i
IT
ilYSTONE TELEPHONE BEGINS PAYING OFF ACCUMULATED DIVIDENDS ON PREFERRED
EVEftlNfl LEDGEB-rHIUADEl)PHtAt TUESDAY, MAY" 11. 1915.
fOCKS MOVED UP
ALL ALONG LINE
R of Buying Orders Result-
Hjri Sharp Ativnnces rrcai
tet's Address Cause,
b ronK, May 1. All th-t was
SyA by.-tHe stock market, seemingly,
2 ,.!. and It got It In the shano of
5,'"f address by President Wll-
Ncw York Stock Sales I
l.,,,urlnf address by President Wll
C"VrWIdlplila las' nIKlit. with the
1.. ik.t there wns n emeriti movo up
f,S, aloMK the line today. A1
fl the President did not refer ill
SS in the l.u.'imtila Incident, which
m'Jtd M a ct blanket on tho.mnr
Wince Friday, his tirccnt plcK for
l4'linuance or peace made the Street
Kt the fnltcd States will not rush
S war until every effort to adjust
,-i. has been made.
t!im ,nrKC scnl nt "L0
wili And brisk advances werS scored.
25. illns 2. 3 nd """ls' Thcre ,vn'
Eof buylw orders, which came, from
i?nSitt of the country, and for a time.
Jfitfes ncre sensational. Knowledge,
ifrtumulatlon of stock by strong in
,iU on yesterday's decline nlso helped
ifumvard swing. It was the Kenoral
dflon throughout the Street that the
itirt "" '" n ,m,cl1 bcUcr technical
mllon now than for several days past.
nmny weak accounts wero cleaned
Iron the decline nnd stocks nro now
filrorm-r hands.
Standard stocks again appeared to be
iV favorites for the upward pull. Steel
-nm-n, neadlnp, Amalgamated nnd
-toother big shares wero In particular
it the higher levels some prollt-taklng
jcttrtd) and there, wero moderate re
iiloni, but slock wbh well nbsorbed
.a ih. rtecllnes were not lnrgo In any
lie There was also evidence that mnny
o'cis which wero bought on the d-mor-lui
breaks wero disposed of.
London again sent over a list of higher
Hew before the opening, nnd this en.
lurajed traders considerably. Another
ivorable factor wns the report . that
aJtrla had accepted the demands of
tf, thus averting war between the
to' nations.
On the announcement by President
"toon that he had not formulated a
lilcyon the Lusltanla disaster there was
deHnlte check In trading around mld
j.' This did not last long and nftcr
una adjustment brought about by rcallz
'tho upward movement was resumed,
radlng was by no means ns heavy ns it
it during the morning session. Some
-tlrlty occurred In tho Mnxwell Motors
MP on the announcement of .an Initial
vldend on tho preferred stock, that Is-
advancing 6'i points, later falling ort.
h' common and second preferred also
it, but fell back In the Inter trading.
iierlcan Tobacco made a gain of it
'Into. The market closed strong. Mnny
ares reached the high point of tho day
the last few minutes of trading.
AlasVsOnMMlnM ... aiif
Allb-ChAlm Mfg
Alllt.fh.llni Mfe t,f ... .i;ij
AmMeamateiH'os . ... (il'j
Am Aor Chemlcai tilH
Am AurChom pf 03
Am ueet su-af 41)
Ills);.
IHH
Ifl
13
r,ni
A.'l
025 i
15'
tw. Close.
3255 31'1
New York Bond Sales
Am Can ,iij ,q.i(
'"M, Pi's mi
1!)
110
14
8(1
. 2!)4
. ti
. ''f
!).!
111
103.4 10!)
.1111 120
. 01 02
227 23ft
52.4
ll.1l,
404
Ml
31
315K
105
AMI
1)7
07' (
ll'i
45
00
524
024
42.4
324
00
504
I It !
45
074
r.a
024
45
314
1)0! i
514
1154 1154
41
m
204
304
104
444
!)7
0.14
100
lit)
01
to
40
80
304
.'114
104
45.4
07
07
11)11
1 20
02
230
107 1074 1074 10751
21) 28
304 325 i
0S.4 100! j
ir.i'j
424
. 704
. Oil
. I
1325,
. S04
654
15
100
47!
73
004
28
314
004
100
45
714
coJi
4
135
S7
58.4
154
28
324
1004
100
40H
73
00.4
4
13S
SSH
02?
10.4
130
RS'
024
104
1504 1504 1574 15!)
.M's .17 .154 37
102b 1024 1024 1024
414' 134 43 434
424 444 43 414
-.'! ;in 28U 20
125
34 4
1204
24.4
100
0I?(
1L
31
120'
I , NEW YORK CURB
r Hid. Asked.
iJen 7 "',
An Tobacco old u-, in
Am Tobacco new IP. 1714
II Cons i ii4
tent Can : 'J 7 ::
Kins ....". l.j n-lfl
hllh Val Coal Salts inn 170
nlwln 7.1; it
J, Bey 7114 7".'i
'-;' i'-' H4
iir-Ht-eman 7 7U
rtlnit Oam 214 2i,
birraduets K! ,-,7
'W Ojr Stores kt nt
! tt ion mi
i Prtf new 2T "
orM.rilm 4H 4
ikon Cold 2; 2'i
w
COTTON
EW TOHK, May 11. Sentiment whs bet
( ej the Cotton ExcliaiiKe nt the opcnlns
a and prlcei were fl to 10 points higher,
'Ha steady lone. Tho weather In the cot
s, Hit and the decline of only 2 points In
rmwl were tho chief factors.
Ulir tat OMt IB minutes' traillrm tho mar
tltild iteady, with tho buying by trade
ireita the fcRture. and thTe appeared lo
tae covering.
la the dav advanced prlros ontluurt to
rdra, October showing n 24-polnt ualn hv
Te. clnie. Open. High. Low. close.
11.11S 211 ii.rii 11.21 n.an
!. !.!. U.,1
11.71 11.7s ii).r",
n.ftl io.n' in.27
n.n. in 01 tn.27
tn.'in io.il 10,4'J
n.s.1
I'clock.
rfi;,..
tober .
cemlier
imrjr .
'"A-..
it.;.,,.
KK.
n.r.
11.7s
ln.02
in.02
10.27
(1.71
10.(1
10.27
10.27
1.J2
0.83
L'7'
50 004
044 tl"4
1244 1274
SOU
1215
31
120
21
1014 1014'
204
004'
054
12)
204
1114
11
S
244
.J.1SS
l.'ti
234
115
124
S4
25.4
4-)h
1484 152
1204
124
2"4
115
124'
S.4
25
3S4
150
1344 I30J,' 135
08
41!i
110
304
554
Ml
004
1)
3S
54
274
254
OS
45
117.4
334
5S
aiJi
7l!f
0?4
30
(i
20.4
27!.'
