Tkwtiff-'Ht-mHmm
Bmqy- '
Wf'
EVENING LEDGEB rniLADELPHIA, WEDNESDAY, DECEMBER 15, 1915:
u
5
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i:
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MM
FINANCIAL NEWS
' .WESTERN HOUSES HEAVY BUYERS;
MERCANTILE MARINE ISSUES STRONG
Two Boar Operators Said to Have Been Caught Short.
Publication of Company's Reorganization Plan, Plac
ing Securities in Stronger Position, Imminent
NEW YORK, Dec 15.
There were Indications of buying movements In tlio stock market today.
Initial trmllnjr was quite brisk, with Western bouses coming In as heavy
tn.ycrs, ns had been expected nftcr tlio Interruption of telegraphic service
yesterday by Monday's storm. While brokers continued to have some dlfll
eulty with their private wires, tlio scrvlco today was much better. Klrst
prices were generally upward, but before noon selling orders had been put
out In conslderavle olume, and the whole market cased off. In tho afternoon
there was renewed demand, and the list again turned upward. Tho closo wm
strong. Baldwin Locomotive made a gain of more than two points selling
above 118 and dampening the enthusiasm of the bear contingent which had
orgnnfeed n campaign against tho stock a week ago with tho avowed purpose
of forcing Its price to 60, but wero able only to depress it to around 111.
Much interest was attached to the dealings In International Mercantile
Marino preferred certificates mid also In tho company's stock. It was current
gnsslp In tho Street that two nggresslvo bear operators bad been caught short
of theso securities and that a good part of the strength resulted from their
efforts to cover outstanding contracts.
It was understood that tho publication of the plan of reorganization is
Imminent, which will remove all tho uncertainty over the position of tho cor
poration and place Its" securities In a far stronger position than they ever
before enjoyed. Some of the statements wero to tho effect that the plan
will provldo for tho paying off of the accumulated dividends on the preferred
stock and the retirement of the IHs. Tho 414 per cent, bonds were traded In
on a largo scale at nntl above 36, while the preferred certificates advanced
to 77!i, followed by a renctlon when tho covering efforts were dlscontliiued.
The preferred stock sold above 77 on the curb and the common ranged around ID.
On the early uplift New York Central established nnother new top mark
since 1913 by Belling up to 105"i, hut It fell back when tho rest of the market
Went off. This stock was watched with a great deal of interest, because tho
company's directors met today for action on tho dividend. Around noon It
was announced that the directors of tho company had declared the regular
quarterly dividend of 1 per cent.
There was another spurt- In Texns Company, which carried the price tip
flvo points, but the majority of this was lost beforo noon. Gossip In the Street
was that tho strength of the stock was fully Justified by tho fact that tho
price of crudo oil has been udanclng steadily, the price having Increased 100
per cent, since August. The Street held that tho outlook for the oil shares
was bright. Much Interest was attached to International Mercantile Marino
certificates, they being strong. Some announcement Is expected In tho near
future on tho company's affairs, and tho belief Is that It will bo good.
United States Steel common, after making nn Initial gain, fell back below
tho final of yesterday. Tho employes and officers of tho Steel Corporation
will soon have nn opportunity to buy further holdings In the company. It was
announced hero today that 35.000 Bhares of common and preferred stock have
been set nsldo for their subscription, but tho price has not yet been fixed.
New York Stock Sales
LajtclMe. HUh. T.ow. cioe.
Adams Enrrew 128H 129
10M
25
H2H
S3
7V(
0.5
OlU
...112'J ll.Tf 112' 113'f
SO'f
1531
f.0Jf
129
10
21
32
82!
70H
1)5
00 J
Alaska Jnneau. ..,. 10
AlssVa Cold M 21
Allls-Chalmm Mfg.... 32
Alllj-Chslmers Mfg. pf. 83
Am Meet Sugar 71
Am licet Sugar pf 9i
Am Can. , COH
Am can pi
AmCar&Fdj 80'f H)H 80
Am Coal Products.... lot 153)4 152
Am Cotton Oil 67 SOU 50
Am Express 12,'i 127
Am ltydo A leather.. 10! i 11
Am Hjnia & r. pr M'.i
Am lee Securities Ell'f
Am Linseed 21
129
10
21U
32H
82H
TOM
05
00M
Am Unseed pf. .
Am Locomotlre
Am Sm A ftef
Am Smelters pf A ..
Am Steel Foundries.
Am Sugar Iteflnlng. .
42
m
89
02
MH
27
23f
42'j
70'
09!
SOU
02'f
127
11
r,Vi
27
23' i
41!i
09
08! i
89)5
am
127
n
r.m
27
23!f
42
09
09
89)4
015
110
..UO'f H0f 110
Am Sugar Itef rf 1I8! 117'f 117'f 117'f
Am Tel & Tel 128H 128U 12SH 12S5I;
Am Tobacco 200'f IMS'i 205 200U
Am Woolen 47S 48 48 4S
Anaconda Copper 80j SO'f 8.1'f 80
Associated Oil 01H 01 02 04
AtchT&SF 107 100VMOO MOW
TiatdnlnLoco lliPi 118"i 115f 1I0W
naltlmoro A Ohio ... . 0JU 02'( 02')" 02
Haltlmoro & Ohio pf . . 77'i 77i 77' 77M
Ilatopllas Mining I t 3' 3!
llethlehem Steel 471 482 470 482
HrooUyn Itap Tran... SSU 8SW 884 SVi
Ilron Shoo pf 05 05 05 05
Ilurns Hrothors 80)i 80K 80 80
llutto ft Superior 72 72'f, 7Vi 71'i
Cat. Petroleum 28 3J 27 M'i
Cal. Petroleum pf f,7'i 01 57l$ 01
Canadian raclllc 1S1M 181 1S0U 181
Cent. Leather Co MM MVt uW'i fiW
ChesapeaVo X. Ohio 021 j
Chllo Copper 24'f
COTTON PKICES HIGHER;
TRADIXd WAS SMALL
Liverpool and New Orleans Interests
Wero Buyers
NEW YORK, Dec. 15. The cotton mar.
ket this morning did not make respomo
to high quotations In Liverpool, but tho
undertone was good and advances of 2
to 6 points wero recorded Trndlng was
ery small. Liverpool and New Orleans
Interests wero buyers, with the supply
coming from Wall street and commission
houses.
