ijiw nwimmmmt, mw w uumwwyi mihji"j w wqwjw1 w."'mi' imfimmw'1
v.
14
f
EVENING EEDGEK PHILADELPHIA, THURSDAY, DECEMBER 30, 10 Iff.
jL
I FINANCIAL NEWS
BUYING OF BIG STOCKS CAME
FROM STRONG BANKING SOURCES
It Reflected Accumulation in Anticipation of January
Disbursements Trading in Eries Gave Evidence That
Some Interest Is Seeking Control of Property
NKW YORK, Dec. 30.
The strenRth of tlie speculative situation wns partly tllstiosnt today.
When tending stocks mnilo siihstuntlnl rhIiis without regard to nny upcculntivc
sentiment. Buying of such stocks ns New YorU Central, St. Paul, American
Smelting, Cniuullan l'aclflc, Union Pacific nntl I'nitcil States Steel common
came from strong .banking sources and reflected accumulation in anticipation
of January disbursements.
Some of the room traders, falling to understand tlio broadness of this
demand, were sellers nt high levels, causing moderate recessions, but the
operations, of these traders simply facilitated tho Investment buying, which Is
Just now only In Its Initial stage. It was commented on In the Exchange
that thy buying of St. Paul for the last few daya has been of the strongest
possibles character, and the bcjlcf prevails thnt the stock will assume market
lenderhip with the development of a now upward movement.
tuch wns said about the financial condition of tho company and Its cur
rent earnings. Prom the intimations from Inside source It wns understood
thAt a statement will soon be made which will bo n surprise even to Its
lost confident holders.
New York Central and Union Pacific both made moderate gains, nnd
there was n disposition to couple tho buying of these stocks, which wns
reflected In allusions to the heavy holdings by Union Pacific of N'ew York
Central securities, which made that company Hhnre largely In the Improved
outlook of the Xew York Central system. Speculative pools seized the nppor
tunlty to mark up prices of stocks with which they are Identified, and Mexican
Petroleum was forced Into prominence by some of tlieso pool efforts, ntlviuir-
ing 5H to a now high record of UW.
Guggenheim Exploration, wltli nn upturn of 2i. also established a new
high record of 83. The trndlng In Hrios has tnken on u new shape. Instead
'of tho denllngs in those Issues being confined to n Hrond street pool, thero
Is now evidence that some Important Interest is ipiletly seeking control of
the property, and some Important developments may be looked for In thnt
direction within a short period. New York Air Hrnko made an advance of
four points to 141. with the buying coming from some of the olllelals of the
company. The market was quiet and mostly steady In tho nfternoon, with
prices generally above tho final of yesterday. Tho closing was strong. A
feature wns on advance of 0& points In California Petroleum, accumulated
during tho day.
Sterling exchnngo wns In unexpectedly brisk demand, meeting n further
upturn to 4.74, passing Its record of September 1. Vienna exchange was
weak, crown checks declining f.c. to 13.15, a new low record.
New York Stock Sales
titeto. Huh. fjow.
ltr
.11
ros
Wi
Adami Kiprew VWi 145
Alaska Jimcati (ijf lO
.Mask Hold Nt 24 'i 2S'f
Alll.-Chalmer Mfc.... ., 32
Alllj-Chalm Mfc pf. ... 8H, fcVi
Am ig Chemical 704 71'i
Am Can 0(l oO'i
Am Can rf Ul'4 111M
Am C A r 77 77
Am Coal Product. ..I.i I VI
Am C I'pf HI'j 111
Am Cotton Oil ,-iVl .r.
Am Cotton Oil pf. . . . !!?'i
Am Kt press 12(1
.im lllile A lather .. 10'i
Am HUe A . pf r,H
Am let SeciiiillM 3fi'
Am Unseed 22?j
Am l.liwol pf IP
Am Locomotive rS"i
Am lmmotlvo pf 101'i IU1
Am Malt !j n
Am Smelt A Iter 10:1 (
Clo.
115
0
2P
.11
S3
7I'f
now
up um in4
.19
127j
12
.iitf
2v
21,
12'
(!!'
Am hmeit A Itef pf. ..Ill
Am Smcitrrt nf A.
Aln SmeltOK pf 1) ..
Am steel I'oundrlei.
Am Sugar ftefinlnz-
Am Tel A Tel
Am Tobarro
Am Woolen
Am Woolen tr r
Am 7.lnc A I. Smelt.
Anaconda Copper. . . .
Associated Oil
Afcli TASK
Atch T A S V pf.
COTTON TRADING LIGHT;
PRICKS TURNED UPWARD
Small Shorts Covered in the Early
Dealings
NEW YORK. Pec. SO.-Llsht trading
wns the feature of the cotton market
at the opening this morning. .Innunry
showed a decline of 2 points, while other
months were 2 to S po" .ts l.lgher. The
tone wns steady. There was some Wnll
street, soiling, but n good, Blattered
buying demand .ibsorh'd all the offer
ings. After the call this demand In
creased nml resulted ra further gains of
3 to 6 paints, from which level there
was n renctlon of a few points on prollt
taklng. It wns apparent thnt some small
shorts covered In the early dealing.
, The tone became firmer after midday
and futures ruled from 13 to 17 points
above last night's close by 2 o'clock, en
couraged by bullish Southern spot ad
vices. Tho further rise In foreign ex
change was regarded as favoring the ex
port situation.
Liverpool did not follow our lead. Tho
English market was due to come 2 to 2'j
points lower, which showed advances
of H to 2 points In all positions except
January-February, which was off 2'.
points. Private cables stated thnt the
market was quiet but steady, notwith
standing some liquidation In the near
options.
italnfnll was reported In the cotton
belt this morning. Temperatures were
slightly higher.
Itecelpta of cotton at the ports today
lire estimated at K.rtK) bales, compared
With 23.341 bales last week. 63.730 bales
(fist year and 20.31-.) bales In 1313.
" Official reports from some of the lead
ing spot cotton markets. inMUlIiiK cpiotcd,
follow: Baltimore, nominal, unchanged at
12Hc, no Bales. Augusta, stonily, G points
up at ll.CSc, sales, 1033 bales; St. Louis,
steady, unchanged, at 12.25c. sales, nil,
and Little Rock, quiet, unchanged, nt
12.13c, no sales. Exports for tho day
were 8S32 bales, compuied with 3S.217 for
tho corresponding day last year. Totnl
for the season today, 2,270,652 bates,
against 2,411,135 last season for the unmo
period.
Yes, close Open. It a.m. 12 m. 2:."!0.
New York Bond Sales
January
March .
May ..,
July ,.,
August
October
Hid.
