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EVJSNItfG LKBGIi3--PJa:iLAi)EiiPl3:TA"; WEfctffcSDAtf, JANUARY 12, 19.1C
FINANCIAL NEWS
ti I!--1 ii i- ...Ha, , . I, . i " ii
BETTER BUYING IN STOCK MARKET;
INVESTORS CONTINUED TO TAKE RAILS
Demand for War Order Issues Exceeded Supply Gossip
. ftad It That Control of Crucible Had Passed
,, . . - to J. P. Morgan & Co.
NEW YOntf, Jmi. 12.
Thd Impression prevailed on the bonrtlroom lloor that there wns belter
buying In the market this morning than at any ttmo for over n week pant,
liul bear Attacks continued frequently, especially In the wnr-ortlcr stocks, and
the frequent recessions In those Issued rrmilo price movements Irregular. Hall
tray stocks were In a class by themselves, there- befnB continued buylnrc for
investment account In such Issues ns New York Central, Southern 1'acinc and
ttaltlmoro and Ohio. This buying was nlso In evldcnco In Union 1'aclflc, but
thnl stock was called tb stand Bomo substantial foreign selling, nnd, although
It wan steadily absorbed, failed to show much Improvement, whllo New York
Central rose from 101) l to 110.
Tho belief Is entertained that the rnllronds will soon begin purchasing
engines, cars, rnlls, ties, etc., on a scale not exceeded In years, becnuso they
nre. how being raited upon to move a largo tonnngo, which bids fair to
Increase In tho future. The last statement of Idlo cars affords a pretty good
barometer of tho situation relative to tho railroads and the necessity for a
larger rolling stock.
The most Important fenturo of tho market In the afternoon wns tho
broadening of demand resulting from tho low lovcls which bnd been estab
lished In mnny Issues. Prices of many of tho wnr-order stocks and of tho
minor steel Industrials reached prices nt which general commission house
buying was Induced, rind It was commented on that tho demand for theso
Issues was far In excess of tho supply.
United States Steel common also reflected an Increased demand, ranging
nbovo 86 nnd showing n gnln of more than dno point In tho nftcrnoon, nnd
there wns Increased Investment buying of many of tho dividend-paying rail
roads, which made those stocks Show pronounced firmness, with most Interest
attached to tho trading In Now York Central, which wns again held nbovo 110.
Crucible Steel was tho most prominent of tho war-order Issues, advanc
ing from B214 to nbovo BS. Tho speculative move was fnr moro cheerful than
It has been for some tlmo past, nnd there wns no enso of the uneasiness In
the last half of the day which marked tho trading for over n week past.
Crucible hns signed an order for 16.000 9.2-lnch shells with the Hrltlsh Gov
ernment. Tho gross amount of this contrnct Is $3,760,000, Tho company Is
negotiating nn order for 20,000 12-Inch shells with tho French Government.
Each Bhcll costs $3G0, making J7.000.000 gross. Gossip In tho Street had It
thnt control of tho company linH passed to J. P. Morgan & Co.
Thcro wcro many Indications thnt liquidation of speculative accounts have
been completed, whllo Investment buying nnd accumulation becamo moro
pronounced on every recession that occurred. This waa shown moro by tho
manner In which rallies were effected by tho declines than by the extent of
gains recorded during tho forenoon.
New York Bond Sates
t 1HK
f, IilVi
in7
High. iw. Clo.
Iinro Amir Ar 8s tos
43200O .Ansln ! I, T. . . ni
ll.v Amtr Smelt Seo o.. .11SI
iiil.AtneT Tfi tit nil
lOoo Arrtr Tol oil JUt Inl
13000 Armour ,'n 4U.-. ftili niti
W.WO AtrhlKon trn 4 ntu l'44
., R7 RTH
1000 At) Knox A a 4
innO Allan rA f.lnA !
liooo Allan Co Line clt .. s
linn a onin r hi
.MOO Atchl'on ndl 4. , R74 Si1
J.vinO Atfhlton cv 4s 1000. .10(14 100 Id
"" W ST? "
4;,' nl nljj n
IS
sn( md
MMOO tlnlt A Ohm JUi nsii ns M
Tooo rtfth siorl it n. '...lnni imu irein
5JO00 iirooklrn It T f 1018. 100i 100 100)4
U"5 VJS
101 I01U
m itn
NH X
finOr Cl na A El r.. .
:hkiO tnt lH!thrr l.t f.n.
ns
Initt
i" .nin L.nrprr tn...,. l n
-Won ohm Ohio cv 4M.. ss
.ooo CriM a Ohio 4i OIK
4(w chrn Ohio (w. . ..inv
40CO CM A Alton It M
Ao fhi it k ej lolnt 4.,i us'4
7VJM fhl M It Ht V er 4!41ltti J01
.f Col c Bouth 4U.... S7 .STO
S2m f),l ft ronv Bn t P.107V. 10J
;tooo j) ft Hurt rM 4.,.. M& MM,
n jji isocur irorn ri,. . iu ,u
sii lHi Pom iNiwder v,.m l
NEW TOP FOR JULY
WHEAT AT CHICAGO
Frightened Shorts Among Best
Buyers as Prices Were Boost
ed Further Export
Business
Sate in Philadelphia
s
M.T Amr
.1 Annronrtn
loc. imh. )f. Cloje.
Mllllnir. . . I .g ?ft Alt
v IHVI "'. , 2
lit
nsu
ra
1000 1-rln n 4a.
4(io js-if conv 4 Sr A.
.iniTKi Krie conv 4 Bfr If.
in"i r.ne prior -is... .
27iK) Mint it Man In r.a,
Of'4,
10-.IJ
28
18
IIP If-
I,. WJ S2U SiS
,, 8.ii! 8il tail
... ao'i .To5 .iol
lnrtt linv vol 4U. ....... niti mi ni'i
lono 111 crntrnl 4a in:.2 ....Sl'.J Stl ,MW
la) Ina Corner ct ii IS7 ISrt 1S1
210O0 Inurb it T ref :: . . WH WH, WH
1740000 int Mp Mnr ct 4'.S. 08, 07 ' nt
liicoo Int Nr M M ra., nfl
ioi) Jan new h 4ta..... i.ih i.ij
MM .
... 1171
....Mil
r.tiu
N Y Tcf n 44a .... tS
Norf ft Wcat 4a IU 4
Xor Pae nrlor 4 nil
i Nnr I'ac iten .1, nv)J
NEW YORK STOCK SALES
Abslca Juneau..
