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EVENING LEDGER PHILADELPHIA, WEDNESDAY, DECEMBER 22, 1015.
14''
IK
1
FINANCIAL NEWS
BUYING OP COPPER AND PETROLEUM
STOCKS VIGOROUS IN WALL STREET
Advance in Price of Metal to 21 Cents Helped
Former Shares Talk of Larger Dividends for
Anaconda and Tennessee
the
New York Bond Sales
r.
ii
W2
.111'?
.1011'..
.. t'lfc
NI1VV YOltK. flee. 22.
Anot hrr promise, of n bull nnnUrt fur Clirlsttn.'iss was ftirtilslirtl tixlny by
Vigorous buying of copper mid petroleum stnclts. Thnrr vnn n wouinl basin
for n ffoml pnrt of tlio liuyliiK of the nipper stocl III the heavy kiiIm of tlit
metnl to HiiRllsh URciitM oiiiml to 21 rents a imttnil. TJ" tlilllslt CSuverttinpiit
has hoiiRlit upward of liiO.00O.00t) pound uf hielnl. I'tirtiW ilicr-litlvcn were
found In the prosprotH of Inrreitwed dlvldpuds on Almromlii nml 'thssee.
The Annr-imrin mcetiHK Imu liccii pulled for iiPSt Vtio.idny nlul Hip uenc-il I
undcrstuiidltiR l that thp dividend Hint will he deplored on Hint day Will' be
$1,60 per share, although no stalemplils ns to Its policy Imvo bepn made by
anybody poniippted with the tnuiuiRcnieiit. tSuRuenhi'lm tJxplnrntloit. 'lViinessoe, !
t'tnh and Chlno Copper nil moved up to higher figures Had for n tlmo It was .
nn essentially popper innrkel. Then a dpinonstfallon was made In Mexican
retroletnn, on which that stock rose live points to above 103. and there was i
Vigorous buying at the same tlmo In California Petroleum.
The movement In Mcxlcuti Petroleum, while attributed to urgent covering
of shorts, cntilil rea..i)iinbly be assumed to be based on polllldenrp 111 tile pnclll- i
cation of MoMpo. his outlook had most to do With the advnnee of two points '
In American Knieltlng. whlell crossed 100 for the llrst time slnpo 100!). Metro
politan Petroleum, tdaded in on the llrnad Street Curb, was nnturntly forced
Into promlnenpe by the outlook for sleady government under the Cnrranai ad- I
ministration, as It derived all Its poiippssIoiis from that government and wth '
free movements of petroleum, It Is prrdlpled that Its double pipe line system
will oppupN the same place thpre ns the Standard Oil systems do on this side
of the border. , , ,
Strength in the t'nlted Stales Steel pollution was regarded with most sat- j
Isfnctlon li inlerests commit trd to the bull side. That stoel. after drifting I
nrouud S 5 1-2 day after day. this afternoon rellepted persistent absorption nml
rose to oIiom- SO without nny perceptible effort, simply responding to the In
creased scarcity of offerings. The railway list continued qtllptly steady With
none of those Issues breaking nto new ground, although t was declared all !
through tlie day that quiet investment was In progress. I
JlOOfl Alnslw (loltl
jra Awr ,kt .
2TM1 Amer Aur ileli .", .
in Amu- cnt mi :.. .
70O Anlo-lr 1. ."
in7.vn) Anitr Smelt Sic s
lL'I'OH Amu- Til nl I1 ..
.v'i Arivnir '" P" .. .
llOf") Atrhlnni (ten I.. .
L.K.. A Ir-ill.tii, mil A...
IO10 Ati-iltnin n 4., Illl's
" m hiK.m m 4 iiicai. ..io-,H
mmi Allan ro T.lno 1st Is... M't
LINK Atldn 'o l.tne clt 4S... M'k
TiiM Unit Dlil.i :i'.!i fit,
"i" otilo 4 ill'
70000 Halt & Olilrt ev His... mtK
.. . , , v,n Stiei rnl A,....Kllt
.-.H"i Itrmk Iln Tr s 1li(s..lcnt
mil cent Lrnihrr lt rm.-ion'l
e:i rai' isi.iis Jn'u
lilll copwr 1 ts.1'4
Irs nnin ev iw.. . mi
ll Xwtl .'IHa l
ii Nnn rlcli .- 'XI. 1111
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lift
rotui I'onn Ofis c j
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NEW TAXATION
COVERS DEFICIT
FOR ENGLAND
Revenue of Belligerents,
Except Italy, to Be Less
After War
THINK PEACE IS NEARER
t. 1 t'klr. .klolk !
mm i t vn '' '-"i:iip 1"1' inij,
tit .'t Wnrlli A Ii lv ..n?i ilT'i .117 1
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ill'i
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ntrni h T rrr .1i.... I.l5
nt Mi.r Alnr
.iitntinpMf. now 11
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NEW YORK STOCK SALES
jmio N V ' .4 Hi
linn. , 1 , 111 x ." , in i ....
tlllin N V C.iiinlit 4's I'l.'t
iwi N v 'iiv iss.iw...iii.y.,
WKI N V I llt II P S....1lll'
'mm N V lint . W 1st Is.. ;i
InsKI N V fi mil "is .II'.
gimi V Trl Ren I 'is 72
llisvi Norf H Hnl 4s HI
:i:i"'iil) .Vnr I'm- winr Is in
i'tsiii iln pn :is .. ...... h.i'
lum on- fc W II N 4s.. M'1.
1111 11 Purine Tel .is Hll?i
7lhin IVnnn rn 4'i.s ,. .
I linn Publlr Son- N .1 ."s
K11 'i liny l"nn I'npper lis
11 nn icciifiinir Rfti -is.
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l-1tt I'lnsi. lllqll. lAin-. Clo.
dann Kxprw i:tl J.TJ l.TJ l.TJ
jMask.t Junraii lll'i Ul'i ill 111
Alaska ttoltt M SI L'll L'.Vj Wi
Allls-Clialniors MfR .... HI .T.' .' !
