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EVENING LED&BB PHILADELPHIA, ttttoqtiav .TA-NfttAltY 11. 1'91-
PINANCIAL NEWS
. 1
SPECULATIVE ELEMENT OVERLOADED,
ESPECIALLY WITH WAR SPECIALTIES
Opinion in Street That Liquidation of Weak Accounts
. Must Occur Before Market Becomes Satisfactory.
Cash Buying at Rate of $5,000,000 a Day
NEW YORK, Jfln, 11
Matiy docks reflected nn oversold condition before trading had progressed long
during the forenoon, but market conditions In this respect were mixed and the
Street maintained the belief that while some stocks were oversold there was ft
large speculative element which had become overloaded with various Issues, par
ticularly the war order stocks, and that liquidation fo those weak accounts must
eecur before market conditions could bo regarded ns satisfactory.
CJne feature of the recent recessions was heavy cash buying. This Is now
. raiinlng at the rate of over $5,000,000 n day and Is going a long way to offset
liquidation of speculative lines. This buying represents stock paid for In full and
taken out of the Street and constitute an element of strength far greater than
In generally comprehended by those devoting their attention to tho speculative
situation.
This buying- was most pronounced In New York Central, In which lliero has
Men continual absorption, Induced wholly by Its cnnilng power, although nt
times npeculntlvc movements linve been Induced by reports of the prospective
Increase In the dividend rate nt the March meeting. There has been, too, quiet
bidding or St, Paul, Houthern Pacific and Union Pacific, and In addition to this.
Accumulation Is known to bo steadily proceeding In ft number of Industrial
stocks. American Bmcltlng wns tnkon ngnln today by Interests afllllatcd with
tho management of the company, who attach little Importance nn to whether
the dividend rata Is Increased next month or not.
Bear drives find forced liquidation caused unsettlemcnt and fevcrlshness
In tho war order s'orks nfter midday and many of these Issiich, Including
Crucible Steel, illatdwln Locomotive, Pressed Steel Car nnd Hallway Steel
Spring showed declines ranging from 2 to over 5 points from the highest
range of the forenoon. These stocks have shown a lads of support nnd nn
absence of speculative buying ever since the Canndlnn Cnr nnd Foundry eplsodo
a week ago, which caused many of the speculative element to fear that profits
predicted In midsummer would not bo realized when the accounts are closed.
More Interest was attached, however, to the heavy selling of I'nlted States
Steel common becnuso of the statements coming from brokers handling ac
counts of Important Interests in the property that they did not look for a
dividend at tho meeting to bo held two weeks from today. These Intimations
have caused a good denl of opposition to tho proposed policy of the manage
ment nnd It Is possible that It the corporation had In view a further deferring
of distribution of profits to stockholders, that they may be compelled to recede
from their position. Tho point Is mnde by some In this opposition that with
enrntngs In the last six months are equal to eight per cent, on the stock a
dividend of Hi per cent, can be declared on January 25 without In any way
straining Its financial
New York Stock Sales
Alaska Junesn.
AlMks Gold M
Alllt-Chalmcri Mff. .
Alllj-Chalm Mte pf.,
Am Ae Chemical..,,
Am Heet Suesr. ....
Am llcot Sugar rf..... 01
Am n s ft F.
im can. .
Lntcloft ltlh. Low. Close.
O'i 10 95 OH
26H 20 255 25H
27H 2S 20 26M
70 70H 78 7HH
08 09 07 07K
CO 07H 06H 05)1
IM 0.3 03
..102H 102M 102! 1021
COM 03 COH 01M
Am Can pf ,ii2H 112M 112)1 112H
AtnOAF 08)J 08T( 05?f 05W
Am Coal rroducts-...i59 I65M 155H lSSW
Am Coal Trod pf 110)J 110 110 HO
AmCottoaOll 65 M', MU Mi
Am Hide A Leather .. ll! li 10X 10H
Amllldo&Lpf 53 R) 52H 62H
Am Ice Securities 25! 25Ji 25)i 2SH
am i.inswu 22i 22i 22 22
Am Locomotive 03Jf 03) OOjf 01
Am Locomotive pf. ...101 100H 100X iOOJ
Am Smelt A ltef 107M 1085 105W 100!
Am Smelt A ltef pf.. .112 113H 113M 113M
Am Kmclterj pf A.... 03 03X 03H 03H
Am Smelters pf H 80 SOlf 8G5f 80S"
Am Steel Foundries... oOU 07 f5 fT
Am Sujar Herinlmj... U5)( INM. 114 114
Am Tol A Tel 127i 127M 127 127
Am Tel A Cable fl-IM 05 04 1 .
Am Tobacco 202)f 203 200H 203
Am Tobacco pf new .107 100H 100M 106H
Am Wool tf r 4 Hf 42 435S
Am 7. I, A Smelt C8W OS 07)f OS
Anaconda Copper so mU bSH f81
Associated Oil r.8'4 fJSlf 07)S 07!f
Alch TASK I00? 107!( lt)0!i 100)4
Atrh T A S V pf P9U OO.'i OS'i 08'
Atlantic Coast Line. . .113 113 113 113
llaMnln Ix-o HI lll'i 10.iH 10."iV
IlaliUIn Loco pf .... 107)4 107'i 107?f 107X
Haltlmoro A Ohio DBS JJS 01 01
llaltlmoro A Ohio pr.. 78X 78)4 78)4 78'4
Ilatopllas Mlnlne 3 if nj( ,' ,'
Ilcthlehem Sted 42,"i 425 415 415
llrooklyn Hap Tr 80 i 87 M)4 8014
Hrooklyn Pnlon (las. ..132 131)4 13114 131'4
085 4
00
DECLINE IN VALUE
OF GERMAN MARK
INDICATES CRISIS
Loss of Confidence De
presses Exchange at Ber
lin, Says M. Guyot
PLOT THEORY ABSURD
Sales in Philadelphia
H Am fliM
,. 4 mer Hy pref. MJ4
1(W Am Can WH
Irt Am T A Tl
40 Huff A flna t e.
to una j u..i
100 Corn Prod.
100 Ml retro! .
2 Cam Iron. .
4842 Cam Steel-.
M mac Hcnr ..
10OKIectrle 8t... fljji
ISO Krl ........... K
200 aen Arhalt...i TIH
2IT Ins Co N Am. . . JJ
ino VvtAnA Tel CO J4H
425 LaVe Sup Corp. ,gH
2.1 IhlgK Kav
41 ienicn kvni
49 Ih Val.Tr
resources.
Earnings of North western Railroads d'ood
November earnings of the Northwestern railroad companies were more favorable
than any that have been published In the current llscal year, both the Hill and
Rockefeller roads showing large gains ns compared with the corresponding month
R year ago. Hy far the most favorable exhibit win presented by tho (Ircat Northern
Railway Company. The gross revenues for the period rose approximately $3,000,000
nnd net operating Income about $L&n0.000. The St. Paul was next, with galna of
12,600,000 nnd J2.000.000, respectively and the Northern Pacific showed an Improve
ment In the former item of approximately $1,700,000 and about $1,.00,000 in the latter.
The better operating results by these thrco Important railway systems may bo
attributed to a variety of causes, Including a heavy tonnage of farm products, bet
terment In commercial conditions generally.
