Y - ' "'' t u EVENING JEDBJBPHTLADEL'PHIA. FftlDAY, DECEMBER 31, 1915 FINANCIAL NEWS - WALL STREET CONSTRUED REPLY OF AUSTRIA AS A 1?ULL COMPLIANCE New York Bond Sales tl.WOno-Anfftn-P X. 5.. iwo Am ice us. . . mlt s Os 1MH Co 4H W'J i sen 4 ,1'lji i cv Hs ......lOTH i K 1U1U Orders Poured in From Many Sources to Buy Stocks at the Market and Prices Advanced Sharply Jew York Central's November Earnings Good NEW VOIIK. Dec. 3i, PM text of Die Austrian note published this morning Rave Wnll street an extraordinary surprise. The answer was construed ns full compllanco with nil the American demands and as disposing wholly of alt apprehension over nhy possible diplomatic rupture. Long before the opening the Stock Exchange floor was crowded with brokers discussing this new development, and In the commission houses orders to buy stocks poured In from many sources. In nlmost nil enses these orders were at mnrket, nnd as soon ns the Exchange opened their execution caused n general lifting of values from one to six points In nil the leading Issues. Early In the day St. Paul assumed leadership among the stnndnrd Issues, hnd, although It was not as active In the afternoon as In tlio mornlhg, It tftudhed a new high mark for the year, being more than three points nbovo the flhal of yesterday at the top mark. There was n brisk demand for all stocks, principally the big shares, nnd while their advances were not ns largo ns In some of the specialties, notably Mexican Petroleum, which gained over len points to a new top, yet the advances were quite substantial. With Mexican Petroleum, California Petroleum wns active, both the common nnd preferred advancing sharply. The market continued active to the close, with tho largest part of the trading In tho standard Issues. N'ew York Central wns helped by tho good NbvemCcr earnings statement, which came out during tho nfternoon. The statement showed an Increase In gross earnings for the month of $3,929,020 and nn Increase In net of 53,7-46,887. Eleven months' gross expanded ($11,736,602 and the net $16,360,709. 4iiooi Amrr Smlt Sec Os .hjo Armflur ItSMW Atchlton 10(H) Atchison Urein Atrhimn .. 101 li) Itnlt Ohio .14 m u unit fc Ohio teg :i;.. ni Invrom Unit At Ohln v 4lfts. . 07 201X1 II U V I B WV 4S .MlJ't High. lavr. 01o. jm ' ; I'tTi SOU III 107K '.1U M .:im I8I& St! :iikk lMh stpci rw m. .....ion loin hilt KK) iirookbn n T :.... ...luiU irei ireiji 1000 tlrrokhn It T ns 1018. Ux 10UH lno-H kljll II vthl Lnr (I.i tons 1O00O Ont Inther 1st l.VWI Chill Copper 7s... I OKI ). U. flkla n"i xnva villi? 17 (ten .,101 101 101 .101 ICO'S 101 ...MB 114' lar. inMi m.li lrtM& l7(xm nil n a o joint is... nsfi W nsjt :KKX) Chi XI 3t V Btn 4. ll'.'li J!t .liil'J I1MI .10 cv 4H ! l(UU 102U 1000 ilo Ben 44s .1014 I111J4 liviji lli Del k Hurt env M t p. lout loot, ion,' H(K Uen A Itln 11 r 4s.. Iio do rfil us 2100 Ills Sn Corp f.s lfx Kiln iren 4s 100O do conv 4s Scr A. , low do conv 4s Her II.. ikkio 111 steel deb 4Us .. How low Cent ref 4s nooo ins Copper cv lis . .. liH) Intern II T rrr ns MU Inter Mer Mnr ct 4'.,s .kw imerni rapcr (is. . 11000 Jnnimeee new -l4s. . iwi Knn Cltv 60 1st r.s.. 11 (X) i.k sii deb 4s 11111 ! lAg ft M T .,... Auto Sales Gum Will Default on Interest The January 1 Interest on tho $3,121,000 G per cent. 20-year sinking fund gold bonds of the Auto Sales Gum and Chocolate Company will be defaulted. Probably on Monday nnd a receiver for the property will be asked. Arrangements are now being mado for a complete reorganization and readjustment of the company's affairs, and, according to tentative plans, the present bondholders will bo given In exchange for their present holdings preferred stock of a new com pany which It Is proposed to organize In plnce of tho present organization. This preferred stock, It Is stated, will carry graduated dividends, which will reach 6 per cent, per annum after three years. Consolidated. 