10, for in, could gain the ear of ?ni e and raged, harges against preda? tory V ?? quar. ter- i ' hnidly be belii ved in times to come, bu! there ?? life to his ingenuity. Twenty-two Millions Ahead. 1 ' T I ? increase.1 il way operating incoi . year, Which, like tha! of the New York lendar yei.i. wi!h an inci an in of $22,2-7, ratioi - n ? i 'ommiasion in 1914 p i'i the result, i tage o ! re ii the ? from ?Me amount avail:?': divi d Late Price oi Bethlehem. The ? urdav ' war ?? order l might i ? in the market fully ten m 12, the los .. ? . nun : Utea before 12, ? U S. Treasury Finances. ? - ? ? ? i OOODWIN ESTATE $6,501,301 ' Former Member of Morgan rirm Car- j rletl $1.05?,012 Iipimslts. .Inmen ,1 Goodwin, b riuimii of the P, Morgan una formerly r mem bi i of ?' P Morgan * Co. who died on June 23, 1915, 1? ft an es at $8,501,801 appraiaal, tiled yeeterdav in 'he Surrogates' Court, shows its distrlhu-, tii'ii ? V Goodwin, v . ..r i. i ? of the iv citois, $1,654 " G.1 w ?ri will reci h ? ? life I? in carrii d only |6,0I life insuran ?lorks and bon s valusd ' ?oposita oi -* ? PUBLIC UTILITY NOTES General Newa and Darnings of Varlona i orporallona. The account of th" Detroit Edison Company for the ? ,i COIIS*!' ' nues from amounting to : ? ffi, : the previous J ear. .>r an Increase of ovei li* per i ???ng and non-opcruting e?. id 14,811,219, or of 14 8 per ?ent, '; 1148,718, a gain of m -. ? ? ?eil tO I South ( andina Light, Power and Rail Power ? lid I inings for ? th of . alanco aa of December | 45 pc; preceding. I r De r, amounting to $47,S43 in gross, showed an lacrease of 8.4 per cent; net earnings after i tot operation and tases were x- 412, and the b.il .fter hoi.A was almost 4 per Cen? letter tnan in for the tot.i?t cent, ? and the ba STOCKS IN OTHER CITIES. BOSTON STOCKS. .3 i 'aluroet a Ha ? . ? ' ? Mary? laai ' - RA?! I ? ? 3 i ? , - ". ? ? - - ; ? Net . s T? ?? ? ? ? i - ? ? ? ? . Il . 4 ? ? ? 4 BAl.TIMOKr. STO? KS. . ?? ? i I'll l-ltl RGB STO! ?S . lAjt . ? ( lili AGO STOCKS. - ? i BANK OF FRANCE CURBS EXCHANGE Minimizes losses Attend ant on Balance of Trade I 'pheaval. HUGE GOLD RESERVE ROCK OF CONFIDENCE Italy Complains of British Freights Hi>-lier to Genoa than Marseilles. II I \ I*. f.lMlT. Itkf fif Piihll- W<irk?. E.lllnr "LAI?-? ti'?nomlnu-. at Fin?. Pai An imp tion port of M. Pallaln, le Hark of 1 n ion "i* exchange. 3,000, 000,000 If 44-e had 40,000,000,000 abroad at 5 per cent., 'Ht<> loana have - I ree forbade pri- ' irtgold; t to pay for abroad in gold. The Bank of France has conduct?1.! the following operations regarding exchnntc**: First, it -red in peninp of international credits t/i minimize the effects of loss on e*t chanr- d, it ha? facilitated lonr.s ahroad for 'ho account of tho Frcmh or Allied governments for .lered !. Third, it has inter*-enod in the <?:?. it to res--.,. trans . *-ench busi manufacturers the re quired facilities. The latter point demai ble care and cir n. Fourth, it has limited as fai i dispatch of gold i I anlj added to th?