{ title: 'The sun. (New York [N.Y.]) 1916-1920, January 24, 1919, Page 11, Image 11', download_links: [ { link: 'http://www.loc.gov/rss/ndnp/ndnp.xml', label: 'application/rss+xml', meta: 'News about NYS Historic Newspapers - RSS Feed', }, { link: '/lccn/sn83030431/1919-01-24/ed-1/seq-11/png/', label: 'image/png', meta: '', }, { link: '/lccn/sn83030431/1919-01-24/ed-1/seq-11.pdf', label: 'application/pdf', meta: '', }, { link: '/lccn/sn83030431/1919-01-24/ed-1/seq-11/ocr.xml', label: 'application/xml', meta: '', }, { link: '/lccn/sn83030431/1919-01-24/ed-1/seq-11/ocr.txt', label: 'text/plain', meta: '', }, ] }
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bethlehem steel put on 10 p.c. Basis Itircdors Dcclnro 1 1-- 4 Regu- lar and Extra on Both Classes of Common. EARNINGS 921 PER SHARE Vnluo of 1910 Shipments To- tal $448,000,000 Were io U. S. find Allies. Directors of the Bethldhem Steel Correlation- - yesterday voted to maint- ain tho dividend at the rate of 2V4 per cent, for the present quarter by the declaration of JVi pcr.cent regular and Hi rcr rent, extra on both classes of common stock. The recular 7 and 8 per crnt. dlldcnds wire ordered for tho full sear on tha preferred Issues. In tho vatt \ 1,as t4cn tho Policy of the. directors to declare a quartcly dividend of S j per conL on the common stock ultr.out Indicating that It was a regular dividend. At yesterday's meeting that policy was chinned and the 2H per cent. as divided equally between a rtRular and an extra disbursement. The preliminary report of tho com- pany's earnings for 191S showed tho alue of total fthlpmnts during that ear to have been 118.000,000. After iledurfiortJ for depreciation, amortizat- ion nd taxc. the net. earnlnRS were lS,Ai\.nno. or J21 a shriro on the com-ni- .tO'-k- . During 191Titot earnings were 2 '.320,737, or $44.20 a share on tho common stocE. m speaking of tho net earnings for tho year. President E. (j. tiracc declared that they represent i pront of but 3 VI per cent, on the ship- ments for tho year, \practically all of which vere to the United States Gov- ernment and Its Allies.\ Dbrinz the year. Mr. Graco said, 2T.S6C.OOO were expended on extensions to plants, leaving about $20,000,000 to be tpent In 1913 to complete tho com- pany's construction programme. . The conitructlon programme will give Bethl- ehem an annual capacity for steel out- put of more than 3,000,000 tons \with flnbhinc plant of sufficient capacity to convert their entire tonnage Into com- mercial product, thus completing our provision for the great reduction In Goternment orders and the practical ces- sation of the manufacture of munit- ions.\ ' Infilled Orders About $350,000,000 As regards unfilled orders on hand is of January 1, 1913. Mr. Grace said that \tho present uncertainty as to tho policy of the Government regarding can- cellation of some of our contracts makes It impossible to state accurately the amount of unllllcvj orders on hand.\ After making deduction for orders defi- nitely cancelled by tho Government and making liberal allowance for others which the corporation has. reason to ex- pect to be cancelled, ho said, there will remain unfilled orders of from J300.000,-0C- 0 to J350.000.fl00, against 453,808,759 at tho close of business of the year be- fore. A large part of tho orders, he added, represents shipbuilding work for the Navy Department and the Emer- gency KIcet Corporation. No large buying movement In the slrel market Is anticipated by the presi- dent of Bethlehem. \The whole coun- try,\ he said, \must stop and take an account of ftock, so to speak, and etart anew putting our whole economic struc- ture on a normal peace time basis. We .ould seo then again a period of un- usual prosperity supported by an era of construction.\ Sixty per cent, of the entire output of the country In flnlehed guns during the nar was produced hy tho Bethlehem Cor- poration, Its president declared, whlJe Its run forging represented 65 per cent of the nation's total production and Its complete ammunition 40 per cent. These firircs were taken from a summary of Information made public In Washington recently This summary showed that the war Bethlehem produced for th Government and Its allies 3,570 fin- ished guns; 63,027,197 pounds of forg-tr.