mmmmmmmmmmmm
"WmmxT?
r. -i - IjjT' m...ft..'
- -- - - 'I -'l - I I- "-I I "- "- .-a-- . ,- . - - J s.-y
7 FINANCIAL NEWS""!'
' " - --- - - .... . - ....
., ALLIES WERE IN ORDER AFTER
DECLINES, WITH A BETTER DEMAND
Several Stocks Made Sharp Advances When Buying
Became Vigorous in Late Trading Steel
Common Absorbed
NEW YORK, Jan. 7.
Mock market operations today strongly Indicated that the liquidation
JJJIWch hrlii been in progress slnco Monday had brought prices to a resting
nnfl, although many vigorous declines occurred and some unfavorable
Svetopments wero recorded, Failles wero In order after sharp declines, and
i.beUer demand was In cvldcnco than at any previous time during the week.
., .Among the things which happened of an unsettling naturo wero the dccllno
fctj!8 In the price of copper In London, the shut-down of the acid plant of the
Tennessee Copper Company and tho various reports of labor troubles In the
rteel Industry. Tho more Important fact that tho verified statements of tho slnk
' J&ftr of the Persia furnlshrd no basis for diplomatic Interference by this nation
pa ror a time without Influence.
The position of tho war order stocks continued unsettled because of the
!vnrloU3 statements regarding financial necessities of the Canadian Car nnd
Jfoundry Company, and tho belief broadened that discrimination must be shown
, an, trading on these stocks and that only thoso whoso management Is known to
be efficient could bo made the channels for future bullish speculative ventures.
There was an nbrupt chango to the speculative move in tho last half of
tiio day, and In the late trading vigorous buying appeared in many stocks,
and sharp advances were accompanied by a chorus of enthusiastic bull yells.
Mexican Potroleum, which had been ono of the weakest features of tho
irinrntng, setting below 114, rose to above 119, nnd gains ranging froth two
to five points were made In many other specialties, Including Crucible Sleet,
Industrial Alcohol nnd Baldwin Locomotive. ,
It was evident that constant absorption had been In progress In t'nltcd
mines steel common, ns that stock, nftcr selling nt 86 early In tho day, had
n vigorous advance to nbove S7, with the demand Increasing ns high prices
Wero established. Anaconda reflected persistent buying by Standard Oil
.interests, moving up over ono point nnd again crossing 00. nnd thero was
similar accumulation of American Smelting, which regained nil Its rnrly
5'osb nnd closed with n net gain.
American Can, which had been strong all through tho day, continued In
,ROOd demand nt hn advance of over one point, nnd frnctlonul gains were
made In many other minor industrials. The sudden charge In market tone
'was attributed to a clearing up of the foreign submarine policy, with tho state
ment iy mo uerman Ambassador acting ns a direct Incentive. Hnllroad stocks
moved within narrower limits, but also showed pronounced strength with
good upturns In nearly nit tho Important issues.
Danks Gained $13,290,510 on Currency Movement
The known movements of money for tho short week ended with tho
close of business on Thursday Indicate n gain In cash by tho N'ew York bnnks
,pf $13,290,510. The banks gnlned from the Interior net 4, 1-15,010, nnd gained
jip addition from tho Subtrensury, reflecting gold Imports, $9,1-16,000, a total gain
of $13,290,510. The banks received gross from tho country $9,820,159 and
shipped $5,680,6-19. In this week last year tho gross receipts were $11,831,000,
against $67,090,34! In tho last week of 1914, nnd tho shipments wore $2,643,100,
xompnrcd with $3,506,780 In the last week of 1914. In this week Inst year (tho
first In Jnnunry) the banks broke about even. They gained from the Interior
$9,187,000, or about twice ns much as In this week, but lost to the Subtrensury
$9,304,000. Tho ofllclal Subtreasury statement shows the smallest receipts
from customs on record, $166,347. There was transferred to San Francisco
"$215,000, and $250,000 In gold bnrs wns exported.
New fork Stock J$ate8
LutckoM. Jtlirh. low. Clow.
10K
SOX
20
70li
67M
63)
10
2SM
28
79f
69H
05M
GOtt
11SIK 112
72H 70'
10
28H
28X
00
69M
07H
03)i
mit
re
maw ttnu iifl
U8K U5H HSU
65M MJ 55i
11 11
MM 63
25)i 23H
22 32
40f 40
CO 64M
11
54!
25H
22
40tt
no
fats Jnneta I0J
AUsH Gold . 25M
AHb-ClilmerJiIfc-t. 20
Mlb-Chatm Mfc of.... 80
Am Ar Chemical 69
Am Deet Sosr COM
Am Can...... 00.' t
m can rf 112
Am O A 7ft
AmC A Fpf 117M 118H 118X 118!
Am COJ1 rrwI(KU...I57 158 160 138
Am Coat Prod pf 110
Am 0 r pi sh r p txt.115
Am Cotton Oil M!
Am Hid A Leather.,, It
Am Hide A h pf , 5.1.
Am Tee Securities. ..... 25H
Am linseed. .,....... 22
Am Linked cf. .....i. 40
Am LoromntlrA,i..k. flMf
Am LocomotlTO pf....lOOX lOO'A 1005i 100)t
Am Malt pf.. ....3.1 33 H2!i 33
Am Smelt A nof. i.... 110 11W 109 11014
Am SmHt A Ret pt,,,112l( 112)4 U2K 112M
Am Smeltcra pf A..... M B3 03H P3K
Am Smellcw pf n S3!" 80U 80'f 88!i
Am Steel Foundries.... 68 S3 57 53
Am Sugar Refining.... 114 110' 113!( 110
Am Tel A Tel 127' I27"r 127M 127!f
Am Tobacco. . 2C0 200 204M 20t)i
Am Woolen 48H 45 40 40
Am Wool tr t 47 47 44? 45
Am Woolen Df Ir r.... nt' nilf 04 04!
Am truing r pr I4!i
Am V.h A Smelt 09K
Anaconda Copper 89! j
Associated Oil 6814
41chT A 8 F 107!f lf)7t
AiehTASFni mi 09?
Baldnln Loco ....111K llti 110
Haltlmore A Ohio 04 04 OIK
Ilalllmore A Ohio pf.. 78K 7KK 8
Halopllas Mining 3) 3M 'M
nelhlchtm Steel 425 410 424
iietnicncm steel pr. ..-.145
Dtooklyn Hap Tl H'i
Ilron-n Shoo pf 914
Hums llron S5!J
Burns Bros pf 100
llulle A Mibcrlor T4U
Cal Petroleum 3U
taircttolcum pf Otii
Canadian Pacific 17D'f
Cent Leather Co 53
Cent leather Co pf...l00J 100K 10051 109W
ChejapeaWo A Ohio... 04H 05'4 05 05W
mile Copper 2IH 241a
FRENCH LOAN UP
ONE POINT ABOVE
Paris Bourse Shows Good
Demand for "Five Per
Cent. National"
Sates in Philadelphia
Te. e!6e. HI. Low. Clete.