* bank's gold i ?rally speaking, the bank has ! tried to i < v-hange rather i than to brinrr it artificially to pa? ' ex'ernnl conditions would ren? ts maintenance there impossible. The exchange problem con be ex ! simply if one takes an indi? vidual case instead of the nation's. The person who buys must pay with ?gold, or paper representing gold, or bo In d ? What fixe? the rate of exchange? he law of supply and demand. ? te psychological factor. The fear that debtors cannot pay in gold causes a demand for it oven when it really is unneeded. That is the case in the United States. The high rate of exchange repre their eagerness for gold pushed to an extri The Hank of Franco's gold reserve .on,non, which gives con thc creditor but doesn't him gold. He has received a promise to pay instead of the metal lb therefore demands a pre mium ' ?1 he get it. This premium i the diff?rer.' ? hange which Franco must pay to Ar; and Hritain. In Italy the chief complaint is di against high freights. They Britain makes them pay 515 a ardiff to Genoa. The Ital? ians ask whj is freight $2.50 higher than to Marseilles. It is becau furnished with - debarkation. ? rnent is also in ted in the freight question. The ? . to bin- ship-. Then of purchase for 130.000. h nal rally did not reduce ? tuch time was thus wa nnounced that the govern? ment is about to sign a very large freigl ' th an Ami M .*,*. VORK CIT. BOND9, ? ?? ? ' a . ? I'llll ?DELPHI* BTOI ES. ? a .... ? ' ? ' ? ? . . . SENATOR JOINS 'FRISCO FIGHT Heed, of sflaaoarl, l'eimrletl with Yonkum \gam?t Reorganization. B. F Voakum, in hit campaign to ' San rra ? ted in ? souri, ember of tl ommlssion ?. <? gubernal ? ? n, of i iklahoma, has all : with Yoakum l . :ng a bill culling for ': .-??inn plan. The Yoaii ?m i ? .,. ;m? tv .-ir ? ti .'??cuss methods of di ( re, rt-f. r izal Ion, with the. spprov:.! of n t.. .: fail. . alternative be a s , ' ' ? SAYS STOCKHOLDER IS SPY Crucible OfflciSl Irnitr? Mai Who Di maaded to See Book i. ? i(;irrv A. Brown, rue i ble ( 'o u rt lunation against Will t i municipal courl suite again sr in each ? !'.rown says i! ? I, his ' selling | EEPLOGLE MERGER STILL POSSIBILITY. Options Expired Yesterday, but j Deal May Be Put Through Within Ten Days. Although the options obtained by the , Keplogle-Donner Interests on the ! - ii ? lompany, tl ? ickawaana I aaa stated ! not I were I ?o through ; soon. .?? familiar with ; - ? i yes Kean, Taylor ?t Co trying n the consent of 'he1 .???anna in un their I until February 15 either at $90 cesh or the equivalent in shares of ew corpora':,'! Tl S options on th? shar.-s ox the Youngstown company ) a sharo and of the Cam? bria n- ' - If the merger heenmes a re Kuhn, o. and Drexel ? 