.ABSENCE OF
STOCKS ROSE OH
LIGHT SELLING IN
LONDON MARKET
j&all Street Had Expected
Liquidation of American
Issues New York Cen
tral Led Advance.
NEW TORK. Jan. 4. Tho fact that
American stocks were not sold In London,
Hi tho opening or, tno excnaneo tncro in
nny BUch amountn an had been (cared,
i nd the fact that prices did not fall to
"""" -m nvlnnt. nltHntlcrli AfrnniH.n..c.
any niBk .-... , o .......,
were lowor In that market, caused a
vlBoroua rally In prices during tho last
part of tho noon hour tnrougnout tho
wholo Hat with fow exceptions. Oalns
.in much an 3 points wero made, and
tna market became fairly active when
compared with previous days. Tho stocks
(?, which aro largely hold abroad led tho
i New York Central roso 3 points to
87445 New uaven tunw iy iu vvi. union
Paclflo VA to ""W! Canadian Pacinc 3 to
1B7- Atchison 1 to 81V4i Great Northern
forrcd tti to 113. Reading crossed
f Jij compared with 143K at tho close on
Saturday.
Bethlehem Steel common and preferred
mado now high records over tho high
& ooened at 46$i, advanced to 49, while tho
I ""-" .iJ XL tn Of
.Most of tho buying of theso stocks
came from Philadelphia sources, and tho
-J-...,,... tun tinned on predictions of tin
li tacreaso In tho dividend on tho preferred
t a ih. nltirlnir nf common Block on th
dividend list Theso reports ore In view
of tho good earnings on tho commoi.
stock In the fiscal year ending December
8lnd to tho fact that tho company Is far.
Ing well as regards European war orders.
Based on the rlso of 15 shillings In
the price of copper In London and tho
fact that tho production of copper In
tho United States lost year fell oft
markedly from tho provlous year, ac-
7- cording to reports of tho Geological Sur
vey, Amalgamate! uoppcr gamed l at
63.
Western Maryland mado anothor now
low at 9i, but later advanced 10, the
closing on Saturday. A hardening ten
dency washown in Missouri Pacific, tho
stock selling at & up from tho last on
Saturday. There appeared to bo a de
mand for tho stock for covorlng of
shorts.
Despite reports current In the street
that the Baltimore and Ohio directors, at
their meeting for action on tho dividend
tomorrow, will declare 2 per cent, semi
annual instead of 3 per cent, as hereto
fore, tho stock was strong, gaining 1
t m.
Sterling exchange rules at 4.85 for de
mand and Montreal exchango Is 1 por
'cent In favor of Now York. In splto of
k these rates banking houses do not look
.1 for gold Imports, becauso of tho knowl-
&, edge that the British banks aro unwlll-
Inv tn. rtflW with thn mfltfi!. T In liarA
$' ma& liniKAWttn t.nir 4Iia hnlnniu a av
f! DCB) tlKllHIVH ..,. V..U MM.U..VU V.. W
chango can bo maintained with heavy
exports of commodities In progress and
; no corresponding. Inflow of either mer-
' chandlse or securities.
Si TAirrwft A R.rfRTT'nT'KrT". unTT.cj
Offering of $15,000,000 Issue "Well
Becelved Here.
E. F. Shanbacker. president of the
Fourth Street National Bnnk, which, with
Its associates, Is offering $15,000,000 6 per
cent gold notes of tho Argentine Gov
ernment, said today that the notes are
i going rapidly. What proportion of the
-.'notes -will be placed in this city has not
own aenmieiy acciaea upon.
The notes mature $5,000,000 annually for
three years, beginning December 15, 1915.
They are exempt from nil Argentlno
taxes. The notes are offered by the Na
tional City Bank of New Vork. nunrantv
liJ.""' Cor"Pany of Pittsburgh. Union
iruai company or .Pittsburgh, Contlnen-
M ir " -'""'"iHrujai ".trust ana savings
i K,nV t niiln.n Till l WT. i . n
-j.v . biuuaau, tiiiiiuia iruai unu oav
ingg Bank of CHIcago and tho First Na-
uonai uanic or Boston.
W NEW YORK. Jnn. 4 All nf tVm it -
P cent ylqld notes of tho J15.000.00d Issue
P'Of the Argentine Government which were
goffered by the National City Bank, have
ucen sola.
U
HININO STOCK QUOTATIONS
TONOPAH'' STOCKS
bteXtmara '.,. ... of
'Midway '""' -nA
?MiitiKa ,.::::::::;::: s
( wiuitiii our .... in
pTcnopah Extension ::: ::::.:
p-'onopan Mcrscr al M
ITonopali Mlnfts .. ."I":! ... .... i id
te,ES,V..::::::::::: : ::: 1 $
i. OOLturinT.Ti fiTnnvo
&'::::::::::::::::::::: M
I6olan.ia ii'lmont ' m B
Ifitiad.M rVFom i iQl .02
CfliM.i" r,""".i ,..,.,.. in jh
Kimbo Extenalon' " v
.::::V:::::: :!? ill
, JcW Atuo ...., ,.., ,oa oi
fKer Win1 i ,-5X Ai
" "w ,,,,,.,, ,,,..,,,, 1.80 1.84
-?-
3LAT"RH TfrtTf. wnwuv
-w.,
BSfiSft" asJ?
blSf "iSu'i" ' "'' " '' nwnths: PbllaaaN
W". HNJ4 Br cant.
r Kserve Banks DIacount Hates
-Daya
SO or HO to 60 to
a. tuu. uu t"
rtw York " ii S
gS'iMS",.;;::;;;;;;;:;,';;: 5 gH v
'Atlaat?", "''t. ........ 0 6)4
KaiBiiiPc, ? 5a 3
Mft Frawuco ...'.I;.. i o o
I J I l-i I f I I HI I
YQEK BUTTER AND EGGS
iKtfi J8?'?'' lftTl .paoka-ea (S daya).
tnjt'. t aoo-i nignar aooring.
ra wSi5f "'K 4G06oi Imitation cream-
3.vAurtrft flm.. ..lnta fliAA fiasAfl fS
a'- Ftih aitrn flrl. ki. i rreah flreta.
SSUi'.arty whiUa. 4T&19o.i warty
4, 3T12o,i specul roarVa, 2TH9.
