Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1914-12-28
FINANCIAL BRIEFS

A. T. Dice was elected q director Of
the following Reading subsidiaries sue
ceeding THEODORE Voorhees,, who is pres
ident: Schuylkill Valley Navigation and
Railroad Company, NH Creek and Mine
| Hill Navigation and Railroad Company
and Mt Carbon and Port Carbon Rail.
road Company.
The Bank of North America has re-
tired $4,000 emergency currency at the
local Subtreasury.
The reduction of the seml-annual divi-
| dend on the preferred participation GER
| tifcates OF Chicago city and Connecting
Railways from S225 to s1.25 was due to
the reduced dividend declared by Chicago
| City Railways, 81 per cent of the stock
| of which is owned by Chicago City and
Connecting Railways.
The Lake Shore Electric Railway Com
pany has called a special meeting of
stockholders for January 25 to increase
the authorized amount of first preferred
6 per cent stock from 81, 900 to 81, 100000
and also to amend its charter so that the
company may engage directly In the gem
Grafton and distribution of electric current
for light and power.
The call loan rate in Chicago was re-
duced to per cent,
The exports of cotton last week wers
greater than in the same week OF 1918,
26I,b3l bales against 251, 1854 bales. The re-
ceipts at leading points were also greater
than In the corresponding week OF last
year,
A circular to holders OF the Rock Island
collateral 4s issued by the Wallace Com
mlttee announces that deposits OF bonds
with the committee on December %
amounted to 359, 600 There Is now
H2SoS,5o0 OF excess stock which, II not
taken by bondholders. may be subscribed
for by depositors with the committee or
the special master at s102sh per share
plus interest and cost of transfer tax.
There has been placed on the regular
list OF the Philadelphia Stock Exchange
s3I00 additional stock of the American
Telephone and Telegraph Company. There
was struck on the regular list $50, 300
welsbach Company Q per cent bonds pur-
chased for the sinking fund.
g. NJ vauclain OF the Baldwin Loco
motive Works, sails for Russia on We'd
nesday.
Referring TO the reduction of the Penn
sylvania Salt dividend. Joseph Moore, Jr,
president pro tenn, said
THE reduction is a necessity OF the
present unprecedented conditions. This
unanimous action OF the board was fore
shadowed In the annual report of October
last, and It is for the ultimate best in
terests OF the stockholders. Our plants
are working on an average OF about so per
cent OF capacity. Some departments are
doing well, but copper at current prices
Is heavy loss, lowering the reduced net
earnings appreciably below the regular
dividend requirements. This drain could |
not be permitted 10 continue. because OF
the imperative need to conserve every |
dollar OF working capital 10 carry the |
great stocks OF raw materials and mer- |
required. In normal times the |
three enlarged and modernized plants OF |
the company win be splendid earners. II |
Is therefore hoped that stockholders will |
not sacrifice their shares to AFFORD bar |
gains for strong buyers. Every member
OF the board Is a large holder OF the /
stock, and with none for sale The com /
pany Is soundly based. ana the manage
ment is effective and entirely harmonl-
GUS"
The Pennsylvania Salt Manufacturing
Company reduced its quarterly dividend
from TO 2 per cent