EVENING LEDGEK-PHILADELPHIA, WEDNESDAY, JANITABT 0, Iffm IS ;ALL MONEY IN NEW YORK DROPS TO LOWEST POINT SINCE EUROPEAN WAR BEGAN LUetOTk 'wSiiffifLt $- SUPPLY OF STOCKS INCREASED LARGELY m IRREGULAR MART itl.Lm .Srrl Snnrs jCtnieiiw -" -... leaders on Upward Move- & a e. T- lonf in AttemoonaBror leityi Exchange Q l w ; ,fc ' '"' ,' J fimV TOltK, Jan. 8.-The toarke J, was a Irregular one. Alifthapen 'Sr j... .t.Minoit frnctlonallyVttonf the P""" . . . ..... . aAA ... ill yesterday, dui mwr ... .. ., A. & slight rally. There was a. gdncral nereua In supply soon after the open- i kinii traders cnueu icguiiik urn iiuih &8 loiirce, and the belief prevailed that jjrope had nsaln appeared as a seller, lihouih the orders could not bo traced IrtCtly I foreign houses. For a good 'art of tho forenoon trading was re- Uftteo by I"0 raot lhHt many rPre" .....I,,, nf Imoortant Interests wire 'Mt to reach tho Wall street district '" . k. mhwitv accident. iicauio "---.. 7',-" ,- . . Alter miaaoy uenuvnoii. ' ! tauns the market loaders on an upward lovement. xao cuimu "" " Ulttd State Steel common for a net iraln Of s.i points inira mo .uw ui cAj in h morning and VA from the Easing price last night. The preferred IdBilMI V ,...,, 4h Ml! at til A r1na rent to w, tvin,,c,; ...... .-, ..... v.vuu Nearly all tho houses -with Important annettlons wero nmoiiE " uujorn ui ..M.h.m Steel. It Is still Insisted that hre will be do dividend at presen on he common stock, but soma of thoso nolt active In today's movement assert htt the preferred stock will ho put on a cer cent, uiviaonu dhuis ui mo voiiiiiik uLiiArV meeting. This will put the ,owmon etock in line for dividend dlsom- There was a noisy demonstration In the -,,. when the dtIco of Bctlilohom Steel rossed United States Steel common. tiny wagers nan coon inauo iuui uus rould happen, ana wnon jjuu.hoi.uiu aiuei ti at MTi tho wagers wore won. t AMhor stock In which trading wns tetire and which wag strong- was Amal- araaiea VUyOI. "..v. " ,. w 3. he talk In coppor is more cncournK.ne, a in ome nuarters a better domostla Lemand and larger exports Is looked for, rlth an Increase in tne price oi trjo tttsJ. Reading touched 146?i. This compared iih iisu at tho close yesterday. , f The early selling was most pronounced n tinlteii states Steel common. Union Pa- 111c, Atchison, Great Northern proforred ma Amaigamaiea uopiicr. Tho direct lnnuenco of the subway accl- ent was shown In a. docllno In Intorbor-agji-Molropolltan common from 12V4 to MS. Tho preferred sagged oft two points o M. The common rallied In tho lator raalng1, while the preferred remained sort. The preferred, by selling at 50, ouched Its minimum. The 414 per cent. lends told at 7314, off ?a- 1 BtooKlyn ilapid Transit was on $j, at i, on tne poor earnings statement ior leceraber. The comparatlvo decrease In kross was slightly over $2000 per day, or KIM for the month. This follows on Ihs heela pf a November shrinkage of lwgper aay, or joi.wu ior tno run montn. The foreign exchange market was quiet nd weak In the afternoon, Sterling aia TCtrp quoted at 4.85 and demand Call money this afternoon reached tho ppesf olnt slnco the outbreak of tho European war, by going' to 2 per cent. aera was a considerable supply. to. NlW YORK BOND SALES KWQ Armour Co 1lrfk J. e - '- ' iOOQ do cv 4a lOflO.... 1 if... . HlKb. foooAmer Hide 4 I 6i..,10l JOoOAtner Tl clt 4a 8T WW Co tu 4!4n U6'4 wuo Amtr Tobac new 0. ..lao's i(,.iuur .v ):b.,... vltk ' ... 81 Jj ftXXi " ".a iuw..,...Iiu)7i vvyu JL.cn ac 'ii ujcia b. , . , v; iSiafi"":::: JwOBeth etel lot 5.. IMW) do rtd lis ........ IW Brook Jlfln Tr 4... ..mi IjTO lo Oj 1018 0i JSS2 5'.Oo & Klee 8... 01 AlSi'"1 u cons St. ...101 Sl5SC,nt Leather let Oa,,. 07 6W Cent Pacific aH,.. .. 8T .Q0J do 1,1 4. . . Bit uni r..i ii .-, ..; 'VJCA n .w,.nw OJI ...JU.171 t")C0 Che & Oh cv 4U Tiu WWChlo&Eajt III S.I.... 73 SOW CWa Ot West 4B BSIt MM Chlu Nwn 3V43 18 g0ClileB&Q4iT: M JX i)ogen4s 8)(5 '?w do cv Ma..... 05 WOChloltl J.PC014... 23 FS0J Con.au cviiw t now 1000 DUll.th MR IU, 4fW S W Ha Secur Cnrn sa b.im WO do eer D , iMil r0OBiral Motor 6a,...100.1i jS?Sn Heo dob Oa lOaS gW Mn In Hi.... 27)1 ,SS Central rfd 4s..' 80 I'-WOlni. c Cod bv Oa infn ns ,S5 '"P Copper tv .,. t814 ITS' JatMb Jlet 4H.... . T3 gWJattrt It T rot Da..,. 1)7 ii i. cr ""r alar W-" 1014 WlJt Bh deb 4 10M,." oi ISSH' ..MT 8.. , 100H UJ U'J f1 BS ltLEIl ..... Ttiui fiiu..t.r :-;- -- t. . iovi !2."SM e,... l0 :rx: fin g hi. Li Ha Rfi f" r canal 4a 1JC0 .. loo ???' Imi4W..lx ft LS.4 JI Sa . .,, 8S RS J city 3Ha inai , sn SS S it H y 4a 'May '6T,10l2 K 4 I B. 10t Low, Cloae. 