WfjjByir.lP i?"v"W- yynitpy - i -"i'?--j-' t-''
SHBe"l
r?T"jJg4''V '
It
12
EVENING LEDGER PHILADELPHIA, WEDNESDAY, DEOEMBEB l, 1915:
FINANCIAL NEWS
STOCK MARKET STILL IN A RUT;
INVESTMENT BUYING ON BIG SCALE
New York Stock Sates
Diamond Match Has Become an Active Issue Signs of
Accumulation Shown in Sloss-Sheflield It Has
Benefited With Other Steel and Iron Companies
N'inV YOUIv, Dec. 1.
Thp slock market continued In a rut today, mid IiiisIucbh whh riikiII.
Nevertheless, there- was apparent a more general undercurrent oC cheerful
ness regarding tho market's position and the Immediate future. Ocnernlly
speaking, this IiaB perhaps heen wrought ahout by the ability of tho market
to hold Itself In this level and resist the law of gravity. Many of tho more
conservative clement tiaVo been more Impressed by the dulness and strength
of the market than by Its previous performances. Any stock market, they
say, looks strong when it Is being pushed up by u wildly excited public. Hut
a slock market that can maintain Its level after tho feverish excitement has
passed has justified Its ndvancc. Prices still show a good deal of Irregularity,
but signs nrc Increasing dally that stocks arc in a position to respond to
ttew buying. Almost every day or two specialties go to new high marks, mid
standard Investment shares of the brand of Pennsylvania give evidence of
constant Investment absorption. This Investment buying Is on a larger scalo
than most people realize. After all. It Is Inevitable with cheap money, six
months money offering nt 2-14 per cent. The money situation Is tho one
argument that Is Irresistible, it Is an nrgument which prevents nnybody
from becoming really bearish upon tho stock market.
Tho Can stocks, or nt least the common, sold on a trifle on the announce
ment that the directors had declared tho regular dividend on the preferred
stock nt a meeting Inst night. Apparently there had been some llttto buying
of tho stocks on tbu expectation Hint something was to be done about tho
wiping out of tho preferred back dividends. As a matter of fact, the under
standing has been all along that this matter would he taken care of, but
not before tho first of the year. Tho meeting last night was called primarily,
It la reported, for tho consideration of an additional war order amounting
to somo $10,000,000. In tiny cose, the alleged disappointment will not cause
much market disturbance. No big speculative position has been built upon
tho expectation of this development. In fact, the Can shares are not in the
commission houses lit any amount. "When Can common moves tho Impulse
Will come from the Insiders.
Quito u mnrkot has been made this week in Diamond Match, which, al
though listed many years, has not been dealt in In New York for a long time
Tho real market for tho stock Is In Chicago, but tho advantage of superior
speculative facilities of tho local exchange was made the basis of a speculative
coup by n small house. This houso brought a block of the stock from Chicago
and started to nmko a. market In It. The same' thing has been done many
times before with stocks from many cities In this country mid Canada Un
fortunately, this time, however, tho firm putting through the operation Issued
n Mtinflnl In Heir ii,Utili . (.. i . - . .
.. ..,,.... .v....., ,,.,.... ,,. i-uu.im wio speculative opportunities" offered by
tho stock overstepped tho mark a trifle. At any rate, tho special letter has
brought forth an olllclat statement from the company condemning the cir
culation of reports which nrc described as "misleading, to say the least" Dia
mond Match, which was run up from around 111 to 122, has slumped back to
ttoout 116
Sloss-Sheftlcld shows signs of accumulation. At 3 it Is onlv -i tmint
or so under the high price for the year, made .September 2fl last, nt the apex
of the boom in the steel stocks. But even In those wild markets SIoss-SI e'f
fleld was never made tho object of wild speculation as were other stocks in
the same group. Just why the stock was overlooked by the gambling c ,,,
has never been quite clear. The company has bene.lted with the other "eel
and Iron concerns from the great boom in the industry, and some good pcopTe
think well of tho property. Amongst these is that old veteran. Jeff m
Levy. Tho present spurt coincides, curlouslv onomrl. win, n, . ,
town of Pres.dent Maben. It Is reported that M : " ... ! nco .
night this week, ta.ked ent.,slascai.y about the coany's
Last close. IHsh. I)w. C1m.
Alaska Juneau mi UK I 10 10
Alaska Gold M 25M 25M 21H 2M
Allls-ChalmcrsMfg.... :! MM XM 33K
Allls-ChalmMfgpf.... 82 82 79JS 70M
Am Ilect Sucat 70H 72 70X TOM
Am lltako S &F Ff...l99M 109!( 190M 199!
Am Can 0.1 02K fI0,' 01
Am Can pf 112 110W 111) , 0W
Am Car &Ionmlr... 81f 82H b0!f 80!f
Am Coal Product. ...1 4(1 1S1 UM 1")
Am Cotton Oil f. &., ',,
Am Iro Securities 27 H 27 M,i
Am l-ocomotlvo 71 7 0
Am Iwomotlvo pf....l025 1WH i
Am Malt !) HM J
A"'.iaitf i ,r. a
Am Small . Ilf imi 1005 9SH
Am Smlir. f a'"". (MlU 00 90,
Am Smelters lit tl! !. . . R5K WW
f7
70
102
10
:io
no
85)4
FOREIGN EXCHANGE
" '.
Slrrllns Itlth. 1nv. t-iiM. Close
Cables..... 4.12 .ll,4 .U4 4.1194
llfmond... 4,71V, 4.W4 4.10 4.11
Francs
Cable S.l B.83',4 S.t -81
llemnnd... SMXi HMM ti.M2 S.83
.Mark
CablM 10 19 m. 19)4
Ilfmand... 19 T94 '.36 19
Sates in Philadelphia
WHEAT STRONG;
SHORTS BOUGHT
..155
Am Snurr
Am steel Koundrys.
Am Siiear Iteflnlng
Am Siiear Hot pf .
Am I'd &Tei
Am Tobacro
Am Tub nf new. . ..
Anaconda Copper ..
Atrh T ami.'
Atrh T AS K pf 101M 101M
IiaMwIn Loco Ill
Halllmore A Ohio Ill
friends one
prospects.
The sugar stocks were again strong. South I'ortn ii,. . .
touched a new high mark by advancing seven p nil Tr II,,: Z u'T
the coppers. -United States Industrial Alcol o a I ' S, Kcw T "J
activity was shown in niKtlli..r H...m.. c " m"" u llcw toI. and
its train and n. nolnt mn,. m, .h . l". ' " R,co llf."T lost
thing on the list going off. """ " Se",ns at tl,e cl0S
all of
cvery-
COTTON
NEW TOniC. Dec. 1. Business in cot
ton, was smnU at the start this morning.