As tho day advanced the general tone
hardened until prices were ruling 10 to
12 points abovo last night.
There seemed to be a disposition on the
part of tho room traders to contest any
attempt to put prices up. Liverpool was
3 to 5 points hlghor, against declines of
li to 1 point expected.
The tone in the foreign market was
steadier and there was less liquidation
In evidence. The temperature lu the belt
was higher. Frost was reported In
Florida.
Yes. clour. Open.
January .....li'.ul li.ort
New York Bond Sales
I Vcember
.Marcn
May ..
July ..
October
Spot ..
.Jl.ns
.18.30
.l-'.w
lL'.dl
r.-.i
12.SO
v.-.tw r.'.ni
-.18.17
..18.8.1
Illah. Iow. Close.
18.17 18.ii.- 18.1U
12.03 18.01 18.01
18.41 18.8S 18.IIS
18. lit 12..VI l-'.fiS
12.7.1 18.111 18.71
12.811 18.31 18.80 18.1
18.2.1 12.85
Liverpool Cotton Market
LIVERPOOL. Dec. l.l.-'.U 8 p. tn futurM
were quiet. Quotations: Januury-frVbrunry,
7.:ilt,a.: February-March. :i(M.; March-April.
".SoUil.: May-June. ?.S2tad.: June-July,
T 1SV&.: July-AusuBt. 7,ld.: August-Kepteni-bar,
7d.: October-November. il.T.il. Tho unlet
wero KKX bales. Including MOO bales American.
RATES FOR MONEY
.Vow York .,
Philadelphia
'tOStOtl ....
Chicago
Call.
li2
3H4
Timr
alius
:t', I
4 ifMli
Commercial barer. thre to etx months. Phil-
phla, 3htf4 per cent.
Reserve Banks' Discount Rates
-Daya-
Koaton ...
New York :i
Pblladelphla ... 3
Cleveland RVt
Itlchmcnd 4
Atlanta ....... .
fhlcago ....... .
fit. Louis ...... 3
Mlnneatolla ... .
ttanras City.... .
Tiallaa
Saa Francisco. .1
W or Oerl0. over .ID OiertW
less, up to 30, up tu W. up to mi.
4
4
4
4
4
4
4
4
4
4
4
.V,
4
4
4
J4
4
4Vi
4
K
Boston .1
New York, .... .1
Philadelphia ... 4Vi
Cleveland ... .1
Richmond .1
Atlanta .1
C hlcaKO .1
ht Loula . .. .1
Minneapolla ... r
ICanias City ... S
Dallas . . ..... 1
San Francisco. II
Agrlcul. Trade acceptances. Com-
ovir uu. up to mi, wi to iki. nioaiiy.
IS
3t
3;
itt
m
4
4
3'.S
351
4
3i
avi
3
.1
h
3
3
3
m
L'n to 30 dav: over 30 to GO. 4 Dec cent.:
oyer 60 to p0, 4h rr cent., and oer W), 3 per
cent.
BANK CLEARINGS
Bank clearlnita today compared with corre
spondini; day last two years'
Kits. ton, inn.
Phlladl..,. JH.TM.a.11 S2T.5H.1B13 M2.I12.H'
New York..4T7.:iSi.tKit Siii.kii.57k 32imt,BS
naltlmore .. T,S."M),4J7 .MOU.2'17 il.rjrt.l)sri
CUicaKO .... 5l,74H.fi&5 M.4W.12S 50.U58.142
Metal Company Cuts Capital
TRENTON. N J., Dec. 15. The Mag.
nus Metal Company of Jersey City, a
New Jersey corporation, today filed
articles with the Secretary of State an
nouncing it has decreased its capital
stock from $3,000,000 to 11,500,000.
DIVIDENDS DECLARED
Jlp Bay Company, regular quarterly 1V,
payable January 15 to stock or record De
cember 23.
United Fruit. rerular quarterly 3 per cent.,
parable January 15 to stock of record De
cember 2 and -I.
, General Flrtproofln Company, regular quar.
ferly m per cent, on preferred and IK per
cent, cm common, payable January X to stock
of record Pecember 80.
National Urorlce, reuular quarterly 1H per
eent on preferred, paabie December 31 to
stock or record December 21.
New York Oklahoma Oil Company, regular
uuarteiiy m per cent on preferred atock. pay
able January t (a stock of record December
ST also 4H per cent, to cover accumulated
dividends on referred stock.
Ventral L:oai ana uoae company, quarterly
to stock at record January 1.
WeUbacb Company, regular semiannual 3'i
per cent, on preferred, payable December 31
o atock of record December XL
Canada Southern, regular semiannual guar
anteed i Per tent . payable February I to
ctock of record December 31.
Kanav.lha aud Michigan, regular quarterly
iU Pie cent, payable December 27 to stock of
record December 17.
Micblgan Central, semiannual 3 per cent.
D. C Heath le Co . res-Iar quarterly of
M4 per teaU on preferred, payable January J
IP colder? of record December 24.
Manning; Vaxwell i Moore, regular quar-
terly 14 txr teut- and an eatra of IV, per
cent., vuysble Ittembcr 3L
American iliuiujc Lrompaoy. s per cent.. 3
r1? Jr llt?It-lVt wn aw per
k-s; oi recora
ixiu, re-
h
.-,rro
Sltuiio
10, nt
401M)
2i nw
:iiii
loot,
8MXI
ll)l)
HKX)
12.VH)
811HI
::im
rinoo
4IM
MUNI
3IXKI
2IHI1I
1(101)
10,10
Mttkl
20U1)
KMIl)
.nxx)
nmo
Ttioo
1000
::ihm)
21HK)
.KO)
IX)
TIN"!