II us ll.ltl 11. IU 12.0s
12.22 12.2:1 12 Zl
12.411 12.51 12.31
12.IS2 12.11". 12.UI 12.72
. .. 12.SII
12.32 12..10 12.2S 12.IIS
Liverpool Cotton
I2.;l 12.:is
12. CO
UVEnPOOL. Dee. 30. At 2 i. m. futures
were steady. Quotations were January-Keltru-ary.
7.57(1.; February-March. T..V.d. ; March
April. T..l3Kd., May-June. 7.1'md.: July
Auaunt. T.aad.i Auuuat-MeptMiiber. 7.20U.i
October-November. tUi7Ut. The rales were
llHuo bales. Including Mi hales American.
Spot cotton was In Kood demand at decline of
' T points on the basis of 7.73d. for mid-uplands.
The sales aixreKutcd lo.i bales. Including
80OO bales of American. The Imports were 3o,
ouo bales, all American. The market for fu
tures closed Arm at a net advance of lUftll
points.
STIRLING HIGH; VIENNA LOW
IEW YORK, Dec 30. Aside from tho
advance In sterling exchange, tho feature
of the market In the first hour of busi
ness was a new low record in Vienna
exchange. The quotations were 13.15 and
13.18. This is the lowest ever reported.
Other quotations were: Demand sterling.
4.T4; cables, i.1i. a i.ew high on the
Immediate movement. Frunc cables.
R.S4H: checks, 5.R5i; relchsmarks. 79 9-16
and K. The low record on relchsmarks
recently was 75Ts. Actual sales at the
rate were disputed at the time. Lire
cables were quoted at 6.58. checks. 6.6S:
Swiss cables, 6.21V4; checks, 5.26; Stock
holm. 27.70 and 27.85; pesetas. 18.82 and
18.86. Another weak feature and new low
record' developed In rubles which were
quoted at 277 and 30. Guilders retained
strength at 43 and 43?i.
The market became very dull In mid
afternoon, but the tone was steady at a
alight shading In sterling from the best
flsures. Demand touched K73 15-16. and
sables went to M-74H Francs were sllsht
ly lower also, JS.S1H for cables and ?5.S31
for checks. Relchsmark 76Hc. and
Jt U-16C.
fvon
1 1:11 rio
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Amer Tel ,vt 4Hs ..
Armour On Mas
Atchtron ltii In . . .
Allan Co Line in I.
Allan Oi Line ilt 4n.
Halt Ohio :lie
Halt .V OI1I11 l .. . .
I tit A: oh iv 4!.l...
Hilt .V i Snn :i'..i
IVth Stl r-d As. .....
Cent Leather let ,,s.
I ent It It . .1 .-,...
Chill Copper 7s
chc.i A Ohio iv IHs. .
Chen .- nhln ."a
till A Nwn uen 4...
Chi II Ac IJ (nlnt Is..
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C M A.- St I Ren 4s. .
c il & fl I" cv .l. . .
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Clev Sh I. 4Ua
Cut Ii.uujtrlal .",....
Del A; llud mm af- fp
Del ,1 Hud Is HUH...
Pis '.-icur Con ."Vs....
Krte Ken 4s
IJrte cenv 4s Ser A. .
Knn ei.nv 4 Ser II. .
(len Klei :Uva
Hud .v Man III .. ...
do rfd .'h
Ill Steel ilel 4as ...
Ill Cent Is 111,12
Ins Copiier ev lla . . .
Illterb Met 4;.s
Inter Mer Mnr Hvs .
do et 41...K
Inlcrnl I'aner Us ....
Japanese 4Us
do new 4ivs
Kan City Wouih f,a...
Knn city Ter let 4s. .
laicka Hteel f. Hl..l).
Lk .Shore deb Is 1ICS.
do Hill
I-Ik A; Mjers T rs.. ,
UIUW A: .MI8II K
Minn .- St I. Is
M St ! S S M 4s
Mo Knn Ai T 1st Is...
Mo l'ae 4h
Mo lac cv .Is
N V C lis
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N Y C Si Hud 4s
N V C A: Hud 4"-,s..
N V City 4s 111.11
X Y C.tv l-,a IKIO ..
N Y City 4Ks l:tl...
N YY City 4'- inn..
X Y X II & II lis
X Y Itwy re: 4s
X Y Itwy udj .Is
X Y Tel Ben 4'.a
Xorf A: West 4s
.Sor I'ac r.ur 4s
Xor Ine Ken :ts. . . .
Ure Short I. rei 4s. .
ore Ai IV It .V X 4s.
I'aclttc Tel ,1m
Public S.TV X J 3s...
Hay Con Cop lis....
HeadlnK Ren 4s
Hen I a.- S .Is
Itock Island Us
Sealmard A I. adl .Is. .
Seaboard A I. if J 4s. .
South Hell .Is
South lae cv 4s ....
do cv ret I p .Is
noutn i'ac rra is
South Itwy gen 4s
tlu con .Is
Third Avo aJJ .Is
Tol Hen & V 4s. .. .
U S Steel .Is
Union I'ac 1st 4s
t'n llwya S r 4s
a itwy r,s ,
Wabash 1st 3s
do 2d .Is
Wab.I' T Hit ct 4s..
West Klectrlc ,....
West Md 1st 4s
Wett Shore 4s
West L'nl.m 4'is
Wlscon Cent Ken 4s
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TO TRANSFER 37,000,000 GOLD
Government Funds Will Go to Fed
eral Banks Tomorrow
WASHINGTON'. Dec. 30. More than
$7,000,000 will be transferred tomorrow
from the national bank depositories of
the country to the 12 Federal reserve
banks, which henceforth ore to act ns
fiscal agents of the Government. The
money Is to be withdrawn from national
bank depositories in all reserve cities ex
cept those used for postal and court
funds. The transfer Is made pursuant
tn nn order of Secretary of the Treasury
McAdoo.
RATES FOR MONEY'
Call. Time,
wTork .. ,,,,.., 12 2&2?i
Uadslphla. .;..,. :ivjl WTTtH
Ion ' 3Vg4
Vetr
L4rn"
RCMcaio .
3Vi 4 fl4Vi
f Commercial paper, three to six montbj, PlilU
'. MlpliU, 3Hli4 per cant,
Franklin Company Cuts Melon
8YRACUSB. N, V., Dec. 30.-The H. H.
Franklin Manufacturing Company has de
clared a 100 per cent, stock dividend on its
1900,000 outstanding common stock, pay-
kuble December 31. Cash dividends for the
st half of the year total 38 per cent., one
10 per cent, having been declared for
ecember 11.
i
DIVIDENDS DECLARED
.. .. T ,n r,.nnu .U ...l.l.
