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WALL STREET HAPPY AND RICH
AS YEAR ENDS WITH HARVEST
OP PROFITS EARNED BY MANY
F Nearly a Billion Absorbed in American Securi
ties That Previously Had Been
Held Abroad
t
By CHARLES R. BROWN
KHW TOnK. Jon. 1. As the old
scar
tarns Into the new Wnll street Is so busy
that it hits neither time nor Inclination
to reftd of the past. Financial Ihlcrests
Without Imnnrfflnt rtxonflnn wnilnr! 1in
lhe, year WIS with fnr better net results
than they nt first expected The general
public's participation ns Well ns Its net
prom was probably larner than In any
year of the Stock Exchange's history.
There have been years of much greater
activity. But It Is doubtful vhcther any
or these years have been so completely
free from manipulation by bin plungers or
from clique operations of a character that
may be termed detrimental to the Inter
ests of the Exchange. This In turn means
that the commissions have been more
widely distributed and that Instead of a
few of the Btock Exchange houses con
ducting the bulk of the transactions the
year's business has been distributed
Among the entire list of Stock Kxchango
members who conduct a brokerage busi
ness.
What really happened last year was that
Wall street nbnorbod between $T50,000,000
and Jl.000,000.000 In American securities
that previously had been held nbroad. It
Is necessary to name such n wide rnngo
na this because of the lack of definite, ac
curate Information. The nearest approach
to positive figures Is the cstlmato con
tained In n recent compilation by Mr.
Loree, president of the Delaware and
Hudson Compnny, nho hns had access to
the books of Vlrttmllv nil tin. rnllrnnrl
companies In the United States that have
rorelgn stock and bond holders. Mr.
Loreo In June last gave tho results of a
similar compilation, which showed that
the .par value of ntl kinds of securities or
American railways for latest dates at
which datn. were then avnllnblc was
TI.o7C401.312. Hla later compilation shows
that ns a result of errors this amount
should have been 12,701,102,3113.
Up to July 31. which Is the latest date
of his new data, there had been a rcduc-
(A tlon from these figures (In other words,
. this nmount had been sold) of ltS0.8D2.135,
Dringing the amount or railroad securities
on July 31 down to 2.2r,:)10,229. Kvcry
body knows thcro has been a tremendous
liquidation by European holders of Amcr
'Ican securities slnco July 31. Therefore,
It does not appear an exaggeration to
speak of Jl.000,000,000 par value In Ameri
can securities as having been returned
during tho year 1913.
ronEIQN DAN REMOVED.
In so fnr as London Is concerned a
targe part of tho selling undoubtedly oc
curred after the clone, of January when
tho New York Stock Exchange commit
tee rescinded tho requirement that sales
must be cither for cosh or In tho regular
way, that Is for next day's deliveries.
This removed the bar on foreign selling
arid quite active liquidation on European
accounts Immediately began. It kept up
'steadily thereafter, care obviously being
taken to nvotd placing too great a strain
' at any ono time on tho market's power
of absorption. During tho early part of
December this selling' seemed to have
reached Its climax owing to the nows
that the British treasury was soon to
announce a plnn whereby It would tnko
nrfr ritfinr In flirt fnrtn nt lnnns or bv
;i direct purchase of British-owned Amer
'? lean and Canadian securities. Tho ac
tivity of the celling was ascribed to
liquidation by Interests In England who
did not wish to be bothered with the
red tarjo Incidental to a government
- transaction of this magnitude and char
acter. Now that tho treasury's plan has
boon officially promulgated, the opinion
may be said to prevail In International
banking circles represented hero that the
effect wilt bo the tying up of securities
In tho futuro rather than their direct
sale. The British Chancellor hns no ob
jection to further sales of securities by
British holders providing that tho pro
ceeds nro at once reinvested In British
obligations. There, furthermore, would
bi no objection to selling regardless of
the suggested reinvestment, for tho ef
fect In stabilizing Sterling Exchange In
New York wilt be Identical In the In
stance of Importations of securities as In
the case of gold or merchandise.
"lie year ended, however, with the
l,Aie exchanges well under control,
. . h with Sterling funds In the New
onlJiarket still selling at n discount
BOirudo under 3 per cent. Ofllclal rec-etar-
the Department of Commerce,
V H ahnw nn nnnnrent trade bal-
flCl ,- ....... t.A
rt - - i savor oi uwn uuuhhj " n
rrjf'i and altogether unexampled record.
I.. 'iiiotfnn In Imnnrtntlnn.H an well as the
l.narkable Increaso In exportatlons, tho
iter reflecting principally uie enormous
i (ovement of war materials to the En-
ente oowers. While this balance aeaia
' eith stupendous figures, the offsets are
correspondingly large.
Surprising-as the statement may appear,
any balance sheet on foreign trade ac
count that is drawn today suggests for
the year a balance against New York.
INVISIBLE BALANCES.
Thera are. for Instance, the usual in
visible balances to be taken Into consid
eration, such as the year's dividend and
Interest payments on securities that are
till held abroad or that have but re
cently been sold. Allowing for reduc
tions, owing to the return of securities,
this Item, which Includes freight charges
on merchandise carried by foreign steam-
Milp lines, as well as funds brought In
by Immigrants, etc., could well bo J2S0,
000.000. Meanwhile if 11,000,000,000. In secur
ities has been returned, and If we add
the year's net gold importations of 1150,
600,000 and loans by American bankers
and lender generally to foreign countries
of f80O.O0O.0O0. we have total offsets of
ttWirvnmn nr- nn jtvroefi nf IGflO.OOO.flftY tn
'i, be applied to the maturing or loans, etc.,
I if arid to any overestimate that may be
contained In the value or securities re
turned by foreign holders.
