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EVENING LEDGER-PHILADEXPHIA, MONDAY, JANUARY 3, 1916,.
FINANCIAL NEWS
STOCKS IN WALL STREET FIRMED
UP AFTER EARLY SINKING SPELL
Mexican Petroleum Strong on Expectations of a Merger
With Other Companies Talk of Increased
Dividend Boosted St. Paul
New York Bond Sales
tiKW YOnif, Jnn. 3.
In tho Interval In ulilch the Stock UteliniiRe win closed another of tlico
opportunities for which tho bear Interests continually worked was presented.
Thr sinking of the 1'ersln with a loss of many lives must have caused ncuto
uneasiness throughout the country yesterday, but the fact th.it thnt vessel
was armed was regarded as removing tho Incident from the Held of diplo
matic action, llefore the opening this morning the news of the sinking of
the Olengyle caused increased unsettlcnicnl, and when the market opened
stocks wcro feverishly offered In largo olume at sharp concessions.
First prices showed declines ranging from 1 to 314 points throughout the
list, but those declines marked tho scope of tho market inlluencc of tho distress
ing news. Thereafter the sinking of tho two vessels was the subject of general
discussion, but not In any way as a market factor. Later In the day It
became evident thnt absorption of lending stocks by stiong Interests had
not been even temporarily checked, nnd during tho remainder of the forenoon
price movements in mnny stocks took the shape of lgoious advances
After midday the market became more active, with a good all-around
demand for stocks. While all Issues did not go nbotp tho close of frldny,
yet the mnjorlty were higher. Some of the specialties sooted slim p gains,
notably Mexican Petroleum, which was up more than fi4 points at the top
mark, n new high record. The strength in the slock was generally attributed
to expectations of a merger plan to Include tho California and other petroleum
properties. California was nlso strong on this repot t, the common mov
ing up 4.
Throughout tho day there was n good demand for Ht. Paul, that stock ,
gaining nearly two points. Huylng of St. Paul has been good for some tlmo ,
past, and In connection with the strength today, which cairled the stock to
a new top mark on tho present movement, there was talk of nn increased
UlVldend Jit tllP nnVt Mlrtntllllt rtf M,n mtntlflHIt'a rllfnntiieu ,,l,lri ...mitfc. It, U n
.... ..... ...... ... 11, . , ,v .. i. ....- ., ..iv-binn, 11 1111 11 111 1 inn ,,, vi.u
latter part of tho present month. A gain of seven points was registered In
New York Air Urnke. strength being duo to statements of piollts resulting
from its war contracts, on which deliveries are now in progress. Tho market
Closed fairly strong.
Jlflnrt Adnms Etprcsn 4s
I Soil AlAKkn (loM ev 19
'.tiKil Amrr ,irr to
ni).v Anslo-Pr I, to
2iKi Am Dock ft Imp
Oicim ,mer Smdl Sec flu
110 Amor Tel ct 414
ihioii Alrhlmn (Cn 4
"(iiO Mihlron mil 4s
Un All K Un 4
(.(Km Atlnn Co I.lne clt Is
loio Unit K Ohio I'.b
2l(ni Halt K. dhio Is
MW! Halt A. Oh t 4H,
Kim nrkn nnii Tr to vilx
1KX1I ivm Imihor let to
i.'imi (Vnt IMc lm 4
nil) IVnt It II N J to
2'0 ( Ins A. oho c !
2( 00 ilo 411
;tnr ilo -.!
I'liim rhl X Alton tUs
.(ill Chi (H Weet 41 ..
I7(K) Chi II (J Joint 4
II (HO Chi M & M .IHi
2(l do sen 41
2M11I il- rv to
mini) ilo t mi .. .
I MO ilo urn 4K.1
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uhm funs (Inn c let
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KM 'II do 1'i.K
lllh I.ow
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twu ltrt't
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in?- i7
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Mil lli pc Corn '4i
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ii do i-crU" 'II
lino do nrlir 4 .
i((hi (it rnll r
or A
31(11)
mm
kid
ud A; Mnn In to
lilil A. Mnn rfil to
ml nni Hteel to
Flow the Itnitroads Stand Mnrkctwisc
If tho operating results now being shown by the railroads mav be accepted
. ns a criterion, the movement of railroad shares ninrketwlso should be upward.
The underlying conditions In the country, ns well ns those surrounding opera
tions of the railroads, are of such a chniarter us to variant considerable
betterment in prices wnrketwlse. Many of the railroad shales nio now sell
ing on a basis so low ns to result In a substantial return on the Investment,
and the belief In financial circles Is that market operations will bo directed
more generally to the mils during lite next few months thnn has been the
case to date.
Sues Texas and Pacific for Payment of Promissory Xotes
B. V. Bush, as receiver for the Missouri Pacific nnd St. I-ouli and Iron
Mountain Railway Companies, has brought suit In the Keder.il District Court
nt Monroe, La., against the Texas and Pacific Hallway Company to enforce
the payment of 17 promissory notes, aggregating $SIL',000. together with Inter
est. This proceeding has been begun In addition to the receivership proceed
ings that were filed In Dallas, Tex., last week. Tho decision of Mr. Bush
nnd his associates to sue the Texas and Paclllo on these notes has caused it
great deal of unfavorable comment on the part of New YoiU Interests in
the Texas and Pacific.