Trade Balance for Last V'Vck $.i3,07G,i01
Tho bnlnnco of trade In favor of the United Ktatp.t during tho week ended
January 8 last was $53,070,501. Tho exports were $01,725, f:3, while the Im
port aggregated $38,649,052. Kxports of cotton for the Maine' weel; totalled
110,530 bales, malting a total sinco August 1 of 2,440,745 brles.
WHEAT TUENED
STRONG LATE IN DAY
Market a Smaller Affair Con
siderable Covering Supply
in U. S. Larger
New York Bond Sales
mwrfo Annlo-rr I, ..
Jllsli. r.nw. cio.
I.V
II.-.1-,
11. -I
mil.
Una.
CHICAGO, Jan. 1L Wheat developed
strength late In the session today after
It had shown Irregularity, being heavy at
times, Stay closed at tho best level of the
session, $1.26H, after It had been as low
as Jl.H'tt. against $1.24H at the end yes
terday and July finished nt the top also
at Jl.10',4. after it had fallen to $M7U,
against J1.17H at tho close yesterday.
The market was a smaller affair than
that pf yeaterdaj. Futures early In tho
session" reflected sluggishness In the cash
article, which Is congested nt seaboard
and at terminals jnterlor. Bullish factors
were evidence of export business, sales
being estimated at GOO.Onu bushels, large
clearances from the seaboard, reports of a
good milling demand and u country In
quiry In the Northwest. There was con
siderable covering.
Bradstreet's made the amount available
in the United States, St.OOI.OOO bushels, an
increase of 3,912,000 bushels for the week,
and compares with 83,003,000 bushels a year
ago; In Canada, 01,531,000 bushels, a de
crease of 2,115,000 bushels for the week,
and compares with 37.ttl.000 bushels a
year ago; in Kurope, 72,400,000 bushels, a
decrease of 3,600,000 bushels for tho week,
and compares with 77,500.000 bushels In
lilt.
Corn ruled strong, selling at the highest
,)rl"!s on the crop, Jlay touching ,9-
in 1 July 79. Heading houses bought.
Ctr:l,iued dry, hot weather In Argentina
anil i further advance of 7s. 6d. In freight
rates from this country to Europe to
150a, helped to strengthen holders of this
aide.
Iieadlng futures ranged aa follon't:
Wat'il'N
Wheat opn. man.
May I.S. t.W'.i
July l.JTVi t-lu!.
corn inew aeiirrw
,ijr
(Jw. Clone. clOHft.
I.UK'I.IW: 1.17V
July ....
Oats
May .
July ...
Ultra--January
May .
July ....
Jtlba
January May ....
l'orlt-Jnuary
"SIC
4I
7',
Ti,
,l
4IO,
IS
7S
7N
4M1
47'J
70'i
711
7H
401.
47'.
4SV
I7'i
1O.S0
. la.M
..10.07
..10.42
. .10.82
..18.00
..1V.40
tAkeJ.
10.S2
10.00
10.73
10.47
10.87
18.00
IB.SO
10,27 lO.S'J 410.2.-.
J0..V1 10.M "10.47
10.U3 tlO-70 tlO.IK
10.42 10.43 410.37
10.77 'lO.SS 10.W
18. S.I 1R.00 11R.7.-,
1V.3'J 10.45 J 0.2 J
FOREIGN EXCHANGE
NJ2W YOniv, Jan. 11. The foreign ex
change market opened quiet, but with
both classes of exchange a shade higher
than Monday's final. A premium was
quoted on 60-day sterling, at 4.7231.72U.
Kxchange for 90 days was quoted at 4.69?;
4.70. An advance of about '. point In
relchsmarks, to 71?74T, was said to re
flect the measures which Germany Is being
forced to adopt to protect relchsmarks.
International bankers confirm the state
went that Oermany has been compelled
to send gold Into Holland, Switzerland,
Scandinavia and other neutral countries
to protect Us credit.
Sterling opened at 4.T5H&"4.75H for de
mand, and cables were about U better, at
4.7aVl.76U. French exchange was not
appreciably changed, at 5.31 for cables
and 5.81; for checks. Other quotations
werS Lire, cables 6.67',. checks 6.68;
Hwlae, cables 6.13SM1; Vienna, 12.70-312.75;
fcKwrkholrn. 27.908:3; pesetas. 19.0JS19.10;
"guilders; 4itMtt; rubles, 2929!,.
Around 1 " p. in. the market became
stronger, with relchsmarks rising to 75
7Vlc Sterling advanced to $5.76 for. de
cnd and $5.76 for cables. French ex
ahange was not appreciably changed at
fiw's for cables and $3.S4U for checks.
In the afternoon relchsmarks continued
trong, lHic being paid. Guilders were a
ahade easier at 4H;c. Franca Improved
jtlltfhtly to $3.83 for cables and $3.8tVi for
checks. Sterling was steady, $1.75 fur
demand ami $t.76HGUM for cables.
Ypru
afiio
rntrrtti
u. M$
BATES FOB MONEY
-all.
3Y.S4
al sacr. ? to a loonttu.
r !
BANK CLEAIUNGS
Time.
3(4
4 (ftlW
4 4W
pbiladel-
li.1i
11
l't
1011
1IKIU 10I1U
v, jiip.
lairxi Amor FmWt N-c l. ..11.1
ItOOO Artnfttlr fn II. a nil
17il AlehlMiii Ren 4a Pl4
imiio AtthlMon i-v li 1iA,
Ut Atehlmn cv 4m lliiiO.. .Hmiu
3f Atchison cv r.8 mi. ..mm
moo AtlHn Co l.lno 1t 4b. m
miihi iiait st Ohio :m up,
.LViii l.i t & Ohio 4 irji;
6-.1K)0 Unit J Ohio CV 4l,H... IWJi
icon Halt & O Hwn .V.s... Mi;
L'soiio lloth Steel 1st Sh lul
iOil rieth Meel rM ,'.s lll-.'M,
Hum llrkn Itnn Tr ' HclU
Hhmi llrkn llai Tr ,1a IIUS.lli.
Pal Ohh & i:iec .la... iih
:jii C.inailn South T, lul
iooo Ont ia cons Ka lot
luuil Cent leather 1t ,1a. .Kll'i
Hn Chill Copper 7a ills'.
I IHM1 Chea A: Ohio cv 4Vj.. Mlj
Liioo rhca Ki Ohio a m.li-j
lfKHI Chi rireat Weat 18. .' "IIL?
JiHm I'lil 11 & Q Joint -la..-!; list,
JIKKI Chi Mil .& ,4, l nv .-.j IIVIU. Ul'll?
rKi chi .m & s r cv 4Vja.io.iC im; mt
I'mio Cona riaa cv 1a l'.''H; lsil ll'il
7(KI Cumberland Tel Sa s.1 N'l S!
niHHii) nri & li com- .-, i p.iu;i; hit io
moil ma Hecur t.on ' . T"
Ssoui IJrlo Ken 4 7llt,
hii i-ri conv 4 ner . -
101
m
IH
usi;
lU
Ha,
lli'J
lftlU
lli
IW
101
mi
101 14
J.UU,
m.v
m
un;
u;i4
nsi,
.iVi
liti
1(r
liti'.
