The Wall Street Journal from New York, New York • Page 2

2' THE TOT.T. STREF.T JOTIRMAT. MORKIKQ AKD EVEXlNa EDITIOKI. Published riallr vrnl OnniUv DOW, JONES CO. Mr, burrox.

nM)t. TT 11 1 1 TtnnnrnM -r i "vi iniuwi, uatii WDIMnt treasurer. Brood ftewr Tfsrfc, Jl. T. Telephone: One Broad.

THIS PAPER 111 A LARGER nSUTI.lTInV WWA AWT OTHER AMEIIH AN FINANCIAL PUBLICATION. uHonpiian yearly, si mommy, ir nvi omu dally, for rllhor edition; poetage paid In tha L'nlttd States, Canada. Mexico, Puerto Wco, Onara, Philippine Iilsnds, Hawaiian lanli and Cuba. Foreign poetags i a year tddltlonal. Adarrwn Witt be changed aa freuently aa desired, but every ca.e the old addrees also ahould be given.

Advrtiaeassa Rates will be furnished on rQktat by oi or any rcupoimlble advertising agency. Entered at the New York rost Office ai second-class mall matter Tee truth la tta teaser aae. 31 ARRET DIARY. 1912 Ull riday, Dee. 20-Strong.

Friday, Dee. 22 Dull. 555,733. Sales of stocke 259,526 since January 1 .123,997,516 1.800,000 Sales of $3,640,500 633,129,600 Since January 1 $853,150,700 The largest transactions were: Price Up Off Sales Stocks Sales Price Up Off 7G'tt 2 58700.. Amalgamat 8100 66 12 18750..

Amer. Can '73 1 10000. Smelt' 1800 74 ZiM 24 10300.. Cal. Petrol WA 1800 26 11 1 5400.

St 1000 110 ICS 14 1 74500.. Reading 19000 152 107 Fac. 1300 112 2T4 644.0.. Uninr Pac. 190C0 174 C8 2 110900..

S3000 68V4 117.35 .97 Average 20 railroads 117.12 .14 K7.85 1.07 Average 12 82.11 .11 1 7 Chicago May wheat 98 Chicago May corn 64V 97 4 New York May 1024 New York May corn 22.71 15 New York January cotton. 8.76 9 3C.45 New York December coffee. 14.0!) 32 Cull money renewals 1 Time, 60 days to mos 4rc iM6e Commercial paper i.85454.8o30 Sight sterling 4.8623 4.6630 Next London settlement December 27, 28, and 30. DAILY MOVEMENT OF AVERAGES. Following is thn daily average price of twenty active railway stocks and twelve industrials for period indicated 11 Industrials Last high j.oint.Sept.

'12, 94.15 Last low Dec. 1112, 85.25 12 Ind. Adv. Doc. Satuiday 14 F5.78 .40 Monday Dec.

16 M.22 .44 SO r.alluavt CM. 5, '12, 124.35 Dc. 14, '12, 115.61 1M It. It. Adv.

Dec. 115.61 1 16.62 1.01 116.13 Tuesday 17 C8.21 .01 116.13 .1 Wednesday 85.60 .55 115.S8 .29 Thursday 19 80.78 1.12 116.53 .72 Friday Dec. 20 87.85 1.07 117.55 .97 The twelve Industrial aloek u-pil are. Aiimlsamatcd Ciiiper. American Ci A Foundry.

American Smelter. American Rugar, intiai l.enlner. Uuneral Electric. National Leud. Peoples Gas, uultod MtAtee Rubber United elatel Ituliher 1st Ijliltud EUtcs tttcol and United State Bled ifd.

The tweitv nciivr railway rinmiinu tnvl ti.eil nrt: Atchison, UBllltni)r it Onlu. Pacific. Chicago North Chliuc.i. Mllwnukeu Ht Paul, Delaware Hurtful, lOrlc, llllnoie iVniral, lehlah Luulaville A KHahvlllo, Miuurl I'Ui l.lr, Ni York Coiitial, Rock laland. Huutliern Pacltlu Sutmirn Hull way.