'Change In Healthy Condition The close of the year duds the Consolidated Stock Exchange In n very healthy condition, having completely recovered from the parnlyzatlon that followed tho outbreak of the war. From a total turnover on the floor of 341,660 Bliares In Jnntlnry there was an expnnslon to 1,676,825 shares In October. Tho total transactions during tho whole year nmounted to 12,r27,2S shares, as compared with 5,990.040 shares In 1914. Bank Currency Movements Tho New York banks this week received from the Interior $10,834,000 nnd shipped to tho Interior $7,611,000. Gains from the Interior wns $3,223,000 Gold imports totaled $3,151,000 from London. Loss on Subtroasury operations proper was $1,134,000. This made a net gain of $5,240,000. NEW YOKE STOCK SALES -f Lait close. High. Low. Cluse. Adjmj tfiptes! 145 14a 141 115 i? Alaska Juneau OJi 10 0't 'J'i .UaskaGotdM 24'1 2V 24'i 25 AllLs-Chalmcrs Mfe..-- :il 31!" 31 31f i Allb-Chalm Mfc'nf.... 8."i R3 R2 S2 5 Am Ac Chemical 71 72i 7l?i 72U - Am n?et Sueat GS3 70 fiO 711 !? AmUS&Hcfj '101 10J 102 102 "j Am Can OOJf 01M )) I'.IU .t Am Can pf .111)4 112 112 112 fc.f AmC&F 77H 78'f 78 78U :' Am'Coal ProducU....15n 158 157!S 158 ! Am Cotton Oil. , 5o? fiO'l 55U 55'i ." Am Express. 127H 12S'i 12SIJ 12SH i Am Hide & Leather., ll'-i 12f 12 12s ' AmHlde&Lpf 5-1 50'f Sfi'i 50 , Am Ico Sccutltlos 2(M 2tU 24'f 25S : Am Unseed 24U 21JJ 241! 2IW ? Ani Unseed pr 42H 4215 -42W 42H Am Locomotlre.'. GSlj 00H 0!) 00f Am Malt 0 0 0 0 Am Smelt & Itof lam 10SJJ 105'j I08l Am Smelt & Rcf pf...U()H 112'f 111K 112f AmSraeltcrspfA 01H 2 015 !)1 Am Snuff 147 118 118 148 Am Steel Foundries... COM 02 01 Gl AmSusar Itennlnj....U4U 1 1.1IX 114V 115 Am Tel 4 Tel 120U 1274 1274J 127U Am Tobacco 20ft 200 200 200 Am Tobacco pf new... 100J i 107 10"' 107 Am Woolen 47Jf 40 484 48,-5 I.itt close. Illali. I-ow. Close. Nat Cloak A Suit 705 S'l Ml HO Nat Enamel & H 2S' 2!) 2!) 21) Nat Lead fi". 00' J 0.V1" 00'.' Nat Hy &M 2d pf. ... 8.', 8' 8'f S'i Nevada Con Cooper. . . 10 KHi 101$ I'Ui' New York Air UralM.. 138 13!)' 130 1-I01i N Y N II i II 70 771$ 7.1 77H New Yor;Urntrit 1001$ 1101$ 10'Pi llO-i N Y C & St X. 2d pf. . 05 03 CH 0) Nash C A St I, 133 134 134 135 N Y O & West ao'f 31 31 31 Norfolk & Western. ...122 12Jla 12H$ 12 1H North American 75 75 75 75 .117 llS'f 117'i 1I74 . 91$ 0I Mi UH 11H 1U llli 113 Northern Pacific. . . Ontario Sll M Pacific Mall Pacific Tel JtTel... Penn It II Peoria & Eastern.. Peoples (Jai Chi Philadelphia Co. . . . l'lttsbureh Coal rittsburch Coal pt. Pressed Steel Car 04 V 05 rnbS Corp N J 117 117 .Pullman Co 103W 105 Hy Steel Spe 45 45 Hay Con Copper 25' ( Keadlns 82 Iteadlne 2d pf 42$ J(ep Iron & Steel 54 414 4t'f 41'i 41W 50 505$ 50 50'i 14i 1W 14'$ 1H$ 110 1114 111!$ 1111$ 41!i 45'$ 451$ 45( . 35)$ 357$ .1101$ Ul 35'$ 35!$ HON 111 04$ 05 Am Woolen tr r 47!i 50 474 Am Zinc & L Smelt... OSU O'JU 0.84 C0$ Anaconda Copper 80)$ 'JIM 804 OHa Associated Oil 004 744 OS 73 AtchT & S F 1074 108.4 10S 10SU AtchT&S F pf ...-1015$ 091$ 00!$ 90,'f Atlantic Coast Une.... 113'$ 1144 114 114)$ Baldwin Loco 1104 110)$ 118 118 Baldwin Loco pf 108)$ 10S 108 108 Ilaltlmore & Ohio OUi 00 05 00 Baltimore Ohio pf.. 774 774 774 774 Batopllas Mtnlnz 3.4 3)$ 34 34 Bethlehem Steel ..4074 400 455 400 Brooklyn Rap Tr 88 884 as b84 Brooklyu 1'nlon Gas.. 1314 132 132 132 Brown Shoo pf 95 9J4 934 014 Brunswick Term 124 12'$ 124 124 Burns Bros S04 874 804 87 Burns Bros pf 108 100 100 103 . 704 724 714 . fi7 .'84 354 ..78 ,80 77)$ .1S1K . 834 . 534 .1004 . 03 . 214 . 544 . 144 . 394 .4 j Hock Island Co 4 Rock Island Co uf. St Louis &S F St L iS F2d pf.... Seaboard Air Lino Sears Hoo & Co Sloss-Shcf S & I Co. . 'I 51$ G 134' 1804 024 83J$ 424 554 4 M 54 04 18 183 034 110' 105 45 251$ 82!! 424 55 li 51$ 04 18 1104 105 45 254 834 424 55!$ 4 4 54 04 18 187)$ 1874 03 03$ 144!$ 145 724 .'84 ,80 184 SSIf 544 110 044 25 554 15!$ 394 FS4 794 182!$ 1834 SS4 8S4 54 110 034 24!$ 544 ISM 394 544 110 044 244 554 154' 394 Botto & Superior Cat Petroleum Cal Petroleum pf Canadian Pacific,.,,. Case J I Co pf Cent Leather Co Cent Leather Co pf,,. Chesapeake, & Ohio.. ChUl Copper......... Cblno Copper Chicago Great West. . ChlGt West pf Chi Mil & St Paul .... 074 1014$ 984' 10 4 C M & St V pf 133 135 1334 135 C O O & St L pf. ..... 70 70 70 7G CM Northest 134 135 1344 135 ChlRI&Pae 174 184 17M 18 Colorado Fuel & 1 52 534 524 524 Col&Solstpf 55 514 554 554 Consolidated Gas 1434 1444 144 1444$ Corn Products Ret..., 204 21 204 204 Corn Prod Ref pf...., 954 934 944 054 Crucible Steel , 72H 734 724 73 Cruclbie Steel pf-...,. 