Tho tone was steady, with prices 2 to t
points lower. Cables from Liverpool wore
lower. The weather In the belt was
favorable. Later In the day tho market
Armed up and buying orders camo Hood
ing In. The rally carried January up 20
points above last night, with the othor
monjtlis almost as buoyant.
f Tea. close.
Jjmuary 12.ni
December .,..12.18
..'"Starch UMin
May 1S.KI
July 1U.SS
September
October
Open
ll'.IIS 12.4:t i:
pen. 11 a.m. 12
VJ.J.1
1S.S7
liSO
12.SU
12.M
12,51
12.3.1
12.7.1
12.1M
1U.O0
,42
12.72
12.0.1
2 p.m.
12.4 H
New York Bond Sales I
IllRh. Low. ciop.
siorwhi Aih,n i. o.... ...
.. --...! .vi aua J'i.s. . . rti. of
KK mrr iBr cv 8- if in- hi'.
........H . u I'.r-H. l-f Ii.it ...L
lOIKI
2HIH
Liverpool Cotton
LIVERPOOL, Dec. 1 (2 P. M.) Cotton
sales, 10,000; American. 9500. Futures
easier. January-February. 7.12c.; March
April. 7.13c: May-June. 715c; July-August,
7.0054c: October-November, 6.79c
Tho cloae follow a: January-Februarv, T.31'4o. :
March-April. T.sSe.s May-June. 7.23c: July
Ausuat. 7.18!5c: October-November. e.SSc.
NEW YOHK COFFEE 3IARKET
NEW TORK, Dec. 1. Thera wan no par
ticular feature la the colTeo market in tha
-morning seaalon. Although there was aome
Irresularlty. prices change at the openinc
were narrow, with trading quiet.
Today's Yesterday's
opening. close,
January , n.5o (l..'.8KH.H2
February 'li.M U.SUf;u.ii2
Jlarch aiiOgO.07 H.eoi(i;.(U
April . .tt)lti;.BJ
May ., (J.U.1S0.73 e.ceue.tit
June C.TItftt.72
July 117769.83 o.nvti.is
Ausust fn.ro ....
September ab'JS6.01 ....
Bid. lOtfered.
ii:i
tuif;
ludii
llMiL
H2 il
l'i'-S
JLLli
Ati'htwnn i in'
uu... ...:-- - liN)i.
io Juit & Ohio ani
nXX It'!' Ohio .'::::
5iio liult Oh sVn aVa "" ,J,
K!0 Ijetl, steel8 "f" t ? ! gj.
lBOtti riW HdP ? '" WIS 1"M
S R2J gather 1st Ba.. Am'',
TiDtNi Cent Ino 1st -is imii?
"oon cii.c c. .. ' . .., '
12fHl Jo 4Hs ....
1IKIO lo fl . ' ""
jKi c & k in la'::'.'.:'.:
lOOil do ia
tlOOO C Ot West 4a '.'.'..'.'.
lluooo c 11 & Q joint J ...
?W0 C M ii St l- tv .',"
fOO do CV iU,3
500O Chi llwv fl '
.'JKiO Cons Gas cv 0a ...
"OOO Comput Tab Ua . . .
22HOII Del JL II cow Ss t p.
1000 Den & HOrfdOs ...
.JUUU Detroit United 4ha .
W10 Dla Kec Corps Da ...
11000 Krie conv Is Scr 11
2uoo Erie l-a Is
.'IIIOO (Jen I!1pp rtfth .u
.SOOO Qnuiliy tn lis . .
ilpOO Hud & Man In 5s.
-1CKW 111 Steel deb 4i.,s.
,W "' Outr.U rfd Js.
IOiWcO Inicrl- Met IJis...
i.. iinero j( -1- rei as.
7',4
.1U3
. Il.113
. MVj
. 71U
. W,
.lOil),
.1011,4
. U7
.1211
H
.1071,
. i2ij
. 78
. 72',;
.. MP,
..1041,,
..lull j
.. ,'illi
..' 77'i
as?.
112'.
KM!'
till!',
112 ,
II I -V.
liSi
S7
UP.
1011.
lo
ll
ihin;
i:i-'4
R7'9
in".
10.-5,
IO'j
?...3
US',
1UU',
llll'.j
117
120
MT.
107 1-,
.121,
,
t II ',
1011
IIW'-J
111'.
Ill's
112'
Hill.
Imp..
1IMI
112 ',
111!,
III',
ion;
unit,
iiiii:
iki.;
inn;
117
1.17I,
X7'j
liPj
1ii.V,
II.M,
Vl!'
HM,
II Hi,
101' j
7
1211
M'
107',
l!2l3
Jfc
72
IdS,
Mi),
1IH!j
'SSI;
NEW YORK BUTTER AND EGGS
NEW TOniC. Dec l.-BUTTER-Market very
ctrocer on tops; receipts, C.20 pacliaees; extra,
;illjttMc.t higher scorlne, a3"ti.'!Jc. ; Rtate
dairy, 31632c: Imitation creamery, i'ljjilc.
BGCIS Market unsettled: receipts. 8S3 pack
ages: extra nrsts. SoesSa.; firsts. :ci!i.I3c. ;
nearby -whites, -isaaie.: mixed color. 33&40c;
refriseretor firsts, 22&u-J!4c, nearby browns,
S8fl3c
RATES FOR MONEY
Call. Time.
New Tork 1K472 2VV3
I'hlUdelpbls :ia-i .'twftt
Boston . ., H llftS-l
CIucmo 3194 4 it,
Commercial paper, three to six months, Phil.
adelphU, 3K84. per rent,
BANK CLEARINGS
BanH Uiirlnss today compared with corre
sponding day last two years:
1815. 1011. 1913.
Boston .... 32,h63.600 29,a21I.SSa 128,0111,743
Philadelphia 43.H7S.U35 Sl.233.tllt 38,007,430
Mw York,. COO, 884, 168 80T.5o3.Qg S31.838.3Sl
Advance in Wire Products
PITTSBURGH. Cc t-EHecUve De
cember 1 the American Steel and Wire
Co, advances -wire products it a ton, roahx
lug plain wire. LtSs and nalla 12 per keg,
"base. The last advance was Jl a ton, on
November 15. The total advanoe elivpe
December, the tow point, la Jtl per net
ton on, wire and (10 on nails.
Wire TOda are quotable J3 a ton higher,
at 538 to m. Firm bids of Hi have been
turned, down by some mills.
