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

V' jf.V wf I Wlr'v iff it.lW!i. i niE mil STREET JOURNAL swminiie ab kvckino anrrioif. Publleh. by DOW, JONES CO, 4). IAMIM, riMltat Bancroft.

Sacretair. loeeph Caahroa.ii, TrMSurnv MlfNUtnAlnrTiA Tetopfeoa'ei Broa Om ii i nkHriydwii 13 rearly; monthly, or Br. ante dally, (or either adltlon. postage paid In the Unite. Stat, Oaaada, Halloo.

Paarto Rica, Guam, Philippine Ialanda, Hawaiian Ialanda and Cuba. Foreign poataa a yar addltlonaL Subacrlptlona alae raealvad a Weafclasrtoa Buraam, MJ Btraal, N.W.; Chicago Bureau, 50. Postal Tnla-crapb Bulldlnv. AMraeaae) ehanged on request; always (It old addrau. nrttmn.tufi Rates will be fornlahad by or any rasponelble edTertlelna; arency.

Enter. In aacoad-glaaa mall at tba N. T. Poat Offlo. Tkit Paper Bam a Larger Circulation Than Any Other American Financial Publication.

The tralk Ita praper aaa. Falaa tiapplneaa rentier men item and proud, and that happlneaa la uavar communlrated. True Jiapplneee render thatn kind and aanalbla, and that happlneaa la alwaya shared. Monteaquleu. MARKET DIARY -1917 1918 March 22 Irregular.

Murch Irregular. 1,010,300 Sales of stocks 405,400 45,200,200 Since January 1 40,302,116 12,690,000 Sales of bonds $2,009,500 1245,028,000 Since January 1 $265,624,000 Price Dp Sales Stocks Sale' Price I'p 105 l'i 9100. Smell'p 8100 1 00 1 '4 29M0. 0800 K6S 93 2fiB0O. Leather 1200 55 25i 27100.

Prod. 3800 21tt 70 20400. Stl 27000 89 611 1U 15200. 14500 47 to 14 2'x 71200. 1700 lfi to 97 15700.

15100 SOT, 8000.. Union 1'ac. 'IS' 0 13314 115V Steel 37S1HI R5V 99.48 96.78 Avcratre 20 railroad- Avera(r; 20 ChicajT" May wliral C'hicapto May corn Now York May rotinn New York May mice Commercial i)uicr Time money (all money renev. Cables sterling Demand sterling .103.20 .17 93.76 1118 .83 180 2' 112U 1RT.1 7.83 4iri '-j 'y 2' 4.70 7 10 4.75 11. R8 K.O'i .3 4 13 .4.77 .4.70.

MOVKJIKMS OF AVKUAfiF.S Following i the daily nrerurr price n. the close of twenty industri period indiented als and twenty railroad slocks, for the -SO llulln Last point. Nov. 21. Oct ill Last imint.

Feh. 2, '17, 87.01 Mar. 96.53 imi. i.n 1B1 tier. Avrr.

iil. Dec. Thur Mar. 15 95.03 .17 96.09 Fti 10 95.65 Ml 9G.U0 .09 Bat Mar. 17 90.22 95.76 .24 Mon Mar.

19 110.97 .75 93.60 2.16 Tucs Mar. 20 98.20 1.23 93.58 .02 Wed Mar. 21 97.01 mi .39 Thur Mar. 22 90.78 93.76 2 1 IUII IMUlk mi: inia -r. lirt.

Adv. Her. Thur War. 15 97.28 101.44 .29 Fri Mar. 16 97 07 .39 103.63 .21 Sat Mar.

17 97.85 103.70 .07 Mon Mar. 19 99.55 1.7o 102.94 .76 Tueu Mar. 2il 100.18 102.98 .04 Wed Mar. 21 99.IS .71) 103.03 Thur Mar. 22 9D.48 103.20 .17 TIMELY MAIIKET TOPIC'S On the floor of the Exchange there were rumors during the afternoon of the sinking of another American ship.

