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New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-12-21
Relevant
Information

New York Central.-In a letter 20
stockholders advising them of the
terms and dates of the new stock offer,
President A. II. Smith of the New York
Central says:
The board OF directors. by resolution
adopted at its meeting held on November
o. 1916. directed that S25 .000.0 900 Of the
ALREADY authorized capital stool, OF the New
York Central Railroad Company should be
issued and sold and that the right 70 sub
scribe therefor to the extent OF 10 per
cent % their present holdings should be
first offered 10 the stockholders. The au-
thorized amount OF the capital stock OF the
company is Si00000.000. OF which S24s,-
j.. $50 400 is outstanding. 500 900 ia re-
served for the conversion OF the twenty
year 5 per cent convertible debenture bonds
OF 1915, and $50 409.540 is issuable when
and as determined by the board Of direct
ors. The stock now offered for subscrip
ton is part Of the stock last mentioned.
On December !. 1915. the company had no
unfundei indebtedness except on current
account and except an unprcsented sterling
note for $500. lts unsppropriated surplus
on January !. 1915. was SZ9, ,s3f.DI
on December 81, 1915. ST .406,4l3.66. and
on October 81. 1916, 500, 9f5, 39aOl. TX
penditures of more than S25.000.000 have
been made on capital account, for which
the treasury is entitled 10 be reimbursed.
The proceeds OF the stock now offered for
subscription will oe applied for that pur-
pose ard will release moneys which can be
used in the prosecution OF work now
under way or in prospect. or for other
purposes OF the company.
PENNSYLVANIA Subsidiaries Increase
Dividends. Of the Western lines
Of the Pennsylvania Railroad system
declared larger dividends yesterday.
The Pittsburgh, Cincinnati, Chicago &
81. Louis Pan Handel directors voted
3 per cent on the preferred and per
cent on the common. Six months ago
per cent was declared on the preferred,
the present dividend making per cent
declared on each class OF stock this
year. Last year IA per cent was paid
on the s29, 900 per cent non-cumu-
lative preferred. This issue is entitled
TO an additional per cent after 3 per
cent per annum has been paid on the
common. The s37,595,s6l OF common
received nothing in 1915 and but 2 per
cent in 1914. Both classes Of stock are
now back on the dividend basis of 1918.
Pan Handle earnings have made great
improvement during the year For the
first four months Of the new fiscal
year, beginning July last, earnings
were at an annual rate OF 1905 per
cent on the common. compared with
6ss per cent in 1915 and 0.s9 in 1914.
The other Pennsylvania branch line to
increase it's dividends was the Van
dalia, which declared per cent on the
SIl,Gl3.950 stock outstanding, against
= per cent paid last January. In 1914
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-12-21
New York

Corn Products Company Allowed TO
al.-JudgeLearned Hand, IN an or
der made yesterday in the Federal DIS
trict Court. allows the Corn Products
Refining Company and the other de-
PENDANTS in the governments sherman
lawsuit to appeal to the Supreme Court
Of the United States from his decree
ordering the dissolution through the
medium of the Federal Trade Commits
sion on the illegal combination. The
order also allows the appellants l2O
DAYS from date in which TO perfect and
file the appeal papers.
New York Stock and Cotton Ex-
changes in Session Saturday. There
viii be no extra" Christmas holiday
on the New York Stock Exchange or
the New York Cotton Exchange this
year. as both exchanges are 10 hold
their usual session next Saturday.
The Chicago Board OF Trade, the New
York Coffee Exchange and the New
York Sugar Exchange Will, however,
be closed on that day.
Maxwell Motors EIectiOn.-John r.
Moron, president of the Atlas Port
land Cement Company, was elected a
director and member OF the executive
committee of the Maxwell Motor Com
pany. 20 fill the vacancy caused by Eu-
gene Meyer. jr.'s. resignation. j. [.
Brady was made chairman OF the board
and Of the executive committee, TO
succeed John c. Jay, jr., who will con-
tinue with the company as director
and president.
Equitable Trust Elections.-Three
new trustees were elected yesterday
by the Equitable Trust Company. They
are +. W. NJ. Cutcheon, of the law firm
OF Byrne, Cutcheon & Taylor; Carl r.
Gray. president of the Western Mary
land Railway, and Henry r. Pierce. Of
the law firm Of Sullivan & Cromwell.
Pere Marquette Plan Operative
With the approval of the Pierre Mar
ouette reorganization plan by the
Michigan Railway Commission the re-
organization managers yesterday de-
clared il 20 be operative, subject TO
completion of pending legal proceed
ings and approval of the forms Of the
new mortgage and other securities.
New York Trust Elects New Director.
Philip T. Dodge, president OF the In
NOiAPhAiN anu Va VIC
Mergenthsler Linotype Company, has
been elected director of the New
York Trust Company.
Clearing House Exchanges.-Gates
W. McGarragh, chairman OF the New
York Clearing House Committee,
has notified members OF the Clear
ing House Of changes in the regula-
tons covering collections outside
New York. For all items payable
one day after receipt and for items
payable in Jersey City and Hoboken
the charge for collection will be dis
cretionary with the collecting bank.
The restriction under which outside
banks or trust companies could not
ioin the collection department after
September 10, 1916, has been removed.
The new rules go into effect January /.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-12-21
Postal Savings Grow