Norfolk A Weftern. Northern Pacific, Pvtinn l.anla. Heading, Union Puclflt It in not we hnve panscd llirmigh the furnace thut we are muile In know how much droB there In In our Culton, HOLLAND'S LETTER. (Continued from First Page.) banking currency system that the committee of banking and currency of the lower house, which will be organized soon after the meeting of Congress in special cession in the spring, will take up with earnestness the question of "How can our banking and currency system be so amended as to provide for elasticity of the currency, together with the prevention of undue concentration in the hands of a few men of great financial power of the banking credit and resources of the United States?" Charles A. Oonant of this city, known as the authority who established the currency system of the Philippines, a system which has worked admirably, and as the adviser of Mexico and other nations upon important national financial has recently from a sojourn at Washington.

Mr. Conant had special opportunities for getting in touch with members of Congress who are to be occupied to fomc extent with the subject of the reformation of our banking and currency system. While he duo? report in dotai the confidential communications made to him by Democratic leaders, nevertheless he feels Tied in saying that he is much encouraged by the sincerity with which these loaders have spoken of the imperative need of reforming our banking and currency system. They believe that it if a part of the great responsibilities which the Democratic administration mutt well meet if the party is to be kept in power, that it eeaure at as early a day as possible the wise modification of this ryitem. THE GREAT DtPTICULTT.

The chief difficulty which those in Congress or in public life elsewhere than in Congress and the members of the Americana Bankers' Association are meeting with is the question of control. One thing is regarded by men in public life as imperative in the forming of a new banking and currency system and that is that the shall be to organized as to eliminate the apprehension of the people that great capital and great finance terms for which Wall Street is thought to be symbolical possess any undue power. In other words, the people in many parts of the country will insist that if there is to be (reformation of the banking and currency system the new order shall be under the control of the Federal Government On tha other hand, many bankers of the country fear that if supreme power of that kind be given to the Government' then the control of the reformed organization will ultimately pass into the hande of the politicians. Franklin Mac-Veagh, Secretary of the Treasury, haa recently expressed the view that any reformation of our banking and currency system will be insufficient, possibly futile, unless the Government is taken out of the banking business. THERE MAY BE COMPROMISE.

If there were solb way by which theie two extreme views could be modified and a common ground found upon which all could aland, then tha cefurmetlon of this antiquated system would be easy. The fundamental principles upon which it could be baaed ate now well understood and, as a whole, are accepted by people as sound. In an address delivered on Wednesday evening of thia week by John Harsen Rhoadea to tha members ef the Finance Forum of New York, he gives special attention to the problem, "Who shall control our financial destiny?" Mr. Rhoades probably would prefer that our financial syt-tm were wholly eliminated from Governmental interference or control, or at least that tha Government ahould be only partially represented in the board of governors. Yet be recognizes that in the present attitude of tha people It la impossible to obtain from Congress any measure which foe not give fuH power to.

the Government so far aa the imo'inUneni to the board ot goveraors of the national and THE WALL STREET JOURNAL, SATURDAY MORNING. DECEMBER 21, 1912. AMERICAN LvfcoriOTIVE mil SCOW LAHGE INCREASE FOR 1913. COMPANY SHOULD SHOW AT LEAST 11 ON THE COMMON FOR THIS YEAR COMPARED WITH LESS THAN FOR 1912. First Six Monthn of Fiteal Year Showed Heavy Buying, Which Movement Hao Sot Yet Let Vp Montreal Plant Booked for a Full Year and VniUd i Sfofee Plante Are Able to Work Six Montht ojt Present Road Buying Heavier Enginca.