The strength, enthusiasm and activity
which were the features of the market
during' the year were based, admittedly.
Upon the unexampled exportatlons of food
products and war supplies. The ground
has produced phenomenal harvests, farm
products showing a total of about $10,
00.000.000. or fully (500,000,000 In excess of
1914. This result, coming as it does as-
merely one of a long series of favorable
crop years, produced a remarkable wave
of prosperity in the granger sections of
the country and permitted an accumula
tion nf actual capital available for Invest
teal In the same way new capital was
ereaUd from the savings representing the
' ' itrtbutlon to labor and in other forms
which will readily suggest themselves of
the profits on war contracts. Still further
is the increase of new capital that has
resulted ttam what has concededly been
the successful speculation by the public
in the war stks and more recently in
. l-altroai t, ecu titles and the more conserv-
-,f" t daises of industrial corooratlona.
alter form of capital accumulation
te considered to soma extent a prod-
f more or less Inflation and would
V ,Uy iu
ly disappear in the event of a serious
I ". i.'k In the sen
t v -e of ratlrpad
f pulnt4 Wghef th
the general market. However,
siocks average about
than was the case at the
liulins ot Ust year, and a much fur
I Increase is registered by the average
UtiiMt far leading Industrials. Twelve
b latter, for instance, show an aver
of mors J1"" W points, comparing
ie price 04 the bejliuiln of 1315.
j3i vfah EXJ'nmyi
ic ir 4'-ldw?tlon that, arc men
j ts1 cme el the best-known, coin-
90ii vwit- preaisuny a, cw
I r "'4
( Ike- .rcctding year
prosperity. The main danger point. It Is
nrgued. Ilea In the possibility of hew Is
sues arising In the r-nr situation threat
ening to provent tho continuance of the
neutrality that has thus far been suc
cessfully maintained bj1 the Government
at Washington. The war stock boom, It
Is conceded 'In all directions, hns cul
minated. It would probably not bo pos
sible for any considerable liquidation to
take place on the part of holders without
causing substantial declines In tho prices
of theso securities. However, tho hold
ings nro In such comparatively small lots
the public having becomo so very gen
erally Interested ns purcl ascrs that such
a liquidation Is not to be greatly feared.
There have been some Increases In divi
dends nnd on preferred stocks! there hnvo
been soith. payments of back dividends
thnt were cumulative. These have been
sufficient to encourage hopes of larger
things. Tho time Is arriving when the
profits of war orders should begin to
show In n practical wny In the state
ments of the various Industrial compa
nies, ami u win do possible in due course
to obtain some accurate idea of the ex
tent to which the value of these contracts
hns been exaggerated.
Tho war stock boom will bo recorded In
history In much tho same way ns tho oil
nnd rubber nnd similar booms havo been
rentures of tho pat. It had tho appear
nnco of (. great wave a species of con
tagion sweeping over the country. It will
probably nt this date be n surprise to
nine out of ten mnrket onnrnto in Imnw
thnt the wnr stook boom did not renlly i
start until about tho 1st of May, nnd may
thus be said to have had nn active life
of about five months only. But In that
tlmo many fortunes wero made nnd few
were lost, for tho price level In most In.
stances hns been fnlrly well maintained
nt not fnr from Its highest range Tho
Inception of the movement may be snld
to date from the statement made Into In
April that the Cnnadlnn Car nnd Foundry
Company hod obtnllieri rnntrnrtn tnr
shrapnel nnd howitzer shells from tho
Ituselnn Government nrcret-ntlnir nlmm
JS3.000.CO3, nnd was parceling theso out
nmong different American concerns.
BIO JUMPS IN WAB STOCKS.
About tho same time It began to bo
generally appreciated that the Bethlehem
Steel Corporation had contracts for mu
nitions of war nnd nrmnncnts, etc., reach
ing huge figures. Tills was tho begin
ning of n movement which had some of
tho most sensational price movements
ever witnessed In a large collection of
stocks on tho New York Stock Exchange.
Bethlehem Steel, for Instance, which sold
na low as IGVi on January 2, touched COO
on October 23. This was tho most sensa
tional or tho movements, but thoro were
numerous other advances. American Lo
comotlvo advanced from 19 on Mnrch 2
to 74 on October 23; American Woolen,
which was quoted nt 1E; on Mnrch C,
renched 57H on October 20; Baldwin Loco
motive, from on March 3. touched
1514 on'Octoher 23; Central Leather, from
32i on February 20, had advanced to
fil'i on November 4; Colorndo Fuel and
Iron, from 21i on Jnnuary 6, touched 604
on September 20; Crucible Steel, from
lS',i on .May 10, advanced to 109T4 on Sep
tember 20; General Chemical, from 165 on
Jnnunry 26. touched 360 on October 8; while
General Motors advnnced from 82 on Jnn
uary 2 to 476 on November 29; Goodrich
Bubbcr. from 244 on January 7, advanced
to S0V on October 14; Lackannnna Steel,
from 2S on January 7, advanced until It
touched 04?; on September 29; Maxwell
Motor, from 15i on Januarv C. rennherf
02 on October 28; Pressed Steel Car, from
23 on Mnrch C. touched 7S'i on October
4, nnd Hallway Steel Springs, from 19
on March G, had advanced to 51 by October
1; United States Steel, from 3S on Feb
ruary 1, touched 'S9Vi on December 27. and
Virginia Carolina Chemical, from 4S14 on
Jnnunry 6, had risen to Sm on November
28; Willys Overland Motor, from 87 In
February, roso to 268 In November.