MIO Inlrrl, Mot 4ln
.(in lntrrh it T rrf to
Kill Inter Mor tnr !'
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t I(o l.,irkn Mccl to 1 a
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(K)i.o Me l' t Co ( Scr A
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ioiu .Minn M I'SS Jl Is
n id Mli Knn . T 1st 41
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I mKi Mont 1'ok.t to
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mi i .N V Air llnko nt It
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lino .Soiilh Hell "s ...
linn South I'm i 4s
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loun south Kwv eon to
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i i. t'ntnii I'n 1st Is
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Sifc
BOOM IN RUBBER
-.ENLIVENS LONDON
MARKET TRADING
Demand in England Has
Overtaken the Supply,
Says Francis W. Hirst
MONEY IS PLENTIFUL
L
Sales in Philadelphia
Yes close.
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h7
Hv FRANCIS W. HIRST
IMllor of Tho fionomlsl. lin.lon
Snrttnl Vahle to the 'trnfiif; ,((7er
LONDON", ,tnn .1 The stock market:
hove Iicpii cnllvpned bj iiulte n Iiooin In
rubber shire, and deiilte tho Inclenslnit
Meld of Ine voiuiHor tiuilpalile the ill
Innlid for iiihber aiipe.u tcnilioirtrlly to
have overtaken the iiipplv. Wlirtlier the
inileluisp now will look well In one, two
or three onr hrnee 1 another innttcr
wlilch doesn't ttotible the ierulntors.
The amount of mono available for In
vetincnt In iitliaetlvc birKniti I quite
siiriiilsliip, niul may bo attributed to the
savltiR of win' profits The streiiRth of
tho rvchniiKes. nsilsted by the suc.ee
of the Kitnt French loan mid by the mora
ll)iA?nt fiilil tinllpt .if (lin 1'tnlii.li tint'-
L'Jti I rniiucnt. Is evidenced In the Hank of
''I ,-..... .. (...i T,.. 11.. ,.... ...u- ..'
j f . itiiiif iciiiiu, 111: itiiipi.iii I I, HIP Mill
rets from nn C(ceiip lsiie or paper
cllrreticv Tr.initctlons In It have been
quieter toilaj
Our Onbliiet I cnrnenlly t.lscuIns the
military polkv nm flnniire In vlovv of
j tlic trade unlo-st and I1IM1 liotlllty to
i.uii-i;i iiiiun 11111 IM'llIllllMl is PIlll.V 111"
tolllRlble The Xorthclirfo pros leport
should be ircelvcd vlth reierve Alfiil
melit for ecntminllni; our lesource nnd
iiialiitiilnltii,' rporti still ttln more and
tnuie eonvpitv. TI10 Itnnkct innKiizhin
statistic (Vlilblt tho ciitlou fact that
the London Stock IlfduiiiRp secuiltlo
have fnllen rather Itss In lll'i than In
1011, nltboiiKh win loans tiro ciioiiiioutdy
ri enter
Hlnce tnv Inst dispatch there I,a"e bnn
no important financial developments
cvehniiKP hive lni oved, vv I1II0
1 of Ocnnniiv nnd 1(uhI,i have ilc-
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tf.li.
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ICO Am Can
r. Am lit pref
Id Am Smelllnu
1(1 Cal 1'ct
" Cum Iron
2711 Cam Hteel
lm flee stor ..
.11 ln Co N Am
1" Key Tel Co
4(1) Ii ke Sun Corp
1H Irf'hlKh .Nut
1W l.eh Vnl Tr .
2 ilo pref ...
41n .Miami Cop" .
TO.' n it it..
II I'n Silt MfB
4 l'enni Stl pref
2C4 1'hll-i lilec...
nil l'hlli It T
t!" ilo tr rtrs..
HO Hep Ir A. Stl
II ItMlllllR .
1f,(l 'lonoplll l'rlm
K18 To.'noplli Mill
111 I nlnn Trnel
IP) fnlteil ( I. .
.1-'(1 1! S Steel
1(11 U'r.t I!lep . . .
111 vt nritlcR Ir A M ni't
27 VV Ipr A Seilsh 101.
JH VV pitmon I1111I C H7i
4(1 VV ni Crump A- S vn
llON'DS
Last prrt
Rile . wile. HlKh
.12110 Ahi (Id K . 'in.
II I'm 0 n Not 'in liifk
21 iln fob 11)17 llll'a
2 1 ilo Muv l'H7 lilfj
2IIMI 111 K 1'pn t i- li "1
7111 Interstate Itv Is tin
211)0 l.k Sup (' Iiip "( 27
t'UO I.p!i .S eons 4141 tlli,
-mm l.ph V Ken l",s in-1
2Hi)ii I'n con IHs inn,
liwi) ilo ronn I1 . Koii,
Kimi l'hlli Co (on to in
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inim I'.i a ill stl 1.1 ini'4
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LOCAL STOCKS WELL SUPPORTED:
PENNSYLVANIA EARNINGS A FACTof
Wonderful Change for the Better in Local Business Col
rli'finnu TlliiHt.rated bv Comnarative Fimivn,, 4
uiwiuww -4 - j. &ma
of Failures in 1914 and 1915
lm
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txiit Close.