- s for guns, llmbera and other ve- hicles; 599 finished naval gun mounts. 18 4.7.S7C complete rounds of field gun ammunition, 1,710,570 projectiles, 9,517-31- 1 pounds of air flask forglngs for ts and 69,409,033 pounds of armor J ate. Mndr Shlpbnlldlntr Situation. jn addition to that production of guns M ammunition, the president said, \the m.ruulldlng plants have been busily enraged on work for tho navy and thfl Fleei Corporation. Since tho Lr.lted .States Government's declaration of war we have delivered an aggregate or C.o.OOO dead weight tons of merchant \.oping representing about 22 per cent. f- - the output of the entire country dur-i- n this period.\ The company hut also Wing tho last year delivered sixteen twenty-si- x torpedo boat rte. :ri,er and launched and fitted out for early delivery thirty-si- x additional de-- ers. Asked regarding the policy of the com-.- n the futuro as to utilizing its pui s for new business, Mr. Grace said It has adopted no new policy In that '\?- - 3!C admitted that tho company boon looking about for some use to of its plants and machine shops \ 'ho labor nucleus at Bethlehem, Pa. 'o tne curtailment of operations, h .i 'hat the reduction of forces since \ \ gn.ng of the armllstlce would ag-- -' s fur the whole corporation j'. nately 15.000 men. the greater part 0 'ni vta.1 in ordnance wqrk at Both- - ,r' '.race Kild that the Bethlehem c \'ration had men In all parts of the ' l nudying the shipbuilding situation 11 -- arn what are the foreign building ? 'i 'Peraflng conditions. \Wo are a 6 r, ilpbulldlng Interest,\ he Bald in of that step. Ho would give \ \Pi on regarding the probable length ' iorloj of reconstruction, \for ho f.\'\''3\'! \so much depends upon leglala-- u j things of that kind.\ Lqultnlilt- - Trust Shnre Profits. '''' of tho profit sharing plan of ' ' ' . \ahlo Trm t Company for 1910, ' j ear of Its operntlon. have been an in .n til The fund to be distributed ' 'i.im from a percentage of tho net ta\ c of the company In excess of nn i rn'e of 7 per cent, on the com-''\- 1 ipital and surplus and undivided r fir tlie year. The distribution is \I mi salaries of offlcern and eni-- f \ \ ind their period of service to tho e Vi.. 'Iri,i'er Moolc MxohnnKn Srnt: , ' i' transfers of membership i.rtfff yesterday by-th- e New York 'J l x innge, all for J6S.O0O, the - ' tu. at previous sale: Imont ;, ' ' k o Bancroft Smli: William JiiT.H-- to Benjamin F. Schwartz; ' K Uecctt to Georgi F, Mathen, sax. jel n. BabcocJc deceased, to V'V V Hill. The new members ' . ' wtru John F. McCann, J. Dudley Harold W. Carhart and V Ilenton. n hit Honors Albert Ilreton. ' Breton, of tho i rut company of Now York vire.presldcnt of the Canal Trust Company of New Or-\\t- 'n made a Chevalier of the ' Honor by the French Qovorn- - COPPER MEN GO TO EUROPE. Committee Will Form Association in Handle Foreign Business. The nersonno! nf h nnmi.... . resenting\ the Copper Export Association,. 'i lor Europe was announced yesterday as follows: C. F. Kellev. ne iu ... . Copper Mining Company: Walter Doug- - IflR n.MM.n, . 1. - -- .1. . , ...vu.ucub vi mo f nerps-uoag- e uom-pan- y: . L. Agasslx, president of the Calumet anil tt1n uriin - -- .wv... v.uiliplljr, and Joseph It. Clendenln, it American nmeuing and Refining Tho commlttco will bo hv ti , t , L . ..j uuhfiiiiillll VI lllf American Smelting and Kenning Com- - nan.. n.f I . v.. . -- ..j, mm oiepnen uircn, president of tho Kennecott Copper Corporation. The announcement said that the pur-po- of the trip would be to form an In Kuropo to act In conjunction With the CnnnAr Vvnnrt A..n nn 1 - and to handle the foreign end of the uomtroa. xnn cuminiuce wm visit Great Britain, Franco and Italy, and expects to be absent from this country about two months. D.S. EXPORTS IN 1918 DROP $83,000,000 Total of Yenr Is $6,150,000,-00- 0, bat Imports Incrcnso to $3,031,000,000. Washington, Jan. 23. America's ex- - pons tiunng tne year 1918 nmountcd to $6,150,000,000. or 1S3.00O.O0O below th total for tho preceding year, and rrtoro than double th- - value of Imports. The import total was $3,031,000,000, against ,.1?.iilvuuluvu in lyi. Heavy exports In December brought tho total welt beyond early estimates. During December, tho first full