Tha American Locomotive Co. Is doing well in earn, ings for this year, and the report for the current fiscal year, ending June SO, 1918, will show substantial improvement over that of last year. For the year ended with June, 1912, the American report reflected tha depression of tha rst eight months of tna period when operations and orders were at an exceedingly low level Last year the company earned but .47 on the common stock after preferred dividends of 7 ware deducted. For this year, It la expected that at least 11 will be shown on the common. At the present, earnings are at the rate of from 15 to 16 on the The Americin company'a Montreal plant is booked to capacity for nearly a year, and in several instances orders for locomotives for Canadian delivery have been sent to the company'a plants in this country.

The plants on this side of the line have been working at full for several months and orders at present on the books are sufficient large to keep operations at hold-up full capacity until the nd of the current Abca! year. The American Locomotive Co. has paid the full 7 on the preferred stock annually since 1902, or the year after it was organised. The common stock has received a total of 11)4, paid, 2 in 1906, 5 in 1907 and 3 in 1908. Since 1908 there has been no payment on the common stock.

As the earnings for the current year will be in the neighborhood of those of 1908, tha best year iu the company's history, it is estimated that profits applicable to common dividends will be approximately $2,750,000, equal to about 11 on the common stock. The locomotive business has at a new high level sine: July of this year, and bid fair to continue so for the next six months. All of the large roads have ordered for next year and placed contracts for more engines than usujI. Roads that a few years ago bought ten to twenty locomotives at a time, are now buying thirty to and even more. Not only more but better engines are being bought.

An official of one of the largest locomotive companies in the country speaking of this phase of the business, says: "It is very encouraging to see how the large roads take to the improved locomotives. They are buying them because fiey realize that the bigger machine cm do more work, and is cheaper in the long run. A thousand locomotives of the larger types such as the Mallet and the Pacific can do more work than 1,300 or 1,400 of the smaller engines used to do." BBITIM1I-AMERICAX TOBACCO BALANCE .10 PEU'C'EXT. OX STOCK. Oruiimvy Share Dividend and Surplue Profit Say the Buei-nctb is Making Satix factory Progreee.

The Brith-Ameriian Tobacco Limited, has issued a report for the year ended Sept, 30, 1912. The income account follows; Ket profits after deducting charges and cxp, Preferred dividends 105,000 Balance Ordinary share 978,234 Surplus 897,925 Previous surplus Profit and loss aurplu 2,159,030 Equal to 30 on 6,232,169 ordinary stock, (par value 1). The general balance sheet of the Brituh American Tobacco as of Sept SO, 1912, follows: ASSETS. Heal estate and buildings 268.276 Plant machinery and fixtures 238.361 Good will, trade marks and patents 870,140 Investments in associated 5.422,987 Due from OMociatH enmpaniea 1.926.487 Stocks of tobacco and materials 1,086,295 Sundry debtors 712,457 Cash 1,755.872 Total 12,289,375 LIABILITIES. Preference shares 2,100,000 Ordinary shares 6,252,169 Creditors and credit balances V.

Dividends unpaid Bills payable 441,924 Reserves 138,996 Premium on ordinary shares issued 224,864 Rodomption of coupons 1,423 Profit and loss surplus 2,159,031 Total 12.289.S75 The directors state that the business of the company continues to make satisfactory progress and that although the earnings of tho company justify a lartrer flna' dividend, they prefer to adopt a conservative policy and substantially increase tho amount carried forward. Tho income account aa presented does not include the company's proportion of the undivided profit of the associated companies. BLAST FURNACE STARTED. The Ella tat West Middttect Idle Two Years to Tarn Out 300 Tone a Day. Sharon The Ella blast furnace at West Middlesex has been blown in after being idle over two years.

The stack was reconstructed and, it is expected, will turn out about K00 tons of basic iron a day. With the starting of this furnace only two merchant furnaces in tha valley remain idle, the Clair at Sharpsville and the Fannie at West Middlesex. The former stack will blow in before tha first of the year. The outlook is good for steady operation of all the furnaces. rullnian-Xew Haven Agreement.