On the Cotton Exchange there were rumors that a German submarine wag lurking off the American roust. Such rumors as these, though they appear with suspicious regularity, have not yet calloused the speculative crowd. There was much selling nf long stock and the pools wero awkward in absorbing the offerings. A prominent banker thinks that the market will be much more buoyant in the event that Germany declares war on the United States than it will be if the United States declares war on Germany. To be put on the defensive, he thinks, would electrify this country in an in-rtant and would cause excited buying qf stocks.

An ag-f gVefcsive attitude, he thinks, would more slowly arouse -the country and produce a similar effect in the securities market. This is a psychological distinction worth studying. a a One banker has made a wager that the United States have a Continental expedition under convoy within seven months from today. The man who took the other lid of the bet leaned to the view that this country would Rot figure in the war any more prominently than Japan has figured. He also took the view that there would be a revolution in Germany within six 'months and that this greatest piece of news the world ever heard would end the war suddenly in favor of the Allies.

aaa Wall Street has two decidedly opposing views on the question raised by the sale of 45,000,000 pounds of domestic copper to the United JStates Government at a little less than 17 cents a pound. The view which one likes to hear best is to the effect that this order is only 2 of the total annual output of the country's refineries and that it must pass as a bagatelle; that buyers in the open market will soon make up the little difference by paying more for their copper. But this is the other view, as expressed by a leading broker: This sale to the Government of copper at half the market price is a sign of the times. It means that all industries must follow suit or be proclaimed unpatriotic. Th interests of thousands of investors were endangered by this unheralded coup of the preparedness Tobacco Products (old at 69 in a weak marktt, only 114 under Its high record prie of 6054.

INTERBOIIO PAYS ITS SOLDIERS Smfiloyet Drew itlJBOO While on UiUUuy Service Along the Mexican Border 'h' T. P. Shonta, president of the Interborough Rapid fll Transit Co. and til New York Co announced Wedndar that all the employe of th two wh answered President Wilson' call last June, and who did National Guard duty on, the Mexican border, Lav re-'; turned and resumed their formal positions, While th men were away serving their country they 1 "wer carried on full pay, and their p1aca kept open for tbem. 1 Th number of Interborough employes on duty varied from time to time, th greatest number at any one time being 149.

Th total amount in salaries wages paid 1 -these men while in military service was $61,800. Seventy-six employes of the)' Jtew York Railways Co. did military duty on the border, antfth total amount paid them tor the eotnpMgr during thir was 134212. 4v-v'f THE iiiSXll SIXHS SHOWS CUMULATIVE GAINS SURPLUS FOR COMMON IN Ul ALMOST EQUAL TO COMBINED SURPLUS IN 6EVEN PRECEDING TEARS Surplui for the Common in Two Yean Hay Run High a $100 Short Cerporu Utm Ha Large mount of Cask in Sinking and Reeerv Fund The Earnings Since the Year 1101 The report of the United States Steel Corporation, for the year ended December SI, 1916, shows a surplus applicablo to dividends on the common stock of 48.46 on that issue. In the seven preceding years, 1909 to 1915, inclusive, the combined surplus applicable to tbe common was 64.8.

The Steel Corporation in one year, 1916, earned almost as much money for Its common stock as it did in the entire seven years preceding. If forecasts of conservative steel manufacturers prove correct, United States Steel in the current year will earn as much as it did in 1916, making a surplus available for the common stock in two years equal to 96.90 on that insue. From time of organiration of United States Steel, April 1, 1901, to December 31, 1915, a period of fourteen years and nine months, the Steel Corporation showed a combined surplus availablo for the common of 121.40. From the foregoing it will be observed that if 1917 hear out the forecasts of manufacturers, the surplus available for dividends on the common for the two years 1916-1917 will fall only 24 5 short of the combined surplus available for the common in the preceding fourteen years and nine months. With prospects of United States Steel earning nearly $100 share for its common in 1910 and 1917, the present price of the common does not seem to be out of line with the intrinsic valuation, particularly when the fact ib taken into consideration that the corporation, from time of organization to March 81, 1917, will have made an actual addition to assets equal to 128.18 a share on the common.