AllU-Chat MfB pt W'i yj'i RJ S'.
Am licet Sucar ... 7n (Ml li'J (i'.l
Am Can fl!) Ill fi!)!. (ill
Am Can pf no1 llli'i' Ud'i 110H
ittn Car & F.innilry . . 7"'i 7S 77 77! 1
Am Coal Prmlurn ....l.-,Jj I.Wi lu,-,'i l.Vi!i
Am Collon Oil ",.. ."IJi 'Mi fill.
Am Exprtn 1'J.V i l'J7 lL'.i' i 127
Am Hide A. I, pr W-i )' .'.ll't oil'J
Am Ire Secutltli'i Jli'i L'7 'J7 L'7
Am Linseed . ... Si 'S.i l'.".' '1
Am Locomotire ... Wi li'J as'i (Wi
tm Iiocomotlvo pf . . 101 lOl.'s Ml! I lOl'i
Am Malt D'i II II !!
AmSmclUIKef ...IIM1 Ultl't 10tr 10.V.
Am Smelt & Itet pf...lll", 111'; lll'j UUi
Am Smelten pf .ss'i h'J'i Ml SU'i
Am Smelters pt II . . S-l M'j SI'j SI'j
Am Steel Koundrles. .. . I!!l fi'J'i 01 C.V!
Am Suear Itcrinins ....111) 11.V1 ll.-.N ll.Vi
AmTcl&Tel lL'S't 1'j liS' KlS'i
Am Tel & t'alile ....(VJ 01 01 01,
Am Tobacco ...WsSirj l'J'J'j L' MJJi
Am Woolen t r IS -HI -III -ID
AmWoolpflrr 117' IWl DO 00
Anaconda t opper hli h'.)1 i SO' i St)
Aisoclatecl Oil Kl Ol'i 03 (MS
AtrhT&SF 10.V 10,-i'j 10.VS KXiH
JtchT&SFpf 101' 1014 101H 101'j
Baldwin Loco ll.Vi 117-1 ll.Vf linti
Ilaltimore & Ohio . . . !):' ()J 2!i Yi
Bait & Ohio pr . . 77' 77'j 77' 77
Batoplla? Minlns ... II'j .Tj :tU AH
Bethlehem Steel -174 -170 -100 -170
Brooklyn Itap Tr S7'i SS hS sS
Brunswick lerm . .. li'J U 11 11
Buriu Bros Ml'' S.VJ SA'i Sfl'i
Butto A-Surx-rlor 0.i!i 071 (ill C0.''
Cal Pelroleum .... ;il .'12? i .'10' .12l
Cal I'etroleum pf . . , .j'l'' 02 (11 01''
Canadian Padflr ...ITW( 1.S01' 1711'i 17!lsi
Cent Leather t'o ...V) .Vl'ii :, 521
thesapcake & Ohh ... 013i 02 01' 01ri
Chile. Copper 'SVt 2I' 21 21".
Chlno Copper . ... ,j;i .5-1 li oVi .pl'i
cm ot Wot pf us' :u :is.'. ns'
Chi & Northwist . ...131 l.'KDj l.T) 130'5
Chi II J & I'ae . ... I.Vj ld'i I.Vi lll'i
Chi Mil & St Paul ...!).! I)3' 03 (I.I1 i
OM&Stl' pf 132 132' i 132' 132'i
Colorado Fuel A I .... .".1 fij ,-,0'i r,V,
Col i Soulhern . ...IB :i" III 31
Consolidated Oa . ...II.. 113'' 115 ll.'.'i
Corn Products Itef 1(1 I'J'i 10' 1!)''
Corn Product? Itef pf. 01' lll'i 01 91
Cruclplo Steel 73 73lj 72H 72'
Crucible Steel pf IlUi 111 111 HI
Cuban-.xm Suear ....lit 1,'S 151'i 1.7S I
Delaware Jt Hudson... 151 i l.VJ lul1 152
DL41V . ...220 2224 220 222VJ ,
Distiller Securities ... -171, 17JJ 17)i 47H
Domo Mlces 2S'i 2S4 '2bH 2Si
El Storano Hat Ol.'i Ol.'i Ot' ftl'j
Erio tl.'j -tl?i 4W IH
Erie 1st pf ... .10 nil ,"iH 5.V.
Fed Mln & Smelt pf. . .",3 ,V." 52 K'
Gen flectrlc .. ..171'i 17-IIi I7l"-i 17t'
Gen Motors 31(1 512 -109 -109
GenMotora pf . ...121 12l' 12J' 121
Goodrich U F Co . .. 72'f 73 72U 72 'j
Greene-Canada -I.si 31 19 511' (
Great Northern pf. ...1254 1234 1254 125' 1
Gt Ncfs for oro prop. IS -1S4 IS -1S4
Gureenhelm Eipln 78 78H 7S 78'
Illinois Central 107 107 107 107
Int Brtcultural 23 23 23 23
Inter Con Corpn . . . 2l'i 214 214 214
Inter-Met vot t c . ..21H 21i 2 2H
IntHarv N J HUH 1124 111 HUi I
Int Harv Corp 8:1 80 80 80 '
International Paper.... 12' 124 12 124,
International Paper pf. -191 40 -IS4 184 1
Inspiration Copper 113 45H 444 45'
Int M M pf cr dp . . . 744 734 734 734 I
Int Nickel . . ..1904 1004 190 190 '
Kan City South ...314 31U 31! 31''
Kaasu City Co pf . . . 034 034 034 034 .
Lack Steel ....SI bW 804 hlti 1
Uhlgh Valley ....S1U 82 814 8D3 I
Loose-Wiles BScult ... 251 23 23 21 1
Loose-Wiles 11U 2d pf. 03 55 53 55
Louis & Nash ...129 12S4 1284 1284
Manhattan Shirt 01 034 01!' 03j I
Maxwell Motors . . . 754 704 754 70
Mar Motors 1st pf ...1014 101'J 101 1014 '
Mai Motors 2d pf ... 50' i 5(1' 504 504 ,
Mexican Petroleum ... IIS1S la-!) 934 1024
Mej Patro'eam pf .... 90 07 00 97
Mo Kan & Tex ... 74 7 7 7 !