109 111 1104 111 Cuban-Am Sujar 150 1534 15S 158 Detre & Co pf 00 914 904 904$ Delaware Hudson. .. 1534 1534 1534 1534 Den 4 llo Granda pf. 25 244 21 24 Diamond Match 1014 1014 10 Vf 10i4 DfetUlwj Securities..,. 47H 404 48 404 DomuMlnes 28) 284 234 2SI$ Elle 424 44 43!$ 44 Erie lit pf 584 9 584 59 KrU2dpf ...524 544 524 544 Fed II In 4 Smelt pf.. 514 54 53 534 General Electric 173 1744 1734 1744 General Motors 475 60(1 490 503 General Motors pf 115 110 114 115 Goodrich BF Co 75 704 754$ 754 Goodrich UFCo pf... 112.4 1124 1124 1124 Greene-Cananea. , 504 604 50 50.4 Great Northern pi 120 1274 1204 1274 ti els (or ora prop, . 534 Guggenheim Hipln. ... 14 injaols Cent .J00 lot Agricultural 254 let AsrlCBltural pf . . . . es4 iBt HarvN J.,.. 110 Inter Coa Corpn 21 International Paper.,.. 124 Internal Paper pf 504 Inspiration Copper.,.. 454$ IntM M cf dp........ 18'$ Int M M pf cf dp 734 lot Nickel 195 Kansai City Southern. 314 Kansas City Co pf... at tact; Steel fey 104 154 40$ K! 253 129 So Porto R Sugar 145 145 Southern 1'acldc 1024 1044 1034 1034 soutnern Hy 23 24)$ 231$ 2ll Southern Ry pf 02 024 02 024 Standard Milling 90 94 90 94 Mudefcaker Co 1054 1084 10'4 1074 Studebaker Co pf 113!$ 114 lit 114 Tenn Copper 014 014 034 034 Teias Co 2334 2354 2324 233 Teias 4 Pacific 10 104 104 104 Thlid Avenue 00 004 Oiljj 004 lnion Hag 4 Paper. . 8 84 8'l 84 Union Dag 4 l pf. ... 28$ 29'$ 294 29 'i United Cigar Stores.... 94 94$ 94 04 Union PaclOc 1384 1394 139 1394 Union Pacific pr 83 83 Rl 83 United Fruit 147 1184 118 148 U S Ind Alcohol 120 1314 1281$ 130 U S Ind Alcohol pf....l054 1004 1004 100)$ U S Cast 1 P 4 F. ... 20 20 20 20 United Hys Invest.... 204 20)$ 20)$ 20! u s KuDDer 55 0 US Steel 874 894 us Steel pf 1104 117 51 554$ 84 884 1104 117 814 814$ Utah Copper 804 814 Va-Caro Che.n 487$ 494 49 Wabash 10 104 10)$ Wabash pf A 454 47 40 Wabash pf U 284 304 204 Wells Fargo Kipress. ..1234 132 130 WestE4M 09!$ 70 094 Western Maryland 32 314$ 31 Western Union Tel. ... 88 881$ 884$ Wheel 4 Lake Erie. ... 4!$ 4!$ 44 Willys Overland 233 230 235)$ 230 Wteonsln Central 37 38 374 374 Woolwortn F W Co.. .118$ 1104 1184 119 Quoted ax dividend. 494 104 47 3J4 132 094 31 884 44 2 834 108 108 27 274 C9Jf 094 110 110 214 214 12 13 50 454 184 744 60 40 204$ 74 Lacitda Gas. Lake Brie & West Lake. Em 4 W pr LiJUsb V1W LJtfett 4 Myers Louis 4 Nash. . Mir Pept stores p.'. - .104 MaxU Motor 73 iim Moon 1st pr M Metet? 24 pf. . Uuieaa I'ttroleuai. . ' lis Hcluietun pf. . 1 Mte-rrt tA it . tIoP-tdltf ir ,"! I W 514 834 108 29 714 111 214$ 124 504$ 40 204 374 198 1974 198 :2'$ 32)$ 324 014 014 044 814$ Bfli 81 105 1(44 10 i Wi&lp'f 104 414 114 414 h'2 i 814 82 257 255 257 1294 1294 1294 104 101 101 704 734 36 924 i34 034 834 - ' 5B'$ 504 5GJf III $ 1244 1154 124 ST4 lOii BJ4 1044 44. i at l-oui-i 'jrii " a, u 34$ 15 13 . 1SI 44 54 J5 '1 4, 344 154 iJ Traction Company' Passes Dividend NKW YORK, Dec. 31. - Tho Duluth Traction Company has passed a semi annual dividend of 1 per cent, on the common stock, due January 1. The com pany paid quarterly dividends of 1 per cent, on this stock up to .prl( I, 1913, when a quarterly dividend was passed, end a semiannual dividend of 1 per cent., payable July 1, was declared. ELECTION NOTICE FKANKMN NATIONAL ll.VNU Itrna.l an. I CliMlniil fti,a, Philadelphia. Decembar 30tb, 18lh. The annual election (or director! will be held at the banklnc houve on Tueeday, Jan uary llth. 1910, between the buur ol I uooo and 1 o'clock p. m. & p. PASSMOnE. Caabler. T35 T11,S rillLAUELPHIA NAT'L HANK li:s' Philadelphia, December 11, 1015. The Annual Election Car Director will be held, at the Hanking Houm on Tuesday. Januarr It, ISIS, between the boura or 12 noon and 1 p. in. HURACB FORTBSCDB. Caihler. ANNUAL MEETINGS fS TlIE CENTIIAL NATIONAL HANU - OK I'l!IL.DEI.l'lI.l . , , December 13, WI8. The Annual Election for Directors at tbU Bank will bo held it (be Banklnc Houm on TUMdujr, January 11, 1910. between II a. m. and. 1 p. m. WILLIAM POST. Ouhter. t44 I2t 124 1 , 13 -., 13 131 'nS? TI,B WST ANNUAL MEETING OF u-3' tbe titockholdera of the Manufac turer Cuuuly Insumure Cvmuany Hill i0 held at the Home onice at tbe Company, ess Cheetnot itreet (Seventh Floor). I'nlladel lhU, Fonneylvanla. on Monday, Jonuury 31, l&IS. at 2 u. ni.. to hear the renort of the . - - . : . vi . .... . .. -.