The following table gives the net earnings of the United States Steel Corporation, surplus for dlvidonds, pcrcontnpe of surplus on the preferred stock, and balance nvailatilc for the common after preferred dividend, from time of organization to December 81, 1916 rf, on Hal. Av.for Com. 4P.fi 9.9 11.0 5.7 5.9 12.2 10.6 40 15.6 143 8.5 1.0 4.9 10.7 6.6 Net Vear lings 1916 $3.13,74.177 1915 130,396.011 1914 71,601.014 Surplus for Dividends $271,531,730 75.831.S32 23,496.768 81,216.980 54.240.049 55,300,296 87.407.1.K7 79.1I73.0U5 45,728.713 1Ip4.565.564 98.12S.589 68,585.49:1 30.267.529 55 416.054 90,300,525 60,600,108 Pfd. Stock 75.4 20.8 6.5 22 5 15.0 15.4 21.3 21. 0 12.7 211.0 27.2 19.0 8 4 15.4 25.0 16.8 1912 1911 1910 MI09 190H 1WI7 1900 1905 1901 1902 1901 137.181,345 108,174,672 104,305,4 64 141,054,754 131.491.413 91.847.710 100.90J 073 156.624.273 119.787,658 73.176.522 1H9.171.152 133.308.704 84,787,596 'Nine months.

The position of the U. S. Steol Corporation it even stronfrr than indicated by rxeesa rurront nsta. As an example, current asxets are given aa and current liabilities $92,942,436, leaving excess current assets nf $498,208,437. Of thut amount $148,194,761 ernists rf cash in "land.

$10,809,794 time deposits and $40 37.58.1 sundry marketable securities, making a total of In the Steel Corporation has invested in sinking and reserve fund asaet-s. Adding this to current ussets gives a total of The sinking and reserve fund ussets are itemized as follows: Cah resources on arcount of bond ink funds Continpent fund and niis-eellunenus Deposits with trtntoes of morte'es, inc. funds to meet bonds of sub. cos. mnturinr in 1917 Securities at cost $55,729,353 Cash 10,249,065 $1,281,728 5,801,549 5,189,940 Total $65,978,419 Less, amount of forerroing represented by obligations of sub.

cos. I issued bv cnp. expend, make. $17,772,112 $48,206,100 I Total Sinking nnd revcrve fund assets on December 31, 1915, amounted to $19,554,596. PRESIDENT TO SHOW A STATE OF WAR EXISTS WiUnn Hae Not Planned the Rant of the Program to Laid Before Congree H'nnf on Understanding With Allies Washington Just as public cpinion determined thi-President's course with reference to hastening the convening of Congress, bo public pressure will be influential in determining the churactcr of the President's message to the extra session.

There is not the slightest doubt that the President will point out to Congress that a state nf war now exists, and has existed since early in March. It can be stated authoritatively, however, -that the President has not definitely planned the rest of the program. The advisers who, urged that the date for the meeting of Congress be set forward, arc now urging that the Government reach an understanding with the Allies, per- mitting their warships to enter American ports. This plan would also include large financial assistance to the Allies, and an understanding and working agreement with reference to the patrol of the Atlantic and the hunting down of submarines. It would include also certain provisions for, the future, such as universal military service and the addition of more battleships and cruiser, but the public should not confuse these preparations with protection for the present emergency.

Neither universal military service, nor th addition of dreadnaughte or battle-cruiser on paper, will aid in protecting American ships and American lives against the German submarines. The small boats already existent are being mobilised for the submarine chase, and the chase will undertaken as soon as Congress give the word. There is no likelihood that an army will be sent to France, unless public pressure for auch a course becomes very definite and overwhelming. MEDIATION BY NEUTRALS RESENTED BY UNITED STATES Washington Reports that neutral nations had offered to mediate th differences between the United States and Germanfi caused intense anger in official circles. The offer, under existing circumstance-, was characterised as "a deliberate insult" It was recalled that when a similar suggestion was made following the sinking of the Lusi-tania, President Wilson personally declared that the United State "could not either mediate, or arbitrate the murder of its eltixens." That wa th opinion of th officials of th Government at that tiro.