GUYOT REVEALS DEFECTS
12)
70)i
BOH
71
145
87H
08i
SG'f
100
77!
.17 U
T0H
1S0W
53
12H
00
fi9)i
00H
107
00U
145
87J
03W
80'
100
76
33U
04H
170
52H
12)1
70!(
BOW
71
107J(
09
114H
01!(t
78
3H
424
145
87K
98M
Wi
109
'7M
37!f
70
180H
63
FURTHER WEAKNESS
IN CURB MARKET
Offerings Were Light, However.
Only Slight Support From
the Insiders
N13W YOrtIC, Jan. 7. Further weakness
wns shown In the mnrkct for outside se
curities today, especially among the
Mgh-prlceil Issues. The offerings, with
iX exceptions, however, were of a light
.'Mnrncter, nnd In many instances there
appeared to be only slight support by
"Insiders.
Midvale Steel, after a show of steadi
ness, fell more than a point, but rallied
nllghtly. Submarine Boat declined a point,
TlWo the motor stocks continued a
downward .trend, with offerings compar
atively light outslda of White and Perlesa.
OH shares followed tho balance of the
list, although tho trading In this group
was less active, .osder held fairly well,
notwithstanding liberal offering. Inter
national Petroleum ruled Arm.
Tho marina stocks wore In fair demand,
nnd aftor a tthow of firmness developed
a heavy tone. Copper stocks wero gen
erally lower, although In most Instances
only small fractional changes were
shown. Donds were Irregular.
nrltUh-Amerlcan Tobacco old I4'4 1AH
IlrUlah-Amerlcan Tobacco new.... MHJ 1(1
Chevrolet 1' 130
tloliineld Consolidated 1 1.10 V.I
fjiotifjeo juijr ..... .'f
International Marino laii;
(International Marino prrerre! .... 7HW
Ker.c't Ooppr .'. l(j
taiaicma wopper
7iarconi
l!
I New York Bond Sales
iioon Adams Express 4s .
100" Amer Art Sn
K Amer Aur deb S. .
WON) Anslo Tr I, r.s
lsnrio Amer Hmlt Sec l!s .
S4W) Amer Tel cvt -l',4s. .
.0iO Atchison gen 4a.....
( Atchison ndj 4s
7t!i! A,lnn O Line 1st 4s
'iS? I,Alt 0,,1" 4a
ii-u,. t,ati .w unio cv 41.!
HtKh, Iitv. Close,
. H.
102t4
.115';
841 RIV
ira4 irau
tl7l 07
.in.-,
. IMVI
. K7
. m
limm II ft O I l. K&W v4s Mill
I'eth Steel rM IWi 101'i
i'Ono nrooklvn 11 t n. inni?
'-JH i'1"0011'" 1 3s 11)18. ni;
II.-.
11-V.
1II7
tllli
S7
Ii2i
nit!
117.
Ml
Ull't
IHI.
nnC
iwij
ini;
S7
ti:i
11 1 'i
us
lot',
lmti
io?J
ion
w,
Chlno Copper.
( Id Mil .V St l'Ml....
Chi St I' M ft O
Chlcaco A Alton
CM tt Xorthnest
CM II I A I'ac
Cluelt I'M & Co
Colorado Kiiei & Iron.
Col & Southern
Commitlnc Talt Hoc..
MH 55
I005J WW
120 124
10
i:n
i7;
B0'
Slit
44
10)i
1.TI
Wi
7.1U
51
.12
50
24!( 24 H
C4!l Mli
I00) 10IH
121 121
ion
133
18
73W
50
32
-11
Consolidated Oat 143 14.1K 143
Corn Products Hef. ... 10 I0?( 0i(
Corn Products lief pf. D4 D3(J 03M
Cruclblo Steel B0 Oil 02i
Crucible Steel pf 109M 100M 109M 1095j
lUten-AB Snsar 16-1 153 153 153
Delaware Hudson. . .153M 153H I53 153J
10
133
ion
7.1U
51
32
4UK
143'.
10!i
03(
05K
' l?Sil !!r0?H!'". ir '' 5s-i'S loot:
1(KK) Illirr Itnh X. t '.a InTi? ,n?l
w2?I Hont .lothfr 1st r.s..lOlf 101 ji 101(
15 Cent I'ac 1st 4s Iiuij tioU mil
4?0JJ Chill Copper 7s 1:1114 VMV, KWtf
wi.iu vtiii -1 -1 -na . r 1 o n
Mldvala
.NIplMlnsT
Otis Elorator
)tla Kluvamr preferred . .
lirleM
1'enn Mar On! . . . ,
Hiker-liegeman
tuerllnir Gum . . ,
Hubmarlno
Tobacco I'roducta ,
United Profit murine new.
World Kllm
White Mot
Yukon Uold
m
.a.
sin;
au;
8
'40
31
'J?
JHi
7S
MS
ir.ij
us
Ul
1
W) i
3
FOREIGN EXCHANGE
NEW YOniC, Jan. 7. At tho openlnR
of the foreign exchange market this
morning relchsmarks failed to hold yes
terday's final rally. Initial figures today
were 73Hj737. against 73i yesterday.
Sterling showe dstrength at 4.77H for de
mand and 4.77Ta for cables; francs were
better nt 5.82U or cables and 5.83 for
;li ks.
- Shortly after midday sterling reacted
.to about He from the highest of yester
day to J4.7654 for demand and J4.77H for
cablea. Relchsmarks were quoted at 73Uo.
and there were unconfirmed quotations of
,73 Ho., the low record reached yesterday.
The other market was not appreciably
changed. Later sterling was quoted
down to J4.76 and cables to 14.76';.
These figures showed reactions of lUc.
'nd 1ft. respectively, from the highest
flsurea of the day. Relchsmarks were
-nominal at 73c.
ItATES FOIt MONEY
kw York 1 :2
.Philadelphia ,-.,.. WQi
,v.wn - ....... ...... 1
Chicago 31
Commercial paper. 3 to U mon
9aia, nv- Per cent.
3v;ej
tns.
Tlma
Phlladel-
BANK CLEARINGS
W, Bank clearlna todair compared with corre-
apcndlnjr day last two yean:
IU1S. 1014. 1013.