100IJI 101 87 87 12U U'Ojt Pit, 112 1MU .lf5 iu lu 8'JV, SUU 8KH 89 8UH SOM 8l4l ,84i ftlii lsj 98 118 SOU 8.1U MU lOIti 10Ui 18H w lai 103 01 111 101 101 07 0711 u.Mi oi'g 81 S0' 10.1 iojK 113 113 7M4 71 75 75 7S3 78fi boh su(J 89 80 1)4 WJ1 SSSLClty iS.".. Ou 'ifvA". & II 6s ,JI8 ifeySJa..::;:: SfV!e. :UflSS.S1?.Wn t( hS t". Tel fla OMt iTufii00" Corner o..JO-U n?J,l,M rM 87! i66 101 U 10IU l&llJ 104U 101H 101H 10 j 10.. 7iK 71 oz nii "7 B3U .10S54 108W 104 . 8IU 84U 84' ., SDK 8IIW SUU ,.103 ioa( 103 OMi 05K 07J 07 M OS 87 87 0 06 O0t4 WH es4 oaji H i7 II 100 10a 60 iA 1)9 ?. .? .? 4 sta". 01 is s, w iii SXii i. xXrt ISejith. Pax. col j? '. SMr i ; ,... ."So rfd Va ., .!""-. 804, n Ir sen lt ea.101 ta . T ' 'A.. w Av 4a 70-V f Ituhber 6s 101& ', o.eei 04 ,,...1035, a Pa , 05 vj 80 80 K "5 ia 80 SSH fcS, t Wsht Bs .... oa oa oa M wa Bro. .. 67(4 B7U SJH Sjn, , , u ; ! e Br ot ex -. .s .- ss. ei si U v ur.s e is maw no oa IjNm, teoo Satvlaa BanHa Out Jlt8 "J, Ja a. Tha luk of w4 NEW YORK STOCK SALES Ali.v, n.i 1 ,,Mt Sa, ni" to Cloi Am.i;,.'idJUnM m 20' 2W 2" Al.lleS'telfi!???--' mm eaK fijj, raif ,13U 20H niu 45 41 SO 71, I 27H MJ( 43 41H S0J 7)1 4 8 lf)f) 14(1 117 nmriicneet6net... 34 nintncanuan , j(ju Arnrtlcsn Canpref 92 AmotlMnCstAFonnd. 45 American Cotton On.. 42 Am.IlldoftUith.pref 205 m tlnnecd ...... , . a AmMult Ji ArrcrlcatiRmeltlng..,.. 69 ArrrrlMnSmeltlneptef.lCO Am Snuff Co 143 Amrtlrnn Trl. A Tel.,. 117 AmeriMti Tobacco 221 Am Woolen prcf...,,,, 7 Anaconda Copper , jjtf Atchison..,. p4 Atrhlsonrrcf ,, on At Coast Lino on JJallltroroAOMo r.o' oalllmoreft Ohio prtf.. COW S'!t ctera s,ccl 0' PPthlthem Etp.l rr. .. 011 JJrookijTi llapld Transit. SflK 80W rn rotnlarttrolcum,., 10 WH California Pet. prcf...,, fit 60 umadlan Paclnc ir,7!f 1671f 1W1 ,uiiiaiaoAiinei..iW) no 110 Central Leather 3fiU so n&U tenlralUaprof lOOJf 10H irOH 100f CrtjftOhlo 41 42W 42M 421 inno topper B3 3'Uf ,12U CWctco Great Wfstetn. 10 10J 10M Chlcaro. Mil. ft st, Paul f RM R7M CflH Chic. Mil. ft St. P. ptcf.JSOM 125 12fi ColFuel&Iron 21 22X 221 ColoradoSo 25 25 DIMIIIers Securities 12 115, lljf '': 22 22 2W led M&S in 10 rtrtrlflae 1HM 1T.1 113 ComProductJ pj SM R! Corn Products pref.-.v. 05 05 05 I1cl A H udson 142H 142 142 Del. Lack & Western,. 300 400 30DK .'4 27K 021, 45 41H J01J 7U 4W B8M 100 -100 14(1 140 117 - 117 221 220), 220)4 8H- 7fi) 7RW 2;j ra no on on,'( 48 P3J 844 10 60 2ZH NX CO), 00 fO), f,0) AH, pi 25 Pill 00) 09 GO), 0951 51 Pfi 85 inn 60 150 110 3: ,12J( 10H R8Jf 125 22H 25 UH 22 10 113 R) 06 142 400 m 140 02 25 45H 45W 45U 107H 107) 1071J 12 10 IHS 0' 50 8 17M 22 8 17J 60)j 8 17Jf 22 llfnvrrand Hlo CJrand. Mt r,u r,t Den & rtlo Grand prcf. . 7), 8) 7 OfmtlVlcctrtc 141 141 140 General Motor M E41 83 OcnMolorprcf .. 01)5 02 02 Goodrich Co 25K 25 25 Great Northern prcf.. ..114)f 114J, 113 114X Great Norlh Ore. Cent. 27)4 27?f 27 27U liurcpnttlm .11 111 Central 107H iriritrro-Rtftrcrolltan. 121f IntcrboroMct prcf..... 62 International Paper 7) ( Inspiration IfUf Kansas City Southern... 2Hf Lchlch Valley 132 132M 1314 1S2 Lorlllard lR5!f 1P6H 1QW 105K Lorillardprcf 112W 112): 112U 112)r Louisville A Nash villo.. 1 13K 113 1134 112V4 Maxn ell Motor J&K 15W Maxwell Motor 1st prof. 44!t 44H Maxwell Motor 2d prcf. 10 Mcjfcan Fctrollum.... C-1H MIssourl.KansasATcxai f( Miami Copper. 17)4. Missouri Pacific fj' Montana Power Co ... . 42 do prcf National niscult 120)4 121 National Biscuit prcf . . . 121 122 Nat. Enamcllnj OH Nevada Consolidated... 12) N. Y..N.H. All 55J New York Central S7H N. Y..O.A West 22H Norfolk A Western 101 Norfolk & Western nref. 85 Northern Pacific. . .101K 101K 100H 1005( Nat. Ry. Jlcxlco 1 pref . 23 21 23 23 Pennsylvania WW 100 v 105)f 100 Pressed Steel Car 34H 35), 34 3t PullmanCo 163 161 153)f 163K Kay Consolidated 1CK 10 16J 10 Headlnc 146X 14i! 145 14514 nepubllc Iron A Steel... 10 SO 10), 10K Ilenubllc I. A S. pref... 75 76)4 76M 75H Rock Island pref IK 1H IK IK PumelyCo 3K Rumely Co. pref 10 Quicksilver IK Ffatcard'Mrl.lef. ... 12K St.Louls A Southwestern Sloss-Schcfilold 23 Boulhern Pacific 83K 18 62!f 9 17K 8.K 42K P9K 10 12U 60 87 22!i OOK 85 15K 44K 18 62H . 81f 17K au 42 OOK 121 122 10 UK 54K 80K P1K now 85 16K 44K IN 62U 8f 17K OJi 42K 00)4 121 122 10 12K 64K 80K 22K PP)j 85 14K . Wt .133 3K 16 IK 12K 17 ,24 84 145f ' 32K 134 Eeuthern Railway Itrrifffc Copper..... Texas Company TexasAPaclflo ThlrdAvonun -. Toledo. St. Louis A W Toledo St L A W pref . TulnCItyRT 07 07 Union Pacific. ,..117K 118 UK 12 37K 37K 2 1 OK G tfn Tadfc prcf 7PK Union Pao War 27K 8 . 