Ilsi,
7111,
Eg
1(K
121
W'4
45
Ml
43',
411
0-1 H
1031
l'2,
ltl
Ml
7!'j
HSlJ
lit
1004
121
03
Ml
4.V.3
Ul
41)
4
llli
1U1.
U2
Ul1
Slluoo Inter Mer liar ct '4V..S. lil
2WiO Internl Taper .Is..?.. N2
lMUk full tW.l.t !,.. II . .
'"' tl;n vur (., -J '..a, fsi1
1"' J'cka Wteel .- 1U2:... UsJ
10UU Leh Val 4U,a tiii).v.
2JWW LIB t, M T it..... 124''
2too iouls &. Nash 4s 1.3
11W0 ilo Kan tc T 1st Is.. 2i
lh'i sto Kan & -V it " 43'i
i'OiiOIJ SIo I'ao 4s HI
2(M) ilo I'ao ci fis IU
4500O Slont Tower 3s 113
I2 S X. Air Urake cvt Us.IUIH
2O0O N V City 4s. IUiV). . luuj 10uS lOlC
41UIO N Ti Iiwy adj Ss ;.'i. 52-51 .-,2
1M..1 .N'orf West 4s icwj nil? ikijJ
7000 North Tao prior 4s.... OTiJ mil lHt
ySJJJ Sorth, I,a0 e" :"' ""ii '"lB "Wi
1000 Tac Coast 1st 3s 03 113 !l.
2000 Paclfla Tel 3s uy; i,ui. n.,..
70i fa gen ct 4Vas loot. lot loul!
ItlOO Pub lu Serv N J i... iiimI fuul luu?
2000 Rock Island 4 SSU H3tJ S.Hi
(BOO Itock Island rfd 4s.... lilt! fli lai'J
4S'-5 4s
4K?i 4'HJ
1)7 117
70 70
1KIU 01IH
W'tS .$
17000 Itock Island 3s -IS
110CO do ct as 4Hli
li stand Mill Ss 117
fimo Seaboard A I. adj Ss.. 70
lOOrt Bouth Bell Bs..." Iioil
ROO South Pac 4s ksi.
mmr.r UU XUU i; . c' TJ
S9U0U do CV
I50( Pouth
icon south
1300O South
rttC CV IB. IMIT4 Oi'7
v ret f P 3s.... 10715 107
Pac rfd 4s.... Iioij Urt'l
Ry gen 4s.... 7l 7UJ
llwy con 3s lOrt'I 10.1
rr. iti. inir irKL;
1000 Texas Co Ua.
4000 Third Ave ad fis. . .
1.10U) V B Rubber it
10O0O U 8 Steel 8s..,!:..
7000 Union Pao 1st 4s..
5000 Union Pae cv Is..,
1000 Va Rwy 5s..,.,,,,
1000 West Md 1st 4s...
. io3:
.. 7IHI
,..1M'I
..1WU
.' 07i!
.. U.11J
,.. UStJ
.. 73
105
7a
10.111
W'
0S
IISiJ
7H
Weyman-Brulon Financtne
KBW YORK. Bee 1. The Weyman
Bruton Company 'vjlll Increase the capital
ot both the common and preferred stocks
by 13 per cent The outstanding scrip of
January 1, mt, and January 1, 3915, la to
1 redeemed witlt Interest In cash on De
cember 3L Today the company not only
declared n regular Quarterly dividend of
ver cent, on th common stock, but also
a,u extra, dividend or 10 per cent, on the
" 'eoMnon: an4 a regulair dividend ot 1
per cent, on the preferred stock, payable
Ymfn HeceJpta for State Larger
"' JO.BHMBOBO, Dc. J. The State fiscal
vijt- om& Iat night with rec-clpU ol
lajJtW, 4 epaid wUh rtlpt ot
j3f,l, tol isust Hoes:, year. The esspwdl
iums tie t l'? "rw IMS347I1, agalnt
t,aBt pwfips Heavy p
tro' ,tJs Jit S3 a JtW eao.
- fp b'ff pt (WEtS W 4h- A crA
" fc.ijjelUuJWswijlnaL a.
November Municipal Bond Sales
Sales of municipal bonds; throughout the
United States in November aggregated
2S.5S9,HO. This compares with J27.816.J00
for October and J17.S01.123 for November.
131-t. For 11 months this year the total
t given as I117.3S7.JM, compared with
I131.163.W3 in the corresponding period of
1311.
BOND SALESMAN
We offer a position to an experi
enced bond salesman who controls
a clientele of his own; communi
cations confidential.
A. B. LEACH & COMPANY
JJIBEpOttSf Or ACCOUNTAKT
ttrtitlvd Vubli,. Aiicuuutsjiu
jawkejics e. brown ca
Ittls'BCM, ESTATE TRUaT BUIlijlNO.
S.X. WS & aPBAKilAN
8H
. 'in
. S0
. 81
. 7.1
. am
.1811! i
. 00
. mi!.'
.100J
Halllmoro A Ohio nf
llalopllat Mlnlne. ...
tirookljn flap Tr. ...
Ilutns llrothcrs
H11I to & Superior
Cal IVlrolctim
ranaillan Pacific ....
Case .1 I Co pf
Cent taallu'r Co
font Leather Co pf. .
l hrviiKaKo & Onlo. ..,
Ctilla Copixr
Chlno Copper
Chleapi (ire.it West..,
CM (It Wratpf
Clil .Mil &HIV
flit Al A St r pf
fill It I .V IMc
f V f & SI I, pf
Clove A rittsuiltuh. ...
Cluett Pea .t Co
Colorado lm-l & 1
Col & Southern
C011llnenl.1l Can
Consolidated Ua?
Corn Product. Itcf. ...
Corn Prod Itef pf
Crucible. Steel
Crucible Steel pf
Cuban-Am Sugar
Delaware, A Hudson.
Del Lack A West. . .
Den A Itlo (Ir pf. ...
Detroit Kcllson
Diamond .Match
Distillers' Sec
Dome .Mine?
Klec Sloraso llat
Erie-
Krie. 1st pf
Krlo 2d pf
(feneral Kleclrle
General Motors
Goodrich It V Co
Goodrich II 1'' Co pf. ..Ill
Great Northern pf U'll
tlt N el's for oro prop.. 00
Greene Calianea t."Vj
(liiggiTihcIni Kjpl'n iMi
85H
ir.nu ISO 150
.-.nit fl2W Wi i"';a
".113 1W
"iofl'i 107 100'S lOO'S
Hi? i (IPs 101M IU
mu 11: ., "j',
IUV, 1M' "'
m
2Ji
m
7.114
a
i
Jin
81)1
8'J
71H
:r
8!