ITOBEION EXCHANGE
YORK. Jan. 4 Tha (onlrn axchani
t ouqc4 qult, with demand aterllo;.
1. taljUi, b 18; thaeka, .1H; nrk. S&
i afternoon axchans u aaalar with
' s,y.t "J,'i!.rf"'s,".iiy.
. st. ' '",' """- --
- I II..I W ! IH p
SANK OlSAMNQS
t!1 ncaxinse todav oatacaja with wr-
Jitg iia two ):
TflTkn?.1vrT'Km Y-mrkimTy r.-mfv tN-rtv v,. . . . .
-- v ."ww-x-xLiuviuurui MONDAY. JAKUARY 4. 1D1K.
ggljJNG OF AMERICAN STOCKSlaaD(WrAT
NEW YORK STOCK SALES
tast8l nigh
.4W,W' iiw ?V 103K ioajf
U7H
tan
48
P4H
20X
.80
AhiMm.in"J .-
AA,chSn,,.T:::M
Atrerlcsnl'MtSuitsr... m
American rn. ' i?n
telE!':
Am.t'nVod 27
ass 53'"".' co m
:!Laitu?r.f....ii3
SSSSaJTlS
Annconrtjcopper!.'.".;'.', oH
Atchison.., ,. n
BdUmon , Ohio pre.. So
r,; m.?. h?"1?' icon ids
Pi hSiSSK ""." W
- .v.u, oivei jirpj,
101
1P4
114
78
SOX
fOU
(19H
'Jfl'4
62H
48
33H
2SM
80
44K
30
AM
7f
23)
67H
00)1
104
27f
48
34!f
20
80
45
PO
4)
?1W
7M
24
67K
00K
101
m! 114
110K
221
78
2(
5
COM
10S
40
78
20
5
P4f
BOlf
00H
108
mi
ion
154
37K
40)4
inu in im
167H 151 157
gasas SS h a,
Canadian Pacific...
Canada Southom ...
Central Leather
Che? & Ohio ,.,
i.iiinn TnKnA .
Chlcopo Great Western, lok
Chlca(ro,Mll.st.Paul 87
Con.Can ,
Co Fuel & iron 20u
Hrle 2i
Krleistpref 3v
rcrtolOaj 114
Corn Products s
t'ci a Hudson uiu W5 l-in lao
L'tnTcr nd rilo Grand. 5 Hi an r:
5
37
41
33W
10
B0
40)f
22
21 a
84K
1I4H 113( lM!j
8H 8K 8H
5
37f
41
34H
inw
875f
41f
2?
22H
34
5
37X
41
34J,
10W
87H
41(
22
22l
34Jf
Den A nio Grand prof..
"rncraii'icctnc
Octicral Motor
Gen Motor prof
Goodrich Co
Great Northern prcf...
Great North Ore. Cent
Gupcenhelm
HI Central
Irtcrloro-Mpimrniiinn nw
IntcrboroMctpref.....' coh
inspiration.. m( m
J. Kayscr Co on
130
8
00 00J
24 25
112 114
25f 27
4 45
107
m 5K m
m m 7H
HOH 140H 14014
W K2 8'
00 005,
25 25
112U 114
20 -27
45 45
107X 107J4 107H
vm nx i2
61 60 51
10H Ifljf
til) 80
ijT-i' xxzull- issi 1 m mn
r.. , Hi . '"" W'M VU8 208 1ZO8
lit iJ m rror" 43J 4fl 44M 44M
MBtP8BM...,r:i8r
Mcilcan rctrollum.... 63
Missouri, Kansas &Teiaj 8
Mo Kan & Tex pref. ... 20
Missouri Taclflc 8
jviontana rower Co .... 41
10W 18H
100H 100
s-m 54w
8
20
854
42
National Biscuit pref... 120J4 121
OH
43W
. 56
84Jf
21Jf
. no
.100
70
Nat. Enameling,
nat onal Lead
National Lead prcf....
Nevada Consolidated. .
N.Y..N.H.&II
New York Central
N.Y..P. West
Norfolk & Western....
Northern Pacific
Pacific T & T pref. . . .