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iiiinpnrcil ttllli $73,-
ui Our
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I. . I lnplipnln.1 11... ln.,l.i.linl ........ ..,!. ..
Ill' j ."'.l., .III.' .l- lllllllll nilf'llHlll ,11
71', our sndt exehniiRp position Iln jcen
'"!; i show n b tho rubber boom The pp.uo
liiooiciu is neromins lienor iniiiei stood,
I L ,t peine Is Ij so mnny dots nenier
! than when 1 hist ndvhed
li i
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COVKIUNR IIUOUIillT COTTOX
HACK AI'TEll A DECLINE
Calmer View Taken of Submarine
Developments a Factor
More Cold and Securities from Abroad
The steamer Ht. Louis has arrived In Now York with 21 boxes of
consigned to the Canadian Hank of Commerce. 20 boxes to J. r. Taruo,
boxes to the Mechanics nnd Metnls National H.mk, three boxes to tho Nntlonal
Bank of Commerce, one box to R. II. InBen-oll ft Ilros. nnd 22 boxes to
order. The steamer Baltic hns arrived with seven cases of securities and 34
boxes of Bold consigned to ,1. V. Morgnn & Co., 10 boxes of gold consigned to
the American Express Company nnd two boxes to tho Mechanics and Metals
National Hank.
Missouri Pacific Subsidiary Not to Pay Interest
Notice has been received by tho New York Stock Exchange that the Interest
due Jnnuary 1 on the I.eroy & Caney Valley Air I.Ino Hallroad Company's (lrst
mortgage 5 per cent, bonds, duo In 192G, Is not being paid. Tho road is part of
the Missouri Pacific system.
NEW YORK STOCK SALES
Adams Express
Alaska Juneau
Alaska Cold M
Allh-Chalmers Mfc
Allls-Chalm Mfe pf .
Am Ac Chemical
Am Can
Am Can pf
Am C & F
Am C ft F pf
Am Coal Products .
Am C P pf sh r p pd
Am Cotton Oil
Am Express
Am Hide & Leather
Am Hide, & L pf
Am Ice Securities
Am Linseed
Am Linseed Pf
Am Locomotive . .
Am Locomotive pf . .
Am Smelt A. Ref
Am Smelt & Iter pf .
Am Smelters pf A
Am Steel Foundries
Am Sugar Refining
Last clo5o
IK)
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112
78
11
I-otv. Close.
H7a 152Ti
OJi 10
245 21!$
mn si
S2 82
72 72Vf
oosi am
112 112
77 77l$
'- 117M 117H
15li 15S'i
114 114
5.rdi 55U
12S$ 135
IVi ll'i
55 SOU
25 20'f
23H 2J'i
41W 41i
0SV fuSM
101 mi
10
25
. 31'J
82
721.
. am
112
. 78W
118
157Si 15S'4
114 114
55i 5r.'i
128W 135
12' 12
50) i 50' i
. 25i 2C.
. 24'i 2I'
. 42lj 41's
. 69 m
101 101
.10SI, lll'i 100'' 110).
.11211 11.1 112h 1I2J
. OIK 01 02 03
01 CI CO'f 01
115 115 HW 114U
I.T8t close HlKh. lin. Close,
Am Suear Reflnlns pf 118U HS!i 118M 11SM
127'i 1272 127
200 208-, 20S
1071Y
107
. 485
00
90
. an
, Olii
73
107
491j
95
GSM
on;
77
..10SK lOSli
.. 09H 99H
1141J 115
1
2081 1
107U
05
95 J i
CSh
903 i
74
Am Tel & Tel
Am Tobacco
Am Tob pf new
Am Wool tr r
Am Woolen pf
Am Woolen pf tr r
AmZLl Smelt
Anaconda Copper .
Associated Oil . .
atch T4SP
Atca T4SPjl.
Atlantic Coast Llns
Baldwin Loco 11772
Baldwin Loco pf . ..103
Ualtlmora & Ohio .. 03 J i
Baltimore & Ohio pf.. 77)5 77! i
BatopUas Mlnlni ... 3! 3)i
Bethlehem Steel ....459)5 458
Brooklyn Rap Tf b8H 87!t
Brunswlclc Term 12U 13)i
Burns Bros . 87 87
Butt & Superior . . . 72)5 72f
Cal Petroleum 38 42H
Cal Petroleum cf 78f BOX
Canadian Pacific ....183 183)i 181!f 183H
Case J I Co pf SS)f 88 88)f S8!l
Cent Leather Co 54 J 54 53i 54
Cent Leather Co pf..,110 109 108U 10815
CentRRofHJ 275 201 289 289
107f
48M
05
03M
07J
89 i
7215
107)i 108
99H ooj;
115 115
118M 110 1175
10715 107M 107'5
05H 94!i 955
77 7755
3H 3H
450 458
87W 87)5
13!J 131
80H 87
71 72K
37Jf 40J5
74 70J
10 I5i
20V5 21'J
. 775 7QU
. 10S 202'f
.. 32 325
ftl'S 04'
. 81 80
. 10'i 105
. 41'5 41
.. 82 1 81i
. .259 200
..llS'i 119
24 20
131'S 131'f
. 70 75'i
935 9'
. 5055 57
15H 1514
124!S 125
137 137
130
12.1 12T5 11015 127
10415 10555 Kit 105
04)5
24H
55)5
15)5
39H
Chesapeake. & Ohio
Chile Copper
Chino Copper .