President Mellen of tha New Haven says: "Tha board of directors at the monthly meeting has referred the matter of allowing Pullman equipment to operate over the New Haven line to the president, with full power to act" Otherwise routine business only was transacted. central reserve institution at Washington is concerned. In Mr. Rhoade's view thia board of governors ahould be appointed by tha President and the appointment ahould be affirmed by the Senate. While a method of this kind would probably not end the objections which many bankers have felt to giving the sole power of appointment of governors to the President, nevertheless the manner in which the appointments would be made would be aura to command the confidence of tha people, while there would be no more danger of political eonttol of this institution than there is of political control of office of Comptroller of the Currency.

Never has that office been influenced in its regulation of national banks by politics. Mr. Rhoadea further augjrests that the board of governors be composed of fourteen members, all named by tha President. One-half of the board should be from the western half of the United States and the other half from east of a Una bisecting the center of population. It is also proposed that the President ahall name six who are practical bankets and cix who ai identified prominently with industrial and agricultural interests, while two should come from the academic students of banking.

The Secretary of the Treasury, the Secretary of Commerce and the Comptroller of the' Currency should properly be made ex-officio members of the board. Holland. NO KEAROiT TO KICK-The world wm oie a llvlna," shouted the excited theorlat. tha urM. all-.

ue CkhllaMalMhla f.i..- ANSWERS TO INQUIRERS. "intbixiosxt inoiiirt is tbs roafctc's essT s.rBOtnaD." column conducted to rtve to aubaorlbera to THB WALL BTREET JOURNAL Information concerning- se-eurltlee, mlanellaneoua nnanclal data, and advice tne matter of I v- MeeA safcleet. no advloe can be given la matters purely apeonilattv, iuoh ae oarrylnr stocks en marjln. the Immediate fatur or aeneral or speclflo prloea, eta The reliability of Individual or Arms cannot be passed upon, ner can advice be iven with reepeet to a choice ef brokers, bankers, promotsrs, eta attwtlsa la tve saraessa Inquirers must laa full nam and tree post-sftlos box, f. number, city and state.

Names and addreeeea are eliminated from tbe column for the protection ot the In-eulrer, but Initiate are added for Identification. An Isttera sf I a at it shMld be addreaaedi Inquiry Department The Wall Street Journal, 44 Broad Street Kew York. TOLEDO, iT. VOVH WESTER BOXDS. 20138v-D you consider the Toledo', St Louie A Western Railway bonds, due 1950, a safe investment for the funds of a bueinees man, and do you think the prtn-etna! well eeeuredf What do you think of the ofiwr bond ieeues of this company 1 E.

R. Answer Toledo, St Louis A Western has an authorized issue 110,000,000 prior lien 8 Ha, due July, 1925. There is outstanding $9,550,000. This, issue is secured by a first mortgage upon 450 miles of road from Todelo Ohio, to East St At current levels, around 64-85, tha yield ia about 6.88. There is also an issue of $6,500,000 4 fifty year "winds, due 1950.

These bonds are secured by a mortgage' on tha railway and other property of the company, subject to the lien of the 8s. The present price is around 50-57, and the yield ia in the neighborhood of Following these two Issues there is outstanding collateral trust 4s, Series due August 1917 Under this same indenture there are $5,047,000 collateral Unit, Series 2-4 bonds, due August, 1917. These collateral trust bonds were issued in connection with the control of tha Chicago Alton, and are secured by the deposit of tha Chicago Alton stock owned by the Clover Leaf. Under the terms of the purchase, Series A bonds were exchanged, dollar for dollar, for the Alton preferred stock; and bonds were exchanged on the basis of $35 in bonds for $100 in common stock. Series A and are secured equally by the collateral deposited, without priority of one series over the other.