These figures may be considered repre
sentative of some of the wild fluctuations
that have marked the year among the war
Industrials. The United States-Steel Cor
poration nnd some of tho other steel
stocks, ns already noted, have not sought
specific war contracts, but have benefited
by supplying semifinished material to
thoso manufacturers who have made a
specialty of such contracts. Meanwhile
the sensational advances In the automo
bile stocks nro supposed to represent ben
efits accruing from large export orders
of machines to bo used for war purposen.
Tho strength In these stocks during the
later months of the year, however, ha
been ascribed to the decided Improvement
In tho domestic situation, especially In
tne demand ror motorcars resulting from
the prosperity In tho agricultural sections
of tho country and tho lurge buying
power In the East that has followed tho
war order profits and the high wages for
labor.
GAINS IN nAILBOAD STOCKS
As to the railroad stocks, the broaden
ing of the Investment demand began with
the Improved attitude of the President
and the Administration leaders. The In
terstate Commerce Commission gavo evi
dence of a mere conciliatory policy, and
Mr. Wilson himself, In his address to
Congress, spoke of the necessity of study
ing the needs of the railroad lines. He
suggested the desirability of appointing
an expert commission of Investigation to
go thoroughly Into the question and eee
what was needed. When the industrial
boom culminated na an active Issue in
October the buying spread to the rail
roads, which had begun to come forward
with wonderful earnings, the Pennsylvu
nla lines. Including cast and west of
Pittsburgh, reporting at the close of Oc
tober a September Increase of $2,873,611 In
gross and 12,703,674 Increase In i.et. In
an ofllclal statement, President Rea de
clared the Improvement was "due to an
extraordinarily heavy trarilo In the East
ern part of the country, largely as a ie
suit of a shipment of material of most
every kind manufactured for use In Eu
ropean countries." Tho net earnings to
taled 17.282.021 for the month for the lines
east of Pittsburgh, which were the largest
net earnings for any month In the his
tory of the Pennsylvania Railroad lines
east of Pittsburgh, according to Mr. Ilea,
This was only the beginning of sen
sational returns by this road, which were,
In fact merely symptomatic of conditions
In the railroad world generally. The
eastern lines are being more benefited
by the 'haul" of the war material, since
most of the factories are In the eastern
territory and the shipments are made
through the Atlantic ports, chiefly New
York. This traffic Is likely to continue
fully as long as the war lasts.
It was '
only in October that American manufac
turers receiving the orders for war mater
ial were able to begin making deliveries
In large volume, the preceding months
having been occupied with making prep-v
aratlons for on entirely new industry
which has been created In this country
in tne torm or production ot shrapnel and
howitzer shells. It Is not expected that
there will be a continuance of the same
pressure this year as last for supplies of
ammunition, as such active progress has
been made in the munition industry In
Great Britain, France and Russia as to
make those countries in the broad sense
Independen of foreign manufacturers,
GREAT SUPPLY OP IDLE FUNDS.
One feature of the year that should not
be forgotten has beep the overwhelming
supply of Idle funds In the banks Jn spite
of the Inroad made by the heavy foreign
uemana tor tunas, una explanation U
that these funds did not leave the country I
but were utilized for the carment ot I
American acrchandUe exported abroad. '
CHRISTMAS
igS3lJUUJaLIMUUJ4JJ"
mmK- iwSIUinniHHH
1 WmnSBimS vgj fef i iR9
i ... '.. .Tjt i -afi i. -.mi
This novel tree is displayed by
Suburban Gas and Electric
There Is not likely to bo a corresponding
degreo of enso In the monoy position,
houovcr, during tho new year, since do
mestic nctlvlty In trndo and Industry Is so
rapidly Increasing.
Furthermore, wo nro face to face with
a steady drain In the form of borrowings
by tho British treasury In this market In
accordance with It-j plan to mobilize Brlt-Ish-ouncd
America i securities for tho
purpose of utilizing them for loans In
America. In this wny It Is conceded hero
that Britain has opened for Itself nn un
limited credit, since American bnnks can
not very well refuse to lonn on the very
be-it classes of American securities, es
pecially when the borrowers have such n
iargo amount of theso securities on hand
that they are able to respond without em
barrassment, regardless of tho extent of
tho margins that nro required on tho
collateral by tho lenders.
Taken altogether. Wall street Is enter
ing tho now car with a hopeful mind and
with great expectations.
U. S. STEEL'S EARXIN'fiS FOR
1915 WILL REACH $120,000,000
Next Yenr's Showing Should Bo Bet
ter Because of High Prices
Net earnings of tho United States
Steel Corporation for tho nine months
ended September 30 last were slightly
moret hnn 179,000,000. It Is expected that
tho final quarter will show a total of
nearly ISO.OOO.OOP, so that the not rcvenuo
for the 12 months of 1915 Is' expected to
be in the neighborhood of 1129,000,000
Whllo tho showing for tho flnul quarter
will be remarknblo in many respects, tho
earnings In 1916 will bo even nt a larger
average rate, ns the company will bo re
ceiving tho benefit of higher price for Its
products.