- '- - 4 I 1 poaru ox uvcivre rciuiive lu cn incorpora-.-i .lop of the Company and all other buaineu ..,' I ramacled to date, to elect fifteen Directory leli of whom five are to eorve for periods of one. s wo ana inrre year reepectiviy. ana to at v.d to xuca otUer bulnea i may properly eote betora 'bo ineetlne. WILLIAM U. CLOWKBT. Secretary. lllKKl Ij1uI St Nilll'4' l.n ilex Pet Co tin Scr A .-.roil do i;i Her C Mo P 4 low .Mont Power Ot muni Nut KnRm A Htp n f.'tomi N V O lis NDO N' Y C ft II atte (Mm NYC Hud 4 33H10 N V C IIUil l"j. 4f 1IIIW . 724 . Ml . 72 . 8ti . M . i . 4M IV 1)H 78U . IK ..til11 .lM . Il.'i .lsri .124 . 43 . l.Vi :iVk Hit', 1WW .V Y City 4HH. IIM13. .1011 aim n v c tv 4' m N Y, N II. ft H.tH l(i4 lin IPX", H3 i" 1124 no HJTfc IkNIO N Y Trl epn 4U... 110OU Norf ft West 4 ii.Vl Nor Pnc prior 4s... neon Nor Pnc Ben .'Is TOW Dre Hhort L ref 4s. . . K.tO Pnclne Tel fm UMtl tH.1,11.. Da.,' V .1 T, 41X.0 ltendlnir gen 4 ..'.... IMj ii'm tiep ir a .8 ikm 101)0 8t L I M ft H Cllr le. 7"i 20WI Henbivml A I, rfd 4. . 70 .-k mi South Par cv 4n Miji lOTcxxi do cv ret r ii s lo;4 ln,Hi Smllh Pae rfd 4. . l'0l flOOO Poutli ltwy uen 4 71 1 Koulh ltwy con fis JU'U 1MM TeJHK CO I'll 10.1U . ir s Steel 0. llji 401 I'nlon Pnc let 4 H7 lino Union Pnc cv 4s IWU vmo Un ltw S r 4 4.VJ fXX) Wnb-P T 1st ct 4.i .. 1-i 1IMI West Mil Int 4 72.S lfl() West t.'nlnn 4M, IH4 W, Wlscon Cent Ken 4. . M7H m 80 .-.'i .in 7S 72U wi W 72 ii Nl4 Nlli INS IM. SI 7Si4 iaH laii 42J iVJt. llli. .KIS llKI 10114 nn (ISU. II3H I I.I li.M; II21J IIXI Wl'i 1'lJ. 70', FRANCE PLACES TAX ON INCOMES; DUE JANUARY 1 Extends to All Persons Who Have More Than 5000 Francs a Year Sates in Philadelphia 100 Am Can 62 Am lla OOll 1A m iiwvfl nrn.. i 4 Ilnl.1 Loc pfd. ,.10S Te. eloee. IIIh. kpJK; Ci2& m fi Am flnrva nfA . m So Amer. Smell .,,or$i NO COLLECTION PLANS Nil; l"7Ji IK)(. .70', lor.Ji llMjt UiU in'i 4.1'J WfU, si iis nr 121 174 4.1 ir.' Vfe K.1 Hi' ,IM, Ion lixi'i nil t'Hji 3! KlJ. n2t; 100 Mi if 107 a t" io.it; lOlli, II7 1 ssu 7i H7'i COTTON EASED OFF LATE IX DAY ON REALIZING Trading Light With a Disposition to ' Even Up XKW YOIIK. Dec. .11. licfore the open Ins on the Cotton KxchuiiKc this morn Init there wore tnnnj Rroups of traders mound the ring cIIscussImk Auatrln's re ply to the Bccond note from our State Department, nnd the consensus of opin ion wns that the Dunl Monarchy's nn nwer wns aulllclently conciliatory to pre vent any rupture which lint? been feared for so Ioiib. This apparently took away the Inst card of the bcnM? for the present at lenst, and ns a result there wns u nlsh to buy at the start which carried prices up 6 to 10 points on the call. Tho tone wns firm. The demand enme from all sources, while tho scllhiB was scat tered and uulmimrtant at best, with small salcr for prollts on cotton pur chased at a lower level. The market cased several points toward mldaftcrnoon under local realizing sales. Trade was light and the disposition ap peared to be .to even up local lines for over the hollilnys. Yen. clone. Open. 10:30 a.m . 1!! in. 'J p.ni. 1Z.IU l.'.UI ll''l .1S.3I l'-MI Itf.Ml IS..-.I 11!. 17 .11MII 12.117 U',74 l'.'.7l V.'.IIS .11!. 7ft I'.'.S'-' ll'.S7 1S.SS 12.M1I .12.40 12.47 12.4!l 12.47 Jnnunrv -Murcli . . . May July October . . No ember Liverpool Cotton LIVERPOOL., Dec. 31. At 2 p. in. fu tures were steady ; Jnnuary-robruary, 7.70'.-d.; March-April. 7.67',4d.; .May-June, T.oSVid.; Juiy-AUBU.it. T.DOd.; October-No-vember, 7.12d. Tho sales wero 1,000 bulcs, Including C00O bales American. There was a fair business done in spot cotton nt 17 points advance, nn the basis of 7.92 -or mid upland. The sales as KreBiitcd 10.000 bales. Including t0 bales American. Tho imparts wero 13.000 bales, none American. The market for futures closed quiet but steady at n net advance of 508 points. Tho following table gives the range of fu'.urcs today compared with the previous close: NEW YORK COFFEE MARKET NEW YORK, Dec. 31. Tho coffee mar ket opened Irregular this morning nt prices ranging from 2 points off to 1 point up. There was only a small trade. Opera tions were largely in the form of evonlns up for over the holiday and thero seemed to be a general absence of outside In terest, with few orders in evidence. A show of flrmncjs In Brazil had n ten dency to add Borne conlldence, but broad ly speaking, the market Is n very narrow one and the trade at large was inclined to be apathetic and await developments. Today's Ycsterd.iy'a . iMK-ninir December 7.011(7.03 January February Murrh l!.i'.lnfl.n.