Hoi,
lis
101
mi
1.TJ'
s-i; K7t,
o.iu Kkiu;
7.-1", 7.-H,
10il Krla nrlor 4 Ml
SflOO !cn Wee ileb .la m.-.sj
I Win llu.l to Man rM ,1a 7:i,
loon Inillana .Sled .la inn;
. .. TH'i
... ir.fC
lMlUj
!I7'4
4ihio Inlerh Met IV,a..
iinio Interh It T rcr Oa
lTxoon Inter Mer Mar ct iin
VOOii Kan Cllv So ,1a
lTIKMI l.'trlcn rilrpl .1. UiTJl
nim i.u n m t aa 10114
r.on Minn & St t. 4a S7I
1C4HI M K & T lat 4 77
LV 1I0 LM 4a Ml
IIKjii Mo l'ac ct 4a 4:1
Mxm Mont I'ownr .la WPj
akl -Vat Tub Sa 10O
whmi N V Air llruko cu lia.HUVi
liAUa) N Y C (la
(al K Y O & II .!
Limn do 4a
IK do ia
1UHJ N V City ta 11157 ...
"IHIO do 4a ID.10
30410 lo 4Ua Hull
41KV1 do 4t4a Nov 111.17...
11 Km N V ( & W rfd 4a...
una) N y ltwy rcf 4a
271411 do nrlj 5a
:iim N Y Tl aen 4i . .
2.MIINI Nor l'ac prior 4w....
10m Nor l'ac Ken 3a
lKoim ira ltwy & N con 4.
171X10 I'rnna Is 11MS
01100 do Ken ct 414a
VOW) iniU Herv N J 5a
1 KeadlnK sen 4a
I.Mlftl Hep lr & a .19
750H Houth l'ac la
271O0 outli l'ac cv 4.. ..
I'llKHHI dn cv ret u 5a...
1 (k 11 10 South ltwy gen ....
Mux; noutn ltwy con &..
117
KH4.
Kl
ti.H4
Ps,
nt
mil;
HXHi
ki;
74
5S?J
UH
r'
Hkl
i'.'IS
'-4
MiJ
IIIMI
7:t'i
7
1l?.
111!
nil,
07
101U
..
511
4:1
WH4
100
KH'i
llll4
Ki
IW
11.1
IMI4
111
mm
lfal'i
Kl
74V
rsvj
Ik't-K,
IWV
.tKI'l
1IKI
list:
nr.ii,
01
7ll,
IW14 1W!1
OIKV, Ijo
044.
Sill.
ll74i
.T1J
1IKI
IMiui Term Ann 8t L, nt 4a N7
iianjii -mini Aid new 4..
240110 Third Ave ndj 5a. .
liOOD II S Itubber tla . . .
1000 T S Steel 5a
aooo I'nlon l'ac Ut 4a..
4.V Union lc cv 4a. . .
1UKI0 Un Ilwya 14 V 4a. . .
1'mai Va Ha Ilrown Uroa. .
UNO Wab-I T lat ct 4a..
4W,0 tt'iit Klec cv 5a...
Juuo Wcit Union 41
. Mi,
. M)i;
. 10.11',
.101
. 1174,
. an;
. 454;
. wet;
:1V
.1:151,
04
i
107
Tl'-a
im
KJ
KI
!if,n!
im
1124,
454;
52tJ
133
7:114
lniu
7'i'i
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U7S
im',
.
.iu
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100
104',
11 nt-i
K-J
l
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HUH,
71,
.'.hi;
Uhl
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t'244
1(l
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Kl'i
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711,
im
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mi;
lirtti
mi
D744
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45!
524!
u
133
tHH
NEW YORK COFFEE MARKET
NEW YOItlC, Jan. 1L-The coffee mar
ket received quite a setback this morn
Intf and first prices were 10 to 11 points
lower. Bales on the call were 6250 bags.
Illo was 75 rels lower at five $725 for No.
7. RxchatiKe was l-32d, higher, at
11 15-I6d. Hecelpts. 12.000 bags, and stock,
385,000 bass. Santos was unchanged at
five P"0 for No. i. Receipts, S9.000 bagB,
and stock, 3.561,0no bags. Receipts at the
two ports over Sunday were 71,000 bags
against 71,000 bags a year ago and 31,000
bags two years ago, Hao Paulo had 60,000
bags, against 64.000 bags, and 23,000 bags,
and Jundlahy. 47,000 bags, against 33,000
bags, and 16,000 bags, respectively.
December
January ..,....,..
February , . , .
March '.
April
May
June
July
Auauat . . .
September
October
November
liti, galea, oouu baa a.
Today's
opening:.
7.50
7M6
T.0.1
1.15
7'.sba7.io
Yeaterday'a
cloaa.
7!6n7.02
7.1M i7.10
7.IBJI7.18
7.2lft7.2:4
7.2a7.2S
7J2U7-14
7.37ft7.3!l
i.llttl,i:i
7.4fl7 4K
7..116T.M
7.6167.63
Vanderllp Quits Uank Doarda
WASHINaTON, Jan. 11. Frank A.
Vanderllp. president of the National City
Bank, of New York, and director In many
other financial Institutions, has resigned
from all bis offices except the National
City, It was announced here tcday by the
Itlgg National Bank, of which he was a
director. Officials said Mr. Vanderllp was
forced to take this action because of the
Clayton act. which prohibits interlocking
bank directorates after October 15 of this
year. t
Uaa Cltirliica tfJay compared With cri
ru,ijriW.$,
KwTra:'
,kv taat Ida leifd'
,.A ,'Lt
xm-m
ffim
1UL.1
, ! a
1 Additions to York Railways Board
l ' harles II. Bean .and John K. Zimmer
mai. were elected director of the York
Hallways company, toe board bavins
j ut-cu uicrcaaett jvr me jjurpvse at me an
i fiuaj luctuu.
mu
8.1
DtU
77
.'11
07
1711'i
.mm looH ioo'i
oi4, ihw (an
2l'f 2l!( ay,
filX MH M
UK Ui 14'i
.10.4 ,19! , It!)
Ilrovtn Shoe pf
turns nroi .. .
Hush Terminal ..
Ilutte A Superior.
Iliitlcrlck Co so
ral Petroleum .'
C'al 1'etroleum pf (17(
Canadian Pacific 17ni
Cent Leather Co ft
( ent Lcilher Co pf . .
Chesapeake A. Ohio. ..
Chile Copper
Cnlno Copper
Chloaco (It Western..
Chi (It Western pf . .
Chi Mil & St Paul...
C C C & St I,
Chi A Northwest . ..
Chi . .Vorthcst pf .
Chi It I & Pac
Colorado I'liel & Iron
Col A. Soul hern . .
Col K. South 2d pf. .
Consolidated (las . .
Continental Can
Conllnental Can pf ..
Cum Products ltef . .
Corn Products ltef pf. (I.",
Crucible Steel (tl!a
Crucible Steel pf I0il
Cuban-Am Sucar hVHj liio
Delaware A Hudson. . .l.VDi IKt
Den A Itlo (Irand. . . l:i IP,'
Den & Illo (Irando pf. 22 2IH
Oil
M
IlO'f
71
Ml
.'I414'
on
1774
Kill
im'i
w
Mh
.11
:hh
07
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M
:
loou lno.'f liKiw ioou
is
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17-l'X
. Mi
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:i2
. -.0
ii:i
. s;i
108
2t)t
17J 47
mn i;i.i
i"r.