Miami Copper . . 33',' 344 33'J 314
Minn & St Louis 10 114 14'' 144
Missouri Pacific :ii 4 34 4
Montana Power 724 734 724 734
Montana Power pf 1094 1094 109' 109' .
National Hlcull 127 127' 1274 127'
Kiit close.
78'
2.S
034
84
154
MlRh.
7.1
211
054
8',
t.V
!,ow. Clone.
7'1'j 711 j
274 29
01 05' j
84 S4
154 15'
13S l.'M'i 1.304 13 V,
. 73'
.lOVj
. .'id1,
. 120' i
73
. 1 10
. 10
. 114
. 424
. 58.4
IDS1,'
II'
. 354
.lit
. 81
. rtt'i
1104
. Kl'l
. 434
21.
81
514
.110'
104
22',
154
IS
40
l'i 71 7IJ
10 Vi 105 ' 10.1 '
304 304 304
120'i 1204
120',
72'
111!'
II
11'
42
5S4
115' lift
10
114
42
584
1D'J,4 lOS'i
II'
.'104
111'.'
SI
01
1194
lll'i
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21''
814
554
1094
4
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2(1
45
18'i
40
. 109 I0S
1004 1014
II
354
110',
81
01
1194
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214
80 i
53'
109' 1 109
4
44
U
19
45
Is
394
IS." j
02
108
104
114
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11194
414
354
tit
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394
181
0:
108
Nail Cloak & Suit
.N.tt Enamel AS..
Nat t.cad
Nat lty of M 2d pf.
Nevada Con Copper
N Y Air Brake
N Y N II A 11
New You Central .
N Y O & West...
Norfolk Western. .
I North American
Northern Paciric
Ontario sll M
Pacific Mall
Pacific Tel & Tel....
' Penn II It
I Peoples (lai Chi ...
I Philadelphia Co
I Pitisbunrti Coal . ..
Plltslniruh Coal pr. .
Pltn c: C ft st I. ..
Pressed Steel Car...
Pub S Corp N J ..
Pullman Co
i lty Steel Sprlns. . . .
Hay Con Copper. .
Ileadlni:
Hep Iron A Steel .. .
Hep Iron ft Slcei pf.
nock Island Co pf. ..
St L011U ft S F
St Louis ft S F 1st pf
St Iuls Southwest ..
St I, Southwest pf ..
Sealnard Air Linn
Seaiioird Air I.lna pf. .
sears Hoo ft Co IS24 181
Stoss-Shi'f S ft 1 Co .. 024 02''
o I'orio 11 sui: pt. .
southern Partite .. .
Southern Pac t c
Southern lty
southern Hy pf . ...
Studebaker Co
Sttidebaker Co pf
Tenn Copper
Texas Co
'Ihlrd Avenue
Union Has ft Pap pf
I'nlted flsar Stores.
United C't'ar Mfsw
Union Paclilc
Union Pacltic pf
U S I ml Alcohol
t'nlleil Fruit
U S C I P A F
United Itys Inv
United Itys Inv pf. .
U s Itublier
U S Itiibber 1st pf. .
U S Steel
U S Steel pf
Utah Copper
Va-L'aro (Jhem
Wabash v 1
!S4 I Wabash pf A w I
auasn pi 11 w 1 . .
Wells Farija Express. .
West K .V At .
Wesllnuhouse 1st pf . .
WjiUTii Unlun IVi . .
Wheel ft Lako Erie . . .
niuys uienanil. . 212'a 2124 212 3 2124
"'"I"""" r l l o .Ifs-i 1IU i llh , IIUI.
Tiilul siiIi-k, 3?l,l(lil kliarr-,, sunip.irrii tilth
.13U.IU0 sliurr jeti-riluj j tlun, far till. ieH;,
1 ,'' JX.SOII llilrrl Kiime perloil lust Hreli,
l.llilJOil fliurcs.
'.I'lKio Hep t'lilia ns Itini..
:n:i 1111 lien t , M "s
IliKHi llm-k Islnml rr.l 4s.
lis 11 iln Os
lilllll Kl I. Ktvn 1st -IS
.MHil A fl A 1' 1st 4s ..
.'l:lM(i M A Ii mlj As
OHM Soiitli l"ne ev I s . .
irim ilo es- ret f n ..
21IOIH iln rfil Is
Kski Rimrtn 4s
UiH 1 .Xiuith llwv ci-n Is..
.'i Hnuth tnvy run s. .
Itsm Texns Co !
lii'O Tlllr.l Ase new 4s..
aim Thlrsl Asp mil its..
WHO I' S lli'iilt.v .".s ,
.'in II I' ." llutiher "
iSrnoi c s xtei'l .is
Ini i I' H Hlerl re .Is.. .
lis il I'nlnn imp rM 4s .
t'1 ' t'n Fiws-s S ! I. . .
Sonoo Wab-P T 1st ct la.
I. ill est Hli ct ev ,"s. .
2ii HVt Inlon 1i.,s ..