-. Anrll lUl.vuil.7u May II. 7:ili I1.7S June Julv (I,Mfl.S0 August , tieniember il.UftR7.00 October U(ift7.() November U.USfi7.03 By YVES GUYOT Svectat t'nble to the Evening T.edger PARIS, Dec. .Il.-Pnrllnment has Just iriade a N'ew Year's gift to all persons 1 having nn Incomo of more than 000 francs n year. The Bift takes tho form of put tins Into effect the law passed In July, 1914, providing for an income tax, The tax was to bo charged from January 1, 1915, but It would be met by great opposi tion In times of pence nnd In the first year of the war It wns absolutely Impossi ble to think of. So the application of the tax wns adjourned to January 1, 1918. We nro now arrived nt that date without nny preparations being made for collect ing the tax, nevertheless, Parliament voted that the tax apply from January 1. There Is, however, one redeeming feature. Tax will be duo only. It will not be collected. Kvcry one liable to pny will, be required to make a declara tion of income before the end of 1916. but If the declaration Is not made no steps will be taken by the Government before that time. Moreover, men taken for tho nrmy or for purposes of war will not be required to make nny report until three months nftcr pence Is signed. Mnklng report on their Incomes Is a thing that will be Insupportable to l-'roncli people, and the Government will find that ns a rule It will have to guess at the Incomes of contributors, nnd many of them will accept BUesswork, perhaps pay ing more than they realty should rather thnn disclose their nrfnlrs to tho Govern ment ngents. The most nrdent adherents of tho lax nro obliged to ndmlt It will produce only a smnll sum, during the war at nny rate, therefore 11 cannot be said the tnx is designed to help the credit of Krnnce. It Is only a political manifestation. And It Is bad from nnothcr point of view. War expenses will continue to Increase, nnd It Is Just at this moment when they are becoming really formidable that tho Government puts under tribute those on whom It has to depend to tnko up Its loans. Stato bonds, however, will not be sub ject to the tnx. The amount of tho tax Is smnll as yet, but paitlsans of tho measuro hnve not dissimulated their pur poso to put on the screws as soon as possible. The worst feature of tho propo sition Is that those responsible have not even attempted to Justify themselves by the claim It will add an Importnnt sum to the resources of tho State. The Chamber or Deputies has also pnssed n bill Intended to cqunllzc tho prices of domestic and Imported coal. Tho general Idea Is to tax consumers 15 francs a ton on French coal and use the pro ceeds of the tax to cut down tho price of Imported coal. Kortunntely this beau tiful plan Is not yet u law. Gold In the Hank of France has In creased to Wt.OOO.OOO, while note circula tion totals ?:.5:0,000,000 This makes tho gold reservo 3S per cent, of the note cir culation. Loans virtually are unchanged. 230 Hurt Bus t c Ipi) J (1 Hrlll 4'.i .1.0 cal Pet n7 10 iln tifil Jtt cam Iron. 7S 4I . raiti 14V. IUVU 1M 121 Oft 0ft . lof4 !8 4.1)4 42K in 4Q Hii n 74 :.sfi , si ls .18 41 73't 8 li". 7Ri M 18 ..15H 11 0H ratt 01 . IKIU 20 "., 71 K2 .1$4 SB lion r,u o'. 51i uft . 41 37i 7S'4 44 314 73J4 so 2ft 111 "!'' 714 M 1RJ4 .3514 1101 r.9'4 ni S.vjn mm steel . .. ft Klec Btoraire .. 10( Krlo 1st P?d .. 100 Int Mer .Ma,. M Ins Co if A... loo Key Tel ...,,, l 1ifce sup Cor. 1.1 Uhmh .Vnv . ., 2ft IhlKh . Vftl . . 100 l.eh Vsl Tr ... sol io ntd , i'lm Minmi uop. ........ 100 n y rntral....lO!iU MO l'a n It, rMf, 10 ra meei , to 10 .Vis liwn ""1; ?.."... " - .r - i..'- -...7 s rnun Tmcnon. . hi ihij 00 sri'ifine;-:::: mamjm S! 3S2SH!! J flm- nh V .WV R 2s;t union Tract.. .'. 4r, 4M4' ( JJ'4 247 United OI Ml W M M 82ni 18 Steel jirif.. M4 WJi gj g i W Jer it Beash. CO(5 C04 C0(5 W4 Ex dividend. .. Total sales, I7.MJ shores, compared with 0852 fhnres yenterdny. IIOND9 0' hna bo .'