During 1915 tho company nuthorlzed
more than 110,000.000 In extensions and Im
provements, and some of theso will bo
completed In 1916 and will contribute sub
stantially to the company's earnings.
COPPER CONTINUES STRONG
Demand From Domestic Consumers
Large Foreigners Still After Metal
NEW YORK, Jan. l.-Addltlonnl strength
Is shown In the copper metal mnrket.
While the coneral quotation Is 22Hc It Is
learned that sales havo been made for first
quarter delivery at 22?4 and 23c. In
fact, the Inst mentioned price was bid
for n quantity of the red metal to be de
livered In three equal nmounts during the
first three months. So far as can be
learned, this order wn not booked by the
leading Interests. Some copper for de
livery In April has been sold at 2214 cents.
Demand from domestic consumers Is
large, and would be for even sreater ruan
tltles were It not for tho fact that the
manufacturers In the Connecticut Volley
have been handicapped In tbelr operations
by weather conditions, which have pre
vented them from working at capacity,
and thereby cutting down tli'e amount of
copper consumed. But despite this, the
Connecticut users are running low on
their s'ock nnd are In tho market for quite
large shipments. At present there Is an
unusually good demand from wire
makers. In addition to this, fcelgn inquiries
show no signs of falling of and are com
ing In good volume. This is taken as
further Indication of the comparatively
short situation In Europe, where. It Is
expected, the consumption of copper will
bo enormous for many months.
BETHLEHEM'S INCOME BIG
Showing for 1915 Will Be at Least
300 Per Cent. Greater
Although it Is admitted by every one
that the Uethlehem Steel Corporation will
make a good showing In 1915, the earnings
In 1916 will be at least 300 per cent, greater.
During the new year the company will
be turning out shells at the rate of 10,000,
000 per yearv. Estimates of the earnings on
the common stock vary considerably, but
that they will amount to several hundred
per cent, on the Issue Js not doubted.
Railroad Earnings Good
WASHINGTON, Jan. 1 The total oper.
atlng revenues of railways In the United
States for October were JOl2.SS3.6D6, an in-
crease over 1911 of M.2C8,S. Operating
expenses were 91S6.!&!,203, an Increase of
17,333,018. The net operating revenue
amounted to HW.XiS.Ki. an Increase of
123,933,260. Operating revenues per mllo
averaged 0321, an Increase of 13 per cent.;
operating expenses averaged IS15, an In
crease of 3 6 per cent ; net operating reve
nue per mile averaged 508. an Increase of
32.4 per cent , while net operating Income
per mile was S456, an Increase of 36.9 per
cent. Taxes per mile Increased 3.5 per
cent. Rallwa) operating 223,813 miles of
line are covered by this summary, or
about 90 per cent of the steam railway
mileage in the United States.
ALL MARKETS CLOSED TODAY
The banks and trading exchanges are
closed. In observance of New Year's Day,
a legal holiday, and wholesale business
In all lines is suspended. Lacking fresh
data on which to boe reliable quotations,
our usual market, report are necesiaril -
emitted from today' Issue.
TREE OP GAS PIPE
mwnuMLUUWlU-,n-ag .ijmW.'f '"J"' lMTg"Bryi
the Dnrby office of tho Philadelphia
Company. It is soven feet high.
CHRISTMAS TREE MADE
OF WELDED GASPffE
DEEMED A TRIUMPH
Consulting Engineers Inter
ested in Claim Made for In
vention of a Philadel
phia Expert
PREVENTIVE OF LEAKS
Once again Philadelphia has forged
nhcad In Industrial efllclcncy. This time
it Is In employing welding as a method
of connecting Ihc miles and miles of
wrought Iron gasptpes that go to make
up Its suburban high-pressure lines.
Manufacturers of oxy-acctylcno weld
ing outfits whoso claims for mending and
Joining havo stopped only short of
"broken hearts" and "break of day" havo
taken off their hats to tho Philadelphia
man, whose reputation ns tho "father of
tho gas main voiding Idea" gains In ex
tent dally.
The ofllco of tho Philadelphia Suburban
Gas and Electric Company has become tho
mecca of consulting engineers of gas
companies throughout tho East. Their
mission Is to investigate tho claims made
by tho company thnt tho.weldlng to
gether of wrought Iron gasplpa lengths
has superseded the use of tho screw
pipes.
Miles and miles of solid pipe, tight as a
bottle, in the result of employing tho
welding process, according to Chnrles
Fox, superintendent of tho Philadelphia
Suburban Gas and Electric Compnny, who
nlso set forth tho numerous other advan
tages over the old screw-plpo method.
Hummed up, theso Included elimination
of leakage, strengthening of Joints rather
than nenkcnlng, elimination of threading
nnd caulking, reduction In cost of the
pipe, elimination of breakage of Joints,
duo to contraction nnd expansion after
laying, nnd simplified work when adding
branch pipes to the main.