It is the opinion now. The mediation offer was declared here to have originated in Germany. It has been transmitted to this Government, it is understood, through Ira Nelson Morris, United States Minister nt Stockholm, Sweden. Th suggestion of mediation, so far as can be learned her, in th absence of any official statement from th White House or Secretary Lansing, wa presented to Minister Morris, following a conference between the several government diplomat and th Swedish Government At the time th suggestion was conveyad that Germany would willingly aosept the good offlce of Sweden in adjusting the differences existing between th United aod kaU. ANSWERS 'TO INQUIRERS "iMwuuaas areomi murt emma sreoab" 21732 JFouW yen aetviee the purek Well Forge preaawl price and would you eontider it food "(wti-neet man'" htveetmtntf D.U.J.

Answer -Wella Farre Express is new selling arevaa (100 to (105 share, and at that price it represents the conservative business maa's investment Toe 6 rat to amply secured and the yield on the investment therefor is practically 6. Your question, however, raise aa interesting point which applies to the securities of express companies a well as to railroad securities. The railroads are subject to fixed prices for transpor tation, but an foreed to buy their materials at market prices, and this puts them at a disadvantage in such time aa these. Likewise, the express companies have fixed rates of income, but are compelled compete in the open market for labor and materials. A few instances will flluntratj) tVl mltrn ef M.

ilt.U1 mftiul nf nnin ltllll- I ness. The Interstate Commerce Commissi on returns for November, 1916, show total operating revenues for the leading express companies of $9,273,000, compared with $7,585100 in November, 1916. The total operating expenses In the same month, however, were $8,441,000, compared with only $6,868,000 in the corresponding month of the previous year. The net income was $689,000 compared with $1,091,000. The increased business, after reaching a certain maximum, became a drag on the express companies.

The figures for Wells Fsrgo are somewhat better than the average. Total revenue for this period increased $2,292,000, while operating expenses increased $1,792,000. The net increase was $457,000 compared with the corresponding period of 1915. The American Express Co. in the same period showed an increase of $2376,000, while its operating expenses increased $3,38,1.000.

The net returns were actually $525,000 less than in the corre- sponding period of 1915. Wells Fargo, at the present prices, is selling ex the rash dividend of $3,1.33 recently declared by the directors. You should bear in mind that this dividend was not declared out of earnings from operation, but entirely out of earnings from the company's investments. These invest- merits naturally have increased in value since the war began, and the stock of Wells Fargo has greater equity as a consequence. Generally speaking, the express business is similar to the railroad business.

If rates were increased the ex- press companies would be greatly benefited. While rate remain unchanged, however, and wbils at the same time labor and all commodities ase steadily advancing in prices, the outlook Is fair, but not over-promising. (X)PPEK CONTINUES FIHM Healthy Demand for tol Half MrtalSelUn f.ooV for a Hardening of Prieee The copper market is firm. Inquiries khow a healthy increase for last half metal following a sale of July-De-cember deliver)' at B0 cents a pound and July November at SI. Large sellers and producers are quoting third quarter copper at 81 to 82 cents a pound aud July delivery at 82 and smaller nellera umi shading these prices.

Tuesday's sale of metal to the Army and Navy Departments at 16.67 cents a pound still continues an interesting topic of conversation in the Ini Producers state that the entry of the Government into the market as a large copper consumer has hod no effect so far as lower prices are concerned. Ai a matter of fact, some large sellers feel tnat coming developments over the next few days will tend to harden prices for all deliveries. Nominal quotation! for positions this aide nf July include spot 85 to 85Vs, April 34 to 85, May 34 to 844, June 84. No sales are announced for nearby deliveries, but a fair business isbeing transacted covering July and third quarter. THE WALL STREET JOURNAL STRAWS My Name is Erie A certain banking houaa which specialiiee In Erie securities pays more or less close attention to the action uf the stork In the market One of the partners has a way of calling to the office boy for quotations by a code of his own.