.v.;;: h m w I'ldln Electric. 2S. a; MM Si 0 rtuia n t t c. -my, 2ii 21 ii TlH N'4 70H m Inst prov... eaie. mpn. .'"' lyiw. Clone iO tlift 102 SI 10(1 All 101V. im 1H1 1W tntVI Am rlaa A T. P,N 00 T..... !:".'. V"" i.. ... n-. 4IKIIHI CUV 4s IMI.tll,",, J"?,M .li-OO liast ft Am M. . 10pV4 102U IOIOO Kles tt 1 Tr.4s HI, , anno Eou HI rlaa Bs.ipii 100 an Int'state - ,-J-.n?-, ,5?,. loin) u Nae cona 4Wa.l01T4 nl ciioo do cons 414s.. 1 njj'4 lJMi 10514 10.v 1 r.Min I'm, mrr i.nrii. 71, . .'"' -.!. ..v 2000 l'hlla Co 1st tia.lnlM InlW Wl 41 no scrip 1010.UK HHi li0 100(1 do Bs , lOjl 103, 70.n1 Iten.lliiK Ren 4s M ft MV, Itrno Hnnn-Am I (is.. Int 102 ira coeo t'n ltwy Inv Cs 7.T4 73H iJVi 102)1 lii-J4 Ion no low lK 101 loo lOI OIT4 7a4 Financial Briefs clove li.l!lflll...2 H.."iill.ni o.r.innl.117 fl.7CKill.7l ll.7.-.fi (1.7U ll.71llill.Sl ll.Nt'nll.MI ll.S.Sfl(l.l0 IL'.C'o.l.lll li.l.iiiiil.HH l.WWi.Vi DIVIDENDS DECLARED Kinder Manufacturlmc Company, ouartdrly 2 per cent., TNiYable today. The Hreen & Co.ite I'aasencer Hallway Company, regular quarterly 11.50. paiable January 7 to iitork of record December 10. I'hlladelplda nml flray's Kerry Company, regular semiannual fj, payable January 7 to itock of record December ,'lt National I.lcorlce Company. 3 per cent., pay able Januarv it. Moliawk Mining Company, tl. payable Feb ruary 1 to itock of record January 8. BAR SILVER Commercial bar silver was quoted at 55c. In London the price was Mlil.. up 1-lu.j. A New Investment There haa just been placed on the market a Ten-Year 6 Convertible Gold Debenture Bond of a Public Utility Com. pany, which is doing the kind of a profitable business that has made Public Utilities so substantial. Facilities which permit of an ultimate develop, ment of importance have not as yet been utilized, This investment, which is offered at a price to yield 6.50, can be converted after November I, 1917, into 1 cumulative preferred stock on a basis which will bring a re. turn of 7,65 on, the original investment. Send for Investment Circular No. 806 William P. Bonlrighl & Co., Inc. MORRIS WISTAR STROUD, Jr, Manager J7 CHESTNUT STIIEET I'hlladelphU New York Ltoetou DetxeU Locdam William V. Uonbrl.ht cL rrla: Donbrlgbt & Co. lUIIKCTOHV OF ACCOUNTANT Certified l'ubllo Accountant ll&)Nf LArt-HE"CB E. BROWN IMS 11EA.L UTATK TRUST LOW FOR VIENNA EXCHANGE SKff VOIIK, Dec. 31. As compared with a low record at 13.13. on Thursday, Vienna oxchnnRo started In this mornlnK nt a nominal llKiiro nt 1-.33 nnd 13.0:'. Stockholm also was easier at 27.C3 and 27.70. Sterling was dull but steady nt 4.73? for demand nnd 4.74; for cables. French exchange was n shade better than yesterday's llnal IlKiirc. 3.SIH for cables and 3.s5?i for cheeks. Itclchsmarks were around tho low point of Thursdny. nt "ti'i, for checks and 7C.& for cables. Other (Itiotations were: Lire, cables 6.63i, checks, C.E5',i; Swiss, cables 3.23, checks S.2C; pesetas, 18.00 and 18.92; KUlldcrs, 43 5-16, nnd 4:iii; rubles, 23Ti and 30. In the early afternoon Vienna exchange was iiuoti'il at 12.M, the early low record IlKUre. At that rate, however, exehaiiKO wns offered to tho buyer. Indicating a lower tendency. The entire market be came nominal and worked easier. Ster ling was quoted at 4.73 5-16B4.73a nnd cables nt 4.7lf1.7l',. business) was pie vlously done under these rates. French exchange wns reported 5.85 for cables and 5.S5 for checks. Itelchsmorks worked to within '4 of tho low record, touching 7Ci nnd 7Gi. Lire wero lower also nt O.bl for cables nnd G.C2 for checks. KATES FOR MONEY .. . t1". New York WM'i Philadelphia nv4l 1...BIUII .1 Time. 2U2H ;Wti ChK-HKO ;iV4i(14 4 i4lA Commercial paper, three to six montha. Phil adelphia. UWil per cent. Linseed Oil Price Boosted NEW YORK, Dec. 31,-Tho American Unseed Company has advanced the prlco of linseed oil In slnglo and flve-bnrrel lots 2 cents, to CS and 66 cents, respec tively. The nuotiitlon for Calcutta Is Soc. Trndinir In stocks nnd oonds on the Philadelphia Stock Kxchango wns much larger this year than last. Tho total sales of bonds were J1S.3S9.557, compared with J10,715,610 last year, an Increase of JS.073,947. Tho total number of shares or stock which