ITeertbior 1 to atock uf recorJ January la.
4Stgir aerver .jnc umwur. rmaiwr tw4ix,er(j
int. an.1 extrffc l(i cr rent. Th recuLir
lvian.4 la fuivabia Kebruarv 10 la slAek at
irevw A P).r4L.rv 1 and the .xtra dlvloend ka
6 straits January 10 to slovkbolJtrs ot record
iceiibtr Sh
,n,iiiled G snd Electric Ccmpanv. ausr.
uitsl- per eenL on preferred, tsarabu Janu-,i.-
15 to hol'ir. or re.-ord necember 31.
4H.tlrburh Termliwi Warelwujrs and Trans-
tr t-iniiv reuuur enoninjr cms per
Bt ". v.vijble January )3 to holders ot record
i rur ik.
i !fwe lckiw niiA nut Western IUI1-
; seciiUr ii : - "er .e''
?4Hl l err c . ' Prnrf lv4nla
oii4rl ' e . t a .) i u I
'it fc-V e ' ' J-1 J 1 '
4t ( f&lrft! lir declared the r X lae aux-
Be j "" S laue.
RANK OF ENGLAND STATEMENT
IXIN'DON', Dec. 30. The weekly state
ment of the Bank of England shows the
following chanues: Total reserve In
creased 174,000; circulation Increased
212,000; bullion Increased 353.000: other
securities Increased 9,623.000; other de
posits increased 13,233.000; public depos
its decreased 3,137,O')0; Government se
curities unchanged. The proportion of
the bank's reserve to liabilities Is now
21.40 per cent., against 22.70 per cent, last
week, and compares with a decline from
31.40 per cent, to 33, per cent. In this
week last year. Tho clearings through
the London banks for the week wero
201,990.000, against 204,600.000 last week
and 162,901,000 last year.
Paris Exchange on London
PARIS, Dec. 30. Exchange on I-omlon
is 27 francs 82 centimes, a gain of a half
cent.
Mexico Suspends Duty on Gasoline
Owing to the high price of gasoline in
Mexico, orders have been issued allowing
the article to be Imported free of duty
Into that country.
RAILROAD EARNINGS
JJOUISVILLE AND NASHVILLE.
lull. Incraa.e.
Third week December .. M.H1O.2O0 IlioTlZi)
rrora. July J 27.5e.lS0 l.Dli.uJl
TOLEDO. ST. LOUIS AND WESTERN.
Third week December.. $128,147 H2.17S
From July t .'.uii.TM ilo.GM)
BANK CLEARINGS
Bink eleirlncs to lay compared with eorre
Txjn.inx day last two yeaia
lilt. nM miT
Phlla-'elDhU 4-St1T -2 S'T -'o .,11V
Si-w York K.ikb.i 444 2.sirsiM4 Ho.M.iy
IW-OO 2V.fcC3.tilU 20.W4.2W J2.2M..S10
Ol'i
. Ol'i
1I-)
. 12!1 4
. I7'(
. I7U
. r,s',
. sou
. tvt
.107 10$ lOf'J lll"'l
101'f 101 HUH 101'j
Il.ililln lx-o H7J. 1I8H IHl'j llOh
llalllmore i Ohio DIH IMH tll W'
llaltlmore .V Ohio pf.. 77'
llalopllas Mlnltn: :US
Hl-ooklyn It.np Tr S7'5
77H
t.n
nt
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UH
254
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lion no's iins
1114 !UU iiih
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01 () 'J'i'5
II.V, lll4 111
1291, 12!)' 12IIH
aOOH SfttW '-'00
I7'4 17' I 17' I
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7
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101
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101'i
WHEAT STRONG AS
SHORTS COVERED
Belief That Urgent Demand
Must Come Caused Fresh
Buying Export Sales
Modern to
CtltCAUO, tiec. 30. Shorts were forced
to run tor roier wlin the whcnl innrkcl
developed stfeiiKth toilny nnd thero was
also fresh active buying: on the belief that
nn urgent ilenmnd for American wheat
must como sooner or Inter. This theory
resulted from the difficulties cntnllcd 111
Ihirope's nbtnlnhiR supplies from other
exporting countries, rnbles from Liver
pool told of apprehension there because
of the trebling of wnr risks on ships
pnssliii! through the Suez c'nnnl.
The Improvement here followed fcVcr
IshnesR nnd weakness nfter un ndvntico
nt th? outset. At one time longs sold
fiecly nnd Derember diopped tn $1.2114,
against $l.225 nt the close yesterday,
May to M.2IN. compared with $l.2lvi at
the end yesterday, nnd .Inly to $1.1CH,
contrasted with $116, yesterday's Inst
price December enurd nt the- lop nt
,i?,i I.1I.2P1. Mny only 'l cent below tho best
SO'li
00'
lliifin llro
lliille A Supetlor. .
t al I'etroieiim
Cil IVtMleiim pr. .
t nnadl.iii IWirir. .
rent leather Co. . .
Cent IjMtlii'f Co pf. .
SOU
. 70' i
:t.l
07 i
171)
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(
ss
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70'.
SI
Che-.ipiM' & Ohio... 02' i
Chill Copper 21' j
Chlno Copper ol'i
Clilr.u'0 (ire.it West... Hj
Chi Ot Vet pf . . .. :t!
C C C A St I. pf ... . 70
Chi Mil .V M I'aul.... 07
C M A St V pf l:2'j
Chi NnrlhHest I.12H
fid A Norlhueit pf
Chi It 1 A IV . .
Crloradn I'ticl A 1 .
CnnnlM.itrd (la'
fontlnenlal Can. . .
Corn l'rodiids Itef...
Corn Prod Ho." pf
Crucible Slel
Cuban-Am Suuar pf. .
Delawan- A Ilmlun .
Den A .tin (Irande pf
DMIIIcm Si-curltloi. .
Dome Mines
Krlc
Krle 1st pf
Krle 2d pf
Fed Mln A Smelt pf.
(ipneral Ktcctrlc
dencr.il Motors
(icneral Motors pf
(ioodrleh 11 V Co
(luodrleh II I'Co pf..
(irecne-l ananca
171
lll'i
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tii'i
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f
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70
181 'i 170i 1SIH
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100Ii 103'i
02' i o:i
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l.-il
I7:t
10H
ol'i
n:i'i
81
im
1)2',
7I.4
0.1' 4
21?,"
W'i
Wi
;io'i
70
tis
i:H
I. it
n.vi
17',
o'JH
144
M
20'.