Chicago Ot Western
CM Gt West pf.
Chi Mil & St Paul .
C M 4 St P pf
Chi & Northwest
Chi II I & Pac
duett Pea Co
Colorado Fuel & Iron
Consolidated Gas ..
Continental Can
Corn Products Ref .
Corn Products Ref pf 95
Crucible Steel . 73
04)5
245
55H
15)5
39H
63)i
24)5
54U
15)i
39)f
Cruclbla Steel pf
Cuban-Am Sugar .
Deere & Co ...
Delaware & Hudson
Den & Rto Grande ... 14i
Den & Hlo Giande pf, 24
Distillers Securities ... 48?i
Dome Mines ...... 28' i
Bee Storage Bat .... 00
Erie 44
Erie 1st Pf ., 59
Erie 2d pf ..... 54)j
Fed Mia & Smelt 32)(
Fed Mia & bmelt pf 53i
General Electric
General Motors
tUneral Motors pf .,
Gncae-Cananea . . .
Goodrich B F Co
Goodrich B F Co pf
Great Northern pf
Gt N cfi for ore prop 51)
GtiCienAeUa Ei ex dlr 23
G-iJ-s
24h
55b
15)
39H
100JJ 102H 100 102
135 135)5 134)5 13115
135 1341. 134)5 134J;
18 18)5 17SX 18
73 73M 73)5
52)5 52H 51)i
144)5 144 113U
8-1 SCM 85)X
20)5 20V4 19U
9Hf 93)5
73U 705i
110
73)5
52)f
143!i
80)5
20)5
91
72
110
JlUaoU Cent
1st .Agilcultural
Jut AgiJculturai pf
Jeter loa lorpn
Itter Co t orpn pf
l(IH-lllt Ot t C
lauil itr pf ,
.ill 110
158 157 152)f 157
. 90)5 00)5 08)5 90)5
.153)5 153)5 153K 153)f
14 14 14
24 24 24
48S5 47H 47)5
29
&1)5
43)
59)5
54H
32)5
514
174h 174). 171)5 171)5
500 495 495 49.5
115 110)5 110)5 1HU
50'j 51)i 50h 51)5
75' i TO
112 113
127)5 126)5 120)f 120)5
50). 49) 503
24). 22Ji 231
109ij 108
27 27
70 674
I). 21
28)5 28
61)5 64M
42)5 43H
58)' 59
53 53
32 32)5
52 51
Inspiration Copper
mi M M cr do
Int M M of cf dp
Int Nickel .
Kan t lt southern
Kan City Co pf
Lack Steel
Lako i:rle & West .
Lake Krlc i W pf
Lehigh Vailcy
Liggett A. Mjers
Liggett A Mj-ers pf
Loose-Wiles Biscuit
l-UtlC-lt lllLUIb 11 pi l o.j
Louis & Nah ..129'5 12tl5
.vianniuan r.1 gin . .
Maxwell Motors
Max Motors 1st pf
Max Motors 2d pf
Minn & M Louis
M bt I & S S M .
M St P i S S M I I
M St P &. h S M pf
Mexican Petroleum .
Mex Petroleum pf .
Miami Copper
Michigan Central
Missouri Pacific . . .
Missouri Pac tr cfs
Montam Power pt
National Biscuit pf
Natl Cloak A. Suit. .
Nat Knamel AS..
Nat Lead
Nat Lead pf .
Nat Ry A M 2d pf . .
Nevada Con Copper
New York Air Brake
N Y N II A II
New York Central . .
New York Dock . .
N Y O A West
Norfolk A Western .
North American . . .
Northern Pacific
Ontario Sll M
Pacific Mall
Penn R It
Peoples Gas CM .
Philadelphia Co . .
Pittsburgh Coal ..
Pittsburgh Coal pf . ,
Pressed hteel Car .
Ray Con Copper . .
Reading
Rep Iron A Steel
Rep Iron A Steel pf
Rock Island Co ..
St Louis ASF
45
1!1'5
75' 5
I')7'i
31 15
03J5
7)
10' 5
41
SI'.
200
119
20
129i! 129' (
l.il'i l.HU
71
9J
5ll'3
V'i
1211)
37)5
13(1
1'.
30 37)5 3i'f
110 130 1J0
. 4)5 4J I
. 4!f 5 4
.108)5 10") 109 109
125)5 125 125 125
. 80 781f 78U 78!,'
29 29' 281 29U
. 00)5 09V5 0.V' OOlj
110 113 113 113
. 8'' 8lJ 8)' 8'f
lll'i 10! 10H 101
.140)' 1494 139 119),
77 77"i 77).' 77)
110)5 110)5 109 110
15 15 15 15
30)5 31 31 31
121)5 121)5 121 121 JJ
. 75 75 75 75
.118 118),' 117)f 118f
. 0)' 10)" 9)5 10!f
. 11)5 11J5 Wi 117c
. 59'f 59)5 59 59
.111)5 111H lim 111)5
lo 43 s. 43) 43J.