014
1244
31
1204
254
11114
27
004
055a
1204
184
23.4
115
124
84
254
'0,4
1514
1304
07
45
1174
33
lOIJi" 102
1404
004'
1214
404
804'
404
114
117
137!
08
1204
434
80)4
304
42
117
714
12
304
13
23
47
120)3
1054
14
554
78
.. 134
.. 074
.. 834
.. 35
.. 28
..101?,- 102
74 744
..1034 100
.. 3 34
.. 105.' 214
114' 30
07
41
1104
814
504
104
00
04'
80
54
284
27 27).
102 102
1304 140)4
DIl'J !H1L4
214
704
04
30
0
20) a
1214
12
S2
30
41
115
MINING STOCK QUOTATIONS
TUXOrAH STOCKS.
11 Bui
Butl.p ...
JXinira ! ! ' ' ; ' ' ' ' ' ' ' ' '
1.J
Mh Extension '.'. .'.i ','. ',.'.', '. '.'.'. !
ntina
nil fur .'
piB Belmont II.!.!!.
will Fitfnilon
10(1)1 Mercer
wMli Vliilns
m' Fula
itEm '.!.!!'.!!
EE 0OLDFIEI.D STOCKS.
Wa
imi .... :::::::::::::::::::
i"t ........
tr...:,:.:::::;
ninrjution !!.!!!;;!..'!."
JntBdfleld n n .1
wti
use
'W ronsolldated' .'.V.'.'.'.'.'."!!."
JWd Mereer
"bo'Eitenslon '
a
)!?
Km .''."'.."..'.'.
'rjFick :..'::.
. .01
. .m
. .2S
. ..'!."
. .17
. 4'1
. :i'
. ..it
.n,
. .'!
. .70
Ask.
.Ml
.OS
.17
.2R
J
14
:i.
s
7
.11
.7.1
.a: ,:n
.03 .07
.4(1 .41
.01 .04
.or. .07
.in .12
.02 .01
.04 .INI
.4S ..VI
1'.. 14
.22 .2U
.ni .ni
.H .15
.07 .flR
.07
.07
MISCEL.L.AN'EOriS
fflXrtt.1. .
lirlr 7..V.V. ni
wonder.... .:;: :.:.. i-.cs
.OS
.04
.07
.:
1.73
BANK CLEARING;
adiiV ;'". l."na compared with corre-
- iasi 1 wo yeara:
P.
111.1.
JjlV5S.Bw;j.M 24 17.1.412 2nM4
M,k'" 35'S?2 :i7.tn..172 2!l12.N7.)
-.,,,....,,,, ,iu,;i,(nn 328,450,114
HATES FOR MONEY
fall
... 3i,j(H4
... 2 924
'ftTSfl1!' Mr'trV 3 to ' 6 mSntL
Tin
HJff-
me.
.1J4
S 1
aiiff4
4 I4
Phlladel-
S per cent
8(rre H.inlo ii:s..i n..
. ...,u uiavuuiK uuica
Day
SO or 30 or CO or Over
fnM.
tanEr;
lTir ."" '
taarnt
i)i 4
lleaJa !"
leas.
4
4
4
4
4
an.
4
4
4
4
4
4M
4
4M
4
i
no.
41?
IS
K
-4
(in.
.1
n
a
4
5
lfcEIGN EXCHANGE
'l'o,nS ,s! U--Th forelBii exchange
Wl""""1 "lr, with demand sterling
'MR. ""'nir.f-ranca.Marka.nul ilera.
M, 'TO'i, 5.325 82 33W-L16
GOVERNMENT BONDS
van . ,
t m SSSS.1
101
lid
Hid. Aaked.
, 01 ft 0S
iSSSSSSn'jtt
!8 atiiss?-::-- -"""jjsa
Si lre on New York Purl,
1ft okiSatlonS'""''1"11 lU inability
Bar riivi
??i-..Hr J -Tb Drict of com-
16.'.rK.aMUMnti with llnlKin
nta. " ' '
financial and Com-
m$i i5!L U-Alejand.r Jf. h
SJVUmv". York Curb Market
II hi .CrrA'.. announced hi. fnhniT.
t.owe,
19
Am Car A Kmmrif .
Am Car A Kdy pf . . .
Am Cotton Oil
Adams Kttirra
AmltldcA I, pf ....
Am lcoSccurltlM ....
Am t.lnswl
Am Locomollvn
Am l.ocomollvo pf ..
Am .Smelt ft llcf ....
Am Sugar Heflnlnir
Am Tel A Tr-I
Am Ttl A Cablo
Am Tobacro
Am Tobpf new
Am Woolen ...
Anaconda Copper. .. .
AlchT&SP
AtchT&SK pf ....
Haliluln Loco
Baltimore A Ohio . .
llalllmoroA Ohio pf
Datopllai Mlnlne ...
llcthlehem Hteel ....
llrooklyn Hap Tran .
liimo & superior
Cal retrolcum
Canadian 1'aclflc
Cent Lcalher Co
Cent Leather Co pf . .
Chej A Ohio
Chlno Copper
Chi Ht West pf
Chi Mil & St S'
ChlMIIAStl'pf ....
CCC A St I,
Chi A NnMhwc.il ....
Chi HI A 1
Cluctt Tea A Co pf ...
Colorado Fuel A 1
Contlnenl.il Can
Continental Canpf ...
l onsolldatetl Cias
Corn Produrls Itef ...
Crucible Steel Co
Detroit IM Ison
Distillers' Securities . .
DtilSSAAtl pf
Krlo
Krlo 1st pf !.
General Electric ,
Oeneral Motors
fleneral Motors pf . .. .
Ooodrlch I) K Co
Citcat Northern pf
(ft N cfs for oro prop . ,
Ouceenhelm Ejpl'n . . .
Inter-Met vot t c
Inter-Met pf
International Taper ...
International Paper pf ,
Int Steam Pump
Inspiration Copper
Kan City Southern ...
Lacledu Gas
l.ehlsh Valley
Mackey Cos pf
Manhattan Elevated . . .
Maxwell Motors
Max Motors 1st pf
Man Motors 2J pf
May Dept Stores
M St P A S S M
Mexican Petroleum
Mo Kan A Texas
Mo Kan AT pf
Missouri Pacific
Miami Copper
Montana Power
National lllscult pf....
Nat Cloak A Suit pf...
Nat Enamellnc A S
Nat Lead
New York Air Drake...