IM'l
7.S
2IS
544
1 14
.'194
70
!)7'S
i:i:l
i;u
17.1K
17H
11:14
&l
20 H
l.)M
i
1011a 101 1021s 10:t
.ISIJ'f l.VIH l.VJH liWIl
. 2. 2.) 2o 2o
. 47tj ISH 17.4 474
. 2S4 2.'i 2S4 2S4
. 42t( 43H -I2M !2Ji
17 ftS'j ;,7 :,sm
. .'O'C oiii 50H C24
. r,i.4 ."in oil, ;na
. 1 7: 1711 17it IT!!
47o 47i) 47o 475
.114 Ho ll.t IIS
70 70H
112i ll.Ti 1121,
.r)14 51
(Ireat Northern pf 125H 120
(! N cfs lor ore prop
(iiiccenhclm hjtpln. . .
Int Agricultural
Int Agricultural pf. . .
Inter Con Corpn
Inter Con Cor pf
International Paper...
Internal Paper pf
Inspiration Copper. . .
Int M M cf dp
Int M M pf cf dp. ...
lilt Nickel
Int Nickel pf . ..
Kann (. Ity Southern
Kanix City Co pf. . .
l.ac; Steel
I.acieile (ia
l..ue Krl- A V pf. . .
J.chls'i Valley
I.lBWtt A Myers
I.oose-Vlir UN 1st pf
Lorlllard I" Co
Manhattan HI Btd...
Maxwell Motors
Max Motors 1st pf ..
Max Motor 2d pf-. .
Mexican Petroleum...
Mex 1'etioleum pf . . .
Miami l o.ixur
Mo Knn A Teta
Minn A St Louh. ...
Minn A St I, pi
Mtaonri Pari lc
Mo I'arllic tr cis
Montana Power
Nat Una; A Suit
Nat Knamei A .
Nat Load
Neiada Con Copper..
No Yok Air Ilraku.
N Y N II A II
New York Dock....
New or; (entral. . .
Norfolk A Western...
North American
Northern Paclilo
OntaibS.ll M
Paclllc Mall
Pcnn It It
I'ettlbone-Mulllken..,
Philadelphia Co
Pittsburgh Coal
Pittsburgh Coal p.'...
Pressed Meel Car
Pressed Steel Car pf.
40H
. hlH
. 2l.'i
. 02
. 21V,
. 77! i
. 124
. 40) a
. 4,1
. 184
. 73',
.11)0 .110
. ai
. o-p,
. SO',
.10:14
. :i
. si. 4
2.V1
wiU
.ISO
.130','
. 7.V,'
. 1124
. .Mi ,'
10SS
. 9s' 1
. :il'j
50' (
S3
2.1H
OS',
21 'f
77' s
12!,
504
4.1'
1!)
u;
50'
12.14
50.4
Sl'i
2.1
02! j
21
77.4
12
.10
4.1
IS1,
i.1i
lie1.
.10! i
120
50H
S1H
2.1H
OS's
21
77,
12!,
504
ftt 11.274 and July nt tho high. il.W.
Onto cnbles fioni Liverpool Hullentp Unit
the tiinrhets there had become very
strong, with prominent millers buying.
Kxport sales In the Inst 21 hours were
only moderate. Shipments from Austra
lia nnd Argentina for the week were ex
pected. I'xports from the latter country
were cstlmnted nt only SO.O00 bushels to
be smnlt. The trade wns looking for close
to l.fOO.OO) bushels nf bnrd wheat to be
delivered on December conlrncls,
According to private rstlninte.'", the nc
tunl consumption nf spring whent In four
months hns been 192.0i1,fO0 bushels, mill
the reserving nf 2.V0,"0o bushels for seed
leaves only l.vs.000,000 bushels nvnllablo
for the next eight months.
(orn. nfter showing easiness, became
very Him, finishing only 'c. below the
top for December at TJ'ic nnd nt tho best
for May nnd July at 77'ic. nnd 7Sc, re
spectively. Iluslncss wns nf nn even
clmnieter.
Oats were firm, nlthough they wavered
n little nt Olio time. December finished
nt the best, 41c, and Mny only He oft
from tho top nt He.
Lending futures ranged ns follows:
1 eei n
whent- open. Mluh.
Iiecemtier .. 1.2:1 1.21
Mny 1.2.V, l.27'i,
Julv 1.17', l.lMf.
fnrn 1 new ileiivery)
Sales in Philadelphia
2ns
nor.
inoi
20
iin
to
in
7n
210
111!
t,,;,i
R
112
20
2ns
ail
H7
MS
(III
II)
.""
1.17
Jin
110
.no
2D1KI
7S
HO
J2loi
, Bltt
lncni
"no
soon
limi
r,iieii
t.'lisa)
. 1M
1f,l
4(l
Inisiii
:kx)
Keysl Tel
I.nlte Sup Corp. lilt I'S .L'Jii .!"
LehlRh Snv ... 7M5 7S 4 JJ'i J
Irfhlni 'fll .... M S2! J2 fJ
l-eiueh Vnl Tr. . is,; l5 ISJS 1
Mlnehltt ." r.mt r.H mO
Yes. elee. ftlah. !-ow. Cloje.
Amer Itwys rref ni' n.i ,?j i.
Hsltl Ixie prff..lnsH Ins ins
Huff R t e. .40 4Vi jnW
.10 prer r,H w .-.s' f.p4
Cltlten- p Itwy.snt 272. 272 2i2
cam Pteel JIH 7IJ1 74 WJ$
(Jnrn 1'iod IS 20 20, SOij
Col V Ir re! :! C'2S Ms
cnlnn-lam 1st pr M r.l ft I M.
.rie ........ iJi ?r :-.n ;:,r
': '.? '13 '.i; ilf
,Sil
s
hltt r.7 r.mt r.", r.nj
Norlli Cent ... vn poll () PilH
Nevsils Cons . HI", I.Vi !', ';
I'ennn It It... . ftf .!"! H! .j$T
Pn Satt ...Mrg,.Hn I'', I'JJi H,',,
Pllll Co e pf llpe 124 124 42. 42U
Phlln lllee SSJ, 2s' 2Si 2SS
l It T tr etrs. . 2ii' 20'i 201
I'hlla Trne 711 71) 71
Pins Cotil ar.'i .1(1 "I, f
Hen.llnp sit? sin; f ii S1i
Ton ifinlne J ' "1, "'Ji,
Ton llelmonl... 4X, i 4', l4 4','n
l.-nlnn Trne ....4.". 4.-. 4J 4J
rtnh rni Mil, M)i, Ml JOS
C (ins linp.. .. V) Ml ssj. W
I S Steel. S7'i .s S7'4 MS
W J AH S Mil, Wi fill Ml,
t'rnmp & Son-i Ml, l m M
1IONDS.