It is provided thst Scries A bonds are entitled to interest at tha rate of per year, from August, 1907, and that Series to interest at the rate of 2 per annum, to and including Jaiy 31, 1912, and thereafter to 4. For a while Chicago Alton paid 4 on its preferred, to which the stock was entitled; and in 1908, 1909, and 1910, it paid something on its common. The preferred dividend was pussed in July, 1911, and the common has paid nothing since August 1910. Consequently the Toledo, St Louis Western is without the income which, for a while, it received from the Chicago Alton. While with a larger ro.d this sum of money would not be a very serious loss, it struck the Toledo, St Louis Western a rather severe blow.

As the ownership of the Alton, by means of these bonds, is not self-supporting, the carrying charges which will be greater from now on, due to the increase in interest on Series bonds, will be a further drag. The gross earnings of the Toledo, St Louis West-e-n have not been so bad, having held to the level of the past few years. However, there has been a decrease in net and increase in charges, and the result in the past two fiscal years has been a deficit after operations. Both and net, in the first three months of the current year, have shown losses, and the outlook is not very The effect of this condition 1b evident in the selling price ot the bonds. We would not advise the purchase of any of these i'fues.

I ITEO BOX BOARD CO. Officials Say Suit Filed in, IndiampoUe is Friendly Ac fion of Reorganisation CommHtte. Indianapolis Federal Court here granted petition of Equitable Trust Co. of New -ork for (receiver lor we United Boxboard Co. Writ is made returnable February 1, and Boxboard Oo.

will have until March 1 to file answer. Officials of the United Boxboard Co. in New York ycKcrday issued the folWmg rtatement: 'The suit filed in the ederal urart in inaianapous yesterday by the Equitable Trust Co. is a friendly action taken by the reorganization committee of the United Box-board Co. The committee holds 90 of the general mortgage bonds of the United Boxboard Paper and this action baa been taken tu conclude the reorganization of the United Boxboard Co.

and in accordance with plan of reorganization published February 26, 1912 which haa been accepted by the stockholders and general mortgage bondholder. "A similar foreclosure suit under the provisions of the mortgage which secures the general mortgage bonds has been filed in New Jersey and in all ancillary jurisdiction's wherever plants of the company are located. "A receiver has not been requested and will not be required." Homeslake Mining Co. 13 Stork Dir. At a meeting of directors of the Homes take Mining Co.

in San Francisco, the directors recommended that a stock dividend of 15 be declared. A special meeting of stockholders has been called for February 20, to take necessary action. Of the (22,000,000 authorised capital stock, there is $21,840,000 outstanding. To pay a stock dividend of 15 the authorised capitalization will have to be increased te $25,116,000. Dividends are being paid at the rate of 50 cents monthly.

PEPPER AND SALT. KirrESED fcuruso. "What makes you look so wbtte, so whiter said Johnion-on -parade. "We've bueted Perkins, It appears," the Don Hunter aald. "I said that we would buai tbe trusts," aald Johneon-on-parade.

"I know, but this one waan't bad," the Lion Hunter aald. "It always save ltt money wltb a free and open band. "It stood for Independence In this poor, boee-rldden land, lot of (oiks abuaed It, but they didn't understand, And we'll never nnd another Juat like Perkins." "Why couldn't we set Carnealef aald Johnaon-on'-parade. "I think we could I think we could," the Lion Hunter said. "His truat'e a good one, I believe" aald Johnson-on-parade.

"It ia. Indeed It Is. Indeed." the Lion Hunter said. "I always used to trust It It was honor to tbe core. been a spendthrift, but he doubtless baa some mere.

It doesn't matter whom we set, ur enemies will rear, But we'll never find another juat like Perkins." "Is Perkins boated, do yoa think aald Johnson-on-parade. "I think he la I think ha Is," the Lion Hunter aald. "How many million did he spend?" aald Johnaon-on-parade. "I couldn't say I oaudn't say," the Lion Hunter aald. "He made bla children' happlneai the Issue, you'll recall And like aa not, for euch a cause, be gave away bis alL I feel so bad about It reflection, I could bawl.

