New-York tribune. [volume], December 21, 1916, Page 10, Image 10

About New-York tribune. [volume] (New York [N.Y.]) 1866-1924

Image provided by: Library of Congress, Washington, DC

                
WEALTH MARKETS AND COMMERCE
Mackay&Co
Are your investments
leiccted to meet
your personal needi
and adjusted to
fundamental condition!?
Our service is
based on
personal attention.
1 4 Wall Strrrt
\rw "i ork
r
The Way Bonds
Arc Bought
by reliable inveit?
ment houses assure?
their customers of
every protection
that experience
and rons-r\ atism
can provide. Ef?
ficient engineer?,
accountant?, statis?
ticians, lawyers and
bankers examine
with rare tie rec?
ord?, present posi?
tion and prospr. tl
of the corporations
?** ?ecunlies are
''?crmmended f o r
investment.
William P. Bonbright & Co.
14 Wallstreet. New York
I onion Tar i?
: I
W. W.L
r_T \?\J C / 188?*"
HUTTON&COj
Ne??? *lcrK Cincinnati
rtflm
I
30NDS
STOCKS
COTTON
GRAIN
? tl ? ??St ol h.irli praiie
Addrui Dt-pt. A
60 BROADWAY, NEW YORK
wiss Govt
5% Bonds
Chinese Govt
6% Bonds
Norwegian Gov't
6% Bonds
Bought?Sold?Quoted
CEO RETTH & CO.
40 Mil >r . N I Phr.r>- Jnk-n 3000
Partial Payment Plan
-Ante for Booklet Vl* ??hicli ex
t'lsios fully how convcnientlv otie
? more shares or bonds of Stand?
ard Beeuritlei - irehased
?^htVa^
?12 Broadway
an Me?? I art s- ' /
High Grade Investment
?Securities
Knautf] Nac?>jo?? ?^Kuljrip
Equitable Building, New York
-CANADA
Pro?, ef SaikatrkrMin
Bonds
Yarioai aatsntir?
l'art Kiilar? >.i. Kr?.u?al
W. Stur(-*is Macomber
I ?I H-nn.rr- .,;;.?,,? M Hall 1*1
TENN. COPPER
RIGHTS
Gude,WinmilUCo.
Meuhort Vet Uoet Exei i .-??
?.'ft Brati M N 1 Tel. Rector 8880
Rere Marquette
l??ur? (Old a?id New I
| gakt and i"*oM
FREOERIC H, HATCH & CO.
r?M?Bi?i-i.'ii?* ?" ?Ti.1 ?i -?.? i -i
?..'.. ...4. ?? - ? ? I: ..??Jal?-a.
Finance - Economies
-
11,11a 1 I llaro,r
' '
? r.
I
'
'
g at the <
f Wa ? ?
at" ti
?
live atocl
reas?
was ?
reported
- -.? rs r: the on ? .
themaelvea a ". aim ? I
stocka as before. Neva ' ? i
taker, the places of the -"'?' 1*8.
had the hverane cal ? ' :
'?
Man*
nal mar,-.**, n
reso'.ved to see it ti.rouph. The top
stratum -was swept a**
diately below was a ?lders
who could not be dis! -
or I-"- poil '- arai par?
ticularly true of the ;? I V? ? -'
it had the money with which :
?-.. It boa '
could not l?o "?haken out. I
? likely to
? u?-* until even the bt -? proti
accounts ber?in ' reached, and
: fw buyers take the places of th*?
? - ar?? not ei
broker?;' loai ** * on art pr al ly di -
?
81 ??
up. A fail of
? of Bethli
... i harrov ? ttei
thi
?
? :
' ?
'
? early.
ting 1 - . ? ?
?on of the
Stocl ? . '
ng oui
......
luch ?: r '? ndition be
into
. ? - anda." 1: ?this on
lly ho
g stocks
wrote
the I
?
'
-
'-.i ii and
cre-dulou-. The silly
roch as he wer. - - . ?
? ;, . all the
has been surgically re
moved. Next time, perhaps, he will
tter and demand tha
broker require him to
....
In tl .* ?usl ?. ? ?; Tht
Econtnm ti i ?London >. also in a
prehendn.p spirit, es the I
tude of the Federal Reacrve ?Board
toward British and French treaaury
particularly and foreign
incidentally. It print? the wh?
the board's statement. The gi
covered is found to be even wider
than the summaries tan?
?ndii atad. 11 ? Econe
that Amer .
. 'o be Mca ?' ?I g up
? ? *?: i am or in
?securities which though r-hort m
form may have to be renewed until
termal conditions return," thai
board "dissociate itself froi. |
? - - " ? America,
?old import? are a danger," ai d
irther that "the private inveel
???1 to requir?' full and authori
v loari in which
he may be thinking <>f ?nveating, ea
??? it is U' To all of
v. hich / ? I ?
i been soi l asi
?
that tl prom
?(????i by German American m
riew of the it,*'.
hiiil ? ? ition now rairpant in the
ral Reserve (
- , ? reason to tell
t their in
RCei ? : .d in
?