Lhii prei. ... ,
snle. High. Low. Close.
Am Dns A- t.t fts no wi , N"4 !
cm S s l7Miy.li)14 1"1W W 1HJ
city Is reK mil .. 102V, 1024 102s
do mill. .iifs.Wi.'Vi.reiMnmr.'itnrwnii
Unu til His f.i. .. ti'il lnil 1J2
Inl'stflte Itv Is. r.s r,s f,s ,.s
Kev Tel 1st .", ., Il 1"! ."".
L Nsv eons .t4s.1(ii', 101'; Inlji Inltj,
IM Cn Ren 44s.inD.,, Iiw, IihiJi llJiS
l W It I e'4s .. W$ L' .;
Puh Horv Corp. HUH Ni!5 V.IV-, Mi
riuia Co eon, .- km, in; i ,"
Sisin-Am I ns.. 11)2 l2 102 102
wvlsbncb Co rs III IHS IMS WIS
Financial Briefs
I,nw. ('loe. elnse.
1.2IU 1.2C. 1.22,
:4"i ii.-jt'i,
I. lill, tLIMs
I ".
l.lflS
lieeember
Mny
July
oats
Deeember
Mny
Lanl
Jnnu.iry .
Mnv
Illhs
.Innuary .
Mnv
I'ork
.tnnuary .
Mrtf
lllil,
J2S
Tin,
IT,
I7S
m
?I
7.-.S
70S
. . tl.72
. .10.11.1
..10.111)
..10.. '1.1
is. 1.1
1S.7I)
tArked
41
4S
!IP2
1 1 1.2.1
10.S2
10.117
1S.S.1
US.70
4Q',
18.1
17.S
41
4S
MT1
0.70
10.00
10.(0
I0..T2
1S.4II
1S.2.1
P.P2
10.22
10..12
111.117
1S.M
n.r.7
P.0.1
n.o2
10.27
1S.2.1
ix.r,7
I.IVK STOCK QUOTATIONS
CUtr-AOn. Dee. :hi. HOOP. Heeelpts. .T?,
H). Market sternly. Mixed 1111,1 butchers, $11.20
(III. 7.1: B"od heavy. sil.ft.ViH.T.1: rnuuli lienvv,
Ji!.1.lliil.4l: tlslit. $.lMTH',.m: plKs. $.lfi,l.S.l;
bulk, il.lir.Tnii.l.
CATTI.i:. Ilie-lpts. I.VV). Market slendy.
I!ee,e .l IOHII.7.1: rows noil helrers $a.2.,ff
S2.1: Temins. e..iniis.n. enlves. $s..loiilo.2.i.
MIIi:i:i'. -Iteeelptn. I2.IHHI. Mnrket wenk.
.Vlltlve nnd Velerll. jmnl.tsij lambs. $11. IW
I'.ll.l.
li)'
IS',
7:r.
1!).1!4 103 1U.1
KKI'-j 1094 10)4
.114 31 .11 i
ft) 01 (VI
M1.4 bO SO
101 101
4')'f 4J!f
253 2.VJ
.!)J'
Mt
101
.s2
014
IS)
1314 1314
75 i
MH
57
1'4'i
OO'i
314
15i
. 3.14
. :','
14
. 721,
. 704
. 2.S4
. 0.1
. 104
.137
. 70
. 17
.10.14 100'
121 122
. 74 75
.1174
04
11,
. fiS'i
. 554'
. 114
. 354
1104
. 034'
10.1
1.1
35
44
44
72U
704
20
0,1
10! i
1404 13S
t)."i
504
III!)
'.).',
314
7
15
31
I
44
724
704
asji
oi'i
10
7o,4
l.i
1174
104
114
.10
5.1
1 Pi
.Wi
110't
fePX
101
1134
181)
1314
"t'
024
5U4
III i
Ill's
314
7
15
31
4.4
44
724
70 j
2f'
05
10
13S
70
15
109),
STKONGEK TONE IN COPPER
117
I
15
um
1214 122
74 H 7.1
117
1)4
114
5S4
55
414
3.14
1104
01
101
0.4
114
l!i
oo
414
:i.,h
1104
is 1.4
nit
Pullman Co 1044 1014 103 3 1034
Hy Steel Sps.
Itay L'ou Copper. .
Heaillnc
Hep Iron A Steel. .
:;4
2,14
il1
Hep Iron & Steel pf..lll)
Itock Island Co pf 4
M Iu)ula S K 54
fit I. S K 2d pf. . . . 54
Sears Itoe .v Co .. .
Sloss-Shef S & I Co
SlosvShef S .V I pf.
Southern Pacific
Southern Ity 23
Stuue):a'er Co....
Studebaker Co pf
t;
254
S24
534
109
','
54
04
15
S14
51
10'J
!J
54
0'.
13
23 ii
S14
51
109
4
54
.1S04 I80.4 ismi 1S0.4
. 034 02j 02''i 02i-3
. 094 102 102 102
.lfUj 1024 1024 1023J
23 22i 23
100' 107 1054 105U
.1134' 1134 1134 1134
Term Copper 01 014 00.4 014
Texas Co 22S4 23 1 220 233!
Tej Co sub rec f pd..230 231 231 231
'iej.l, .V. ,M"I ic 04 l.i '.)h ID
Twin (Ity Hap Tr.... 934 07 D7 07
blilon baj tic Paner. . ht, S S S
Unlteil Cljar Stores. . . 04 OK OH U'i
Cn Clsar Stores pf... 11H 114 Wi IV i
Cnlti-d Dry (iooJi pf.. 724 74 74 71
Luton Paclllc 13S), 134 l.'ISSf Llsli
Union Paclllc pf S3 S3 S3 S3
Lnlled truit 1474' 1174 147 147
U S Ind Alcohol 1204 1274 127 1274
U S Ind Alcohol pf. ...laill 1034 1054 105),
L' S Cast U' if... 20 204 20 204
United Itys Invest ... 204 204 204 20i
uuueu nys luvni in., as .h3 .ins urij
Dealers Nnminp; 22Mi Cents Further
Advnnccs Expectcit
Xi:' YOniC, Dec. 3D. A stronger tone
Is nhown in the copper mnrltets, with nil
the prodncern nnd dealers Kenernlly
tinner In namlliK 22',i cents a pound. 30
days, aa their ipiotntlon. although thero
me Home imnll offers at a shade under
this IlKUre. There Is n better demand
lrom wlreninlters and brnsn mnnufnetur
era In this country, who nppnrently are
In need of the metnl nnd are Inklnir what
copper they can Ret. The price Is not
belnir considered In connection with this
business, but the buyers aro earnestly re
questing early deliveries.