month aftBflho Blgnlng of the armistice, ex- ports reached a total of 1566.000,000, an Increase from the J522.000.000 recorded for November, although not up to the high mark of $600,000,000 for December, 1917. Imports for December were low, being tzu.uuo.uoo, against 3351,000,000 for November and $228,000,000 for Decem- ber. 1917. Imports as well as exports of' gold continued to decrease, tho imports amounting to $62,000,000 In 1918, against $522,000,000 In 1917. and tho exports to $41,000,000 and $372,000,000 in the. same year. Imports of silver Increased from in 1917 to $71,000,000 In 191S. The exports of silver during December, 1918, amounted to $48,000,000, a larger amount than In any month of the last three years. Exports of silver amounted to In 1918, against 00 In 1917. DENIES SHIPPERS' CLAIMS, Spokane Intrrcats Had Filed Suit IteprenrntlnsT SIS.OOO.OOO. Wasiiinoton'. Jan. 23. Claims ag- gregating $2,000,000 against transconti- nental railroads by shippers of Spokene, Waoh., and vicinity, were denied to-d- by the Interstate Commerce Commission. The uits were filed when the commis- sion decided that the general system of transcontinental rates had discriminated .gainst Spokano and other tntermountain points. \Complainants nro r t entitled to reparation upon the bnti. of the rates found reasonable In the caee cited,\ the commission held. \The essence of their complaint Is the relationship of the rates, and no damage having been shown to have resulted, the complainants by reason of the fact that during the period of Mme In o.ucstlon lower rates were maintained to north racltV; coast point than to Spokane, reparation Is denied and the complaint dismissed. ROADS ASK COURT REVIEW. Controvrrny Arises Over Vmn of Dee 3loIne Ratliray Terminal. Washington, Jan. 23. The Supreme Court was asked In petitions filed to- day to review proceedings growing out of a controversy between the Chicago, Mllwaukeo and St Paul and the Wa- bash railroads on one ride and the Dcs lolncs Union Railway Company on the other over the iiee of terminal facili- ties controlled by tho latter In Des Moines. Tho proceedings were brought to the Supreme Court by tho first two roads. The Union Railway Company filed a cross petition. All peek to have the Supreme Court consider lower court opinions holding In effect that while the Milwaukee and the Wabarh railroads are entitled to the income In tho Dea Molnea Company's treasury, due to etock ownership, the latter Is the absolute owner of tho Joint facilities and the other two roads are not entitled to use and occupy them. The petitions were taken under HEPBURN NOW CHAIRMAN. Succeeds .1. I, Moman In Federal Advisory Council, Directors of the Federal Iteserve Bank of Now York yesterday elected A. Bar- ton Hepburn, chairman nf the Ad- visory Board of the Chaso National Bank, to rucceed J- P. Morgan as tho representative of this district for 1919 on the Federal Advisory Council. Mr. Morgan has represented .this district on the council for the last four years. The reason for this change wan ex- plained by the Federal Reserve Bank as follows: \In accordance with nn Infor- mal ugreement between tho directors of pubstantlally all the Federal Reserve Banks whereby tho principle of rotation in membership on the Fdderal AdvUory Council was ngreed upon and a of rotation Informally adopted 1919 was fixed as the year In which the Federal Reserve Bank of New York and certain other Federal reservo banks should change their membership In the Federal Advisory Council.\ Ilnnk of Ilnnland Statement, Iinpo::. Jan. 23. Tho weekly state ment of the Bank of England shows the following changes: Total reserve In- creased 421,000; circulation decreased 677,000: bullion decrensed 256,614 : other fecurltles Increased 164,000 : rubllc deposits decreased 951,000: other deposits Increased 1,776,000; notes re- serve Increased 336.000: Oovernment securities Increased 267,000. The proportion of tho hank's reserve to liability this week li 19.32 per cent: last week It was 1 f 1 1 per rent. Rato of dlncount 3 per cent. CONSOLIDATED ZXCHANGE. Industrials were steady and tho rails strong In the market yesterday on the Consolidated Exchange. Trading was moderately active, but speculative In; terest was centred chlelly in