A "gasplpo Christmas tree" measur
ing seven feet high and four feot six
Inches wide across nt ltn widest point,
constructed entirely of gasplpc lengths
welded on to tho main trunk to represent
n tree, Is being used us a window display
nt tho offlco of tho Darby branch of the
Philadelphia Suburban Oas and Electric
Company, Main street, Dnrby, during the
Holiday season
Not only does It concretely demon
strate many of the advantages of the
u elding Idea, but serves as a reminder
that gas as well as electricity may be
used for display purposes.
The tree Is the only thing of Its kind
that has ever been constructed, accord
ing to Mr. Fox und others, who have
been attracted from points all over the
city to Inspect It. Mr. Fox was the
originator of the Idea.
BIG PART IN FOREIGN
TRADE TAKEN HERE
Balance of Business in Favor
of Port at End of Year
Was $23,594,882
Philadelphia played a very Important
part In the foreign trade of the United
States during tho last year. Many mil
lions of dollars' worth of goods were sent
from this port to foreign countries In
the last 12 monthB, possibly more than
was sent In previous similar periods, and
with the close of the year the balance
is very largely In favor of this city,
While the export business as well as the
Import business of the port was ma
terially cut down with the start of the
war In 1914, the last year more than
made up for the business lost during the
previous 12 months. That the greater part
of the Increased foreign trade of the port
was due to the European war must be ad
mitted. The fact that so much business was
done under (he conditions which are now
ruling the port facilities, piers, harbor.
channel, etc brings to tbe front very
forcefully the claims by many that these
things should be improved and made mod
ernIn other words, the best that can be
had, so as to attract new shipping com
panies to this port, coastwise and for
eignsay snipping men as well as ex
porters. The exports from the port of Philadel
phia in the year which has just come
to a close were very large. They
reached the large total of 192,503,513, while
Imports for the same period were $68,903,
661. This shows a balance in trade In
favor of Philadelphia for the year of
1915 of 23.534.S82-that Is. exports exceed
Imports by that figure. Roll) the De
cember export and Import llguret are es
timated The export for the last year are 29,
236,732 larger than they wer In 1914,
while the Import arc S19.04l.067 smaller.
The fact that there Is such a large de
crease in the Imports for the 13 months'
period Is largely due to the war. as is also
the large increase In the exports from
the port As -ompared with November,
there Ia very little change in the import
and export.
EGG DEALERS LOSE
$100,000 IN BIG SALE
UNDER STORAGE LAW
Thousands of Crates Unloaded
Here Through Enforced ite-
leascA'fter Eight Months
in Storage Houses
RETAIL PRICE 21 C E N T S
Egg dealers In this city said today that
they wero facing a tosi of nt least 1100.000
as a result of the enforcement of the
cold storage bill.
Thousands of crates of eggs were sold In
the small hours this morning to grocers
nnd other dealers. Theso eggs came from
the chain of storage houses In Philadel
phia nnd vicinity. They wero placeu in
storage eight months ngo.
t'ndcr the cold storage Inw enacted In
this State several months Ago, eggs are
permitted to lemaln In cold storage for
eight months only. After the time limit
expires the eggs must be removed and
sold. , ,
Tho eggs removed from the storage
houses late last evening were deposited In
the storage houses before tho Wilson act
was paesed. The consensus of opinion
among the dealers at the time the cold
storage net was Introduced by William H.
Wilson, newly nppolnted Director of Pub
lic Safety, was that tho bill. If passed,
would be vetoed by Governor Brumbaugh.
The plan was to unload tho eggs stored
ftwny eight monthi ngo during the winter
season.
UNLOADING BIG STOCK.
Unloading of storage eggs has been go
ing on for several woeks, but on a small
scale, The dealers were holding out for
fancy prices. Bnthor than bo left with
largo supplies, they bogan yesterday to
sell their products almost at any price
they could get. It was reported today
that tho eggs purchased late last night
nnd yesterday nfternoon by tho grocers
will bo placed on tho market at nbout 21
cents' a dozen
Tho eggs which were sacrificed yester
day by tho manipulators and others were
tho regular Mny products, which wero
Bent hero by farmers from various parts
of Pennsylvania. Many of theso farmers.
It was learned today, have not received
their pay yet In many Instances farmers
do not rccelvo their monoy until the eggs
which they ship to this city arc sold.
It Is said that more than $10,000 was
mailed yesterday to farmers by local deal
ers. This money was tho commission duo
tho farmers.
A LARGE SUPPLY
On June 1 egg holdings In 45 associated
warehouses over tho country totaled
3,114,000 cases of 30 dozen each. Thoso
holdlngB exceed thoso of the correspon
ding period of last year by S20.000 cases.
"Tho cold storage bill has resulted In n
great loss to tho egg dealers of Philadel
phia," said a denier today.
MANY ANNUAL MEETINGS
OCCUR EARLY IN THE YEAR
One of Most Important Days Will Bo
"Bank Day"
The financial district will devoto a
great deal of time during the early part
of tho new year In nttondlng annual meet
ings of various companies. One of tho
most Important days will bo January 11,
known as "Bank Day," when tho ma
jority of the city's Institutions elect new
officers for tho coming year.