Alaska Oold M......
Allls-Chalmcrs Mfj .
AlllvChalm Mfe pf.,
Am Ak ChcmlMl....
Am tlrct Sugar
im Tan
Am C.in'pf.
Am C ft V
Am O & F pf... .
Am Coal Products
Am Cotton Oil . ..
Am Hide & I-c.ithrr.
Am Hide & L pf....
Am Unseed.........
Am Unseed pf
Am 1-ocomotlvo ....
Am Locomotive pf.
Am Sm?lt & Itof
Am Smelt .V Kef pr
Am Smcltsrs pf A..
Am Suear Itcflnlrc .
Am Steel Foundries,
Am Tel 4 Tel 127
Am Tobacco 'JO."!
tastclnrr. HUh.
Low. Cloae.
mi ()!(
Am Wool tr r UJS
Am z. L, a smelt 07
P' t))(
. avf sou
. 78f 70M
. 07 If (iO.'f
. 0.'i 08H-
. ruw n--
. -. 1 11215 IIL'K lli;!( 112)i
... n."df r.8 rA'i r,7:
...1181.' 11HU llH't 11SU
. 1o.-j 1C0 lf." 15
. itu .i 5-1 5o
. 10!f Ii
. MU &V
L'J L'Hf
. -10 40
. i:u; ma
lOOH 100?-S 100 100W
llKJ'i 10S5S lOo'f 107K
US 112'f 112U 1I2'
. U3f !Kf 0) 03h
.114 11C 114 11SH
Co SOU 51H MH
127f 127 127
L054 20.-!tf 203K
2fi1f
78 J 5
Pfl'S
Ul
It
o.HJ
01
20
fllS
rii'
rsu
o:
ii
Wf
2H
I')
fi2'f
Aiaeolida Concr,
Asset Keallzatlon....
Associated Oil
Atcn TASK .,
Atch T4S K pf
Atlantic Coast Lino...
llaldwln Loco.
411
07
SOJf
8
00
107
mv.
n.i
Baltimore & Ohio 01
m'i
1H0H
03J,'
1IU
lOJli 10HU 103?f 107
44'f
OO't
bS
8
07
100):
0!)
113
15
07
iOX
8
09
107
09Ji
113
Ilaltlmore & Ohio pf
Batopllas Mlntn; ...
Itelhlchem Htccl . ..
Bethlehem Steel pf .
Brooklyn Union Oas
Brunswick Term....
Burns tiros,
mi
. .'!
.415
145
.1M1H
. 12
M
1HK 91
7S?f 78$
Mi :i
420 420
113! 141
131 131
14
M
Butte & Superior 7413 70'f
31 31
34 H 30';
00 00
Butterlclc Co.
Cal Petroleum ......
Cal Petroleum pf
Canadian Pacific
Cent Leather Co
Chile Copper
Chlno Copper
Chesapeake & Ohio. ,.
Chicago Ot Western..
Chl (It Western pf ..
Chl Jill & St Paul...
O.M4BI P pf
Chl II I & Pac
Claett Pea & Co
Colorado Fuel & Iron
Coinputlns Tab lire.,
Continental Can.....
Consolidated Gas...
Cora Products Hef.
12
b4
74 H
31
31
0QH
01 U
785 J
3
420
141
131
13H
84
70JJ
31
30
CSSi
177Jf 1711).' 178H 17014
52M
21
ffilli
03!f
lli
38t'
101)
135
17M
72lj
40M
. 4S
.142
10!(
2t
MV.
05H
14
38'f
lUU'i
135
18W
72)f
48
47
hO'f
62lf
53i
ea'i
14
3S)J
KKI
52!
21
64JI
t4t
14
38
100H
Ontario Sll M. . .
Pceiric Mall
Par Tel & Tel
Pennylvanh ....
Peoples tlas Chl. .
Philadelphia Co .
Plttsbureh Coal .
Pressed hteel Car.
Pullman Co
Quicksilver
Quicksilver pf ....
Ily Kteel Spg
Ity Steel Sps pf..
Itay Con Copper.
Iteadlni;
Itcadlns 2d pf
Itep Iron & Steel.
Ijiat cloro, lllxh. Iw, Clone.
!))( Kl'i ! 10
12 12 12 12
.... 40 40' j 4fVf 10)4
.... fiS'i 5SJ SHM T,Vi
110 111 110 111
ll'X 43 13 13
.... 331 j 3t)f 33f 34'f
57'f 58M 57 t,Vi
....I04M 105!f 1G4VS 105l
4
5
38
00M
21'.'
8I'
42U'
)'
4
5
X)H
OOIS
2I'
82i
li
fil'i
3J
5
37!
Wi
21
KIH
42li
511
Ilep Iron & Steel pf...lO ii 108Ti 108
Hock Island Co
Hock Island Co pf .
Humcly M Co tr r
St I. Southwest pf. .
Seaboard Air Lino.
!.'
U
13!f
45
10U.
n
14
Seaboard Air Line pf. . 39
Sears Hon & Co 183
Sloss-Sheff H A I Co. . 58
So Porto It Sugar.. ..145
So Torto It Suear pf. .107
Southern Paclilc. . . .
Southern Hy
Southern Ity pf
Studebakcr Co
Tenn Copper
Texas Co
Texas & Pacific
Third Avenue
'Iln City ItapTr..
Under Typewr
Union Hjf X Paper
United Cltjar Stores
35
5
30)5
001.
2tf
V.'i
42! 4
51
108,'i
Ji
"f
13)(
45
17' f
39M
United Cigar Stores pf U!f
13U 13)i
45 45
17U 175f
39W 38i
181W 1S4H 18-H4
50H 5S 50)i
152 150 152
107 107 107
. .101JJ 10i 101!i 102)i
. 22; i 23 22 23
. 03" 03if ran mu
.S1H 155! 150 15l)j
.58 50 5014 50
210'J 222 220! 221W
. .H!i H)j 8)i 8!
OW 00W 01 li
no)j oo u no)i
SO 80 Nl
71 7H 7)s
0!j 0)S 0J4
11U lHi 11(
. noii
. oovs
. SOU'
. 7)S
in.
aono Knn Cltr fia r.. ...... tnt
SOii Lnclin Steel 5 no
l.tooo tio rut inz Pi
!700' tlo ft 10.10 P7H
SKtom IJi Sh tleh 4s 1RI1..., 04 i
mm ixjrlinr.l r,t loi
10m 1nilH A Nnh 4 I'll
MHO Minn Ht ! 4" M .