The deposits in postal savings banks
continue to increase at the rate OF
over 100000 a week. The increase
for November was S4.25O.000. or twice
that for November. 1915. In the five
months since July ]. the deposits have
increased 500 100000, or about $1,000
900 more than the gain for the entire
YEAR ended June 80, 1916.
Thirteen Offices now have over
million dollars each on deposit, as fol-
lows:
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-12-21
President Franklin Talks

p. A. s. Franklin, president Of the
Mercantile Marine Com
pany. in discussing the remarks OF
Lloyd George said:
No definite steps with regard 10 this I'M
portsnt matter will be taken until the exact
policy that i 10 be pursued by Great Brit
ain has been officially announced. In the
absence of thorough knowledge OF the m
tention of the British government IN con-
nection with the naturalization OF British
shipping il u impossible for the lnteFna-
tiona Mercantile Marine Company to make
any announcement at this time. Anything
that might be said now would be all guess
work.
This much can be said Great Britain
may al any time commander all the ships
Of the company flying the British rag. ms
riyht has been exercised. boats being used
for transport service and for heavy ship
ments Of munitions.
OF the total gross tonnage OF about
! 900 900 owned by the International
Mercantile Marine Company and its
subsidiaries, only $4,000 tons are not
under the British flag. The latter are
comprised of eight American Line and
Atlantic Transport Line boats.
The British government pays for the
use and operation of each railroad 1t
has taken over since the war started
and guarantees dividends at the aver
age rate paid by the company for sew
eral years prior to "confscation.'
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-12-21
Money and Credit

Money on call at the New York Stock
Exchange ruled al per cent yesterday,
compared with A.. the day before. The
low closing rate was per cent.
Time funds on brokers stock ex-
change collateral continues firm. par
ticularly as regards industrial loans
against which lenders are exercising
considerable discrimination. 4 falling
of in the demand for loans on indus
trial collateral has accompanied the re-
action in the stock market. Offerings
however. have declined even more rap
idly. The inquiry is for the short pc
riods. Rates for industrial loans are
81. to sly per cent FOR thir md sixty
DAYS. . TO 5i4 for ninety days and -four
months. and per cent for five and SIX
months.
Ruling rates on money yesterday,
compared with year ago, were as
follows; ,.o
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-12-21
BRITAIN FORCING
THE MOBILIZATION
OF SECURITIES
Special Tax on American or
Canadian Shares Not Sold or
Loaned to Treasury