2Ji
82
7HJ
2I1U
1KI IKOj ISM"
110 Of !,
59J 60U MX
lli)!$ 11051 i1!!'4
Ill l
2iVi
r,iu
ir.!
110!
!llf
5 Hi
lflU
0H
niH
1.TJM l.'i-'lla
liUS an
715
7S'4
(VI
i:h
61! .H;i
ir.!i 1'!S
no
Ol'i "
10H 10J1
1
.pi's
. Ill)
.141
. lM
. S7!j
. 7.1!i
.111
. 17.1
.lil 162
.23!) IBIS
7ll!i
71
62
Hfl
W)H
Ill's
1SK
88
7liU
Itl'i lit
177 ir...
llTJ
21(1
6
70)i
71
lOH
;m
h5
MiH
ISTi
S8
733 i
"S 2!) -!'
1,'lUi 112 132U
IIS 12014 Hfi
IS 4HH 40J4
28! i 20
70!1 O'J
41'i
6SH
KIM
17.T
406
721
111
120
50! i
10
HH
. -1.11
. 68" i
. 6H
.170
.4112
71H
28!.
Oil
II" i
68! i
62
17-Ui
406
70W
111
125? i
1014
46Vi
77!
7UU
71
m
30
b'J!
143H
18? i
88
111'i
168
152
2.10
281 1
13214
115
4014
28
09
43?
68H
62
171M
4(15
70)4
111
125)4
40! i
45)i
...108)4 108U 108S4 108) i
70
... 21' S
... 70)4
...185
... 1114
... 45,'4
... 45H
.. 07H
.. am
.. 01
.. b-lii
,s:
!'4)i
87
7!j
17
3-IJf
0)i
.... no
...125)1
. ... 70
.... 2S!i
. ... 05
....112
.. 23' a
.. 10' i
.. .10
70S
71
22)j
7DJ4
lSlli
HJi
40H
40
OS
Ill's'
MM
84'i
82
121
(if,
0112
lOt
70
100)4
(i0)f
Dili
87
7.' i
10;
34)4
01s
1 71
21). 215S
70)4 7tl)i
1S4H 184)4
11J4 11s
10
45)4
0311
.11' i
CMi
h2)i
81
121
(',5
04
101
73
OU.'t
65
t)2S.
87
7U
10!i
31
0).
G9H
40)4
!.)
01 '.4
31U
03) j
82).
81
124
00
()
Kit
73
OH'
55
U2U
87
7'.'
105.
3-1
0,
0
120)f
81!i
29)4
05)i
U2!f
25!.'
10
142
70! i
.W'H W2M 102)4 1021 i
. 31)14 30!i 20)4 20)4
11
117?i
80
120JX 12814
70i 81).
28! i 28)4
05 05)i
112 112
25) i 25! .
Ki'i 101S
130)i 130!i
75)4
. . 43H
..117).'
. 83)4
. 74)i
..110.
.. 05 i
.. 33W
.. CO
,. US
3.i!i
110)4
7),
:i3)i
50) j
44
.15)4
.10815 100)4 100
..I01? 102)5 10:
43 43
117)i 117)4
SO 80
73)4 73H'
110)4 110)4
03. 0)4
3.1)4 31 i
693. 50)4
41 44
35)i 35)j
10!)
102)4
Illinois Central.
Int Harv Corp. ...
Inter Con Corp....
Inter Can Cor pf. .
Int Nickel
Int Paper
Int Paper pf
Inspiration Copper
Int AI AI pf efdp..
Kan City Southern.
Kan City Co pf. ...
Lark Steel
Lehich Valley
I.toett A Alms pf 11!)
Manhattan Snlrt 0214
Alay Dept Stores 01)5
Alay Dept Stores pf. .102
Aia.well .Motors 74! i
Alax .Motors 1st pf.... 100
Alax Motors 2d pr.
Alexlcan Petroleum.
Mm Petroleum pf. .
AIo Kan A. Texas. ..
AIo Kan A Tex pf. .
Allaml Copper
Missouri Pacific
Montana Power
National Ills
Nat Cloak & Suit...
Nat Knamcl & S. ..
Nat Lead. . .
Nat I.ead of
Nat lty of AI 1st pf
Nevada Con Lop. . .
N V Air linika ...
N Y N II & II
N Y Central
N Y 0 A West
N Y Chi A St L....
Norfolk A Western. .
Nort A West pf
North American
Northern Paclllc
Ontario Silver M....
Paclllc Mall
Penn lt It
Philadelphia Co
Pittsburgh Coal
Pittsburgh Coal pf . . .
Pitts Steel pf
Pitts C C & St L. . .
P Lorlllard Co pf. . .
Pressed Steel Car
Pressed Steel Car pf
Pub S Corp N J
Pullman Co
Hay Con Copper. . . .
Ity Steel Spring
Heading
Heading 1st Pf-.--Hep
Iron A Steel....
Hock Island Co pf-
St Louis A 8 K
St Louis Southwest
Seaboard Air Line. .
Sears Hoe A Co
Sloss-Shef S A I Co.
SlosS S S & I pt ....
bo Potto It Sugar-..
Southern Paclllc
Southern Hy
Southern lty pf
Studehaker Co
studebaker Co pf 1 11) i 1 13 1 1!
Term topper 58 58)4 57)4
Texas Co 211 215 20S
Tex Cosulirccfpd...-2J0 210 210
Texas A P3Clllc 15J 15!i 1554
Thud Avenue 61)4 62 02
Tobacco Products pf... 102 102 102
Union Bag A Paper.... 7)4 8 7!'
UmouliAl'pf 2SH 30 28H
Union Paclllc 14054 13!))4 138IJ
Union Paciac pf S314 834 83)4
Unl Cigar Stores 0)4 0)4 0).
Unl Cigar Stores pf. ... 12 12 12
I'nlted Clsar Ml'rs 01)4 UUi 01)4
Unl Kiult 158H 159K 158M 150)4
U S Ind Alcohol 125 129)4 120H 120)4
U 8 Ind Alcohol pf.... 10214 10-1)4 101)4 104)4
US Cast IP &'.... 25)4 20 25 25H
Unl Itys Invest 22 22 22 22
Unlltyslnvpf 39J4 40 40 40
V B Ilubber 51M 55)4 54M 55M
U S Kubber 1st pf. ...107)4 107).' 107)4 107H
USbteel 8014 S7)4 80 80)4
US Steel pf 115M 115)4 115J4 115)J
Utah Copper 70)4 79)4 78)4 78)4
Va-Caro Chem 40J. 4754
Wabash wl.... 10)4 16)4
Wabash pf Awl 46)4 46)4
Wabash pf B w 1 29J4 29)4
WestK&M..., 60)4 69)4
West E A- St tr 105
W UW 88 8
Wheel A- Lake Erie.,., 5)4 5!i
w&LE2dDf.. 6)4 6)4
Willys Overland., ..-.,242 210 240 240
WooUorth V W Co.U3)4 Ul 11324 114
Quoted ex dividend.