40011 M K T SM 4 4BH
:K1 Mo IMcInc 4 4
imi ilnrvr.it 44'4
2n.V)il Mont I'nnerA l7
Uit Nut Tube S ..... . loi
oimiti .v r u ft li i.a ... ,ii
niAiioo N Y O ........
0" .V V Cltv 4'Ja !!)()
Mi.!1 .i i . ii tu iL nn
ohni n t nn-y mlj
.n;
ri"Hi
3ln )
I..I atll I HL' .I'll .in.
TJiOO lira Vhnrt 1. rttt 4 . tcl
40O0 I'acinc Tel . KoH
1I ivnna 4a Hits Iiu
21til tlo Ken tl 4i,- ... I not
L'ooti Penna on 4'4a..... hn
IMUpti Public Srrv N J r.a... no
4iii itea.lliiB Km 4a I".
itjil hfR,llin-Jer Cen 4a . . HV
Iiuko Ilep Ir H r.a imV,
into Hnek lalnil 4a . .... KlU
itaw .t 1, 1 M ft a (lir na.llr.'
.M Henhoaril A t. n11 f.a. . v
RfltK) Seatmaril A I. rM 4a. . 7IHJ
'("I Pouth Hell r. inrii
ilium South Pac rv 4a Hi
2vio an cv ret r n Oa 107'i
lovo South l'c rW 4s.... wis
4iomi houlh Hwy gen 4s.. 71
loon Hnuih Hwy con r.....lal
KKKl Texna Co cv a llKI'S
irt Thlnl Ave new 4.... R2ta
WXki Thlnl An nlj Si.... M
Sia.iiTrl-.Cllv -.a Wi
:i0oo 1! H Kuliber Ra KtlVi
.11000 tf H Hteel Sa 101
40TI I'nlou Pnc lt la Il7j
4011O t'n Hnya a K 4 4M
.vk) Vii Car Chin lat Ba. . in
1fKI tin 11k 101"i
Iltlltl Vn It r.a tlM
HK tvnb-l' T lit rt 4a ... :i(,
1UJOJ Wi-at Hire cv Ba. . IM
MS
int ,
lol!j
t4?J
R7
41114
loi
l
no
nS
7oi
nmji
llBji
COTTON MARKET QUIRT;
IIUIEOUFjAK FLUCTUATIONS
I34!f i:
17"f 183i
72 72
45K 47!f
47 47
7S'i 78!
143!t 142)5 142K
20)i lUJf 201
Cora Products Hef pf. 04 t)5'J 0114 1151J
Cruclbla Steel ,. 54! 68JX 52) 50)i
Crucible Steel pf....,.10S!f 100 100 109
Cuban-Am Suear 150 173JS 157 173
Cuban-Am Sugar pf. ,103 10J 100 100
Delaware & Hudson... 153 151 153)4 154
Del Lack & West .,..225 223 223 223
Den & Hlo (Irando pf, 2H5 21'i 2(W 20)4
Detroit Kdlson 131 13!!I 13l! 1301
Dome Alines -js a 27J4 28
Diamond Match 100)4 100)4 100)4 100)4
Distillers Securities,... 44J4 40!,' 43't 4034
Elechtoraga Bat 63 03)4 03 C3)i'
Kri -i 41 41!i 41)4 4114
Krlelstpf,.,, 50)4 57 50)4 t0!4
Erie. 2d pf 51H 52)4 62 62)1
Fed, Mln Smelt pf.. 52)1 5334 52 52 1
Gen Chemical 270 300 300 300
Oeneral Electrio 171 171JJ I70)f 171
General Motors 400 475 400 475
Oeneral Motors pf... .114 114 113 114
Creene-Cananea 48 47J 47 -I7JX
Goodrich a V Co. ... 70W 72)4 70 72) i
Great Northern pf ...121)i 125 12-1)4 125
Gt N cfa for ore prop, -nti 4814 47)4 48)f
Gugienhelm Eipln. ... 23 23! 4 23 23)4
Homest&k". Mining ...127 12fl)i 120)4 120)4
lumens cent ,JU7I4 107)4 107K I07J4
Union Pacific ..1373f I38'f 137K 138)'
union i'.icmc pi . ..
United Fruit
US Ind Alcohol
U S Cast I P i; F...
United Hys Invest...
United Hys Invest pf.
U tf Rubber
U S Hubber 1st pf. ..
U S hteel
US Steel pr
Utah Copper.
Va-Caro Cbem
Va Iron Coal &. O. . .
Wabash
Wabash pf A
Wabash pf B
Wells Fargo Express.
West E AM
Western Maryland...
Western Maryland pf
Western Lnlou Tel ...
Wheel & I. E2d pf ..
Willys Overland
WUI)s Oterlaml pf.
83!f 83)4 83 S3
.143)4 14414 144 11414
.127 134)4 12714 13D4
. 23 22lf 21H 21)i
. 10 19)4 1014 111)4
. 30 37 37 37
. 54'f 5G 54 lj 50
109)4 110 lOO'-i 110
. 85)4 WW S3 S0'4
117)4 U7H 117!f 117)i
. 70 70)4 7814 79fi
40H 47;i 40)4 47)4
00
10)4
473f
SOU
CO
10)4
4S
:ih;
00
10
47
3014
CO
1W
48
31!
131)4 131)4 131)4 13H4
05 60)4 05 Ofltf
Mi :ilii .'))! 31i
45 454 41 45)4
SSlf 88'S 8U S8lf
4)i 4)i 4!f -Hi
220 1( 223 220 223
no;; nix nou iimt
WooUortb F W Co... 12DJ 121 120 120)4
High Occnn Freight Rates Attrnctinp;
Vessels From Other Trades
NRW YOIllv Jnn. 12. The cotton mar
ket thin mornlni; opened Millet but Htt-nil.v,
September aliowInK nn ndvnncp of 1 point,
with other option? 1 to 4 points lower.
With tho exception of tho continuation of
small cellltiK for whut Is believed to lie
Western ncconnt nnd llnht offerings by
Wall street Interests the trndlnK wn
without HlRiiincnnce.
After ensliiB off r or 0 points nround
midday thf market stendled on rumors
thnt hiBli ocenn frelKht rates on cotton
wore attracting vessels from other trnilci
Indlcallnir Increased cxportn. Tho close
found prices 1 to G points above last
niRht.