London, Dec 2O.-The Treasury De-
partment to-day published an addi-
tional list Of American and Canadian
securities wherein a special tax Will
be payable if not loaned or sold under
the mobilization scheme. The list in
cludes Canadian Pacific common.
From the following, which appeared
IN recent issue Of "The Times" OF
London. the British Treasury is APP
parently also modelling securities held
b. British subjects in the United
States:
II seems 20 nave been assumed by some
that American securities kept in New
York BIZ British investors cannot be sold
or deposited with the Treasury owing 10
the physical possession regulation ms
assumption is erroneous. Tor the terms OF
. the declaration OF physical POSSESSION III
the case Of transfers TO tie lrea 5uts eha-
bic securities TO be accepted. even Il they
have not been in physical possession IN
this country. provided they have been IN
the same ownership continuously SINCE
September. 1914. and have not been ~
var. A large number Of American securi-
ties are held in the United States by BRIT.
ish subjects and il is the patriotic duty o.
the holders TO sell or lend them 10 the
Treasury The fact that the securities may
be unstamped viii be no bar 70 their &C.
ceptance b. the Treasury. Apparently the
Treasury prefers 10 purchase rather than
borrow securities for which there Is a
market in New York. because II is a
cheaper and easier method OF raising dol
lars there the only expense being tnst OF
buying and selling. 4 greater number oil
dollars can be raised in New York by using
borrowed securities rs collateral at
smaller outlay than is involved IN pur-
chase but the expense or the borrowing
operation is greater and much more labor
"a involved Holders OF American securl-
tics should take care 20 keep themselyes
Informed OF the additions which are made
from time to time 70 the list of securities
20 which the Treasury has applied the
PENAL tax For as the pressure OF offers
reiaHes new securities are added 70 the list
81 those which the Treasury is willing to
purchase o. borrow.
No definite estimate OF the amount
of British owned securities held on
this side has been made. but il IS
known 20 be large. OF such securities
there are two kinds-those owned by
British subjects resident here and
those owned in England and kept on
deposit in Wall Street.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-12-21

md 1915 no dividends were paid. DiVi-
dend. Of per cent in 1912 and 1913 re-
snectively. were paid out Of surplus.
The pennsylvania own. s24ss6,7OO OF
the preferred stock Of the Pan hsnoie
and s24.16e,0OO Of the common, ana
s12175.0OO o. the Vsndalia stock u
was announced yesterday that the rnef-
ger Of the Pennsylvania properties
Yves. OF Pittsburgh, including the Pan
Handle and the vsndalia, had been ap-
proved by the Pennsylvania fuo'e
Service Commission.
Ohio OLA special meeting OF 'he
stockholders of the Ohio Oil Company
has been called for January 81 TO vote
on increasing the capital stock 70 soo'-
900. 900 by raising the par value from
sos 20 500 a share. Stockholders OF
record December 80 can vote. II the
increase is approved n stock DIVIDEND
will be declared. The present capitsi
Of the company is sl5,OoO,oOo. The &C
ton Of the directors OF the Ohio OIL
Company in authorizingt increase in
the capital stock Of the company will
when ratified By the stockholders, mean
the distribution OF 800 per cent stock
dividend
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-12-21

he above rates cApress me Cost OF
foreign money in terms OF the Ameri-
can dollar. You buy an English pound
-terling for s4.75it; the intrinsic par
icy is ,4s65s per pound. Thus, you
..y either that pounds are at dis.
count or that dollars are at a pre-
MUM. which is owing to the fact that
10 England the demand for dollars
with which 20 settle accounts in this
country is greater than the demand in
this country for pounds with which 70
settle accounts in England.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-12-21
The Dollar in Foreign Exchange

The foreign remittance market was
quieter yesterday. German marks sd-
yancod moderately. touching 7lss cents
compared with a close Of II the proceed
ing day. Vienna kronen went TO li.eS
cents. against il.j0. The rest OF the
market vas steady.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-12-21

the Total OF deposits az IU3 oiflces,
each having over 100000 on deposit, is
s76,037 ,OS9.
On November 80 the postal savings
service was available at S,403 Offices
in the United States. Alaska, Porto Rico
and Hawaii. At these offices $4,000
persons have accounts. with slOS,50O
600 standing to their credit.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-12-21
Dividends

Pittsburgh. Cincinnati. Chicago 4 ST. Lssis
Rsilroad.-Dividend Of per cent on the
preferred stock and 5 per cent on the COM
mon. both payable January is 10 stockholders
OF record December 80. Six months ago
per cent was declared on the preferred stock.
Republic Railway 4 Regular quar-
terly dvend OF ~ per cent on the pre-
ferred stock and Al initial eommaa diyidsnd
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-12-21