Ill ll West I'nlnn .".s ...
nun win-pome m- i. i: t"
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.1184 1184 11S4 US',
. 22' 2.1 224 224
01 014 014 01",
.1074 1(1)4 107 108
.112 113 113 113
5s1,' on1,' .184 ;ir,'
2324 231 231 2314
594 59',' .194 59'i
29 294 29 294
U4 94 I) ',
OJ 024 024 02
1304 1374 Mil's M04
RTRKUXfi lCXCHANC.B STIIONO
SEW YnllK, lier. 22. In the cntly ileal-
Inits merllng exclintiBo renclinl new liliih j
llaitrofi on iIiIh immediate movriiipnt
Jl."'". for (lemanil $1,714 for i-nblea. Frnnrn i
IipM in their i-ecpnt ImprovemPiit $.1.v!4 !
for enbles nml .. for rhni-lw. Tin- j oilm, mlu.h ,1kIt
mni'Kei, ns n wiinit'. ivtis cniieit KtroiiK.
with hut tiUle eXPliiinni' ofri-rliiR. Tim I
Improvement whs :,ttriliutcd to nellliif; of
American securities lor raretRii nerotint highly
UIIll IU ups-i .11 lUlin III SUI1IIP17IIUI1 SSIIII lull
$,m,id.00o llrltiKli hank loan, negotiated
here. Ijitcr priced eased offa trllle.
Othor nuotatlons wpro: ltHcliKmarks.
77' sc. to 77 S-IGc: Ilie. eatilen. $0.G.V14 :
checltH $ii.5G',; Swiss, J5.2S and $.1.2(1; Vi
enna. $l:I.S2 and $13..tl: Stockholm, tl'T.S-l
nijil (2.V0S: pesotnB, SIS.SS anil JIS.IO; kuIUI
ers, 13 3-tCc. and 434c: rubles. 314fr3Hc.
l.on HterlliiK was quotcil nominally at
H.C for 60-lny bills and SI.C7 for 00-lay
bills.
ItiisHlmi exchatiKc cannot
Some st rons In.iurnncp rompanlca are
mtii'li Incensed nt the proposnl to forbid
the illstrlhutlnn of any bonus ns being:
unfair to policyholders.
KATKS FOK .MOXKV
Financial Briefs
A coiitollilatlon of the Oencral Motors
Coiiipany with the Chevrolet Motor Com
pany Is reported to he under consideration.
NViv Vnrk . .
l'1'ilnli'lrliln
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Philip D. Armour hns been elected a
director In Armour Sc Co.. to succeed Hen
ry P. DnrlliiKton, deceased.
The Appleton Company lins declared a
stock dividend of 33 1-3 per cent, in addi
tion to a regular semiannual cash divi
dend of $3 n share.
. Sii'i SIl'j Ki'i 8.1 v :
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1194' 110' Hs4 llu'i ,
. 234 234 234 234 !
. 214 22i 214 214 ,
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IIS 4 ll!) Ids' j 1U9
.ii s .,, i .-,- oi
1104 1174' 1104 1104 '
784 S') 784 704 I
47 47 404 47
154 104 154 154"
454 45.4 45 45
29 294 2Ss 2.S4
127 13:1 13J 139
0s 119 i Os'j usfs
80 80 80 SU I
87 87 8(1' 87
44 44 44 4'i
.MINING STOCK QUOTATIONS
TUNOPAlt STOCKS.
Jim Iltitler
Mn N'umur.i
.Mlilwny
Minikin Cxtf-iiHlon
Muntnnn ,,.,
Till Star
'ritnctiMilt liolmont
Tinifiiinn Rxtpmiiiifi
T.iniiiiuh Vlln n
MS ll!U . , ,
Ml
nut.
. 1.(13
. .02
::M
. .:b
.1.1
. 41:.
. 3,
. in.
. .07
. .7
AsliPil.
1.I1II
111
liK
I
The hoard of directors of the Public
Service Corporation of New Jersey voted
to put the stock of the corporation on a
7 per cunt, basis Instead of i! per cent.,
as It has been for several years. A divi-
(" denil of 11 per cent, for the quarter
-! endltiB December 31 was declared, this
!5L' netion havlns liven taken after it was
ihowu that the amounts set aslilo for
amortization wcic very liberal and tlio
surplus account was In u very satisfac
tory condition.
.mi
.78
OOLDFICLD STOCKS.
Allanln
jllue Uull
I IDiath
Iluililm.- "
I o o o
i Ciimlilntiilnii Kniciion
; lll.imnn.lUel.l II 11
I'j'lsy
Flnl enee
iliiillleli Conmill.lHteil
Utililrieiij Il.TKiT ..V..
Junilm ltxti niton
Keivanas
Oni
Hand Krn
Silver Pick
Fairy Axtpc
IIHTlv
JIISOUI.LANKOL'S.
.IK)
. .Kl
. .02
. .02
. .nil
. Wn
. .01
:.!:
. .IS
.1.211
. .19
. .0.1
, .(II
U.-I
Ianhanllr. 4 icr cent, on nreferreil uml 2
per cent, on eonimon. parable January 25 to
stock of record Junuary 15.
Kirnli
N'ove.l:i II 11
Neviiilu Wuniler . .
.01
.(12
..i.ia
:'pi
.(is i
ns
.(Hi I
!in j
.?!
.ml :
SKI
07
.0.1
.U3
I. Ill
LONIION.
menial Imr
in New
i-pnts.
BAU SILVER
Dee. 22. Tlio nuntuilnn for com-
ilver toilav U-1IN ".', 1.111.1
Vnrk the nrk'u of elhrr nan .114
Dliuctors of tlio (Jrasselll Chemical
Company have cut a war melon hy dc
elarliu; nn extra cash dividend of 5 per
cent, and a special stock dividend of
10 per cunt. In addition to tlio quarterly
dividends of '.i per cent, on uoth com
mon and preferred stocks.
Kvnns It. Dick, president of the Hall
ways Company General, has sent to Ills
West Knd Trust Company fis.iou stock of
tlio Hallways Company (lenenil for can
cellation. This reduces the outstundint;
capitalization from PXJ.OOO to JIjI.COO.
The O Irani Tro t Company, trustee,
invites tenders for the sale to It ns ot
January 5, 1910, of Pennsylvania Steel
Company Cornwall ore hanks 5 per cent,
honds. due October 1, 1K'2, to tho extent
of $147,000. par vuluc, for retirement out
of available funds.
1 Centrnl It. It. of II
,--,. -v, ... .
Central It. R. of
New Jersey
Gen. Mort. 5 Bonds
Due July, 1987
'
'-. I'rlre on Appllratlou !