Tho fact that thero were several trans
actions In September on tho cull attrneted
considerable attention, because that op
tion Is considered nn "oft month" nnd It
wns stated thnt buying of such u posi
tion was probably for tho nccount of
spinners, as there Is no speculative In
terest In it. After the cnll prices were
down 1 to 2 points from the start on of
fcrltiRs bs' a well-known onerntor.
Liverpool cables were disappointing'. In
stead of cornlnc 1 point hljiher, ns due,
prices showed losses of 2 to 2V3 points.
The Hnullsh market was a small one.
According to private reports tho declines
were attributed to hrdce and selling
Temperatures wero considerably lower
In tho weste.-n sections of tho belt- Klse
whero they were about normul.
The receipts ot cotton at tho ports for
tho day were cstlmnted at 23,000 bales,
compared with 21 37T bales last week, 0,
476 bales last year nnd 40,117 bales In 11)11.
Yei. cloat-. Open. IIlRh,
llnrcn lL'.r.t l.'.W
Alav li-T:i V-f.uii
..1.110 i.v
..I2.IW 12.1
. 12.7I 12.I1S
..12..VJ . .
July ....
J tober .
1 December
SlKJt . . . .
r.'.TS
I'.'.lfl
ltf.lM
12.SO
Ijtv. Cloiti.
V.-.47 12.. IS
11MBI
12.M
1B..VI
12.117
12.TK
12.H1
12.117
12.SO
12.S0
Liverpool Cotton
I.IVnttl'OOI., Jan. 12. 2 p. m. I"uture
utemlj, H, points uecllne. Kitten, lit. 000 liales.
inciuiiinir ,-mmi American. junii.tiy-ruruMo
.iHi. , .Marrn-prii. t.'Juu. ; jiay-june.
July-AuiEUut, i.tta.
LruKry.
t.-ilif.;
'Financial Briefs
Int Acrlcultural,
Jnt Airlcultural pf...,
Inter Con Corpn
Inter Con Corpn pf , ,
Int Hair N J.
ict Uarr Corp pf .
- 22 2.1
50 0O4
10'4 20
70H 77
108i 100
KM 108
11)4 U'(
4S 40)f
40i 47)4
22)4 23
58 60)4
19)4 20
77 77
108W 109
10S 108
11 11)4
4H 48
40)4 47)4
International Paper.., 11)4
international rap, pr.
Inspiration Copper...
Int Nickel,.... ,,.,,. .202)4 202U 20034 200Ji
IatMMcfdp 20 20'4 lOH 2014
IntM M pf cf dp,.,. 7014 794 70)i 7S)4
Ka Cltr Soutiern . 30 :i0. 30 30)4
Kings Co H L i P - 12h)4 128)4 128)4 J28H
La Steel ,., 8H4 b3M hllj S3
XaiErte& West!.. . 14 13)4 13)4 13)4
403, 40. 40 40
. SO), HI S04 81
118 119 110 119
2031 21H 21H 21H
20),' -SOW 2054 20J4
129 420)4 120)4 129i
. t'04 oe 60 eu
05J4 68M tHM 68'f
- K9H S9 S8)j SO
. 52)4 54 63 634
11414 118 113)4 110)4
-loo ioj joo 100
12)4 II14 13 134
12l'i 121)1 121 121)4
. .7i dn m; is
. 13)4 15H 15)4 15W
- 5)4 5 514 5J4
-Vs 5i m 6'f
744 iJ'j 74t 75V
Jftt C Je B pf U2
074
73U
Uke Erte V pf
Lefclgb Valley......
IJflt4 Myers pf
L9GC Inlaptl
Lwe-Wt!M iJbcutt
Loubi Jfc Nasb
Wadray Cos pf
Muvri if otors . . . .
Mm Motors lit pf
Mu Motors 2d pf ,
Mexican, Petroleum. .
Met I'ttroleutu pf .
Mian ft t Louis
U St P t S & M .
Mlal Copper . ,
Mo Km & Tts pf .
Mlswurl Pacific . .
Mbwyri Pad tr ct,
Moutaju Poter
MouUua. Pour pf
UattojJl uiscmi
i iflffiet (
Ma 1-h4
$M Vr si U si pf
flmMU(lyg Cfl ipir
Sr reii Alf (Mii
K Y : H A 1 1
! 'im-iJmmt
s
A. J. County was elected a director of
tho nirnrd National Hank to fill a va
cancy. Announcement Is made by tho Erie Hall
road that n meeting of the stockholders
will be h,eld at the olllco of the eompans.
SO Church street, New lor, February IS,
at 12 o'clock, for the purpose of ratlfyini,
the recent action by the board of direct
ors In connection with the proposed new
lue of convertible bonds that will be of
fered to stockholders.
The ISoara of Representatives of the
New York Curb Association has listed
and admitted to quotation voting trust
certificates of the Marlln Arms Corpora
tion, representing" S5,000 shares of 1 per
cent, cumulative preferred stock, par
value at (100, and 60,000 shares of com
mon stock, no par value. The transfer
agent Is the Bankers' Trust Company
ana tne registrar tne uuaranty Trust
Company.
The board also has listed and admitted
to quotation the 150,000 shares of the
Paragon Consolidated Mining- Company,
par value 110, The Registrar and Trans
fer Company Is the transfer agent and
registrar.
MONEY IN NEW YORK
NKW YOnK. Jan. 12. The market for
prlmo mercantile paper ruled quiet nt
unchanged rates. Hanks, trust companies
and other financial Institutions aro hold
ing firmly for a minimum 3 per cent. (In
ure, nnd at that rate are willing to take
lonu maturities on choice material rather
than shade the rate on shorter-dated
paper. Conditions are very similar
throughout the country.
No chnntfe whatever Ib reported In the
market for tlmo money on collateral. The
demand Is no larger and the supply Is
ns abundant ns heretofore. No change Is
looked for In the near future, and tho
position Is declared to be technically
sounder on account of tho reaction In
the stock market. At tho sume time the
very best information is that thero has
not been any appreciable discrimination
upon borrower
Bank Acceptances
NEW YOniv, Jan. 12.-Thc market for
prime bank accepfan.es was unrelieved by
Interesting' developments of any kind
whatever. Business was quiet and rates
were nominally unchanged, at 2 per cent,
for 60s and 2!i for 90s.
LKQAI. AI)VKItTISEMENT8
Levi L. Rue on Pennsylvania Board
At a meeting of the Board of Directors
o( the Pennsylvania Kallroad Company
today Levi L Rue was elected a director,
succeeding- Lincoln Godfrey, resigned.
Mr. Hue U president of the FhlladelphtT.