a small group of atocks. Steel common closed at 90. a loss of . Minor steels were strong and the copper and equipment shares steady. Mexican Petroleum lost a .two point gain and clotcd n point lower. There was a K'ood Inquiry for Marino preferred, which closed nt 101\.J. In the specialties Hide and Leather pre-ferr- was the feature, closing at 81 4, a net gain of 3. Railroad linucswere In demand from the outfet and had sub. etantlal net gains of one to two points. Trading In Liberty Loan bonds was ac- tive, with prices steady. y RULES DIVIDEND IN STOCK ISN'T INCOME Federal Court Overrides De- murrer to \Woman's Suit Affninst Collector Eisner. HUGHES ARGUMENT WINS Government Will Carry Caso Up Repayment of Mill- ions Involved. Federal Judge Mayer ruled yesterday that dividends paid In stock are not In. come. Ho overruled a demurrer Inter- posed for tho Government to tho com- plaint of Mrs. Myrtle Harkness er of the Hotel St Regis, who sued to recover $1,342 which aho alleged was Illegally collected by Mark Eisner, Col- lector of Internal Itcvrjjtio for the Third district, as part of hor Income tax for 1916. Tho decision will bo taken by the Gov- ernment to the United States Supreme Court. If Judge Mayer's decision Is af- firmed Income taxes collected on stock dividends In 191G will have to be repaid by the Government The total sum In- volved runs Into tho millions. Judge iMnyer heard argument by Charles R. Hughes for the plalntlfT and by Vincent H. Itothwell, Assistant United States Attorney, for the Collector. The court gavo Judgment for tho plaintiff, explaining that It did so on tho authority of tho Supreme Court decisions In Towns vs. Eisner and Feabody vs. Eisner, which held that stock dividends were not Income. Constitutionality at Stake. Suit was brought to test tho consti tutionality of an amendment of 1918 to the Income tax law, which expressly classified dividends paid In storks as Income when tho distribution of such stock was provided for out of earnings accruing since March 1, 1913, the date of the enactment of the original Income I tax law. The amendment followed the supremo Court decision in Towne vs. Eisner. Other phases of the application of the income rax law to dividends paid on corporate securities will bo passed upon by the courts through suits Instituted by J. Plerpont Morgan and others. Mrs. Macomber was tho owner of 2,200 shares of stock of the Standard Oil Com- pany of California on January 16, 1916, when the directors voted a stock divi- dend on a basis of one new share for every two old shares. Trior to thli divi- dend the company had shares outstand- ing of a par value of $49,686,656 of au- thorised capital stock of $100,000,000. To provldo tor the new stock Issue was tiansferred from surplus, to capital account. Mrs. Macomber received 1.100 shares as her dividend. In filing her Income tax return for 1916 sho listed IS per cent, of the par value of tho shares as Income. Tho percentage was determined by the proportion of the company's surplus ac- quired after March 1, 1913. On this Item, Mrs. Macomber paid under pro- test tho sum she seeks to recover from the Collector. \What Is Incomo?\ Mr. Hughes argued was the sole question to be determined. He declared that the transaction had not enriched his client, that following the law of values and stock market practice her 3.300 shares were worth only as much as the 2.200 shares had been. \Prior to the closing of the books for tho distribution of the stock dividend sales of the stock were made In the mar- ket at prices ranging from $360 to $3S2 a share,\ said Mr. Hughes. \Afterward the price ranged from $234 to $268 n sharr. showing that tho market value of the plaintiffs holdings was practically unchanged.\ Merr Change In Ovrnershlp, Judge Hughes asserted that Instead of receiving Income his client had been def- initely assured by the declaration of the stork dividend that she would receive no cash dividend out of that large p.-.- it of the earnings diverted 'to capital account Ho asserted that the transaction In sub- stance haj been a change In ownership and that the Constitution did not permit Buch a change to bo taxed. Mr. Hughes asked that the demurrer be overruled because Congress had no power under the Constitution to classify chares received as stock dividends as , taxable at their \cash value.