4NNl"tl. 3IEKT1NGS
TUB iKNTHAL, N.iTlO.VAI. JUNK
U1-' I'llliaDKI.I'lll A
IJ.nntr 13. 191.1.
TKe Annual Election (or Dlrrtora of this
livu will b bfU at th Uanklne IIous on
iV.nilay, January It, 1916. Latwen 11 a. rn.
I4 p. m. WILLIAM POST.
Caihlcr.
DUtKCTOHV OV .ICCUNTANT8
CcrtlnVs Tublle .ccuiJt&nU
US HE "H E. UROVVN JL CU.
tl KEAI tSTATB Tttl'ST Ut'lLDlXq
" UUH-NS & SPEAKMAN
$5,360,000
City of Philadelphia 4 Loan
DATED JANUARY 3, 1916
DLB JANUARY 1. 1916 IXTKUKST PAVADt.E JANUARY 1 AXP .Ifl.Y I
Free of All Taxes in Pennsylvania.
Free From Tax Under Income Tax Act of Congress.
Legal Investment for Trust Funds.
Safe Investment for Personal, Partnership or Corporation Funds.
Readily Salable, and Always Available as Collateral to Secure Loans.
Bonds of the City of Philadelphia enjoy a high investment standing. They are
owned largely by savings funds, trust estates and conservative institutions. They are
a particularly safe form of investment, giving absolute security of principal and certainty
of income, making them very desirable for those who wish to be sure of permanently
safe investment of their savings.
May be bought in Registered or Coupon Form, as desired, in denominations of
S100 and its multiples. Sealed proposals will be received at Mayor's Office until
Friday, December 31, at 11 o'clock A, M. Bids must be on form which may be
had on application to Mayor's Office, and must be accompanied by certified check for
5 of par value of the amount of loan bid for. The right is reserved by the under
signed to reject any or all bids, or to award any portion of the loan for which bids shall
be received, as they may deem best for the interests of the City.
Full descriptive circular furnished on application to the Mayor's Office.
RUDOLPH BLANKENBURG, Mayor.
JOHN M. WALTON, City Controller.
MICHAEL J. RYAN, City Solicitor.
A
Hy FRANCIS W. HIRST
i:lltor of tho Kfonomlst. London.
Nprrla! Cable to the llvcnlnp I.tdptr.
LONDON, Dec. 22. Tho city Is nbout
to ndjourn for the holidays, with the feel
Inrj that, althoURlt peare must ho nearer,
tho restoration of Rood will nlnonp the
nations Is further from tho enrth thnti
over. Clearly the flames of war fanned
by rcllnion will lie damped 'down ntid ex
tinguished eventually by tho dismal but
woful rIIciico of political economy.
Newspapers nre still found that de
clare the net eost of the war 'vlll ho I
small, but mounting del.ts tell their own I
lull?. i
On n modest computation, npsumlne; tho
war to end by March .11 next, Ocrmnny's
war rliarnt' for debt In annual Interest
will bo .1:100,000.000, nfrnliist a I'reneh
tlcllelt of .CflO.000,000 iiikI a llrltlsli debt
of "0,000,000. Fortunately, In our case
this deficit Is already covered by a new
taxation.
The tovenue or all continental belllKer
enls, t-Nccpt perhaps Italy, will be much
less than before the war. The Socialistic
Idea Is that new Interest will be found
by tnxltiR the rich and that Interest cou
pons will virtually be paid by an Income
tax on those who receive them.
The Vorwnerts has begun to agitate
these questions, and Doctor llelffcrlclt
has to confess rolossal new taxation will
be necessary. Oui'inuny's Junkers nsk for
Increased protection for agriculture nftcr
the wnr to meet the starvation of Oer
man policy and to Increase the value of
their estates.
Tho Vorwnerts asks that nil protccton
duties on foods be abolished so that
flerman Industry may have lower costs
for competing with Its rivals.
Much relief is felt here nt tho success
ful removal of our expeditionary forces
from Clalllpoll, another wonderful achieve
ment of the llrltlsli navy, whlili mny be
compared with the disembarkation of
Moore's forces after the battle of Cortina.
1 llnd the city today looking forward
with eagerness to the Christmas holidays.
The American securities mobilization
scheme Is unpopular In out Stock Kx
ebange and some ninendmetit Is expected.
I Tho Ministers nre now getting plenty of
I criticism, but no tolerable alternative has
vet been proposed.
Kxchnnge conditions seem better and
may continue so for a good whllo If
credit funds are skilfully used.
Scandinavian exchange has fallen all to
pieces through want of confidence, and
expetts 1 1I 11 1
Sales in Philadelphia
Yen.
Clone. HUh. t-nw. Cloje.
2 Amor nn N J. 121 120 120. 120,.
1 Amer Ilnllwnvs. 211 211'i .'-".".i 'tt
rrm Amer ,Smcltlnir..lolH led l'"1 1""
.11 Hrlll. .1 tl no 4DH 48 IHH
!I7 linn & Pu.s t e. 40 W, 40 1 42
17.1 do i.ref ,-.:i Wiji yl4 .Vii
274A Cumbria Steel. s M 73 7.1 7.V.
IO ! I'etrisl rT, ,'12'i :Wfc
.. nice Xtor Duty. Oil Its (l. m.
too Krle 4lH 41H 4l'i
.'inn I.nke Slip Corp 11'S !HJ H'l O'l
.Mil l.ehlh .vv 77 7M 77( 77S
I2 Iilnh Vnllev.. Sl'i Sin JIW silt;
!W.1 I.eh Vnl Tran.. is isl ls(i IH14,
;iv, iiopref as as .'! as
to Mt Pros 1! 111 111 111
llil I'rnn.s It It ... fit H ,-.st4 r,si.J
,2 J'n Silt Mfg ... intj tm ptl nil
,17 I'.l Ktrel n?d... Ml5 vj s.2 2
27,1 I'hllrt C II lt'4 ll'l MH
in ilo rum itiftl.. 41 lajf 42i 42-.