If Erie stock Is active and strong he usually calls for a quotation on "the peoples' pet" or "the peoples' favorite." If Erie is headed downward this interrogation sometimes takes ths form of how is the "Yellow Dog" this morning. Inspired by such frivolity the office boy entered strong protest by means of an original poem, as below: MT NAME IS ERIK I wish you would not piik on me, You've got me all upset; Sometimes you call me Yellow Dog Sometimes I'm peoples' pet. Hut if you give me half a chanc And forget me for while, I'll make you call me Erie, And think of me and smile. Tricks in All Trades A New One The Treasurer of the Cemetery Association was explaining the numerical system by which indicated on his cards and plats the positions of bodies interred. "The system," he said, "is perfect butt1 the darned sexton persistently reverses his numbers or reports them incorrectly." "Suppose," said his friend, "you start to dig.

a grave and unearth another body; what do you do?" "Impossible," he said, "the center of any grave is a certain multiple of feet from th markers; so before starting to dig we always drive a crowbar down where th body should and we always tell if on is there." PEPPEIt AND SALT HOW LONG? "'Tie nian'a perdition to ba aafe. Whan for tli truth he ouKhl to dir." How long must we blush for the land of our love We, sons of her honor, who fain would defend her? How long must we wait, our own manhood to prove, While that poor protection she has others fend her? Oh, heroes there were in the day that are gone, Who recked not of danger, who eked but of duty; Men for whose guidance perpetual shens The Patriot Vision, i glorified beauty! What is our life worth, if life be not living Up to the best and the highest know? What is life's gain but the glad power of To the full measure, the debt that we owe? God of our fathers, now in ur need, btarfcenl erlls that shame us are her at our door) They who should guide us with tarn sxmnaela darken; God of our fathers, inspire one morel Florence Earle Coates, In Philadelphia Ledger. SPEEDIER The trouble seems to be that th farmer cant rata th potatoes a fast as ths dealers can raise the Charleston New and Courier. ONKtfOJOC Irate Passenger (as the train moves out) Why didnt you put my luggage in, you" blithering old ass? Porter Thr'i mair ens yer trunk then to in yer head, mon. you that' ia th wrang train 1 Sketch (Leadon).

l-v-W-'V' I I TENNESSEE COPPER CO. MlABILITY UNAFFECTED CHANGE IN FORM OF RUSSIAN GOVERNMENT DOES NOT ALTER STATUS OF CLAIM-ALL CONTRACTS UPHELD In order to satisfy a number of enquirers, Coudert Brothers, who appear a counsel for the former Imperial Russia Covanunafit Is two suite Hied la the Federal Court of this district, against the Tennessee Copper Co, for recovery of 1,868,000 with interest from October 15, 1816, state that the recent revolution and change gov nunant in Russia doe act affect th validity of the claim against th Tennessee Copper Co. Th present provisional government of Russia has expressly stipulated to carry out II contracts of th former Imperial government, and it is stated hat even were this not the case, th liability of th Tennease Copper Co. would not be affected, inasmuch as th claim is for a return of money paid to th Copper Co. under th term of a contract for th supply of $4,560,000 worth of trinitrotoluol, non of which was ever aunnlied to the Russians.