82)4 83 S3 S3
.115).' 115!i 115)4 115)3
. 05H 00 01)4 04)j
.105'4 105)4 105)s 105)4
.11-1? 4 111 113 113
.10) 109 J08!4 10S)i
254
.. 43'4
. . i2
. 41.'
. . 51
. 1'i
. 0
.. 223,'
.. 19
.-172)i
.. 00
. . 05
..150
431
M!s
42)i
513.
1)4
19
45! i
80!-i
12.
50)4
1
5)i
25):
451-4
M) -.
Sowing of Winter Late in Surplus-Producing
Stntes Hes
sian Fly in Kansas
CHICArso. )3ec. 1. Whcnt became
slrotiB today follovvlna; an ensy ntnrt,
when prices were off i cent. Deliveries
of nbotit 1.75O.00O busliclR went Into ntronff
Imnil.i nnd cnflli lionpcn wore cood pur
ehnecrs of Dccombcr. Shorts botiRht nnd
their wns n lively sencrnl demand. All
netlvo Inquiry for expoit to replneo tvhent
tnUcn by the Canndlnn Government una
lit evidence. Strength nt Winnipeg caused
a revival of conildonco on tho long side.
Tho Price Curient enld that sowing of
winter wheat was Into throughout tho
mtrplup-protlucliiK mates, on account of
tho wet condition of tho colt. I'l-oapocts
for next year's yield of winter wheat were
for a Bicatly reduced amount, ns com
pared with tho crop of 1511.
t'lenrnnrcR from tin- scaboaul wero
liberal. Ilr-rclnta In Hit Interior wero
double thouc of a ytnr ntto. It was re
ported from Winnipeg that 1111 iirratiK
ini'iit wnulil be mnde by shippers thrro to
pool their Intprcsts and rcplaco lines. N'o
ilellverloi" wen- reported at Minneapolis,
ltcpoitn were current that llcsalan ily
had nppoarcd In Knnsns. lleceinber
closed at $l.0i'. ngalnst $1.03 yesterday,
nnd Mny nt ILOOtn, aBalnst l.07?4. Corn
and oats also finished strong.
While fhu market at Liverpool was
quiet, tho undertone Ihcro wns llrm In
tho main. It appeared as though tho
short Interest lu Manitoba In tho Kngllsh
market had been satlsllcd for the
moment. Tho trade Micro was neitous
and niixlous for fuitlicr developments In
tho Ciiunillun Bltuntion.
Heavy, general rnln has fallen In Aikpii-
tlna, whero cnniplnlntH of excessive
moisture and ilaninsu to wheat arc com
Inir to hand. The harvest there Is extend
ing south, but tho wet weather Is Inter
fciiim' with II. A further rise In Argen
tine freight rates and lack of tonnage for
Australia have caused fears as to ship
ments from these countries. The harvest
In Australia Is going forward rapidly nnd
samples of new wheat received at Sydney
show that the quality Is excellent.
The receipts nt Minneapolis nnd Duluth
today were 1713 cars, against 5CS cars a
year ago; at Winnipeg, 121!) cars, ngalnst
28B cars; at Chicago, 81 cars, ngalnst 232
cars.
Leading futuren rnnsed 11.1 folkmw:
Yoflt'y's
heat (iron. IHch. Low. I'lii-o. close.
DeeeniliiT .. l.u.1 t'.d" 1. Ill's I.iiiI'h 1.0S
May l.u"?i l.oula 1MTt l.VW, 1.07?i
uoin w.cw ucnvrryi
l7.
I,S
Oecembpr
May
Onts
Dccpinbcr
May
I-i rd
Xovrmber January
.May
Itlhs
.lanujiry .May
Pork
Novembor
December,
.tfinutuy .
MHV
m
70' j
il?;
i.'iti
Ml)
ii..'ia
.. ii. 10
. . :i.i,o
..1.1.00
I.1.MI
.1 7.110
.1T.UJ
Hid. tAsked.
lit
rii;
n.i2
p. 1.1
11.7(1
II.ISl
II.M
1.1.00
10.0.1
17.!ll
l7.ao
H4'i
UNlj
I1U
l-i54
II. 0.1
!i.::n
11, .17
11. in
ti"4?
I2U
ll'.i
ftl
tMi
Hl'l
t nil
Ml! 11.10
t.42i fll.2"
l.0 II.M
11.00
0.77
tW2
I'.flll
15.00 1.1.11 I.1.SO
1.1.70 111.0(1 1.1.7.1
17..10 17.M) 17.W
17.CU 17.77
Financial Briefs
Kxcept for a 20-polnt drop In .Kighth
Xatlonal Dunk shni us, prices of local
securities at auction showed general ad
vances today. Fidelity Trust rose 0;
Glrard Trust, 11; Commonwealth, 1;
Guarantco Trust, 13s., and Philadelphia
Trust, 10. There wns a 13!i-palnt rise in
Stetson and G'i in Lumbermen's Insur
ance; while Union Passenger Hallway
was up 1?.
One block of JIOO.COO t. S. Steel 3 per
cent, bonds sold at lOIVi on the New
York 'change today.
A block of JKCOuO United State Steel o
per cent, bonds sold on the New York
Kxchango today nt 101',-.
Tho Knthodlan Itronzo Works has re
ceived n contrnct for more than
1,000.0(0,000 small rlllo cartridges to bo
mado under a special patent process.
Cotton receipts nt Now York were es
timated today sit 23.000 bales, ngalnst
52.SC1 last yenr.
The G. W. Ilelme Company declared an
extra dividend of I per cent, on the com
mon stock.
Complete returns In tlio election for
two directors of the Federal Heservo
Dank of Philadelphia show that present
directors, William II. Peek, of Scrautou,
and Georgo W, F. Gaunt, ot Mulllca Hill,
X. J., wore rp-elected by largo majorities
I '1 1 to represent tho member banks of Group
UU'i
1
5j
19
17114
02! i 00
97j 90
101 155
19
174)4
00H
97)4
155b
101
2.1j
03
10, ?4 10H4 101
23J, 21)4 23)4
03 63 01
151)4 150)5 152)i 152J,'
113
57)
20S
210
15) i
02
102
7Ji
29
138)4
83)4
9)4
12
61)4
46)4 46)4
16)4 10.' 4
46)4 46)i
20)4 29)4
68)4 68j
105 105
88 8.S
5 5
6H 0)f
. .inu wroiip i, respectively. .Mr. Peck re
ceived SI of 10.2 votes cast, and Mr. Gaunt
received C2 out of C(j.