"
?
; ' el
? ' rol of for
I
Df ?ii.e
would ai ? i-i ?a a ass? I
:?'? eoold have called for their n
pajraseat Ht fare 4aluc, I'Ut ?f
bays back her cwn ?? - will
)ia4r an ???et ?aleai-'e only at a mar?
ket priri- I'rrr
that America airead v.? ugh
? , ?
? ? -(hi Bal whatever the cau.e of
tl ? r.-.ur- **es?o ..,.,. ),r
well advirjed or no. it will unilojbt
edly make our 'manein-* in Mew York
nr?*e dfh.eu't, and ?e nut at once
S<H abr>ut rneettip
??.nee Amenea Want? g??!d. ?a e and
eur Allies mu?' lad it and r-hip It, I
and 4.. pare 1 bip se* I
? t the I sderal
ReMrve Board rec? nroei Ii
tors. Above nil, ?e mo
pr<". ; reduce coi imp!
?
Am? ' ?. ' ? ay for
pp :..'
.. . , ...--.
make I ? ' our
? power for ".-.r. instead o'
? ? , ilWaV Oil
Mndulffenco, 1
Board's :? I ha? e a salutary
?
It is notearorthy that tue most com?
petent financial critics of <iir.it Brit?
ain have treated the action of t!'e
Federal Reserve Board with muro
understanding received in
?Street
Money and Credit
atoaey c:. call *?? the *??-?*? Yort Slack
Txahange ruled a*. 4 per cer.t yesterday,
pared
low clo'ir.'; tB ws
funda OB hr k ex
Una, par
r??*ard? industrial
age ander s are ex?
al ? fs
?? .end ?
actioi the si ? ? ' '? ?
however, have de I even I
lusti oana an
ind fout
-
iliag rates terds
-
,'
. '? "o ?2 "0
?
,:-,,.. :.,:: P/4-92 '
?Jays.. .-??.'? iM-V
. ? o 4'V ? ?
., : . 2 ?? * '
i oaaatercial Paper.
I. ? ? ture of in
?
at a stands! Rat?
- maturi
t at ei
.
??id.
V/t 4 4
."3 4 ?'? 4
phia .*y 2 ?- I ;
? nd . V/z ' 4?/? ' ?
1 .4 I 4 4
ta .- : ?? 4 4
igo . 3'/- 4
! lia.. 3 4 4
eapolia . 4 a
Kai us City. Ws 4' * -i ? 4' ?
. 31 .? 4 * *1
.-an FranciSM,... 3 .*'
day paper.
Hank ExehaagM. 1 cleai
al Nee York and other cities:
ingi Ball ' *
New Vor?,.. $579.319,232 S29.467.110
,... 6.835.579 1.092.'.'1
Boston . 35.721.603 3,626,385
lelphia .. . 51.913.033 6.869.824
mil. 21.005.666 3,630,633
>ub-'l rea?ur>. Sot fork
??? thi - .; rreasur*
Silver. Hur- n L
pence; New Yor
dollars, If H r???? I
? ...id 1 rom ranada ? tno
sat ef I '. amounting to ?"
1 00, arrived from < anada yesterday and
???posited at the A??uy Ofl 1 I
the aeeoai * of J. P, Morgan ??? ? 0.
I re ighl the total r the month
to a record of IM.7W.000 S - 1 Jai
the total 1 rom ail
??. .
Canadian l?cfinani .np.? U 1
I>rr. 'jo. Another |l
? ? ? held ???'? I oi
Wow York
: byla s aas 1
? the 1
erred f 1 en to Stn fot
to approximately 18,000,1 N 1 i 11
is asoeting aul
: ' Treasnrer to open nef I
v.i:h J. l'. Morgan A ? ? ?'?
?aversioi
.tlaal
Federal Immtb B?nk lli.idend?.?
? 1 aland, Dec 20.?3
th? Fonrl h Federal I
a easeia ? ? ? ?
tie ?. ?? lend to b? 1 I ? tl
:.- 1 res Bai k of 1 md D<
cembcr .".0. 1' ? ? ? ? ? ,,' <*
eat for tho Urst eight
the bai Ii
Philadelphia Reeerve Bank.? PI
? i1- he 1 ederal R< u
? : ? .. 'ias dec?an
? t.al divid? ? ?i al '? pet .t?'. r..
Deconbor M 'ihr- dividead .
r>. r o.I N'?.vrrri: ?
1614, te Jaai Brat eight
month? of operation, the ??
< nt i tied to cumul?':?;? ,,.\ drr.ij
erred up to I p?r MB| t?cr annum
Minneapoli? BmMVS Bank.?M uni
. I i.e. M, The Federal ]:
Bai k of this cil ? ? ?
red on th?? aaila of l m> ,,..??
annum 1*01 the | 'roe* 1 ? n,h 1
I
rhe divid?
- ?