Nevada Con Copper...
N YNHA II
New York Central
NY ChlAStL
N YO AWest
NorfA Wet
North American . .
Northern Pacific.
Ontario Silver M . .
1'aclllc Mall
Paclllc Tel A Tel .
raclnc Tel A Tel pf . . . . 00! i 015.
Pennsylvania 10.-.4 1004 1004 IOUJ3
l'eopies uas, cm ill 1151.115 115);
rittsburch Coal U14 m.4 1U4
Plttsburch Coal pf f.8 00 00
Pitts CC A St 1 70 70 70
rressed Steel Car 421. 455a 434
rressed Steel Car pf. . . . 004 07 07
PubS Corp N.J 10S4 105 105
Pullman Co
Hy Steel Sprini .
Hay Con Copper 214
Iteadlns 141
Hep Iron A Steel 25
Hep Iron A Steel pf .
Hock Island Co
llumely M Co
Humely it Co pf
Seaboard Air Line pf
Sears Hoe, A Co
Sears Hoe. A Co pf. . .
St LoulsASF
St Louis AS F2d nf ... 0
St Louis Southtti-itern. . 10 HiJj 104
Sloss-ShefSAI Co .... 35 33 33
r-outhern Paclhc 804 804 87
Southern Hy 164 17). 104
.Southern lly pf 52 53 53
StudebakerCo 03 07 05!f
Studebaker Co pf 101 100 OS).'
Tennessee Copper 30)3 315. 315a
Texas Co 125 127 120
Third Avenue -17J 504 40
Toledo St L & W pf . . . . 6 0).' 04'
Union Dae & Paper.... 54 54' 54
Union Pacific
Union Pacific pf
United Hys Invest . .
United Itys Invest pf.
USHubtwr
USJtubberlstpf....
USSteel 504
USSteeipf 1014
USEiprcss 04
Utah Copper 014'
Va Cart) Cliem 284
Va Iron, Coal A Coke. . . 30
Wabash !.'
Wabash pf 14
Western Union Tel 014
WestlnchousB Electric. 834
Wheel&LElstpf.... 12
Willis Overland 114 1174 115
WooloithFVCo....l01 lOlJ-i 101)8 1014
134
31
14
244
IKJS
10
004
814
114
05
854
3l
.".I! 3
I'Jl.1 3
11
8.1
374
41
117
75.4
134
31
14
241.'
484
13
31
134
244
48
1215a 1184 1214
105 105 105
154
50
S24
144
035.
8"i
31
28
102
74! 3
10.)
3
20
80
01
10
0)4
814
144
115
85
81
104
102
74.4
100
214
:o
01'
1524 1534 153'.'
27.4 304 20
314
140
204
21'
90
70
444
07
105
1534'
204
1435a 1114
. 82
. '.'
. 5
. 124
. 314
.1344
254
834
H
10'
83)3
13
35
1354
135.
35
13s)a
83) i
?s
54
144
3557
13S5
1215s 1254 1254 1251.
453 5 :, 5
f
104
33
tS4
174'
53
KG!.
100
314
120
504
04
54
1235a 1204 1245f 125!a
89.4
15
20
5S4
..100
oi;. sua &.
17 10 17
324' 32 324
025i 00 024
1004 1004 1064
5t)f 524 534
1005a 100
05 05
05 1)3
30,4 30)a
42
1
14
tiO'
874
9
42
1
m
004'
805a
0
1004
05
044
304
42
1
14
004
88
9
1174
KEYSTONE PHONE DIVIDEND
Initial Payment of 2 Per Cent. De
clared on Preferred Stock.
An initial dividend of 2 per cent, was de
clared this afternoon by tho dlrectora of the
Ke stone Telephone Company on the cumula
tive pi ef erred sluiieb.
This la the first distribution on the long ac
cumulate dividends, and ulll be paid July
13 tu stockholders of record July 2.
TKADK BALANCE $20,555,707
WASHINGTON, Jlav 11. Commerce Sscre
lorv HedfteM told the Cabinet today th.t
Aim rim's favorable trade balance for tin
uerk endlnK last Saturday v,t SJO.553,707,
amilrsl s..3V3.04 the precedlua week, t'nt
tnu exports wero HU.IM bales, maklnir
T, Ib'J.lfJU sluco August 1.
DIVIDENDS DECLARED
Eicelslor Trust Company, regular semiannual
M, per cent., payablo Way 10,
Cincinnati. New Orleans and Tesas Pacific,
eitra "Vi Pr cent, on common, paable June
0 to stock or record May 20.
Chlcano Hallways, semiannual 4 pir cent, on
rles one cerilrtcotes and 3 oer cent, on
series ' certificate, payable June 6 tu stock
of record May
PhlladolpMa Company for nuaranteelnr
Mnfiijvcs. .exular senilaiinusl 3 per cent..
payable Juno u tostock of record May it).
Maawell Motors Company, quarterly 1 per
ni. on first Pf.rr.fini5i of I Per t.
Illitli. Low. Close.
JlXH) Amer Hide & t 0....IWH 1W4 tk
wi mer smell see iw.. .no
UMi Amer Tol clt 4 Wl,
iiomi Amer Tel cvt 44 loo
.KJ,0 Ati'hl'im ev U Ui.W... 114
(mi tin c 4 lliui tMiJi
jl) Allan Ca Line 1st 4s. H'Ji
Usui Hall x- ril.i.i :ili. . ttli
l.VllKI (In Ih Rill,
'IIWJO tin ov IUn N)l
IXKfl llrth Stcoi tst .' U'!l
l.M)i do rrd on HI
ii Ilinok imp Tr fis Iiet
I'Mtui Ho 'i UK)
I toil HrooXtn K 1st o9.. im'
UW Cent lailier 1st 6... IHi'i
toil) Cent l'nclllc SU f)
44ini do let Is S74
WOO Cent it tl N J M II 1-5,
Wmil Chen Olilo rv 44s.. i"
Hnl Chrn ,1 oil I4 lixiid
11141 Uhl I) .c U joint 4s... l'U
lix rhl II & (j III n'ts.... Kl
. IWil Chl II tt I) III 4s li4W
tO'l'ls) f M ." HI V ov ,Vi rct.lo:i'j
1iN' f M .: Pi l 4s Ilii'i
Vmn f it i m ! f, 44s.... Ill 4
.Vimo Jl & Kt f rv 44. . nil.
imo Chi St P M A (I lb r.s.lni)
mil roi St south ter 4Ws..ci
in.-,
N1,
lmi
ii
lmni
n3
w4
'!i
wis
lit. I
null
Wlf,
K.
l
!(-
SV).