changed hands wns 6,C0.,i87, ngalnst 2.016,319 last yen. There has been ndmlttcd to tho regu lar list of the exchange 1S6.S30 additional common stock and .300,000 additional per cent, preferred stock of the Ameri can Hallways Company, being the bal ance of common nnd preferred stock cov ered In company's application dated De cember 22, making the total amount of said common and preferred stock listed nt this dnto J9.1C0.00O and .1,000.000 respectively. Tho following stocks were quoted ex dividend today except for cash: Buffalo and Susquehnnnn Railroad preferred trust certificates. Philadelphia and Trenton Itnllrond. United Ons ltnprovcnftnt, Cen tral Coal and Coke preferred, American Milling, Consolidated Traction of New Jersey. Tonopah Mining. Northern Cen tral. Virginia Hallway and Power pre ferred, American Telcphono nnd Tele graph, Kentucky Securities and Pennsyl vania Salt. Edward M. Oonznlts, William F. Staf ford and Edward P.. Whitehead have formed stock exchange partnership under tho llrm name of C.onzalcB. Stafford & Whitehead. Tho new llrm will have of fices at 52 Hroadway. A committee to protect the interests of the holders of Missouri, Kansas nnd Texas Itallwny Company. St. Louis di vision, first mortgago refunding 4s, duo April 1, 2001, has been nppolntcd, com posed of Kdwln S. Mnrston, president of the Farmers' Loan and Trust Company, ns chnlrmnn; L. Edmund Zncher, treas urer of tho Travelers' Insurance Com pany; Frederic AV. Allen, of Leo. Higglu son & Co. and Augustus V. Heely, as secretory. 22 William Btrce Halle Si Stlcglltz, 30 Hroad street. New York, nnnounco that they have this day admitted Stanley J. Hallo to partnership In tho llrm. In 1915 76 scnts wero transferred on tho New York Stock Exchange. Tho lowest price at which any seat was sold was J33, ..; tho highest, 174.000. In 1914 33 seats were transferred, with tho low prlco of $31,000 and the high $53,000. WORKMEN'S COMPENSATION LAW A Brief Analysis by WM. A. SCHNADER, Esq. Now Ready for Distribution If you have not already or dered your copies, tend money or atamps to PUBLIC LEDGER, Independence Square, Phila delphia. 1 or more copies, 2.1c men 10 or more coplrs, lfic rnch 100 or morr copies, 10c rnch Workmen's Compensation Section 401 of the Pennsylvania Law imposes a lien liability on the employer or the State Fund, if the employer is insured in the State Fund. The policies of the United States. Casualty Company carry special endorsement relieving em ployers of lien encumbrance. United States Casualty Company Hutchinson, Rivinus & Co. General Agents 425 Walnut Street, Philadelphia Lombard 220 Main 4300 $10,000,000 Imperial Gerimfft Government FIVETPER CENT. Nine Months' Treasury Notes We beg to cal) the attention of the holders of these - notes, which mature on the first day of January, 1916, "to -the fact that they should be presented at the office of The Central Trust Company of New York, Si Wall Street, New York City, for payment, CHANDLER & COMPANY, Inq. 34 Pine Street, New York I33 ChnvK Street. PhiU, YEAR ENDED WITH LOCAL STOCKS r a -vmTMn mr,QT?. Tr, TJTnrr t nTJf 1XSXJ.V vjxx v.v. xw xxiuxx ojj V j,j j Prices of Exchange Memberships Failed to Keep pJ WiHi Tiirtioaaor1 Rliainnss Rvnlrni'a Tnnl, .. l """ "-m - .vu .uuiY xor Prosperity to Continue Notwithstanding the greatly Increased activity displayed on tho Philadelphia Stock Kxchanffo during tho latter part of 1915 tho price of exchange memberships has varied but little throughout the year nnd only nine scats hanged hands during the 12 months. Tho lowest quotation was $3000 and tho highest I000. Tho Inst sale was mado nt $S00. Never theless local brokers are unanimous In recording ono of tho best years In the history of tho exchange In so far ns profitable business was concerned. Tho betterment was particularly marked Insomuch ns 1914 was one of the worst of recent vcars. due to tho closing of the exchange for severnl months following the outbreak of the European war. lead ing brokers predict that tho first half, nt lenst, of 1916 should oven eclipse the recent prosperous period, now that the country's genernl business nnd trade Is expanding by leaps nnd bounds. Utile fenr Is ex pressed of stiffening money rates owing to the operation of tho new Federal He serve net and tho heavy nccnmulntlon of gold nnd continued Inflow of tho yellow metal Into his country. Today the local list was firm, but the trading was very light nnd chiefly given over to tho evening Up of commitments. Investors were picking up some of the hlgh-grndo Issues, such as Pennsylvania nnd ltendlng, but tho buying wns con fined to small lots. Tho lnttcr's Novem ber statement showed Improvement over October.