Pennsylvania
rittsburch Coal
PittsOC&StL
Pressed Bteel Car 33J4
Hay Consolidated S5(
Meadln? uau
Republic I. &8. prcf... 76
Rock Island if
linmely Co 4
Quicksilver l
Peal oard Air Line 11
Sears Roebuck 184
Southern Pacific yi
Eouthem Railway 14
Etudcbakcr SOW
TfrreffrpCnnrer.' R2H
Tcias Company 128
Third Avenue 3514
Tv.lnCItyRT
Unl9n Bag & Paper .... 6V4
Union Pacific. no
Un Pacific prcf 70JJ
USRubber 61K
TJ,B. Rubber 1st pref... 102
United States Steel 40H
ttH riper 40J4
VaCarChem 15H
Wabash prcf 2
Wesltn. Lnlon... H7U
Wheellnc & L E 2d pref. 3J4
Utn.LLi ulm:i it. . L7H
Western Maryland OH
0)4
41
7
20
S
41!f
121
0J4
4
10M
100W
64H
8
20
8M
42
121
0M
44
107J4 101W 101W 10f
iz yj)i 12W 12K
!W 54K 60
8754 84W 8fi
22H 22W 22W
00W O0W 00H
100W lOnjf 10".tf
BUU XM S0
10454 10H 10 IK 100W
ton ian ibyi iqw
70
34!f
10
143
75
H
3
1
llJf
70
34!f
10H
140
75
4
1
UK
182K 184
81H 82K
It
Z0H
32
70
34W
10H
140
75
J4
4)4
1
UK
184
83
14
30Jf
.'(3
134J4 132
SOW 30
07 J7
45f 4)4
117;4 110)f 117H
70)4 7 X 70
53 .13 63
102)4 102H 102W
SOW 40 0)4
OWf iU)i 0
15
1)4
5754
3
to
0W
14
SOW
2)4
132
3HH
07
4)4
15
U4
58
3
0
10)4
15
1)4
58
3
t-0
ion
NEW YORK BOND SALES
,,m . . Ulth. Low. Cloaa,
14000 Adams Express it 70 T014 7011
1000 Amur Ira dib lb SO tn S!
070UO Amer Tel cvt 4H 0T 00 00'
6000 Amer Tobacco now 68.120 120 120l
iw armour co y' uih 'n ul
14CO0 Atchison 4 U1I 01 01
6000 do cv 4s 1060 04 V. 94
1000 Halt & Ohio 8V4s SOW 8uli 80
4000 Ilalt & Ohio 4a SOU, 83 u 80M
.ir,00 Bait it Oh cv 4Ua.,.. W &' 'S
hoik Gait & o awn 3&.... mil am tiik
BO00 Beth Stpol .'is. ........ U8V, U8(4 18W
4S0u0 Beth Bteel rfd 3A,,... 83i MU MU
10U0 Brooklyn n T 3a:.,..10OJ, 100b 100b
1000 Brooklyn II T 6s 1018. 00 Oil 0!
VOuO Buf N Y & B 1st &I.10SK 102U 1024
1000 Bur ItOCtl A P 4HI..10O 100 100
200O Cal Gas &Eleo 6s,.., 1)2 W 02W OJ
400(1 Cent Leather 8s 07 07 07
SOOOCcnt 1'ao 1st 4s...... SOW SOU 86ii
3000 Cent n It N J reit 6s.U2i! 112,, U2
1WHI Ches & Ohio 5s looff 100H iWli
liiOO Chi & Alton 314a 3l 80 80
SO0O Chi 3t West 4s 68J4 6SW 0SH
27000 Chi II & Q 4s Oi 04U OS
8000 Chi 11 & Q gen 4 l)W 8J 60 V,
1000 5hl B & O re-4s 0K H WH
iWO Chi Mll&gtP Dlv 4s. 80 K) , 80 ,
1000 Chi Mil & 8t V is.... 8M4 83t WW
4000 Chi Mil & St P cv 4V4s. 06 04)4 0J
KXIOO Chi Mll&Stl' fen 4H8. 0U 0O4 l0
100UO Chi Mil '?5 6a 08 0S yjli
13000 Cht Jl I & P col 4s... 23 J3 23VS
SllOOO do 4s 21 23 34
10000 Clev Cln C & Bt J. O 4s 78 73 73
1000 Col & South 4 83 83tt 83U
110300 Con aas cv Us lOotf 1OTH lopti
1000 Del llud 4a IMS.,.. 00 M 00
i'OOO Detroit United 4Ha.... gji OM 8J
8W0 Erie, sen 4s ......... 75i fl7 flT'i
NiOO Erie conv 4a Ser A.... 01 02 63
17000 Brio conv 4s Ser U.. 04U M WW
1000 Oeor Pao 1st 5a ,108 100 1M
20000 Hud Man rtd 4s 78 7S 78
liO Hock Val 4a........ 6M4. SSft 63
3000 Hock Val 1st 4H.. WW KM OVA
2000 111 Bteel deb 4H.... ipd SOU 80VJ
1000 Hud Man In 4s.. 2614 2.1H MA
4000 Insp Copper cv 6a..,, 074 07?i J7W
7000 Interb Met 4s. TJH T4 74
8000 Interb R T ryf 8.... OTH 07 07
1000 Ind Alcohol Ba ...... OOil OOii OOU
Ludo-io28:::oi og n
1000 dq7a tff ? ligH
4000 lorlllard 6s S2fe fiStf Ws
100O do 7a .............. UJW. 1"U 114
18000 Iuls A Nash 4a ..... pa Bl4 JM
8000 Lou & N Tt Kn 4s ... (UVi M BJVS
1000 Minn S A8S, Ml m so 8'J
800 Mo Pao 4... ......... J JJ
ioi S r c i'S?..4.??;; B li? K
iSmMTCIlfiflMIl M os
BSf SM : !:::: a If B
gSStSiu;::: 'ST.
lSorIfiwtt.vt4H.-40iH 101 ig,
1BOH0 Nor rac p i .-. -j w g,,
3(X)o or .""" y. arti 87W
llOrBiri u ,'T niu 0.H w
16000 pacinc .,. .oeij fK eo;
l? J?fSS VSTi i Si 8714 87M 87'
1000 l-uuiio ... ? -- imu 1Mii roi
lOOORayCT," - -Qpi tlu w
nooo Itea4ln 4s f SiTJ bs" oa
UOOrt Ijeadln . obvj OOW OOW
looo nepub Sf,9io .boh oo2 coll
1000 KWk la'and . oi 3 63a
7000 noen I""' a?, il- m3 w3 B43
1000 Seaboard AtlM SAjJ goM 80H
SOW Bouth Pao ov s oaa Sf SSJ
Sooo do rt 4a . .... esS ezQ
i&ico Tea r adj sa. j Mj. 60y.
'ISO Texac Co ev 6 ,9g 7? jaB
TOiro ' .V 76 76H TOj
w:?yK.ri3et ia.. t i
lf S"'ir4:. M., 22
NEW YEAR BRIMS
UPWARD TENDENCY
IN LOCAL STOGKS
Steel Shares Scarce on Pre
dictions of Heavy Increase
in Unfilled Tonnage.
Bond Business Better.
...
After a dull morning the Philadelphia
market gradually developed strength to
day. It was worthy of noto that Im
proving prices brought Increasing activ
ity, which was taken as a very favorable
Blgn by the traders. Changes In quota
tions wore not particularly wide. Tho
tractions led tho local list, Rapid Tran
sit rallying to 12. tiond dcallngB re
flected tho Improvement In stocks. It
was Intereatlng to noto Hint Philadelphia
City 4s sold up to lOOtt, which augurs
well for the chances of selling tho pro
posed new loan on a 4 per cvnt. basis.
Tho local banking house which shared
In tho now Argentine loan reported that
It was selling rapidly, and bond dealers
spoko of some Improvement In their busi
ness duo to reinvestment of January dis
bursement. They stated, howevor, that
tho movement was by no means so largo
as is usual at this time In normal yearn.
Philadelphia Klcctrlc, Pennsylvania and
United Oas Improvement, Ixihlgh Vnllcy,
Union Traction and West Jersey chnngert
hands in small lots. Reading was steady
desplto tho estimates of $500,000 dam
ages Incurred through tho flro at tho
company's Camden terminal.
Bids for Cambria Bteel found tho mar
ket supply of the stock restricted, and
little was obtalnnblo at going quotations.