UK)
IM
1'HIH
PV
PH.
S'Jt.
SI.,
nn
.Hl
Mi
mi'.
ml
tj
Kill Sii
it1. !
21HOI1 Con (Ins cv (Is
UOW Corn Trod .is 10.11..
1(Xio Cumberland Tel ."u..
noon Den & H 0 rfd f..
lnoo Detroit United 443..
os. .
1WM Ills Soeur Corn
icoo Du l'ont lowd 14s.
I(i" line conv Is Sfr A.
Iiiki Rrb' conv 4s Srr II.
20(iU Krlo prior 4s
iXun (It ten Hay Ps
1IUK) Hen F.leo ilth .',s...
ISO' Hud Mnn in (is..
Ill"-) do rfil f.a
sonii Herk Vnl 1st 14s.
UM III Lent Is 1HM
111000 111 Con A Ft I. ti Us
was, in cv ret an mi ns
miuoip intern .Met 411.H
i'lmti lnlorb n T rcr r,s...
boio Inter Mer Mnr tus.
awn ind Alcohol f.s ."..
4iiii 3apaiiu 1st 1 1.,. . .
21.011 K K Ft S ft Al 4. . . .
2WII Mcka Steel M 1H2.I.
1 1 DO tike Sh ilib Is IKS.
10ii'i Mr k M T ,'is
KO11 u te Nosh In
lll Mo Kn P 1st Is .
10KI Mo Kan 1 T 2d Is..
7KIO Mo Pni- 4s
VVO N V Cnnnl 4s 1001 .
loon N V C-.M c ."Hts
.V.Wii N v C ft Hud lis ict.
ronn N Y C & llnd 44 ..
mnn n v city :'., in".,
lonoii n v city Ai in.m. ...
:10m , v city 44 s iiiivi...
(1700H N Y cit 44s -r,l
1000 .V y citv 14s Mhv '17
iwxi N y " M A- 1' Is....
.looo n v n 11 i1 .-.. . . .
OKI N Y N 11 f, H r.s....
Moo N t Pnt "; WW 4s.
lofw.n N - nwy rf Is....
MKKl N v 11 wv ndj r.s
r.oro N v stntp Us .. ..
4000 v TV C n I'ss.
.100 Nnrf & W Pn Is
t .100(1 nr Pnc prior 4s...
mono do cen .Is
"'(in Ore n- f, N I-. ..
4000 Orp & V 1 N 4s. .
lono rnc Coast 1st Sis ...
smo Pennn rv :14s
in n do H Til"
710110 IVnnH rt is
rrmo Pub Pfrv N .1 .is ...
"Oik' nny Con Coprr "s .
Tono n-pndltiir urn Is
KOft npiib Cnhn .Is '01..
10io Krn Ir ". S .Is
rooo Itlo Or & "V rlt 4s..
.10011 ito-k Island 4.
'.Mono rlo rfd Is
1 toon do r.s
10"0 St I. , a p qrn .Is .
Toon Pf.ihn.-rd A I. mlj .(
400 do stn 4s
I'.'Oiii smith I'nc i'V Is ..
"iriTO rn ,.v nt f n s
HliVKI do rfd Is
Ton Foutb Pwy con 1....
2tiono 'ivxim Co cv r.s
jeno Thin! Ave new Is.. .
I00O do id I .1.1
irro Tol ivn & IV ;.
Kivo r s (Invt ns
2lnoo I' s S'eel r.s
-0-1 do rrir .Is
1W.0 I'nlon I'np 1st ts
Toon li .rv 4s
IM10 iln rfd s
JfOO fii 11 vs H !" Is
jnro Vn nwv r.s
jii'on Wiiimsli Ik
1000 Hi r.
: iro., in1t '-'on ct "tn 4n. ..
-roo ivnh-p Tor 1st ct Is..
.-oi'O uvt I'lri'trt" r
,1iw KV-t 1" .C M ' r,s..
-n,.i Vst I'nlon I's"
-i.r.0 iln r.s
'Uc.n Cent rrn Is..
11U
. I")
. II4
. IX
. 714
. PS
. nil.
. IIS
. M
.inil
.101
. V'Hi
. 7.MI
. ICI4
. S2l
. 1'J.I'i
1 1I. 11! I
... 7-11
USs
I.H.
PP4
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. 112
. HI
.11101,
W
. 7il
. in
. l.V,
.101
. 701,
.11".!
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. 'US
. 07
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'-in
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. 01
. om
101
.074
lisi
. OS
.ion;
. 7
.111
. CIH
. linij
. nt
, 72'
. R" "
. O'l
r, i .
.'im "
'. f4
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. 00
. 7",
. 0'1'i
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.11
101
IO'
iniu
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onu
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oi',
Till.
loni;
10114
0"
on
UH4 loon
liOS Pti;s
Kljl Mh
t'l', nil.
loj-i, 10.14
IMIV, 10l,
I'l'i IH )
tun, txi-a
! 0 I'd
81 SI
11.14 ll.V,
till HI
mi',
4S IS
711., 74'a
X.I NJ".
IWI, 24
nn os
si m
IM 101
104 ml
ri4 -'4
71 Tl
l4 tH4
M'l W4
v:o, 12:1 l,
124 124
751,3 77
HSU -iS',
41t, UH
imtj ti'i j
7.1 7".
70(1, 70',
H'J 02
11.1 m
10011 IM)1,
nn, lilt,
711 711
IVI IV I
4.1 1,1
101 lnl
7114 701,
1 01S 1014
M4 ss'a
sn
07 H7
pi" I no1,
I'OI, 0!M,
1004 1001I
VII, SII..
1104 noi"
-o so
7". 714
f.o, -it;
ion ion
7H"i -it'.
.Sli SSI4
oi; n?s
111 III
til's 01H
101 mi
1174 111,
ii'' ino
IIS lis
101, inn
ST S7
117"; 1I7
oti; 014
om., run-
02'i 02'J
724 724
sj s;
rtlij no
.11 r.24
'Dl J'Ji
iwt, l'l.1i
mi., mrf,
oH 00
.7li B7i.
no', onii
osi, mo ;
lot 101
ion; ion,
1011, miu
nr.iu tin-
no ton
in (lit,
.11 41
oi"i nn;
:', ?ni;
rv. .'"",
"if. ?7
711', Tin
ions. 1001:
101 vr'i
SHARP RECOVERY
IN LOCAL SHARES
Brokers Pleased With Kcpeul
of Extra Crew Law and De
feat of Transfer Tax Bill.