National Bank and U interested In many
other Institutions.
ELECTION NOTICE
US?"
TUB
NATIONAL
I'IIILAIKLI-11IA
ll.l.NK
miladtlphis, January 121b, 1910.
At lha nunual election, bild on tno nth
InkUnt, the following; stockholders werv
vlnctcil Director o( this Bank, to wry lor
MW ,H.WU JVAtt fli.
JIO'I 11U)4 110U
lJ i YM I IXJ'l
112 112 JJ2
27 20 '4 ib)
W). 07)4 bM4
'Jh U OU
154 15j I5H
lit) 1124 14)
70' 4 iO'i 75K
Vri . UOH I'U'i 11J
y i 4 at l. 2d pf co m oo- ca
' JV1. fc M tlid ,7,i'' hohacs yoK-nsscuB,
rtta t-4RK"--tHkSafc U4i H cwt.
Uk-hsnl A.bnumt
Ueors Wood
Alfred C Hartlwa
IvtL Hu
Uors II tfmzUr
IKort H. Urfwlden
Umaduin II, Morris
IWndrtl Morsraa
11. Dul biuoa
Hacaual Hjuk
Ptrr ii, dui'oat
Xhoauui a. Ilitti
Au 8. Wins
BamuelM Vsuclala
William II. Uoruitr
ValUc D. Bluuiicna
Samul D. larrlnr
Alva. C, Olnkty
ndrUK it. Jobnion,
J. Howard Taw
J. Kiar.lty Mitchell
nwutUB. uoocrcr
A rntctlnr ot the Directors held this
IK2F3- NOTICE 18 UKIIEUV UIVEN THAT
KZ an sppllcstlon will be maclo 0 th
(Sovcrnor of ths Commonweulth or I'onnsyl
vanla on Haturdny, January xvth, 1016, by
Waller 1. Sillier. Ullllam Hamilton and
Jllltoii A. Krlly, under thu act ot Aembly
o( tha Commonwealth ot I'tnmylvanla, enti
tled ''An act to provide for th Incorporation
and refulitlon of certain corporation!." ap
proved April 20, IbH. and tin supplement!
thereto, (or lha charter ot an Intended cor
poration to ha called WALT HI I P. IIILLEII
COMPANY. INC. the character and object
of which la the manufacture of paper boxes
and other similar arllc'ci. and the ula
of auch urtlclaa so manufacturttd by It. and
tor tbeaa purpoaea to hava and poaaeaa and
enjoy ull iha rights, benerlta and prlvllegea
at ths said set of Assembly and Its supple
r,enU- ' JOHN a, JOHNSON.
Solid to r.
;T2S NOTICE XO CIIEUITDHS
17 Mark ulalufeatu. 100 So. 33d at., has
old bin bualneaa 10 tlratliziw ft Itomaao.
Battlement will b mada Friday, January
lfith. JD10. at 10 a. m.
lll'lI.DlNQ ASSOCIATIONS
NEW &EKIKS.
lrS NEW SE1UEH. NEW SEllIEd.
Uv A stated Hunting o tba North Star
Itulldlnir and Loan. AsaueUtlou will ha bald
ut the utile o tba Association. 1UO N. 7th
t., on Thiyaday oenluir, January lltb. 1818.
New (Sltl SerUs will be laaueit. Forty-rlfth
Annual Uvport ready Honey to loan at par
sin Brl Incumbrance. Full 2O0 loajied on
each uhara. Jntcrcat payable monthly. Ha
anlranc !. For Information as to stock or
loan', apply c ths sfflca any time durln
tb day. W. W ItEEDEH, Becr.tary.
D1KECTOKV Qy ACCOUNTANTg
CcrtUUd fublle AccognUaU
LAWnENCE E. BROWN ik CO.
i keal EgTATgjrittjgr uuildin.
CHICAaO, Jnh. U. areat strength was
shown In tho whent marltct hero today,
nlthoURh It closed below the best on
profit-taking-. May Rot to within H cent
of tho high record of tho season, touch
Ins $ 1.2S '4 nnd flnlshlns- nt 11.28. ncainst
1.26i4 nt tho end yesterday, nnd July
ndvnnced Into new hlKh proiind, rench'
InR I1.21H, or 1 cent nbovo the previous
top mark, and ending; at $1.20, com
pared with 1.19 at the end yesterday.
Frightened shorts tvere nmonff the best
buyers, other purchasing; also was of n
good class.
Cold wave predictions were n factor.
Huylng also was stimulated by evidence
of further export business. It was said
that yesterday's takings were perhaps
tho heaviest of nny ono day on record.
Figures obtained led to the' belief that
tho total was closo to 4,000,000 bushels,
Tho business Included hard winter, nt
tne uuir, nnd aianitobas, nt the seaboard.
Tho Trlco Current put tho condition of
winter wheat In Ohio at 82, In Indiana 91,
In Illinois 83, In Missouri 87, In Iowa &5,
In Ncbraskn 91, In Kansas SS nnd In Okla
homa. 84. Tho lowest tempernlureB In
history were recorded In tho Canadian
Northwest, where tho mercury registered
as low ns S5 below zero,
Severe temperatures prevailed In tho
American Northwest, an low n.i 45 degrees
below zero being- reported, B. W. Snow
snld that the melting snow, rain and sleet
In tho whole winter wheat bolt, to be fol
lowed nt once apparently by tho coldest
wenther of the season, furnished n situa
tion that threatened tho winter wheat
crop. He called attention to the fact that
an Ice pack covering tho fields was tho
most dangerous winter condition that the
plant could experience. It wns such nn
experience, he said, thnt Inrgely wiped
out the soft wheat crop In 1012.
Corn scored a further bulge Into new
high ground, but reacted on pront-tnklng.
Continued strength nt Liverpool nnd wet
weather frightened n number of shorts
Into covering. Country offerings wcro
light nnd tho grading of arrivals wns
poor. Outside trade broadened nnd a good
export demand wns reported, but hard to
fill In view of adverse shipping condi
tions, Tho movement continued disap
pointing. Reports of dnmngo to tho crop
In Argentina were declared to be exag
gerated. Lending futures ranced ns follows:
V,.i.i.
Client tjnen. iiinn,
May 1.21 1.215;
JUIV l.-'ll l.Zll,
201 lliirr Km t
:io ao orer ..... ru ,
110 jo unit i
10 ches A Ohio ....
3.102 Cum Steel 74 )i
JfiOCol Kuel ...... ,.