United States Steel wns also very In
active, only 100 Bhares appearing on the
tape during tho first two hours. It was
learned from good authority that the
Bteel Corporation's unfilled tonnngo
figures, which will be given out at tho
end of tho week, will be at least twlco
and possibly three times as largo as have
recently been predicted. The Pennsyl
vania Railroad last week set the ex
ample In tho way of starting In to pur
chase structural steel and tho other lnrge
companies aro following suit. A spirit of
optimism provalls In steel circles Just
now, which Is only natural In view of
tho long period of Industrial depression,
and It Is gonerally predicted that the turn
for tho better noted recently will con
tinue for some tlmo to come.
LOCAi STOCK AND BOND
Saturday
SALES
2:40
close High. I)W. p.m.
00 Alliance Ins... 1BW 10 16 in
0 Am Hwys prof,.100v5 100M, 100V4 100W
10 Am Car 4. Fily. .. 4tf 44 44
31 Am Ons 100M 100 100 100
0 Bald I-oo pref... 103 1BI 10.1 103
23 Camb Iron .... 42 42 43 42
30 Cam Steel ....41 44 41 44
82 i:icc Stor 47 47J4 47H 47T4
410 Gen Asphalt.... 32 32 32 32
200 Oen Asp Jf . . . . 08 08 08 08
46 Ins Co N Am.. 22
200 Key Tel 13
no Key Tel t c pref 61
iiu lenign
Ji'1
77
88
Nuv t c 77 77 77 77
8 loh Val 06V1 003.10 6R 003-1.8
12 North Cent 8? 83 83 si
64.S l'ennn. It 11.52 B-10 C2U 52 8-16 62 13-lB
20 I'h Co cum pi of. 40 80 311 80
73 Phlla Elee 23H 24 231i 24
030 V R T ctfs liaf 12 1H? lift
7 Itead ne 71T4 71T 71"u T1"H
475 Tono Bel .... 4 7-19 4 7-10 4 7-10 4 7-18
7ft
ctlon. 38 39U
sis my,
60
B8K
I 7-10 4
7 7-10
ffi
o-v
250 Tonopah Mtn..
' loo un iimi,
' .V.I tJn on
2.'S U a I....
linn IT Steel
I w J 4 Beasnoro oo
20 AVestmora Coal. 68
BONDS.
Prev. sale. Hlch. Low. Cloae
S81
40ft
60
0SJ1
s?fc
80
00 Am O & El 8s.. 85V4
00O Am Itwy Bs 1017
1000 llcth St 6s..
AS Cam Steel scp.
800 city 4S 11HO.
116K
ui
3000 Con Tr N J 6S.101K
7000
El
1000 Int
Peo TT 4a. 78
Hwy 4s...,. 68
14000 li Nav cons 4Wa 07
200O Penn & Md S da OS
3000 Thlla IS 6a 101
1000 P W A B t o 4a ..
1000 rteadins sen e. M
6000 fipan-Am I 6a.,lCH;
bOV. H3M non
04H 04H 04U
116H "3H 11S?V
07i 07W m
100 100 loow
101H 101i lOIJi
78 77H 77
58U 57ft B7Jf
07H 07 07
OS 08 08
101 101 101
07 07 07
03 D3U OSW
ioo ioo5 looil
LOCAL BID AND ASKED
Baldwin pref .
rnmhrk Rt.el
Pleetrio doraae 47
uenerai Aspih
ao nrez ..
Key Telephona
do rref
Lake Rup Corp
hl
An
l jhlirh Vallev
Lehlih Val Tr,
do pref ..
Ponna
T4illa Co 03
Phlla Hap Tran ;
do t o J.
Keadln ,; i
Tonopoh Mlnlnar 1U
TJn on Traction StJ?
Unit Oaa Imp flji
II a Bteel 40U
Tork atwjra
do pref . .
Baturday'a Today's
Bid. Asked. Bid. Asked.
102U 103 101H 102
4214 41 43 44
47H 47J4 48
o xn
' ' ' .tr tvtv. mil RS
I,'.' 13W isf 13S 14
'!!!"". ami ill 61 62
......... ..10 .. 10
snB"v .::::::::::: H M -m v..
? ii
T 278 -M 27,27
,. 82 8-10 &7-16 53 63JI
23i 2IIH 23M 23!i
8
31
!
UK 11J4 UK
ii um ml
7lg 72H 72fr
7 T 7-16 7W
38 89 SOU
8lff 80J4 81
404 60S 60'
8g 7ft 8
32 31 32
BANK MERGER APPROVED
TOENTON. Jan. 4. Commissioner Lamonte,
of the New isrsey Banking and Insurance Dj
nartmsnt. has approved the merger of the City
Bin o" Sayonne with tha Union Trust Com
oanv of Jersey City. The Bayonna bank will
Company.
WE will be glad to mall
upon request circular
descriptive of a 6 Cumu
lative Guaranteed Pre
ferred Stock of a Public
Utility Company operatlne
in the State of Pennayl
vania. This Stock can be pur
chased to net 6 2-3, with
out considering the fact of
its guaranteed maturity at
105 of par on May 1st,
1929.
Free of Pennsylvania State
Tax and Normal Income
Tax.
As officially reported, net
income applicable to div
idends is over three times
tho annual requirements.
Seldom can so strong a
security be purchased to
net such a satisfactory re
turn. WilH8fflP.BoDh!gIit&Co.,Inc.
MORRIS vy. STROUD, it,
Manager
4S7 OHE9TNVT aJTUBBT
FhlUdclphta
New York Boston Detroit
Londosi WHUata P. BonbrilM Co,
EIIUEOTOUX QV ACPOPNTAJiTS
Vublte AceaoatssU
imm-s-mensKW
HALF HOURLY SALES
.rvM..y'.:; W
10 to 10.30 A, M.
10 phlla Elee.,. 23 H 80 Fenna
60 . do .., S3 2 iinpx
n union -rrae.. nji a p,na ..;,,. rc
I r,"l?ft, ' Kff 2J 9m Steel..., 43
21 U a I....... 81i 1 Weil J A 8 6 80
BONDS.