\ He aald iiiul mo imerpreiauon or casn value as par value was made hy Collector Eisner. He pointed out that the war rovenue act of 1917 amended tho 1916 amendment to classify stock dividends as Income to the amount of earnings or profits the new shares represent Only 1916 assess- ments are affected by the suit Mr. Itothwell held that Congress was empowered by tho amendment to enact the Income tax law umendment of 1916, and that the amendment was not In conflict with Article I, of the Constitution providing that no direct tax shall be laid except as apportioned to the States according to their population. These were the constitutional questions 'raised by the suit. I Mr. Itothwell nssprtfri thnt fti mm amendment was not nffected by tho de- cision In Towns vs. ElEnor. Ho ad- vanced the tlieorv lh.1t thin rlH!nn rin. strued tho original Income tax law and not the Constitution. Mr. Itothwell agreed with Mr. Hughes that tho suit hinged on the meaning of the term Income under the sixteenth amendment. Ho argued that profits of any kind, whether In cash or Its equiv- alent, constltuto Income. He said that the plaintiff received property of value, that eacn $200 In capital represented by her original holdings was Increased to $300 by the stock dividend. This In- crease, he said, represented an Increase In Income that was Independent of tho fluctuations In tho market vnluo of tho stock. London Money Mnrket, London, Jan. 23. Money, 3 per cent Discount rates Short und three months 3 17.32 nr cent. (Jold nremlttma nt I Lisbon 07.00. BID AND ASKED QUOTATIONS. Contlntierf rom TeiiM Page, Ili.l.Asked. PCO&5U,. . 51) lilts CI pf.. ft li ITO'M 111 itl Sll I't WTi M P&WVa pt. M Pond Crwk 1 1H IY St C pi. W 101 Pub Pen-.,- . H Pul Pal CIS! lil llySt Sp Pf.101 1M r.it.Se-- ' ill c. .. ; iip sti nf..:on4 phu Ke.vl 2 pf... 37h Kav Arms,, fin 61 Krab AL nt lSi 17 pf.415 1ST. tilo 8h,. M fJ ' rto nf... . S7 ) SIL4SF nf. S3 17 St I, K W 17 S3 ilo pf . W 6 I'or SUf .KO SH) do pf 11)7 ill Stanl M pf St M Ifmideb pf M SI Sup Ml pf.. ! V TVim Top 13 ll'i Vfi Third Ave. 11 H H'i Tidewater O.S1S i'A I'd pf..ll IN IToh Pf i0 IK TStLftW ilo pf.. llld.Atked. 19 uo c do p c. .19 Under wood 117 do pt. .11) UnCtf&l . :\i I'll Pac pf. t3 t'nC Sis pf.110 Ua Alloy., rrii Un Drug. .. MU do M pi ,v) Un Dyewo d 1 do pf. . fo UM31 11p.. 13i, in Pi OV. U S Hmelt . 43I do pf wi; VaC C pf..lllH ntt, i a- - i. di u i,d Va P.y & 1'r ., Wfnt'M lpf en 'iVMt M if. 3 Wrt l'ac... mi rto pf. .. r,. Wfit Union iil YT A I. K. lo 2d pf.. t7 Wt!on pf. M r nf S7; Wtujrtn PfA 111 IS to IM 37i 91 MU 61 !j II 4 6 fl 4S fl., n HH C.i f i. is M V THE SUN, FRIDAY, JANUARY 24, 1919. Ntw Loan School 434 Gold Bonds Dated December 1918 Maturing December Tax Exempt In New Exempt frem the Fatten I Tax Legal Invert rmnt for Savings Bank and Trust Funds In New York, New Jersey, Connecticut and Massachusetts Jersey City with a population of 270,903 in 1915 is the second largest city of the State of New Jersey. The city is in excellent financial condition, its, having been administered over a long period of years that the net lunded indebtedness i proportion to taxable has gradually been reduced and at present is only 3.27 of the assessed valuation for taxation. Price Yield Harris, Forbes & Co New York Estabrook & Co New York $1,581,000 Jersey City, New Jersey Serially Jersey Inceme affairs values 4.50 The National City Co New Remick, Hodges Co New TO THE HOLDERS OF American Writing Paper Company First Mortgage Sinking Fund 5 Gold Bonds Due July 1919 Over 58,800,000 or 80 of the $11,000,000 Bonds have been deposited under the Deposit Agreement dated October 10, 1918. The Committee again calls attention to the fact that the proposed new issue of first mortgage bonds must be taken by the present bondholders, as the Company has found it impossible to effect an underwriting of the issue. Therefore, unless the plan becomes operative-r-an- d it can only be operative if deposits are made must fail and the bondholder will be \faced with the uncertainty as to what the situation will be on July l, 1919, when the present bonds mature. . The success of the plan is of such, vital importance to the present