Sl)
.10011
1000
.llWfl
CDIOCO
X.Hrfl
51k H)
1000
MXW
l.KXO.)
lOik)
Kkkl
7 Ik)
21X10
::rn)
loon
11.100
IKS)
8:irK)
80(Xt
I tonn
lrom)
2000
7(HI
5000
IKHk
5KX)0
81H)0
lOOD
,VM)
in
1000
8(KX)
80m)
.UKXIO
87O011
45iX)
28H0O
40. HI
Itllk)
.!Otk)
KklO
!Mk)
80110
1000
7!Hk
10IO
lOlK)
7.1V.
Illsh.
Aln.k.l Onld r- (H...110
Anglo-F I. ,1s K'i
Amer Smelt Sec i...ll.l'i
Amer Tel clt H im
Atchison gen 4s H'l'
Atchison adj 4s . s7
Atchison ,1h 10t,
Atlnn Co I.ino 1st Is. !8S
Atlnn Co Line clt 4s. '.i
Halt & Ohio 4s mi.
Halt .t Oh cv 4t.s.... I)7,
Unit iv O dwn 3'n. ... 02
Hcth Steel rfd 5a.. ..Mill's
liurni tc W 4 ixi
Cent Leather 1st 5s..lkr;
Chill Copper 7s 131ti
Choa & Ohio cv 4',s... Ml
t.'lica .c Ohio .Is KITS.
fill A Uist 111 ,1a VI
I hi (It West 4s 71
"hi & Nun 3Ws s.t,
r M & St I' dfv 4s... til'
C M i St I" cv f.s ItkP.
C M : St 1' cv 44,s..,101H
uitu r;ur v,orp oh...
i:rlo Ken 4
Krle conv 4 Ser II..
I-le prior 4s
ilreon Hay 11
Hud & Man In 5s....
do rfd 5h
Iowa Central ref 4a..
Ilia Copper cv tie
Intern Met 4'fcs
Inlcrb It K ref r.s
Inter Mer Mar 4H,t. ..
do ct 4'Sn
Jnp now O S 44i
Lacka Steel 5s 1D23...
I-orlllard 5s
Minn Si P S 8 II 4s.
Mo Pac 4s
Mo Pac rv Rs
Mo Par .Is llljo.
Mo I'ac I'm
Mont Power .V
X VCLS .T.js
X Y C & Hud l'3s.
N Y C (Is .
N Y C 4Uh Mnv 11117
N Y Uy ndj 5s
N Y Tel gen 4'4 .
Norf & W cv 4s 1020.
do 108.1
Nor Pac prior 4a. . . .
Nor Pac iren 3s
Ore & W It a N 4s.
Pacltlc Tel 5
Penna gen ot 4t,s
Public Serv N J 5s.
ueauing gen 4s
Hep lr & S 5s
Hock Island 4s
Hock Island 5s
Scatmard A t. ndj 5a.
South Hell 5s
South Pac cv 4s
do cv ret f p 5s. . ..
South Pae rfd 4s ...
South It ivy gen 4s . .
South Itwy con 5..,.
Third Ave ndj 5a..,.
To Peo & W 4s
V S Huhber (Is
I' S Steel 5a
I'nlnn Pao 1st 4s...
Va Itwy ic Iow 5a. . .
Uah.P T Is, ft J.
W B & .1 cv 5, Op. .
wiir
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122
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10.1
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113
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10111,
101
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l'V?J
101
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101H 1014 101'i
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-IllJi -17 45'i -10'a
. 28JX 20U 28! i 2SU
. 4H -l.tls -125 -I2
. 57 C7J5 mi m'i
. 17.-.J5 173JS 17.114 173J4
r,.ii C12 oxi :.:t:t
128 12!) 127 2S"f
7i'i 7,'t's 7H'i
1134 nnjii liu'n
Wi -155s 13" s
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74
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S7.'i
113
l!)'f
71
110'j
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02 'i
2IU
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3'.1
P35
132
r,H
71
MH
h7)l
1)3
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72IS
Chlno Copper...
ChlcaBO Oreat West..
Chi. 01. West, pf . ..
Chi. Mil. A St. Paul.
C M. & 5l. V pf
Chi. It. 1 & Pac
Cliictt, Pea. & Co....
Colorado Fuel A, 1....
Continental Can
Consolidated lias
Corn I'roilucts llcf...,
Crurlblo Mwl
Cruellilo Sleet pf
Ciitan-Am. Sucar ...
Cuban-Am. Sucar pf
Del, Lack. & West...
Distillers' Securities. ..
Domo Mines
rirlo
Erlo 1st pf
General Kleelrlc
General Motors
General Motors pf . . .
Goodrich 11. V. Co....
Goodrich II. K. Co. pf. .113
(Ireene-Cananea 45:
Great Northern pf liMM 12.V 12JU 123'
Gt. N.crs. for oro prop. 48'X 411 4S'i 4SM
GiiBRenhelm Cipl'n..., 775s 77's 77 77
Inspiration Copper 45V$ 4o! 4IM 415.
Int. Harv.. N. J Ill1 111 110' ill
. 83U
.1US
. 22'
74'J
Int Harv. Corp
Int Han-. Corp. pf .
Inter. Con. Corp'n . . ,
Inter Con. Cor. pf. . .
Int. Nickel
Int. M. M. pf.cf. dp
International Paper.
Internat. Paper pf . . .
Kan. City Southern ..
Lack. Mrel
Lak-o hrlB & West . . .
Lake Krio & W. pf. ..
Lehigh Valley
Mackay Cos. pf
May Dept. Stores
Maxell Motors
Max Motors It pf. ..
Max. Motors 2d pf. ..
Mexican Petroleum...
Mex. Petroleum pf. . .
. , ,'a
.197,'l
71
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. 40'5"
. 31
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73
12
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a;
82
00 -i
031,
'Oh
inn.' joov 101
M.. St. I. & S. S. 11.. 123
Minn. &St. Louis.. .. II!