A list of tho annunl meetings to be held
early In tho year follows:
Jnnuary 3, J. B. Stetson Company, Pcnn
Mutual Life Insurance Company: Jan
uary 4, Glrard FIro and Marine Insurance
Company; January 10, Philadelphia Cas
ualty Company, Glrard Llfo Insuranco
Company, Mlno Hill nnd Schuylkill Haven
Railroad, Provident Llfo Insurance and
Trust Company, East Pennsylvania Rail
road, Green and Coatcs Streets Passen
ger Railway, Mldvale Steel Company,
Citizens' Passenger Railway, East Ma
hanoy Railroad, Pickering Valley Rail
road, North Pennsylvania Railroad, Read
ing and Columbia Railroad. Chester and
Delaware River Railroad. Shamokln. Sun-
bury nnd Lewlsburg Railroad, Chestnut
Hill Railroad. Allcntown Railroad. Phila
delphia nnd West Chester Traction Com
pany, Roxborough, Chestnut Hill and
Norrlstown Railway, New York and Mid
dle Coal Field Railroad and Coal Com
pany, Beech Creek Extension Railroad,
i;enirai uauroaci or rennsylvanla, Allen
town Terminal Railroad, Wilkes-Barre
and Scranton hallway, Ncsquehonlng Val
ley Railroad, Tresckow Railroad.
fcnuary 11; National Security Bank,
Kensington National Bank, Eighth
Nntlonal Bank, Penn National Bank,
Southwestern National Bank, Market
Street National llnnk. Sixth National
Bank, Union National Bank, Tradesmen's
National Bank. Manayunk Nntlonal Hank,
me iiaim or .North Amerrca. Centennial
National Bank, Quaker City National
Bank, Southwark Nntlonal Bank, First
National Bank, Third National Bank,
Textile National Bank, Central National
Bank, Northern National Bank, Corn Ex
change National Bank, National Bank of
Gerraantown, Ninth National Hank, Bank
of Commerce, North Penn Bank, In
eurance Company of North America, Fi
delity Mutual Life Insurance Company,
Merchants' Warehouse uomDanv. Fair.
mount Park and Haddington Passengor
Railway, Fourth Street National Bank.
January 12, Manufacturers' National
Bank, National Bank of the Northern
Liberties, Farmers and Mechanics
National Bank, German-American Indus
trial Insuranco Company, Glrard National
Bank, Union Casualty Insurance Com
pany. Little SchuyUlll Navigation Rail
road and Coal Company. Winnifrede
Coal Company, Harrison nros. & Co.,
Inc.
January 17. Jefferson Fire Insurance
Company, The Insurance Company of the
State of Pennsylvania. Prnmvivnnin
Company for Insurances on Lives and
Granting Annuities, County FIro Insi -ance,
Lumbermen's Insurance Company.
January 18; Franklin Fire Insuranco
Company, Alliance Insurance Company,
Union National Takea Over Bank
The Manufacturers' National Ban-, nt
27 North 3d street, has been consolidated
witn tne unlm National Bank, at 3d
and Arch streets The Manufacturers'
ends a career dating, from 1827, Edward
Wolf, president of the Manufacturers' Na
tlonal Bank, will become a member of
the Board of Directors of the Union Na
tional ank, as also will Nathan T. Fol
well, II. H, B ton, Jr. and Samuel E.
Landls. Samuel Campbell, cashier, will
be elected assistant cashier, and will be
where ho wltl look after the Interests
of the depositors of the Manufacturers'
National Bank.
BI'KCIAL NOTICES
lgs. I'HIL.lDiai'lII., Dee. Slit, 1018,
T ,.Ve be to announce that Mr, Tbouui
I), emitli l admitted to ratrabemlUp In our
Urro, u of Jan. lt, 1010.
CIIAB. C. HAIUtieON. Jr., & CO.
ELKCTION NOTICE
tK2P1'BANUUN NATIONAL IJANK
" Urod and Chntnut Mrceti,
Philadelphia. December 30th, lots.
The annual election for director! will be
held at the banking houaa on Tueadar, Jan
uary 11th, 191, bctueca the hour of It
uuau and 1 o'clock p. in.
E. P. PASSMOnE.Caibter.
DIRECTOHY Of ACCOUNTANTS
Certified PubUc Aceonntanta
LAWBENCH E. BROWN & CO.
till REAL ESTATE TRUST UIHI.P1NQ.
JUUltNa V UfKAKMAK
Tke Mount
ADVANCE IN HOSIERY PRICES
BLAMED ON
Cost of Insurance Under Compensation Act and Disrup.
4.jv, rnwrmrrh Hhild Labor Limits Given nn
L1UI1 i'"u8" w
Among Reasons
A number of hosiery and " 8
manufacturers hnye notified the Na"0'
Association of Hlry Manufacturers
that thoy will bo obliged to Incroaao tholr
prices soon.
Thero havo been some. Increases re-contly-ln
fact, as many ns threo sep
arate increases In prices of certain grades
have been mado since September Inst.
Tho reasons given for advances nro
many: Higher cost of all materials which
enter Into the manufacture of these
goods, especially wool, cotton yarns and
bindings, Increased wages and even tho
price of coal.
But above all, It Is said, tho cost of
tho new workmen's compensation law
and the operation of the new child labor
law, which requires In many cases the
FOREIGN COMMERCE
BUREAU HERE TO HELP
OUR MANUFACTURERS
Sample of Goods Wanted
Abroad Displayed and In
formation Given in Wide
ner Building
$900 ORDER WITH 2 CENTS
On tho 12th floor of tho Wltlener Build
ing, In connection with tho Chnmbcr of
Commerce, there Is a department which
every manufacturer In Philadelphia who
already docs not know all about It should
get In touch with ns soon as possible for
his own Interests. It Is known ns tho
Bureau ot Foreign Trndo and Domestic
Commerce, nnd Is a direct emanation of
the Federal Department of Commerce,
with which it is In direct touch.