10 CMno Cop , ... i, .
!nt Klee Stor ..... 0.1'S
200 Krle. 41 li
..-it t ten Appn prec. 11
110 lnp Copper .. ,.
101.1 ins Co .V Am,. 20
U lhlgh Vol ... tol'4
31.1 tlo
50 Mux
tin i-enni ........ ..". r nt
is.i I'a Bait Mrir. ...ino't 1('. Ki
t't i-rnnn wii prer. wi r ni
hi rniia t3 cum pr 4 IVi 41
ih
rh Vol ... W4 MM
Vnl Trsn. Iijl lijt
Met . . ., .11(1 ,11
Motor i. niH
1 ........ ws rn
1
10M I'hlln. Eleo
100 runs it t.
21
in-y.
P7 wjv
41 4t 41
nl"t nM 2W
T4l 7l(i 7IJi
M 40 4lji
Mi BIM BI4
P 8 t
4T 4J 4J5
Mtt ZO.Uj S0
n s4 0
11 lijt
,1u nil?
n 'i-t 4
IIO
HI
H iJ?
i hut mi:
70 70
OI3.fl) 7
411 41 .
p I ?i n 1 ! n 1 74
8t! 83' 80
70 711 TO
wi); r.nji no-jj
o;J ii7' 07'4
Bl 8I 81,
Corn (new dehierj)
Low, nlttitp. rlnpn.
1.2m; tl.Wl tl.'.'IIU.
Lllfii ti.20'; 1,10
Mnv
July ....
DlltS-
Mny ....
July ..
I.nrd
Jnnuarj"
May ....
Julv ....
11II.S
January
Mnv ....
Mnv ....
Hid.
It"
Vi
411'i
fo n
80
Wl
41
.pli
"Oil
4ni;
4Sli
..IO.TJ
.10. .-,7
..10.72
..in.
..10 ST
....iB.nr.
.... 111. 1;
tAfkcil.
IO.r.2
1II.N-.
10.113
10.47
10.UO
10.00
III..-.-
10.10
IO..-.J
10.70
I0..17
10.80
1S.O-.
18-17
tTOS
1 -((,
tlini
4N'J
10 .12
1II.N1
'lo.tr,
10.17
10.87
lo.no
110.53
Ii!'1
IftU
ITtd
10..12
10..-.1
10 70
in.4-.
1081
IS.tlO
10.45
FOREIGN EXCHANGE
SEW YOHIC, Jan. 12.-Slrcngth in tho
foiolgn cxchniigc market this morning
was attributed to further recellits of
American securities sold for foreign ac
count. The leaders wcro sterling relchs
marks nnd rubles. Tluslness was on a
moderate scale. Sterling opened nt 4.76
for demand nnd 4.7714 for cables. Tills
compares with 1.78 for demand nnd 4.78ft
for cables, the recent high of the move
ment, llelchsmnrks today showed n rally
nf 3 points from the low record nbout n
week ago, rising to 75-, and 70. Francs
wciti not appreciably changed at S.S3 for
cables nnd 6. SI for checks. Lire turned
heavier, being uoted nt 6.C9 for cables
nnd 6.C0?i for checks. Swiss held nt G.13
for cables nnd G.U for checks. Vienna
was somewhat better at 12.83 and 12.90.
The recent low record wns 12.20. Itubles
were limited around 30. Other quotations
were. Stockholm, 27.70 nnd 27.80; pesetas,
10 03 mid 10.10; guilders, 41 nnd 45.
Around 1 o'clock sterling worked a
llttlo easier to 4.7014 for demand and 4.77V1
for cables. Francs B.83V4 for cables;
checks 4.77',i, reichsmarks nround VWii
75i.
.. . 1 pi 1
AM7 tin tt flfl.... 1RR II
20 Phils Traction,, -nl-5 9
1.10 llesdlnr ....... 81 82,
1-8.-. Tonopah nelm. 4 n-10 4i
tu 1 j onopnn jtiint.t ttjt, 1
817 Union Tract.... 4 44
I4f unlieii n 1..,..
2220 Ii H steel,....., SjU
11 ijinn copper .. ,.
12 Went Jer.A Br W'J
41 IVentmorelsni C ?li
2.1 Wm Crump & B 81
Tolnl sales, 20,008 slinres. rompnred wllli
21,210 ebarea yestertlsyi thin fsr this week,
011,801 shsresi snme period Innt week, A2,273
shares,
UONDS.
Jrftst prev,
Jlnoo nnM Ie 1st hs.101
200O HVeth Steel fis..I20
nooo city 4s 1042. ..I02K
.1100 m I'eo Tr 4s. 81
400 ni ill Ons Bt... .InnlS
inoo Inlerst Hrs 4 . r.l
J.kkk) Kev Tel lit Cs. t"l
inoo li Vnl ren 4... 0J
loon I, Vol Co,l .i lnr.
12IH0 J. Vsl Tr ref 3. 02
211X10 l'rnna Ken 414s.ini
mono tin eon 4Ui. .HWH
mo Phil Co Int.j..110l
14 do scrip 1010. ..100
4 do 101H nl
Olno 1'hll.i r.leo -Is... M
nono ii,, ,.s im
wmo Held sen 4s.... 01
1IM1 stnml (las .,. H'lH
2(pO VN Y & I K 4 82
.'oou iorK ny J8i r.s. ut
Tolnl snleii, $128,128, en in pitted with $01,
730 yenlerdnyi I litin fnr Ihli neck, f?91,nol
same period Intt week, (117,130.
RUMORS THAT RAPID'TRANSIT POOL
HAD LIQUIDATED UNSETTLED STOCJCj
Sharp Break Followed by Rally Company's Earning
Steadily Expanding Donner Said to Be After
More Pennsylvania Hteel Stock
lllch. Jmvr. Close.
1(3' mm im4
120 121) 120
iron loaK vu
82 80'J 12
loivH ion ri
r.?H '"7'4 .-i7',4
07 I'O II"
112 Hi 112
in.vK lir.1l lovu
02 otJ 112,
im int mf
in-.y. in-.V lo-.l
im (J 101't loin
ino too (
in in us
Kl 82'J M
lo'Hi lulVi luiii
in ki hi
loo pnu loo
8114 Bl RP4
01 114 III
Local Bid and Asked
Huff ft Ftus t c
do prcf
Ilnldnln
Camlirla Rteel
llleclrle Htnrnirn ... .