'adelphia. are expected tobe financial backers. At the office of the Wil'iam street bankers it was stated yesterday, however, ? "Cisi?n had been re: The Ueplogle-Donner Interests con ipproximately 31 irea of the i - iy ob? tained the holditigi of H. C. Frici; they rnrrhused I pen mai The name tentatively agreed upon for the company if the merger through is reporte i to be the Interna? re par value of Its shar ! BRIEF WALL STREET NEWS Tr? ." < ? ? t? Hi? -, a - - ? e . I -a I . . - a j it Brae I ' ?na ??' ?? - .i ? a ? -a RAILROAD EARNINGS 'road . made : a si : i i | lira $ 14 147.1 ! I . f 111 ? ? i i ? ' ? ? < I - I ? i aftei t ? > i ?.. ?t i i. ? - j . ? v i tie? I l ? <? I I ? I I ? ; POLICE DEPARTMENT. RaMra? la Tramfrri and Aulg . Tamp?r?ry Aultn.n.???? ? ? , - .n? ? ? > I - ? ; ? I ? TWENTY-EIGHTH ANNUAL STATEMENT OF THE ^mmfiin $__ (J-___f ??_tp__? FOUNDED lid? General Offica??, 527 Fifth A-renua. New York City Condensed Balance Sheet at close of business December 3lit, 1915. ASSETS Real F.state?Land ?-.d f,t:il<.!.-.;;i .... List ? To'al Mortgages Thereon Net Valuation of Real Fita.fi ^ned Mortgages Owned . . 11,025,603.98 Securities of Other Compani?*? . 335,901.00 Leasehold Property in New York City 20.000.00 Cash i.-. Hanks aad O?F.cei $24,627,'*4S.93 9.952,970.00 $14,674.775.93 1,381,504,9? 408,45*37 Accounts and Bills Receivable and Intereit Keceiv able, doe and accrued .... All other Assets, Accruals, et*-. . . . Total. LIABILITIES 6# Coupon Bonds and Certificates?Fully Paid 6'-*> A re Bonds and I I I Insta ments paid in end Iu'.erest accrued thereon Accounts payable .*..... Reserves for final payrnen?? on H?*r.l F :*a*- Be ' Contracts .. . ?ted 1 lings . Inter?. ? OS M ? ??tgag*?,? A I BOt due Interest on lull** paid Boads, etc., Accrued but no due . . ? . its, ete. !% PrajftSaTfSid StoCI $1,855,400.00 Common Btoek . 151.100.00 ? 570,511.32 Total ?20,945.38 87.675.46 II?.773 Mi.ia $7,849.939.44 5,71??,462.20 74,615.21 186.034.29 144,195.37 190.751.28 ?. 1.102 01 $14 : 2,577,011.32 $16,773.31*1.12 Ca??u:** re r*,?'-*--9? ?tock ?51- -'.? - ? ? rot b??*o ???:?; or ?---ued ?Idm I. _ Detailed Statemcut certified to bjr Appraiier? and Public Atcuntinti ?rill be mailed upon requeit. OFFICERS towns B. Botuto.-?. Pre-'dan? Waum B. HmcitiT, Vfc-Fre? Acsttw L B?.coc?. Vi'e Pr?j. ft Tr?a?. C'aaSBB-'SCBfl S.-kwat. S?cr?t?r? Cua?T0-<T. Mill?*. A??'t Tr???arer Pia?cu H Stmo?./li?| Cojni?: KlCUAID T. Ll.-llaM.ST ' f A . < ( OlultlDf ACC0l?t?n*. F. T. Wo-JD. roa.cial MONEY AND I XCHANGE. -T RtTT. ? For ?? I per MBA; up . i . ? i'At.i. M I at 1% aw swat; huh??', s r eaat! c.ooin?. ? v~? ? mat MONET ?to essf Rttaa. JWt:??? pet r?r.t far l '..-??? f?t Meet! ?ayt, ? 2Vt"i pet - Bte ese* ?'.i ? muh aniii.,: I'.tiK.ii ???? steattf Rattsfl rsawl 3 v?r tTit for t??t dbjm seal sceaftaMts, . ' \ - I'UtAiiiMi nm ? nu > I. ? Ei : Tfc? I : ? . . ? f: - I ? a bulk? lost v> S ;V Treu-. ? < ? ' ..?