Frederick T. Chandler. Jr., beeamo a
member of Chandler Drothers & Co. to
day. Mr. Chandler is tho son of F. T.
Chandler nnd he was admitted to the
Stock F.xclinnge some time ago.
Tho Lake Torpetloboat Company hus
contracts now on hand with the United
States Government of Su.til2.f00, say
Bluett & Holllns. Now York brokers.
Edward C, Ratchelor has severed Ills
connection with Dertron, Grlacom & Co.,
to take effect December 1.
Phlladelphirt members of the underwrit
ing syndicate of tho $60,000,000 new re
funding and general mortgage 5 per cent,
bonds of tho Baltimore and Ohio Rail
road received only 20 per cent, of their
subscription.
United States Government
contracts on hand
$6,642,000
Lake Torpedo Boat
Company
Outitanding capitilization
$3,800,230
Tib Is enhene of the factor) dealt uith
In eur tlrculat
Bluett & Holiins
U Bread St.
vlw York
Brown Brothers & Co.
Fouivni and Chtstnvt Streets
PHILADELPHIA
Certificates of Deposits
are issued by us, either on demand or for a
specified time with allowance of interest.
CO Allls Chslm 33j
)00 Am Can ,..,.,. .. 61)1
11 Am llalltvnj-e... .10 .10
120 Duff & Sun t e. S3 Bls
K)7 do pref 85 Wi
300K Cam Steel 4. 7(5
KiS Electric Storage 60H W14
300 Brie ,...,,..... 43H
TOO Oen Asphalt.... 3. .15
S0 de rtff 7314 !4
10O Imp Copper.... ,. 46
27.'. Ins Co N Am., 2IJ5 2l'i
10 Key Tei Co t e 67 60
ISO l.nk Pilpo Corp (l"i, 0?i
fit Lchlith N'av.... 7915 TDK
102 LchlRh Valley. . 92!i S2
W0 I.eb Val Tr pf, 38 38'i
074 Pa tl It CO 60
2R1 Pn Bait Mfe....l00 too
28 I'ft Btl pref M M
42 l'Mla Co 4.1 1HJ
12.1 do cum pref... 4.11i 4
71 I'hiU nlee 28 28
120 Phlla It T I84 IM
.1557 do tr clfs.... 18H 18i
1,11 IUflrtlng 62i Rli
317. Tonopnh It.. 4 t.Vlfl 4 :
MO Tonopnh Mln... 7 1-10
50 t'tah Copper
270 Union Tract IS
81 t'nlleil (Ins Imp, 881.
.1205 If 8 Steel Sot.
225 tVarwIrk 1 A S. 10H
10 York liny 0,i
10 tie pref 31
HON'DS.
Last prev. sale. High,
f (WO Am O & U 5a. . S7!4 S8
nt Cam Btl ecp '10 0711
211 do May '17... 101
1000 City 4s '45 rcB..102?i
1000 Kiult III Out 5a. ..
5000 James. P & U 4a. W
SOOO I.cli Xv cna tis.l02,.i
5000 tli VI gen 4a. . 01'
.101X1 do pen 4ii....l02
47000 I'ennn Ktn 4Us..l0l
SOiiO P II & V t c-li. ..
1000 Phlla Co cons 5 nil
.100 I'hlla. Klec Is... M'i
11000 ilo fia 101'.
::00O IloadlnB Ren la, 05
1000 l'n llwya Inv 5s Tl
2O0 U'eUtuch 5a ... 01
MS
6Hi
29
23
Ml,
73U
eS',4
43
33
01l
SO
23H
CSV,
71W
00',
4.1V,
R5H B54
13
46
24
00
0it
70'i
3114
39
69V4
oon
82V.
41,
4.1
27H
18Vi
IS",
811,
73V4
40
21i
m
70S
fil'.t
38VS
50 V,
WOT.
SI
4IVI
4.1
27i
18H
18l
Mli
TOH
43'.,
80
8T',i
10U
n
at
5-10 4 4 13-lrf
HI.
IHs
45
88
10'i
0
34
Close
S7,
07
101
loir.
101
02
102
om
102
loon
OS
S8j,
S.1
105
05
71
41
07
10!
102
103
J2
102
U1'S
102'.,
lOOVi
118
ss';
S3
103
03
71
1
Oii
70!,
43'i
8S?i
8(1
10',J
0
It
iMYf.
87
07'
lot
102
105
12
102
01
102
IOOV4
08
Wk
8.1
104 14
05
74
04
MANY RECORDS MADE IN NOVEMBER;
vahti r.AMRRTA COMBINE RUMOREl
y" 77- I
Buying of the Stock Accompanied Dy neporcs 01 Merger ,1
With Cramps and Republic Steel Transit Earn- I
ings Largest in History of Company J
Local Bid and Asked
Today Yesterday
Illd. Askcl. lild. Asked.
iii.rr & sua t c
do prt-r
llaliiwlii
-In prt-f
(liimlirl.i Ktcel
Klvrtrle h'tcraKo ....
(lencral Aaplnlt ....
lo pref
KcvMonc Tolepliolio
,lo tr itfa
do pref .
Iiko Sim Curp
I.L'lilch Nov
I.ehlsli Valtry
I.ehli;li Valley True.
do prer
I'ftinsylviinliL
l'bllii Kloctrlo
l'bll.i Co
do 5 per cent. prof.
do (I per rent pief.
l'lilU Hup Tr
do I c
ItiMdlng:
Tonopiill lldmoiU ...
Tonnpali MlnlHK ....
I'liinn Traction
fnlted aa Imp ....
II S Hlccl
York lt.illnny
do prur
Wm Cramp t c
2.V.4
. oj uu'.jt
.113 113',,
.112 115
. 74Vi 7I'4
. us on
. .151 . 3(1
. 73 7.1' i
. 14 14!),
. 14 14'.
.. lid 07
. 711 75i
. IM.i 111
. 3S 3.SI',
. 5!5 Wi
. 27-, 2S
. 4l'i l.-'i
. .'id 37
. -IliT, 43'i
. lS'b isn
. I '. j IHV,
. 81 81'i
. ; 7'i
. I3(, I31
. .S', 8!l
. SliV. Ml'i
. 1 "la
. 3,'lli 31
. m xr
23
r.i
114
ii'i
u
3-Hi
72'i
14
II
(Kl
'$
SS
3S
lil)
JF
13
IK".
lk
4r
i.-.i;
K81.