For we'll never Set another Juet like Perklna." 8t Louis Poat-LMapatch. KUiST AUTO Any man can make hla money last, but be has te mike It arst.4.:hlcaso Record-Herald. At IRDICEMKST. Flo'rlat Thia rubber plant is cheap at twice the price. Lady Tell ms why.

Klorlut If your husband la smart he can grow bis own automobile Philadelphia Bulletin. 1 OPTIMISTIC. Baker And has ahe optimistic tendencies? Barker Yes; she's always running ber baaband la debt. Judge. TBST.

Mr crown is In my heart; not In my bead; Not decked wltb diamonds and Indian atenes; Not to Ito seen; my crown la called content. A crow a it Is that seldom kings enjoy. -Hihakeepeej'e. IOTHISO LWT. Hla look waa the look of alter desolation.

"My last be exclaimed, "haa Jut borrowed my lat doilarr PUCH. INFLUENCE OF THE COAL TRUST DECISION UPON THE TRADE EFFECTS OF. THE CANCELLATION OF THE 65 CONTRACTS OF THE INDEPENDENTS WITH THE RAILROADS. Looseness of the Contract -Their Origin Technical terprelation of a ChuteThe ContraeU 'Legally Flimey Independents Have Mot Asked Their Abrogation -Serious ResuU of the Decision. Upon the Independents Can They Afford Independence? The results upon the coal trade of the Reading decision may prove of tha highest importance.

The first to suggest itself is the effect of tha cancellation of tha 65 per cent contracts witb the railroads of tho Independent operators. Tha Supreme Court directs that tha decree of the Circuit Court terminate these forthwith. The existing 63 per cent contracts were initiated by the, independent operators, after tha striks of 1902, who, because of the 10 per cent increase in wages at that time, and by threat of continuing tha strike, forced the acceptance by the large companies of the contracts giving the independents 5 per cent of the marketing price. Tha independents have always played somewhat fast and loose with these contracts, and the large operators bava tolerated the widest construction of tha phraseology of tha agreement For instance, a clause in tho provides that tha tonnage handled under this agreement must be sold at tha "highest market price." Under this Interpretation, whenever sales are occurring at premium prices, as they are now, with the big companies adhering to the circular, tha companies are not obtaining tha "highest market price," and are thus abrogating the contract But a peculiar thing is that while the contracts have always been of the most flimsy legal character, no attempt has ever been made by tha independents to invalidate them. Separation of the independent operator from tha market feeders in the large companies and railroads would leave him in the lurch.

Ha would be compelled to seek relatione with the large companiea aa heretofore, or go to the trouble and expense of organising a selling agency and providing facilities for storage and handling. In other words it i a very serious question whether the Independent can afford to be independent, to establish independent selling agencies and a long series of independent coal pockets along tha "jine." He could scarcely expect to cut prices, especially if compelled to handle his own coal and its distribution, and with the knowledge of increasing demand, lessening relative supply, and ultimate exhaustion of the coal-fields. Tha decUion has had no effect as yet upon the con turner and the price of coal It will not be likely to affect either directly for tome time. Opinions upon the result of the decision in these respects vary. F.

W. Saward, of tho Coal Trade Journal thinks thst tha price of coal will go higher. He points out that coal sold by independent operators must be deducted from the tonnage handled by tha but that the total tonnage will remain the same. In vietr of the abnormal demand for coal, prices can not be expected to go lower. A.

Marshall thinks that for the present the price of coal will be affected favorably because of the freer action afforded to -the Independents by the decision, which leaves them in a position of competition tending to lower rates. W. G. Townee believes that rates will be higher because of abnormal demand. He says that it is not probable that the decision will influence the market at all for some time to come.