Uenersl Asphalt . . . .
do pret
Kemtona Tclcpliona .
do t c
dn prd
Ijikn Hup Corp
l.hlRh N'.iv
I.chlRh Vnl
lhlKh Vnl Tr
tin pfd
I'enniiyHnnla
PI1II11 Klectrle
I'hltit Co
tlo .1 ier cent prof,
tlo 0 per ctnt. pref.
l'lilla Itap Trnn
tin 1 c
Heading
Tollupitll llelmont . ..
Tomipnh Mining ...
Tnloii Traction ....
P (I I
P H Hteel
Vnlli Hwy
tin prd
Wm Cramp t 0
Toddy .
I1I.I. Ashed,
, :tf 411
r.r r.7lt
4
.11
7114
1I,
1I
70
II
;!
SI
I sit
tm'-i,
r.114
.11!
II
m;;
in.
.s'-'Ui
li'i
Yesterday
41
. r.i
S-'H
. 7IPO
. 11".
. 1I1
. 191
il
Hid. Aak
411
r.o'5
in.-.''
Further acute weakness In Itapld Tran
sit shares In the early dealings on the
local Block Exchange today revived the
rumor which hns been going tho rounds
of the financial district lately that a
semlpolltlcal pool, which wns reported
to have been formed In tho -stock
some tlmo before tho Inst election, had
liquidated. Tho action of tho shnros to
day, however, looked moro In tho nnturo
ot n raid to acquire morp stock. It
Is known that n RrouA. of local
financiers begnli picking up tho share
lost cnr when the prlco wns nround
110. Later another contingent cnnle
Into the manipulation whc.1 tho quo
tation had been marked up- to nround
$15. It Is snld that tho two group.) be
gan to liquidate Immeolately following
the election, when tho price wns ribovo
120. Meantime, however, tho Jitney com
petition ceased and general business be
gan to expand. The result was n rapid
Increase In tho earnings of the company,
so that at tho present tlmo It Is showing
something llko 3 per cent, earned on tho
stock.
Tho ruling prlco therefore Is not so fnr
out of lino ns It might liavo seemed n
year ngo, especlnllv If tho prosperous
conditions now prevailing continue. The
Mayor's recent uttcrnnces regarding tho
TRADING QUIET IN COFFEE
Little Interest Shown by Outsiders on
IUiylnp; Sido
NI3W YOItK, Jan. 12.-Coifee opened
unchanged to 3 points lower this morning,
with Bales of 4000 bags on tho call. Trnd
lnK continued (pilot throughout the first
hour, but the utidorlo.no wns about Btcady.
Outsiders were showing comparatively
lHtlo Interest on tho buying side, but thero
wns little or no liquidation In progress,
nnd It wns evident that operators wcro
awnltlng developments.
Today's
building of tho new nubwaya and tiM
vntefl havo created some tineaslne. ul
traction circles nnd may have Inane2i
somo of tho recent selling.
After ,..1.,.. -f
down closo to 17, 8upport appeared imjSi
nnd the stock made a complete rccovefVl!
nnd befOrn tho closo rrntei,,! 1 . . . &
n het gain for tho session. IhcldenUlwl
wldo advances were Beared by manv rJl
ntteflnt, anlia nt ai.,III.. -J
In tho Into dealings Cramp BhlpbulM?
inrr on the salo of 23 shnres bk. '..-
than 2 points. Although llaldwln IwS
ntrvtl... At., n.lV.l..l... 1 . . '.' 'CO-iJ
.nu.i.u ... in. -4iiiiiiku iittnas nere lit
sold In New YorkTtt 103ft. mill dropr!
3'j on light offerings, whllo Huffnlo iiSI
dollar? " Up '
Tho latest rumors reinnllnt- c.i.t-i
Steel nnd tho proposed merger had if
that Mr. Donner hns been endenvorlor &
havo lllft Pennttvlunttln .Qtnt rt.T ui
Included In tho ileal, but without .l" ?,lZ
cess. It Is nlso Bnld thnt ho hoi rn.'kfii
n bid for tho remaining Heading u?t&
Pennsylvania ltallroad holdings of remr''t
Hl.ionill. UI..I ...!.., ...n..,. ! . 'L
i.j.,1. iiiii. un.-i.-i, v.iiiit nuum ive mm ill
substantial controlling majority, On
Clinnge today It was snld the recenr
buying of Cambria hnd been rhl.n,. .'i
New York nccount. It Is now m nl
Newport News Shipbuilding Comn.il
may bo Included In tho big mcrgcrj .TS
TTnitaitnl ntlvlft. ,1ni,ntnh..t , . I4s3
bonds today with tho rcnnaylvnnla uijf
R11PM fOJltlirrB nf till llntltlrrei f .Ll n'M
Vnllcy 4s. I.ehlgh Valley Transit Sn?
pniinucipiiia Jicctric 41 nnd Es nnd Keyi"
stono Telcphono Bs were nil nromln.nt';
About J120.000 bondfl In nil changed hlnaiA,
during tho session. vJ
Mil!
ISti
"if
ii'i
S7'4
Ml
!
Ml
, St
8.1
HnHkell nnd IJnrker Incorporated
AI.I1ANY, Jan. 12. Articles of Incor
poration wore filed hero by the Haskell &
Ilnrker Car Compnny of Manh.ittnn.
There ale 2M.O0O Bliares of capital stock
hnlng no par value. Tho company Is to
begin business with a capital of Jt.O.OO).
It paid nn organization corporation tnx
of JI2.5W. It Is tho purpose of the com
pnny to ninnufactiira cars of nil descrip
tions nnd to tteat Iron, Httcl nnd other
motals. Tho directors include William
K. Coroy, 1'rnnk A. Vandcrllp nnd Am
liroso Monoll.
'
stmmm.ti'nn ..ii.v.'.. . . '.b mu
twiTrSTYnt rnTV1iMrtrti?lDliv ..5
I wns little or no liquidation in progress, rulill HIIUI I li 1 Crl L) I B ItJ U ttlA) 4
f0Mmm' ' - ' w. 'M
icsterdny's W, jf. .
riiw .. . "K'i sr- m m v f'hin Xt sji t. a
mm Deceinner -u.i ii.oiimi.o.1 mo ' v..-, u. jl,.. a m
(ritj Ol March 7.00 7.0KJ7.O.) m U.K. LO. t f
i ;;;:e; mi I st3 1 1
i4t' nn juiv 7.27 7,i7.:iii m Kuc 1937 a
'' 'Jin SSlSSber ::::::::::::::: 'm ?38 " Ai.niii..n 1
7SV4 70 octoben 7.I77.4H W, X 3
soj! 804 N(ember 7.4D87.S0 I. tw ,,, , ,,., t ISST', "3
$ il , ,000 1 ijafiMM i
:'S .17 "Alt SIU'EIt vfm,,;J'r';S&, X'
fit! fiifj In T.nndon tho rrlee of l,nr RlUer wns 27.1. iimSSIj&Wir-uVS&, uSiSIvSh: Ji
Jr !w ? 'n New Yorlc l.nr slher advanced He., to SiirtlSfSmfi'M ' flJr3 ? r"!1"," t?