- The company Is enjoying a good general freight tranic asldo from Its an thracite tonnage. The Increase In the Intter over November last yenr was nbotit ,14 per cent., whereas tho total operating gnlu was at the rate of 27 per cent. Sev ern! local stocks were iiuotcd exdlvldend today, Including United Gas Improvement nnd IJuffnlo nnd SuBquohnnnn preferred. I'otinnylvnnln Steel common dropped 11 to CI on tho sale of 10 shares. In the closing dealings demand developed for r. . ,a Steel nnd tho price waVwihSHi across 75. pusntd uBj Tho Buffalo nnd Susouehnnn. .... . - a lucrntlvo November. Tho nMu M3 was $71,201. nn Increase of $ & ..9?! per cent, over the samn m-n.w i..i..nr m for tho 11 months ending Noviiir tni $302,966, nn Increase of $1.60, & " cent., over tho same period of In.. iw Tho Street was agreeably sii,.j.., : tho big demand tor tZ L iu'?. t 1 The total nmount of all bids for Ti,i0' '"" kuuui hix times mo nmnni . ' nulredi The prices, too, were ,..,!' lory, ranging well above 102. ?& of $10,000 city registered 4s ofiwj ,0,i Chnngo today nt 1021. mi 61 The year ends with local stoelc K.i. close to tho highest levels of thsP and In some Instances, such as li. Transit, Buffalo nnd Susquehanna 1' t'nltcd Oas Improvement, virtual H5 top figures. ' ' w Severnl Issues have enjoyed really Bh. nomennl advances. For Instance. Bm win Ixicomotlvo rosn frnm nn , ,,,' ."a'a' 1915. nnd Crnmn Hhlnhiill,ii j??nn from lSVi to 91. With earnings of ..? ui mo companies steadily Increaslm? brokers look for oven further expansion & tho year to como. "ioninr BANKERS IUoad i.n CiiKsr.VDT Sis. rnii.ADr.trnu The following coupons are payaWe on and after January 1st, 1916, at this office: Philadelphia & Western Ry. Co. 1st Mtg. 5s, I960. Eastoti & South Bethlehem Transit Co. 1st Mtg. 5s, 1936. At Our New York Office, 30 I'lne St. Buffalo & Susquehanna R. R. Corp. 1st Mtg. 4s. 1963. Investment Suggestions The trend of the inveitmenl situation reveals a combination; of favorable conditions such ai have been seldom witnessed. With this situation in mind wb have prepared an elaborate list of high grade Municipal. Rail, road and Corporation Bondi with brief descriptions, which arc well adapted to the present market. Every investor will, wc believe, be inlercsted in studying these investment sug fcslions. Rend for our Special Circular . . . No. T-lCt. A. B. Leacl?. & Co.. Investment Securities 115 South Fourth Street IMillnilelpliln New York Chlcnito Duftalt ISoston London, En& Daltlmor ' '.i fr "'S"?.''.?, '". '4; 7;4bA ssmsssMssimsMmsMssm 1 r f I860- 1916 g - Merchant & Evans Co. - (NOW S17 ARCH STREET) Will Open Their New Offices and Warehouse 2019-35 Washington Avenue outlay, January 10th S2J2JSM2MSM2rSH3JE!3l2J2J2J Ine Strongest Asset a young business man can have is an account with a Widely Known Bank. The Corn Exchange National Bank has a cumulative friend ship of fifty years, and an ac cessible force of alert men striv ing each day for perfection of service. Let us join hands and grow together. Corn Exchange National Bank Chestnut at Second Street ! .4 :1 Employers Know The MORRIS Plan of Loans nnd Investments is the ideal way by which the responsible individual may borrow in time of need or opportunity. Repayments easy and reasonable. Supervised by State Hanking Department. Details on request. PENNSYLVANIA LQV13 J. KOhO. Pre,. LOAN COMPANY HOWARD U. B.VBV. V. Pre,. ,rr A L Ci IJ. LEO UUXT, V. Pre,, niiti frraj. lOUf rcn. JL MS LOGAN TRUST COMPANY OF PHILADELPHIA CAPITAL S900,03J SURPLU1 ANO UNDIVIDED PROFITS 375,95a We inyite the consideration of this Company for the conduct of Trust Com pany business in its several branches. FCWLAND COHLY Prtoideut WILLIAM BRAVtfA Treasurer ttu ruK jj iri m icsjfcios.j UUHKM t SflULiiUXM .m
Significant historical Pennsylvania newspapers