Minn & St. L. pf . . . 31
Mo , Kan. & Texas pf. 10
Miami Copper 3315
Missouri Pacltlc 3!i
Montana Power 70
Montana Power pf. ..Ill
National Iilscult pf ...127li 127
Nat. Cloak & Suit .... 7SH 70
Nat. Knamel. .V S 23
Nat. Knamel. & S. pf. . 03
Nat. Lead Ot
Nevada Con. Cop 101
j
lOO'j
00
123''
ir.i
ATM
10
33'.'
m
7t,f
10s
New York Air Urate. .KM
N. Y , N. II. i. II.
New York Central .
N Y.. O. & West. .
Norfolk 4. Western.
North American...
Northern Pacltlc...
Ontario Sil. M
Pacific Mail
Pacltlc Tel. 4 Tel. . .
Penn 11. It
People's Gas, Chi...
Peoria & Eastern...
Philadelphia Co
73U
.103'f
30
20H
01) j
01
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130
73 'a
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37.M
Paish Discusses Security Purchase
Sir OeorBe Pnlsh In a statement on tlio
British Government's plan to purchase
American securities from English holdeM
says: "Practically speaking, Great Brit
ain has to provldo all the money needed
to settle tho American favorable trade
balance. For 1913 the excess of exports
will probably reuch Jl.7riO.000.fOO and after
allowing for pujment of Interest, freights,
etc., tha balance In favor of tho States
will probably reach about $1,350,000,000, of
which about JIOO.O0O.00O will bo settled in
KOld, JlCO.OfO.OOO by the recent Franco
British loan and the balance of about
yv.000,000 by sales of securities.
"In 1516 the balance in favor of the
States, In view of the great quantities of
good a already ordered, may not be far
short of :,&CO,000,000, and after allowing
for Interest aud other payments, the net
balance In favor of the States niay be lu
the neighborhood of l.000,00O,0CO. 'With
such a prospect It was essential that
Great Britain should mobolize her Amer
ican securities and make necessary prep
arations for payment of so great a sum."
METAL MARKET
NEW YOItK, Dec, 15. Lead steady; orfercJ
at 5 40c. 'fin firm at 37Wc- t 3. Spelter,
spot to lst Dcemb,r, 17,e. to 18Hc; first
quarter of 1010. lTUc. for January, lute, for
(March; second quarter, ItSc, to 13t,c.
Another Rise in Quicksilver
NEW TOBK, Dec 15. The price of
quicksilver advanced to, to 1S5, per flask
of 75 pounds. This Is a new high record.
RAILROAD EARNINGS
SOUTHERN RAILWAY.
'HIS. lncnuH.
First wek December ... sl.33l.11T f 111,311
From July 1 .. ai.SSO.SST J18 U
asv li'-iic payable January lu. 1015,
SSt. "abl July 15. lOiO. tu stor
Dt.euiifr T,L 113. nl Juaa 30
a(etUlr.
ANNUAL JIEETIKOS
(K?Si tum CKSTU.LU XATIQSAU WAK
&" of i'mtAimLrui.
Pfsembtt 13. 1913.
Tli 4.S'JI KUctton fr Director of i
riaek t bel4 at the BmkljiiT Hous on
'iuiliM' JsioiWf il, Jf4 btw.o. 11 a, ja.
Seaboard Air Line
Railway Company
tint and Consolidated Mortgage
6 Bonds Dae 194$
I'ltlCK TO YIELD ABOUT
6.05
DKSCHHTIK CIRCULAR OH
UKQUESr
Harper & Turner
Investment Bankers
Office i 1000-191S
fTOCK SXdlAhOK UUILOINO
1'aUaJelpbU
'1J
.115J
. 1H.
. mi
.112
. 13
. 4;i!s
1'lttshurEh Coil SUM
Pittsburch Coal pf HOJi 111H lit)).' 110!i
Pressed Steel Car MH Mii Ol ftlH
Pub. S. Corp.. N. J...11SU 11SM 11815 118H
Hy. Steel Sp'e 41U 45 Wi i-l'A
Hay Con Copper l!j L'o'5 LTi 2.1
HeaillnB S2 K.". HI M
llep. Iron & Steel f55. 5(1 5.1 55'i
Itep. Iron & Steel pf.H2Ji 11015 llt-'lj HOh
Itock Island Co. pf.... U U H '
iiumely, M. Co. tr. r. . 13H Wi 13U 13'i
St. LouU&S. K 4H C 4)5 5
St. L. &S. K. 2d pf. .. C!f r,H C,H C,f
Seaboard Air Lino pr.. 41)
Sears. Hoe. A. Co 170
Stos9-Shef. S. 4 I. Co. . 01
bloss-S. S. & I. pf 101
Southern Paclflc.
Southern Hy
Standard Milling S3
Sludebalcer Co 174
fatudebaker Co. pf 112
Tenn. Copper 57If
Teias Co 225
Tex. Co. sub. recf.pd .225
Tens & Paclflc 14
Third Avenue G2H
Toledo. St. I.. & W.... 75
40
17SI5
(S'iH
101
4(1
178
02)5
101
41)
ITS
01
101
100H 10H. lOOlf 1007s
22:. 22,'i '',
hr 81 M
1775 172J5 173),
114 113' J 111
fi7J. fi7i 57H
235)1 220U 230','
232)5 230 232! j
VM 5'i 15H
Ul)i 0U5 Mh
Union Bae & Paper.
Union Hag & P. pf.
United Clu'ar Store.
8
29
OJf
7
UK
305
0'.
7
8).'
S0.
01.
30).