8 . 24 .101 50H U. 3. 0. 1. P. A F United Railways Inv. United Ry Inv pref. . U. S. Rubber 1st prcf, United States Btoal. US Steel rref. IHeti Copper VaCarChem 16 dopref.... Wabashprcf IK Western Union 59 Wheeling A Lake Erie. . 2 Westlnshousc Her. fill Western Maryland 10K Wells Farso 78K WoolHorth 91 Total Sales, 138,000 shares. 3K 3K 10 16 IK IK l?K 12K 17, 17 24 24 83K 83K 14K 14K 32K 32K ir4 131 Ulf lux 37 37K 1 1 0 0 07 07 117 117K 7rK 70K 27H 27K 8 8 8 8K 23 23 102H 102K 102K 51 50M 50K ...105K 100W 105W 106K 4DK 4P 4K 49 17K 80K IK C8K IK 70l 11 77K 01 70K 27) 8 8K 23 17 80 IK 8SK IK T9 10W 77K 90.W 17K 80K IK 6SK 1U 70 V. 77)1 OOK BANK CLEARINGS Bank clearlrws today oorapare, with eorra- ponainr w .,-. Phllana .... iflew York... 1018. 1014. 1013. A19 ,121 BATES ffOB MONEY 3all. imi.. Time, I Philadelphia 4 4"23,t tu?! Now York .: SS7, uoeton ' aIlat 3 MJ CIMercantil ape"'threi"to'lx rnon'tha, PrTlla- rlphla, 4H-M delph par cent, Beaerve Banks' Discount Bates New York ..,....., Philadelphia, IJoston ..,.. .,.., Chicago ....,,,... fit, Wula . Cleelttnd ..,....... HUhmond ,,,,....... Atlanta ..... Kanaaa CJty ,,..i..m"' Minneapolis ,,....i.. Dallas ..... ""i ' San Franclaco Days SO 60 ! f 6 avi 6 5V5 6 Bit B ait bw li 4M 0" 00 B fi B 0 8M Foreign Discount Bates Bank Data of laat rate. chanie. London ,..... 2 xSj'aoliou Berlin ,..... g VSiai'iBii Vienna DIVIDENDS DEOLrVBED vouna- Binyth. Field & Co.. semiannual 8 per cent, on pter?ed, payable- January 10 to atock Colymblf'AT.nt.'i-m.t Company, reirular p&eJ 0&S4 rSSft-alr fcW p cant enrbcmnnn.1Sa??b In rtp Abru.ry Ta liholaera of Tttoxi 'January . UVB STOCK BECEIPTS 'kaS'cHA.W 700 '"e- ,W0 "toul N, Siock Yr4-19. ".VoawS-iaoSf ho... 2000 remtU ,W0 ah... QOVEBNMENO? BONDS BIS. JUksl. ? ot m BsftS. .'..:'.:::::: . ';; P.R.R.FINAHGIM CHIEF TOPIC OH LOCAL EXCHANGE Big Rail Order Failed to Stimulate Steel Shares. Philadelphia Company Again Pays in Scrip. Reflecting tho reactionary tendency 6t the New York mnrliet, Philadelphia prices wero a trifle depressed this mornlne, but tho tono became steadier In tho afternoon. Even tho announcement of 'tho Pennsyl vania rtnllrond'a big rail order which will probably be divided between tho Cambria Steel Company, the Pennsylvania Steel Company and the United States Steel Corporation, failed to stimulate any of these stocks. United States Stcol, after de clining modemto rocovcrcd to npproxl mntcly Monday's final figures. It must be born In mind that despite big Increases In orders tho steel mills nro still only op erating at about 40 par cent, capacity. In November operations were down around 35 per cent., and steel producers do, not predict moro than mi lucrcnso to about M par cent, this month. Tho prcmnlure publication this morn ing of the contents of the advertisement for the Pennsylvania Ilnllroad's annual meeting, giving the Information that tho company proposed to Issita soma of tho bonds presumably of the big blanket mortgago created no great surprise, In vlow of the fact that the company haa a largo amount of maturing obligations falling duo this year. It wns announced by tho company today that JIOOO.000,000 would be tho amount for which authori zation would bo nslccd of the stockhold ers In March In addition to tho 120,000,000 alroad authorized. This will rotlro tho W7,000,000 convertibles of 1005, maturing October next, and other obligations nmountlng to about $7,000,000 and also pro vide for Improvements, Tho acquisition of threo small roads Is also asked to bo sanctioned. Anothor scrip quarterly dividend was doolared by the Philadelphia Company to day at the rata of li per cent, on the common slock. This Is the second pay ment mudo In scrip by that company. It Is redeemable on or boforo Fobruary 1, 1918, bearing Interest until redemption at 7 per cont,, payable In semi-annual In stalments. In regard to tho attempt on the part of the Philadelphia committee representing holders of United Traction of Pittsburgh proferrotl stock to hnvo the dividend paid, It was pointed out today that even If tho commlttco accomplished ltB purpose the lease could then be can celed within three months and tho prop erty would then revert to tho holders of tho common stock, which Is tho Pitts burgh Itnllways Company, tho result bo Ing that tho wholo operation would effect no material chango In the situation. Tho local traction group of securities turned heavy today, for no apparent rea son except sympathy with tho weakness of tho New York traction stocks. Rapid Transit declined In the utternoon to 11, a. loss of nearly a point, whllo Union Traction went below 39. Philadelphia Traction' held steady. LOCAL STOCK AND BOND SALES Yesterday Close. Huh. ....1WH 100 W 0 4 38 4 8T3 . OS 7 03 18 60 230 .too 201 47 10W 2.1 B 20 1200 2000 SOOO 674 11)00 BOO 43U) 100O 1000 20CO 1000 80 tea 3UX) 2000 Am Gaa .. illh Steal Vam Steel 4-Ui Elec Stor ... ... 