Wi
MH
18
M.'I
ftri
108
20S
(Mlj
(ilU
17
1:1.1
17o
17'ii
I01
18
Detroit Kdlson l.'ia'i i:il
Dome Mines 23S
Distillers Securities JflH
Dul S S 4. Alt A
f.lrc Storage Hat (il'i
Erie 41f
Ktle 1st pf i,7H
Erlo2d pf .12)4
KedMIn A Smelt .'15
KedMIn A Smelt pf.. MH
(leneral Electric 17.1
General Motors IAS
(leneral Motors pf....lll
Qrccne-Cananea -10M -lOJi -l! 41)
Ooodrlch II V Co 72, 7.'1 70) i 70!
Goodrich II F Co pr. .1134, n;tjf uMi 113'i
arcat Northern pf 12 Hi 12.1 12 1H 121.4
Gt N cfs for ore prop, -ih'i 411 47! 47'
GutBonhelm Kjpln 2.1 2.'l'4 2.'t 2:i'
Hav El ity I, & V.... 0.1 00 00 tlfl
Illinois Cent 107(i 107'i 107JJ 107i
t M itil ( (l.
01
.100
.108
. 20i
i7r.
IT'S
104
:i.ii
48
142H 112'j
70 711
108 108
10Ta l!'i
1MW liUs
rit :a'(
looti loo'k mni
1.1.1 IdS
l.i:i
ll'i
am
VM
2S
-11 s
0
Ki
41
f.0'
ra
m
fi25.'
172i 17.-1
450 400
111 111
T5y YVES GUYOT
ExMlrtTter ot Tublle Works. Editor 1Agenta
Economlnue et Flnanclere.
Soeclat Cable Io Ihi Vventng J.tdotr
1'ARIS. Jan. 11. According to the latest
figures, tho loan brought in moro than
15.000,000,000 francs, or $.1,000,000,000, In
round numbers, of which $1,060,000,000 was
new money.
Tho latest declaration from Germany
on the fall In tho Value of the mark Is
that It Is duo to a conspiracy, of which
England Is the head. Of course, this is
foolish, but, moreover, tho fall In value
of the mark Is due not only to material
facts, hut also to the. loss of contlldcnce
of Investors In the fTiinnclat nnd military
situation of Ocrmnny.
If Germany could buy freely Instead of
getting In her supplies by contraband
methods tho fall of tho mark would be
still more serious.
Germany talks of llussla owing France
IS.OOI.OOO.OOO francs, but this Is absurd.
Only 45 per cent, of the Itusslnn debt Is
held outside of thnt country, and this Is
divided among Trance, England, Belgium,
Switzerland, llnly and Oermany.
(fcrman newspapers talk of Kraiico hav
ing to pay S.000,000,000 francs ns part of
an Indemnity after the war. Without
doubt there wilt be questions of Indemnity
In the terms of peace, but It will be Ger
many and Austria who will have to pay,
nnd the difficulty will be to find resources
against which nn Indemnity can bo
charged.
7(04
M
lSi
1 a An IM-Af ...... .'! V4
M Ultl Schuylkill M
M Mlnehlll ......i gU
M8 renn , Ilallroad JO
200 Pa Ralt,Mfir....looV4
SO Pa Steel pM... J1
in III i Co 4?S
in do cum nref.. til
727 Phils. KlecnjC'
4115 do tr ctfa so
n Phlla Trae H
300 Hen lr ft St... .,
1.170 Tonoph Hel... V
2i) Tonopnli Mining i
so Tenn Copper ... :i
ln Union Trnc 4.
25.1 Ilnlted llaa Imp js
i.-.in) tr a steM sit
10 weal Kiae
1
Tea. clone. Jtlth. XfSr. Cloje.
122 122 !.. 'St.,
n.v i'i' ";;
is.4 iS'1 1 4
mi in". I"'? '.
!j!. 8' sj 4i;u
n $
ja hit ip
1) ."
ii . 711 7(1 ,
81 fou ?2'l
ASS S3 W
M 04 o-t,
lu 10. toou
.. u
i iilf S" Si"
:SRa v& m its
I'll 1 n ,"-
7HH 71" 70S
& 01'J 5J4
t,im tan
44 44
S5' MU
lir.l.. Il
r.iis
44ji
i"ri
Ilnlted
Si.
West K
War lr
W Jer
UV.I'yea.eVd-'yn Ep K da wefj.
DS.08T nhareat asrne period Inst week, 3S.4I7
.! Warlr'TsC.-.i 1$ 1$ JSfc
1 W Jer A BeB"h501i Wl '"'
.in.
ToUl aslea. .0,911 aliaff. omiar-i ..
allure.
HON!).''
I.iat piev.
aair. iin.
i-4"L'." ,?,ft:,a"0
TiocflyiaVoiVrei $& '$&
u
40
(1
('.'I
41' t
tuii
G2
.'!0!i
M
17.1
400
lit
l.VI
n-r
2ih
1:11
2S
44N
0
e:t
41
SO1.
rti
30
.I'll.
GCHf
1IJU).
108
20'
Int Acrlcullural
Int Aurlcultural pf. . .
Int llarv N J
Int llarv Corp. pf
Inter Con Corpn
Inter Con Corpn pf .
International Paper. .
International Tap pf.
Inspiration Copper...
Int Nickel
Int M M cf dp
Int M M pf rf dp...
Kan City Southern...
Kan City Co pf
Kayscr JulliM 1st pf.,112U 112
Lack Steel 8.1'i
I.adcdu Gas 10.1
Lchleh Valley 80)
00
100
10
20
100) i
108
20(
BANKERS HOLD JOBS
DESPITE CLAYTON ACT
Directors Here Fail to Resign to
Meet New Law Effective
in October
5i0 Hied 1' Tr 4a. SlU
WOO Int nwya 41 . . . o
10000 Key Tel lat Ba. . 0
tooo Ih N ca 4Ua r .,
1000 lyh V Coal f.a. . 105H
Urt 1-cri V Tr ret fis Itt
I cu 100 IVnna (Jen 4149.101
1000 Perk Id 5a..... ..
4(K I'hlla Co conaSa WJ,
iKx) 1'lilln Klee 4.. SS'j
looo Hendlnir Ren 4a 05
low do res ..J..
1000 do lino 4a . . . i '
7Co do 2d 5a lon'n
1IKK) Hiand Oaa tla... Wi'S
S0IK1 t'n llwys t e 4a ,4
5000 Welabnch Co fia ir'
1000 York Hny lat 5a IM
SI
5S
nn
101 u
1054,
IU
tut
llll'l
nn
w
nr.
in',
nMJ
1104,
74
int
114
y. llo-e
IHI IHI
IIS IIS
10IU Kll'i
101H UllS
lirj& liraS
SI si
571, 5S
on no
mtu mi'i
inr. Kurti
us ie
im im
UllVi 1'H'i
IM) 1"!
