Evening star., 1914-11-23
An Encouraging Sign.

For the first time since the war began
a week has passed without any material
reductions in dividends and no passing
of the distribution entirely.
The cut OF !. per cent in the extra
distribution Of the Mergenthaler Limo
type Company is the only black mark on
the list. and the shareholders of the cor
poration, at least the large Washington
contingent, do not believe that there was
the slightest call for this reduction.
Forty corporations took action on divi-
dends last week. and, with the exception
noted, all took the usual action.
There is real encouragement IN this
record. just as there is in the great i'm
provement mentally with business men
and corporate interests. indicating a bet
ter feeling, d belief that the worst is
PAST and that from now on one may
hope for betterment.
Up to date dividend clipping and
passing has resulted in a loss to in
vestors in corporations of s2S.00O, 900
quarterly. Whether these reductions are
to be continued and the passings to be
repassed when the question again comes
before the various boards of directors for
solution. remains to be seen. and will
unquestionably be solved on the basis of
earnings and Improvement therein.
Fifty corporations are slated to act ON
dividends this week. Most of them are
strong concerns. and the chances seem
good that the list will not develop very
serious variations from regular distribu-
ton.
Largest Excess Reserve.
The surplus reserve in New York
banks on Saturday. s116,s30,00O, was
the largest ever held.
The federal reserve system has been
in operation. or rather in the prelim-
mary stages of operation, for just 4
week. In that time five millions of
commercial paper was rediscounted.
probably in southern banks. although
one New York bank sent paper for re-
discount for sentimental reasons to
start the system along.
Just now there is no extra urgent
demand for accommodations. as the
banks seem to have plenty OF cash on
hand. They are not doing much in
placing longtime loans. although there
is some cash available for real estate
operations Many banks are still car
ryins stocks and bonds on loans made
before the closure of the exchanges
and have much money thus employed
The lowering of the federal reserve
rate of discount to 5H per cent in
Boston referred only to 30-day paper,
NJ. K. & T. r. R. Co.
The annual report of the Missouri.
Kansas & Texas Railroad Company has
been issued. The years operations show
a surplus Of s277.oo0, comparing with
Sl.196.o00 Il year ago. and decrease in
net reTcnues OF $6SS,0o0.
Statistics SHOW a reduction from a34
cents to 2.25 cents in the passenger
revenue per mile. and from LA cents to
1.U9 cents per ton per mile on freigh
Gross revenue decreased during the
year Ss21,006. Operating expenses in
crease slightly.
Financial Gossip.
William IS. Hiobs leaves today for
New York city, where ne will appear
before the governors of the cotton ex-
change in support of his application for
admission.
Signs of increased buying in the steel
trade has caused Improvement in senti-
ment.
New York undeltone is much more
cheerful. Proba ability for early opening
for bond transactions.
Good Investment buying in Washing
ton. both OF stocks and bonds.
General Chemical Company dividends
for the year called Tor s2.02U.U00
Atlantic Coast Line declared regular
dividend Of :l.oo u share
\ Chicago Board OF Trade Seat sold
day or two a86 at $1,000 net.