48 77 Ins Co Am. 1411 Miv t Leh Valley .... BOH J North.. Central -fti R iPenna MH 3D Pa Bait Mfg.. 00 f Phlla Co 0 prof. HO S PhlU Kloo ... 23i 5 Phlla n T c. 11H 1 Phlla Trao 7H 1 Preaiad Bt Car- .. i Tono Bel ...T. 4 7-10 TV, .Ifltf BOK IWtl 1 Tono Mln . union xraq . . . U Gaa Imp U S Steel ... Utah Copper . Weatmbro (31... York Itwy prof. BONDS. Am Oaa & B Bs Soft Baldwin let Cs.102 Beth Bteel C3..UBJ4 Cam Steel wp 07U City 4a W42....100 City 4s 104U res.101 Uo & P tr 4a.. M I, Vat coal Ba.,103 I, Vul gen 0 4W; 07 Pa conv 4s 1WS ... P B & W let 4a DTK Phil Co acrlp. 01 Phil JGleo Bs,..101H Phlla C let Oa.. OT WNY4P lat 6a. 102 Iw. Close. 100 100 is m lb S es ui 1-10 (N) 00 sn .) 23H -I ll'a 1114 70 70 Hl 34 V, 1 4 7-10 4W 7U :, 81U Slll B014 B0?I 41) 49 ra b.h 31 31 85V KSra 101 101 , 1015, lli" llllij not 074 07U Oirf 100& 1U01? lUOiV 101 101 101 80 77 TTH 103 1C.1 103 OT OT III V9 83 08 on. .$. m; W 'otiw 102H loan i02?j SHOET TEBM NOTES rut per cent. Amal Copper J Amertoco ,,.... s Sm T & T Ub... 0 Amer Tob acrlp... 8, Bal & Ohio 4H BT,h ClAal . . ft rook Hap Tr..... g & O 3 Chlo Weat Ind.. B lSrla ., , do ", do ....... ,... 5 General Motor.... 0 nentral Itub...,. ',4 ar iRiv & Port... fi Internet iforv..... o U a & Mich ou.. B N.tir ICnr KaV. ... tt Bid. Aaked. R V CenU'JiiUv J do J" do g 'v'M-w'i'ii::: b iPenna conv ...... Jtt Hcnwar out.,,, " South " do S 8uliberer 4 Bpna. 6 United Fruit...... 9 do 2::- 2 WaatKIeo &Utl., fi !un mi Tuna lrnR July 1W8 Jun JBlJJ oct. loift Apr. 101T Oct. 1916 July 1018 May lOlfi 8ept. tOlB Dec. 1MB May lOIJ Apr. 1018 oiky 1018 Hept, 1018 Oct. 10)5 May Jut Oct. 1018 Juna 1U10 Feb. IOIH May 301T Juna lojo "y nil May lOlA Octf 101T B lOOii JOOJi 6 lOOfL-lOOti lOOTi 101 w looyi-iootj ustt- oou 80' "OK 00 J pot; oa t M lOO'T-lOl oott-ioo WH-O0V4 106 -looi: 100 100 l'0l- 00 li( 0&4J YORK; Jan. o.-au'--fcm.-siarei ind. uruettledl recelpta, MTl pckaJa! lirmtssffrsssjs& 00 KB 100 -iwt ok- os Buying Caused Itlso In Cotton NEW YORK. Jan. 6. Weak Liverpool eablea had llttla effect on cotton ajntirtent he?e thla mornlnr. Jtarch .opened 8 po nu ,iovm with the reat ot tho Hat 1 to 'J points Snder Tait nUht'a flnala. Inuned lately jitter tho il "hoSovir. liberal buying by the lead. Im aw Intaraata, aa well aa om tomrnlealon hSirk urSruulng for Weatam acewnt and Sbuylr.5. rauaed, a. general aiYanea to iTnet gala of 0 points In fl Mtlve With. Yea. clot. Open, a.m. 1 p.m. p.m. January .,,, f; jVn 6'1'A '" aia?" "'M', S " '& itav ...... 8.M BBS 8.B2 8.50 8.Bi December . .T4 a-"3 NEW YOBK BTJTTEB, AND ECaS NHTV Inuier a il, rfew Marttet, ateadyi roeelpta. OSM'caaoal tiuh xlv$xt. 42"-1 freah nrsU. 40641OJ nearby "wtS.,4TlN0o. 1 nearby mUed. 3? NEW YOBiC COFFEE MABKET vvtv vnnir. Jan. 1 .The New York coffee market opened steady. Prlcea wero unchanged from last night's Anal"- Openlnb futures" January, .0OS.15o February, 6:19o bid; Maroh, ta26.Xai April. ' 6:S0S:S5o; May, 8iS0o bid; June, :J0$6.85oi July. l&tQflWi September, 7,o bid. B. & 0. OBDEHS FBEiaHT CABS BAIriMQRB, Jan, . The Baltlmoro and Ohio Railroad has placed contracts for 2000 freight cars d!vdo4 between the Cambria Btoet Company and tho Mount Vernon Car Manufacturing Company, of Mount Vernon. Bl, ThA prdcrs call tot Immediate delivery, l'hit company may order $009 more cars from the aanio com panies. The- Baltimore and Ohio Is In the mr k.t toe 36.0, tain of steel ralLt. and It is 13Bect4 that the ordt? will t (tv out steiily. HLPvi: THOMAS K. OBER, JR. New president of the Independ ence Fire Insurance Security Company. He succeeds William H. Clark, who resigned. HALF HOURLY SALES 10 to 10.30 A. M. ileo,,.. 31 B 1.....4T.19 2.1 1 Mln. TV 1 100 ?.C.C::::S1:,C5 10 Phlla Bleo iw Ttm uei KO Tononnh 20 Phlla Idee. 20 I'onna 40 do. It do BT n rfn ta 20 York Itwy pfd 31 l Penna 03 10 do......... mj; 100 U H Steel.... IWli B Penna 53 1-lfl 2S i' II no rm IB t,h 4 North Cent... 83 BONDS 11W City 4a 1012 MO City 4a INI leg... U" a Co N A. s steel.... do,. ao. :nna u.i i-tu It T t c. . 11)1 tin Sleol,... 4IU h Valley... r.OV Ml , 10O It so 1U IB 100 9 10 ? 4 4 Penna a Steel.... fiuI do.. uO'i do 50 4 Cam Bteel.... 4t4 U 8 8teel.... BO( Penna 33 1.10 Tonopah Uel. 4V, I' H T t c. Ili Penna Salt... IK) do no Leh Nav t c. TT .toow .101 10.30 to 11 A. M. H Elec Sloraite. 48 1 Penna B3J 2B Cam Steel.... 4414 10 P n T t c. 11(4 in Penna 3 tX Union Trao... SO BONOS. 23 Cam fiteel acrlp.... 2000 Kleo & l'nop Tr 4a. ICO Am Oan & Klca Be. 1C0O Beth Bteel Oa 10 Am Oaa no Penna 10 P n T t o.. T do 20 Union Trac... 10 Penna ...,B2 100 B3 11H nil 30 13-10 OTii 11 to 11.30 A. M. IB Phlla Elec... 23!i 13 U O I....... 81V, 5 "Weatm Coal.. BS 20 Penna ....63 18-10 0 Penna ....M 16-16 10 Phlla. Tileo... . 2.114 , BONDS, SOOO Phlla Co lt 5a v ST 11.30 A. M. to 12 K. 0 Penna. B3M 10 Phlla Trao... 79 10 do .(, 10 U Steel.... WH4 100 U B Steel.... BOH BONDS. 1000 Phlla Bait & Wh 4a 0794 13 to 12.30 P. M. Steol.... BOH Stavl... 40K Cteel.... DOJ4 iah Mln. TH TM 10 Penna Bait... no 20 U 8 Steol.. BO Ph Co cm prd v uetn sta 10 U S Steel.... SS 10 U S Pteel 1 00 do M4 Tonopan 10 Tonopan Mm. lit o ao BONDS. 200O West N Y & Pa lt Ba 10214 1000 Lrfh Vnl cen cona 4Ha OT 12.30 to 1 P. M. ri Car. 3IV4 flail ...6.11-ta S0 Penna 83 BO JTeaa ft car 7 penna :. in do IB Cam flleol.... M'4 Sua I tu'.i BONDS. C2S Cam Stcol scrip.,.. 200 Baldwin let Ba so r nil a co acrlp.. 3 Phlla ClM... 24 5 U (1 I..,,... 81 1( 10 U S 8teel.... ml 1 retina ., B344 34 do til-U 8754 SCO Elec & Peop 4a. . Jfll v.a 1 to 1.30 P. M. .18 Tonopah Bal. 4W- 73 U S Staal.... SO 10 Penna 83 LtS 20 do MHS B do B3H 100 do BOU 2.1 Utah Copper., 40 10 nieo Storana. 4S S Bleo Storaso, 48 3S Penna Salt... 80 BONDS. ICO Am Oaa & Elan Ba SS 1.30 to 2 P. M. BS Cam Steel.... 44 23 Leh Valley... dOTi II.... 4 40 Penna Salt... in u o I. 30 Cam Steel.. ro 81U BONDS. 2000 Beth Steel fli lni 0 Cam Steel acrlp 07V4 1000 Pernio Co 4V4a 1021 100 2 to 2.30 P. M. 40 (Jen Aap pld. OS 100 Cam Steel.... 4U4 AS do 44(4 WP H T to.. 11 S Penna Salt... 00 40 cam eteel..., 4IV5 B Union Trao... 30 ror.rpah Bal. 4V Leli Kav t o, 77 A 3.1 Leli Nov t a 100 Upton Trao... 8J14 8 Na Trao... ttf 7 S"iUa. Klec... 31 B Union Trac. 84 4 Penna S3 MS BONDS. 1000 T.eh Valley Coal Ba 103 700 Phlla. rata Ba M1U 1000 Am Oaa & Uleo Ha MH 0.80 to 3 P. M. 11 Baldwin pfd).li 100 p ft T t 10 u u I., 1 Union Ti 78 Tonona.h Mln. iiyi ii -icnopan mi: niu iu i-enna 00 In. 7U B31.ll NEW YOBK OTJBB Bid. XKni. Ooldneld Conaolldated .....,,,.... 1 T-10 1H flreone Cananaa, Id uoee ,.,..,. 4 (,.. Ml. un ..li.tl .. ...u.p.a.n .............. .. m.. . .. -rx u Otla Elevator ,..,.,....,. Tl TS. do pref .1 0U4 KU4 Hiker. IU(teiran .,...........,,.,,.. 7 7U Sterling Qum .,.., ,,.. 4 4H Tobaooo Froducta pref,,., M 00 United Clrar Storee .., .91 .M dopref i. ,,,., ,..,107 lis United ProfltSharln ., ,.... 1U XT IVIllyp Overland ......,...,. -4,, , M 80 do prof .,,...,..., ., ..,..,,, Vp Bfl Tukon add i 2H $ BAXTIMOBE BANKS KAY MEBOE BAITIMORB, Jan, 6. Tho National Ex change Bank haa made an offer for the took of the National Howard Bank of 120 per share. The par ot the atook Is 10. PHtgOTOTtY OF ACCOUNTANTS Public Acoountanta The Bouraa, LONDON MARKET STEADY American Sfooks Were DU11 Steel Issues Strong. LONDON, Jan 6. A nleady ton was shown on tha Btock Exchange this morn ing. Tho cheerful sentiment which linn been pretnlllng among operators Is grad unlly widening. OUt-edged Investment!) wero firm. The war acrlp was sustained despite the 10 per cent. Instalment duo tomorrow. Homo rallwaya wero fractionally higher. Ameri cans wero dull, but firm. Bteel Issues wero strong, nnil thero wbb some Im provement In Canadian I'aclflo. Argen tine nnd Mexican rails wero reactionary and Egyptian Issues wero quieter. Ad vances were again "recorded In Bhell se curities. The Bank of England continued to lend on war scrip at 3 per cent, until January a. It is bellovcd that thereafter tho rale will bo higher. The cloalntr prloea follows ijonuon f., i, ploso. onv. Anulmm.lAn PAnrtA, ....... AIU B2 Ateh. Ton A Canadian Pad CDeeancakt) Chlravn flrat Western It Chi Mil A st Paul 0O4 Denver A Itlo Orande r,i Erie 'J cloao, 0iv, ted Copper am fii - 4 A Hanto Fe 06i W , S facino ,.,.ioow ir.iu$ -li ) A Ohio 4at4 4lU do lat prererrod ,i.j llllnola Central lto I)Ulevllle A Naahvlllo 117 MIaoir, Kan A IVxaa SVJ New York Central SO'4 Norfolk A Weatern im N V Ont A Weat 22 Pennsylvania W neadlnit h Southern Ilftllwny 14", Rcuthern I'aclflo M Union Pocino , 121 Unltcl Rlatee Steel B3 Conaola for money. i. ,t IS 224 ItlJ, loon 2IS lOlt, -IK OSl, '4 Decrcnie lncrcuae. FINANCIAL BRIEFS Audita, InveatUatlona. Financial 8titetnanu, Tho annual expenacs to thn Pennsylva nia Itnllrond cniiBod by now laws nro ns follows: Hours of acrvlco lnw, l.OSO.OOO; nsh pnn law, JC05.400; tnfety appliances, when completed. J6,18.".,000; boiler Inspec tion, 1516,000; full crew laws, Jl.180.000. Several parcels of real estate belonging to tho Pennsylvania Canal Company will bo sold nt auction In thla city on April 7. so ns to provldo money for pnylng off tho company's unpnld coupon bonds that nre still outstanding. The foreclosure sole ot tho Chicago, Hock TbIqikI nnd rnxlflo rtnllrond Com pany netted to tho bondholders J9S.P0 for each IO0O bond. The city of Brockton, Mass., will re ceive bids until January 8 for purchase of temporary loan of $250,000, duo October 25, 3916. Tho city of "Walthall), Mars., has awarded $94,300 4 por cent, registered serial bonds In eight lots to H. I,. Dny & Co. at 100.4)0 for the (CO.OOO building loan, and nt prices ranging front 100.01 to 100.003 for the other $34,300 bonds. Blnca tho outbreak ot the war a slnglo Boston concern has received ordors for 1,350,000 pairs of shoes for tho Fronch army, representing nt least $l,COO,O0O worth of business. Chicago, Milwaukee and St. Paul di rectors nro expected to uuthorlzo this weok tho snlo to stockholders of ovor $20,000,000 bonds under Its now gonernl nnd refunding mortgage carrying tho con vertible privilege and paying S por cent, Interest. The I.ehlgh-Burfnlo Terminal Italtwny Company has been Incorporated by tho Lehigh Volley Railroad. This company will take tltlo to the real cstato acquired for tho new terminal nnd will Issuo first mortgage bonds, to be gunrnnteed by the Lehigh Valley, to reimburse It for moneys advanced. It is understood thnt tlic Boston und Maine nnd American Express have virtu ally come to nn agreement under which tho latter Is to allot tho railroad 42 per cent, of revenues collected from express business done en Boston nnd Mnlno lines. Instead of 33 per cent., as at presont. The annual meeting of tho stockholders of tha Northern Central Tlnllwny Com pany will be held In Baltimore, February 25. Proxies 'have been naked for In the names of Samuel Ilea. W. V. Attorbury, Henry Tatnall, Norman James and Mich uel Jenkins. J. a Neff. of tho Fidelity Trust Com pany, was added to the committee repre senting Philadelphia holders of United Trnctlon of Pittsburgh preforred. The copper metal market wns re-established on a 13Uc basis for electrolytic, this morning, sales being mndo at Unit figure. Orant Hall has been appointed vice president and general manager nt Win nlres ofthe Canadian Pacific Railway fo linos vest of Port Arthur. Ho suc ceeds Vlco President Bury, recently re moved from Winnipeg to Montreal. ANNFJAI, MEETINnS -rr TUB CENTHAL NATIONAL UANU ESZT OF I'lHLADEIA'lIIA. The Annual Election tor Dlreotora of thla nank and Tor tha. purpoia of action upon amendment to Artlole III of Artlolea or Aa. locution ao that the aame'ue amended will read'- ''The Board ot Directors shall conilit at nflt ie than T nor more than IB atockbold are, as ahal be determined by the Board ot Directors prior tqany regular Annual Meet-tne- of tha Stockholder of thla Aaaoclation, he number ao provided for being continued rom year to year until changed by reaolu. tion of tbt (aid Board." will be held at the banking houae, Lafayette Building, CtUatnut end Fifth ate.. Philadel phia, on Tveiday, January It, 101S, between il 4. ja. sad 1 p. m. WILLIAM POST, caanter. -Mrni. rrUAWliXlN NATIONAL BANK. fli2J Ufoad e Chestnut Streets. JpHradelphla, &oambar 80, 1014. The annufl looTloo for Director Will be held t to nankin bouta, an Tueadst, Jan. uatyjll, ltTlB, between tha houra ot S nooa and 1 o'clock p. m. 13. P. PABSllona Caahler. New Loan $6,900,000 City of Montreal. Canada 3 Year 5 Gold Coupon Bonds DUE DEC. 1, 1917 Principal and interest payable in gold at the City Treasurer's Office, Montreal, or at the Bank of Montreal in New York City, Redeemable as a whole at any time on 60 days' notice at loo and interest. Having sold a large amount of these bonds, we offer the unsold balance, subject to prior sale and change in price, Price, 99 and Interest Kountze Brothers , A.; B. Leach & Co, 141 Broadway, New York "ST " 115S. 4th St, Philadelphia E, H. Rollins & Sons Graham : Co. 1421 Cheabmt St., PWladdphla 435 Chestnut St, Philadelphia RAILROAD EARNINGS SOUTHElW ItiAlIAVAr. tnw. Derreeae, rourlh week December . H,0t?n3 'S&J?! lVl. .Month m ,mi , , ntiu fMl tFrorn July 1 32,n.60O 4,100, SO MlSEOUIU. KANSAS AND TEXAS. Fourth week December.. W7.tS3 'VitM From July 1 J,P10,371 1W Month lT.lOO,5t as.OJl nvVFAUO, nOCUBSTKll AND PITTfl- UUltllll. Tourth week December. . J278,TC1 .uoniii ................. From July 1 WESTERN Fourth week December. Jtontn 701. RSI M37.M3 PACIFIC. iw.gco .1S.VH" 1 OU7.8SS M.MM OOOO'l from July 1 3.CRM0O r.-,,to ClItCAQO AND RASTDnN H.ttNOlS. No-ember operatlna; rev. 1,1I3,4! ll,g3 Onerntlnit Incomn ...... lU,Ki 3t,?.7. rlo montha' oper. rev. B,rn,0U .lJH?"' Operatlnit Incomo 1,807,4 Vi 4W,2 CINCINNATI, lfAMHVrON AND DAYTON. November operating rov. 77n,OTil !? Opcratlnit Income .H'S-S 8Mn? n montha' oper. rov.. 4,f'lnS'? ..SS'AVn OperRtln income 77fl,OI 101,010 ST. T.OUJ8 aOUTHWHHTl.iiN, November groaa . .ei Deficit I'tvo montha' uroaa. Net Dellelt 070.t . 8,(cn) l,2a").4.Vl 8S,1IUI U.I,17H NOiU'Ol.K AND WUHTUitN Not ember opernt. rev... $3,Oi,iaj Not Incomo . . WJJ.JS1 Fltfl montha' oper. rev. 1S.4II.UM Not Incomo 4.S01.732 CI1USAV14.KB AND OHIO. f.,,l. ..!, llA.amlirP ... Xt. Oil. 771 MnMh 8,0ti,81H Incrcaac. J20H.2W UI.I,.HlA 107.WI 1 ll757 Wl7,mrt 5?0,725 inu.vas l.:it.-llti 4S.S5U ssrt.m.i 'illll.'JflH lv'SOI.USJ .'.(1,745 NOTES OF THE RAIL Tho cnncollntlon of Joint through rates on grnln nnd cmlii prortuota from points In Minnesota, lown nnd South Daltoln to points weBt ot tho Missouri Klver on tho Union Pnclfto Railroad wns approved by the Interstate Commerce Commission to il ny. Tho Intorstato Commoroc Commission today held that tho salos on Btock cattle from points In Arizona to feeding Ground In California over tho Southern Pacific, ICI Paso and Southwestern nnd Atchison, Topcka and Santa Ko railroads should not oxeced 83 per cent, of the ratcB on fat cnttlo nnd fat sheep. Additional oharses wero allowed for branch lino hauls to tho through routes nnd Jont rates which wore established by the commission on this salo of freight. Tho present any quantity rates on cot ton shipped from gin polntti In Arkansas, Oklahoma, Texas City and anlveston, Tex., nnd New Orleans to various com press nnd export points over the Atohlson, Topoka nnd Santa Fo and six other rail roads wero hold to be reasonable by tho Interstate Commerco Commission, not wlthstnndlng tho "high tlonslty" of the bales of cotton shipped. The commission hold thnt the any quantity rates wero best suited to the cotton Industry. Tho complaint of Solomon Llpman, ot Rldgclnnd, S. C, that tho through pas senger faro on tho Atlantic- Const Line from Illdgoland to Savannah, Oa., of il, was unreasonable, was dismissed by tho Interstate Commerce Commission today. Tho through passenger fnro exceeded tho sum of tho local Intrastate faros by live cents, but tho commission refused to change the rate. For tho month of November Inst 161 railroads doing a business of over $1,000, 000 u year earned In revenues 17,U0,0o6 and exponded tlM,S91,709, according td ft report of the Interstate Commerco Com mission published today. Tho not operat ing revenue was JC3,2IS,3I7, a loss under November, 1313, of approximately $8,000, 000 In round figures. For tho flvo months ended with November thoso roads earned 1,:02, 70,1,975 and expended JG18.fi08,i;0. Tho net operating revenue was $3SI,1S7,K3, a loss of $14,625,037 under the same period ot The Baltlmoro nnd Ohio Railroad haa placed an order for 2500 tons of standard section rails and 30.000 Itcgs of spikes with Pittsburgh mills. BAB SILVER In (London bar allver was 1-10 penco lower today t 25 ,11-Jd ponoo per ouncu. Now York commercial was quoted at ? centa per ounce, unchanged. T We Offer Baldwin Locomotive 1st 5s Jones & Laughlin 1st 5s Pnrtlculare on uppllrntlan A. B. Leach & Co. 115 SOUTH FOUIITH 8TUKET Bell Phone Lombard 2A7. , New York Ohlcnro noaton London PROTEST RESERVE BANK GlTV Baltimore Btuikora tyrmt InhtHutloa Thero Instead ot Richmond, WA8HINOT0M, Jan. ((.-Attorneys ro? resenllnif Baltimore nnd Richmond" hank era Vrero heard today by members of the Federal ItcservA Board on tho question of tho selection of Richmond as a Fed oral Reserve city. The protest 6f Baill more wnB based largely on tho fact that tho city lias been for years ths centre of trade to tho South. It was also pointed out by attorneys Garis nnd Haman that Ilia capital of Baltimore banks far outranked tha oi Richmond, nnd that tho population or tho city was nearly llvo times that of the Virginia city. Baltimore was also characterized ns "tho gatowny to Mio South," and It was contended Ht'ontroitcd a largo perccntngo ot coastwise shipping ns well ns trnns-Atlantlo commerco. Richmond wns solcctod by tho OroanltA tlon Commlttoo of tho Fedoral Reserve) system, ot which John Skolton Williams, ot Rlchhiond, Vru, Comptroller of ths Currency, wnB n, member. Attorneys U R. 1'ogo nnd Kpnn, Huton, of Richmond, appeared In behalf of Rich mond bankers to fight the claims of Baltimore $5,000,000 POR STEEIi RAII3 P. R. R. Announces Estimate; of Xtfl RequlromentB for 101B. Tho Pennsylvania Railroad Company has ntinounccd that the stool rnll re qulromonts of Its lines cast of Pittsburgh for 1915 will amount to 170,000 tons. This will necessitate awarding contracts to tho extent! of nbout $5,000,000. Tim largest amount of steel rails ever used In ono year by tho Pennsylvania lines wnH 170,072 tons, In 1013, so that this yenr's requirements nro oloso to ha maximum. Last year tho order was for but 132,432 tons. This menus early activity for the Bteel. Industry, and thousands of men who are now out of employment will probably soon be ablo to got work In tho steel mills. Tho number of tons of rails actually, used by ,tho Pennsylvania Railroad on both Uistern and Western linos for a Hcrlca of years follow: Years. Tons. Year. 1014 i..,n3:.4U IW) ... 1U1.1 1TU.II72 IOCS ,.. iou; i3i,.iDi lror ... tOll 111,71)11 1000 J.. 1010 102,700 1IKXS ... Amount ordered. Tone. , 137,605 , Ul.GM 140,873 , 13,T9T i 128,0,73 TO SELIi PORTO RIOAN BONDS WASHINGTON, Jan. 8. Tho Insular Burenu of tho War Dopartmontt It wns learned today, has authorized the sale of $030,000 worth of Porto Rlcan bonds, ths transfer ot which will bo mada January 15. Tho bonds nro part of nn lssuo which up to now has aggregated $2,015,000 to b used for Internal Improvements on tha Island. In October tho bureau author Ucd tho i lie of $400,000 worth of bonds and In thj inrly part ot December $1,000, 000 worth wna offered for sale. About two weeks ugo an additional $615,000 was authorized. ORDERS LOCOMOTIVES CHICAGO. Jan. 0. Tho Illinois Central has algnod a contract with the Lima Locomotive Cnrwirallon for 20 locomotives to tie delivered: within GO daya. TA7E will be glad to mall v v upon request circular descriptive, of a 6 Cumu lative Guaranteed Pre ' fcrrfid. Stock of a Public Utility Company operating in the State of Pcnnsyl- , varia This Stock can be pur chased to net 6 2-3, with out considering the tact of its guaranteed maturity nt 105 of pnr on May 1st, 1929. Free of Pennsylvania State Tax and Normal Income Tax. As officially reported, net income applicable to jri dends is over three riives the annual requiremtt'Us. Seldom can so stroni; a security be purchased to net such a satisfactory re turn. William P. Bonkiglit&Co., Inc. MORRIS W. 6TROUD, Jr. Manarjer 437 CIIISHTMIT STnEKT Philadelphia New .York lloeton Detroit J.unilcms "William P. Honbrlght Sr Co. I We Own and Offer, Subject to Prior Sale $150,000 Province of Ontario 5 Bonds Dated October 1, 1914 Due October 1, 1919 Ontario is the wealthiest, most populous and most substantial Province in the Dominion of Canada. Its financial statement as last reported is as follows: Population, census 1011.'..., ., , ,, , :,B2),T1 Population (estimated), 1(14 .,,; , 2,750,000 Area of Province ,....,...,.1360,047,630 acres or 407,263 square miles Area of oooupled lands, 1011 ,,,,,,..., 21,933,700 acres Revenue for year, October 31, 1013 , $11,188,503 Expenditure. October 31, 1813 , , , 10,88.0t Total Funded Debt, October 31, 1913 24,074,001 Amount at credit Sinking- Fund for year, October 31, 1913 403.56$ Subsidies and Interest receivable annually, Dominion Government.. J,55,4:s This last Item Is over 1 times Interest on the above funded debt. The Province, although having the power to impose a direct tax. has never yet found it necessary to do so; the annual revenue derived from lands, mines, forests, fisheries, licenses, etc., and Domlnton Gov ' eminent subsidies having always been found sufficient for its purposes. PRICE to net about 4.90 CHAS, C. HARRISON, JR. & CO. ANKERS FIFTH AND CHESTNUT STS. PHILADELPHIA Members Philadelphia and New York Stock Exchanges. FIRST NATIONAL. BANK of Philadelphia Condenecd from report, to tha Comptroller &t aloae of butinaa Deeembar tl, 1811. RESOURCES LIABILITIES Loans and Investments. ?17,SS5,700.07 Capital $1,500,000.00 Due from Ba.nks........ 3.530,930.75 Surplus and Undivided Exchanges for Clearing adls 1,692,3& House I59,o;o3 Cvrcuktion ..M,j,.... 7l5,OfJ03!& Cssb, and. Reserve ,.,.,. 3,778,7(18.70 Deponiu ...f1gf,JJ27CaH. Total $26.134.4.29.05 Ttl - m,m.U 3. TATNAxitt hVi. Prldet. Wtt A. IAW, IH Vie r14Bt CHA8 H. JAMSP, AtwleUnt dSilr XBNTOW WAlMflal. 84 Vloei pr14it FKKaS B. gNTOBR, At(at 'ftiW. THCWHAH VT. AMPWDW, CasWiM BAEHT JriA A.Utiit iair (J- ft itnnart aeh t4b41 l ' '- 44Br sent tadjr gjlSi Severn , 8BB8Pic',''i