4ll Phll.l IJlei ... 2i 21 2sl., St
.100 I it T t c ion nek itn-, nri,
jo llemllii sl'i, S( MM- sU
f.WI Tnriall llcl ... 4' 4S 4'i 4
21 Tiinopuli Jlln ... 11 7. H' 7
III f.'nlon Tine ... 4s, .t.i 4IN 41i
2ut r ( t ,sti si vsi, sslj
RAILROADS NEED NEW EQUIPMENT:
HIGH PRICES HOLD ORDERS BACK
Uncertainty as to How Long Steely Trade Boom I3 1
Last Pennsylvania ouusiuiary uiviuenas Kestored.
Keystone Makes Back Payments
.'!.". I'll Cne V
2710 1; H Steel .
Hi t; a HiiliLer
.22.1
. NV
Ml'i
.-.4U
net
MIU
Totnt nle, IO,S.".fl slinrrs, rninpnrrit sillli
7,1.10 slinrrn elerilnyt tlun far llil sseels,
29,120 lmri'i Mime period Inst isrrk, ril,V8l
IION'DS.
I.nst prev.
sate.
4Ki Ahi l & Hlec .".s V,
l.-.im Hire ,S. Pen T 4 S2,
2m Kes- Tel lt ."s. . IC.i4
iim l.eh Vnl grrt 4. 1
Khii ilo urn 4Un lillll
7HIO IM uen 41..H... luo'i
mmi I'd inns 41-s .. .Iii.iia
."iisin I'hll.i r uins .". ss
7 1'ltll.i Cn s.-n 'lll.lio
S7 .1.1 HUM
Ill'll I'hll.i Klee l VI
21(111 ilo .". III.".
SHU llenillllB Ren 4. it,
High. 1-nw
111
l
Ill's
limn,
111.1
SiN
1IIO
IS"i
Ml
Hll.
til'.
pU;
'ml'
ss
It"
till,
SI
11a
nn,
t'lnse.
till
M
I'.VJi
.'!
loH,
1111',
lo.v.
Phi
psn
Nl
Hll
111';
Tiilul Miles, 5 1 1,(100. 1 iiiiijiiirril liltli Jl.
Dill srtrriln.si Hills fur IhU siri-U, lil.'I.IIDt
nine prrlnd Inst stri'ti, $.107,(10:1.
Local Bid and Asked
tllllTllIO SllHl t C
ite tirrr
ll.llilttltl
f.imliru flnl ....
Illertrle Mnriice. ..
(lenrrnl Aniiluilt ..
iln nrnf
Krv.stniin Tel
iln 1. c
iln tiref
Iiln' Sun t'orti . ..
I.i'hlch NiivlKiitloti
l.elilnli Vnlley ....
I., hliih Vnllrv Tr .
iln iref
I'ltinnylvniiln
I'lill.i I-Jtnrtrlc ....
I'llllA L'o
nn .', ,er 1 nit
iln ll tier lent
riiiia k 1
flu t e
ItrinllliK
Tonopnh H'I
Tonnii.ih Mining ...
I'nlnn Triirtloii ....
I'nlteil (Lis linprnv
C S Hteel
Ytirk Hallway
ilo pret
Win Crump t e
1. l.l .
tif.l..
Tml.1v' Vnnlrn1.1V s
111. I. Ankeil. Ill.l. AKkeil.
. 1 2 I2l . -Ill IIH.i
. Ml WI1 j IW1, wn.
.tin 11111. ii.vi, ina,
. :. 7.,'. -ii1. ".",'.
, IIIs, IKU 'lll'i, "ll.-,i,
. in r,.i :n :i.-i
. 71 '.j N2 71 72.
. iii in, 11c. 1 l'i
, 1 iu in, u, 14.
, l.n'a 117', (ill'. 117' 1
nt, '."- in, UN
. 77'' 7s 7T"-i 7si,
. Ml, M2 Mdj .S2
, 1vl.i t!l is 1".,
. Ill's as H7"t :ts
, r.si.. r.sii r,sst .vi
, 2S 2s" 2SV, 2M,
, ll I.'. 4l, Ml,
. :!.- mi ;i.-i an
. I2'. K I2H H'.
. 111'. 2II lll'i 20
111'. 20 HI, 2(1
, M.j Mi Mi, Ml'.
'.. 4V, 41, ltl-111
. ll'l 7 li4 7
, 41', llli 4IS l.-i
, Ss:l, .VI KM, S I
Sll MIH S.. S'i
. II tH.j II II',
, x :tfi', xt .'ii.,
. S.I Ml' a M Mil,
NOTES OF THE KAIL
The committee represciitlng the trunk
line railroads entering New York city
announces that the freight embargo de
clared by many roads has failed to ame
liorate tlie ttafflo congestion, there being
approximately r,o,00i' cara destined for
.N'ci" York on lines or at terminals.
Opinions differ as to the attitude of
tlie leading railroads with regard to or
dering now equipment at this tlmo with
tho present high level of prices prevailing.
Severn! Important systems are confessedly
In need of additional rolling stock, but
there appears to bo conslrtcrnjilo hesi
tancy on their part ns to whether to plnco
orders now or hopo for a decline In the
price of steel, which constitutes tho most
expensive part of .car construction. Tor
Instance, tho Pennsylvania ttnllroad,
which was negotiating for some 20,000 cars
recently, Is said to have first wlthdrnwn
from the market, and then returned with
Inanities for 10,000 cars. Other lines have
also, It Is reported, pursued tho same
somewhat vnsclllating course. The prob
lem Is it dllilcult 0110 nml depends upon
whether tho pro-sent steel boom Is to ho
protracted for a considerable period or Is
to bo comparatively snort nveti. mct
dentolly tho French flovernment Is In the
market for 4000 cots, and tho Virginian
Hallway lids week placed an order for
I.VI. The N'ew York, Philadelphia ntid
Norfolk has nlso ordotd CO rars. Accord
ing to latest estimates tho freight-car
construction for tlie current year should
approsMtnate about 13.1,000 cars, compared
with W.000 In 1014 and 2!".no) In inn,
Tlie chief Items of local financial news
today were the announcement by the Key
stone Telephone Company of another pay
ment of 2 per cent, on the accumulated
back dividends due on the preferred stock,
the tesumptlott of dividends by tho Pan
Handle, which declared I per cent, on the
preferred and 2 per cent, on the
common, and tho raising of the Pennsyl
vania Company semiannual payment
from 2 to I per cent., making G per cent.