:PIltadelphla.ll2.ni4.8n t;n..'i.'i..-iMi j?s,2.wi.Kin
, i:blcuso .. IM.112.0M SI.01I.T1 a St.M.0o3
ostoo 33.U47.2M W.hV.4TS al,rM.IMut
New York .6Ui.in2.7i)d jjz.aftiiii-.-.' 344 sai.jcn
lUltlmore T.ll.!lil o.ilsi.o-JT a.srio.l.ll
lit. LouU 1T.N1S.118 13.4v'l.l3 M.WlioiO
DIVIDENDS DECLARED
John J. Kelln Company, quarterly IV per
.-cent, on preferred and annual 3 per cent, on
common, .payable January 13 to stock o( rec
. ,iar4 Janaary 1
a Aatna. Hxoloslrea Company, rei
pr. cot- on preferred, nayai
atocs oz recoru January u.
eguUr quarterly
able January 23
-arswn Sioe Company. Inc., regular quarter
f yf 1 Pr cent, on preferred, parable February
J to awek o( record January 2.'.
' UMaed 34ataa Rubber Company.
rly i per cent on nrst prererrad and
-3CS
regular
pr ecut. on iecond preferred, payable
mnt 31 to atock of record January 13.
n usr uoiiipsu. rciuiar quarieny
cent,, payable February 1 to atock
rfllr'
-vf iwwti muurT i
RAILROAD EARNINGS
WESTEBW MARYLAND.
1013. Increase.
Tojrtb weak Pecambar. . H2I.742 f 123.061
fctwi July 1 3.338.303 1.138.103
a RAND '.TRUNK 8Y8TEJI.
Buu-U) weakr December- JM.T4.1.ZCH JS11.700
JbjJ1jc V JT.3U3.33. 833:441
tAJUlVlL,l-ti ADU Ha.3HVli.L13.
sack Dscsmber. . tl.37T.103 M33S K.V1
uiy su,
Jroa Jul
(,104.013 2.330.33T
4ncio chill Copper 7s 1:1 IU
f Chea Sc Ohio cv 4Wa.. 87
20l Chi & nnst 111 Ss..... Si)
3.TWIH Cht 11 A Q Joint 4s. . . . lis
20(10 Chi 11 k Q Ken 4s.... i2'l
.vxyi chl Mil & St I.liv4. i .
0.VJK1 Chl MM fb Ht 1'cvSs. .110
87000 Chl .Mil ft St Iev44a.inilV
10(10 Cot industrial 3a. .7. . 73
T)m .-ons Una cv Ha ll.Vi
WW Den A lllo Or 4 7H
IPOO nen A lllo Gr 3a W1
7100 I)1h Sppup fnrn S Till
n.Mi.iii r.rie conv 4s tier II.
aono i:rle prior 4a
2(fl (len En- doh .-lit. Tcli
W)00 llud & 'Man In 3 soil
2000 do rfd 3s 74
1000 IU steol deb 414a OI
,vmo Ins Copper cv ila lRPi
IM Interh Met 4Hs tn
favn lnt 3Ier Mar ct 4!,s... n.iu
IflOO Pan new O S 4i4s 73Ti
rsmxi n c rt n ft st n limi
BOTO Knn City 8o 1st 3s. . . . 70iJ
1000 i)o 3 mi
10O0 Iiknh deb 4s 1KI1... IUi
KOO Uk A M T3a 101S
,VXK) do 7a isttJ
nccn I.orjltnrd r iooi:
voni Louis A Nash 4 n4';
3.VK10 Mcx Pet Co Oa Per A. .llflU
7000 M K & T 2d 4a 60 jj
73000 Mont Power 3s fwi
STlono N Y C (la 1135;
200OO N Y O A 31 4a Jr-ja.
0000 lo 4'5s 03
2000 N Y City 4a 103S 03
r.ooo do 4a in. ns
looo do 4Us loon inn;
ioihi .v v j ii & ii cv 3V5s. T3
ST
SO
111
listi
v
KKl'i
10.11,
12.VJ
7S
Kt KiV, Rid
."., K'.i; mi;
TKlZ TBI- TUt-
Ml
ns
H2'h
irj
n
linn
73
123(4
78
km;
71t4
fUU,
20000 N Y Rwy ref 4s
120HO N Y Tel Ben 4Ka . . ,
UOOO Norf A West 4s ....
11000 Nor Pac prior 4a...
4000 Xor Iac uen 3s
:iono Pacinc Tel 3s
7nrl Penna sen rt 414s. . .
Iimo Penna en 4i4s..
1000 Ppople'a Gaa 3s
.zlZX !,ub"5 Scrv 3
ltuioo Itvadlna; xm 4a
lnpn Ht I. & 8 F' rtd ct s't'4a nil
"" at. uouia wwn 1st 4s. . 71)
2000 l'o en 4s iwa
KKIO South Hell 3s mm
1WO0 South Pac 4s HVX,
10() do cv 4 NiC.
37W,
.- ns
.. 04
.. aii
. . mv
..1001,
. .101
. .ion:
. .loni
. . 8:i
. . 0.1
nil
30H
til
1MU
7(H
03H
rati
110H
7014
Kl
on.
mis
12IU
ioo;
nii
1134
no
034
113
02
DC,
(IS
!IR
101U
73
nst-i
ftVi
trni
H.-.H
10O1A
tooti
iom;
loi K
'
in
iw
m
711
(POti
811
304
ill
is4
7m.i
tl.lVi
n
110H
704
03
04
mm
1241,
100',
II I
I1fl.
304
on
HSU
t2
04
ns
OS
ioiu
73
374
0S4
MT(
onu
ft3
1004
101
iom:
inni
stt
m
70
cit;
004
R7ti
MIS
Del Lack A West 225
Den ft Klo Oiando pf. ill
Detroit Hdlson 1M
Detroit United Hy.... 70
Diamond Match 107
Distillers Securities.... -IM,"
Dome Mines 27; (
Klcc Storaeo Bat 00
Eric 4i
Erie 1st pf f,7
E'lo2d pf f,2H
Fed Mln A Smelt 31
led Mln A Smelt pf.. K!
General Electric 173
General Motors 440
General Motors dT. ... 1 1-1
orccne-Cananca
Goodrtcri II F Co
Great Northern pf....
Gt N cfs for oro prop
223 22.) 22.)
21 ! 2f)! 21H
1.1 Hi 1.14 Ml
70 70 70
100H 100) ( 100H
47
28W
05
42!i
57!f
.15
S7H
172
450
40
27J
05
4114
67
62 '
.12
fit
172
415
47
sax
05
42)
57X
52X
35
50X
172
450
Gugeenhclm Ex
Illinois Cent
Iowa Central
lnt Agilcultural..,.
Int Actlcultural pf.
Inter Con Corpn...
Inter Con Corpn pf
Int Harv S 1
International Parcr.
