New-York tribune., 1912-01-01

and to the uncertainty over the outcome
of the reorganization Of the Standard OIL
and American Tobacco companies as or
dered by the United States Supreme Court
The uncertainties in the corporation
situation In the early part Of the year
exerted depressing effect upon many
lines Of industries especially in the iron
and steel trade, in which for several
months prices ruled on q basis which
showed the smallest sort OF margin OF
profit. In the last few months of the year.
however, stocks advanced. investment buy
ing increased and sentiment in business
and financial circles showed noteworthy
Improvement The course of prices IN the
last month Of the year suggested expan-
sion in 1912 in speculative operations and
in the inquiry for investment account. II
is worth noting that investment demand
to-day is far heavier than 1t was few
years ago. and that people OF InVted
means are placing their money IN high
grade securities dealt in on the Stock En-
change and in the open market
There has been tremendous increase IN
the number of holders of corporation Sc
curities in recent years. and 1t Is estImated
by competent authorities that the gain IN
the number Of shareholders OF upward or
one hundred railroad corporations, with
capitalization Of $5,5ooooo,ooo, amounts TO
about thirty thousand. while the same ten
dency is shown in the case of industrial
concerns. Small investors are exhibiting
increased interest in corporation securities
owing to the publicity which corporations
are now compelled 10 give TO their aifairs
The United States Steel Corporation has
taken the lead In the matter Of SivinS lis
security holders information regarding its
condition, and other corporations are be.
ginning TO give TO the public moro informa-
ton than they are even compelled to do
by laws enacted in recent years.
One of the most interesting features OK
the year I'm the financial markets was the
heavy loans made by this country To Eu-
rope. Owing TO the large accumulation OF
money here and the eountrys large crealS
balances abroad, New York was able TO
place its funds in foreign capitals at profit
able rates, and at the moment many OF
the loans made in the year are being re-
newed, particularly in Berlin, where as
much as per cent has been paid for ac-
corlmodation on money representing ex-
tensions by New York bankers. Money
rates in the United States were easy
throughout the year, and for the first time
in a long period the interior did not call
UPON New York in the autumn tof cur
rency for crop moving purposes. Call
money rates touched 6 per cent IN Janu-
airy, but in the rest Of the year, with the
exception Of brief period in Decelnoer,
the quotation ruled under per cent, while
corresponding ease was reported IN the
time branch Of the market.
Foreign exchange is running in favor or
New York, and II an active demand for
! money should develop at this centre in the
new year New York bankers will expert
ence no difficulty in bringing in gold from
Europe, although, of course. foreign bank
| ers in the event Of local demand for the
| metal would endeavor 10 keep their gold
at home. Fortunately, this country is in
position TO compel Europe 10 give us
gold, IL we need it, owing 10 the fact that
, we are a creditor nation. The condition
Of the New York banks has been extremely
satisfactory in the last twelve months as
| far as resources are concerned, but the low
rates prevailing for loans have not brought
about the profits usually enjoyed by the
banking community. Nevertheless New
York banks have paid large dividends ana
| IN most instances they have treated their
employees most generously in the matter
| Of a holiday bonus on their salaries.
Predictions made early in the year that
| there would be large falling off in dlvi-
dend disbursements IN 1911 have not been
realized AS a matter Of fact, there have
been few reductions or suspensions or dlVl-
dends, while in many instances increases
and initial dividends have been paid to the
owners Of American railway and Industrial
| company stocks. The most important au-
verse changes in the year in tho matter OF
dividends were recorded by the American
Cotton OH Company. which passed its com
/ mon stock dividend; by the Boston & Maine
| Railroad, which reduced its dividend from
! & to 4 per cent by the Chicago e. Alton
Railway. which passed its preferred divi-
dend by the Denver 6; Rio Grande Rail
road. which passed its preferred dividend
nv the Maine Central Railroad, which re-
duced its rate from to per cent; by the
| New York Dock Company, which reduced
its annual payment from to per cent; by
the Toledo, 81. Louis & Western Railroad
which passed its preferred dividend by the
Texas oil Company. which reduced from
10 10 per cent. and by the Vandalia Rail
| road, which passed its annual per cent
payment. The American Agricultural
Chemical Company declared an initial divi-
dend Of 1 per cent the American Reet Sugar
Company an initial j.. per cent, the Bald
win Locomotive Company an initial ! pes
cent and the Chicago, Milwaukee & Puget
Sound Railroad an initial per cent. The
Brooklyn Union Gas Company declared an
extra dividend OF / per cent, the Canadian
Car and Foundry Company increased its
rate 2 per cent, the Delaware. Lackawanna
& Western Railroad declared a stock divi-
dend Of 35 per cent, the General Chemical
Company a stock dividend OF per cent, the
Hooking Valley Railway Increased its rate
per cent and the international Nickel
| Company increased its rate IL per cent
The Ingersoll- Rand Company declared a
stock dividend OF 25 per cent. the Pure Oil
Company declared an extra 10 per cent and
the United Fruit Company an extra 10 per
cent The Norfolk & Western Railway in
creased its dividend one-fourth OF | per
cent and the Vulcan DEFINING Company "a
per cent
Large increases in capitalization we're
made by various companies in the last
twelve months. including the American
Telephone and Telegraph Company $751;
0s6, 500; the oregon Short Line. S72,5S9,-
900 the Canadian Pacific, $4,000 900; the
Baldwin Locomotive Works, $20.00O.00 and
the Maine Central Railroad, 100000 The
general railway situation in the year was re-
plete with striking developments of favor
able character. The Ontario & Western
Railroad was purchased by the New York
Central RAILROAD from the New Haven.