Further nilvniiei'S In the quotation for
copper are freely predicted in tho trade,
It belnir pointed out thnt production at
present is not larso enoimh to tnko enro
of the ditnimid with still larser consump
tion In the orferliiK. With the turn of tho
new year n lilKitcr buying movement Is
expected to Ftart.
NEW YORK COFFEE MARKET
.NEW YOrtK, Dec. 30. Tho coffeo mar
ket opened quiet, with prices unchariRcd
from the llnnl of yestcrdny. There was
a little scattered demand for May and
July and less pressure, on tho near
months that wns experienced yestcrdny,
but on the whole the market was very
narrow and the tradlnir throughout tho
first part of the day was lluht. The Mrn
zillan cables suggested shipment of lll.W)
Imks from ltlo nnd Santos to Kurope yes
terday, and tho fact that shipments con
tinue Inmo was taken as an Indication
that Kurope Is buylnc more coffee thero
than Renerally credited.
Hlo was unchniiRciI at 0vo JI..V) for No.
7. KxchaiiRo was l-32d. lower at 12 3-32d.
rtecelpts. 000 hairs, and stock. 410.000 bans.
Santos wns unchanRed nt live $3. Stock,
2,250.01)0 bans.
Heeelpts at Sao Paulo were 51.000 buss,
apnlnst M.OCO bags 11 year aero and 42,0ft)
bags two years bko. Junillahy had 48.000
bass, and 39.000 bags last year and 3l,0u0
hairs twu years ago.
U S Huboer-
li S steel
L' S Steel pf. . . .
Utah Copper- -Va-Caro
Chem-
Vulcan Detinnlnj.
b()4
4S4
12
Wabash 10
544 S5 55 55
... 87-, S7.4 S7)i 674
...UOh 1104 1104 1104
W abash pf A.
Wabash pf II . . . .
Wells Fargo Kipresi
Western lailou ie. ..
West K & M
Willys Overland
U 00114 ortu V W Co.
. 454
29
123
Ni
23.1
SO;
48? ;
II)
104
40
29i
133
S!
0J4
l
4S
10
154
454
28i
SO
48H
10
10
154
20
1294 1294
b8 as
ivjh UJ'3
233 231 233
.1184 U8H Uts), 1184
Woolu orth pf 1224 I2.D3 123. j 1234
French Rentes Unchanged
PAItIS, Pec. 30. Three per cent, rentes
were C3 francs 75 centimes for cash today,
unchanged.
French Dank Loses Gold
I'AItlS. Dee. 30. The weekly statement
of the Rank of France shows a decrease
in gold of 5S.27$.00O francs and a decrease
in silver of lW.OuO francs.
GOVERNMENT BONUS
Bid. Asksd.
$tt ..
2s or imp registered
2s o( 1WI cuumn
Panama 2s registered .......
Panama 2s l'JM registered , ,
Panama new 3s regUtersd ,.
PanatxM new , coupon ....
3s of 1!1N registered
U ot IKS registered
lifci
BAR SILVER
Tbe rrlea ot bar silver la l.ondoo wan 2
pen e.
In N'ew York the orlre ailvaneed bi)( a,
rent to &1 tents, Mexican aollu vin
guoted at i- cents.
MINING STOCK QUOTATIONS
TONOPAH STOCKS.
Bid
Jim llutler
M.icXamura
Midway
Mliinh Extension .
Mnntuna
Nortbein Slur
Timjpah Ilelinnnt . .
Tonup.ih Kxtenslon
Toniitxib Mlnlns ...
Ileseue Kula ......
west i.na
1.10
02
14
St
211
II
at;
0'
ns
711
OOLDFJELD STOCKS.
Atlanta 21
Blue Dull ()2
liHith :ts
liulMoe , 02
(' o I , 02
Combination Frnetlon , ml
Dlamoiillield II II .01
IHlav , ,. .111
Florence 4.1
ilnllil.lil Consolidated '. l.i'i
llnliilleld Merger Ill
Jumbo Intension 1.2.1
Kuuanas .IK
Oro .,,, 0.1
Sand Ken . .
silver J'ieK
Rilrv Aztec
KiniDeriy
Nevada Hill ....
Nevada Wonder
MISCELLANEOUS.
.oil
.07
,01
.03
.211
l.OI
Asked;
!l
.HI
.21
.:u
,1U
.P2
.1H
.41)
.1(1 I
.in 1
.10 J
iS '
1.2;
.1"!
,lkS
.18
.0.1
.01
L70
Kean, Taylor A- Co.. of Now York,
iinnntiiicei thnt Clooriro K. Harstow, Jr.,
ulll be admitted to partnership In their
linn on .Innunry 1. Mr. Harstow for the
Inst nine years has been associated will!
l'otter, Clinnto & Prentice as manaRcr ot
their bond department.
Tho SavaRc Arma Company hns Issued
a clrculnr to stockholders In which It
stnte.t thnt ns the owne.ro of the majority
of the capital stoclc have sold mtlr hold
ings to the- OriSRs-Scabury Ordnanco
Company, the offer Is made to nit present
shareholders of $:0 per shine for their
storls, the purchnso to be effected on or
before .Innunry IS next.
It was learned today that settlement
wns mndo on Monday for 15C0 shares of
Colonial Trust Company stock sold to
n syndicate headed by K. It. Jones, pres
ident of the Colonial Trust Company, at
$1W per share. Tlcrnnrd Ruckdeschcl,
vice president of the .Inddlnttton Trust
Company, represented the sellers, nnd
Jnmes H. I.lchteiibcrKer represented tho
syndicate.
GeorKO R Hrowncll, vice president In
chnijrc of tho leKiil nnd financial depart
ments of the llrlo Itallrond, has been
elected a director of the company.
Plans aro well under way by the man
iiRenicnt of tho I.ee llubber and Tiro
Company, of Now York, to Increase the
capacity of tho plant nt Conshobocken.
Thomn.4 Iron Company stockholders at
a special meeting today ratified tho 60
day option Riven on the company's stock.
OwIiir to the New Year holiday on Sat
urday the weekly New York bank state
ment will bo published tomorrow nt 3
o'clock.
An odd lot of Citizens' PassonRor Rail
way stock sold at 272 on 'Change, tip 7
points.
Spencer, Trask it Co., of Now York,
havo announced tho admission to their
linn as of Jnnuary 3, 1910, of Watkln W.
Knenth, now Western manager of their
Chicago ofllco, and Pcrclvnl Gilbert, mali
nger of their Doston ofllce. Mr. Kncath
and Mr. ailbert will be resident pnrtners
In Chicago and Boston, respectively.