Internat Paper pf -tS4
inspiration copper.... 43'i
IntM M cf dp 20X
IntM M pCcfdp 70.V5
lnt Nickel 200X
Kan City Southern.... .11
Kan City Co pi 04X
Lack Steel 8.1
Lehigh Vailov E0'f
114X 1I4X 114X
..50 50 40M 40X
7.1! J 74 73 74
124M 121V 124 124
ASH IOM 487 -Wi
ilX 2.11f 23X 2.1X
..108U 107!X 107X 107X
- OX 1D.X 10X 10l
.. 20X 2fil 22 25
.. 04X 03 W CO 03X
.. MX 10W 10X 10X
.. 70W 7.-.X 75X 75X
..108X 10SX 108X 108X
11H 1IX 11X 11X
By YVES GUYOT v
Rit-Mlnlster of Publle Work, Editor I.'Aitence
Economlque et Flnnnclere.
Special Cnole to the Evening ttdoe'r
PAHIS, Jan. ?. Tho new loan was
quoted on the Tloiirno today tinder the
name "Five Per Cent. National." It
opened nrotind ft, which Is a point nhove
the ubcriptlon price. Slllns offer were
few, which la an r-xcellcnt hIrti that the
loan Is welt considered, Tho demand, on
the other hand, wns good nnd steps had
to be taken to prevent exngRcrnted quo
tations from bclnp: brought nbout.
It cannot be said that tho Minister of
Finance overworked himself to brlnn In
subscrlntlons to the lonn. I hnve already
told how the IJnnk of Franco refused to
lower Its rate from 6 per cent, to facilitate
borrowing to put Into the lonn. On top
of this only n very Rmnll commission was
allowed for tho conversion of treasury
bonds Into the new loan, and as holders
of treasury bonds demanded that the
banks divide their commission with them
tho result wns thnt only 2,000.000.000 out
of tho Issue of 8.300.000,000 of treasury
bonds were converted
The Ministry of Finance had another
Idea which showed that the Isaulns of the
lonn was managed by burcaucrnts Instead
of by business men. The bnnks received
a commission on subscriptions according
to a sliding ncnlc. but the higher the sub
scriptions nmounted the less wns the
commission received. The Inverse system
wns the one which should have been
adopted.
The conversion of 3 per cent, rentes
nlso had difficulties put In tho Way which
drove off many persons. This left-handed
work had one good effect, It kept n Inrge
part of tho country's reserves from going
Into this lonn which naturally means
that more Is left for" the future.
I'nrllnmnnt meets ngnln Jnnunry 11, nnd
then will como up the question of under
secretaries of state. Tho Budget Com
mittee of the Chamber has refused to vote
the credits naked for them. The question
Is one particularly nffcctlng llene
Bernard, under secretary fcr aviation.
Aviation costs J2M.OO0 a lny. In tho end
the question Is whether It Is well used.
A good many people say Mr, Bernard has
thoroughly disorganized the service nnd
that he hns rcplnccd competent nvlntors
by artillery ofllcers. who get positions,
not through ability, but through favor. It
will be hnrd to have a public discussion
on the subject.
Tho plan to tax food, hent nnd light
will come before the Senate, which will
criticise It, but will end by agreeing.
The Bank of France lost 112,000,000
francs, gold. Advances to tho State In
creased 100,000,00 nnd noto clrculntlon 40,-000,000.
IIS Alliance Insur.. 18W 10 " 1
100 Allts-Chalm ..... H
1 Am nallwaya... MM ft
110 Am nwys tfd. 064 034 KJW MW
410 Am Can 2'4
10 Buff A Sua t o 414 414 41 41
02 do pret B7i M4 M4 M
lOOItrin J O ..... 47 4S 44 48
2235 Cnmbrl-i Steel.. 75 7RH 74Ji 734
10 Cl Tetrol 86H H f
100 Chlno Copper .... M r JJJ
15 Elec StottiKe... 60 CM! 03 0M
10 Erie 41K 414 414 414
M Cien Asnh pref. 71V. 71K '!
m Ins Co N Am.. 27 27 2B4 Mi
100 Kev Tele Co. . . UK i v '
200 Key Tel Co t c. .. ' lUi '
100 Lake ?up Corp. 04 0 S W
31 LehlRh Nav .. TfrV, 70-v. 704 JW
12 LehUh Valley. RI4 SfU 81 J1H
M Ix-h Val Tr pf, . MW 8
50 North Central. K) P0 00 00
100 Miami Coo -1SW 1M fls
37(1 Tenna ItK .... 50 504 MU 50
15 Pa Salt Mfg.. .1004 100 400 100
1(1 rn 8teel pref ..8.1 M M M
12 Phlla Co cum pf 4.14 4-1v. 43- 4,1
10 fhlla Elec ....234 2S4 284 284
5 rh Coal pref. . . 108S lOSli 1084
20 Phlla It T .... 204 204 20 204
370 do tr ctfs .... 204 204 204 !
42 rnlla Trae .... 704 704 704 704
200 ltf p 1 A a M 52H M
10 Heading St'4 814 814 81u
83 Ton Helmont .. 44 44 4 4
60 Ton Mining .. 0 C", 0",. 0i
ISO Tenn Conner . . 034 00H 504 00.
MU O I 874 814 874 8TH
8 L'n Cos N J 22d 2: 220
B1.W tf 8 Steel R94 874 80 874
400 Warwick 1 & S 104 104 104 " 104
100 Westmor Conl. 074 074 0H W
10 York Itwy pref 35 34i 3i 34
4SW
40X
21
70X
199
,11X
04X
4
R1U
ASM
15U
10!i
70
103
30V
MX
82X
81Ji
180
48X
45X
21X
70X
190
31 X
04X
81
81X
180
R7tl
L$ a t 'f'1 'K4 OU OOli
4000 South Uwr gen 4a .... 714 71 7iJ
lof.i ito con fis 10.1 Hn ins
l'30il Ttinn (? St T r t n Km ion i-it ,--,
;U)0o Tunas Co (la .... 10BU
irOl) Third AVfl nHI Ha unu.
280011 U H Steel Da lot
1000 Union Pac cv 4a 0.14
lOOD.yn Ilwya S F 4s 43U
Mi) Va Car Chem 1st 3a IIHV
1000 Va Hwy 3 OS
loOK) IVab.p T 2d 4s u
7000 West Md 1st 4a 111?
8000 Whellng & I, E 4a . . . 7i
103t4 10O3U
4 ,K)4
it.ii
034
434
4
71
104
43
OR
0.S
B
DRY GOODS PRICES FIRM
Higher Wages and Scarcity of Dye
stuffa Factors
NEW YORK, Jan. 7.-In all lines prices
nro firm, says tho Dry Goods Economist
Especially are advances In wages, scarce
and hlgn dyestufTa and Increased demand
giving strength to fabrics of every kind.