Hank ?.f Lern.an?. ",??: n via I.on
' ? ? - ? ,'r n rr ' of the
e,| l?f
II 303.000
.In? 114.000
....Dec. 35.973.000
I: .- 2.502.00C
... ,Dl 63.121.000
? nee* .Inc. 1.328.000
.I?ec. 2.120.000
, .Inc. 82.481.000
69.639.000
I?,,- 128.687,000
44.453.000
- ft '. I ? ?72,000
?
The Dollar in Foreign Exchange
..?? waa
?, ..:. marki ad
I ns eeal
'he precetl
. it *?. 11.91
? -? .. ' the
" - \
?
4.75 ? 4.75' ?
daya.... 4.71'4 4.71
.4.76 . 4.75 ,
et) ?la;.? . 4.69 !4 4.69
and. 5.84s? 5.84**
bJei 5.83Ja 5.83*8
. . check? 40-? 40-*.
40'? 40'j
f2*hj 70
;?? ? T&a) 70' 4
. 6.90 6.91
. 6.89 ?o.?>0
El. 5.01 5.00
. ? ?. 5.03 4.99
tu-itrii .-.'. 1.98 11.50
cheek? 2920 29.45
??.'k< 27.05 27.10
. 20.90 21.20
Argentina. 9e? 1.00
...29.80 29.40
Belon | - the curren* ex? I ? **s
e ? ' fori **i rrconev in dollar? arel
reth' i '?? the latrinsic go.d
dated by l :
"
irrenl
exchange 1 l
value valtt?
erling $4.75 i $4.86*>i,
. 0.17 1 0.19 3
era . 0.40 ? 0.40 2
. 0.18.2 0.23 8
. 029 80 0.51 2
ecki 0.14 5 0.19 3
0.27 05 0.26 8
0.29 20 0.26.8
> rentina .... 1.01 0.96 4
The abe ?pr?s? the cost of
**n monev in terms of the Amen
i*OU buy an English pour.d
': 3 ?'?. *;-e intrinaic par
I4.86**? pel '??''-. 't. Thus, you
-.' pound? ?re at a dis
? ?? dollar? are at a pre
44 ?.ich ii owing to tiie fact that
the demaad for dollars
lettle accounts in th.s
greater t'nan the demand in
this coin,try for pounds With which to
?ettl? ? .-land.
? ?
Postal Savings Grow
? postal savings bank.
the rats af
| 0O0 a week. The increase
for November wai $4^60,000, or twice
for November, 1915. In the Bee
month? line? July I. the deposit? have
increa ? . or abool **- 000,
000 more than trie ?-air; for the ?n! i
? i June 80, 1918.
i teen office? now have over i
on dollars each on deposit, as t'o'
.$22.762 679
Brooklyn . 7.037.00*3
ige . 529?.9.0
. 2411,430
. 2.504.558
? tl berth . 1.984.303
rid . 1.292.831
lelphia . 1,29'.577
San Francisco . .. 1.225.930
mkea . 1.217.028
i levelaad . 1.198.575
. 1.149281
SI Louia . 1.054.975
total af dapeaits at 109 cn ??
each having over 1100,090 on dape
' -
1 November 10 the postai saving?
??- > available at 1,401 office?
n the United States. Alaska. Porte Rice
and Hawaii. At these offices 189,009
B? bav? accounts, with 1101,809.?
? "ft standing to their credit.
COURT ORDERS RELEJ
OF ROCK ISLAND ST(
Shares llelonginf*; to Bel
Were Tied Up by the Wa
in ?n onj?r mari? yesterday ii
I nited State? Distl ?
Juliu? M Mayer dire,-'? All
. ? , clerk of the CO irt, t?
ei to BronMB Wiathrop, the is
mas'er in ?he foieclosurs I
.- ? ;-e,l hy 'h" ? loatral II ' I OB
a? *r-.,?,'er?, Bga BB< I B Chi? a**o,
Island A Pac;*"e Railroad Compan?;
? lure? of the Chirage, Ro.-k l?',at
Pacific Psilway Company, whicl
turn are -o he delivered to Hrown 1
A ? n . the correapo- deal ? n thi?
Robert Brunner, a barker of 11
?el?. Belgium, owner of ninety-t
collateral trust -.1,000 A per cent bi
of the ? hicaeo, P.ock l?!ar.d ?t- Pa
I.ailroad ?"ompany.
The stock thus r?lea?e,i Is a por
of the 716,661 ?here? pledged with
l'entrai Trust Company ,n sccordi
I 'ru?' agreement dated AugU
The foreclosure decree wa? :
|| 10, 1614, hut BS Rni =
had been occupied ?ince AngUSt, !
? ?? military forces of the Gen
Kmpire Rrunr.ei WM unable to s
on the collateral trUBl beads ' ?
c.'v *o a? to secure the relMM of
?nares of ?tor,,.