CHEVKOLET CUHII FEATURE
NinV YOltIC, Dec. 22.-Vhltc fair nc
tlvlty was shown In tho outside securi
ties tnnrket today nt the outset, towards
irldday trading subsided to a consider
able extent with general price move
ments irregular.
Tlie motor stocks were fairly netlve
with Chevrolet the feature. It was again
erratic, at ono time showing a loss of
" points, but later recovering. There was
a fair Inquiry for Itco motor at a slight
Improvement. White Motor continued In
good demand nt an advance of nbout .
International Mercantile Mntlne issues
ruled strong on rather active trading, tho
common moving up morethan n point,
whllo tho preferred at 0110 time showed an
advance of nearly 2 points. Prollt-taklng,
however, brought nbout a slight icartlon.
Mldvaie Steel was stronger on talk of
more big wnr orders.
for the year. Prior
rato was 7 per cent
13H the
usual
clnrlng it per cent. In Juno j D? '
cent, In Ileccmhcr. Whether this t. 1
now restored remains to be seen ln.i
regard to the Keystone Telephone a.i
.lend, the first distribution on n?c0Un, ,'".
this item was made Inst spring, ,( J "it "
2 per cent. Itegular preferred ,1 &
aggregating 6 per cent., were deZ.V
this year, making the total declr(i
for 101S, 10 per cent. The latest pa .V
however, does not fall due until r.J
rnaiy 1, to stock of record January
The securities of the company temalnS
Inert 011 Change. rainM
tho pleasing
Despite,
dividends
news lA.-.i.
of Its subsidiaries. r'T5
vnnla llnllrnnd ntn!t n-n I....H..-. .
ii " ".i.;." 1 ., :;v "" to nt.
" Ihe strcnmli
On tho other hand, all the local ,t..i
shnres were film, relleetlng the siri-n,,i
or Hie New
V York market nml n, , ...?"1
ndvnnces announced In various t.i
products. Nothing new. however ,.
forthcotnlng In cither the Cambrli I.
I'AtlliaS'lfnllln elnnl ell,inlK. "
The customnty new high records wet '
made hy HiilTnlo and Susquehanna stoci, .
The common sec cd nnother wide ltim -I
of more than two points, while the uri f
retrod, though less buoyntit. nlso broV.
Inlo new levels, fulled fins Irnprovf. '
incut wns not affected by the letter of tha
director of the Department of puMi, ,
Works to the Mayor, charging that k I
dollar gas rate made by the Norlhrn
Liberties Oas Company to Hie cttlti. i
ot tho lllh. 13th and ICth Wnrda Is Z '
high, and that the gas furnished by thli
company Is Inferior to that which thj '
Pnltcd Oas Company provides to the rut '
of the city. The director estimates tht
into should bo IK) cents a thousand cubla
feet.
ri'ii'iiu'eo'iiiii'!!
I'lilmrco new, .
The presidents of the four brotherhoods
of railway trainmen began yesterday to
prcpaie the ballot which will he sent to
the 100,00) employes of the 4,18 railroads
In Ihe I'ltlteil Slates asking their ap
proval of the demnnds. Tlie demands
embrace nn eight-hour day with the samo
wages paid now lor 10 hours, and time
and one-half for working overtime. After ! J.T"" N"'1,1.?..'."11"1""0
..11 1. ..!, 1 1 .. . ... .-., 1 iiik r-in j-pinan
in, u.iiii,,,, nut u ui'i'il 1 t'llll 11111 me 0111-
ccrs will meet In Chicago to agree 011 a
date for presenting tho result of the vote
to tho railroads.
Amrrlein Zlne ,
llrnilrn
Itrlttsh-Ainerli'iin
I trlttpli'Aiiicrtcnn
1 nevrtilet
Ilnl.ltli'lil Consol I1I.1 teil ...
Iti'tiilri Miintiriirttirlng ...
Internntloii.il Mnrlne ....
Iiitrrn.'ittiiunl MnrliiD prof
Kenne.'ntl Cetnier
Li'llUll Villlej' Coal S.iles
Murrnnl
Minium i'nitier
M.'ilm .Miniltlnns
MMvnle
NiiilHyliiir
Oils Ktrs'nlnr
litis Hlevntnr nref
100 Per Cent. Stock Dividend
I.ANSINO, Mich., Dec. 22. A stock div
idend of 100 per cent, hns been declared
by the Itco Motorcar Company. The capi
tal stock of the company was Increased
from 11,000.000 to $10.()00.0. Directors nnd
olllcers wore re-elected at the annual
meeting.
."More Gold Arrives
NEW YOltIC, Dec. 22.-Tho steamer
California has arilvcd with one box of
treasury bills nnd 78 boxes ot gold con
signed to J. P. Morgan & Co.
Grain Shipments Hung Up
HUFPAI.O. N. Y Dec. 22.-One hun
dred freighters carrying 30,O0O.Oi bushels
of grain are tied up here awnltlng ele
vator and railroad service. .Sixteen mil
lion bushels of the grain Is C'nnadlan
wheat consigned to tlio Mntentp allies and
much of tho rest Is nls-o for export. All
Great Lakes grain record are broken.
GOVEKN.MENT IJONDS
2s of lftin 1 wintered
2m of lli-'IO : ipon
l-lllinil'a 2d rslrti'ml
I'.i n.i ni.i 2n Iti'ls reKlstereil
' '"" ''" rclntered
Panama new .Is coupon ...