-2 KI
115 I5
IU'4 l4'4
mil ,071.
noft lion
m wis
71 74
im nn
114 H4
Totnl anlf". S(H,73it, rnniparril with JS9R.I00
Trlerdnyi thua far tlila wrck, Sl(13,ia0 aame
period Inut ueek, $138,090.
COTTON INCMNKD TO SAO,
HUT OPFRKIXtiS WKRK SMAI-h
New
Orleans Uought Match
Liverpool Took October
and
I .Hillary
Lorlllard I Co pf.
Louis & Nash
Maclray Co4 pf. ...
Maiwell Motors....
Max Motori 1st pf.
Max .Motors 2d pf.
Minn & St 1-ouls...
M St V & H S M. .
Mexican Petroleum.
Mex Petroleum pf. .
Mo Kan & Tex...
Mo Kan & Tei pf
Miami Copper
Mhsoutl Pacific .
Missouri Pac tr cfs.
Montana Pouer
Montana Power pf
National Tttscuit
Nat Knamel .1 S
Nat Lead
Nat Ity & M 2d pf
. 12 m; wi mi
. 4o;; isj; 4?- -isj'
. 40? i 47) s 40tf 40'i
202M 2tt'l 200,'i 202J4'
. 20W 20 201 i ioi
. 77M 7H5 70?i 70!i
SOU 30)4 30)' 30)i
iii; in oi oi
112 112
84' 81! 81!
103K 10.1H 10.14S
80U S0)f W)!i
Julv
October .
Decomber
Hpot
110
120'f
. C0'(
. OS'.'
. S9U
. .1.1'i
i2;
110
i20
0C.!i
09) i
W)H
.1.1! i
12U
12t)i 121)4 121
110! 118U 111
.101 100
(H M
15,4
3.Htf
Mi
lO
... 10
... 37.'
... ,1)f
... 51?
...77
...iooj; no
I2;i 12.1
...27 27
084 081
8Ji 0
110
12'J
IMW
o.)
02H
12)i
100
0)
15)4
37 i
:,y
Mi
Nevada Con Copper. . . 15J 10
110
12.1
20)j
07J
0
15)4
110
120
OtiW
Oo'i
80)4
52M
12)a
121M
lit).
KM)
0)4
15)4
37) i
5f
110
125
20H
07).
0
10
New York Air Drake. .110 1404 lll)f VUii
. 75) 70 75)i 75U
.109!i 110 100, 109);
30 29H 29V4 20)4
)20; 120); 11914 noH
. 88); so); 80); so);
74 72)j 72)4 72)4 J
lll 1IUJI lion IIOIJ
10)5 10W 0)4 I4
1- I-' 12
. 50 68J 5S)i
110)4 110)( 111)
. 5.1 50 50
42t; 42 42
. 34); 34) i 33!
1091i 109)4 100
DOM 07)4 07
N Y N 11 & II
New York Central..
NVOi West
Norfolk & Western. .
Norf & West pf . . , . .
North American
Northern Pacific
Ontario Ml M
Pcclflc Mall
Pennsylvania
Peoples Gas Chi
Pettlbone-Mulllken..
Philadelphia Co
Pittsburgh Coal
Pittsburgh Coal pf. .
Pitts Steel pf
Pressed Steel Car....
Pub S Corp N J
Pullman Co
Quicksilver
Ky Steel Spj
Ry Steel Spc pf
Kay Con Copper
Heading 81);
Itep Iron & Steel 51'J
Itock Island Co pf. . . . ;
Ilumely M Co pf tr r. 25)4
M 1. a . r isi pi.
St I, Southwest pf.
Seaboard Air Line.
Sears Itoe 4 Co. . . .
Ploss-Shcff S i I Co.
fcouthern Pacific.
Southern Ity 23)4
Southern Hy pf 63) j
02)4 01
H7j; 11(1
105 105
4i; 4);
40)4
JOO
25)i
40)4
IKH4
25)i
82)f
5214
;
251 (
S)i
45
17
183X 181
00 59K
102); io2); ion; iouj
M'l 22 23
04
9!f
45
174
51);
110
105
4)f
38
00)4
24U
so;
50
i;
251;
8t
45
10
181
59
12
5S)i
no);
50
42
33) i
100)4
07H
57);
lie
105
ti;
D0K
2i;
si);
co);
n
25
Mi
45
it;
184
50
Standard Mllltnz
Studebaker Co
Tenn Copper
Texas Co....,
Texaj & Pacific
Third Avenue
Tobacco products pf. .101
Twin City ItipTr. ... oat;
Union Bag & Paper., 7);
Union Bag 4 P pf.,., 28)4
united cigar b tores... m
United Fruit ,.
Union Pacific......
Union Pacific pf. ..
U S lad Alcohol. . .
U S Cast I P & F.
U S O I P 4 F pf.
United Kys Invest.
United Itjj Invest pf. , 38H 38
UH ituhoer 55W 55)f
03 03
0.1 05 05 05
.15554 157 152 152);
60 00)4 58 58! j
223 225)4 210); 219)
874 8)' 8) 8)
tmj oih ooj; co);
101 101 101
00)4 00)4 00H
7)4 7i 7)4
20 29 20
9)f 0U 04.'
.lia H3JJ Hi 141
138 13!! 137) 137);
. 83 83); 82) Siil
.120)f 130 127 127
. 24)4 23)4 23)4 23)4
. 49)4 49 49 40
20); 19H 10)4 19H
30 3Q
54)4 5414
US Itubber 1st pf... 109)4 109); 109)4 lOOVj
K2i?.tCe.'--; b6, S65' 85K 85)4
Ki8' n7U ll 1,7 l"i
Utah Conner 70W 7(il ia ia
iM.ii uaem (i
Vs Iron Coal &'C... 61
Wabash , jrjj
Wabash pf A 47J4
Wabash pf 11 31)4
Wat E 4 M 06H
Western Maryland 31)4
88)4
4)4
15
223
Wutem Union Tel. .
Wheel 4 lake Erin
Wheel & L K 1st pf
Willji OterlanU.
WUy Overland pf.
Woolworth Jf W Co.
48
eo
16);
47)i
31)4
67
31)4
8S4
4)4
13
22014 220
111H lllH'll-
.121)4 123
47
60
10
47tf
30
05);
30)4
8s)'
Hi
13
47
60
10
47,-i
30)
654;
30;
mi
4H
13
220
1
NM 1 tWH
No ii'SlKiintloim from the directorates
of tho National Haulm in 111 la city Io
comply with the "InterlocltlnK-dlrec-toratc"
clause of the Clayton antitrust
low were reported nt the ntinunl iiieel
hiBfi of the vnrloiiH Inatltutlons today.
In view of the fact that the elaiiao Ih
ofTcctlvo on October 15, 1910, It wa.s be
lieved thnt there would .bo many changes
In the boards of directors.
Thin belief, however, was dispelled when
It became known thnt for the most part
the retirliiK directors were re-elected,
with addition In several Instances, but
not one rcHlKiiatlon reported.
One ot tho cltv'a foremost bunkers said
there was a fccllnir on the part of hank
directors hero that the "Interlocklnc;
dlreotorato" clause would bo stricken
from tho law by Conirreaa heforo the date
on which It Is to ro Into effect.