UK
Unlou Iaciflc 1375 137M 137)i 137)j
U. S. Cast I. P. & K.. 25t 25 24)5 24'5
U. S. Ind. Alcohol 122M 123 121 12U5
U. S. Ind. Alcohol pf .105 101)5 10H5 104)5
United Fruit 147)5 148)5 147)5 148)f
Jolted Dry Goods pf. . 68)5 73 73 73
United s. Invest.... 20)5 21J5 21)( 2Uf
U. S. Rubber M MH 51 64
U. S. Rubber 1st pf...lOS)f 10M 108' J 10S)
U. S. Steel 88U 87 S8)i 80)4
U.S. Steel pf UGlf 1161f lllllj U0
70H
47
02
10
45J(
2i!l
80
6855
78
Wluis Overland 249)5 253). 248H 218)f
Willys Omland pf.,.. 114)5 114)5 114)5 114M
Wisconsin Central..... 40 40). 40J 40,'i
Woomorth. F. W. Co.. 114)5 117 110 117
Quoted ex dividend.
UAR SILVER
LONDON. I)c. IS. The Quotation for com
mercial Uir ller today was down U to is.
pence.
in
Kith
Utah Copper 80)i 80)j "0)5
Va.-Caro Cheru 40)5 47 47
Va. Iron, Coal & O.... 02 02 02
Wabash w.l 10 111 l.MJ
Wabash pf. A, w. I.... 46)f 40). 455
Wabash pf. 11, w. I ... 29)5 2U! 28)5
Western Union Tel. ... 885. 89 b9
West. E. &M OS's 08J 07)5
Westlnghouse 1st pf . . 78) 73 78
n New York: silver as quoted at 55 cents,
th Mexican dollars at 1-U cents.
Turn of the Tide
A year ago the Ney York
Stock Exchange reopened. It
had been closed for more than
four months. This marked the
turn of the financial tide, and
good securities have been in
strong demand ever since.
Send for our list of good
bonds at attractive prices.
Edwakb B Smith &.Co
BANKERS
EUt.busuio 18S2
iftmUrt Nv Yark and PMIa4tJnAla
Stock H-zchaxect
Ktatv ano Cuxjisut Sia., Pbu.b.
SO p, Siitir h'irTcil
FOREIGN EXCHANGE
Sterling lllth.
Cnhles 4,V4
Demnnd... 4,1l?i
l"rnnc
Cnhles KMW,
Demnnd. KMM
Mark
Cobles ?:W
Demnnd... IVn
Yes.
Iiir. I.f)l. Clnse.
t.12 1.7 V4 4.74',
4M .n 4.71V4
(S.S', R.RSV4 OS
BM'A BM'A SM
77
77
77H
77
77'
17',,
WHEAT IRREGULAR;
DEMAND WAS GOOD
Largo Amount of Winter Not
Thought to Be of Merchant
able Quality '
CHICAGO, Pec. IS. When I moved' Ir
regularly totlny. There wns a rooiI rle
innnd nt tlio start nnd prices wero firmer.
I.nlor henvy Belling: by tho snmo com
inlsftlon hoti.ses Ihnt fold at tho closo
yesterday coined a break, but on the
ttccllno thcro wns sufflclcnt covcrltifr to
ltriiiR nbotit ft partial recovery.
Following tlio publlcrirlon of the Oov
ornment's ostlmato on tho erop of l!lS,
placing; tho yield of winter wheat nt b5j,
0l.",000 bushels, nprnlnst B34,nM,00O bushels
last year, nnd of spring- nt 3oMG0,000 bush
els, against IO1,0?7,000 bushels last year,
prices again turned easier. Tho report
received a benriph construction, nlthoitfth
It wns the c;-iieral Impression that n largo
nlnount of winter Is not of n. nicrchnnt
ablo nuallty. Tho closo was U cent lower
on December nnd May nnd U cent hlfiher
on July.
Export demand did not Increase, pales
In the past 21 Iioura amounting to "lily
400 000 bushels. Itccelpls III tho northwest
continued liberal, but nrrlvals of winter
nro not showing tho predicted Increase.
I.enillnR futnre.s rnnRcl ns follows:
YestM's
wheat-- Oren. HUH.
tierember .. l.Hl's 1.11'i
May 1 17', 1.1",
July 1. 10 l.lll'i
corn (new oeineryi
Low. Clnse. rlose.
l.lili,
1 17t,
l.l.VJ l.in
l.UVIs tl.li.
1.0!) 1.011)!
1.01)1,
IN
71H
W
nctrniler
Mnv
O.itn
Dcccmber Mnv
1-nrrt-Jnn'mry
.
Mnv
1 llhs
Jnnn a ry
May ...
l'ork-
December ,.10 2.!
.I.inunry . ...li.,')
Mnv is.47
Hid. tAsked.
00,
72"j
-I.Vj
. ... h.in
.... II.D7
.... n.7.i
....1U.1I!
0.70
lo.w
n.Ro
10.1.1
ii.no
l. 17
nis;
7m
4f,
Ms
0.02
U.PO
n.7.-.
10.12
too'j
fi2(s
I.V,
tr,7.
tin,
42
ttr,
4II.7R
11)00
n.7r,u n.wi
10.10 10.12
m.n-tii.n.-,
.... in.2.', in2.-.
l.2.- tis.4.-, is.r,.-.
1S.2.1 MS. 10 '18.MI
Financial Briefs
Besides cleclnrlnr; tho usual quarterly
dividends, the Uonl linking Powder
Company declared nn extra dlsbtirscment
of 2 per cent, on tho common stock.
Tho Prnlrlo OH and Gas Compnny re
sumed dividends by declaring J3. The last
payment wns JtJ In February, 1913.
A 10iA-polnt rise In Corn Exchange Xa
tl'innl Hank shares was tho feature of tho
miction sales bore today; Fidelity Trust
advanced O1;, wnlle Southwark National
Hank fell 3'.fc tn.d Do Long Hook and
Kvo C.
Proxies aEgregatlng SO per cent, of tlio
outstanding stock wcie lu faor of the
plan fur a consolidation of thu Itlker
liegeman Company and the United Uitig
Company. This total Includes tho vote ol
the corporation for Itllier & llegeninii
stork. At the meeting of tho latter cor
poration, which represents the Whclan ln
tcrssts, thrco-fourths vote was returned
In favor ot the plan.
