75ry
16
EVENING LEDGER PHILADELPHIA, THTJKSAt 'JANUARY 13, 1916.
FINANCIAL NEWS
WAR SPECIALTIES WERE BOOSTED;
DEMAND FOR OTHER SHARES SMALLER
Gossip in the Street That Baldwin Locomotive and
Crucible Had Received Additional Contracts for Mu
nitions Smelting' Influenced by Mexican News
NEW YOniv. Jan. 13.
The agitation for Intervention In Mexico, which hrn become more pro
nounced followlnft do mmsnero of Americans near Kl 1'nso on Tuesday, had
a direct Influence on trading In stocks of corporations holding property ucios
the Mexican border. There was a good deal of tincertnlnty n-t to what the
effect Of demands by our Administration will have on tho Cnrrnnza attitude,
nd a feeling of uneasiness about the outlook caused some selling of those
stocks this morning.
American Smelting and Mexican Petroleum both showed substantial losses
in the early trading as tho result of this feeling but outside of these Issues the
market tone was generally strong and a number of stocks were established at
new high .records. Smelting and Mexican Petroleum recovered partly later
In the dayr
"War-order stocks held flrst place In speculative Interest In tho afternoon
trading. Tho buying In Crucible Steel which has been noted for tho last
few days became moro vigorous, carrying tho price of that stock to 61H,
and this movement was followed by brisk advances In Ualdwtn Iocomotlvo,
ftfew Tork Air Brake and American Coal Products. It was current gossip on
tho Street that both Baldwin Locomotive and Cruclblo Steel had received
large additional contracts for munitions, and more attention was paid to
reports of earnings from theso contracts during the last few months.
The reaction In this group of stocks In tho last two weeks Is snld to
hava Induced a careful examination of tho accounts, which demonstrated that
estimates made several months ago were fully Justified, nnd detailed figures
furnished by some of theso corporations wero surprisingly large.
With tho reversion of tho speculation to tho war-order group, tho rest
of tha list naturally suffered a diminished demand, nnd reactions were noted
In many of the Important stocks. Now York Central, which had sold nt 111,
reacted to 110, and there was an absence of demand for standard stocks, llko
St. Paul, Union Pacific, United States Steel nnd Annconda. American Smelt
ing continued Influenced by tho Mexican developments nnd showed a heavy tone.
Information which camo to hand from Pittsburgh was to the effect that
tho December net earnings of the Cruclblo Steel Company were $1,250,000,
and It ivas said that January will make a ory much better showing. Tho
last comparison of tho compan's earnings showed that It was making slightly
more than $1,100,000 a month. Vhllo somo stocks continued to show slight
losses In tho afternoon session, tho market as a whole was fairly strong.
Copper Sold for Export nt 21'j Cents
A sale of copper for export has been mado nt 24i rents, free on board,
New Tork. Tho conditions governing tho transaction could not be learned,
nor could It be ascertained what delivery was Involved. The volume of tho
order la said to have been fairly largo. Trom time to tlmo during the last
week or ten days thero havo been reports of sales of copper nt i to '4 cent
above the official quotation, but In most of theso Instances there were favored
deliveries and tho amounts were small. Some of this metal was speculative,
In tho opinion of several trade Interests, who point out that tho buyers of
copper are now receiving tho metal thoy purchased some months ago, pos
sibly at 18 cents or lower, and those not absolutely In need of It could resell
It at a good profit
Neu) York Stock Sales
AlaOcn Jnnetn.
Alk Gold M 23!
AlllvCMImert Mff ... 20t
Allli-Chilm Mfe pr... 70H
Am Ag Chemical ..... Cf)'
Am Ag Chem pf D9X
Am Heel butxt ...... fxH
Am nct Sugat pf. .... 91
m Cn 02
Am O A F ,, fl7
Am Coal Product... lflfl
Am Cotton Oil pf . ,, ot
Am Itlrle & I;ithr. . 11
Am Hide & Ij pf ... . fi.Tf
Am Ice Securities... , 2.H
Am t.lnwd ...... ai((
.am i.iiwm pr . . ... 4o
Am liwomotli
Am Smelt & Itof
Am 5melfcn pf A
Am S'mcltiTJ pf II
m MccI J-oinUrbi
Am Furar ((Mining
Am Tel A lei... .
Am Tobacco
Am Wool tt r.
Am 7. L & Smelt (l
Anaconda Copper Qt
Aoociateii on , .,
Atch T t S F,
Atch T & S V pf.
llaldln loco
Balds In 1-oco pf .