bond- holders that the Committee has extended the time for deposit of bonds. Deposits will be received by the Old Colpny Trust Company of Boston, Central Union Trust Company of New York, or Springfield Safe Deposit & Trust Company of Springfield, Mass., until the close of business on Thursday, February 20, 1919. No charge of any kind will be made to bondholders who deposit their bonds on or before said date. Deposited bonds must have the July 1, 1919, coupon attached. Negotiable Certificates of Deposit, listed on the New York and Boston Stock Exchanges, will be delivered by the Depositaries. If the plan is declared operative, one of the immediate advantages to depositing bondholders will be the receipt of interest on July l, 1919, at the rate of 7 against 5 on the present bonds, i. e., $35 instead o\f $25. Copies of the Refunding Plan and of ihe Deposit Agreement mav be obtained from either of the depositaries or from the becretary of\ the Committee. Old Colony Trust Company, Boston, Central Union Trust Company, New York, Depositaries. Ropes, Gray, Boydcn & Perkins, Counsel, 60 Stnte Street, Boston, Mass. DIVIDENDS. Stack ot Record. A Uk& Park Asm., 15-- 1 HethUhom Steel Corp. q, m;r. Mr. 13 Bethlehem Hteel corp. .., m:i JUr. IS .Dethlnliem SUM Corp. It.. . q. Hir Mar. IS Bethlehem Steel Corp. H . ex.. IW.i Har. IS Ilethleh-- m Steel Co (cu- mulative pf. J. \7 ...JIar. i: Uethlehent 8teel (cu- mulative pf 1. Cj. If. June W llethlehem Steel Co. (cum. f . ii, a Mept. IS Bethlehem Htoel Co. ). Dec ' Jn. 3 llethlehem Steel Co. cum. q. Jr. Mar. 1! 1 llethlehem Co. (non- - cum. pf ), q, V June n July l nethlehcm Co. (lion cum. q. 17i Wept. 15 Bethlehem Eliei t;o. (tion- - cuni. q. Per. H Jan. 3 Porn Kxchamo Dank, . 4Jan, .11 I eb 1 I)ivl Mill\ Corp., q, f...Mr. I Kimonil pf, q. lr.Jan. :4 ISsmond Mill\ q. ..Jsn. t (latun, Wllllami A Win- - more, Inc., q, SI Feb. 1 Hjarantee T. & 8, I). Co. i I'hlla.l. r.a. 37. Jan. 31 (ireene Cnnanea Copper Co., n. J1.50 . Harmony Mills, q, 391 . . . .Mr. 21 )inrni.jr.y pf. q. li',e.Jan. 23 Laurel Cotton Corp.. q, v , j .jail. t Lehlrh Coal it Nav. Co., q. :r. Jan. JI Lincoln ?' llnk, q, 2.50.Jan. 39 T.Miilnn' Mfr. AftttijclMea. n 11. to Ftb. 1 IJncoln Manufacturing Co., \\ - q, I.uOlow MfK. AMOClRtH. .n. 11 Feb. 1 MarylanJ Cl Co.. 3CFeb. Merchanta Manufacturlnc V 0.. q, an. r.iclftc uev. Corp.. q, Hi'S-.Ja'- IS Coal Corp.. 2fr.Feb. 6 1'e.pperell Manufacturlnc fn.. 14 Jan. ii I'hl'a, Warohouee Co.. a 5q o (Wnnnett Mill. q. H Jan. 31 fihove Mill Corp., Q . J Triumph till un m IK1 Jan. U, H. caat Iron rip nn-- . Mar. 1 Wcetriiore (Fall Blv. r), q. U 1, 60 1. it ex, A., Co. Payable Liberty bonile Tar. able. Feb. Apr. Apr. Apr. Apr. Apr. July Oct. (cum. pf.). (non- - pf.). Apr. Steel Steel pf.). Oct. Pf.). '20 Mill, io. Mills, MUla 3Tt ivnn. Coke MUla In 10 1 1 Mar. : Feb. 1 I'eb. 1 leb IS Ftb. 10 Keb. 54 lh. 1 Keb. 1 fib. 1 b. 31 Feb. 1 Mar. Feb. Mar. I Feb. IS Feb. 1 Feb. 11 Feb. 10 Feb. 1 Feb. Feb. Feb. Feb. I far. 15 Feb. 1 I'rnneyli Jinla Crnde Oil Market, Oir. CiTT. Pa., Jan. S3. Credit bal- - Aiic' ?4 Buna 82.188, average) 64,136; fhlcmctus 64,585. average 40.281, to W. General Asphalt A of this and ih oil ii our urcular S40, uhith tray he had upon rtjUtsl. Hartshorns, Fales Co. SEW YOflK STOCK 7 WALL STREET. TrX. 4SDO RECTOR EX DIVIDEND TABLE. y , American Sumatra Tnbacio American Zinc. Lead & fcme Atiitln Vlcholln pf Brill, J. U. (accum) Brill. J. . pf Coal Klein National Watch (lennral Cigar Indiana Flpe Line Indian ripe Line, extra Kelloiti! Knltch Rupply.... Bubber pf Middle Htatoi Oil Middle State lU titocki Naih.. Chatt. & St. txule !'.iclno Coaet I'acllc Coant Ut pf Pacific l.oat 2d pf I'rocter A (lainble l'lttaburg- - & Lake Crie ijantn Cecilia Sugar Pf Mondaj-- - Albert I'lck Bernhardt Broi. k Splmller li Barnhnrdt Broa. A Bplntller Lit Hiroa. Corp Lit Brna. Corp., antra Vere Marquette prior pt Tueiday Baltimore & Ohio Baltimore 6 Ohio pf, Ito;'al 1, 1919-195- 8 York & York t pf. A. 44 Pf . pf.. .11. 10 .lli'i . . i\. .11.60 Jr. .11.00 .ts.oo .11.50 . f, . 3\. . IT. r. .34 . IT. . 1 V. . -e . G'c .12. SO .34 .:u. \i . i i.r. .. 