The Washington herald., 1914-10-11
COMMERCE AND FINANCE.

transferable notices to ive days instead
Of three days as formerly.
Additions in number Of committees for
appeals, classification and arbitration.
Formation Of a committee on COM
mercisl differences between grades COM
posed Of seventeen members,
CaRadia1 Pacific stock.
II has now been clearly established that
the heavy liquidation in Canadian Pacific
previous to the suspension OF business on
the exchanges was largely for Berlin ac-
count. The fact that Germany sold its
holdings of the stock, while there were
markets in which selling could be done in
/ large way, may be an indication Of the
development OF warlike feeling long be-
fore the actual outbreak of hostilities.
Prior to the Inauguration Of the selling
movement, that stock enjoyed a high de-
gree Of favor in Germany. large amounts
being held by the imperial set Even the
Emperor was supposed to be the holder Of
large amounts of Canadian Pacific stock
held In the names of others, and 1t may
be that those in exalted stations were
among the first in the nquidating move
ment. giving an example that was fol-
lowed throughout the empire. According
to well-informed International bankers,
other stocks which were formerly held in
a large way In Berlin have been Iiqui-
dated nearly as thoroughly as Canadian
Pacific, In this respect particular men
tion is made Of Baltimore and Ohio.
which might be found in position to give
good account Of itself, marketwise, II
the Eastern railroads obtained from the
Interstate Commerce Commission the
very reasonable measure of relief for
which they are asking in the present
emergency.
Southern Dividend Scrip.
The Southern Railway Company yester-
day declared a dividend Of per cent
for the half year, making 1-2 per cent
instead of 5 per cent for 1914, but the
dividend is payable in scrip due in five
years, bearing interest at 4 per cent.
After the meeting of the directors the
following statement was issued:
The board of directors OF the South
ern Railway Company took action today
on the deferred semi-annual dividend on
the preferred stock. Although the full
dividend OF 21-2 per cent for the period
has been earned, the board deems that,
in view Of the falling-on of revenue and
the consequent necessity for retrench-
ment Of expenses, It was fair that the
stockholders should share with the en-
ployeg and officers OF the company, q sac
rifice of their current income.
"a dividend of per cent was accord
ingly declared, making per cent for the
year instead OF the full per cent and
the dividend so declared was made pay
able in scrip due in FIVE years and mean
while bearing interest at 4 per cent.
The executive head Of an important
mill concern says: THE New England
cotton industry is beginning to get the |
first tangible evidence OF war orders for
cotton goods. Within the last two weeks |
there have been placed orders for at
least 10000 yards of cotton duck for |
export, presumably for use as tenting. |
An order for 10000 yards OF crash for
France was placed in New England.
Other big orders are inevitable. In dol
lars and cents the value may not be
stupendous, but it is helping. and as a
sign Of more to come is decidedly hope
,ul."