Ilaltlmorc X Ohio .. 9lf
Haltlmoro A Ohio pf. . 7Mj
llatopllas Mining :i
Last close HUh. Low. Clom.
nj 9M OH AM
25' tiH 25M
27H 28' 27
78K 78)1" 7M
0Q 08H OS's
m m os
07H 07W 07K
!H 01 01
ruf fliji ow
(VS'f 07 07
102 lfi73 100H
D9J, 0't 01M
li 10J 10'
M' 53H 63
25 21! 2T,ii
214 21)1 21 H
tl) 40 AO
I2t 0.W 02W 02U
. .107'- 107K 10.W 101U
. n'( IM 91 91
. W1U J71 S7K 87'.
Ml". t,7 f,0U .Wi
..I27' 127U 127X 127M
..20.1J," 20.1'i 203!j 203H
4.) 4(1 4.1 43
WHEAT OFF FROM
BESTt)N REALIZING
May and July Established New
High Marks During Session.
News Favored Bulls
Sales in Philadelphia
Yesterday"
cio
Ait
clou. II (th. M. C5SS-
.....- Art o. 1 11 1 77
iW Rfi 'pre WW ,MJ .
f Amer Trt A Tel ... n 127 12jtt
G0W I10'( OflU
89 !tt!i mi
01 03 67! 07J4
.100! 1IMK 100)4 10HK
noH Wi on( nojf
107H 10Si ITOt lOO'f
107J 10S 10S 103
Ilftlilehem httel
HrooVIn Han Tr ....
llrtinsulck Term . . ,
Hush Terminal .
lliitto 4 superior
ral Petroleum
t'al Petroleum pf . . .
lanadlin Tactile
('nt Leather Co
Cent Leither Co Df. . .
Chile Cnppjr
Chlno topper . .,
ChesapeaLo & Ohio ...
thl Ht Western pf ...
thi Mil i. fet Paul ...
C M A St I" pf
c c c i sil pr . . .
C III H 1 X l'ac
Cluctt Tea A Co pf .
Colorado Kuol i Iron.
Col S. south 1st pf
420
804
l.l'j
99U
70'
08H
us
i0'
an
430
S7
II
C'J
70'
07M
IMM
79
2
42:
H7
II
nnu
7.
,!lf
l,0W
1)44
795
2Ji
425
87
13
09'
75
oow
1"9I 17H' 17HH 17SVJ
52H 52U 2'l 52)4
109)i 10))S 109)'j 10))i
2t 21 23' 23'
54'1 M 54 54)1
1.4'i r.-) 04) f4'(
:wji 39 us ;iu
ion'( ioi' KK)f lootf
IT. i: 1.14'f IM
70 70
IH'i 1!)
111U 111
I7t 4S)S
Gold Exports From London May Cease Soon
Advices received from Ixmdon today werp to tho effect that exports of
jild to this country will probably cease within a comparatively short time.
This should prove beneficial, bccuiiso there Is no desire on the part of tho
banking element of this country to obtain additional amounts of the precious
metal, owing to the very large ntnount of Idle money In this country. Tho
mobilization of American securities in Great Britain is looked upon with
"favor by Amcrlcnn' bankers, ns It Is felt that wo will receive a considerable
portion of these securities In pnmont for shipments mado to tho other side.
American Locomotive Earnings Good
An official of tho American Locomotlvo Company states that from reports
thus far avallablo It can bo estimated that tho company In tho last hnlf nf
1915 earned Its full 3A per cent, on the preferred stock nnd nearly S per
cent on the common. In the six months from January 1 to .lunc 30 next
the company will surpass this showing by a considerable amount. Tho com
pany will In this period be shipping threo times tho amount of shells It did
In the first half of Its flscnl year.
CURB IMPROVED
AFTER HEAVINESS
Bid of 160 for 2000 Driggs-Sea-
bury Good Inquiry
for Oils
NEW YOTIK, Jan 13 In the market
for outside securities today considerable
heaviness was again shown In the carls
dealings, although trading at times was
listless. Toward midday slight rallies
set In on covering DrlKga-Seabury, nftcr
a gain of M, eased oft IV. Tho feature
In this stock wns a bid of 150 for MO)
shares.
Jlidvnle Steel ran off nearly a point.