All kinds of staple and fancy cottons
are especially active, and In some cases
the prices reached are almost of record
character.
In the silk market the chief feature Is
the continued advancing of prices by
manufacturers, who still show unwilling
ness to sell In more than small quantities.
Buyers of wool and worsted dross goods
are showing anxiety to cover their needs
for the coming fall and winter season.
The women's garment trade Is looking
forward to a very active spring season.
Lorlllard P Co IStlW 180
Lorlllard P Co pf 110 USX 115X 115X
Louis A Nah 120 12f)X 120X 120X
Maclcay Cos 70X 70X 79 79
May Dept Stores fO CO 00 00
Max ell Motors 0)X 711-i 09X 71X
Max Motors 1st pf.... BOX TO 89 00
Max Motors 2d pf.... 53X 54X 51 51X
Mexican retroleum....H4X 110X 112X 1I0X
Mex Petroleum pf 101X 100X 100X I00X
Minn & St Louis 5 14X 13 13
M St PASS M 121 124X 124 121X
Miami Copper 38X 38X :7X 3SX
.110 ian let pi.... 111 10 10 iq
ax
5H
Mi
75
77
2S
COX
OX
15X
French Gold Holdings Lower
PAIUS, Jan. 7. The Bank of France
for the week reported a moderate reduc
tion In gold holdings and a sharp drop In
money deposits. Details follow.
(Francs)
Oold
SlUer .....
circulation
ixpoaits
B 1 1 la discounted
ana extended
bllla 2.2TA4nftlW)
Jreaaury deposits 84.200.000
dvances 1.142,700,000
(Francs)
Dec, :w.
5.1113. 2-4.0M
.. 332.O0T.0O0
1.-1 Ufltt Rlit rk.
M16.7OO.0UO 2.113.733.000
Jan. 0.
. 4.riM.nno.ooi)
331.ftOOCOIl
. X1.3IH.MiO.(Hl
2.2S7.W2.0OI)
173.tM12.00O
1.147,022.000
BAR SILVER
tlMf TOItK. Jan.. 7. -The
muKW'-r aurer.Mwav waa
ft mw-t Stnco.
rjee of com-
.. With U.fl.
at 434 cents, la London it ruled
NEW YORK BUTTER AND EGGS
NEW YORK. Jan. 7. 'nTTTTiif,,..i,..
"tif BeeA'pi- 08a3 f"?- Extra craajn-JiX-.330-)
i11?r acorlngralc.i But lUlry.
30-saio.; imitation, creamery. S246234c. ""
Jjodis-Market steady, flra. TtWailta. 482T
packasea.EStra.nrsU. Sai.; flrata. aSumnc.'
naarby whites. 4tg43c.; mlxad color. 3138c:
SlRT, browns. 3940c.. refrigerator flraU
2tt-i73C.
10 10
Missouri Pacific ax SX fil
Missouri Pac tr cfs.... ft. iX S
Montana Power 74 7S 75
Natl Cloak & Suit. . . . 76X 77 77
Nat Enamel A S 27X 28X 28
Nat Lead 08 OflX 08
Nat Ily & M 2d pf... HX OX 8X
Nevada Con Copper. . . 15X 104 15X
New 'iork Air Drake.. 140X 14DX 140W MSJa
NVNII4H 75 70 75 70
New York Central .... 108X 100 107X 100
N V O A West 20 20X 29X 29X
Norfolk & Western.. ..121 121X 121 121X
Korf&Westpf SOX SSX 8SX 88X
North American 7.1 73 72X 73
Northern Pacific H7X 117 IIOX 110X
Ontario SIIM 10X 11X 10.X 10X
Pacific Mall 12 12 12 rj
PacTel&Tet 40X 41 40M 41
1'enn It II 68X .10 58X 58X
Peoples Gas CM 109X109 100 109
Philadelphia Co., 42X 42)5 42X 4H
Plttsbureh Coal 3.1X 34Ji 33X 34X
Pittsburgh Coal pf.,..in9X 1C9 10SX 109
Pressed Steel Car .03 O.'X 01X 02X
Pullman Co 165X 105W 105M 1Q.5.X
Ry Steel Spg 41X 41 40 41
Hay Con Copper 25X 2.1X 25X 25X
neadlne IH 82X 81,X 82X
Ilep Iron & fiteel 52X 5.1 51 U a.t
Hep Iron & Steel pf. . . I09H .109X100X 109X
Hnelt Island Co -t TU 1 ii
Itock Island Co pf.... X H
KtLouls&SF 5X n
St LAS F 1st pf.... OX 10
6tL&8F2dpf 6X 7X
Seaboard Air Line of,. 40X 40
Sears ltoe A Co 185H 185
Sloss-Sheff B A I Co.. 01 BIX
Soutnern Pacinc I02X 103
Southern Ily,... 23X 23X
Southern Ry pf HI 64
Btudebalcer Co.., 15s ISO
Studebaxer Co pf 113
Tenn Copper.......... 61
Texts Co .,, 224
Third Arenue ., ill
Tobacco Products pf.,100
Toledo BIL4W 7
Tula City. Hap Tr-... 00
Union IU; A Paper. . . 7X
Uncirar mores pi.,,, uji 11X 11X 11 If
Union Pacific.,.. ...... 138 138.X J37H 138X
Union Pacific pf...... 82,X aiX 83 83 X
United Fruit........ ..148 140 145X140
V B Ind Alcohol.- I27X 130X 127X VMl
USCutlP&F 24, 23X 23M 23H
UBOIP F pf..,, 49X 50" 60 50
U S Realty A Imp.,.. 40 39X 39X 39X
United Rys Inrest SOX 20 10X 20
United Rjs Inr pf . . 30.X 37X '37 37
U 6 Rubber ,. 65X 5t)K 55 IQH
V S Rubber 1st p(...,100X 109X 109X I00X
U S Steel.. ..,...,..., bOX '87X 86 S7H
US Steel pf...,.,..,,117X 117X U7K U7X
UUh Copper EOX SOX BOX SOX
Va-Caro Chem ,,,48 47X 47X 47X
Va Iron Coal AC.,,, 63H 62X 62X 62X
Wabaso. ,. 10X 16H 16X IBM
WabasapfA 47X 48X 47X 48X
Wabash pf B.,... 31 31X 3IX 31X
West E fc M 60.X AS 06X 08
Westlnshoiue 1st pf-.. 77 77 77 77
Western Maryland.,,. 30X 30X 30X 30X
Western Union TH - sax &8X 63M S8X
Wlllyt Overland ,,229 223 231 323
Woolworta " W Co... 119 122X 11BX 121
Quotsd x dividend.