Mi'J
l'i
iVo''
Ti'i
TO
.Ill's
73VI
am
lit,
(17
oji
IH.l,
3Si
iWii
L'K
43',
T'l
I5V4
Ml
3t'.
November end-oMhe-montli compila
tions showed mans' now IiIrIi records es
tablished In various branches of finance
and trade, and went far toward explain
ing tho ndvanclnfi tendency of security
prices on the stock exchange. Itccord
exports', bond sales, hank clearings and
railroad earnings were reported. Today
tho Pennsylvania report for October
showed (Inures which surpassed all pre
vious totals. Tho Increase, In fact, was
almost double tho big gain shown In Sep
tember. Incidentally, the return on tho
property alone for 12 months ended with
October wrs 4.9.1 per cent., compared with
4.18 per cent, for the corresponding period
last year.
Other roads having record October
earnings wore the St. l'aul, the Chicago
and Northwestern, tho Krie, the Huston
and Maine and several more. Somo hciv
records for steel mill bookings were also
mado In November, in many cases gains
running from 23 to 40 per cent. In excess
of any month previous to October,
Tho Street wns somewhat disappointed
with tho action of tho local railroad
group ot stocks today. Rven Pennsyl
vania failed entirely to rcllect tho lino
showing and oven receded u fraction, but
there wns no pressure to sell. Traders.
mora or less, Ignored tho general local
list nnd concentrated on Cambria Steel,
which fluctuated somewhat erratically on
heavy dealings.
Talk of tomo Very Important now de
velopments was hoard. It was said thu
all recent guesses as to combinations rm '
mergers fell short of the mark, and thit
tho stock was hooked for very rnuth '
higher prices. One uptown house, ha
conslderablo "stop advance" orders k
nbovo present market prices. This or
dinarily would bo taken to Indicate ,
short interest, but In the particular la
stanco It wan said that tho reverse wsj
tho case, nnd that tho arrangement h4fl
boon nmdo on tho theory that If u,,
stock would rise to certain lovels h
would advance much further, Tho latest
report Induced tho Republic Iron and
Steel Company In a merger with thi
Cambria. Stect Company and tho Craran
tthlnbtilldlng Company.
Incidentally, lt may be said that con
trary to tho usual reports, tho Keplojl.
party lias no Interest In tho Peunsylvaaii
Steel Co stock.
The only other Issue to develop net
worthy activity was Ilapld Transit, but
tho quotation fluctuated within narro
limits. Union Traction waa llrm and to
was United Gas Improvement. It xru
staled In official circles that tho earning!
of tho local traction system for Novem
ber wero tho largest for any month In
the history of tho company, tho aver&tt
d.iily Iticrcaso being between 71000 wid
jfSOOO. American Itallwaya nnd Keyston
Telephone) piofcrrccl each lost a dollar,
whereas Philadelphia TOIcotrlc 8 per Cent,
bonds advanced lo 103 Just before the
close.
SECURITIES AT AUCTION
ki par $100. .$10.1
; par Jloo.... 700
par $100 1)10
Tlie followlna; aeciirlllea wero sold nt auction
loday py names a: j.ouaua
13 Hhra. filh National Hank
a stirs. Fidelity Trust Co,
It ahra. illrard Trusi Co.: pa
.15O0 I'hiUdHpi.u llleelrio Co. 4 per
cent, ttust rcrlincato; interest Janu
ary and .Tilly; due 1010
$5000 York Haven Water and Toner Co.
5 per cent, concolldaled luorlRaRo;
interest May and November; duo
1037
5 sbrs. Commonwealth Tltlo Insurance
and Trust Co.; par $100
43 shra. (Juatantrc Trtift nnd Safo De
posit Co.; par $100
33 shra. (iunraMoe Trust nnd Knfo Do
noslt Co.: n.ir S100
10 shra. Wlldwood (N. .1.) Tltlo and
S2'5
45
225' i
I'M
tr.aii
RAILROAD EARNINGS
t'l'.NNSYI.VANIA LINES U.bT.
October gross ....
Hpenses
Net
Ten montlia gross
Mxpensea
Net
1015.
. . ,S3t,00. 740
... 17.5S3.II21I
.. ll.5lVI.lll
...200.001,437
...15S,8.10,r,(iO
... 47,853.871
Increase.
$3.0(15,(11(1
1,211,21!)
1,t.54,:.07
.,221,121
4,51 1.UAI
0,743,083
rUNNSYLVANlA LINES YVKST.
October gross
llxpensca
Net ,
Toll months' gross . . .
llxpcnsca
Net
..$12,115,102
, . 8.415.033
. . 3.000.22SI
... (l7.T5T.ra3
.. 74,730,311
.. 2S.01S.184
$2,102,545
453,077
1,7211, 1117
2,130.010
2.I15I1.137
4,705.707
PENNSYLVANIA LINKS BAST AND WEST.
October gross ....
Kxpcnscs
Net
Ten months' gross.
1-lxpensoH
Net
....$111,204,003
.... 25.000.5(12
.... lfl.2H5.ail
....3(11,422.133
....233.370,077
.... T0.852.033
$5,240,101
l,0lll,32T
3,5S.1.8i;t
4,3117,7111
7,171.121
11.538,fiSJ
CUNTItAL UAlLnOAD OF NEW JKItSEY.
October gross
Net
Surplus
l-'our months' gross.
Net
Surplus
$3,120,110
1,470.2X11
1103.31 2
11,820,45(1
l.Olia.llHT
2.164.403
2;5..-,m
210.3(11
100.4T0
42T,ti3
Til, 022
30,247
CHESAPEAKE AND OHIO.
October gross
Net
surplus
Vitur months' grosi. .
Net
Surplus
Decrease.
$3,077,102
1,301, 12-.'
csii.2-.::
13,o.is,h:i
5,04(1,005
$572,210
-IIO.HTII
.ai.'.'ou
1,ll33,W)a
1,131,11,0
1.32:1,701
TUNING STOCK QUOTATIONS'
TONOl'AH STOCKS.
Jim IlutUr . .
MarNamaiu .
Midway
MUpuli Ext ,
Montana ...
North Star ..
Ton liel
Ton Kit ....
Ton Merger .
Ton Mln ....
Hfscud Hula
West End ..
Illd.
l.il
.HI
.15
,'2!l
.31
.18
V1
7
.no
.S3
Asked.