Poole Engineering and Machinery at one
time showed an advance of nearly flo
points on the exchange ot odd lots
Marine stocks were lower on small trad
ing. Motor stocks were Irregular with
some pressure In White and Teerless
Maximum Munitions vtns weak
Marconi of America developed consider
able activity at an advance of about
on Inside purchases. Cuba Cane Sugar
was decidedly less active and easier In
th absence of Inside luylng. Atlantic,
Gulf and West Indies Steamship Issues
were firmer.
There was a fairly good inquiry for
oils, especially Ohio, which moved up I
points; South Penn OH eased oft 5 points, j
and Standard OH of California 1, while
Standard OH of New York gained a point I
Mining shares were easier, but com
paratively quiet. Kennecott was down ,
ii. while Butte Copper and Zinc Improved
Vi. Bonds were dull but firm i
INDUSTIIIAUS
Ajaz nubber Inc w I
Curtli Aeroplane . . .
Chevrolet Motor Car
Cane Sugar
Drl-Bbury ....
Jltouee ir,
New York Bond Sales
Hldl I.nn
JL-Oflo Artamii irxprna 4b M s-,
1mxi Almr A- .sua lUi. ... NiP, sil
1Ihi Ainsku tlol 1 r ht. 11V. 11 V.
ixkki Amer Aur deb ." . I' l-
air.Mi AnKlo-i'r I. ' I'll, nvv,
luiiKi Amor Tel rlt 4h litu, ul'j
1'MKMI Amer Tel ru 4' 1M71, HIT'I
HK Armour Co 4UH U'4 UV,
14imo Anhlson cen 4n 1M HI'.
ICKhki AtPlllsnn iifll 4n S"'. HV-,
W Atlan Co Line lt 4 IC. tu,
TiirKI All ill Co Lino clt 4a Mil. "xll.
IIIO.) link X. Ohio P-ji" till, M'.
IILVHI Halt ti Ohio 4a . IUI, IIP,
414 Kilt & Oh c 4V, . l.Sii llMa
L'lKil UAt X. CI Snn T.Uh . . tr lij
Ul llelh Meel lat '... .lirii. lull, 1lct.
HHNi llelli HlfPl rlil ..a lirj III.' irj
IMKO Ji A. 1 I'UIB . .. lil
llniil llrooltn lUp Tr Sa .. till'.
. rfHi nrKn K.ip it na nn iiiiv
Clnn
s",
Mil,
11V,
IIS
HIT,
llll,
11171.
HI',
ini;
S7',
vi .li
li
tomputlne Tab Hec.. 17 47
Conllnentil Can 7s,'( 81 H
Contlrental Cin pf . 103 103
Consolidated U3 . . 1424 14)
Corn Products Hef ..20 20'i
torn 1'roductj Hef pf. u'M 00 nii
Cruclblo Stool ...fill OUi C0H
Cruclblo Steel pf .... 100 lO'M-4 100
Cuban-Am Susar . l"t 172U 170
ueore i, Co . 00 W(
Uen i. Itlo (Irando pf. 20)i 221
0 70
1HW 1H)(
110'j 111
47)J I7'
55 C5
40)5 40l
70)f 8I)i
10S 10S
142)( H2)f
0)i 204
CIIICAOO, Jan. 13. After advancing to
new hUli records today, May touohlng
J1.20V, against tho previous high point
of (1 a on January S, nnd July reaching
Jl.52'4. ngalnst cstcrdays top of tho
season ot ffl.21'4. wheat reacted -under
heavy profit-taking, selling below last
nltht'fl close May was cnrrled off to
II 2714 and July to tt at. Ktom the bot
tom, however, prices rallied on buying by
commission houses. May closing at $1.2S(-4,
against tl 23 at the end yesterday and
July at 11.21,. compared with 1 MTi. es
terday's last price.
Tho general run of tho news favored
the bulls. At the start there was n wave
of bulnr. because the cold wave bad
extended Into tho winter wheat belt, that
sent the market Into now high ground
Tho rise started In July, but May ivas
bid up sharply on an attempt of shorts
to cover. A lot of wheat was put on sale.
Price changes In the nfternoon wero
erratic
From what could bo learned from ex
porters tho demand was less brisk Out
side trado was smaller. Thero was marked
concern over the low temporatuies In the
Southwest, and It was said that all the 16.
OOO.tXW bushels of wheal at Buffalo had
linen aotd ntnl that lindens hml lioi.fi re
moved. Hecclpts In tho northwest were
light At Liverpool wiient turncj easy,
following firmness Shipments from Aus
tralia wero prlvntely oUlmntcd nt 750,000
bushels, mostly to tho United Kingdom;
1). W. Snow placed the amount of wheat
on farms at 331.000,004 bushels, of which
only 2SO,000,000 bushcl9 Is merchantable.