X
X
0
10
7X
39X
185
01X
X
ft
5X
0
OX
30X
102X 103
22X 23X
MH 04
155X 15914
112X 112X 112X
niu ain 00
227H 223 227X
1 HIX OIX
101 101 101
ex ex ox
Wl Wit wsx
7X 7U 7X
COTTON CLOSED STRONG
AFTER EARLY IRREGULARITY
Wall Street and Spot Interests Sold.
Receipts Smaller
NEW YORK, Jnn. ".Steady tone was
shown on the Cotton Exchange at the
opening this morning, with prices 3 to
7 points higher. Trading u-ns only fnlr
In volume, with Wall street houses nnd
spot Interests selling. The buying wns
good on the cnll, coming from scattered
sources. Later, however, tho dnnnnd
seemed to bo satisfied, nnd ns tho sell
ing from brokers usually nctlng for spot
Interests Incrcnsed, quotations were forced
down until they were 6 to S points under
inltlnl levels.
Llvcprool scored a sharp advanco nfter
the opening there nnd nt the tlmo of our
start showed gains of 8V4 to 3 points,
whereas little or no change had been
looked for. The rise in the English mar
ket, however, wns apparently entirely Ig
nored. Lower temperatures wore reported from
some stations In the cotton belt. Widely
scattered precipitation was shown.
The receipts of cotton at tho ports for
the day wero estimated nt 30.000 bales,
compared with 51,236 bales last week, 65.
470 bales last year nnd 53,143 bales In 1514.
The market seemed to meet selling very
similar to that of yesterday on this morn
ing's opening. It was reported that there
had been n fair volume of spot business
In the South late yesterday at generally
unchanged prices, nnd there wns selling
here this morning to nedge these pur
chases, while thero was also u. rencwnl
of local and AVnll Street pressure.
The offerings wero absorbed on a break
of about 6 to 8 points from last night's
closing figures, however, with Liverpool
a considerable buyer here by balance, and
tne market turned steadier toward the
end of the first hour on covering. Ilusl
ness later wns quiet nnd fluctuations
rather Irregular within 2 or 3 points of
last night's closing figures.
Totsl sales, 12,00 shares, compnred nlth
50,013 shares yeslerdnyt thus far tills week,
8I.88S shares) same period Inst week, 04,000
slinres.
BONDS.
last previous
sate. Hlsh. low. Close.
-IS0O Am Claa & El 8a 00
MOO Hal Loc 1st 5s.. 10S
7,1 Cnm St scp '10 OS
2.1 do Feb 1017... 102U
2S do May '17...10U5
MO City 4s 1011.... 102
.1000 HI & Pro Tr 4s 81 '.4
1000 liar Elec On.... 101
2000 Key Tel 1st Bs. 00
5000 I.eh N cona 4Ws,103
10OO I, V 1st ext 4a. OlVi
15000 li Val gen 414S.102
8000 do Coal 5s ..IO5I4
MOD Leh V Tr ref Bs 00H
2O00 Pa A Md St Os.101
27000 Penna gen 4Hs.lOO!4
1000 Phlla Co cons Bs 00
1000 Phlla Klec 4s.. 83
400 do 5 103
lHOOO rtcndlng gen 4a. P.I
5000 Stand Gas Os.. OSli
10O0 Un Hwys t c 4s 74
1000 Un nwys lnv Ba 73
2000 Un Trac Pitts Bs . .
Total salrs, $101,4711, compared with $118,
500 jcMrnlnyi thus fur this week, $031,4111
same period Inst week, $11,1,341.
00 00 00
10.1 103 10.1
OS 08 08
101H 101'4 101U
101'4 101'4 101H
102H 102 102
81',; 81V. 8tU
101 101 101
Oil 00 00
102 102 102
nm D1V4 01!i
102 102 102
10.115 10.1W 10.114
02 014 02
101 101 101
101 lOOtt 101
OOVi 00! (10W
83U 83Vt 83U,
103 103 103
0,1 0.1 0,1
OBU WH1 noil
74 74 71
73 73 73
"211 721i 72V.
Local Bid and Asked
Ilaldw-ln
imrt a sua t c 4114
do prof , r.illi
Cam Steel 7.1U
Klec Storage 11.1U
Uen Asphalt xni
do nrpf
Keystone Telephono .
do t c
do pref
I-ako Superior Corp..
Ihleh Nnvltratlon . .
I-thlKh Vallev
Ihlgh Valley Tr ...
1I0 pref
Pennsylvania
Phlla Ktectrlc
Phlla Co
do .1 per cent. pref. .
do (I per cent, pref..
Phlla flan Trnn
do t c
Heading
Tonopah llelmont ...
Today's
Bid. Asked.
114 1144
42
57
7,iH
i-ji
:i4
1.1
:u.T
14U
141.
(Ill
ttlt
:ih
W!4
lit
si
A58
Wi, 1'8"4
12 41V,
tn .1,
4-IH 14
JOlJ 21
JO, 2lTi
4H 4,
Yesterday's
Hid. Asked,
112 II214
41J4 42
7,1 7,in
(;; my,
:w, .14
7u. 7i;
14(4 14.
14U 14).
ISS 1:11
IH1 (IU
7S'i 70H
Ml, SI
ISli 1S4
:is .-ism,
,isv, ,.ti
2HI, 21i
42 43
:m 37
4314 44
sow si
imW 21
sit? mi;
4V4 4
SHUTS DOWN ACID PLANT
Tea. close. Open, High.
January . . . 12.ZH la.vn i-.,.in
March 12.50 12.3.1 12.lV)
May 12.74 12.73 12.81
July 12.00 12.H2 12.0s
October 12.81 12.8s 12.03
Spot 12.43 12.53
Low, Close.
12.2M I2.:m
12.41 12.00
12.IU1 1-J.K4
12.82 12.0S
12.47 12.IVI
.... 12.55
m. futures
Liverpool Cotton
LIVERPOOL. Jan. 7.-At 2 p.
were firm. Quotations were: Jan.-Feb.,
8.05d: March-April, S.nd: May.June,
7.92d; July-August, 7.81Hd; Oct.-Nov
7.41Hd. The sales wero 10,000 bales, In
cluding 8300 bales American,
Spot cotton today was In good demand
at a decline of 13 points on the basis of
8.12(1 for middling upland. The sales aggre
gated 10.000 bales, Including 8000 bales
American, The Imports were 4000 bales.
The market for futures closed Irregular
at a net decline of 2 to 4 points.
U
QUAKER CITV NATIONAL BANK
Philadelphia. Pa.. Jan. 7th. lain
At a rasttlnr of th Board of Directors
held this day. Fifty Thousand BotUrs (ISO,
000) was added to surplus, making that fund
1500.000. leaving a, fcalanc In undivided
proPM of JlB.m.U.
w. n. BBBLsronrj, cutisr.