Because of ?hi? delay the judicial
der ws? BecMsar* te lee ire the trs
fer ar.d surren.?er of the ?ollater
ThrouRh Brown Bros, ?v ' 0. the I
c?an hanker csn now joifl :-. I
reorpan/at-.on plan by depositing
136 ?hare? of Stock ar.d p?-. ,"
Bfsessmeat of 14
-a
BRITAIN FORCING
THE MO Bl LI ?AT 10
OF SECURITIE
Special lax 01 American
Canadian Shares Not Sold <>r
loaned to Treasury
?.. Dec. !0. The Treasury L
partment today published an aoi
tional list of American and Cat.adii
secaritiM wheraoa a >nrr.;.: -,
he payable if not loaned or ?old und
tl i r.iobilira'.ion .scheme. The list i
clinic? i anad.an Pacit'.c common.
From the following, which appear?
::. r? recent ?is-je of "The Times," ?
London, the Brit.*h Treasurv il ai
pareatly also mobili-tir.?* securitiei he!
by British inbJMts in the L'ait?
Hal i :
It seesn? to r-.a?? ?
?ha' Anierirai? ?ecur-itie-? l.ept in N'e
York i? Bnti?h Investor? cannot be to
(i?-rr?ite'i v .th the Treasury "?inif i
. ' -, a posa? lie rayalatrie
??sumption i? erronei .?. for the t?
?l.-a-'aration ,?f ph>.i>-a! ?? ?
? ?? .-a?e of ?r3n?r?r to I ? . I?a
l.i? -?curiti.?? to l*? accepted
have not been in nl ? ?i :.:
. .r ?. . pro-t Ided m?, have
? ?? -?.r.-.-. aership i sal 11 wa
.s?iitember, 1914, ud hav.- -.'
enemy o*?*.? - S 'I ? OUI
v>ar. \ tarife ni.rrl?- o' An ?
? ? are held In -v,e United Stati Bril
? h ?ubjert?, and it ia the pat
?r-o bolder? tr. ?ell or lend ?MS
:?? ? ?
0 bar ''? I ii?-ir at
Vpparenl I
1 rea- -..???
bor i hieb there
nur' et in ??? lause ?t i? :
- and easier i - .
there, the - - ? t thai
. . -.- ? .-nber o
dollar? c?n he ?* -? ?' -, . ,v usini
!af? .? at i
' ir.i:! ' ? , ? -oil in pu"
-. ?? it the ?r??n-e of th? borro??ini
oi>?-.-ition n a:-?a!?r ,in<l milch ?i-.?,re 'at..
,? IbvoItM HoWen of American
-.?? ?herid ta?? r? ? t, .r?-> l!-.?ni??:.a
? rr?rl of the ad tion? which ar
rate ? ?? la time I ? ' ?? of ?esuriti?
to which ?(?? Troasurj ha? ???-.-lied thi
i'?na! ?*? For a* the pre
relea? ? ? ????;?? ?-?? ?..M* 1 -o the lit
.' ?--,,?. ?h'-h the Tres ?.-??? i? willing t-j
. ? hrrrow.
N'o ? estimata af the amour
Bl i . -.c? held on
has '''?"en made, bu*.
n 'o he larj-e. 'if ?uch securities
i two I :-.?is thoM owned by
tl resident here and
?hose owned iti l-'nglanii and kept or.
WTall S(??? ??
Significant Relations
Money and Prices:
!mk of mone> gold in the country.
loan? of all national banks .
Resenes:
(ash held in their own vault? _
(in jopeeH " it h led. Res. banks..
I'otal ri-rrr. ( i. e., cash in national
hank -.?ni!? and on deposit with
I ederal Kenerve banks).
Ratio of this total reaerve to grois
deposit liabilities of national hank?
I oans of F?deral Reserve banki ....
I heir l?abilit> lor notes, net.
Their .'?-'?l re?rr?e against deposits
und circulation.
kveraga price of 15 railroad stocks..
.varage price of 12 industrial stocks.
I ond cost of living (Annaliat index
number) .
$2.715,000,000
Sept. It
$7.859,837,000
1788,193409
928,.
$1,299,151,000
11.4%
Lan wee',.
$160,660.000
12.6^6.000
* teat ?70
$2.056.732,138
yM .... mwttai
ia-* >?ar.
$7233,929,000
8848.778,998
3S6,1S5,000
$1212.960.000
t1J%
*? *">ar ago.
$52.696.000
14.461.000
68.3\ 82.5*,
y-astardar. Hn ?lar befare. Ayaaree**?,
120.17 120.69 11828
98.01 100.85 94.87
Last we*?. The W*k before. A ?-?ar neo.
*06.0S
20803
14922
Production:
l nfilled I
steel orders, tona.
\\ heat crop, bushels
I orn crop, bushels.. .
1 otlon crop, bales ..
Distribution:
??hortage of freight ears
>urplus ?>f freight cars .
I,ros? railroad earnings
Hank rleanng
Nnvembe 0 taOtJI ?, \rA-twr,
11058.542 10.015260 7,189,489
I.a'.eat rov t taraaaati Lan faofa rrop
639.886.000 1.012.000 000
2.593241.000 3.055.OO0.OO0
11.511,000 11.191.820
?? I -' N? 4?n,r-. V ? .?r arn
?05.527 114.908
37,402
Inrrea?? or <i?v-r.a?a from lut year. ,
!'!-?' . ??is Kn-.-'h *??? . 1 .-', ; >.