1ood Con Trne N J 6i.i..t..i.,......101U
Tlooo Phlla. Wlirn & l1sUteU.lt! 07
800 Am Oas A Eleo Os. .,,..,, .....!., MU
4TO0 Spanish Am Iron C,,.,.,,.,,,..,,looii
jono Penna & Md Bteel Cs oV
1000 Eleo & Teop Tr 4s .,, 78
10.G0 to 11 A. M.
M Penn. ....... C2U
rwi
IX Rleo
i HenOln
CO Ton
Hlorsie. 47U
Intr .,. T1W
Mln.... .7 7-19
OS
0 do......... 82U
10 do .,.623-10 O Penna ,, MU
00 Alliance Ins,, 10 10 U Q 1 81H
BOND8
1000 Spanish Am Iron On.. .,...,, ,,,,.100
100 Am Una A Eleo 6s S31
It
18 P
100
60 Ton
2 Leh
000 Gen
11 to 11.30 A. K.
n T t o. 11H 250 0n
do llij lo nen
it liel, ... .4 7-(6 40 Pent
Valley...
Asp
Wit
QZ
Asp pfj,
Asd
enna .......
3 Ina rn M A.
tOUS Bteel....
11.30 A. M. to 12 M.
&
teel.... 4l(
loo p n t t o.
loo u B Bteel.
10 1'enim
BONDS
2000 Con True N J M..
8000 Am Hwys 5s 1017.
80 Penna .,
0 Beading
,71 11-10
K
12 to 12.30 P. M.
10 Am (las..
12 do
20 Penna ....
10 U H Bteel
la r n T
BONDS.
1000 Spanish Am Iron Ca..,....,
1000 lloatllnc nen 4s...
iooo Ih Nav cons 4Hs
.vio city is luio
1000 Interstate Ilwys 4a
20 Union Trao... nsH
2i ins wo " a.
ii I'rnna
16 Klec Storage
uo Ton uei
.n a. s
:2V,
:oroe. 471
1 47-lfi
....100
.... Mi
l 0. . 1-
100H
M.S
.....07ft
loot;
..... 67 5
12.30 to
T t
1 P. M.
0..
IMP tl
100 do
n.- Elec Slorngc
lr U" S Steel...
100 do
lo Phlla
lt'i 2 Penna
11. 10 Union Trao.
47(i II Penna
hi iw union itao.
.10. 60 Key Tel pfd. 1
iat,
.12
60
SO U U Btoel
en union Trnc.
12 it n I
.. 11 Ji Mil H Steel....
,. 11 100 U 8 Steel
20 Penna ...
100 U S Steel
mi u II 1
1:1 PC.
100 Ocn JVsp...
100 U B Steel..
100 p It T t c
100 Union Trac
100 P It T t c
240 Union Trnc
12 I! a I
20 Penn 62 0-10
loo Keystone To). 1.1'i
200 Un Ilwy 7H 20 Weatmor Coal .w
100 Keystone Tel. IM 20 Ins Co N A. 22
BONDS.
lt
8I1
60
lh
601
,.62
:Sfc
ni
10 A Car A Fdy 44H
l7i
0 Cam Steel sarlp....
6000 Klec A Peop Tr 4s.
78
1 to 1.30 P. M.
00 u a 1
20 Ih Valley.,
8 u a 1
2 Penna ,
1 do o:
0 Baldwin
20 Ph Co cm
0 Am liny p
8 North Cent
28 Union Trac,
10 Ton Bel....
M.
pf. an
td.
152V4
. &I
. 80
17-10
s$
81
, no
, 81
11-10
pfd. 103
BONDS.
11000 Txh Nav cons 4Us..
3000 Lh Nav cons 4Hs..
I 1.30 to 2 V,
a Union Trac. 0i; 10 Ih Nar t c. 77
in Ponna tuU, 60 Penna ....8213-tO
!00 Tonopah Mln. 7H 2 Wee Storage. 47U
2 I.eh S'alley... 00 10 U Q 1 80J
10 Key) Tel pfd. Mi 20 Leh Nav t 0. 77
BONDS.
2000 Phlla i:ioo 5 101
1000 Leh Nav cons iV, 07H
2 to 2.30 P. III.
52 1.1-10
... 81
... 81
BONDS.
tC Cam Steel scrip. ...
1000 Elec A Peop Tr 4a.
00 Penna
2(1 U O I
10 do..
8 Penna ..
10 Leh Val.
62 16-10
.003-10
2.30 to 3 P. M.
SO Ton Bel 4 7-10 2 Phlla Klec...
SO Penna ....5211-10 7 North Cent...
100 Ton Bel 4 7-10 17 Penna
25 Cam Iron.... 42 10 nen Aap pfd,
20 Penna . ...C2 15-10 20) U 8 Steel...
10 U S Steel.... 6ti 5 Cam Steel...,
200 do 50)t
BONDS.
1000 Spin Islt Am Iron Os
6000 I.eh Nav cons 4Wa
100 Am Can A Clec 6a
10CO Phlla Elec 5s
1000 Beth Steul Oa
07i
7TK
24
81
M
08
on
iSf-
115H
COTTON TRADING ACTIVE
NEW YOBK. Jan. 4,-There was a lively
Interest displayed in the cotton market this
morning, trading; active. Opening- prtcee -were
6 to 10 points higher In sympathy with Im
proved Liverpool cables, but after the call
profit taking by local longs brought about a
reaction of 2 to 8 .points. A rally to the
opening leels quickly followed under tho
stimulus of commission house buying clileny
for Western accounts.
RalllFilAV'B
close. Open. Illgh.
January T.75 i.OO 7.00
March T.04 8.00 81.1
May 8.1.1 8.00 8.X2
julJ B.M 8.4t 8.60
October 8-51 8.B2 8.74
Decemhef ""I... 8.C0 8.74 8 87
Spot w
BAB SILVER
NEW YOnK, Jan. 4. Commercial bar stiver
was quoted U cent higher at 4M4 centa per
ounce? In London It was 1-1M. lower at 22tf
pence.
, Low. Close.
i.wi 7,00
1.1.1
8,00
8.18
8 88
8.60
aoo
8.
8.81
8 60
8.74
8.87
PRICES OF WHEAT
BOUND TO HIGHEST
POINT OF THE CROP
Also Makes Market Record
for Number of Years.
Good Commission Buying.
Offerings Limited.