Liverpool Cotton Statistics
LIVERPOOL. Jan. 7. The weekly cot
ton statistics' figures In bales follow;
Imports, 81.000; American, 19,0W; stock,
823,000; American, 56,000; forwarded, $3,000;
American, 77,000; exports, 22.U7,
ANNUAL MEETINGS
4755 TUB GJS.NTIIAL NATIONAL I1ANK
Uiw OV I'iULAUKLVIIIA
Decsmbsr 13. 1818.
Tha Annual Election for Directors of this
Dank will ba held at tha Banking Koum on
'iueeuay, .jauuairr 41. xvio. octwssn 11 a. m.
ntuumn rum,
and 1 p, m.
Casbisr.
a"
NOHTHWESTEKN NATIONAL
HANK
Philadelphia, Pa... January 1st, 1918.
The Annual BUctton for Directors will ba
held at tba Banking Ilousa on Tuesday,
January lltb. IBIS, between 11 A. M, and
1 V' LINFOnD C NICE, Cashier.
PARTNEUSUIPS
rilEDERICK W. tilNCLAIH 1IA8 8EVEKKI)
his conntction with all partnerships or
corporations doing a general contracting
bualnsaa with which ha has been associated
and will continue Individually 0 heretofore
under tha name of
FREDERICK W. SINCLAIR.
Mason Builder.
HAVE UOUOUT CIUAR BTOKE. 113 WEST
Ulrard aye., from Mrs. Row IJokl.l. I'r
asnt all bllU. al once. U. FELDMAN.
ELECTION NOTICE
iC3i-llANKLIN NATIONAL. BANK
3s7 Broad sutd Chestnut titrccU.
PhlladslphU, Decsmbsr 30th, ms,
Th annual election for directors will b
held at tha banking houa on Tuesday, Jan
uary lltta. lata, between Ihe boura at It
oca and I o'clock p. m.
& P. PAS3MOHE. Casbisr.
Tennessee Copper Company Takes
Action to Make Repairs
NEW YORK. Jan. 7. Tho Tennesseo
Copper has notified the Agricultural Cor
poration thnt It may be forced to shut
down Its sulphuric acid plant at Copper
Hill for an Indefinite period, and that nt
any rnto production of acid will bo re
duced considerably. It Is understood that
tho main ncld producing plant of the
Tennessee Copper Company haB col
lapsed, which Is the reason for the ntl
flcntlon that shipments of ncld may have
to bo discontinued Indefinitely or cur
tailed. How serious the damage Js, Is not yet
definitely ascertained, but It will Inter
fere with delivery of ncld for several weks
at least.
Tho closing of the ncld plant means nn
enormous loss to the Tesscsseo Company.
The large nnd profitable contracts taken
with the nusslan Government and the du
Pont Powder interests were being sup
plied from this plnnt. Half of tho profits
from these contracts go to the Interna
tional Agricultural Corporation. That
company, however. Is somewhat pro
tected as It owns three other ncld plants
In various parts of the country.
A New
" Investment
There has just been placed
on the market a Ten-Year 6
Convertible Gold Debenture
Bond of a Public Utility Com
pany, which is dointjf the kind
of a profitable business that
has made Public Utilities so
substantial. Facilities which
permit of an ultimate develop
ment of importance have not
as yet been utilized.
This investment, which is
offered at a price to yield
6.507e, can be converted after
November 1, 1917, into 7
cumulative preferred stock on
a basis which will bring a re
turn of 7.65 on the original
investment.
Send for Investment
Circular No, 308
William P. Bonbrightfi Co., Inc.
MORRIS WISTAR STROUD, Jr,
Manager
437 CHESTNUT STIIEET
I'hlladel.hUs
New York Boston. Detroit
Ijindom William P. Bonbrlght A Co
Paris) BonLrlfht A Co.
DIVIDENDS
LEHiail VAU.EY RAILROAD COUPANV
Philadelphia. December 15. 1818.
Tha noard of Directors of the Lshlih
Valley Railroad Coinpany bava this day de
clared a quarterly'dlvldend of tno and ou
half per cent, (or ll. per share) on ita
preferred stock to utockholders of record
December 24. 1815; and a quarterly dividend
of two and one-half per cent, (or S1.S3 per
share) on Ita common atock to stockholders
of record December 24. 1913; both parabls
January 8. 1918. P'raois
Checks tvtu b mailed.
C. J. KULP. Treasurer.
DIRECTOHV OF ACCOUNTANTS
Certified Public Accountants
. UWHENCa E. BROWN A CO.
11 REAL ESTATE TRUST BUILDING.
BURNS A SPEAKMAN
7h Boura
BANK LOANS StJB JECtf OE INTEREST!
TO COMPTROLLER OP THE CURREJ
Local Lenders Explain Reason for Higher Call
Here Than in Wall Street Cambria Deal Almc
Completed Lackawanna Stumbling Block
Local brokers, ns well as bankers, wero
Interested In some of the unusual Inqui
ries' Included In the Comptroller of tho
Currency's recent call for tho condition of
tho banks. He pays particular attention
to loans. His object Is to ascertain If
money hns been lent by National banks
In violation of State laws, and ho asks for
n list of all loans made during 1915, upon
which Interest was charged or collected
at rates more than the equivalent of 6 per
cent, per annum. Tho call also asks
whether It Is the custom to require bor
rowers to carry deposits when loans are
granted, how much they nro lending to
non-depositors and how much Is not se
cured by collateral. The aggregate of
amounts which borrowers have refused
to pay banks on account of alleged usury
Is asked, and nlso the totnl payments
made by banks as penalties for usury.
nates for call money In this city have
nlwaj's been a subject of some criticism
from locnl brokers because they arc
usually considerably higher than those
current In New York. Bankers here re
ply, however, that In times of stress
Philadelphia brokers fare much better
than those of New York ns tho banks
here endeavor to stick to relatively low
rates. For Instance, In the panic of 190
when call money soared. out of sight In
Wnl! streot the highest rate here wns
6 per cent, and that was only maintained
for a short time. Also local bankers do
not treat call loans as day-to-day trans
actions ns In New York, but frequently
let them run for months, so that they
argue the relatively higher rates In times
of easy money are Justified nnd offset by
tho greater stability hero In times of
stress.