Gold from Canada.-Another con-
sgnment Of gold. amounting 70 $500
coo. arrived from Canada yesterday and
was deposited at the Assay Office 20
the account Of j. P. Morgan & Co.
This brought the total for the month
TO record of s93 100000. Since Jan
uary the total gold imports from all
sources amounted to s6l6,700,000
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-12-21
Wednesday. December 90, 1916

Wednesday,. December 90, 1915
Now is taking place that reduction
Of Stock Exchange bank loans on
margined stocks which did not occur
on the preceding declines. It was
surprising at the end Of last week to
see that the loans Of Wall Street
banks. instead Of having fallen as a
result Of the liquidation of specula-
tive stock market accounts. had act
uallv increased. What happened
was that after all the selling that
Rad been reported on the ticker tape
brokers at the weeks end found
themselves with almost as many
stocks as before. New buyers had
taken the places Of the sellers. Never
had the average casual Spectator
been apparently so rich before
Many who would not sell produced
additional margin money and were
resolved to see it through. The top
str.tum was swept away, but inme-
diately below was a class Of holders
who could not be dislodged by losses
Of 10 or 10 points. This was par
ticularly true Of the public out West.
II had the money with which TO hu-
NOR It's obstinacy. 1t boasted that 1t
could not be shaken out. Under those
conditions a decline is very likely to
continue until even the best protected
accounts begin to be reached, and
rev buyers to take the places Of the
sellers are not enough to go around.
Brokers loans now are probably de-
clining.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-12-21
Yesterday. Yea r agt
> q
Commercial Papcr.-Tiading in col

IOmmeTCIdI TdptT' 7 I"NII- II VII
mercial paper lacks any feature OF IN
terost. The market remains practically
at a stsndstill Rates are unchanged
at I to a.. ger cent Tor prime maturi-
ties.
Official rates OF discount at each Of
the twelve Federal districts are as fol-
lows.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-12-21
MARINE SHARES
In BIG SLUMP
Proposed Naturalization
of British Shipping Is
Bear Factor

Extreme weakness in the shares Of
the International Mercantile Company
yesterday was ascribed 20 selling
prompted for the most part by the
fear that if the plan proposed by Lord
George to nationalize British shipping
becomes effective, the companys
profits will be curtailed and the pay
ment of back dividends on the pre-
ferred stock indefinitely postponed.
The preferred stock closed at s'3',
a loss of IA. points on the day, ana
at one time sold as low as So, or more
than 80 points below the high record
price Of last September. The last sale
of the common was at 265s, only an
eighth above the low price Of the day
and points below Tuesdays closing
quotation. This issue touched sos
the same day that the preferred made
a new high.
Emphasizing the need Of taking over
shipping under plan similar to that
now governing the operation Of British
railways, Lloyd George said:
Il was never so vital to the life OF the
nation as now during this war. II is the
iugular VEIN which If severed. would destroy
lie life OF the nation. We are taking over
all the ships Of this country on the same
conditions as we have taken over the raii,
WAYS. so that during the war shipping WIZ
be nationalized in the real sense of the
term The prodigious profits which were
made out Of freghts have contributed IN no
small measure to the high price OF COM
modities.
Lloyd George said he hoped soon to
inform Parliament of the scope OF the
naturalization plans, which include,
no. merely the taking Of ships already IN
the country, but for speedy construction OF
moro. so as 70 make up the wsstage which,
think j. inevitable during great war
especially when you are dealing with those
piratical methods which characterize the
maritime policy OF the German Empire.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-12-21

Below is given the current exchange
value Of foreign money in dollars and
cents. together with the intrinsic gold
parity. as calculated by the United
States Mint:
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-12-21
The Westinghouse Electric ana

The Westinghouse Electric and
Manufacturing Company quarterly
dividend of Is. per cent on the com
mon stock was declared by the diree-
tors of this company yesterday. Inns
establishes an annual rate OF per
cent, as against the previous disoursc-
ment at the rate Of 8 per cent
II was stated in connection with tne
increased dividend that none. OF IN
profits resulting from war orders nad
been applied to dividends, which are
paid from the profits Of the company 5
regular business.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-12-21