"I am afraid It Is n useless hope," he
declared, "and I should not bo surprised
to seo many directors resigning when
Orloher lli comes around."
Tho Clayton act specifies, nccordlns
to an opinion recently elven hv the coun
sel for tho Federal Reserve Hoard, thnt ! J'rr'
at the samo time be a director of more
than ono bank organized or operatlntr
under tho laws of tho United States olthcr
of which has deposits, capital, surplus
and undivided profits aggregating more
than J5,0000.0.
Kour additional directors were elected
at tho meotlnrr of tho Union National
Hank. They aro Nathan T. Folwcll.
Samuel K. Landls, II. II. llnrton, Jr. and
liMward "Wolf. They formerly wero direc
tors of tho SlnnufacturcrH Notional
Hank, which recently was merged with
the Union. The 12 retiring directors of
tho Union National Dank wero re-elected.
Paul Thompson, vlco president of tho
United Gas Improvement Company, was
elected n director of tho Corn Exchange
National Hunk, to Oil a vacancy, and tho
retiring directors wero re-elected. James
A. Campbell was elected a director of tho
Iloberl Morris Trust Company to fill a
vacancy and four rtlrlng directors wero
re-elected.
A the meeting of the Fourth Street Na
tional Hank tho following board of direc
tors was elected:
Sidney !'. Tyler, Frank T. Patterson,
William A. Dick, Klllngham It. Morris.
V. H. Nicholson, Francis I. Gowen, Isaac
H. Clothier, C. W. S. Packard, E. !'.
Shnnbacker, J. M. Wilcox. T. C. du Pont.
T. S. dates, William do Kraft, Frank G.
llogers, George K. Johnson, W. 1'. Gest,
J. A. Wldener. II. A. Herwlnd, W. M.
Potta and Samuel Hell, Jr.
The last four are new directors. The
board was Increased from 18 to 20 mem
bers, there having been two vacancies In
the former directorate.
Retiring directors of the following na
tional banks wero re-elected. Franklin,
North America, 2d, 3d, 9th, uakcr City,
Xorthwestcni and Monayunk.
NEW YORIC, Jan. 11. Ituslncss wns
small on tho Cotton Exchange this morn
ing. Tho tono was about steady, with
Initial prices showing losses of 2 to 4
noliits. The only feature was tho mod
erately heavy selling by a prominent Wall
street house, which was generally be
lieved to bo long liquidation for the ac
count of Western Interests.
New Orleans houses bought a small
nmouut of March, while Liverpool took
some October. After tho call the demand
decreased, with tho result that small sell
ing orders foiccd prices down S to 3
points.
The eatly decllno under Wall street.
Southern nnd Western selling, carried
prices about 11 to 13 points under last
night's cloning figures. Liverpool was a
good buyer on this decline, however, and
the market turned steadier during the
middle of tho morning, with tho active
months wo -Ing buck to within D or C
points of yesterday's finals.
Slight precipitation was aulto general In
the cotton belt thla morning. Tempera
tures wero higher.
The receipts of cotton at thn ports
for the day aro estimated nt 30.000
bales, compared with 4S.G76 bales last
week. '.12,417 bales last year nnd C2,ilC
bales In 1914.
Open. Illch.
1 lift VI,
iS.'r.j ia.'"r,s
U'.TS I'.'.TS
1S.IH 1S.K!
fj.irj V2.it,
V2.-0 l'J.7.1
Yea. clop.
,1'ilT
. r-Mwi
.r.'.M
.lL'.mi
.ia.nn
. . 12.7.1
. l'.M
1AV
IB.Bi
U'.4ll
1'J.li'l
ll'.HI
IV!. Ml
li.70
Cloa-..
I -'.:
ia.r.4
la.T-i
12.lt!
I'-'.m
IB.iU
ll'.W!
IJETTEK TONE ON CUKB
Trutlers Helped Advance Inside Sup
port Good
NEW YOIIK, Jan. II. There was a
decidedly better tone id the market for
outside securities today, and while slight
recessions -were shown In a number of
Important Issues at tho outset, before the
first hour a stronger tone developed on
what looked to be good Inside support,
Traders were conspicuous In ehlplng the
advance, although at times some Irreg
ularity developed on realizing.
CurtlsB Aeroplane, which was conspic
uous yesterday at an advance of ten
points on active dealings, failed to show
any animation worthy of mention, while
tho price moved at a range of about a
point. Driggs-Seabury, however, moved
up about ten points, due In part to the
large contracts secured by the Savage
Arms Company. Mtdvale Steel, after a
small lecesslou, rose a point, but later
eased off elUhtly.
Cuba Cane Sugar was again active on
what looked to be Inside purchases and
advanced about ',4. Motor stocks were
somewhat Irregular with-continued heavi
ness In White Motors. Peerless, after an
Improvement of a point, lost the advance.
Maxim Munitions continued downward.
Oil shares were generally weak with
pressure In Standard Oil of California,
Indiana, New Jersey and New York. Cos
den Oil eased off
INDUSTRIALS. nlM A , ,
UM. Aakeil.
-. ,'
i." A'-
JDO
ta
120
4T
J.S2
9
21
711
Ih. llttVHr in, W I
I'nr.illan Cur & Kdv .......... 7.S
Canadian Car & Fdy prel JJ
t'urtlaa ........... , 'SJ
Chevrolet Motor Car ,...,li3
Cuba Cane auiix 481
IrlB-Seabur-- .ISO
I nt-rnatlonal' MVrian'tlie ' Mariiie.' .' .' ! 20'4
International Mercantile Marine prct 77
Manhattan Tranalt 2t
Maxim Munition ilo
MWvala Steal 7.11,
I'oola Ens & MacU 137
Bt Jsaesh Laad 1.1
Submarine Boat 40U
White Motors w I 474,
Wrla'llW STOCKS. "-
Coaden Oil 14t
"rt
llouaton Oil
.Ii,:
loll
15U
Rutta Coorxr & Zinc
rtraC Natlonil Coppar
llININt STOCKS.
ft
Keaoeeott Conner a
NIptMlns MUwa O ....,, IH
mjuvx.
JlS!,n.-;;u:-U.:.;::;:i Jf
Liverpool Cotton
I.IVEUI'OOI,, Jan. 11. At 2 p. m. fu
tures were quiet. Quotations were: January-February,
7.9Sd.; March-April. I.t3d.;
May-June, 7.S4d.; July-August, 7.73Hd.;
October-November, 7.29d. Tho sales wore
10,000 bales, Including 9200 bales American,
WantH Cotton Bill Repassed
MEMPHIS, Tenn., Jan. 11. Members
of tho Memphis Cotton Exchange have
petitioned Congress In resolutions to re
pass the Smlth-lever bill to regulate
trading In future cotton contracts. They
want section 11 reinstated.
MINING STOCK QUOTATIONS
TO NO PA II STOCKS.
Illd. Aakfl.
Jim llutler 1.10 1.11!
MaoXamara KI .04
Midway 1 .11
Mlzpah Extension L .-'!
Montana :' ..'12
North Star IB .17
Tonouah Ilelmont 4', 4H
Tonopah 1-itenalon 4 41,,
Tmopah Mlnlne 0' T
ltmcun Rula OH .1(1
Wtat End "S .SO
OOLOFIKLD STOCKS.