The -hnrp recoveries In ,w York
stocks wero rcllccted on tho locitl ox
clinngo this, mornltiK. United Stntes Steel
I'd the list In tho point of volume of
bnyltiK nnd milled readily. ltentlltiK rose
more tlinn two points, nnd l.elilgli Vnlley
liearlj n.i mncn.
furcly lioino 1shiip. thoURh not -o
buoyntit, fnlloneil the RenernI tendenoy
"Ith tnodrrntlon. Cnmlirla Steel rose
oer 11 ilollnr, while 1'hlln.delphla Klec
trlo. Tonopnli Helmont nnd others -cored
fractional ndvnnces. Unldwln Locomotive
milled " points nnd StornRc Hnttery half
an much.
A detllno of 1U to 74 In tlnpld Transit
stock hum only In the nnttire of eveninB
ii' with the trust ccrtlllcnles. The stock
not clianRcd hnnds since the further
FINANCIAL BRIEFS
had
(irop in me certlllcatc occurred. I'tilon
iractluit Improved fractlonnlly. Cramp
Shllilitilldlns dropped tl on nn odd lot
snlo and thou lecovered tho loss.
In the nftrrnontt Hnpld Trnnslt ;ei'tl(l
catcs rose to S nnd the old stock sold nt
. but only two shares weio token nt
thnt llRtire. Some attributed the rally
to the oxpoetntlcm of the pnssaRo of the
Jltnoy bill.
Keystone Teleplimip shares were a trltlo
lienvy despite the April report of earn
ings, which showed khIiis of $2315 In uross
anil $P0"i lit not. Kor four months the net
Imrensn wns iii. The surplus for ihe
pcrlotl wns l.(il!), nn Increase of $71.1.
Just before the close announcement wns
innilo Hint the compnny had decided to
hecln paylm; off hack dividends on the
pieferied stock with nn Inltlnl distribution
of 2 per cent,, but the shares remained
Inert on 'Chnnuo. The total accumulated
dividends amount lo over fiO ppr cent.
ThrouKiirut the lnnnelo! district satis
faction wns expressed over the presiden
tial spee'h. Tlrokers, too. were plenscd
with the defeat of the Hess bill nt llar-ilsbui-R-,
which wns ilrslnned to place 11
tax upon tinnsfers of domestic and for
eign co.-pointlotis, copartnership nisn
clatlons nnd Joint stock associations. Also
wns II1310 rniifp inr sntlsfnctlon In thn
pnssnee of Hie hill to repeal the eMtn
crew law In thli Hlnte. The repealer now
soe.s to nnvernor lliiitnhniiRh for Ills ap
prnvnl. Xevertheless. theie was nn underlyliiK
fcelliK of nervousness over the market
outlook. Some observers expressed the
opinion Hint the rally was too violent tn
last, and that the war situation wns en
tirely loo umIi.uh In wnrrnnt a real rlso
In security values at this time. The fcel
I11S seems tn he kiowIiik, since the recent
German victories, that the war Is ruIiik
to prove of much lonser duration than
was believed possible a month or so iiro.
Howovci. invoslors were plcklnt- up
stocks today In small lots, nnd the money
market displayed only a sllchtly harder
tone. This vwis chlclly In collateral loans
made hy local hanks in New York and
amounted tn about 1,4 of 1 per cent.
Sales in Philadelphia
200 BnMnln
2.1 do pref
Yes. close
Iic.... 42
., 100
21.1 Cam Rteel 4r,
220 Chlno Copper .. 42'
SO Chi n 1 & Pnc. . .
in i:iee Storage... Ml
Ti Ren Asph rf.-. fi4
100 Goodrich H V.. 11
1:0 Ins Co N Am. 21'4
.m Kevsl Tel Co... IS
irn do nrcf W
2(is tjikc Pun Corp. t'l
It t.chlKh Nav ""4
M IhlKb Vol "S4
112 l.ehlKh Vnl Tr. . II
IS rin nr.r 26
in Mo Pacific
10 Mo K & Texns. ,.
M4 Pcnna II n .VI
1 Pennn Fait Mfc. Ot
30 PhlH Co "I'l
1-7 Phllu Klec 2"'s
102 Phllu It T "".
.110 do tr ctfs "'j
4r, Phlla Trao 7.1
411O nay cons ...... 22;
241 ReBdlns Tflll
1U Fo Pacltlo S7
1140 Ton TIelmont ... 4
HI.1 Ton Mining ... 7
200 Utah Copper
1104 Union Trac .... SOJ4
Ml I) U 1 -?3
4 Cn' Cos N J..
OSMi II a Sieel . ..
4 war ir .s nt
I TV J a S... 4SI,
350 Yv' CrampiSons. 27
IofDS.
IJVSt
prev. sale.
1000 Paid Uic 1st 8a. 1024
2000 City 4s 1III1...1UI4
2000 Key Tel 1st s.. 014
IK10O l.eli Nv con IVjS nil!,
liOOO Pa & Old KH .is. 100
Ilissi Pu con 4';3 '00.10'l'i
.".ikio Pa v 4Mi -t reir . .
::oti pcc&si. 4jSen ..
2iOO I'lilla Co con 5 St
20CO Phlla nieo 4s.. 71
;iOi do .is lo'.'
1(10 I'ub Berv Cor .Is .
loon lleadlnir sen 4s. H.14
12U0U t'n Itwys t c Is i!V
Hl"h. lin'v. Close,
,
1014
474
4PI,
2.11,
.114
III
It".
214
in
os
74
71
70' i
14
:si;
i-'i
w
M"s
nt
31
21
0
h
4.TI
101 1,
474
414
2.11 s
.114
01
44V,
214
144
OS
7H
71
701,
14";
204
134
13
r.14
Ot
34
24
0
H
75
IS
1014
t"i
114
2.1's
:a
hi
4l"i
214
US
OS
71
70U
II
:s'-,
131 i
13
mil
01
:u
21
74
74
NKW YORK COFFEE MARKET
SEW YnHK, May II. -The torfee market
was flrni at the "ponlne. with luture.s up fi
to 7 points. Prlrcs follow:
Todny's Yostnda's
Openlnir. Closs.
April 7.2.1f7.5U 7..'l2W7..-i:t
Ulny .1.0OJJ.1.H2
Juno ".I.mi .l.aifl-.n.i
July nim iinK)7ou
AUKllst 7.01 7.nlr-.(l-
September '7.0.1 7.01m 7.0 1
October 7.I2 7.0i"177.U7
.Vovemher S7.1.1 7.00i77.l4
December 7.1!i 7.127.1l
Janunry 7.miJ7.2S 7. IS?:. 1:1
Pelirimry 7.2" 7,2I7 23
March 7.32S7.I0 7.30ff7.32
Hid.