Bank Of Germany Berlin via Lon
dom. Dec. 2O.-The statement OF the
imperial Bank Of Germany, issued De
cember IS. shows the following
changes, in MARKS:
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-12-21

record July !. 1915. The dividend is
payable December 30.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-12-21

Stocks have not gone down any
faster than they went up. A fall of
2 points in the price Of Bethlehem
Steel is narrowing matter, viewed
in silence. but while the rise was TAX
ing place an addition of 90 or 60
points in a day 10 the price Of the
stock was an eloquent event.
1t IS lucky for retail trade in this
neighborhood that most Of the
Christmas shopping was done early.
Il would be interesting TO surprise
the emotions Of that patron Of the
stock Exchange who, having been
pitched headlong out Of his stocks,
is invited to comfort himself with
the thought that the market now is
in a much improved condition be-
cause stocks have passed into
stronger hands" He reads this on
the same pages where originally he
found the reasons for taking stocks
into his own hands. Those who wrote
the beautiful doctrine Of higher
prices and commented on the buying
power Of the public as the stock
markets strongest asset now call him
names. He was ignorant rash and
credulous. The silly adventures of
such as he were in the aggregate a
menace which now, thank all the
heavens, has been surgically re-
moved. Next time, perhaps, he will
know better and demand that his
broker require him to put up 30 per
cent margin.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-12-21

Canadian Rehnancing. - Winnipeg.
Dec. o0.-Another S5,000.OO0 block Of
Winnipeg debentures held in London
will be transferred TO New York. The re-
CURED bylaw was passed by council.
This will bring the total amount being
transferred from London 70 New York
TO approximately 100000. Council az
previous meeting authorized Controller
and City Treasurer TO open negota-
tons with j. p. Morgan & Co. for an
other conversion Of stock to this side
of the Atlantic
Federal Reserve Bank Dividends
Cleveland. Dec. 20 Member banks OF
the Fourth Federal Reserve district
will be officially notified this week Of
an initial dividend 20 be paid by the
Federal Reserve Bank Of Cleveland De
cember 80. II will be at the rate OF
PER cent for the first eight months OF
the banks existence. IN 70 July /.
1915.
Philadelphia Reserve Bank-phila-
delphia. Dec. 90 The Federal Reserve
Bank Of Philadelphia has declared an
initial dividend of 8 per cent. payable
December 80. The dividend as dc
clared covers the period November rs.
1914. TO June 80, 1915, the first eight
months OF operation, the stock being
entitled TO cumulative dividends when
earned up TO 6 per cent per annum.
Minneapolis Reserve Bank.-M.nne-
apois. Dec. 20.-The Federal Reserve
Bank Of this city will pay It's initial
dividend on the basis OF per cent per
annum for the period from November
Is. 1914. to July !. 1915, TO stock of
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-12-21

Bank Exchanges.-Ihe day, clear.
rgs at New York and other cities:
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-12-21

Sub-Treasury. - New York banks
gained from the Sub-Treasury So
49,. 900.
Silver.-Bars IN London, So 1916
pence; New York. 1855 cents; Mexican
dollars, 59i, cents.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-12-21

It IS lucky for retail trade in this
neighborhood that most Of the
Christmas shopping was done early.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-12-21
New York Stock and Cotton Ex-
changes in Session Saturday.

Equitable Trust Elections.-Three
new trustees were elected yesterday
by the Equitable Trust Company. They
are +. ". NJ. Cutcheon, of the law firm
Of Byrne, Cutcheon & Taylor; Carl r.
Gray, president of the Western Mary
land Railway, and Henry r. Pierce, Of
the law firm of Sullivan & Cromwell.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-12-21
Pere Marquette Plan Operative
New York Trust Elects New Director.

ternational Paper Company and Of the
Linotype Company, has
been elected a director Of the New
York Trust Company.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-12-21

Is lay paper
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-12-21

New York Ccntral.-In a letter 20
stockholders advising them of the
terms and dates Of the new stock offer,
President A. H. Smith of the New York
Central says: