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.
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llKI
10114
nn
(ISU.
II3H
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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
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ls
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7Ri
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71
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SB
lion
r,u
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51i
uft .
41
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7S'4
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314
73J4
so
2ft
111
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714
M
1RJ4
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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 ,
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100 n y rntral....lO!iU
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10
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00 sri'ifine;-:::: mamjm
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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
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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,
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Financial Briefs
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ll.7.-.fi (1.7U
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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
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