S.ik'H, lono bncc.
An order for 2000 freight cars for Itiis
slan railroad has been plhced with the
Canadian Car and Foundry Company.
The I'rovlnce of Albcrtni hns snld Jl.tlOO,
too 10-year S per cent. Bold debentures to
New York hankers, who nVc offering them
at a price to .leld fi.40 por rent.
The Philadelphia Compnny for Otiaran-
teelnff AtortRaces has milled $100,000 to the
surplus, making Hint necotmt IHOO.OOA
The April gross enrliiuus of the Ameri
can Hallways Compnny show n decrenno
of 430.615. For the fotirinniiths there was
a decrense of l"i,l"i!.
.Mnli'olm Mtiev hns closed the business
of lluey Hros. AV Co. nnd become asso
ciated with the firm of William A Head
: Co., as lnnnnger of their bond trad
ing department.
An Initial nnnrterly dividend of l, per
cent, wns declared on .Maxwell Motors
preferred, nnd nlso "4 of 1 per cent, on nc
cumulated back dividends.
Approval of bond Issues aggregating
f22.ni9,c will be nsked of Illinois Suilo
Public entitles Commission by Chicago
and western inoinna Hallway.
The Northwestern Trust Compnny, In
declaring an annual dividend of per
cent., Increarcd the disbursement 1 per
cent. The dividend Is payable May l.V
II. O. S. Noble has been re-elected
president nf Hie New York Stork K.
chnnge. A special meeting of the stockholders
of Ihe ttobert Moirls Trust Cnmpniiv will
be held nt the Adelphlu Motel nt 1 p. m..
Mny "0, (0 honr Ihe report of the special
committee which wns unpointed to hives
tlante the institution's nffnlrs.
Mnniieli assents and pledges have been
received by the Interboiough-Metropnll-Inn
committees of preferred nnd com
mon stockholders In favor of Ihe plnn of
lliianrlnl readjustment. It Is said, In wnr
mnt the belief thnt the plnn will be de
clared oivrntlvo nt the speclnl meet lug
on the first nf June.
.Joseph Moore. Jr., ntinntincos that more
than the requisite ill per centum of the
Franklin Fire Insurance Company slnek
hns nlieady been deposited with the Na
tional Hank or the Northern Liberties,
making operative tho plan of sole to the
Home Insurance Compnny of New York
as soon as counsel for the piirehasets hns
approved Ihe transfer.
The New York hanks gained from the
Subtreasury yeterday $1.7i"i.(ihi, and since
Friday ? 1,711, CO
The New York Cotton ''xrhnngo mem
bership of tiruce I,. IJke was sold at
public miction today from tho rostrum of
the i:rhnnge for 'IS.OOO, 11 decline of
"lx ft nin ihe last pievlous sale. Wil
liam Mitchell usis tho buyer.
The City of Haverhill, Mnss., will re
ceive bids until l a. 111. Mny Pi for pur
i baso nf "l'.n.OOO i per cent, hnnds. tinted
April 1. Wl. and due serially laifl-ire",
Inclusive.
Ciold to the ntiiiitint of 00,CO) was
transferred from New York lo New
Orleans.
The nniiunl Amerlcnn Hcet Kusar letmrt
shows a balance after preferred divi
dends equal to S.GI per cent, on the com
mon stock, against 2.2H per cent. Hie pre
vious year. The surplus was "I,l2l.n"i,
an Increase of D7.5h0.
William I". Phcrrerd nnd Walter II.
Habcotk, of the firm of Hutcher, Sher
rerd ti Itnnsell, returned today from a
business trip to the Fnclflc coast.
Itpprescntntlves of the Federal Reserve
Hoard nre conducting the first examina
tion nf the. Federal Reserve Hnnk of
riillndolphln.
Copper Imports for the week ended Mny
1 were: Ore, matte, etc., l.MS.ooj pounds,
of which from Chill l,3"2,ono pounds; pigs,
Ingots, etc., -,l36,oro pounds. Exports
were: Pigs, bars. etc. 1S."2,000 pounds,
of which there went to Fnglatid S.OM.ooil,
Sweden .",4"-,(K)0, Canada 2,012.000, France
ToO.Ofs), nnd Itnlv S37.000.
GRAIN PRICES ROSE
ON SHORT COVERING
RAILROAD KARNINOS
CANADIAN PACIFIC.
tiil.V
('Irsl week Mav
l-'roai July I
MlPSOtmi
First cek Msy
From July 1
HIO (HlANnC
Fourth Meek April
Month
From July 1
CINCINNATI. NEW
TI..SAS
J1..VU (S'O
SI,IW7.tlVl
PACIFIC.
1.02n,(Hl
.10 107.74(1
SOUTH Kit .V
tt0.3l.-0
37.RI2
100.7,15
nni.nA.vs
He. reass
S.I l.iioo
2il.17li.H7l
A.rrs)
1.4i(1707
t-1. 10"
7.7.V,
lil.tSl
ANIi
Month April ,
From July 1
PACIFIC.
vM7n
i.sa,s:hi
COt.OHAro AND BOCTHKItN.
Itis.nin
l,.'i2..1H'
First week May.
t..h. 1 ,
Kill, UUI I .
SSI). 137
12,2111,3,17
.'11,110
if.l),a21l
VlltOINIAN ItAHAVAV.
Mori h gross IHS7.I7I
Net 17I.IH
Nine metiilM' gross 4,r.'l,IH.i
Net l,.1si:i,42,-i
TKXAS AND PACIFIC.
March gross Jl, 1.11,411.1
Jlft .., lU.'.UKt
Nine months- Kress I3,Iiv.-,i.i:i
Nft ,1,11111,1)11
DHNVI'lt AND I1IO iHIAN'Di:.
,'-rn week Mi :i..-:isi
I' rum Ju 1 lii.i'.'.-.mo 1
ST. l.OflS SOCTHWIMTHII.V.
First week Mu HH.I.oiO $1.1,000
irom July 1 n,llit,30ii 2,mm,ii;i
MIH.S'lfltl, KANSAS AND THXAS.
Firs. k .May .,l.1,i2! 11,210
ron1 July 1 S,lVS2,7,il M).1 772
Increase. "-
flT.H.I
I..I4 4
IVII.UM
:ri,7i
.-lll,.llll
2,43.1
7--l,471
1.17.741
V'n.i
li-,2IN)
Pcnna. R. R. Rnnds Ovcraubscribcil
. lm. Vl,1.n!-- V"' 11. Aiiiiounrenifiil hs
4."t1.w,i:J. ,"'i". l Co. today that tho
Z'i. . . !!" I'cr lent, general inortKuite liumls
oncteil by ihtni hnd Imen oersubb--rlbcd.