35W 351. 35)5
110)5 110)5 110)5
01)5 03' fti'f
25)5 25)i 25a
83)5 82)f 83','
55U 5415 55' '
109)5 109); imh
'. it h
5'' 5)1 5,
( Ni:V YORK, Jnn 3. Cotton Interests.
I which have been bearish for somo time,
I found another cxcuie for pressing the
I staple for nlp this morning in tho
toipedolng of the Hte.imshlp l'tiiln As a
gold result the Ilibt tone on tho Cotton H-
rnll- ch.ingo thin moinlng vvns bnrelv stead.t
iUU1 I 1 ..n.. nl... I.... .... ...I . ..f l ....!.....
Jjlliu.ll.i auuiiliH nn nil. nil. J ill 'i liuiiii-,
ttlth other optloi k 2 points hlBhci to 2
points lower Spot nouses vtrre the
principal buveis of January, but sold
.March olid May. After the coll the sell
ing continued large January fulling 10
points and other months 3 to 7 points.
Liverpool's advance of 5 to G points
vvns entirely Ignored, nlthough It had
been expected the English market would
come half to - points off. Private cables
Hinted that theie was little or no cotton
offcied. Light scattered precipitation vtas
reported In the cotton belt this morning.
Tcinperntuics weio nbovo normal for this
season of the car
The earlv break carried prices about 1.1
to ID points under Kildaj's closing fig
ures A good many contracts were taken
out of the ring by the I.lveipool straddle
shorts on the declire, hovvcvir, and prices
1 later steadied on coveilng and a rather
talnier view of the latest submarine de
velopment. The maiket In the nftcinoon ruled
quiet, but steiidj, with the nctlvo posi
tions only 2 or 3 points net lower. Trad
ing appealed to be hesitating, pending the
leceipt of something moie definite icgaid
ing the status of the Persia and Glengjlo
affairs It was stated that considerable
of tho early builng had been for the ac
count of Southern spot merchants
There was lather more talk thnn usual
regarding the new season's probable acre
age. Predictions wero henrd from both
local and Southern cotton people, and
that there would be an increase in the
land devoted to cotton the coming enr.
Influenced by the satisfactory pi ices from
both cotton and seed In the present sia
,on Arrivals of cotton nt New York for
the day were SS73 bales
I'rl.Uj's
cioie own nam. li'm i" p.m.
.1'.' L"4 1? 10 .
12 17 12 V." 12 17
.l.'.lll IJ 7l l.'f.H
12 V. I.' S-, 1.! 72
1-' Id 12.4S JJ :.u
NWV VOHK COITEH MAUKKT
Ni:V YORK, Jnn. 1. Tlie coffee mirkot
ttns 11 little more netlte this mortilni; nt tlio
Marl. PlrM wlccs (tore mull iiiKnl to r. points
lilKlirr on InijIiiK by n little draker iili,o'til
to lio for tlrrniiin ntcount. H.ibs (111 tlio toll
wcro 17,111 tiairs.
Toilnt's
opehliiR.
.l-iniinry
IVIiruiry
jinrih (i.iamini
vnrii
Mat
.lutio ... .
July
AllKll"t ...
t-pptember
(Xtotier ..,
lirrenihcr
U1J.
(172
n.i7in.s
(Mil
11 H7
l'rtilnt'8
oIot
it 111(114(1
isr.lfill..'-,
(I (l.'fi 11 in
(', (Hon i.s
(172(1(1 71
I1771HI 7S
II sjflij vl
IIS7SHI.M
FOKKIGN KXCIIANGE
N11W YORK, Jnn .1 At the opening
r the foreign exchange market sterling
Inipiotoil rinctloiiullt 011 the 111 rivals of
gold After closing on Inst Krlday at
4'V'i nnd 1 7111-11!, demand opened to
day at 1.71 and cables at I 71 1-1(1, lire
weic nbout t lie low it li ("Mfc for cables
and 6 6i',4 for checks. Ileithsmarks checks
were MUoted lit 7ii I-ld and cables at 76'
This Is close to the low lecoid also, and
Vienna Verges on the low at 12 00 and
12 91. Other quotations were. Swiss
cables B2I', cheeks o.2.V; Stockholm
27 70 and 27. So. pesetas, IS S3 and IS SS;
guilders, tT's and I1H. rubles, and 30.
In the earlv afternoon sterling became
lliinei' on the gold Imports and returned
securities fioin lluiope. The other mar
ket was dull and unchanged nt the Ogurcs
(.nrller' repotted As stated previously.
Vienna nnd lire established new low rec
ords ot 2!'ic. nnd Ji'iCfi'i, respectively.
Hteillng wns quoted at $4 73 0-1G for de
mand and $4 74' foi cables
The Philadelphia market began tho
new year In a quiet mood. Tho sinking
of the tno steamers In the Mediterranean
over the holiday had been expected to
knock prices down, but local brokers re
ported a comparatively light accumula
tion of selling orders nt tho opening, nnd
nfter a slight setback, chiefly evident in
Cambria Steel, Storage battery and the
arbitrage shares, support appeared and
the tone became steadier. There wns no
tendency toward recovery, however The
actual changing of tho city government
todav failed to stlmulato tho local public
utility Issues.