Every day tho bureau receives from
Washington samples of vnrloua kinds and
classes of goods with Inquiries ns to
where they enn bo obtained. Theso In
quiries are principally from foreign
countries. In many cases stating tho
quantities wanted, Ono Philadelphia
manufacturer cnllcd at this bureau a few
dnys ngo, saw somo samples of goods
ho could furnish nnd with the aid of a
two-cent stamp Bocured nn order for
900.
Here arc somo of tho samples which
enmo In this morning's mall:
Materials, such as tnpes nnd metnl
stlffcncrs UBed In tho manufacture of
corsets. The samples and Inquiries camo
from England, and were for 1000 and D00
gross lots.
From British Guiana came samples of
cotton piece goods, somo bleached, somo
unbleached and soma In colors such ns
nro used In this country for Jumpers nnd
overalls.
From Paraguay camo samples of cotton
cloths, ginghams and other goods, nil
of which nro made right horc In Phila
delphia. Thero arc men In chargo of this bureau
who have had practical cxpcricnco In ex
ploiting foreign, especially South Amer
ican, mr.'kets, nnd 'ho nr- prepared to
give all Information nnd nsslstanco to
merchants nnd manufacturers who desire
to go Into theso mnrkets. As there arc
8000 dlfleront manufacturers operating In
Philadelphia, they find It a dim cult mat
ter to reach all of them. Theso samples
are changed every few days, but now
ones for nil kinds of materials are con
stantly coming along,
Tho men In charge of tho Bureau say
that many manufacturers nre timid about
entering the foreign field, on account of
possible difficulties In tho wny. This
they claim Is largely imaginary and they
nre prepared to show how easily any
difficulties can ,be overcome. Tho
servloos of tho Bureau are not confined
to members of the chamber of Com
merce, but nre freo to nil.
LACE PRICES LIKELY TO SOAR.
Imported lace goods are likely to bo In
creased very largely In price in the near
future. Moat Imported laco goods for
merly came from Nottingham, England:
Calais, France: St. Gall, Switzerland, and
Plauen, Germany.
In Notlngharn more than half of thn
plants aro closed on account of the short
age of labor. Tho girls formerly em
ployed In tho Nottingham lace factories
left their positions to tnke up work In
munition plants, whero they were offered
In many cases threo times tho wages thoy
could earn nt laco making. In Calais not
one-third ot the lace machines are run
ning In factories of that city. PInu , In
Germany, Is practically in the same con
dition, nnd as for St. Gall, the great dif
ficulty is in getting tho raw mattrials.
Some shipments from ft. Gall to New
York Importing houses have been on tho
way for threo months and havo not ar
rived yet, and no one knows when they
will arive.
Since Turkey and Persia have become
involved In the European war the Oriental
rug market Is "up in the air." One of
Philadelphia's largest Importers of this
class ot goods says that a small quan
tity Is coming from Persia, but none from
Turkey or Asia Minor, Ills firm, as well
as a few other large importers In New
York, had laid up large stocks, and they
are drawing on these now. Unless tho
war ends Boon, as suddenly as it bo
gan, ha does not see where additional
supplies will come from. Nothing, he
says, can take, the place of a genuine
Oriental jug or carpet. There has been
a machine Invented to weave Oriental
rugs by tying the peculiar Persian
knot, but they are at best Imitations and
are Inferior to even a poor hand-made
Oriental rug.
nL vbJ MLW JL JR.
THOSE BOOKS
HEVERLE& HAY
PUBLIC ACCOUNTANTS
REAL ESTATE TRUST BUILDING
DIVIDENDS
LKIIIOH VAI.I.KY K.ULKOAD COMPANY
Philadelphia, December 15. 1816
The Board o Dlrectora of the Leblih
Valley Railroad Company have thla day de
clared a quarterly dividend of tuo and one.
half per ceut. (or 11.23 jwr share) on its
preferred tock to utockholdera of record
December U. 1015; and u quarterly dividend
of two and one-halt per ceut. (or $1.23 tier
ahare) on It common stock to atockholders
ot record December 24, 1015i both payable
January s, 181U. - r
Check will be mailed.
O J. KULP. Treaurr,
ANNDAI, MEETINGS
Kgr f"E :'"? ANNUAI. MEETING OP
k th Stockholder of the llaaufaV
turrrk' Caaualty Insurance. Compau win be
held at the Home Office of the Company 025
Cbeetnut itreet (Seventh Kloor). PhlUdVl.
pkta, Penaolvanla. on Monday. January SI
me. at Sp. m.. to hear the rpo7 ; of h
Hoard of Director relatlva to the Incorpora.
tlon of th Company and all other buelneie
transacted to date; to elect ntteon Dlrectora
of whom five are to serve for prtod of on
two and thru year rcepcctlvly. and to at
tend to uch other bualnia a may properly
come before the meeting. "
W1LIJAM. U. CLOWKtST.
secretary.
tUK fUILADKU'UlA NATIONAL, UA.NU
. . Philadelphia. Dei.mbtr 11, 1115.
i,-7.Aofi' HV K"' Olitttotl will b
KOifcB J-ORTKSCUE. Caihltr.