3'i .. :m .:.nvi CMlce Hervloe Statement, Durlns tho year ended fjecember 31, 191 S, tho rltlea Kervlco Company had a gros Income of $22,;S0,067, an Increase of more than 3,000,00i) from that of the Tirevlous year. After for all expenses, lnlerst charges. &c., the net Income for the year was 121,486,002, an Increase of more than (2,500,000, GEORGE C. LEE, Chairman GORDON ABBOTT MURRAY CRANE WILLARD GEORGE C. GILL HENRY EVANS N. WALLACE ALBERT H. sWIGGIN MELVILLE C. BRANCH Committee. JOSIAH F. HILL, Secretary State Street, Boston, Mass. Company hUmp & HKMnKllS RXCHANGK ConnolMatlon Manlfacturetl Dutch...., sr. ..Hi'.. providing DAMON JAMES t'itauiion nivinr.NBs ami ixtebeht. 4.IIKBMJ IWNANKA f OITKR I). 4:, .Uro-ilna- y. .New York. ,v. y The Hoard of Iilrectora uf tli n.... iMS?i3 i?tnr .c\Jn.\;\n': Mock of the plr' 'a ue'Tf To 'Per ,hP.re' payable o February 24. 119. hnlderi of puch hare, of record at th\ rlo. bualnca. at 3:00 o'clock I'. M Frlda ruary 7. 1119. The dividend I, lUyaWc hn ha, no- - . onlVrT theirSrouing.l' fi;',.',f. '.\\'!\ V\ value ahouS'So 15 In order that they ,. y \ cclvi their dividend promptly Tlie trane.'er book, will not t cloned New York. .Tam.ar'. V'-'-- ,' T\r. l'ounarlvnnln IHIIKI,., .NhoirJnir. Th rttrtrtrt nf tlm r.... ... . . ,. umwrj iva.lia l ' rVtmrvinv ny iv,. nd;rt November.,. tWll- - I.. j, .... '7 Blv\ .... vvl, , mH mcome. This BroEs revenue was l,l?,s:?, while the net Irtromn before diaries was 1363.056 n8aln5t J17f..655 a year ago; The c.im-pan- y a eirnliiss for the eleven months was 1.6 times Its bona Interest. For the twelve months endlnp June 30, 191? the estimate.! net earnUm after oiwratln expenses. taes and rentals dMucte.I are ,476,124, or twlco the bond Interest duo. I'arla Ilourao ActMc. Tasis, Jan. 23. l'rlces on tho Bourse were active Threo per cent rentes were quoted nt C3 francs 25 cen- times for cash ; exchange on London, si franca SR centimes; 5 per cent loan. 93 I franc 25 centimes. I 4 Ju TO THE STOCKHOLDERS OF BROOKLYN RAPID TRANSIT COMPANY A Receiver of all the property of the 'Brooklyn Rapid Transit Cornpany having been appointed by the United States District Court for the Southern District of New \York the undersigned have, at the request of the holders of a large amount of the company's stock, consented to act as a committee for the protection of the interests of all stockholders who shall become parties to an agree- ment dated January 2, 1919, copies of which may be obtained from the Depositary, the or the Secretary of the Committee. This crisis in the affairs of the Brooklyn Rapid Transit Company demands, in the judgment of the Com- mittee, prompt and concerted action on the part of the stockholders in order to secure their proper protection, and in order that the representation of the stockholders shall carry the greatest possible weight. Stockholders are, therefore, requested to deposit their certificates of stock with Mercantile Trust & Deposit Company, Depositary, 115 Broadway, New York City, or with People's Trust Company, Sub-Deposita- ry, 181 Montague Street, Brooklyn, in return for which the Depositary' will issue negotiable certificates of deposit. Application will be made to list the certificates of deposit on the New York Stock Ex- change. The Committee has limited to March 3, 1919, at 3 o'clock P. M. the period during which deposits of stock-ma- y be made, after which no deposits will be received except under such conditions and penalties as the Com- mittee may impose. The assignment on the back of all deposited stock certificates must be\ executed in blank, dated, properly wit- nessed, and have the requisite stock transfer tax stamps attached thereto. In order to protect the Committee against unauthorized transfers, the endorsement must be guaranteed by a member of the New York Stock Exchange, or by a bank or trust company in the City of New York, or by a bank or trust company having a correspondent in that city. Copies of a circular letter addressed by the Committee to the stockholders may be obtained from the Depositary, the or the Secretary of the Committee. Dated January 22, 1919. ALBERT H. WIGGIN, Chairman. CHARLRS A. BOODY. FREDERICK H. ECKER, SEWARD PROSSEP. GALEN L. STONE. FREDERICK STRAUSS. EVERETT B. SWEEZY. Committee. CHELLIS A. AUSTIN, Secretary, 115 Broadway. New York. RUSHMORE. BISBEE & STERN. Broadway, New York. CULLEN & DYKMAN, 177 Montague Street, Brooklyn. Counsel. . MERCANTILE TRUST DEPOSIT COMPANY, 115 Broadway, New York, Depositary. PEOPLE'S TRUST COMPANY. 