The very favorable showing made by
the Pennsylvania Itnllrond In Its No
vember report was a constructive factor
of no mean Importance, nnd was taken
ns a good criterion of tho stnto of gen
eral business In the eastern section of
the country. Not only did tho total
operating revenue of all tho llnM ,. J
a. gain of well over seven millions i!5
expenses wero cut more is. ' iSS
millions, leaving nn increase In u. i
of $5,666,234 Another rond to eliow i"?
jncrettaes in t
Susquehnnnn,
What n leap forward was tnad
imiiu. uunng me past .. .
Illustrated by the Lf'V ''
mplled by It. o. Du &V
increases In earnings was the Bufr.7. flll
HnoRlloVinnMn l,l th. .u " UUnTl0 In.
quiescent on 'change. "nulntj
general condition of business mV. T
in Philadelphia during ,..?. tr
... ... ... . fO. VFS. I.
niso wen mustrr
failures compiled
who report 328 commercial
this city In 1915, with liabilities of J-rJ In
nnd assets of $2,467,181. In 19U th.S I i""
378 failures with llablllllos r,r tit ..Vfff
assets of 19.326.0G3. This r.i.V.trP'i
ririf1 nnrl fViA liATn Ar1ittl. ""
record and tho heavy reduction, teiV
In liabilities, In the year Just .Iffl
shows tho remarkable turn of affairs 3 -chiefly
to tho demand for our goods V
Europe ""
1V1l1VV1vVVVVSVVVVVVVVMVI
r Iiiilt7 OS 7 O2H7.0-I
GOVEKNMKNT ItOXDS
4,1'
21',
78','
SOPS
32'6
04J5
fill
1015
11
SP
20O
111)
2)
W
03
50,
15j
1247.
75
13:
.. 35)5
111
. &1)5
. . 25)i
1. 81
. . 55)5
..110
U
5)5
January
vtnrch .
Mat ...
Jult
October
12 I.' 12 41
1.' ill 12 1.7
12 7'l 122
Liverpool Cotton
LIVERPOOL. Jan 1 At
m fii(urc3
.iry
Anrll,
7 ,r,',i
ttero quiet Quotations were Januar-Kehru-
. i'.'.' :"Jiruar.aiarcn. 7.77il , Slarch
7.71LI . Mat.Juno. 7.1.1 . .IiiK.Ai,,iu
nil (ft tiibpr-Votpml pr. T sia rh. ..in.
were 10,000 bales, IncIuiIInK S200 bales Amer-
iin
hjot cotton todaj was In kooiI ilem.inl at an
ndtnnce of 0 points, on tha basis or h 10,1
tor mM-uplami. 1 hn sales aRgreateil lOliOO
bales, including 2(1,000 bales American The
market for future, closcl barely steady, at a
net adtnnLe of 2'3fi3 ilnts.
2 of lli'io rrnlitrre,! . ...
2h of Him loiuoti iim
I'anaitii 2 rc,fsterel .... Hn
I'nli una 2s 111 IS riKlstcred lis
I'an un i new Is registered lul '
I'.inaimi now "rt rouiion H)1'5
.! or I'Hs rrsUteieil 101 1,
4 o' Ili2 iiKlKtired lli'i'i
4s of 1U2.1 cuut on 110
Hid Asked.
ii'H,
HOtj
DIVIDENDS DECLARED
American Power Pipe Compinj, M cents,
piMibto Jaituiry 5 to stock of record Ic
trinljtr ill
I'atknt1 Automobile romrnny. 1 per cent,
mi) n Mtnek tlliUNmil of 10 ier cent, on tho
Ldtntnriii (iant.le I'ehruTry 1.
nlilurn Wlro Company, regular nuirterh
2 n?r tint, niut 4 I'er tent, oxtra on the com
mon mock, making 8 per tent for the 1015
tuUnil ir Mar
l-t .Man h Mineral Ianl Company, $1.
IHmlltnn AVoolen Ciimpanv, rcsulnr semi
annual, :t per cent, pajalilu Janu iry 1. to
ntutK of rLonl January ...
HATES FOR MONEY
Call.
New York IMiS
Philadelphia I'itl I
lloitoii 1
Clilr.icn .. IIUTI
(.'ommerclal piper, threo to six month,
Hddphia .I'jTjl ilt ient.
UAR SILVER
xr.1V VOItK Jan 3 Tho miotatlon for iom
nieroal lur stlter todiy ttaa G,"7., Lents n
London, 2i 11-KI penie.
Time
21,'oJ-i,
.I'jli I
Till I
4 Kill,
1'hll-
COI'I'ER AT 23 CENTS
Xi:V VOllK, Jnn a.-Ono of tlie lcad
liiB producers of copper is now quotlnf;
tin- metnl at 23 cents n pound nnd over.
Inquiries In the market InvoKo enormous
ninounti, with tlio dompstlc consumers,
especially the who nnd brass ninnufac
I in els, tho leaders In tho Inlying, l-'orelun
huslness also Is nvnlluulo In large qunn
tlties, tnklnir tho lead, tho only drnttbnck
to nn extraordinary volume of business
belnff tho uncertainty ns to deliveries, as
there H not sufficient copper nvnllnblo
for shipment In tho unions periods re
quested by the purchnseis, and the sit
uation hns (10101011011 Into the customers
taking the best that Is orfeicd This has
resulted In Inquiries, which usually, bo
to but one or two producers or dcnlcrs.
belnr; made at piuctlcally nit tho selling
agencies.