CHICAGO, Jnn. 4.-Whcnt prices tOucliod
the highest point of tho crop year this
mornlnr, ns well as roachlng the highest
market In a number of yenrs. There was
good commission buying nnd offerings
were limited.
Supplies on ocean passage dcorcased
nearly e.OOO.COO bushels laBt week, nnd this
now was reflected In an ndvanco of 1H
to 2d. In spot wheat at Liverpool. Fu
tures there nlso wero strong.
Corn advanced sharply. Oitcrlngs wore
light nnd tho commission demand wns
general. Thero Is too much moisture In
Argentina for the new crop. Tho ntnount
of corn being shipped out of that coum
try Is very disappointing because of tho
lack of ships. Spot corn at Liverpool
moved up 2d. Stocks there are decreas
ing nnd plate offers wore up M. Cash
houses wero among the early buyers here.
World's, shipments for tho week were
1,141,000 bushels.
Oats also scored a sharp advance, fol
lowing bulges at Liverpool nnd London.
There was buying here which wns be
lieved to be for exporters. The demand
from commission houses was general, but
offerings were light. New oats In Ar
gentina havo been dnmnged extensively
by wet weather. World's shipments for
tho week wore 735,000 bushels.
Provisions declined everywhoro on
enormous receipts of hogs.
Leading futures ranged as follows:
... .. . .Saturday's
Open. High. Low. clone, closo.
1.8M1 1.81V 1.32 T1.34W 1.11
11.22 tt.lOU
Wheat-
y 1.82J4 l.SlH
J"' l,20- 1.22
Corn fnew d.llo.
W 74 7.1U
73 70i
July ...
Oata
May ..,
July ..,
Lard
January May . . ,
nibs
January May .
Pork
January May . .
Bid.
64W
62
55W
3
53 ti
...10.50
...10.78
..10.12
.. 10.45
...18.00
... .10.17
tAsked.
10.00
10.05
10.15
10.55
18.00
10.27
Low.
1.32
1.20U
8g
10 60
10.72
10.12
10 43
i8.45
10.12
78V,
68
163H
10.00
10.02
Bit
10.52
10.80
Pliiladelpliia Markets
GRAIN AND FLOUR
WHEAT.rteetlpts, 188,293 buili, Bpeeu
latlon wKs strongly bullish and ptlcee ad
vanced 3Mt., with a good Mil try for export,
quotations: Car lots, In export elevator Ho.
2 red, spot and January, !1.3201.84i No. 2 rtd
Western, $1.8091.88; No. 1 Northern Dutulh,
1 4001.4.1.
COHN, rtecelpts, 12.85T bush. Offerings
werei light and the market waa lc. higher, with
a fair Oemand, Quotations! Car lots for local
trade, as to location No. 2 yellow, new, 770
7JHc. steamer yellow, new, 70C70!ic. No. 3
yellow, now, 76973t4c.i sample yellow, nw,
7072o.i new cob. per 70 lbs., 510iHlc.
OAT8. neceljts, 4tP0 bush. Demand was
fair and prices ruled Ann. (Quotations; No. 3
while MOSfl'ie.j atandard white, 65J8J.I
No. A white, MK065C.
,,IIVK was scarce and firm. We nuola at
l lOyl 18 per bush., as to quality, In eipott
elevator, and at $101.10 for small Iota of
nrarby grain. In bags.
,. 1'I.ODIt Receipts, 800 bbls.. and 8,782.858
lbs. In sacks. Mill limits wern well main
tained In sympathy with the strength
of wheat . but trade was oulet. Quota-
luo lbs. In wood! wintsr, Clear,
do.. stratahL 3 25C5.B0! do., pat
enL 15 05-80! Kansas, straight. Jut sacks.
J3.WIf5.75; do., patent, jute wtcks, $5.7600.10;
sprlne. flrat. rJftar. sjt4otKfyit dn. stralsht.
S.l5j3.W): do., patent, 0tI0tfl do., favorite
branda sn.3Mii.n.t! citv mills, choice and
fancy patent, $0.35510.05: city mills, regular
grades-winter, clear, $I.WMW 10; do., etralght,
s.i vrwi ft rji, rfn h.,..i' 1, Mart
tlons, per luo lbs.
.wij.i.ici
')..iini'i.l"j city
15 2OI0 50i tin., nnlrmt: t.t nACTO
,Vi: rr.OUU ruled nrm undir small aup
piles, but thero was little trading. We quote
nearby nnd Western In wood at $080,50.
PROVISIONS
The market was quiet and without Important
change. Quotations: City beef, in sets, smoked
and alr-drled, 2S?2t)c; Western beef,, In eets.
smoked, 2.1G20C,; do., city beef, knucklot and
tenders, smoked and alr-drled. 20a30c.! do,,
iJ"Mrn b'eft knuckles and tenders, smoked.
? If 10c i beef hams. JMC.H: pork, family,
Kaeonil! hams, . i. cured, loose. l3W14c.i
uo. skinned. Innie. tnnlnur.t An . Ao.. smoked.
1J)(fl4c.t oth-r hams, nmoked, ell
to nranu and average. l4Mfi;
smoked, Western cured, 14UC15C.S
lop-e.
bellies,
miMii'ic.i
icKie,
cured, as
! do., boll
tv o
5c,; hams,
lea,
boneless. .200216.: plcnlo shoulders. 8. V. cured,
n
ntlMioc; breakfast oncon,
in
.In., smokeri. 12UH12t4c.:
according to average, loose,
nt nnrnn. hi In hrand and
average, cltv cured, lsaiOc; do.. Western
cured. 18iiiPc: lard, Western, rertned, tierces,
1191114c.; do. do., do., tuba, ll(rllUc; do.j
pure city kettle rendered. In tierces, 11W
1101llc,
pure city, kettle rendered. In tubs,
10.18 110.15
10.50 10.M
18.00 tl8.05
10.22 '10.23
LIVE STOCK QUOTATIONS
CI1ICAOO, Jan. 4.--I!OaS.-rtecclpts C2,
000. llsrket 6 to 10c, lower. Mixed and butch
ers, J0.75ii7.30; good heavy, 17.051? 7.30; rough
havy, I8.76O0.05; lljht, $0.76"7 25. piss, $5 .10
00.60! bulk, $7.Cfltrf.25. CATTI.l.. Ilccelpts,
2.1,000 .Market 10c. lower. Ilcevcs, (u80.73:
cows nnd heifers, $3 30S8.40; stockers anil
feeders $4.3010.50; Tcxans. $ftK7 28; calves,
7O0.75. BHKEP. llecelpts, 30.000. Market
lOo. lower. Native and Western, J3.6OS0.76;
lambs, $S.75U8.8S.