181 Montague Street, Brooklyn, BROOKLYN RAPID TRANSIT COMPANY To the Holder of \ i3 BROOKLYN RAPID TRANSIT COMPANY: Three-Ye- ar Seven Per Cent. Secured Cold Notes, due July 1. 1921. Six-Ye- ar Five Per Cent. Secured Cold Notes, due July 1918. a NEW YORK MUNICIPAL RAILWAY CORPORATIONi First Mortgage Five Per Cent. Sinking Fund Gold Bonds, Series A, due January 1, 1966. In view of the appointment of a icccivcr of the proper- ties of Brooklyn Rapid Transit Company and of its sub- sidiaries, New York Municipal Railway Corporation and New York Consolidated Railroad Company, and the de- fault in thc payment of interest on the abo,e-mcntion- cd Thrce-jca- r Notes and of interest and sinking fund on the above-mention- ed Bonds, the undersigned, owning and repre- senting large amounts thereof, believe that prompt action should be taken for the protection of the above-mention- ed Notes and Bonds, and to that end, acting as a Pro- tective Committee, under a Deposit Agreement dated January 2, 1919, invite the holders of said Notes and Bonds to deposit the same, with all coupons attached, on 01 before JANUARY 31, 1 910. with CENTRAL UNION TRUST COMPANY OF NEW YORK, 54 Wall Street, New York City, ai Depositary, under said Deposit Agreement. Against such deposits the Depositary will issue its certificates of deposit under said Deposit Agreement. The undersigned have arranged that the Depositary will, if desired by depositors of said Thrcc-Yc- ar Notes or First Mortgage Bonds, advance to. them upon such Notes or Bonds, at the time of deposit, the amount of the interest maturing thereon January 1, 1919. Owner- ship certificate! in accordance with the Federal Income Tax law ill be required upon all advances. Copies of the Deposit Agreement may be obtained at the offices of the undersigned. New York, January 6, 1919. CENTRAL UNION TRUST COMPANY OF NEW YORK KUHN, LOEB & CO. KIDDER, PEABODY & CO. ril.Wll.r.S K. MOLItn. . 14 Wall -- trcou CRAVATH 61 HENDERSON, Counsel. 1IIVII)I:.V1)S AND INTKRKST. OK KICK OK THi: CONSOLIDATION COAL COMl'ANV. nillivnure. mj, January Hih, Ji. Tim II). r.l uf 1. rectors has derlarcd a quarter- Jlvt'I'nd of One and a Half Pol. tara iSa.ri) per aliarn on Iti capital nock, tavai.la January Slit. :31, to the Hoik-holJ-'- a or record at t!w cloan of tiulnK Jam., y 'JUh. 1j15. The transfer bouki will remain ih-- . Dividend checks nltl be! mailed. T. K STVAKT. Alunl Treasurer- UNION MACS & IWrKIt COItrOHATIOX. KXTHA DIVIDKND. An extra dividend of two per ent. has this day been declared upon the stork of thla Corporation, payable in Fourth Liberty ' lnan llonds on Kebruary IS. 1919, to holders nf reford of th storl' nf this or uoratlon Ht th clone of buslneas on Kehm- - nry 9, 1919. Amounts less than ISO. 00 Mill h patd In rash. rHAULUS H SANDKltP. Secretary. New Vnrk. J.'nuaryJJ.iiJJf; llonlen'tt Condenser! Milk Compun). COMMON BTOCK DIVIDK.Nl Nl) T The resular semi-annu- dividend of 4cV haa been deelared nn the common stock of mis company, payapie eeoruary IMn, 1SI5, to at(t kholdere of record February 1st. tills Books' do sot close.. Checks to be mailed i . u. naovE.-'Treasure- r t n 61 & 1, IllVlDr.NIlS AMI IVTr-lK- MTKI STATUS HM'HK.s-- . fOMl'tNT, Nn. 5 Hector Mre!, Nei iirk. Jitninry Hit. !91. Pursuint to a rc.oiulion t.f tb ltnird rt Dlrytnrs of tb Tn.ietl .stt\ J'xprerr. Coinpan. notu-- ,e tilw-- ht ft rixth utii partial ,ji .t .tu .n nf tb ast tf thle 'om;ini' au.jutin; to II. 24 pl sbar'\. ll n 'd I'Miruarj Sli\. 1!\19 te the .bar' buldei f of a of tit 1 diy of Ketruar. , 1JI?. Cliueki will t ma,'--'i- l Tranfer i'ocs ri tb romptny wl clos at i: oc o k noon rbrury 1st, ISn, and re-n- n I'ebr iry 5(th. 1S15. JAM IIS W SMVTII. Treasurer. Penniylvanin Coal & Coke, Corporation. At a meetlp.rr of the Hoard of !lrfeis of the Pennsylvania Cral K coke Onrpore tlon. held th!\ day. Ihre was drrlared regular dtvMrn I of je( out nf the eccum. Ist'd arnino ind s'irplua of th on r(,r\ry 11th, 131?, to itock. hoi ft of record at tha elosj of business on l'cbrary cttt, 1919 ' T. II. WATKINH. President. janusry ::, m. ' lis to saBBBBBBBBBBBBBBSBSSBSjBjBjlBBBBB