OfOl n? No
"? *> a :? tit ?tit vnm.'.e
9-0\ 7.7% 15.1 ?,
i-, .?.? ,, ?oareaM from la?l ?rear.
'.?? m rhe week batata. Year to dar.
43 2" 50.8?. 40.0*.
MARINE SHARES
IN BIG SLUMP
Proposed Nationalization
of British Shipping Is
Bear Factor
i rema
the Internal ai ? Company
lay ??.a.? a-? r.ii? ?I te ?elling
prompted for the most part bv the
tear that if the plan propose?! by Lord
George to satis ? Bi I ?? rpinf*
iiecotne? effective, I ? company's
be curtailed and the pay
neal of back dividends on the pre?
ferred ?to tely postponed.
The preferred stock cio?ed a- 87%,
a losa of 11? poin's on the d.ir. and
at one time ?o!?l as low as 86, or more
than 3!? points below the high rerorl
price of ?a?' September. The last sale
of the common was at -?>"?, only an
? above the low price of the day
and 7 pom:? below Tuesday's closing
quotation. Tins issue touched 50"?
the same ?i. ? preferred made
a new high.
Kmpha?:7.ng th? need of taking over
shipping under a plan similar to that
? o ' governing the operation of Bl
-. Lloyd Heorge said:
|| wa? never so vital to the life at ' *
nation a.? now daring this war It it the
ar ?rein, wtateta if s.-\?-red, ?vould destroy
of 'ire nation, Wo are taking o er
,, ? ?) |pa of ' .i- to .ntry on the ?am?'
condition? ?? un ha-., taken o-*er the rai'
? h . ? ? it ? war ?hipping -a i?!
nat?o ?, ah?., i m the reel rarnea of the
II.. i?? ,,.1.k?-- ?- pro?tl which were
m Bah aal ? ? ? .-. I in no
-ma the of com
n;???! ?
Lloyd George wid i'.e hoped x l
nforn Pai ?lament of the scope of trie
nationalization piar.?-, which include.
... matt . ? be taking of ?hips already In
-, li.it for ?pe*dy or.r t: u.-tion ?if
10 a? '" make up ?Ire wastage
I (hint is ina>.?table during ? k.-a'. wa .
fiparlallj whea roil are dealing with th???
?? ?-., methork which characre- ir. rr ??
rnarifime polic** of the (>rman Kmpire.
President Franklin Talks
1*. A S. Franklin, president of th?
International Mercantile Marine Com?
ia ing the remark
Lloyd lieorgc said:
b -
!,,,:??? itti '?? "?? until "
? .. . . - ...< ?... .,'.a- Brit
i ?in I.. ' Hnr.oun.-ril In the
.-,1 mi ?.?wledg. of the in.
- ? ,,n of the British government in con?
nection with the rationalisation of British
.riipi r it M for tiie Interna?
tional Mercantile Marine Company to make
any announcement at thi* time. Anything
?ha*, raight be ?ai.l now would be all guess
i a n - ~r.?I. rlreat Britain
Biai at ar.y time c.rrirriHn.leer all t
?'vinic ?M Rritiah flag. Thi?
iyhl i- ?? -,| boat? l*ing ?ir?
.i-' ? .. .i (or heavy ?hip
? ?:?.-, , ?' raunltJ i
Of the total gro-? tonnage of about
1,000,000 owned by the International
Mercantile Maria? Company and its
inbaidiariee, only 9:2.000 tons are not
under the Britiak flag. The latter are
compriaed of eight American Line and
Atlantic Transport Line boat?.
The Britiah government pays for the
and op? if each railroad it
- taken over line? the war ?tarte.
? rids at the aver?
any for ?ev?
en pr.or lo "confiscation."
Relevant
Information
New Veril (entrai. I a letter to
? i* them of the
"f the new stock offer.
?. H t the New York
? ira ?ay?:
-
ted al ...
It, ISIS, eircclawl that I I of ?he
of I
' i ? . : Companj shoold be
?
.- ? . to the exl
?
(d amount . itoek of th?
. ai ? ? ? ? ?! <J4:<,.
.
onveroion o( the I
t?? ??? m bon.I?
Il I09.510 ia ?ssuab -
?r I of dirrart
?'f.i\ f.,r ?ubserip.
.. ? ?
Un December I, -:??. the eompenj had no
lebte ' ? ? ept ?
? -terlii.g
; ' It? Unapp -.-.a?e,| -
.. I
. I' -? - ? " :
?).-. her
...
en i ? ? ? hi.-h
? entitled to be reirrhjr?ed.
? ; P0?*??dl Of thO r-r\ for
? ri ? ?n ?. ?It ?i* applied fer ?ha- .
?aee I ? a bleh can be
? r-. the pro ?-? ution of woi ?.- iam
- .?