The supply of the latter is smaller than a
jcar ago. Duluth wired that tho blizzard
was tho worst In 13 tears
Corn was comparatively dull, but now
high records wero made Oats was
strongnr, but finished below tho best.
I.eadlna; futuroa ranEnd as follows
Wat'rt'a
upn. limn,
1T I la hi Loo orer
1 Hurt A Sua t 1
P0 do nref ....
M J (I llrlll .....
ir.pi Cam steel ...
.ii uai retrei.
10S
id
in iTucime Hieei.. ..
ISO riec Hlorano . rtlU
10 line .. ..,,.. ..
40 den Aph pref. ,1
SI Inen Copper ... 41'4
ISO In.t Alcohol . ..
.tifl Ins Co N Am . inn
S"0 I.X Sup Corp 11
101 ih Nav , Til
1.1 i"n , ni .. .. ru'.
pra .isn
lft Ih Vol Tr
1 North I'miim
422 Henna . .
11 J lVnna S Mia;
70 I'hlla Co.
41) Phils Hlectrlc
2120 1'hlla It T t e.
. I'sn i'uai prer
1W IleaJInK
2.10 Tonopnli
nil.
5S)j
Ha
42
28
lO'l'l-
82
4
41
103
40
R7
41!
74
.1.-.!
n7U
0.1 1 1
41'
niiij
21114
n
70H
'1 .
IM
111
100
44
10s
411
B
10s
4U
.
S8J4 M
3.-.S I'H
0.1
41?
1 1
r.7(I
03J4
47H
20 20H
8 n-io n
7S!i iU
H
.
1
14 2S14
ilelm .'
All". Tononnh A!ln . .
1 t'n'on rracllttn.
04 1'nlle.l 11 I ..
2771 IJ 8 btrcl
1111 Wnmlr-lr t A H
W Weal J A Sea do.
SJ
40-10
41
5T
su
10't
..01J
3S'4
lit
lo
42
ill
r
RSjJ
10,
Wi
St
in
m
101)
42
2S
in
luim
83
4)4
44
sIW
8VJt
tnl!
coU
BANKERS HOPE FOR MODIFICATION
OF INTERLOCKING DIRECTORS A(jB
r
Recommendation Has Been Made to Reserve Boar
ni.ilJ11,Jo TVTot.iVnf Oitipf. AiTniv Wifk Ql!i..
Sagging Tendency Cambria Steel Rumors
Tolnl les, OSOS iharrs, rompnred whh
20,100 ulioren jclerdayi thus far this week,
03,210 thnrrs) tamp period Intt week, 12,318
shares.
110NI.
Ii
us
101J4
1014
IU
Tiw
no
lis
iii'l niw 11414
102 102 1
Ili HJ2j KHVfc
Detroit Kdhon
Dome Mines . . .
Distiller) bccurltloi
Dill S81 Alt
Dul S S X Alt pf
Krle
Krle 1st pf
l.M'i 133
28
um
0
It
mn
40'
0
12K
ll'
n:
oa
21 H
13,-1
L'7
40
I)
12
il'i
Mi
00
ltl'J
172H
on
2J)J
135
273
1(1
II
12'
ll!i
C
General Klcctrtc 171 172)5 170'l HWi
n.'ij
I Mi
IU
-M,l lluith 'lorin Itldz s
Mum I'rnt I.O.itlHT 1st :,
llWIill Tent It 11 N I .'
7ikhi chill i'onntr 7s
lliuixi L'hes & Ohio 41-B
lino hi K. Alton Is
L'lMHi 1 hi & Cum 111 .'s .
linn (i (,I ll A. i Ji.fnt In
jnnii chl II i. li uen 4s
K-ti (M t'hi M A. St I' gen 4n
tY4t I 111 M t S ! i ."ui
KHI) Chi M .It H I" c 41 ,
VJOO i hi M ii S 1 gen 4H
Nlj
1(11
111,1,
lilt,
Sst,
$'
kl'.
Illl'i
lull,
KXI
llil,
Bid.
"I
. 40
!.'
411
inn
IntvrnHtlntuit Merchant Marine . VII
jnirrnniionHi aiercnani Marino pret in
Kathodlon Hronie vttt
lanhiitln 'Irunslt .
Mosna Copper . .