81J 8Pi " " ' "S
17?i S7JV fl
lit
ANNUAL .MKKTINGH
UST
1'UIII.IU I.KIKinit COMPANY
NOTK'K III' ANNUAL MIXTINO
the Annunl Mcetluc or Ilia stnt.klinlileri
ot this compnny will lie held tin VI etlnemluy,
tltn tnenty-itlntli (luy of .Innuury. 1010, at
two o'clock l SI., nt tho ottlce nt tliu com
puny, UOU Cheiitnut Htreet, l'lilludelplilu,
I'ennu,, for the purpoee nt decline a Hoard
of Directors nnd receiving and act Ins upon
the reports of tho olllcers nnd fnr tho trantt
action ot such other busliicus us may prop
erly come beforo the meetlnc.
JOHN C. MAHTIN,
Hucretary.
January 12th. 10IO.
RATES FOIt MONEY
Call. Time.
New York H.02 2'Mil
I'hllnilelphla Mftl :i(h.
IblHIOII .1 4 ti-iv.
ClilTOKO 3HI 4 HflVi
Commercial paper, threo to six months, Phil
adelphln. 'MyU-t per cent.
BANK CLEARINGS
Hank clearings tndny compared with corro
HpomllnK day Utit two yeuri:
nil.-.. 1014. 191.1.
i'hllilphl.-V).iuu.(iii '..-..7iii,ii'.ii 2n.tm.7ni
New york...4ICI.i:iMia 211.M.S.H2.1 300.270..1K1
Cllleaso ir.,.,--H,OHI M.4IS.CS11 f.l.Mll.411
Ht. i.ouu. .. iii,'.'.-...(jTj i:.77,:i.tj ir..(j.,o.-)
v25.tiik MXTV.M.V1H a.nmjai, ?ii;i;r-
1- Inir of the Contrlliutors to the IVnii
Anylum for Indlcent Mlilnnit nnd Mucin
Wtimeii, nltuiiteii ut ino rorncr or iielKrmle
nnd HuKquelunna nve.. In tho tllttrlct of
Keiulngton, l'litln.. I'u.. will he held at tho
Institution on Thursday, Jan. 1.1, IUIII, nt 3
p. in. r.lcctlon of olIlt'tTs and new memberu
will be held nt that meeting
MAIIV J. It.YMIlO. Het-rotary.
'SrNKTIIVKTi:KN NAT IONA1. HANK
k1 l'hll.idelphla. I'a.. Junuary 11th, 10111.
At the Annual Election, licit! this day, the
rollowinir uireciors wore r"-ciecioii:
IMward A. Hchmldt
Otto v. woir
I). Chns Murtha
(lodfrey 11 llelnnan
John R. llnnlfen
A. Ilaymontl Haft
Andy nrunn
IMv P. Klimlilhclaer
Horry A. I'nth
Otto W. Ktlmum
Wm II Scicrn
I.lnrord C. Nice
John It. I.lvczey
juaypn j- wittman
BOND DEPARTMENT
i
SVIerchants
T
ST
715-717-719 CHESTNUT STREliT
c
o:
Offered subject to sale or advance in price:
Price Yield 'i
Market 4'
L1NFORD C. KICK. Cashier.
Hooker Electrochemical Co.
5 Gold Notes
Authorized and outstanding, $1,350,000
Dated December 1, 1915 Due December 1, 1918 r
Interest Payable June 1 and December 1
CpIumbU Trust Company, Now York, Trustee
Earnings for 1915 Seven Times Interest Charges
Over $1,000,000 of the above issue having been
sold, we offer the balance subject to sale '
At 99 and accrued interest
Complete circular on request
Bayne, Hine & Company
Drexel Building, Philadelphia
M. E. Be.iell, Philadelphia Manager '
ITS
$50,000. Balto. & Ohio R. R.
Conv. Mtgc 4'2s M. & S 1923.
t 40,000. Lehigh Val. Transit Co.
(East. Cons.) Coll. G's J. & J., 1923. 101 2 5
30,000. New York Central R. R.
Conv. Gs M. & N., 1935. Market 49..
f 50,000. Pennsylvania R. R.
Genl. Mtgc. 4'2s J. & J., .1965.
t 20,000. Springfield Water Co.
Cons. Mtgei 5s, M. & S., 1926.
Market 4.45$
90 GM
20,000. Wilmington & Chester Tra. Co.
Coll. 5s due Apr. 1, 1918. , 98 'j
5
sar
jJli
K3raC3tiQtirirgliJill;
S.
Income Tax
This Company -will attend to all the
details of your Income Tax Return for a
reasons
ile fe,
Correspondence or 4 personal
interview cordially invited,
Commercial Trust Company
Commercial Trust Building
City Hall Square
Interest on these bonds is beinf; paid without deduction for Norman
I'ederai income Tax.
t Free of Pennsylvania State Tax.
Thla centrally located Company desires
to draw attention to Its Securities De
partment. Bonds owned by the Com
pany, yielding returns of from 4 per
cent to C per cent are constantly on hand
for sale.
The facilities of the Department, In
cluding statistical information covering
values of eecuritles listed on the Phila
delphia, New York and London Stock
Exchanges are ut ton illvimsal of cllenlx
of the Company,
Kver Elnco the United States Income
Tax Law becamo effective this Depart
ment has pliced Its facilities at the dls-.
posal of those desiring information In
regard to tax: decisions. This service la
V
rendered free to clients of the Company,
and a small fee charged to outside in.
qulreri.
' ' "
All forma of Trust Company business transacted carefully and promptly,
Brown Brothers & Co.
Fovrtii and Cirrsrrorr Streets
1'IHLADEI.IUUA.
Travfillors T.pffa nf rWrl.f """"Tel
Issued in Dollars for use In United States, Canada,
IVunt T.,.K, J i, r, ....... . 1
.. a. iimtB mm uuier countries la rvertft aiw Owl i
. anas wm
9 -
America. , x0
jf