, -? ? f the * . i ' .
r.-nn-i I ...ni.? Subsidiaries Increase
Di? niends. Two of tie ?Teetera I sea
?? i Railroad sy?tem
.'e-l larger dividenda yesterday.
Mttsl . .' . < Ifa cago *
St. Lovil Pan Handle? directors voted
:> per cont on the preferred and 5 per
cent on the common. Bis months ago '.'
per cent was declared on the preferred,
'he present dividend making 8 per cent
declared on each clas? of stock this
year. Last y.ar 'J'j per cent was pa ?i
on the $?''.?,91 i.,00?J 4 per cent non-cumu?
lative preferred. This issue is entitled
to an additional 1 per cent after 'i per
cent per annum ha?i been pa?d on the
?.ommon. The fill".'>95.861 of common
received nothing in 191"? and but I per
rent ia 1914. Both elaaaes of stock are
now baik on the dividend basi? of 1913.
Pan Handle earnings have made great
improvement during the year. For the
first four months of the new fi?cal
year, beginning July last, earnings
were at an annual rate of 14.0b per
cent on the common, compared with
? H per cut in 1915 and 0 K9 ia 19U
The other Pennsylvania branch line to
increase its dividends was the Van?
dalia, ??hich declared 4 per cent on the
M 1.811 IM steel ?.utstanding, against
laal January. In 19H
a; 'i )'*]b r.o dividends were paid. Divl
<>r.ri? of 4 per r?n?. in 1912 and IMS, re
?pectiVOly, were paid Bat of ? lrplu?.
. ?,-vr? |HJN,76i of
efrrrerj ??OCa of thfl Pan I
: 124466,000 al the ?"fflrr.on, and
112,176,000 af the Vandalia ?tor?. It
?va ? announced yesterday thai the i
ger of '-.n Per.nsyivari.a prope-- tl
? ?' Pittshargh, including the Pan
Handle and the Vandalia, ha?l been ap
proved \>? the PeaMylraaia Pub
- i
lihio Oil. A special mee':rg I '
?Olers of ?h.? Oh '? 0 '? < ompany
ha? been called for January 31 to vote
on increasing the capital stock ?o $60.
'.000 by rai?inj* ?he par va!?ie from
-. $100 a share, .??ockholder? of
record December 00 can vote. If the
lr.crea?e ?? approved a ?*ock dividend
will be declared. The pr?sen' ?-ap':*a!
? e ,-ompar.y .? $13,000,000. The at
at tl e .j rec'or? of the Ohio Oil
( ompany in authori*?r,(-*The lncrea.?e in
? he cap.ta! stock of the company will,
when ra'it'ed by the ?torkholder?. mear.
- er e? at stech
dividead.
The \\ e?tinghou?e Ele? trie and
Manufacturing Company. A quar'er!.
' 1 74 per reit on the eeM?
mon s'nck ws* ?i-clared by the drec
?.-n? of this company ye?*erday. Th.?
establishes an annual rate of 7 per
cent, a? again?* the pre- ous disburse?
ment at t'ne rate of ?* per cent
It wa? stated in connection with the
increased dividead 'ha4 no-r.e of the
tirof".ti resulting fron war order? had
been applied to dividend?, which are
pai i "rom the pro'":*?, of the company'?
regular business.
News Digest
Foreign
laondon Markets. London. Dec. 20
Money was in increased demand. Dis?
count rate? were quiet. Lloyd George's
?peei-h mad" *. favorable impression on
the stock market and brokers were
very much plea-ed, but prices seemed
to be little affected and there were nc
fre?h features, Shipping ?hare? were
weak on tho announcement of -govern?
ment control. Home rails continue
strong, while Argentine rails, rubber
?are? aid (?rand Trunk issues were
?:. American securities were -.rreg
ular, with L'nited States Steel essy.
Pari? Bourse. Pans. Dec. 20- Prices
i were firm on the Bourse to-day. Three
per cent rentes, ("0 francs 36 centime?
tor cash: exchange on Leondon, 27
i'rancs 81 '?*. centimes; five per cen*
loan, M francs 20 centimes.
New York
< orn Products ( omoan? Allo*?**?d to
\ppeal. .ludr??al.earned Hand, in an or
?I? r made yesterday in the Federal Dis?
trict Court, allow? the Corn Products
P.e::-,in-? Company and the other de?
fendants in trie government's Sherman
lawsuit to appeal to the Supreme I ourt
of the Inited States from his decree
ordering the dissolution through the
medium of the Federal Trade Commis?
sion on the illegal combination. The
order also allows the appellants 1-0
days from du'e m which to perfect and
rle the appeal papers.
New York Stock and Cotton Ex?
changes in Session Saturday. There
will be no "extra** Christmas holiday
on the New York Stock Exchange or
th? N.-w York Cotton Exchange this
J .-?a.-, as both exchanges are to held
a , .?;.)? rev Satarday.
I Chicago Board of Trade, the New
York < off.?.? i:\change and the New
*i ork Sugar Exchange will, however,
bv eloMd on that da .
Maxtsell Motor? Election. John P..