In a return to normal times rates will be lower. Pressure will continue to be felt until conditions change in the Spring, but the market, quite apart from court decisions, will seek higher prices for, coal in the months to come. EXPORTS OF MERCHANDISE FOR ELEVEN Increase Over Same Period Loot Year ISO, 957, 1 10 Ex- ports for November Exceeded Imports by and for II Months by Washington Bureau of Statistics Department of Commerce and Labor, reports the imports and exports of merchandise, gold and silver, for November and the eleven months ended November, as follows: MKBCHAKDISE. November: 1912 1911 1910 Imports $126,146,781 $129,785,537 Export 277,898,681 201,608,429 206,620,377 Excess exporta ...124,763,86 75,461,648 76,834840 Eleven months ended November: Imports 1,66409,560 1,392,500,517 1,426,194,277 Exports. .2,148,563,324 1,867,605,414 1,637,256,22: Excess exports ...484,253,764 475,06497 211,06144 GOLD.

November: Imports $1,474,480 Exports 8,471,397 $3,458,321 13,941193 1f0 772 $4,313,600 1,316,011 2,937,489 6424586 57,444,422 3,198,536 Excess Imports 1,103,083 Eleven months ended November: Imports Exports Excess imports 'Excess exports. 55,151,765 46,768,138 8,383,627 SILVER. 52,78754 36,188,897 16,549,457 November: Imports Exports Excess exports $2,709,594 $3,338,956 D.82W5 6,052,238 3,114,251 1,713,282 $4327,254 5,265,1595 438,341 41,479,718 61,299,913 9,820,195 Eleven months ended November: Imports 44,402.933 40,439344 Exports 64,313,611 W.66786 Excess exports 19,940,678 19,227,443 GENERAL RUBBER CO. STOCK. Certificate Filed in Trenton Brings the Authorited Copilot Up to $10,000,000.

Trenton The General Rubber Co. has riled a certificate with the Secretary of State increasing its authorised capital stock from $5,000,000 to $10,000,000. The paper was signed by Lester Leland, president, and Samuel Norris, secretary. The consent of tha stockholders to the action attached to tho certificate shows that the Meyer Ruhber Co. and the Rubber Goods Mfg.

Co. own 49,985 of the 00,000 shares of the General stock. The office of the company is in Newark, N. J. Western Coal Conditions.

Chicago Black Diamond ssys: Steam coal market strength offsets weakness of domestic sizes, which usually break in December, because overselling occurs in October and November. This month's temperature is much below the average, but anthracite is by no means easy. Car shortage still bothers Hocking Valley and Clinton fields. Western coals generally are pretty weak. Coke market remains quite strong.

Mexican Telegraph. The Mexican Telegraph Co. reports for he quarter ended Dec. 81, 1912, partly estimated, as follows: Gross, net, other income, $34360; total income. $205360; Mexican government portion, dividends, surplus, $105,125.

Central South American Telegraph. The Central South American Telegraph Co. reports partly estimated earnings for the quarter ended Dec. 81, 1912, aa follows: Gross, net, other income $4392; total income, dividend, surplus, $100,328. Ralatou Steel Car Co.

The Ralston Steel Car Columbus, Ohio, has called a special meeting of stockholders for Dee. 80, to approve an increase in tha capital stock from $2300,000 to $5,000,000. One half of tha Increase i to be 7 preferred and one-half common stock. 1 ejisaawsswsassi.il a I uaurr. It's a mistake to sappoas thst a soft answer turneth away raft- Philadelphia Record.

Travelers' Letters of Credit Payable, throughout tha World Foreign Cheques and Bills of Exchange I CABLE TRANSFERS Collections made In all Countries The Farmers' Loan Trust Co. 16-82 William Street 473 Fifth Avenue LONDON 11 Caeksps at aiakssagate PAslta 1 BNknH HsasaM NEWSPAPER SPECIALS. Governor Wilson held a conference with Chancellor Edwin W. Walker and ex-Justice Bennett Van Svckel of New Jersey Supreme Court, Thursday, on corporation law of New Jersey, which will be revised in next session of Legislature. Corporations to be affected include Standard Oil Co.

of New Jersey, United States Steel Corporation, American Tobacco and American Sugar Refining Co. Cable to Journal of Commerce says only $5,000,000 of $25,000,000 Austrian loan bought by Kuhn, Loeb Co. and National Oity Bank has been subscribed in London, where there is disposition to wait until peace has been finally declared. Estimated coming Balkan, Turkish and Italian war loans will total close to 70,000,000, or if Austria and Russia are included, New York Life Insurance Co. officers resent methods employed by Ssmuel Untermyer to show company assets would smount to mora than $1300,000,000 in 1931 on basis of assets of $291,000,000 shown in 1901.