There was llttlo to discuss In the trad
ing on the Philadelphia Stock Exchange
today, .Gossip chiefly centred around
Cambria Steel, and It wns said that for-
..,ui tuiiiounccmcni or tno new eomlaS
Would h miA& .- . . . "t
that the chief stumbling block hJS2l
tho nHI!i,,ln nt n, t i .- ' "est
stnpkhnl,Wa v.t .u- ".". SteSl
ter bid for their shares trian , andn5fl
It la 1 said, nftor somo haggling, -was r'2Sfl
w w. icu lucjr hiso wisneu to WM
the surplus, which Is nlleged to r-rSl
proximately $16,000,000, distributed w2:
tho company was tnken over, whetM.
of course, tho men making the sT,
would prefer to have this surplus m2
In with tho company. Possibly Z
promise will be effected. Meantime a
brla shares contlnuo nctlvo nnd arsiiL
leaders with United Rtntrq qi,i '. !?
local trading. "-J
TnHftV flnnlltifT In Visifirln . ...... 2B
welt distributed. Baldwin 6s, Lehigh v?V
1v Iti. tl,ll, v.ll... rrJ.iL .""! '-J;
lean Gas nnd Electric 5s, Electric iS"
People's 4s nnd Beading 4s wero nil tt
Incnt. 5
A report that a third bidder far uT
Cramp Shipbuilding Company had t2
said an offer of par for the con'trolIiM
Interest baa been made. It Is dtrobtfrt
let tho plant go at any such figure Inrlnll
of tho enormous business In sight nil
pntnrmnv la linrtnrjatnn,1 In .a i. .'s
booked up for three years. Today (,';
orders worth nbout $2,000,000 were .!
..!.,! I1 1
Interest In tho shares of somo of tl.
local Insurance companies has IncreeiJ
fF lain tHBil,An.fl fnmettr f t,
Atnprlrn lino Hrpn nllltn linn annll.. .-...
and continually making now top flpi:y:i
nfllltn tmln AlllnMMn Th nil t-n--AA ..tl . ',
new high record Business during Disu
Bald to have been unusually good end
aatnrttf Vint rtneB n -n Vi r-kt-tl si 4 rt aAnl. .
creased llsttibutlons. :i
Financial Briefs
The production nt the Greeno-Cnnanea
mines In December wns ns follows: Cop
per, 1,740,000 pounds; silver, "6,801,000
ounces; gold, 33(1 ounces. Tho plant be
gan operation on- December It and this
output Is for 20 days only.
The Quaker City National Bank has
added $M,000 to surplus, making that fund
$500,000.
A slight blaze In the tnpe basket In
Bloron & Co.'s offlco this morning wns
without nny result, except to divert tho
attention of the boardroom for a moment.
Tho New York Stock Exchange has ad
mitted to list $3,8J7,0W convertible 6 per
cent, coupon bonds of tho tiestlnghouse
Electric and Manufacturing Company,
due In 1931.
Word wns received In New York this
morning that the ncld plant of the Ten
nessee Copper Company litis been Bhut
down nnd will remnln closed for Boveral
months.
Calvin Austin, the receiver for tho East
ern Steamship Company, reports n deficit
of $3iJ,53j for November. This- Is n de
crease of $23,431. For 11 months net earn
ings were $103,889, compared with n deficit
of $100,333 In 1011.
Tho Boston nnd Lowell Railroad has
petitioned the Public Service Commission
for authority to Issue $1,230,000 20-year B
per cent, bonds, dated March 1, 1916, which
will refund $300,000 one-year 6 per cent,
notes, due Mnrch I, nnd $760,000 20-year 4
per cent, bonds, due July 1.
Francis i. ICcmblc has become asso
ciated with the firm of Harris, Forbes
& Cc.
A New X'ork Stock Echango scat sold
for $71,000, unchanged from tho last pre
vious sale.
The New York banks gained from Sub
treasury yesterday $l,C36,tXK), nnd gnlned
$9,115,000 since last Friday.
The following announcement hns been
made by J. It. WHIIston & Co., of New
York: "We take pleasure In announcing
that Anthony J. Drcxcl, Jr., hns become
n member of our firm this day." Mr.
Drexel will act ns n representative of the
firm on tho New York Stock Exchange.
Application has been made to the New
York Stock Exchange to list the follow
ing' new securities: Weyman-Bruton
Company, $600,000 additional preferred and
$600,000 additional common stock. Phila
delphia. Company, $2,600,000 nddltlonii
pnmmna Rtnck. tntprnntlminl .lw.l.,.7!
tural Corporation, $11,578,600 first morv
ga?o nnd collateral trust 20-year elnkjii
Ilimi UUIIU8, UUO li04.
-1
The ofllcers of tho Philadelphia Trait
Company navo nppointod tho f ollowlr.r i I
nM.ln... no m.mlinr. nl .I.a t.c.--... 11
VIIIIHu; un ,,.v. ......... u. ,.,u OCmCS' 5
Committee for the year 1910: A. J. Sontlw
all, chairman; A, It. Bishop, V. It. Tildes,
F. O. I'enrce, E. L. Smith, Tho dutlMM
this committee nro to receive suggestion -pertaining
to welfare, betterment of rr. -Ico
nnd greater efficiency, and to rtfejj
such matters to the officers of the com. '
pany for their consideration. '
WORKMEN'S
COMPENSATION
LAW
A Brief Analysis by ,
WM. A. SCHNADER, Esq.
Now Ready for
Distribution
If you have not already or.
tiered your copies, send money
or stamps to PUBLIC LEDGER,
Independence Square, Phlla.
delphia.
1 or more copies, 2.1c eaca,
10 or more copies, lrte each
100 or more copies, lOr each
I p., a, c. & st. l. i
Jf Consolidated 42s i'4
ffi Series B due 1942 I
S I'rlce on Appllcntlon U i
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. ,
8 ANKERS
Established 1892
Members New York and Philadelphia Stock Exchanges
Broad and Chestnut Sts., Philadelphia
30 Pine Street new York
These Meir Direct
I ha llll IK WIN HlnTi of Lon ttnd Investments In Phlla-
-w .vsuu JL lull Ue
Thos. Murtlndale Ifarrr Nelke
Iphla.
T. O, Ashtan, M.I). John Urlbbel
'?.. "A'xel "" "owsra 11. llenrr Arthur J. Morris Thos. Kewhall
" V'.V?rw"! . 10 limit Hobt. McKentr Joseoh M. Ktrrla
Over JOOO.ooo In loans, averasing- 10O. mad. to data. De'ti Is on VeqSes" .
Supervised by th State Banking Department! "w
LOD18 J. KOLB. Pre.
UOWAKD It. USURY, V, Prtt,
R. LE? HUNT. V. Prtt. and Treat.
PENNSYLVANIA
LOAN COMPANY
1507 Axch St.
J
S
svsvvv&skvsvs,v
InvHlment Securities
id&uam X'Ts We wil1 be ilad to send upoq
URAHAMXUO. requist our January drcula0f!
bankers - investment offerings, which includes
435 Chestnut Strut many bonds that are 'j
Tax Free in Pennsylvania
A
N
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