Morr?n, prei lent of the "Ulai Pert
land Comeat ?ompany. wa? al?ete?i a
., d member of the ei<- -
ttee of the Maxwell Mo* r Com?
pany, ?o 611 the vacancy caused by Eu
lleyor, ir.'s, re?igr.at:or.. J. c.
Brady was made chairman of the board
and of the executive commi'tee, te
??u.-ceed .lohn ?'. Jay, jr., who will con?
tinue with the company as a director
and a vice-preside: \
Equitable Trust Elections. - 1 hre?
? i-x trustee? were elected TOStet-day
by the Equitable Trust Compeay. They
.-.re F. ft. M. Cutcheon, of the law Srm
of Ryrne, Cutcheon _ Taylor; Carl P..
Gras president of the Western Mary?
land RJlilway, and Henry P.. Pierce, of
the law Una of Sullivan _ Cromwell.
P?re Marquette Plan ?lorraine
With the approval of the Pierre Mar
ouet'.e reorganisation plan by tho
Michigan Railway Commission the re
a- ? n managers yesterday de
dared it to be ..??erative. subject to
completion of pending legal proceed
and approval of the firms of the
i-ortgage and other M
New York Trust Elects New Director.
Philip T. Dodge, prasideat of the in
toraatioaal Paper Conpanv and of the
Morgenthaler Linotype Company, ha?
been elected a director of the New
York Tru?t Company.
Clearing House Exchanges. Gate?
W. McGarragh. chairman of the New
Verb clearing House Committee.
notified members of the Clear?
ing Hob a i ' ehangM ii the regula?
tions cov.-r.ng collections outside
".'(??.v York. l'or all items payab'.u
one day nf*er reeeipt and for items
payable In ieney ? It* and Hoboken
the charge for collection will be d.s
aary with the collecting hank.
The restriction under which outside
banks or tru?t companies could not
.?oin the collection department after
?mber 16, 1016, ha? been remove.!.
The ne-.v rule? go into effect Januar;, 1
Other Cities
?eav) Demand for Spring and Sum?
mer i.ood?. W n?h.r.gton, Dec. 20.
There is concern in some section? a?
to the probable effect upon demand of
the present high price?, according to
the National Chamber Committee, of
which Archer Wall Douglas, of St.
Louis, is chairman, and especially
should they go higher. Buying of
futures, especially spring and summer
goods, is heavy for fear goods mav
not be had when wanted. Stocks of
merchandise in the hands of dealers
are said to b? generally nonral. Mean?
while there does not appear to be anv
diminution in the volume of business
and the purchasing power ot the con?
sumer seems greater than for many
vear?.
Dividends
PilUherih. ? inrinnaU. Ct-BBJB A St. I..i.
Railroad Dividend of J ?.?r cent on the
preferred atock and 5 per cent on th? com?
mon, both payable January 15 to ?tookholder?
of record December M. hix montha a?<>
per cent ttm declared on the [?referred atock.
Republic Rui.,, ft licht. Recular gmr
Wla ,i.ai?,?| ?' !?, ,.,r c,nt ?? fn>.
le:.e.| ilaci au?i an mill- cart?Bk?B all. Ii?UaaJ
Government
Bonds
Bought and Sold
UNITED STATES
B'.nti? I.ai.ed Lnder II, SttpervttM
Philippines, Hawaii, Cuba,
.'<rr".<; i'l".
FOREIGN GOVERNMENTS
English Canadiaa
French Russiai
and othi
FRENCH CITIES
Paris, Lyons, Marseilles
and i?r?rd??a'ix
Drt?r'- ? Til', a-, T.4
oren .-i?? en r. ..
Harvey Fisk & Sons!
Member? v. T. Ptoa-h - ? ?>?a,.
At trtmmt Strret. IS l-a?t Ilia Str?at
Renskor?, Lyon
& Company
STOCKS?BONDS
COTTON?COFFEE
GRAIN
COTTON SEED OIL
.v..- f ..1/ | ? r ??.,.,
? .- \ r-'< r-'A^r, trrluttfl
' ' ??.<
emberi .
.. Ko?;.
Attor\ i re Mr-,, i?? .'.ive-aa??.
?.."-. I ? >
33 New Street ( ),?U
<mwmmmmmmmCH \KI Kill II l??>4."???"'*?,,?"J
Union Trust Go. of New York
80 BROADWAY
rrth a? a it:it st. k.'-s a, a rei t*
Alloff* Inter-?? on D'poartf.
It's ss Eiecu'or, Guardia", Inirw.e't
of 1 per fer.t, both p?yav> January H '
hold?**? of record Pe,-em ?? -
Vandalia Railroad. I ?-, , lead of 4 per -r
ai tu ?tor? of rei-crd B
eaabet
Northern Pacific Rail?*?y. Ra??u!ar ??a?
t*rl>- 8i?ri4?rad ol '. \ p.- (-eat, ra)?*1'* ? *
rear** '. ?o ?loo?, of r. <>-<! January I.