The nank of England today bought
10.000 In bar gold and shipped 100,000
In iioverelgns to South America, TO,0'X)
to Spain, 31,000 to Canada, and ear
marked DO,000 to Rwittcrlnnd.
A large Interest has been tnken In
Philadelphia In tho underwriting of the
bond assessment of tho Wnbush Pitts
burgh Terminal Railway Company reorg
anization. Tho pnrt of the underwriting
which wns allotted to Philadelphia was
arranged through Harper and Turner,
ami It Is understood that this city under
wrote payments on approximately $2,
OuO.OOO bonds.
Caspar V. Morris was elected a director
of the Commercial Trust company, nt a
meeting of tho directors hold today, to fill
the vacancy caused by the death of Rob
ert C Drayton. Mr. Morris Is a member
of tho Stock Kxehango firm ot KlKlns,
Morris & Co.
The annual report ot tho American Ico
Company for tho year cndel October 31
shows gross enrnlngs of $S,G3D,SSI against
$i,S2C.SSl In 1311. Net earnings wero 1.S4,.
071 compared with J1.02,4S3 tho preced
ing year, nnd net prolltu wero $M6,1S2,
equal to 3.5 per cent, earned on the pre
ferred stock ngalnst 2.73 per cent, last
year.
In addition to tho regular 4 per cent,
dividend tho New Jersey SCInc Company
declared an extra payment of 10 per cent.
Tho New York hanks gained from Sub
treasury 3,29l,00O, nnd since Friday
JI.lTa.CO.
The proposition to reduce the capital
stock of tho County Klrc Insurance Com
pany from $400,000 to $200,000 was rejected
by tho stockholders, but It was voted to
add J100.000 to surplus.
Bessemer Pig Iron High
PITTSUURGH, Dec. 30.-Ilesscmer pig
Iron shipments abroad sold this week at
J20.23, the highest price In eight years.
Yourig-ftDwn has no steel for salo In the
open market, and by valley manufactur
ers It Is reported that sheet bars for the
second quarter will range from $31 to 33.
Youugstowu la virtually Jj above the ilrst
quarter.
$1,151,000 Gold Deposited
NEW YORK. Uec. 30. - Gold to the
amount of 11,131,000 has been deposited
In the Assay Office by the following In
stitutions: Mechanics and Metals Na
tional Rank, $200,000; Hank of New York,
30,CXI; Canadian Hank of Commerce
1126,000; American Exchange National,
$200,000, and J. P. Morgan & Co.. $170,000.
Bank Increases Dividend
PITTSUURGH. Dec. 30.-The Kxchange
National Bank has increased Its annual
dividend rate from 1 per cent, to $. This
1b the second time in the past Ave years
that the annual rate has been increased.
To Pay Cuban Bank Coupons
NEW YORK, Dec. 30.-The Cuban
Mortgage Rank series "B" 6 per cent,
coupons. du January 1. 1315. will be paid
on prsentatlon at the office of Keane.
Zayas and Potts on and after that date.
Tin Plate Prices Advanced
Virtually all Independent tin plate
mills In tho Middle West have advanced
prices to $3.75 per base box, Pittsburgh.
Open-hearth steel buyers nre offering $33
11 ton In Middle West, and the billet and
bheet bar market Is expected to advance
shortly. British ferro-manganese makers
cablo nn advance of $10 a ton, seaboard.
Tho advance In tho tin plate $3 per ton
to $3.73 per base box of 100 pounds com
pares with the previous price of $3.60 per
base box, tho highest In several years.
Pennsylvania Crude Oil Advanced
PITTSBURGH. Dec. 30. An advanco of
10 cents a barrel, to $2.23 a barrel, was an
nounced In tho price of Pennsylvania
crude oil today by the Joseph Seep Pur
chasing Agency. Mercer black, Newcastle
and Corning also were marked up 10 cents
u barrel to $1.73; t'ubell and Somerset S
cents a barrel, to $1.78, and $1.C3 respect
ively, and Rugland 3 cents a barrel, to
73 cents.
ANNUAL MKKTINGS
'1MB 1-UILAIIUI.rUl.V NATIONAL BANK
I'liilaUelpiila, December 11. l'JIS.
Tim Annual Election lor Directors will Is
held at tint Banking Bousa on Tuesday.
January 11, ID 10, between tbs hours ot 12
Noou and 1 1. M.
HORACE yOKTESCUE. Cashlsr.
iK2S TllE 1'IIIST ANXL'AlJlKKTINU OP
l7 the Stockholders of the Manufac
turers' Ouiiiulty lii.urunte Company "111 be
held at the Bom Office or the Company. 023
Chestnut street (Seventh Floor). Philadel.
lihla, Pennsylvania, on Monday, January 31,
11)10, at 2 u. 111.. to bear the report o( the
Board of Director relative to the Incorpora.
tlon ot the Company and all other business
transacted to date; to elect fifteen Directors,
o( whom live ure to serve for periods ot one.
two and three years reapectlvly. and to at
tend to such other business a may properly
come before the meeting-.
WILLIAM II. CLOWNEV,
Secretary.
niKKCTOKY OF ACCOUNTANTS
Certllled Public Accountants
LAItE" "E E. BHOWN 4.- CO.
11)15 KEAL ESTATE TBUST UU1LDINQ
fclUNS Jt.SfEAKaAM
Tb Bouraa.
HOLIDAY CONDITIONS ON 'CHANGE,
BUT BROKERS WERE OPTIMISTIC
Removal of More Embargo Restrictions Helped Sent,.
ment Record for Buffalo and Susquehanna.
Cramp's Booked Up New Exchange Rulings
The removal of more embargo restric
tions today by the Pennsylvania Railroad
helped nentlmcnt in the local financial
district, but the stock market maintained
Its holiday aspect and fluctuations were
narrow. Pennsylvania shares were picked
Up by Investors nnd hardened slightly,
while Its subsidiary, Northern Central,
roso a point. A similar gain wns estab
lished In Lehigh Valley nlso.
Tho steel shares showed firmness, al
thouRh deaters In Cambria wero inclined
to nwalt the outcome of the K.xecutlvo
Committee meeting at which n succcsso:'
to Eninirhnm B. Morris was xpectcd to
bo elected.
As the trading progressed the volume
of offerings Increased and prices eased
off. Cambria went below Inst night's
close, nnd Philadelphia Klectrlc nlso lost
a fraction, ns did Baldwin Locomotive
preferred. The Buffalo and Susquehanna
Issues were exceptions. The common was
particularly strong, rising thrco points.