BANK RESERVES GROW
Philadelphia Institutions Report
Gain of ?5,003,000 in Surplus.
A Wg; gain In surplus reserves was re
ported by the local banks for the week
just ended, tho amount being no less thnn
$5,003,000. Loans decreased $2,477,000, while
Individual deposits jumped $8,290,000.
There was an Increase, of ovor six mill
ion in reserves held. Tho dotalls follow;
New form
Jan. 4, 'IB. Increase
LOCUS $.11)3,452,000 J2.477.U0O
Deposits (Ind) 310,241,000 8 200,000
Circulation i2.178,0uO '240,000
Due from banks 52,:.13,000 1,200,000
tDepotlt of banks 114,790,000 is.l.QOO
Exchange Clear. House 17,702,000 3,ffl!,0l'O
ltsservo held 75,010,000 0,402,00
Iteserve required 54,m,oo 4l.i,OOo
gurplu 20,871,000 5,V03,(0
Surplus under old form: January 5, 1014, $12,
410.000! Janunry 7, 1013, J13.008,000: January
S. 1012. J12.112.000i January 2, 1011, J8.0S0
600! January 3, 1010. J3,774,00d.
Japan's Foreign Trade Smaller
rOKIO, Jan. 4. Foreign trade returns for
1014 show that exports amounted In value to
more than OJiO.000,000 yen (J3I0.0OO0OO) and
Imports to nearly 025.000.000 jen ($.112,500.
000) Tho total Is more thnn 170.000. 000 yen
($83,000,000) less than In 1018. There waa n
decrease of nearly 1JO.000.000 yon ($05,000,000)
In Imports, most of which Is attributed to the
European war.
REFINED SUGARS
The market ruled firm, but thero was little
tradinir. Itcnners' list prices: standard eran
'"n'ed, 5c; flno granulated, 4.V0t..: rowecred,
5iK:! .confectioners A. 4.8Jc.t soft grades,
4.1034.70c.
DAIRY PRODUCTS
nuTTIIIt. Tho market ruled nrm under
light oRerlngs and a fair demand. Quotations:
estcrn, fresh, solld.packed creamery, fancy
specials, 37c; exceptional lots higher: extra.
pnds 2a2tic.i ladle-packed. 22S2ic. as to
quality; nearby prints, fancy. 3Dc.; do,, aver
ago extra, irrftaic; do., flrats, .13014c: do.,
seconds, 28ff30c. Special fancy branda of
prima jouDing at 44UMU0,
litiUB."
Choice fresh ergs were scarce and
firm with demand fair. Quotations: In free
cases, nvarby, extras, 44c per doxen
nrsis. scz.iiu per ninnasra
nearby
rase;
einnuaiu iiign
nearby goed current receipts. $12 per standard
rase; mixed held and fresh and ordinary stock,
fin.mwil.10 per case! Western extra firsts,
J12RO per rase; do., nrsts, $12 per case,' South
ern, J11.40R12 rr caso Refrigerator egge,
spring packed, choice, 20327c. per riot.; do.,
ordlnnry to fair, 22624c. per dot, Fancy se
lected candled fresh eggs wero Jobbed out at
47fl4")c. per dox.
CIII5KSR. The market was quiet, but
steady under moderate offerings. Quotations:
if
"IS
herE
tiW YrVr-V ntt.lMa-rt. AAss.tA. ----- . -
iflc , do., do.-,"eyrreiif rniVs, hS ictTnsT J
POULTRY
IS. Thn 1
erate
tlons:
spring 1
tutkera.
IRC; guineas, young-weighing 2 lb.
:SIS 5 B 5&i.y,f AKf ri
tSffiSiDgigKSr
!. W?4 :' mYktt SSfTSJjyjr
'",vvu 7at wuouiiions:
l.lVK.-rTh irtftfWt f-nUst rtl. j. ...,. ';
lfefflLf frjSrC2fiK ;,
Ch!6fcin. .mlin m 'ZnltlUXSm' Zv
llM117rt.f klitrikh tiAin. . -1 wwS:if
mr
.:-ti.!..: J""? ,
-i"r;i or"I
h'inrv tacskaa H...l.a. tx. T" Tl i'
aw fwv AW' m&EF
Ri?r&.!an.-5i.
. 'do"' V"X& u.-i '? .15 .!?
"-w, .unci no..
u
hs.
17o.
?H. lbs. aMece. l4rti
ana under. 1911., irAjri-
a'i.ta i.-rT:..'. ."."'-i
."11". "WPicaea, wra
-., .,o., -i ids., aoc! do., do., al
1.7.. n5i.ISi-"n. ..". JsewA
NiiVkfviiss'iTi. ":?j. i""""
inn
,bl.. Wrv.AOt,if.
bs. apteee. "ietio .
iH.lt.. e
ciin mu.
,ehlekna
mh liU -f.-:. yl" CIUCKtn
Mr , Vt...vT.V.'i4r"! "oo., rair to
fair to ih:ueiMrvniXS,itS,tSS',SL'
SOOd
00..
..... r.:." v n"vv. ..ui', inni
tn"..""o,.V,-'r",r.,a''J-?j ;S,b 24 lt
dot.: TdaiTrSV-Sal,ff'.i,0.Mt A-.
il .". "" fc" uoi.1 Awwarino.. fVirri.t-sa,4j 10
1 weights. I4l
Western,
milk-fed,
em.
3V4 lbs
mixed '
We-tern.
weat; "Mif:izr'-&itrz.n'Pb. i!
--"' - anuit !. imc-i iaaren
mllk.fM.
dry-plckd.
lTI1IKain1 VUT3 lttsl tia..
pnrn.TkH si - - Ji ' z-i
;:;"."?.' !" over, joe,: western. roii
Sii.!. '-'. W w'ttarn. corn-fed. dfyplckeS,
WJ&!2&'TP9m,
h. .. s.. -gr.i'."iv? -'!?."".
w., , UUh,
IO IDS,
A lbs..
per dot
$1.2531
t 1?
dot. TVTi la.