Atlanta. '-'1 .2.1
ltlue Hull OI .0.1
Ilooth 40 .41
llulldoa- 02 .03
C O O , ill ,OI
Combination Fraction 07 .OS
DlamondrteM 11 II 0.1 .04
Dalay 04 ,0.1
Florence Ml .at
ColdfltM Conaolldated 1.10 l.ln
(ioldtleld Marircr 17 .ID
Jumbo Extension 1..10 ,.i.i
Kewanaa 'M ,22
Oro , 0.1 .rut
Handatorm Kendall on ,os
Silver Pick , OH .OS
MISCELLANEOUS,
Kalry Altec 01 ,0.1
Ktmbrrly i ,04
Nevada Hill an ..-.'
Netaila Wonder 1.03 1.70
Lumbermen's Dividend Increased
Ity declaring a semiannual dividend of
10 per cent., the Lumbermen's Insurance
Company raised the annual rate from
18 to 20 per cent. The dividend Is payable
January 15.
DIVIDENDS DECLARED
Ileal Eatate Title Inatirance and Truat Com.
pany. regular Quarterly $3 per share, payable
February 1 to slock ot record January 10.
Ineurance Company or the State of Pennsyl
vania, semiannual 3 per cant., payable on de
mand. ,
Kerr La;, Company, reemlar quarterly 25
rents, payable 'March 15 to stock of record
March 1.
Lead Ore Advancing
MIAMI, Okla.. Jan. ll.-Pr!ce of lead ore
la advancing, standing now ut J a ton.
ANNUA!, MEETINGS
JSs. 'XUB CKNTHAL NATIONAL "ilAXU
U or l'lULAUELI'JIL.
December 13, 181S.
The Annual Elactlon tor Directors o( this
Bank will be held at the Banking House en
Tuesday, January 11, 1916, between 11 a. m.
and 1 p. m. WILLIAM POST.
Cashlsr,
jga NOKTUWESTEUN NATIONAL
Philadelphia. I'o., January lit, IBIS.
The Annual Election lor Directors will be
held at the. Banking House on Tuesday.
January lltli, 1918, between 11 A. M, and
' ' LINFOBD a NICE. Cashlsr,
TUB PU1LADELPUIA NATIONAL UANJi
Philadelphia, December 11. 1915.
The Annual Election ror Directors will be
held at the lianklng House on Tuesday,
January 11, lBia, betwueq the boura el 11
Noon and 1 V. M.
HORACE yORTESCUB, Cashier.
DIKECTOHV OF ACCOUNTANTS
Ccrtlfled Public AccouotanU
UWBENCB B. DROWN & CO.
161S HEAL ESTATE TRUST BUILDIKn.
BURNS fc 8PEAKUAN
The Bouree
LliOAL ADVERTISEMENTS
.TCgS3" NOTICE TO CHEDITOKU
4 tMfk Mltst, 100 So. SJd t, h
wld his business to CJraHeua. t atomauio.
m! t a?si?4 1'ri'Uy Jn"'
"BANK DAY' IN MlLADELPHIAr
SEVERAL DIRECTORATES ENLA
Ti.ri.r.ii ATnnfiv Seekinjr Investment, and V,va J
paFalelled Prosperity PredictedLocal Market!)
vvcaK in xiuui xiour
operators holding back and .11 3
price to s4B. IncldcntaUy ,1'hf
vanla Public Servle. nV ,h? rftJ
Trd ?1WIW. TrT'S
counting ;ye,p0nrth,ws:
llnpld Transit Company Unlen'
, " "' " " "egression, 1
Tho remainder of the lr..i .. . -,1
dull affair. Brill and ivJSSi MJ
preterrea sagged oft about a iS"'
j&l
the break in Wall aiEX. S XM
feverish. " cli,
Tho annual report of thn nn,.. '
and Westchester followed S1"US5
"' "f oiner looai and sub1lrh.,'
howlnir silbstantlat Increase, "fe
41,0 ,l?e,..Pr?ss oforatlng wv?
.,rvr!"' .n " mi us a
MS. an Inercaso of 138.074 n.I i.'.ifel
tlrlrur directors nn,t i..v
electod at tho annual metlnr '
umuuiiir- jrniioaoipnia, Imurejica
pany ralsod IU dividend rateiS,."?
lustrat nr tho nrosoeriiv .nuii0?1'.
business. This timo if .. riVr.
me,n'B' whlch Jt'mped tho payrn,
IS to n 50 n rm 1...1. ""nl I
This was "Bhnk Day" In Philadelphia
and unusual Interest nuached to the e ec
flon of director:. In Vlenv of the new law
which (toes Into effect after October 14,
Ml, nnd prohibit Interlocking: director
ates. As there Is hope In some quarters
"'"' .. .. .. i, ..iin,1 hfnrA the
that tne 10-w m wj ,,,u...v "----date
upon which It rocs' into effect, com
paratively rcw cnanscs weio .um.. .-.
at this time. ' 1
This surmise proved to be correct. Bitch
alterations In boards as there wore belna;
nlmost entirely confined to replacing di
rector who hid recently died. In a num
bcr of lnstanccfl, however, tho member
ship was Increased and tho names of
several prominent men added.
iloth banicers and brokers say that Idle
capital Is rteeklmr inves ent as never
before. New promotions are dall tains;
promulgated and many predict thai 1316
will be tho sreatest single year of ex
panslon this cvu..try has aver seen. Al
ready virtually every uinderwrltlng has
been oversubscribed nnd Individual In
vestors aro .. Sstantly on tho .alert Jo
pick up hlgh-aracle securities, Incidentally
II is interesting to note that of tho
12,590,000.00) which national banks In tti
reserve and central reserve cities held
for credit of othor banltB nnd mist com
panies throughout lids country and
abroad, on November 10 J12O.O0O.00O was re.
celved from foreign countries.
Ilapld Transit shares wero a wenk spot
mi the local eVchangs today. Tho selling
was not lame,, but thero scorned to ta
comparatively 'llttlo demand, the pool
Financial Briefs
Tho common nd 7 per cent, preferred
stocks of the Marlln Arms Corporation
have been listed on the New York Curb
nnd will be dealt In on that market for
tho first tlmo tomorrow morning. Tho
common olid preforrod stocks havo been
selllns lately over tho counter for 133 and
8.1 per share, respectively.
Isaac Starr wns elected n director of
the Chestnut Hill Itallrond to fill a' va
cancy. Tho Now Vork Stock Kxchahgo has
received notfco from tho IiiBorsoll-Rand
Company of a proposed Increase In Its
capital stock'iby J,000,000.
At a meotlng ot the Iwnrd of directors
of tho Canadian Pnclflc Hallway held In
Montreal E. W. "neatly, K. C vlco presi
dent and general counrtel, wns elected a
director of the company, In place of David
McNIcoll.
Tho New York banks gained from Sub
treasury yesterday JM.OOO and slnco last
Friday' 51,667,000. '
Tho Union Oil Company has resumed
dividends, declaring H4 per cent., payable.
January 23. The last payment was 2 per
cent. In August, 1014.