>.' \ WliXHl, , ? . . . ? i'1-.Utvlel- ? - ? ? . ? ? i- ?? ? ...? ? .- an ? At ?ru . ? [w K ?.. Cucase foi III?] '.av. 4 'ajs, t??. Hl. Ixaiil . i 1 4 p??t MSt; Mtn 4 . ', i -, pei ???? ? :?.? i .-? 4 I'l ?a t ?"ra ..'.. ?>. for ?.,? i ila?. 3 ,? - ,. t sli-y to DOM1 -? r? li ? . ..?. tu, ?c j:t ' U INK I !.I:..HIM. i ? -?-> I ? .... lehinfM, iff ?lichens?. a a- I - - ? ? SILVER VA'lM I' I'ar r. it 1: laWaOsa "?J ? . at ? ? i tap*. ?t-Mo a . ?? < were all . * rat < Parti rab?* i i . ? ? , ? ?. BUSINESS TROUBLES Bankrupt? Petition?. ??BIN TIM. ? ? [SHIN'O ? $'.- M a.1 . ?. f. Is llaj . ? . ? '? -.' ? t ... . . ??- ' 1 to II ? - i . ? S . I ; ib ? b?. li tt ? I I I , . , ? - ' - . ? - - l'an I . r for 1 ? ? ?? . ' I :. . ' ? | ? i ? ? ? 1 . a ? ? t r? ir tt ? ? ? A ..' - " IT ? I ' / ? m ?r'-ajii? i li UtI.EH III.I.I.U a ? ' - lei I ? a ? . ran Aopaintml. ?? apt? I - I . u a. ?. - Id i Cemo*?ltl?n? Confirmad. . ? - i ? ? i a I? Mai a a ? Pctltlen Ditsilitcd. ? ? ?. ? i ? , . Btnkruptc? Schedulr?. . t. IVI .... .... .. .. ... M ? . - a i ? ? ? - AatSfSaSSt ' ? ... Olitrurit? from Benknj?tr, . ( . i ? ? - .. i i ; . ? - I ?' . ? ? IM. IDENDS Winslow, Lanier & Co. 59 CEDAR STREET NEW YORK THF V I ' "*7I> ? II AND DTTI DKNn?- ,4P.f: r.MAm I ? ;*?.?; i. ? . IU1KI\RY 1. 1111. ''.?."?'?i 1 .? im | - On? Utga ?? '" ? ?l?n1 a Pmab'irjh R'! C '.?n ?t'f? D ' v, Inllan? !-, i"?n? Br 1*" Hiar.1? MaMrtl ?B ?- ''Lveland Kl Co <j*ar ?'. - I l'or-snv., : ? lia ?ira?' :mrr.-i?!nT.' Boa.1i? V..1?. K . hj ' o l?i M v I* $16,500,000 REPUBLIC OF CUBA I.Hir uni Une Huit Ter Cent l.ol.l Mi.ml. Hue 1B11> . ... - - riliudrv 1 ? '. a . '. iae ivaij on pre?-, a at O'ir o*B< e en ?nd ?f*.?r that 4.t. SPEYER & CO. - f.l Ml; M ? HI Ml? \i ? OMPAVT. ?S Bi .- - . -. ? per ..'il' Il"4%) will ba -.??M ?-'.\r<-h 1 11.t. to Common .*-? 1 ?r? ?if re. u-ci ?t ! i' .m . ? LAM A-IKK MfllUiAV Irefv.ir.r. I ) 1XAX1 I ?I. MlLIINi.> 1.1.M K.M. I HI..MK \l. f <>41|\\\ l'lili:i|.-'..va h. i'niuaiii fouul?. N. \. T.i -lo. kbolder?i ? ?'-.?n th*- ? i '.era ?. Hi be 1.? '. ..-. 1 ' . ? ? . ? I ? y ???:?? : ? IB. I - A ???? \ mint?, a ?:.- t| ? '. :? -. . tn.l ratification nf ... : . . : ? ' . ? f - - ? . 1? r-^ip^nel on Kelyruary ll*h. u .. A M may ?v!?*i ? a ? - ? tram l?a\in? ' if I It 11 : IS A. M . ruai < ' ! ' a .. ? I 4411 -a I ,|..K?, 14 sarretar?. Mil I? 1 Th.? i ? - I . . ?. ' a - - - , .. a - a - I .. .4 ?.1 D INACTIVE STOCKS - 'he closing bid imi aaksd pr e? ? for il m <a which ?alt in on the St?r Moi 1.1 If : A???l ai?-> Eipr *. . : . ? ? I - II ' * . . I ?' . ' . 'a ? - A ?? > I . . ? ' , 1 ? . :. ? . a ' ' ' ? ? ? ' ' < * s a i 4 I . .a ? ? ?; a . ' 1 I Cl ? | ...... I ? ' - . ? . I a 4 4 I- -, !4 a ? ... ? ? I -, ? s I I?.'. ? : - , ' ' i ?' 1 \? I. . If. I ?If '.?'.- | I 1