Greater Prosperity Coming
For tho third time since tho out
break of tho war wo have issued a
circular giving a forecast of the im
mediate financial future. One of
these, published in the fall of 1914, at
a time of general depression, proved
accurate, and another in the sprinc of
this year was no less justified thnn
the first. They, therefore, had value.
Wc claim no credit for these, but do
venture to assert that they were given
publicity 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 to our review
is a list of twenty-five attractive bonds
which wo own and offer. Tho circular
may be had upon request.
HARPER , TURNER
Investment Bankers
1000-1012 Stock Exchange Building
Philadelphia
WORKMEN'S
COMPENSATION
LAW
A Brief Analysis by
WM. A. SCHNADER, Esq.
Now Ready for
Distribution
If you have not already or
dered your copies, send money
or stamps to PUBLIC LEDGER,
Independence Square, Phila
delphia. 1 or more copied. 25c ench
1(1 or more cnpleN, ine each
100 or more copied, 10c each
Tha statistical
lotts
COTTOX STATISTICS
position ot cotton Is as (ol-
This tilt. Lastttk. last jr.
6)3
.187 1S8
. C3)f &m
.10JJ5 imu
24 24
02?- am
uu u.j
st u & s v -a pf . ,
Sean Itoo A Co . .
SlOiS-Sheff S & I Co
Southern Pacific .
Southern Hy
Southern Ky pf
Standard limine ...
StudebaVer Co 107U I07J5
oiuueoaiter to pi .
Tenn Copper ..
Teias Co
Teias & Pacific . . .
Third Avenue .
United Cigar Stores.
United Fruit .
lfnlAn M4rw.VUiAS Ol il ds
uu.vu was tayci,.. o3 o 5t
Union Pacific 139 13U 133
Union Pacific pf 63 83H SJ
U S Ind Alcohol
U S Ind Alcohol pf .
US Cast I l1 4 F ...
U S Realty & Imp . ,
United Hys Invest. ,
United Kjs Inr pf ,
U b Rubber
U S Rubber 1st pf . .
US Steel . .. .,...
US Steel pf
Utah Copper . . .
Va-C'aro Chem , , .
Va-C'aro Chem pf.
Wabash
7 7
lb7 187
02H o2'j
102! 104
2 Hi 2.1' i
M (Ah
mm iti53
IH 11311" U32 113i
esjf tii oh, r,.,
233 2J5Vj 230 2.11
10'f 10 ih 10
bOM 01 CI 01
'JH JH OH 0' i
118 147U HOW 147
8i
13.S),
S3
13J
108
201
39) i
20'
3'J
5iSH
Tnlnl vlilhlB
BURDly 0.000.S04 S.0M.05S 8,030.783
Of which Amer
ican, .... 4.743,204 4 073.0SS 4,71783
Tol.il In slelit De
cember Jl ... . 7,U3.flOT 0 830 510 lO.I'.S
Bank of Bengal Rate Raised
LONDON, Jan 3. The rate of discount
of the Bank of Bensnl tas raised from
6 to 7 per cent.
ELECTION NOTICE
irrr3rUANKHN NATIONAL HANK
-' llrouil and Chestnut btreets
PhilddclphU, Deccmbtr 30th, 1U13
The unnuJl election for directors will bo
held at ths banking houae on Tuesday, Jan.
uury llth. 1016, beltiern llm hours of i
uoon uiid 1 u'clock p. m.
E. 1'. I'ASSSIOHE. Cashier.
129)5 132)4 127
10G)j 108 107
. 20 25 2Hi
. WH 39Jj 39)i
20JJ 205 205f
. 37H 31) 39
.60 585 55
109K 100H 10-Wi 109)5
74i 74l I Wakivh nf A
112' 112 l wabaih pf li
108
27(5
9M
2U,"
77S
214
77b
21).
SOU
77i
211
mi
109)i
27
69
21
Western I'nloa Tel
West K i M
Westlacnou) 1st pf
Western Maryland
"Wells Faro Express
Weymaa-Bruton pf
WUIts Overland
77H l W lilts Orerland Df
21 oolorta F W lo
oSJi 89 h7!. SSU
..117 117 110J, lll'
.. S1H 8U' SO SH
.. 49)' 49Jj 4S 49
.,111 112 112 112
10 17 1UH 11,5,
47 4S 40), 4S),'
30'J 31H 29 31
S8W hh bb'j Sij'i
C3 0J t 0j),' U9
78Va 7a 76 78 .
Jl 3U JU Jlij
132 132 120H Ui;,
112 111 111 in
230 235 233 Jj.t
112W 112' IUH ll
119 119 Uol, Man
ll"
ANNUAL JIEETIM.K
XlIB LENTIIAL NATIONAI. IJ ini.
Of I'llIUtllEl.l'lllA
December 13. ion
Tha Annual Election for Dire, tn ..r ,k.