At tho annual meetings of subsidiary
railroad companies of tho Lehigh Coal
and Navigation Company Wllllnm Jny
Turner was elected a director of tho
NesquehonlnR Valley Ilaliroad and tho
Trcsckow Itallrond, to succeed the late
Samuel Dickson.
Tho Fenron Committoo of bondhold
ers of tho WabaBh Pittsburgh Terminal,
who who nre opposed to tho plnn of re
organization, request holdors who do
not assent to paying an assessment of
J300 per bond and who deslro to Join
In enforcing their rights to deposit
their securities with the Glrard Trust.
The Fidelity Trust Company of Nownrk,
N. J., announced an extra dividend of 10
per cent. Tho dividend Is to bo paid In
shares of tho Public Service Corporation
now held by tho trust company.
During tho afternoon trading on tho
Xew York Stock Exchange, a hlock of
$100,000 of International Jlercuntlle Mnrlnn
4',js certlllca.tes changed hands nt S5V4.
KEYSTONE PHONE EARN1X9J
Net Surplus for Year Showed
Increase
Reporting earnings for Decmb,
lianV ShOWeil mhafnnllal ..,:..' '
i, ., . ........ Mania an im
th line. Tlin nif a,lm1,, - .t . ' ""11
$361,013, compared with $337,117 b, 1
-..., ..;i . J-". "" tt
..iniuui i.icuiinK 111 vjimaen todav 1
W. h.IU IVIUIb LU1IUIV
December gross..
1 l.
Opcmtlnit expenses nnd tajes. him li
:? I
-r2'
I,e Interest charges
.tei aurpius ....
VJ months' gross ,1 861 1 ,
operntlng expenses and taxes.. btS'Im .
52.170 ai
Net
Less -liilereat charges.
Net surplus
S:!'WI 4
H1,VI1
ii
Ihsurahcc Co. of North Amcrlce'i tJ
Tho 154th annual report of the. It
anco Company of North America, ,
flBcnl yenr ended December 31. Uil'lL
gross amount received from nrsmlJ
lire risks, $3,SS3,130, and on mtrlwiJ
Inland risks, $6,050,491, The total hraJ
for tho. year was $12,303,223 and eictaj
incomo over expenaiturca, jxr
Dividends paid amounted to J1S0.006. 1
capital Is $1,000,000. There wasanlncraj
in mnrKot vaiuo or securities as astm
ui e-i-tuiu.
FALL IN STATE FUNDS
Philadelphia Institutions Hold Only
$466,441 Deposits
IlAIUUSm'RG. Jan. 11. Tho statement
of tho Tr"'jury Department of the
amount of general funds of the Common
wealth of Pennsylvania Bhows the total
on hand December 31, 1915, oxclnslvc of
moneys appropriated to the sinking fund,
to be $1.4.137, us against $3,191,201 No
vember 30, 1915.
Of tho total deposits of $1,803,137 Phila
delphia Institutions hold $4013,411, us
against $573,839 November 30, 1915. Tho
amount of sinking funds of tho Stato on
deposit December 31, 1915, totals $631,110,
of which Philadelphia Institutions hold
$29,110.
Tho following tablo shows tho amount
of general funds on deposit In Philadel
phia Institutions:
Comiryclal Trust $40,000
Corn Exchange National Hank 70,000
Farmers and Mechanlca' National Hank lliil.O.ia
Fourth Street National nank 10,000
North Philadelphia Truat Company iii.oimi
llltt ftnhouni Trust Company r0.000
?uaker City National liunk 111,
hlrd National Uank TO.Otlc
Total
..$160,441
Pays Up Deferred Dividends
PITTSnunOII, Pa., Jan. U.-The Pitts
burgh Steel Company hu declared a cash
dividend of 3! per cent, on the preferred
stock, payable January 31 to holders of
record January 20. This clears up the
deferred.
The Best'
r r 1 n. u
rrererrea otocKM
in the Public Utility field
nre so well safeguarded that
they can be considered al
most ns conservative as the
average bond.
Thoso who wish tho marl.
mum incomo from rxm in
vestments should consider
placing nt lenst part offfl
their funds 111 rubllc Utiiitf
Preferred Stocks.
We will submit n list with
a short description of each..
stock together with the price ,
nnd yield to those who tenn
. or mil for T.isr Nn. .110.
William P. Bonbright&Co,li
MORRIS WISTAR STROUD, jr.
manager
437 CIIKSTNl'T STHEET
l'lilluilrlphla
Vitf V.irlf ltnstoil
Tn,lnn. Wlllln,,, 1 llAfllirlffht A C4
l'urlm llonhrlcht & Co. 1
EJECTION NOTICE
u
Philadelphia, First Montfi 10th, 1916.
At (in election held this day the following--named
persona wero choaen Directors of
THE I'KOVIDENT LIFE AND TItU&T
COSU'ANV OK PHILADELPHIA to serve
for three years:
nonnnT m, janney
MAimiQTT c. uoitiiitr
JOSEI'll n. TOWNSEND, Jr.
EREDEUIC II. STUAWUniDaE
LEVI U HUB
The following; hold over; ,
Term expires 1017, Term expires 1918.
T. Wlstar Itrown Asa 8. Wing;
John 1. Morgan John Thompson Emlen
Henry II. Collins Morris R. tiocklua
Charles II. Harding (leorge Wood
J, Wbttall Nicholson Parker S. Williams
At a KUbsequtnt meeting of the Hoard of
Directum held the same day, ASA H. WlNtl
was re-elected President, and T. WIHTAR
SHOWN and J. BAHTOt TOWNSEND ce
l'rcsldtnta of the Company,
C. WALTER BORTON,
Secretary,
Forecasting-
Individual or General Adpa
For a general review and foit-,
cast of business and nnnn.ee w
monthly
Review of Financial
AND
Trade Conditions
furnishes all essential fton
Individual advice is of ?r!
importance to those owning K
curitics or contemplating in'
r -t r !himI 19
nient. vc tnereiorc " jj
quiry on all individual finincw
matters.
Eowaro B. Smith .
OANKKRS
ilcmheis Neut York and tHUadsifm,
BtocK aoa i
SO PlNB STIIIT ",w -
lisjniAMKLIN NATIONAL BANK
. ..U'Ofo! and Chestnut KtreeU,
rhlladelphla, December SOtb, 1918.
.. TP ,?u1' .1"o? 'or directors will bs
h,w '.? bankint; houae on Tuesday, Jan
nary lllb, isle, between the boors of II
ftoon and 1 u'clock p. m.
E. P. PASSUORE. Cashier.
IP
Phila., Balto., & Wash.
1st Mort. 4 wnuo
Due November, W
Price u Appfen"""
MfA nvfAWA H K 0 1
1 t eXYyJUciJ!
wmEm3&0M'' " . JA
wsmmrm
4 .Groups of 5 Each
ipecific group you will find the most attractive seeun; A
particular character of investment, There are shown i
U In each s
tiea of that
ITS Safe Piihlir TItilitu Pnnrf.
115 Attractive Railroad Bonds.
IIS Railroad Convertible Bonds.
J 5 High Grade Investment Stocks.
II Sent on request.
n-l. m ...... llf T9 9 W a. nlJ. T)Un
KHfcUA.M0KN.&C0. SS&, lhTphSrStockEb
1!LU HUl
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