1.03
.00
.17
.30
.37
10
41.
4 1-111
.05
7'i
.10
.S3
UOLDFIELD STOCKS.
AlUnt.i
lllud Hull
HooOt
llulldos ,
1' O II
Comb Frae
Dlnmf n II
Daisy
Florence ,,
(Toldfleld Cons
iloldlleld Mere ,.
Jumbo Ext
Krwnnaa
Oro
Stud Ken
Silver 1'UU ,
MISCELLANEOUS,
Fain lew Aztec
Klmberly ,,,.,.
Nov Hill
Nev Wonder
.24
.01
.40
.!
.01
,117
.01
.04
.35
13-10
.18
M'5
.00
.OS
..es
.01
.02
.21
1.0U
.05
.41
.01
,05
.to
.CIS
.OH
.38
IU
.10
1.27
.27
.07
.10
.10
.13
.01
.21
I.V3
Trnsf Co.: nnr SiOO IS125 imlri In).. 130
.i Bins, lire Association or riiiinacipniui
par $50
23 nhra. Lumbermen's Insuranco Co.; par
35 abra. Lumbermen's Insurance Co.; par
Mechnnlcs' Insuranco Co.; par
i'lro insti'r-
onii
00
(
li!4
K114
15li
82 sbrs.
..,
10 cbra. Peoplo'a Nnllonal
unco Co.: par 5-.,
3 shra. Itrllanco Insurance Co.; par 550
100 rhra. l.ykena Valley llallroad and
Coal Co. ; pnr $20
1 hr. (Iroen and Conies Strcctn l'as-
nenger Hallway Co 120
3 abr. Union l'nsenger Hallway Co.... 173
1 sbr. John B, Stetson Co.; common;
par $1(10 ns.j'i
4 s!ir.. rfiiladelpbi.i llourso; common;
par $50 .-.
5 idira. llclmont Driving Club 50
. fdirs. German Theatre Iteally i"o 3',!,
$100 Hunbury. Hazlcton and Wlllien
llano llnllwnv Co. .". per cent, first
inorlBace: cnuponi Mny and Novem
ber; due 102S 10li;
1 shr. Academy Fine Ar(s 'Jl'i
$2(KX) Atlantic City fiaa Co. 5 per cent,
first mortgage: coupons Jonunn- and
July: due 1P00 77".
NEW YORK CURB
llraden
l'ri(tsli-Am',rlcan Tobacco old . .
Erllisb-Anicrlcan Tobacco new
Car I.lsht
Goldfleld Consolidated
Hendeo Manufacturing
International Marine
International Murlno pref ....
Kennecoli Copper
Lehigh Valley Coal Salea
Magma Copper
Mux Munlt
Mldvalo
Nlplsslug
Otla Elevator
.ItlH Elevnror pref
Penn Mar Ord
lllker-IIegeman ,
Sterling Ouin
Kilbmnrlno
Tobacco Products ,
ilntted I'rolit Hbarlng now ....
World Film
Yukon Gold
Hid. Asked.
101
ll'i
l,,i
,.ol"'
10
07'6
5i!'i
,5
TS,i
Tl
02
01
m;
21J
101,
31
v.;
4H
l is4
(IS
15'1
15',i
TO'i
01
U2'.i
5
21
4i;
BAR SILVER
NEW YORK. Dec. 1. The ,Uotiulon (or
eonimerelal bar sliver today was 50JJ (.ents,
In London the price was 2(1 15-111 pence.
METAL MARKET
NEW YOHK. Dec. 1. Lend quiet, offered tl
R.25c: tin easy, Rn.nofr.iD.M)e.i spelter. prifM
We'icrn -pot, HittlO'.ic., early Deceroblr,
1MJc.: Into Oeccmber. lSUe.; first o.un
10IH quotations nominal: fee. for Jsnuirr
1Tsic. Cor February nnd 171tc for March.
Phila&WeslernRy.
First tVlortfjagc 5 Bonds
Due 1060
"lloncK" nutalnnillng represent les
llinn 50 per cent, ot rnsh cost of
properly.
Earnings now nt rate of about
twice interest charge.
1'ltICIJ TO YIELD AIIOLT
5.10
Free of Penna. State Tax
DESCItll'TIVK CIIICUL.MI ON
IIKQUKST
Harper & Turner
Investment Bankers
Olllrea: 1000-1012
.VrilCK EXCHANGE BUILDING
Philadelphia
Confidence Restored
money Is iilcntlful; tho demand
for mnnufacturcs Is very Brcat;
railroads huvo prnctlcally no Idle
frelsht oars, nnd the prices of he
Kood liivenlmcnt Iinndn nrc ntend
lly iiilvmirlnpr. This Is direct evl
denco that public contldence In
the stability of our country Is
completely restored.
We offer, subcct to tale, or con
irrvatlre (lu'cslmrnt
Easton Consolidated Electric
Company 5 Bonds
dm- III 111, nt 100 nnd Intrrent
Detailed circular on application
Egwar & SMITH) &C
BANKERS
Established 1602
Jfcmdrrs -Veto Vorfc mid Philadelphia
Stock Exchanaca
llioin and Chestnut Sts., Pjiiud.
30 I'l.VE RTnCUT NtlT Yosic
Investments
Our December circular contains a list of Government,
Railroad and Public Utility bonds including
Anglo-French
External Loan Cs, due 11)20,
Chicago & Western Indiana R. R. Co.
Consolidated Mortgage 4s, due 1952.
Penn Public Service Company
First Mortgage 5s, due 19C2.
Copy of circular furnished on application.
EHRY & WEST
BANKERS
1417 CHESTNUT STREET
-
The American Railways Company
Witherspoon Building
Philadelphia
To the Stockholders of the American Railways Company:
In response to the offer of the National Properties Company, as out
lined in the circular to the stockholders dated November 13, 1915, sufficient
stock of the American Railways Company has been deposited with the
Continental-Equitable Title & Trust Company, Trustee, to warrant, in the
opinion of the Board of Directors, the statement that the plan will become
operative. Nevertheless, in the judgment of your Board, it has been deemed
advisable to afford an opportunity to the remaining stockholders who have
lot availed themselves of the offer to do so for an additional limited time.
In the exercise of its discretion, therefore, the Company, under the
power vested in it by the agreement, has extended the time of deposit with
the Trustee, the ContinentalTEquitablc Title & Trust Company, Twelfth street
above Chestnut street, Philadelphia, until December 15, 1915, at 3 o'clock
P. M. No further extension will be made.
WALTER W. PERKINS,
Secretary,
November 30, 1915.
J, J. SULLIVAN,
President