NEW YORK AIETAL MARKET
Nl-W YOftK, Mhj 11.-11,, ,ot,n market
nns ttneliHiiKeil today. ,in,, 4.171.11 l.rjije..
Iln. Ilie-lon lots, Ili'MSc. In l"nntHt. I.ouis'
spelter hs offend ut i:i.2"e. for spot, 1.1c. for
May, I2.ie. for June nnd 12.2.V. for ,lul.
NEW YORK BUTTER AND EOCJS
NKW VOIIK. May ll.-llfTTKII.-Mnrket
slower, unseiileil. ri-eelpts. 111,101 packnges; c.
tin, :!!.;' Iilubir eiorlliB. 2!lifi2U',tc ; Slnle
dnlrv, Js,.. : Imitation ircanierj, 22t722)c.
KG(!S. Market steady and tlrm; retelpts,
3R.H0II casrn: trn tlrsts. 2l!2ijc, reKular
p.ivki',1; Hints. 1I.i3'i2(i1.jc , tcgulnr packed;
nearby w lilt. h. 2.1fl2.'ii:e.; niixril tolor. 201i
2li-e.; nearb browns. 221121c.; e.xtr.i flrst3,
211,15220.. sloniRe parked; Orals, 20i,l?2Ii,.. ,
sIoiuko parked.
Wheat Stocks Decreased 2,210,
000 Bushels During Week,
According to Bradstreet's.
CH1CAOO, .May 11. - Despite atlver.
bearish conditions, the grain markat
opened steady todny. It wns supported
hy n report Hint Austria had conceded
to Italy's demands nnd n better prospect
for export business. Wheat's break for
! the past two neeks amounted (o 1?J
cents for May; 13 for July. Com dropped
'i's to 6U nnd oats ITs to S'i. Drastic
lhiuldatlon by the longs and heavy selling
hy tho shorts had Its effect. The bears
became more aggressive as the prices de
scended. Actlvn selling In the early hours soon
oversold the market. Corn was buoyed
by tho report of nn advance of 8 cents
at Liverpool In cargoes nnd unfavorable
weather reports from Argentina.
In the afternoon May soared upward,
tho rlso extending over S points. Corn
loan a point or more nnd oats, ufter nn
early decline, nlso scored more than a
point gain. Short covering was a factor
In tho recovery.
According to Uradslreet's the wheat
stocks In the United States east of the
Rockies decreased 1.41.000 bushels during
the last week; west of Rockies decreased
bushels; Canada decreased 512,000
total decrease, 2,210,000. Afloat
In Kuiope, Increase. 1.500.000:
decrense, 710,000; corn,
decrease,
237.000
bushels ;
for nnd
total nvailnblo
Culled Slates nnd Canada
I,.'l".l00: oiils. decrease. l,178.0on.
Leading futures rsnged as tollonsl
,, , Yesn'd'B
.ilirai- , .(.nn. IIIRI1. I rev 1 'HISS, lloes).
'i" I..M-, l.O', L..i.ki
July 1.2; l :i2i I. "jii
September .. 120 I.2.1S, l.:n,
ivuiii uicv. liriMITVI
nt. nt, -I int
7 71', 7'
1 Ml 77lii
Msv
July
September
Onts-
Mny
July .. ..
Sept ember
Ijinl-
Mny
July
Sent ember
lllbs
M ....
July ...
September
I'erk-
Mnv
July
September
l.M-4
741
.12',
401,
, . H.7.1
..10.00
.10..1.1
..to.:,.-,
. . 10.S2
1 1.02
..IS.Vl
.".HI
Ml,
4BH
Pld. tAskeil.
titi-111.17
io.n.1
10.00
ii.no
1S.M
0.7.1
10.00
l.Mli '
I ..Tit t1.SU
i.-m; h
7n
7S'4
7114
rati
I9IJ
t47"
P.00
H.n.i
10.17
741s
UMj"
tT75
j-':i
10.".-io.s:
O.M
fi.n7
B.03
ll.25
10.12
tio.n- tio.no
110.0.1 10.7B
1R.02
1S..K1
17 0.1
1S.2.1
1R.C2
i7.ro
l7.nx
l8.r,s
Tho Hank of
bar gold and
Argentina.
ICnglanil linuaht -'.oooin
ear marked 0ii,0or) for
LIVE STOCK QUOTATIONS
IMIICAUO, Mil' 11.-llOaS. Ileeelpti., Il.lldll: I
nuiikei stindN. 10e blRher; in'M'tl und buteb
rs, s7.'M'n7.it7. l.O'id beavi. 5"'7. 2.11)7. .",,-,; rouctl '
heavy, fil.IHi4i7.2ii: llslit, 7. Illfl7.7ll; pigs. Silli i
7.2.1. bulk, S7.nv.i7.iai.
CAT'PI.K Itci'ilpts, 2.1,oiii- market strong. -loi-
l.lnhi-r: bfi'veii. Sh.'J.IIJU.I. cows and hell
ers, Vl.'.'.'ilTfK.II); Texnns, H..K)fl7.H.i. calves,
7..Viiltl
Slil'I'.l'.-lteieipts. II1.1IOO: market 10 to 2.-.c.
Iilnlier: naiho and Western. .l..l(H!).i.,".o
Innibs, 71itl.1li. '
Counterfeit Treasury Note
The Treisury Douartmint at Wnslilnittoii
dies iinH-o or ii nc eoiinterfMi $10 National
l.iink ti.ite nn the First National Hank o
Hrei'kenrliicp. Tex., scries, r, l:m2' che'k let
ter "'". ebirter number 7I'."J; bank numh.T
MM: Treasury nuniLet Nnail'ilUA : J. v. Lyons
li'izller of tbe Trensiirv: rills II. llol.erts
Tienhiirt-r of the Cnlteil Htfttls- portriP of
William Mil'lnles-. I.ni-k plate number "l". ;
How to Derive
Permanent Advantage
From Present Investment
Conditions
II We have issued a circular
pointing out what we believe
the wisest and safest invest
ment policy under existing
conditions and including a list
of eight selected securities
adapted to this policy.
H'riie or call for Circular No. SSO.
Villiam P. Bonbright & Co., Inc.
MORRIS W. STROUD, Jr.
Manager
437 CIIKSTNUT STItEET
Philadelphia
Vortt llostmi Detrol'.
Innrinni William I'. Honbrlrht Co.
Paris! DonbrlEht Co.
ni
22 ;
7
OI!i
.11 .
K3
7.ii- jv
-H? 221
SI MVi
.S-!i
ir-:
27
High.
1021,
uui.
100
KB"'
100H
101
Rl
70
ins
R7
74(1
IVs
SS"4
I
l4i
r.ou
ni
l-'4
s-,
4!i
Mi,
:in,
S'l
221
Mli
O'r,
Iiw. Close.
102'', li:2',
.1)111 lOPi
HI (J
1 ArtlT
tun
IIUl,
ton
mi! i
10l,
101
si
7!)
1112
S7
li,
7I'J
101S
llKIlL
101
M
70
1IC
87
LJ'l
Local Bid and Asked
Caldwln 4D
do rref 101
Cain Steel 47Vi
Riectrlo Dtorat .11
(ienersl Asphalt -Wt
do pref "l)
Keystone Tel IIS
do t c H
do rrf n'Mi
i.aKA bun uorp i
Today
Hid Asked
I.i.. -.w .,., , 111, r.uju
on accumulated back; dividends, payable July 1.
Uuaker Oats Company, rerular quarterly 2
kit rent, on common, payable July IS to stock
of record Jily 11 and iv per cent, on pre
ferred. naab!o Aujust 31 to atock of record
N.w1 yirk. l'hllatfcljihla and Norfolk Itall
road, semiannual 0 wr cent., payable May 2S
to stock of record "iay 1J.
American Bugsr Reanin Company, refular
mmriVi-l 14 per cent, on preferred and coni
2n. biV payabb. July 2 i atoolc of record
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Corn Exchange Dank's New Fund
The directors of the Corn Exchange Dank
have set aside 110,000 as an eltlctency fund
to he divided among men and women ot the
bank, excepting officers, od December 31, 1013.
Payments will be In the form of extra salaries,
not based on iprtsent salaries, but entirely for
efficiency In handling details of the bank't
business.
D. and O, Note Issue Approved
R-.I.TIMORE. May ""'-The Publlo Service
ComrnlMlon PJr,Pved the Issue by Baltimore
and Ohio of l40.000.0oo short term 4U per
cut. notes. Of the total. 113.000,000 will go
to retire a like amount of notes coming due
June I. and .the remaining "3.000.000 will go
for betterraentat extensions, equipment, etc.
ulae
CtUI
oraf
SPECIAT. IKEnNO .
A 6PEC1AI, "lEETlNa or THE
stockholders of the CsiasAllimi.ii i
Mfg. Co, will be bald at tbe ofljee of the
Company, 2331 Bodlne at. Polls.. Pa., on
lloaday, June T. IQ8 at t p. m., to vote
for or against the Increase ( the Indebted
osss of the company from, nothing to Thirty
Thou-md 1130.0001 dollars. '
ABTHPR DYSON, 8e--strjr,
Government of the Argentine Nation
Five Year 6 Treasury Gold Bonds
Dated Mny 15. 1915 Duo May 15. 1920
Coupon bonda in denomination of $1,000 Interest payable November 15 and May IS
Principal nnd interest payable in New York at The National City Bank of New York in U. S. gold dollars
of the present standard of weight and fineness.
EXEMPT FROM ALL PRESENT OR FUTURE ARGENTINE TAXES
Theso Treasury Bands nro issued under authority of Law Number 9468, dated January 2, 1914, and
ebruary 9, 1915. which authorize the Executive Power to issue a total amount of 80.000.000 Araentine
Law Number 9648, dated
gold pesos (equivalent to
57,760,000 United States gold or 16,000,000 sterling) for the purpose of furnishing means for the extension of the Sanitary Works and
water supply or ino reaerai (-opitnK i no immediate issue consists or tho SD.UUU.UUU now offered in the United States of America and
5,000,000 offered in tho United Kingdom of Great Britain. Both the sterling and dollar bonds are of substantially aimilar tenor and content.
After May 15, 1917, sterling and dollar bonds will bo interchangeable between London and New York at the fixed rate of $4.86 per
pound aterling, tho expense of nny new stamps which may bo required, to be borne by tho holder.
These Five Year 6 Treasury Gold Bonds are the direct general obligation of the Argentine Government, whose
faith and credit are pledged for the prompt payment of the principal and semi-annual interet as they fall due.
The text of each bond is to embody the following three clauses:
"For the purpose of furnishing means for the eventual replacement of the present short term
Treasury Bonds by the issue of long term bonds, the Executive Power of the Nation shall procure such
amendment of Laws Numbers 8889 and 9468 as will permit the Government to assume responsibility of
and endorse with its guaranty the bonds or obligations which the Board of Sanitary Works is authorized
to issue in accordance with those laws. When the amendment has been obtained and the issue made, the
proceeds thereof will be applied to the redemption o f the present issue.
"Until the entire loan, of which this bond forms a part, is cancelled, the Government of the Argen-
4 tine Nation will not agree to more favorable conditions as regards security for any other loan whatsoever
without securing in like manner the principal and instalments of interest of each and every bond of this
loan. Loons are excepted which may be raised for industrial purposes, such as railroads or petroleum,
and for which the industries themselves may be encumbered.
"When the amendment of Laws Numbers 8889 and 9468 shall have been accomplished and
the attendant issue of bonds or obligations shall have been made, the Executive Power will retain in
his control, as security for this loan until its complete cancelation, an amount in money or of such
bonds or obligations equal to the amount of the present loan."
, From the proceeds of the present loan there will be retained by the Bankers, funds sufficient to pay off $3,000,000
Series "A" 6 Gold Notes maturing December 15, 1915; 5,000,000 of short term notes maturing in London, September 2 ;
and 3,000,000 maturing December 15, 1915. The balance will constitute free money available for further construction
expenditures upon the Sanitary Works of Buenos Aires.
Additional bonds are reserved under the authorization of the above laws to refund the $5,000,000 Series "B" and
$5,000,000 Series "C" Notes maturing December 15, 1916 and December 15, 1917, respectively.
A circular giving additional data may be had upon request
We offer these Bonds, subject to prior sale and change in price, at
99 and interest
Interim certificates will be Issued cn or about May 13, pending delivery of definitive bonds.
I T,
,-,..,.
The Fourth Street National Bank of Philadelphia
The National City Bank ot New York Continental and Commercial Trust and "
Harris, Forbes & Co., New York Savings Bank, Chicago -
Guaranty Trust Company ot New York Illinois Trust and Savings Bank, Chicago
MeUon National Bank of Pittsburgh The Union Trust Company ot Pittsburgh
The First National Bank of Boston
The above statements are bated on data Uerltcd from oOlclal sources. We do not fuarsmtee, but believe tltem to b correct-
V
II
m
cilia May 21. J-on May zs.