A dispatch from South Hcthlehem says
that six open-hearth furnaces have been
added to tho Xew Merchnnts Mills of
the llethlehem Steel Corporation, maltfng
33 furnaces of this kind with a monthly
capacity of IStf.OOO tons of Iron.
Tho General Hallway Signal Compnny
has received an order for tO.OuO rough
shell forcings.
The New York banks gnlncd ,133,0M
from the Subtrenstiry yesterday und since
last Filday, Jl,'J23,00i).
Chandler Urothets bought Cambria
Steel; G. S. Cnrtlgan sold Philadelphia
Electric.
The annual repot t of the American
Drake Shoo and Foundry Company
showed n surplus balance after common
dividends of ?S23.3S7. or equal to 16.46 per
cent, on tho preferred shares, against
14.03 per cent, the previous year.
Tho Steelton plant of the Pennsylvania
Steel Company, which has been rolling
rounds for several months In tho mer
chant mill, has extended this work to
other mills.
The Initial bidding for Pennsylvania
Vnter Power Company stock, recently
listed on the local Stock Exchange, to
day began nt 70 and went up to 71 with
out resulting in any sales.
German tnarkB made a new low today.
Belling down to 77.
Figuratively Speaking
"What you need Is elbow greato," said
the lady, after watching the tramp's lan
guid efforts to split a stick of wood. "A
purely figurative term, leddy," ho 10
sponded. "If I knew where the elbow
grease could ba purchased I'd buy some.
Cut you can't purchase a purely meta
phorical commodity." "Oh, I don't know.
You evidently know where to buy nose
paint"
&
.Sv. SaSK'y-AS-J.'
vs;-w;j
A Dollar Bill
Will bring you the current issue of
THE MAGAZINE OF WALL STREET
and the next seven profit-making is
sues by mail, One idea is worth the
dollar.
Features of This Issue
Montgomery Rollins
on Underwriting
As author of "Money and Invest
ments" and other standard financial
works, Mr. Holllna Is well known.
He explains the formation ot syndi
cates, how they operate and their
purpose.
Midvale Steel
A valuable analysis of this new steel
merger. How it differs from the
typical combination the prospects
for Its stock. l)y Fred U Kurr.
Granby Copper
Barnard Powers dissects the position
of Granby for the man who wants
to make money In coppers.
The Low-Priced Itails
Will they sell higher? A graphic
presentation of Jhe factors affecting
several of the low-priced railroad
shires.
Other articles include John E. Gar
din, of the National City Bank, on
"War and Finance" Tho Progress of
the Federal Reserve System United
Fruit Investments for Women
When a Railroad Goes "Broke".
Consolidated Gas, Cotton, Oil, Wheat,
At All News Stands 15 Cents
Magazine of Wall St.
43 Hroadvrar Hept P. TV Jitn York
MffHrrY""" oftsst fc.jvS8ils
DIBECIOKV Of ACCOCNTANT
Crtwl rublit Accocatnau
UWIIXNCtl K. BROWN st CO.
MIS KfSAl. ESTATE TUUstf UU1UP1MQ.
Sates in Philadelphia
tes.
CI6se. HlRh. Ix)W. Close.
10 JlaMwIn teo..H4'S 110H 111 HOK
2.1 Huff & Bus t o 2S 2."' 23Vt 2SH
B0.17 Cam Steel ..... 74i T4'i 74 Tin
20 Cal I'etrol 2t' MH "
20 cm nt &r.. t it i lfl'i i-s
12.1 KIM Stornite... .. 14 1U S,
7S Oen Asrhslt ... 34i .ID, 31'4 3IH
1 Ins Co N Am.. 2.1 2.1 2.1 2.1
10 Int Ar Corp 2.1 2.1 2.1
70 Kerstone Tele.. 14 U'l ll'i 14'1
1 do pref OS OKI OrtH 0(14
100 l,nko Sup Corp. OM Mi "H OH
W) trhlfth Nav.. 75Vj 78'i 7S'i 79'i
!,1 UhlRh Valley.. SOU S2H 81i 81i
SO Norf West 121 121 Mitt
400 Pa 11 n........ Kls f' T'SH 6SH
10 ra stl rret RO). So M'i SOli
HHi 1'hlla Klec ....2S?, 20 2S)i Wi
102il Phllit II T 1 c. 20 20, 20 20
10 Itay Cons !!." 23H 2.V,
210 lleadlnK 81' S2U 82 82
7.1.1 Tonopnh llelm.4 1.1-10 4"i 4H 4"4
ftlo Tonopah Jlln... 7 7 7 7
100 Utah Copper .... SoM 8,1'i S0
10 t'nioii Ttaetlon. 4H U 41 44,
223 f illicit (las Imp SSH 80 88'i Ml
.1710 U 8 Hleel 8T Mi's 8H 8's
2.1 Vn C.r Chem.. .. 41)1, 40i 4fl'i
Ril Warnlrk 1 & S. 10U 10V 10'i 1014
12.1 W'm Cramp & 8 S.1 8Hs 84'4 M'i
in Wclsbach Co. . . . 43 tl 14 44
Kx illililend,
Total sales, 11,030 shares, compared with
22,7,17 shares jrslerdnyt Ihns fur this eek,
ft?,7ul sltaresi same period last eek, 1?2,
,11!) fthnrrs.
110NI5S.