. ifUifttfieil
4 r 1!i2.i reKlHereil
4s i,r r.i2.7 coupon
HM. Asked.
wili
I'll
..IIS
. . n ;.
. .i(lC. .
..inn:
..110
1 iii
Sterling limn
sutiiii.irlni'
Tnliaii'i, 1 'rniliKts
1'nlto.i I'mllt Sharing new
Whim Mntnrs
Wnrlil Film
Yukon Hol.l
lilil. AFl.nl.
. B7 11s
. 1IIU H'.'i
. 1,1 111
. 1.1 10
.Ptl 1.17
. I l'i
. 2si', :tn
. 17' IS
. 7.1 7.1' i
. -.'j', r.'i
. 711 S2
. .'!' , :Pi
. 1ll 1.1',
. pp. ta,
. 7'JU 72',
. 7", H
. 07 iai
. ll'l 11.1
, IUI 111
: a ' a,
, ;:2 :n
, 1'h 2
. .12'.', 7,2',
, :u:, at,
Liverpool Cotton Firm
I.lVKIlt'OOU Hee. 22. Klmt rnttnn wns
nultt today ot 1111 nilvnnie nf s tmlntii nn
tlio liiisls f 7.n.'til. for mlil-itulnnilM. Th
pules ncarep.iteil 111 0 bales, tnclinllnK .K'"0
bales Aini'iU'in. The Imports were. It 0"(
lmlei. nil Ainerlenn. The in.irkrt for futures
elnseil mpmlv nt n net ileillne nf :S jii I polntx.
The following t.ilih' rUcs tho riince of
futures 101l.1v cointmieil with tho previous
12::tn l'rev.
Open. P. M. Cloe. rli.ie.
7.1'li.i 7.421 1 7.HII 7.11
111 I..KI T....H
.liiiiii'ir'-1'"'liru.iiy
Manh-Anrll
.Miiy-.lune
.Inly-AtiaiiFt.... . .
ilctiilier-Novenincr
7.111
7.21
11. sll
111,
7 L-ni
ll.M'.l.i
; i'
Sft
C..SI
.nn'-,
."it .
A Pocket Book Security
Record
We luivo prepared a form for
the tttbulntion and appraisal of
security investments of con
venient size to fit an ordinary
poclset book. Illank copies will
be sent on request, or on receipt
of lists of securities owned, we
will deliver the form properly
completed.
EO.WARP) B.SMlTHi&.Co
BANKERS
nsT.MIMStlllll 1SP2
Members .Yen; Yoik ami Phtlattetphti
Stock Erehanncit
llnoin AM' Cii!:st.si;t kts.
80 I'ink Srni.r.T
TiiiLiM
Nr.w Vo
Tax Free in Penntylvania
Pcnna. R. R. Gen. 4'2s
inn .um; 1, Kjft.n
pnrtli-ulnr on fippUntlnn
A. IJ. LEACH & CO.
11." South Fourth Street
Fourth ani Ciit.stnsJT Siw:et:
PHILADELPHIA
Deposits received and interest
allowed
For out-of-town accounts, instead of using passbooks,
deposits may be sent by mail and we will furnish
statements of account periodically or upon request.
DIVIDENDS DECLARED
. Knnsn City Koulhrrn. reculnr nuim,r,
1 ncr rent, on nrefrrreil, nus-iiMe J.inuan 11
to Btork of rernril Herrinlirr 111.
Keystone Teletilione Coinp.ins', 2 per nt tn
neeumiilnteil urererreil illvlilnnLs. payable Feb.
ruary 1 to Mock of rernril January 20
Tunlle Scivli'e ('ornorntlon nf N'ew Jerrey lv
nrr ''flit., iiivulilo lJeremlier Hi as rectBtVr.1
IJeeetulier 27. '
lntcrn.Ulniiul Paper Compnnv regular rniar.
lerlv '.j or 1 tier rent, on prefrrrrj. pavb.
Jnnunrs' 1.,. tn mnfli nf rernril January C
riiatniilon Coiiper Cointiaiiv, $2.
Noitli Itutte Mining Company. VI centj.
paviilile January 211 to utock of reforJ Jan.
uary 27.
HANK CLEANINGS
Hank clrnrlngs toilny rnmparcil with corn
ppomllng ilny I. ml two yrnrtr
1111.1. IIUI. 1013.
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New York.. 4.11. HIXI, US 2I.1.40.227 2M.(ITll,3lt
Ito.slon ,'ll.uis.s.v.i 20. i:!il.nm) 2.-.,Kil,.lu
$1,000,000
AMERICAN GAS CO.
100 YEAR SIX PER CENT. GOLD BONDS
DatedJanuary 3, 1916. Due January 1, 2016.
TAX REFUNDABLE IN PENNSYLVANIA
AND
FREE FROM NORMAL FEDERAL INCOME TAX
These bonds take precedence as to earnings and assets over the outstanding $6,440,200
Capital Stock of the Company, which has a continuous' dividend-record of twenty
three years, and on which dividends at the rate of 8 per cent, per annum are being
paid.
The American Gas Company was incorporated in New Jersey in 1892 and operates Gas
and Electric properties, serving fifty cities and towns located in the East and Middle
West, including a large portion of the gas and electric business in the suburbs of
Philadelphia.
Applicable earnings for the twelve months ended October 31, 1915, as officially
reported, after allowing for all charges, including maintenance, depreciation, etc.,
are more than eleven times the amount necessary to pay the interest on this issue.
Price 99Vz and Interest
WILLIAM P.BONBRIGHT&CO.inc.
MORRIS WISTAR STROUD, Jr., Manager
437 CHESTNUT STREET
PHILADELPHIA
1
NEW YORK
BOSTON
London: William P. Bonbright & Co.
Paris: Bonbright & Co,
.JOIT
This Advertisement appears as a matter of record, tht entire issue having been soil
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