DanU will be held at tha Banklne House on
II, laiB, Luttveeu 11 a m.
lursduj, January
ind 1 p. in.
WILLIAM fOST.
Cashier.
,1JS. ANNUAL MEET1NU OF the CON-
' trlbutors to the 1'rrston llrlrrat for
the purpose of electing managers, a treas
urer und auditors, and for the transaction
of any other business proper to come before
them, will be held un January loth, loia,
at 4 p in . at the Itetrcut. iuth and Ifamll
ton sis., I'hlladelphla.
OEOIKU; D I'OnTEn. Secretary.
.KS UNION NATIONAL lllNU
- Philadelphia, Pa., Dec 11, 1015
The annual meeting of the stockholders of
this Bank for the election of Directors will
ho held at the banklne houe on luesdai
January 11, 11)18, between the hours of li
m. and 1 p ini
f5y,s v St'IELTlErulElt, Cashier
NOHTinVEhTKHN' NATIONAL
11 INK
Philadelphia, Pa , Junuarj 1st, 1B1G.
A dependable income is the
direct result of conservative
investment.
A good selection of dependable bonds is included
in our
January Investment List
as well as some general comment on the securities
of Public Utility Corporations. A copy will be sent
on request.
BANKERS
Established 1802
Members. New York nnd Philadelphia Stock Exchanges
UnoAD and Chestnut Sts., Philadelphia
30 Pine Street nEw York t
M'VVVVVVtVVViVVVVrVVIVlIVt'tVViVVtAtO
- i
Absolute Safety Unusual Value
The Ideal Investment
Guaranteed Mortgages
Legal for Trust Funds
First Mortgage Bonds ($1000 each) secured upon
The Bellevue-Stratford
First Mortgages in amounts $1000 and upwards
Circular upon request
Offered for Sale Guaranteed Principal and Interest
by
Philadelphia Company for Guaranteeing Mortgaga?
Mlllliim II, MchoNon, I'rrnlilrnt
Land Title Building, Philadelphia
1866
1916
Sailer & Stevenson
BANKERS
ANNOUNCE THE REMOVAL OF THEIR OFFICES
TO THE
S. W. CORNER THIRD AND CHESTNUT STREETS
PHILADELPHIA
JANUARY 1, 1916
Workmen's Compensation
Section 401 of the Pennsylvania Law imposes
a lien liability on the employer or the State Fund,
if the employer is insured in the State Fund.
The policies of the United States Casualty
Company carry special endorsement relieving em
ployers of lien encumbrance.
United States Casualty Company
Hutchinson, Rivinus & Co.
General Agents
425 Walnut Street, Philadelphia
Lombard 220 Main 4300
jjryj r -if ' wrnrvn
rr s
Ar-. wtwan.p,,,,..,
The Annual Btoctlon for Directors will ha
held at the lunkliic House on Tuesday,
.lumlary lit ll. 1U1Q. uetueen 11 m ..:.!
, p ,. ,-
M
UNFORD C NICE. Cashla'.
1
DIUKCTUKV OK ACCOUNTANTS
Ctrlllltil 1'ubllc Atcountants
UWKEN'CB li I1ROUN i CO.
101S V.UAU KtTATKTaiTiT HUHJlINO.
ilLItr.S & SPtiAKUAtV
Tlu) Bourtt
eaboard Air Line 6 Bond
s
ijj
First and Consolidated Mortgage Gold Bonds.
Interest payable March and September, Due 1945.
S-iitt'S Vidlf uro url by a first iaortBaBo on 41U miles of roaii hU
miles of ttbl. h are under lonstructiou, ond wilt provide a new throuBh
i?li.,r'"18 "n8 ChrltBton and bavannan. tnrouBli
II TUe are further secured by a lonsolldaUd luorteaBe on 3M1 miioa of
ffiFli n,"0'..0 .prlor lllB' u" whlch ,be omsuudlns m?r "
owned! B amount, to lm than 27 50U per mile at Told
JT Price 09H and iutert.d yielding full 0-, on the Investment
V. ull particulars upon request
REED A.M0RGAN & CO.ffStiSdoiAffiilJgffi
Stock Exchange
V
Union National Bank
Manufacturers National Bank
. The above-named banks having consolidated their business (or
their mutual interests, we would be pleased to have all customers of the
Manufacturers National Bank call at the new home, northeast corner 3d
and Arch streets, where your old officers and friends, together with those
rT this I Inmn IM . I. .. n 1 U 1. Ml I II. W
- "- iauuai uaiiis, win oe giaa to greet you and accord to you
an tumicsics wiucn you nave neretotore enjoyed.
Statement at Opening of Business January 3, 1916
ASSETS
Loans and Invest
ments ..,.., .$7,123,723.68
Due from Banks. 1,434,169.67
Exchanges Clearing
House 435,949.64
Cash and Reserve 1,498,575.40
$10,49,418.39
h
i
i
LIABILITIES 1
Capital $5 00,000.00 i
Surplus and Net i
Profits 421.I84.I3J
Circulation 543.497.50
Deposits 9,027,736.76
$10,492,418.39!
wmtiiTrisfj
W. H, CARPENTER, President.
,,n,-n. r ,t r,
If
J
a
wygawint' ,..?w
50H juoied ex dljdenij.