NEW LABOR LAWS
, . "
for Big Advance
complete reorganization of manr e.t.v 1
creased prices; "-" of "' 1
A vigorous protest against the rau
hosiery and knitting mills nnd.,. t?JT
workmen's compensation Inw has u.
raised and is to bo contested thorn,,.i!.n
Tli a naf t II nit lilt l....... "
it.. i.. . ""
class of risk which the manufacture!
havo been carrying In tho past I S
6 oents for each 1100 of tho payroll t?
cost of compensation Insurance 'unit.,
the new law will bo 42 cents for each lim
of the payroll. ncn m
It Is contended that tho rate of 42 cmi.
was based on tho methods and antlauMM
machinery used years ngo and wh ,2
no longer exists, and that with modern
machinery and mothods thero Is iiiiu
hazard. ""'
iiiv vjfc us. iiuuniiv niHiirnnnA .. .
1915 OUTPUT IN COAL
KEPT PACE WITH 1914
Little Change in U. S. Mines' M
Production Increase in ,
Pennsylvania Snnnlv Wi
i'ittsburgh, Jan. l.-"Llttlc change J!
In tho total conl nroductlnn In ln itkIi.j .1
Stales Is likely to bo shown trln 11.. -9
final fltnirpH fnr llm viMti. tms .. ' w
-. . .. ...w ... ,v.u hiu turn
piled," tho Conl Trndo Bulletin snjs, In
presenting Its estimates for tho year.
Tho Incrcnso In production will not
nmount to more than 1 per cent., the
bulletin states.
Tho total bituminous production li
placed nt 426,385.000 tons, with the total
Pennsylvania nnthrncltc production ft).
000.000, a grand totnl of SlC.ISo.OOO ton?. '
"Two outstanding features of the trado
In tho year Just ended nro the partially
systematized efforts to securo foreign
trndo mnrkets for tonnnge ind the rlso
lit prices of coal during tho closing month
of tho year," tho bulletin dcclnrcs.
The nnthrncltc production shows a fall
ing off of 821,507 tona from 1911. Tho bitu
minous production for Pennsylvania
shows a slight Incrcnso, however, tho
figures for 1913 being 14S,00O.(l0O tons, ai
compared with 147.0S3.29I In 19H.
The 1915 pioductlon for other coal States
Is estimated us follows:
Alabama, 10,500,000; Colorndo, 8,600,000;
Illinois, M.000,000: Indiana, 15,000,000;
Iown, 7,000,000; Kansas, 7,500.000: Ken
tucky. 21,500,000; Mnrylntul, 4,000.000; Mich
igan, 1,230,000; Missouri, 4.000.000; Ohio,
20,000.000; Oklahoma, 4,000.000; Oregon. 60,
000; Tennessee, 6,000,000: Texas, 2,000,000;
Wnshlngton, 2,300,000; West Virginia, 73,
000,000; Wyoming, 7,000.000.
YEAR'S FINANCING LARGE
About Three-quarters of a Billion
Went to Foreign Nations
Corporato financing In tho United
States In December was nearly up to tho
high record mado In Februnry, nnd
brought the financing for the yenr nbovo
the billion nnd n hnlf mnrk. This total
Is below that of previous normal years,
although well nbovo last year, hut when
tho fact Is taken Into consideration that
we hnvo financed foreign nations to the
extent of nbout thrcc-qunrtors of a bil
lion, this year, ns compared with little
or nothing In formor years, 1915 Is seen
to compare favorably In tho amount of
Investment made by tho American public.
Tho total for tho year was 1.670,600,000.
as compared with 31,332,000,000 In 1911 and
J1.690.OOO,00O In 1913.
December's Inrso totul of financing was
traceable to the recapitalization of many
compnnles, tho market conditions being
propitious for selling new securities. Au
tomobile companies figured most con
spicuously In this financing, many of
them having heretofore been under capi
talized, but nil kinds of companies, frpm
those In tho munitions business to mall
order houses, wero represented.
Because of the nature of the last
month's financing llttlo of It was for re
funding purpose. Out of the 1215,000,000
totnl not mora than 150,000,000 went for
refunding, leaving u jli 1163,000,000 ot
capital for now work. This was approxi
mately tho amount of tho now capital
raised In October when much recapital
izing was nlso done, but is twlco the
amount secured In nny other month.
New Year's Day
45th Anniversary
We extend Acknowledg
ments and Best Wishes
To 6051 Depositors
To 2210 Safe Renters
To Thousands of Clients in
our Trust Estates
and to the Millions Resident
in Philadelphia and vicinity
forming a community which
we have served and in which
we have prospered for
Nearly Half a Century
Guarantee Trust &
Safe' Deposit Co.
TWO OFFICES
316, 318, 320 Chestnut Street
Uptown Office
1422 South Penn Square
(Opposite City Hall)
WORKMEN'S
COMPENSATION
LAW
A Brief Analy.i. by
WM. A, SCHNADER, Esq.
Now Ready for
Distribution
If you have not already or
dered your copiet, send money
or tamp to PUBLIC LEDGER,
Independence Square, Phils,.,
delphia.
1 or more copte, 23c ench
10 oar uiure i-uplca, ISo each
1M ei ware coptca, lOe each
1 q 1916
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