..""S!l wnue,,wegh n tfit
eignir
NEW YORK COF1TEE ICABKET
NF.W YORK. Jnn. 4. Tha rnrr mart... L.i.
eirong at ine opening, futures advanced S tr
J. . ".w ,, JilUIBUBf B GlOtingj
ary, OOBo. bid! March.
(i.280(L35c.: May, ii.SRao.45c, 7
Beptember, 7.35c. bid, No 1
F,'bcS!
HiC! AprlT,
August, T.230T.23cl
sales.
ANNPAL MEETINfiS
as TUB CENTItAL NATIONAL BANM!
USB OF riULADRLrUIA.
The Annual Election for Directors of tkl.
BanK ana tor mi purpose or action ttponf:
Bminumcii, .u a, L,vii .a ui Article of as
soctatlon so that tha same a atneiidael wilt
read
"Tha Board of Directors shall cOn.Ui ,et
not lets than 7 nor more than 15 Stockholm
ers, as shall ba determined by the Board of
Directors prior to any regular Annual Keat .
Ing of tha Stockholders ot this .Association,
ths number so provided for being continued,
from year to year until changed by rt.olu
tlon of the said Hoard."
will ba held at tha banking house, Lafayette
Building, Chestnut and Fifth sts., Philadel
phia, on Tuesday, January 12, 1013,, between
lU 3. and 1 p. tn. ,
WILLIAM POST.
Cashlsf
FIIANKHN NATIONAL BANK.
Broad A Clirstnnt Streets.
Philadelphia, December 80, mil.
The annual election for Directors will bt
held at the banking house, on Tuesday, Jan
uary 12, 1015, between tha hours of 13 noes
and 1 o'clock p. tn. -
B. r. FASSMOnB. Cashier. ,
US'
The Guaranteed Mortgage
The Ideal Investment That Costs Par
Is Always Worth Par
The guaranteed mortgage is the one security that
stands the test of time, unaffected by adverse con
ditions, sure of prompt income, non-spec-ulativ?
and unchanging in value.
Send for January Circular
Philadelphia Company for Guaranteeing Mortgage
Land Titla Building, Philadelphia
William B, Nicholson, President
Henry I. Brown, Vlce-I'res. Samuel 0. Edmonds, Secy", and Treat.
Capital $2,000,000
Surplus and Profits $500,000
I "1
AvJjkHS, lwUlIMi! sMIaMtV I
$15,000,000
Government of the Argentine Nation
Six Per Cent. Gold Notes
Issued and
Outstanding $15,000,000
DATED DECEMBER IS, 1914
Duo-Series "A" $5,000,000 Dec. IB, 1915 .
Series "B" 5,000,000 Dec. 15, 1016
Series "C" 5,000,000 Dec. 15, 1917
Coupon Notes In denomi ttion of $1,000 Interest payable June 15 and December 13 '.
Principal and i teres payable in U. S. gold dollars at Tho National City Bank of New York
EXEMPT FROM ALL ARGENTINE TAXES
Redeemable at 101 and interest on any interest date on ninety days published notice
Theso Notes are issued under authority of Law No. 9,468 of January 16, 1914, and are tht. direct generarotjli&atic'
of the Argentine Government, whose faith and credit are pledged for the prompt payment of the principal and semi-annua.
interest as they severally fall due. There will be embodied in the text of each Note the following agreement:
'The Government of the Argentine Nation covenants that during the life of this
loan no more favorable conditions as to security will be given any other loan of
the Government of the Argentine Nation without equally securing this loan both
as to principal and Interest."
Only one issue of Argentine Government Bonds has a specific lien upon import duties. The total interest and sinking
fund charges on thi issue amounted to only $2,453,230 in 1 9 1 3. or less than 3 per cent, of the total ($84,540.3 1 6) import
The total external and internal funded debt of the Argentine on December 3 1. 1 9 1 3, was $525s493 137. The
rlxSSmf' the interC3t to $24,640,515, a total of $34,433,686 for the
sTceffXPS A the national revenLsi; tha ye $148,266,329. the interest charge, consumed but
1 6 per cent! and the total debt service only 23.3 per cent, of the total revenues.
Tr. ovulation of the AreenUne on December 31, J 9 1. '..according to offical estimate, amounted to 7,704,396, The
... r-r --r - - .. . i nu -. .!, tl,;a ..timnt. wns inn inw and that tne nreseni nonuinuou
I y ... .m ... .. - . .. i a ti if
f the Republic with a population, as shown by the v It n8"9'
America. The area of the Argentine comprises 738,090.00,0
kw- T-.r -- - . .. . r .1 . nirr-i x ii... Hi tK tat
. . , QffMi. Would cover the entire region east, or me m.ss.ss.pp. jvs. f'w "v ,.""
acres, Dupetunposta uuuu wo w-u m - ,
r FT" 'J
A circular gMng additional data may be had upon request
Subject to prior salo and chance in price, we offer
Series "A" Notes 100 an4 Interest to Yield 6
Series WB" Notes 99H and Interest to Yield 6W?S
Series "C" Notes 99W and Interest to Yield 6lA
.i:n.;n.rv inriirntinna irom tne census (BKCn in June,
of Argentine is over 9,000.000. Buenos Aires, the capita o
r i c.t ii :. u rMvk UrrrBf ritv in North and couth
tnr i. inn. iuj. is Liic luutati mc
ft"-
The Fourlli Street National Bank of Philadelphia
. hti,ai rn nank nf Wp.w York Continental and Cofflmerelal Trust ait
IIM? liaUUHO V4SJ wu. "y- "
JL
Gnarantv Trust Company of New York
Mellon National Bank of Hiisfmrfl!.
The Union Trust Company of Pitlshurah
Savings Bank, CWeaflO
fllinols Trust and Sivbifli Bank, CMftPUl
The First National Bok of Bit
js sisayj'
iWr"
PSiMiMSJW
i&. z-s&t. Sj-. awuniiKSfjBMi.
YSHBseSv- -;
'jh9K3BSWB8MBBSG 9
BaHgBaggHi 8
-x, ' r . -raiasjMilaSsiaEisga
nuV KSLfflLSt il
wS sM "
, -