Insurance people deny any such prospective magnitude and deny also that company is in any way controlled by J. P. Morgan. Philadelphia Rapid Transit Co. will pay motormen and conductors who have been in service more than five years 27 cents an hour, increase of 2 cents, beginning January 1.

New men will receive 22 1 instead of 22 cents, and wires of those in service from one to four years will be raised in proportion. Board of Estimate adopted report of special committee providing authority be given Dock Commissioner to adopt plana for South Brooklyn water front improvement to cost between $30,000,000 and $40,000,000. Under plan New York Dock Co. and Bush Terminal Co. property would be acquired by city eventually.

Stock brokers throughout Italy are on strike, all ex-changes being closed and no quotations issued. Premier Gioletti made uncomplimentary remarks about stock brokers in general in Italian Chamber of Deputies, and broken quit business pending retraction, which Premier says hi will not make. Directors of U. S. Envelope Co.

authorized issuance of $250,000 7 preferred stock, now held in treasury. Stock will be offered to shareholders after February 14 at par in proportion of one share to every eighteen now held Right to subscribe will expire February 20. Argentina is United States' biggest customer for agricultural machinery and wooden furniture, third largest customer for wire, and sixth largest for boots and shoes. Exports of clothing and Jewelry to Argentina quadrupled in past year. Tuvlnn eahls aava renorteH J.

Bruce Ismav tendered his resignation as president of International Mercantile Marin at meeting of directors in London, ami mat naroiu Sanderson will succeed him Jan. 1. Watsonville, advices state F. E. Snowden is perfecting deal to extend his Monterey line from Monterey Bay to Fresno at cost of $40,000,000 with financial aid from foreign capitalists.

Michigan Railroad Commission authorized Chicago North Western Railroad Co. to issue $10,000,000 bonds in ten yearly Installments, to purchase new equipment Reported Josephus Daniels of North Carolina is slated for Postmaster General in Wilson's cabinet. Secretaryship of Interior is ssid to be reserved for western man. Times ssys William R. Willcox, chairman of Publio Service Commission, will not be reappointed by Governor-elect Sulzer, who favors selection of Democrat.

MATIIESON AUTOMOBILE CO. William C. Shepherd Appointed Receiver Assets Liabilities $800,000. Judge Witmer, sitting st Wilkesbarre, and Judgs Holt at New York, have appointed William C. Shepherd, president of the Matheson Automobile receiver in equity.

Reason given for the receivership is that the company is unable to meet its maturing obligations. Liabilities are estimated at about $600,000 and assets as shows by the company's books, about $1,000,000. L. L. Lewis, counsel for the reorganization committee of the Matheson Automobile and J.

N. Rosenberg of Rosenberg Levis, counsel for the Bosch Magneto Co. and the creditors' protective committee, have issued tlio following statement: A plan of financial readjustment was prepared abuul a month ago which has met with the approval of about 60ft of stockholders and 607 of creditors. Pending completion of the plans or reorganization it was found advisable to apply for a short term receivership. Co-operating with Mr.

Shepherd, president and receiver for the company, is a creditors' committee consisting of O. Jahn, treasurer of the Bosch Magneto H. P. Jones, presi-dent of Pblneae Jones ft and E. S.

Fretz, president of the Light 4 Foundry Co. The outstanding capital stock is about $2,500,000. BATOPILAS MINES. Batopilas Mines bullion shipments for November, were 45350 ox. of silver.

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