Crea? Northern KjiI???. Reaular a?
t.-S ......lend or' 1", per ?. *. pa>abl? r**
rjary '. to ??? - it ? ?'. 'anuanr ,
Atlantic Steel. ?R-. .?r'erlr dlrW
of l'j per cent an?! an ntra of 1 *at> er
on t' .? ? Janua-y
'
Manning. Maxwell a*. Moor*. Re?:?
? :a---> ? ? ??
Jai aa ---rab?? a
Inler.Ute Kail??-?. K.-g.lar i|fi laaei
. ? -. r-?i en
' rerar* ft
-
Philadelphia ? ... R*f
? co-nmo-i M
I l-el,.-r.a- ' ?tor?! J?
ua-y 1?.
I.land Creek I'oal. RaTJ i!? quart--!* I
:-!er?l of ?1.1 ' - ? - M a?4 ? ?*
Mtta I e?:ra of 11 tf
i>een declared on 'ire ,-cmrrnn ?tori?, all f* '
-.nuary 2 to ??? ???? of record I???'
Brookl.n Tru?t. Regalar (juartflr ?
?lend of , per ,-e it ? i ?r. r\ljn t^reimt-'
? * ent, payable Jai rery - to t'-ott
?e.ord Pecerr'.
Dm-ueane I .??hi. RaCTdu ?vjjrt-t'j ?
t on it? ytt?enaiatt-^
payabl ? . - ' raceri J?'
?
American /.inc Vo? at 1; '
parable Kebrr**" ?
?to<-k of re,-?r I Jnnua-y 15.
Halifai Klrctne lUiUiy. R*?al?? "***'
terl? dividend . .' 2 ; er ?i.t oa * <-*'
| u?at'ie Jar. ?ar - :?> ,l?*"fc ? r"*'c
Decani
American Telephon? A T?l??**?"ak "***
'ar uuaru-rlv dividend . . ! per feet "*"*? *
aaaa - ri >?-?*?**' '
I'ranby t'onaolidaled Mima?. Smtttiat
Power. ?Jiii..-- lj* ~
i? .i?!* I abraan -'? '**,>rt w
uary ' 4
New Idna Qu.ck?il?er Mint??- <****
??i4,.Jend ef 1 a *.. '. [.?abl?,****-"
-er "??
New Ycrk Tro.* !.. .-? ar ?B*aaa# ?
* 8?t*?asasi *
?tock of reo
Readme < oropany. Kegu'^r J?**??
diridend of I I B tbe emtmtaem^
racer*
ia
leh.gh Valle? Railroad. Rat-rwdf* ?***?*.
!v divido? an t .? -ent or tM*~?J-.
and prof? ? ?*>;? J?B?***-r'
?tock of reo. i I? ? ?
Metropvalitai, Tro.l. D.vi.l?^ ??? ?,
teat, -?arable Dicen.!-, r N to ato-H ? ***"
Oeven.r.
Crooraery Packai? MaaafacUri??e-g
lar .juarterlr dividen.!? of .?* tat ^^
th? pra-ft-rre-i ar.,1 common iW*1' ?*r
Jan aan I l ?a rtee* ? i ttattt mOmmt ?
Kgoxable Tru?!. Keguiar V?arvt-i
der.dof ! per real aM ?" "wtilS'
?; i-er Mat, i-a4.-.b> I>ecerr.l*?r > ?** tvm
record l?ecen-ber .'
?.arfl.ld National Bank. Reeular ?**?-?
di-. i.iend of . ^
Karaou. Pla-?r.-U.kr f ?*?**?,t**- ; I
' dend of ?BUM a .rare paya.'?> Januar?
?tock of record Dwember
OtW? **??r?i*e. Regu?ar ^"'^J?.J?!
, of i, of I per cent en th? l?alaig
M of 1 per cent on ?lie commoo tnmem
?tock tttimtmt ef a "' i ?? r*?*JV?
,-?.mmon ?bare?. ra>abl. Kebru?.'? ' ***
of record Jamiary IS. , ?r>
Ara.nc.n Pian?.-R?fular **?**!^e
dend of 1 \ per cent on th? vr***?, ?>
,?a>at?l? January : to holder, of mmm
cember -. ^|
thaao N.titvnal Bonk- ??**"'/ '"?;?->
of 4 p?r c?nt on B? incr?*****" '**? wrf
lion cf $l?.?.??'0.?*'iO. I'revioo? d,,,<K lU.
tva?n ;. per cent y^iartorly ou * l"*
l.-|.0.1(>.''."'._ ^*
sKAKOtKI? UK I INK *'*'l-?r,fa
riT? I'er ten?. \.l'..???*?enl ?oni-a?
Rood?.
??'-?' ? * ' \"rAt t?
' ' ' * ' ' * * ?* Tk aT
' ? ? ' ? ? --iWT?a- 'el ? '
It tad a? ? k ? ? ?l *****
?*-er T?.' -,,4Lra ': ? J..'^ \,,#
Hi?!?
^atrn^xi.Unena.tmn.tt^