There wns a better demand nlso for
bonds, especially City Is, which sold nt
102S. In the last hour a further rise
occurred In Buffalo and Susquehanna, lift
ing It to a new high record when the price
crossed 43.
("rntnp Shipbuilding stock remained
quiescent despite' a bullish clrculnr gotten
out by a prominent brokerngo house
which handled the recent sale of tho
Cramp cstnto holdings to New England
Interest0. The company Is understood to
hnvo miltlclent orders on Its books to
keep its plants running nt full capacity
for three yenrs, with stilt n largo amount
of nddltlnnnl business In sight. At pres
ent the company has under construction
or tinder contract a total of 10 vesis
at prices representing very satisfactory
advances over tho basis which prevaiilJ
tc.fo.ro ,i.h6 RrciU Jvlvat ,n hlpbulldln
set In this year. The Cramps arc not th.
only boat builders booked up far ahesi
The boom has spread throughout th.
country nnd one shipbuilder said to'd
that he could take contracts for 100 lai-e.
Vessels If he had the cnpaclty to tu?,!
out tJio work. r"
A notice of Interest to brokers amt
traders was Issued by tho Phlladeloh
Stock Rxchango today, ns follows: "nei.
ntlve to deliveries mndo on and afia,
January 1. 1016, uritior the United States
wnr revenue law, It has been ruled In
nil transactions for more than 100 shares
a soparato bill shall bo delivered for each
IM shares stamped and canceled as r.
quired by tho law that all bills for stock
delivered through tho Clearing Houss
must bo delivered to the buyer not later
than 1 o'cldck p. tn. on tho day of d
livery." Tho Exchnnge Committee on
Rules nlso announced that nil salts of
stock tomorrow, Friday, December 31 ex
ccpt for cash, will bo taxable under ths
Pennsylvania stock transfer tax law, &,
tho delivery will be mndo nfter January
1, 1916.
The Inst of tho larger banks withdrew
from tho commercial paper market to
day, and several Institutions called loans.
Tho local money mnrket, however, can
not bo described ns nt all stiff, the
firmer tendency being only normal as
tho end of the year approaches. Some
bankers nevertheless arc inclined to be
llevo that the market Is not likely to
rclapso Into Its former ease after th,
year-end flurry has passed.
TRADING ON CURB
WAS MORE ACTIVE
Good Demand fox Midvnlc
Steel New Erie 4s
Advanced Sharply
KFAV TOnK, Dec. JO.-Trndlng In tho
market for outside securities today was
more actlvo with the general tone strong.
Midvnlc Steel wns In good deninud, nt an
advance of over a point. Tho m.irluo
Blocks wero stronger but comparatively
quiet. Submarine Uoat moved up a4.
The motor mocks wero Irregular, hut
slightly more nctlve. Chevrolet moved
In ran go of five points. White Motors
eased off ?i on comparatively small offer
ings. Peerless Motors wns down nearly
a point.
Oil stocks wero generally steady and In
fair demand, especially New York-Call-fornta.
Cosdcn Oil was active at an ad
vnnco of 1U. Copper shares wero ntrongcr
under tho lead of Kcnnecott, which moved
up ?i. Bradcn was up ',4 and First N'n
tlonal ':'.
In bonds, Eric now convertible 4s de
veloped renewed activity with n shorp
advanco of li, although realizing brought
about u slight reaction. Baltimore and
Ohio Cs were steady.
! I1M. Asked.
Tobncro Troilucts ' 31 !W
Alnx nubber lijl 174
llrnrlen 17 i 17U
Kennecott nil'i rviMJ
Mldvnto Steel 77 771.J
llrlo Convertible 4s M)lJ )
llns'iell & Marker Car Mi, M
St. Joo Lead 14 14'i
Interiiutlnniil Sler Mnrlnn IbSi H
do rref 74 7.
SMbmurlne Hcmi -1 4 ' '. 4..
inter cnminemni hud in;, i.-wj
.'.;.',.',;.'.; k xi
::::::::::: MJS P
::::::::::: i5 J"
"If. "Hi
.IIIAIIH atlUlilt UiiB t. -i 111
'hevrolet 13:1 l.'tn
NlplRHtng 7ai 8
'IrrU National Con
Knthotlion Uronzo .
Coider.
Whlto Motom
Ho wo "Sound .......
I-nke Torpedo Boat
Victoria on
TO FORM NEW AEROPLANE CO.
New Curtis Concern Under New York
Laws
NEW TOnK. Dec. 30. - A syndicate,
headed by Wllllnm Morris Imbrle A: Co,
hns purchased a majority (nearly all) cf
tho capital stock of tho Curtis Aeroplsne
Company and It Is proposed to form a
new corporation to be known ns the Cur
tlss Aeroplane and Motor Corporation.
The new company will probably be In
corporated under the laws of N'ew Yoric
Stntc.
It Is expected that tho new company
will have a capitalization of 6,000,000. 7
per cent, cumulative preferred stock) 160,
000 shares of common stock, with no par
vnlue, and 3,000,000, 6 per cent. 1M5.18
month notes.
iff Suggestions
How to Invest
for both large and small
investors will be given
those who write for our
Circular No. L-143.
A. B. Leach & Co.
Investment Securitiei
115 South Fourth Street
l'htladelphln
New Tork Chicago Buftsla
Doston London, Enr. Baltimore
fcjhiiu ii I u mil'in, esMMwwiiiiii.il
i. . C'. ' ' '' ' " '' t..iuA-S. ..U.... V.'j.M
MmeatMMBasnaBsiHaHBniBsiBBsisBBiBMiaH
Our last Statement showed
Total Resources, $35,100,000
Other valuable assets not listed
A host of good customers
and friends.
A competent, experienced,
faithful organization.
An earned reputation for
honorable business deal
ings. A prompt and efficient
service.
A financial standing of
the highest character.
And the
Corn Exchange
National Bank
Philadelphia
iSY Jvv&Rlil
' I I i-
X
Greater Prosperity Coming
For the third time since the out
break of the war we have issued a cir
cular giving; a forecast of the imme
diate financial future. One of these,
published in the fall of 1914, at a
time of general depression, proved ac
curate, and another in the spring of
this year was no less justified than the
first. They, therefore, had value. We
cluim no credit for these, but do ven
ture to assert that they were given
publicitv only after thorough studies
of conditions. Our third circular of
this kind for the sake of brevity pre
sents only conclusions based upon sim
ilar studies. Appended is a list of
twenty-five attractive bonds which we
own and offer. The circular may be
had upon request.
HARPER C& TURNER
Investment Bankers
1000-1012 Stock Exchange Building,
Philadelphia. .
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