Islrrev.
enlt. High. Low. Close,
$000 Am tins & V. Tt. 87i 88 88 88
lWiOU llolh St 1 t 6s .. 102't 102TH 102
10(0 Con Trc NtJ Cs.102 l01!s 101's lOMi
1000 i:i A Tco Tr -4s.. 81 81 81 81
1000 Jamea 1 & C 4s. P2H P2 P2 02
1P00 lntcrst Itvtys 4s. B8 6S KS ?
lVKKI I, Nav conB 4'irtlOl's 101't lol JOlli
1t00 Leh Val sen -Is. I2 lift 0P4 l"t
200(1 ilo nnn Us lill 131 131 l.'H
10000 rennn Ren 4!2?..l(OS ll-14 lt"''t lou'i
llCHKl do cons 4i....l.Vi 10-,;, l(ir,4 lOJ'is
Ks Pa & Mil Kit r.n.int lot 101 101
2HI I'.i Co (js '2.1. .. 10114 10114 lOlli
20(0 I'hlla Co ens fis. W, SSH 8Si, S8
:tKl 1'hlla nice li... 81 8(1', S3 8(Pi
."ski do r.s 1034 10.111 104 10.1'j
Mioo Ite.nl kmi Is ... Pi's Oil, P4', III',
2000 Iteail-.lrr Cen 4s 031, Ml, Ii.l'i Ml,
HMO Kpnn-Am I r,i...t02 10J 102 102
PHILADELPHIA ELECTRIC BONDS
FEATURE OF THE LOCAL MARKET
Heavy Buying Lifted the Quotation RapidlyStock
Struck New High Record Rise in Price of
Silver Helped Tonopah Earnings
Tolnl sales, Sl'8,100, ronipnrril ttllli $13.1,
7(10 .srslrnlnyi tlitii fur this week, S37,n00t
same period lust tteek, ?10,;93,
Local Bid and Asked
Hurt x- sus t e
ilo 11M
Ttaliluln
1 aruDrla Mteel
Illectrle Stor.iKn
General Anphult
ilo nf.l
Kevatono Tel
ilo t a
do pffl
Ijilie 8uj Corp
I.oIiIrIi N'nv
Ili Vnlky
Ih Vnl Tr
tlo prof
I'uin.i
J 'lu 1.1 i:im)
IM1II.1 Co
do .1 per cent pirf. . .
do it per cent pier.,
Phlla It T
do t c
lleadtntr
'i'onopuli llolinont ...
Tonofi.il! Mining
Union Traction
I'nltiM tlus Imp
I' H Kleel
Tin II llw v
' ...
IVm Cramp t c
Today
Hid Asked
1 psterdav
Hid ABkod
2.1 2.11.
r.i .11 .-,1 .--
117 11714 llili 117
7H4 7.1 71', 7n'i
(I7'5 I.HVi 117 I.S
4;i 3.1 3lj 3.1
71 U 72U 71 i, 7214
14'J lljj Ills,' UiJ
14, II?, -!i. 14IJ
I.C'4 117(1 Ull'', (17
7S 71I, 78 7S(J
SI '4 S2 82 82',
17S IM 17' IS',
37 37'J 117 3M
li SI 5N,4 '"
28'i 20 2S 211
II 41 II 44
3i :iu2 .'in :iii',
41" 42't 41, 421?
20 21", 2,1', lip,
Ml 20'; 201, 20-1,
M'j 8P, Sn b'J
4'a 4(, 4 4
0"is 7 7 7,
4I 4.1 4 Hi 4.1
Ml Ml 1 MI-lJ 8-t,
l II J II UIJ
:', 31' 3:i' 3IIJ
81 S3 8.1 M
NOTES OF THE KAIL
Itoy I Stall has been appointed divi
sion passotmer neent of the Pennsyl
vania Itallroad at Pittsburgh.
The Interstate Commerce Commission
refuned to modify Its order requiring the
LchlKh Valley P.allroad to Klvo up Its
steamship lino on tho Great Lakes from
Buffalo, In accordance with tho provi
sions of tho Panama Canal act. Tho
orlulnal older, Involving half a dozen
other railroads, becomes offectlvo today.
In the Lehigh Vnlley caso tho commis
sion gi anted a rehearing, nt which tho
Milwaukee Chamber of Commerce nnd
the Chicago Hoard of Trade were per
mitted to Intervene.
I w
W.
U
Seaboard Air Line Rwy. Co.
1st & Cons. G Bonds
Series A
I'rlec un Application
Vtt
m- i
Wwi
Heavy buying of Philadelphia Electric
I per cent, bonds' was the outstanding
feature of an otherwise quiet session on
tho local exchange today. Starting un
changed, nt 83, tho price rapidly advanced
until It reached $6)4 In the late afternoon.
Porno 2000 changed hands. Tho 6 per
cent bonds wero nlso very strong nnd
tho stoelc sold at a new high record early
In tho dny. Later It encountered consid
erable profit taking around 29. The
Street argued that If any Important
flnnnclng wns to bo undertaken the bonds
should he benefited ns much If hot more
than tho stock.
Though ntitet, tho general locnl market
was Arm In tone. Cambria Steel was still
Bought, despite the opposition to tho big
merger voiced at tho stockholders' meet
ing of tho Youngstown Steel and Tubo
Company. It Is now feared that tho plan
may ho delayed. It Is said that about
75 por cent, of Toungstown stockholder
agreed to give options nt $300 a share, hut
that further efforts would bo made to win
over thoso who objected to tho deal. Hrlcr
Hilt Steel Compnny ofllclals deny that
their concern Is to bo Included In tho
combination, hut the latest gossip has
It that tho Colorado Fuel nnd Iron Com
pany may como In.
Dcclntallon of tho regular Lehigh Val
ley quarterly dividend helped along a
point rlso In tho stock. The election of
Samuel T, Bodlne, president ot tho United
Gas Improvement Company, to the hoard,
replacing Abrnhnm Ncshltt, resigned, met
with favorable comment. Tho nuthraclto
trade In gcncrnl Is feeling tho effects
Increased demand resulting from thueMi
weather. Dia
A rlso of over two points In Baldwin
shares was accompanied by the n
nouncement that tho company had lust
received orders for nine locomotives fram
various sources. On tho other hand, Ke
stone Telephone preferred weakened on'
tho tnlluro of the board to announce nl
payments of back dividends. -Wcl.Wh
also eased off. "ciioach
Tho hitch In the big loan bill may hava
been responsible for a slightly cosier ton.