Coudert Bros, state that there is no valid defence to tit claim of th Russian government, as the terms of the contract have been ignored by the Tennessee Copper and all that th plaintiffs ask is that the money exacted from them upon the signing of th contract be returned with interest while th defendants have had the use of It. Upon signing of th contract ths Tennessee Copper Co. exacted the payment in 25 of the entir amount involved, to be applied against the final deliveries. This involved the payment by the Imperial Russian government of which was duly made in accordance with the terms of the contract, and for the recovery of which together with 6 agreed upon as liquidated damages, the present suits are instituted. On September 80, 1915, the Tennessee Copper Co.

entered Into a contract with th Imperial Russian Government to manufacture, sell and deliver to th Russian Government 4,800,000 pounds of TNT, before November 1, 1916. One of the terms of the-contract agreed upon was that the Russian Government should, within fifteen days after the signing of the agreement, pay to the Ten-1 nesaee Copper Co. $1,140,000, being 25 of the total value of the TNT to be supplied, at 96 cents per pound. The plaintiff states that the payment was duly msde and acknowledged, that no deliveries have ever been made or of-fdred under the contract, and that the Russian Government now simply wants to get its money back, together with $228,000 agreed upon as liquidated damages for failure to fulfill the order. The National Surety Co.

is Joined as co-defendant in both suite. Vogel A Vogel as attorneys for the Tennessee Copper have filed appearances in the suits, and have aked for an extension of time within which to answer the complaint. NEWSPAPER SPECIALS Navy Department is considering measures to guard against sudden attack on United States coast by Or man raiders and to co-operate with Admiralty toward protecting ships in the war zone. I'. S.

destrojer flotilla has left on trip under secret orders. General Board is known to have suggested to Secretary Daniels that they lie cent to the I -bout mne. Bids for additional destroyers will 1 opened Saturday next, instead of April 4. Actual orders to mobilize naval forces to guard Atlantic coast will 1 issued within a few days. Naval strategists fear a spectacular attack by (icrman vessels gathered in Ameri-; ian or South Ameriran waters against some unprotected port of the United Statv, in-fore an actual declaration of war.

Navy Iepartmrtit doe. not intend at present to commandeer merchant ships. Since major ships of Navy are not expected to be enraged, there wiii be no pressing need of for supply work. Navy is worried over reported strike at Ourtiss Aeroplane which is working on Government contrscts. Measure for universal military mil he introduced in Congress next session.

Experts appointed by the Council of National De- fens-e to constitute the "Munitions Standards Board" will have immediate supervision of the manufacture of all munitions used by the Government They have intimate knowledge of the production and delivery of war supplies to the Allies and will supervise specifications and draw-I ings and work directly with the War and Navy Depart- mcnts, serving without pay. Board is as follows: Frank A. Scott, of Warner A Swszy manufacturers of auto- matic machinery; W. H. Vandervoort, of Root 4 Vander-voort, manufacturers of mai h.ne tools, and also president of the Moline Automobile E.

A. Deeds, president of the Dayton Engineering Laboratories Frank Pratt nf the General Electric Samuel Vauclain, of the Baldwin Locomotive Works; and John E. Orterson, vice-president of the Winchester Arms Co. A. Bonar Law, British Chancellor of the Exchequer, In Interview with Sun representative, said English bankers we.re pessimistic over prospects for success of recent British war loan, when they were told interest was to be only little over Cr.

They failed to reckon on effect on money msrket of wave of popular sentiment. Loan wss popularized through local authorities and through wsr savings committees, consisting of 50 mem- bers each, working throughout the country. Newspapers; and voluntary helpers did their share. Between 50,000 and 100,000 agents were working day and night in interests of loan. About 8.000,000 individuals subscribed.

Nearly $100,000,000 was investod In war eertitWates, which is smallest security. i Petrograd copyright special in World quotes Wsr HARRIMAN NATIONAL BANK Fifth Avenue and 44th Street New York 1911 I 1912 I 1913 I 1914 I 1915 1916 I 1917 33 ffcliZLOOO 1.156.000 JI7.507O00 m282.QOO I rflotopoo 4.151000 1 I MARCH 10, MARCH 20. MARCH 20, MARCH 29. MARCH 20, MARCH 20. MARCH 20, KIDDER, PEABODY CO.