In tho local traction shares, rtaplrl Tran
sit wns offered In moderato quantities ana
eased off a fraction. An exceedingly com i
November report Is oxpeeted next wm?
Tho recent rlso In Uo price ot sii.
was reflected In tho net profits of tnl
Tonopah Mining Company for November
which were $92,600, compared with $60 lfioin
October and nro tho heaviest earning
reported thla year. Silver has risen dur- '
Ing the Inst few week", from below 51
cents nn ounce to over 66 cents, nnd pre
dictions nro freely made In well Informs
quarters that It Is likely to work much
higher If the wnr continues nnd the whit
metal displaces gold In tho belligerent
countries nt the same rapid rate as hers,
tofore.
There was a decided revival In actlvltr
In the bond list nn 'chango todayt and
prices ruled firm. Resides the Phlladct.
phla Electric Issues llethlehem Stesl
fs, Pennsylvania 414, Reading 4s and U.
high Navigation 414s were nil In demand
XEW YOItK COFFEE MAHKET
xnw TOrtK. Dre. 13,-Anotlier unlet and
featnielesa session whr witnessed on tile rorfee
llxcliangft today. The tnarkn nt the dprnlng
nan Mrtnallv nt a standstill. First ouota
llona neie unehanircd to 2. points above tho
finals of last 11 U 111. No sales wero made In
ihn nra, linilr'M trndlnir.
Today'
opening.
December
January ..
reuruary
Marrti .,,,
April
Mav
Juno
Jnlv
Auxust, ...
September
Octoher ,.
tURrred.
6'8.'lH(l.S.1
n,'o.fao.or,
no
O.0SB7.03
Aeslcrday'a
close.
(1.71111, o
n.7nn.so
o.7iin n
(I. S0i (1.12
(!.S2a(l.8
n 1'ifln.ir
n. o ft 11.111
(i.ttw(i.wr,
o.n.i(i.n7
ll.!ISg7.00
7.02ff7.Ol
MORE IDLE CARS
Increase of 11,960 Shown on First of
the JVIonth
NEW YORK, Dec. 15. Thero wns nn
Increase of 11,960 Idlo enrs In the United
States on December 1, tho total number
being 38,199, ngnlnst 2G.239 on Novem
ber 1. nccordlng to n monthly bulletin
Issued by tho American Ilnllwny Associa
tion. On October 1 there wero 78,299
cars Idle.
Roursc Dividend Raised
Tho annual dividend on tho preferred
stock of the Philadelphia Ilourse was
raised today from B to C per cent., pay
able February 1, to stockholders of
record, December 21.
BIG COAL DEAL
Ohio Company Buys Carnegie's Char
lcroi Lands
PITTSBURGH, Dec. lS.-Tlto Toughkw'
gheny nnd Ohio Coal Company has pur
chased from tho Cnrneglo Steel Company
tho Inttcr'H Charlerol plant, which con
sists of 1100 acres of rich Monongahela
River coal land. Tho price paid wat
$1,400,000.
Tax Free in Penniylvania
We own nnd offer:
Reading Gen. 4s
Allegheny Valley 4s ,
Penna. R. R. Gen. 4y8j
Penna. R. R. Cons. 4Vas
N. Y. C. & H. R. 4s, 1934
Beech Creek R. R. Co. 2d 5s
Lehigh Valley Gen. Cons. 4y2a
Particulars on application
A. B. LEACH & CO.
115 South Fourth Street
THE FIRST
LOCAL COMPENSATION MUTUAL
chartered and licensed under tho Workmen's Compensation Act.
Organized by representative Pennsylvania business men.
Under experienced insurance management.
Send for representative to explain plan of
INSURANCE AT COST
Mutual Compensation Insurance Company
OP PENNSYLVANIA
Washtnctou Ilutldlng, COS Chestnut Street, l'litladrlplila
Hell Walnut HOtS Keystone Slain 1137
Brown Brothers & Co.
Fourth and CiresnnuT Stkeets
PHILADELPHIA
Special Payments in Foreign
Countries
Snnninl navments where neculiar renuirements attach, such as
signing of releases and receipts before Consuls or Notaries,.,
as in the case of legacies, can be arranged through us.
AN IDEAL INVESTMENT .
$3,500,000
Gold Bonds $1000 each
secured upon
THE BELLEVUE-STRATFORD HOTEL
Guaranteed at 4 Interest
By the
Philadelphia Company for Guaranteeing Mortgages
Dated Dec. IS, 1915 Maturity Dec. 15, 1920
Interest payable semi-annually .
The above described bonds are secured by a first mortgage on Philadelphia's most widely
known hotel, owned and conducted by George C. Boldt in conjunction with the Waldorf-Astoria of
New York City, the bonds being the personal obligation of Mr. Boldt. The property being located
at the southwest corner of Broad and Walnut streets is in the very center of the social and
business sections of the city, in close proximity to all the main railroad stations. The building,
one of the most magnificent in the city, is eighteen stories high, and has a frontage of 186 feet
on Broad street and depth of 213 feet on Walnut street.
The Bellevue-Stratford Hotel is assessed for taxation at $5,000,000 and js conservatively
valued by experts at ?7,50O,O0O, the ground alone being considered of equal value to the
mortgage. The entire plant represents an outlay of ten millions of dollars,
THE PHILADELPHIA COMPANY FOR GUARANTEEING MORTGAGES is the trustee
under the mortgage, the legality of which has been passed upon by John G. Johnson, Esq., who
has also rendered an opinion that the bonds are a legal investment for TRUST FUNDS in the
State of Pennsylvania. Title Insurance to the amount of the mortgage has been furnished by The
Land Title and Trust Company,
; Tho unsold portion of the above bonds are offered at par and interest, fully guaranteed
both as to PRINCIPAL AND INTEREST the guaranteed rate of interest being 4& per cent, per
annum. Orders for more than one million dollars of the bonds were placed prior to settlement.
Philadelphia Company for Guaranteeing Mortgages
Land Title Building, Philadelphia.
I!
BURNS & SI'E a. K1U.&
T"