1U DCVONftHIRK St. BOSTON tt WUT, NCW YOU Investment Secnrttles Foreign Excbanoe Utters of Credit Correspondents ot BARING DROTHER8 A LTD. LONDON M00RE.LE0NARD LYNCH FRICK BLDQ. 1 1 1 BROADWAY Pittsburgh N.w York MEMBERS New York, Philadelphia, Pittsburgh ad Chicago ktock Bxchaag Privets Wires (a PitUburgh and Philadelphia Minister Guchkoff a saying through his attach Captain Smolianinsky that "All workmen in th munition and artillery factories returned to work with fresh spirit and hopes, knowing that the revolution is bringing great changes in the conduct of th war. Th war will not lose a day.

In fact, the munition manufacturers and Zemstvo organisations back of the front continued their work throughout the revolt Business methods, widely suppressed by the bureaucracy will now have a free hand, and will finally provide an army to attack the enemy with greater energy, in a new spirit of democratic brotherhood." Senator Enrique Coronel Zegarra of the Peruvinn Congress is in this city on a mission to raise $30,000,000 to build a railway connecting the Amazon River with thn Pacific Ocean. It is said that Peru is willing to offer concessions for a number of years on the mineral deposits in place of the usual guarantees given to encourage railroad development British announce that for week ending March 18 16 British ships nf more than 1,600 tons were sunk, 8 of tonnage under 1.600, and 21 fishing vessels. During that period 2,528 vessels arrived at United Kingdom ports and sailings totaled 2,554. Dutch rubber companies operating in the East Indies have greatly increased their production since the beginning of the war. One large concern increased ite production from 500,000 pounds in 1913 to 3,332,000 pounds in 1916.

Hague dispatch says German Ministry of Finance i organizing a canvassing campaign for the sixth German war loan, which is said to be less successful than prcviou loan, subscript inns being one-third lower. Renter's dispatch states ftv munition factories in have been the scenes of strikes during the last Is hours and workers refuse to resume work unless food rations are increased. Secretary Balfour announced In the House of Commons that the Turkish army has been rut off in l'ersia. and that another important chieftain in Arabia has arisen against the Turks. German capital invested ht China is estimated a I.

$256,760,000. There are 244 German companies Interested and th number of German residents is estimated at 8,740. Havana dispatch to th Herald says th United States has notified the Ward Iin and th United Fruit Co. that it will take over the passenger steamships of both lines. British tobacco trade was prosperous last year.

British-American Tobacco Co. paid 30 dividends and earned $13,301,900, against $9,003,300 in 1915. Concessions have been granted to American capital -irts to construct railroad In Panama 175 mile long, to cost between $6,000,000 and $7,000,000, Thrd of Denying Ottawa Government officials decline to make further denials of the various slarmtat rumors regarding raiders and submarines in the Pacific ocean. They state thst it is not merely impossible to keep up with the demand for denials of senseless stories, but utterly futile to attempt it, for the manufacturing of these sensations Is endless and certain number of people seem willing to believe any silly story that is printed. Indiana Pipe Line Huntlrgton.

Ind. At stockholders' meeting of Indiana Pipe line Ray A. Miller wa elected director to succeed Ceo ire E. Pifer. resigned.

Other directors were re elected. At directors' meeting th retiring omcers were re-elected. 1911 (Date of Clarter) M.100.00S 1012 (First Anniversary) 10.600.000 1911 (iaacead Anniversary) 14.200.000 1914 (Third AanWersary) 17.SOO.000 1I( (Fourth AjuUvmary) 21.100.000 lvlf (Fifth AaniTcrsary) 10.200.000 1917 (Sixth Aasareraary) S5.S00.000 A National Institution Ths Harriman National Bank, celebrating it Sixth Birthday Anniversary, present with gratification the ac- ompanying chart and tabic of it increase of busine. year by year, reflecting the favor which it facilities find in the community and the response of the public to it aound and liberal banking policy, it prompt, attentive ikd co'lrteouo terviee and it uiiique bxui of btjinea. MNKIN9 0UtS nOM I O'CLOCK 1 M.

TO O'CLOCK P. ITI OfW FI0H I 1 M. TO I MIDKHHT.