Maxim Munition
Karront
arltn Arms
I".
Allied
711,
iv
4i,i,
SS
fn
do pref
M,rt.l Htcel ..
Oils Eltvator .,
PMrlcn Motor
Perm Marina ,
niker-IIfzeman
niernnK uun
I e ctfa
auhmarln, lit
tTnhaeca IVoducta
f'nltot IroOt Hharlnif
World Kllm , .
IVhtte Motors w I
Oil, STOCKS.
j.i-in 3. tin
. 13 IT,
mi; 11
. . . .i.
. ni -in
.. 71 SI
. 71", 71.
.. IV, llT
. . '."l In
. . 5H ll
:: Oli
. . 40 III!.
. . 31 :ci
.. 14 is
. 12 31,
. 4bV, 4U1,
Coaden Oil
VJi
f'KtorU Oil .. . . . ,
1IIM.NI. BTOCKH,
Butt C & Z V t rtfa... ....
aoldflld Conaolldated . . . .
Krunacott lloiiiwr
Nlplaainc MInea Co
Yukon UoM ...
IVutrrn Paelflc w I
at Jo Lead
1V, IV
li
in,
si'"
3"
15H
Tobacco Co. Sella German Properties
LONDON', Jan IX Deputy Chairman
Joseph Hood, preaidln? at the annual
meetins ot the IJrtlsh-Amerlcan Tobacco
Company today, said that the company's
interests' in Qerman companies had been
old to pne of the largest German banks
(th the consent C the British Oovern
mtnt. The transaction was made on the
condition that moncv je paid until
after the uar Mr Hood ndicaled that
special losses to the company consequent
to the War were not likely to exceed half
the sum of 1,500,000 already transferred
ta the general reserve for that purpose.
The company's net profits tor the year
were 1.KO,000. cr virtually the same as
In thei preceding year, notwithstanding
the payment of 115,000 additional Income
lax and Increased freight charges, war
fcrsurauce, eta
4IMI Col .Mlillnnil In
JIM. I I hi IMl "in
iin.) Comiiut Tnh m . . M
7H011 Del it Hml ctinv ,-9 I 0.1(17
lixm Del & Hud rM la ... HT'i
llXKI Hen A Itlo Or la 7hi.
1(00 Den A. lllo Or rfd "is .ITiJ
VNM Dciroli I nlted 4i:a 77
JiMili Ills Seiur lor n 'i 7il
:.(KXI Ini Pont I'ondir I'ja
link) I-lie mnr (a er A
!um Ilrle trniv 4s rer II.
.'(4) 1-rle prior 4a
4IKII) Ur.inb lla . .
tmii 1I0 e( ' "
lrMUl Ilud . Man In Ss .
IMHI ln.ll ilia aleel .la
lOmi low.i Central rer la
3Jmi Ilia Cornier cv tla
1IKI0 Inlerti Met I'.s.
nniilMIl ltur Mnr Mar ct 11 lnV.
II (l Intern Ht Puniji ct 3a 771,
'Olll Kfn Cllv So a ... Ill
.1.1(111 I-.uk i bteel oa 1IIMI
H Kl I.k 1-h ilili 4a lll.'s
1UI do Ht'l. 4 Hill
.'(HH) l.lg illTJl
Mk li ili 7a
tltui I.nula A Nuah 4a
Imni llanlMUan li . ...
lKm.1 Minn e. St I. la
,iin M h. (t T lat 4a
MOO llo HiJ ..
liiail Mo l'ac 4a
ru4ki iio iv Sa ..
:'iim Uo Ha ...
asj Mont Pner r,a ..
SSonii N V O & It 3a
limi do 4Ui
liJlMXI N V C lul
1I1J1,
.Vl.j
unij
1 'M ,
.1111 'J
HI'S
.1.1
1171,
. inn
oi,
.us
1-31,
ins
ins
.-it
uta N Y l'y 4Vja May
no
441J
.lii
. Ill
. . MT,
01
1171,
'17 liii.l,
.iri'
,,1,
, hll,
-.1 1 1 r
I'hV,
KliLl
0(1 N V llork 4a
,-Jl K V N it & II Id
J(HI N Y O i. V lat 4a
ti.VK) N Y liny adj 3a
In) N Y Tel a-en 4l,a
HKlO N'orf & VV',t Pnh 4m. K!iL.
IHHI ,a ct 4ltS . HI.
MOO doll . . ml'
7(im Vor P.ic prior 4a . UP,
IKji4) Nor l'ac Ken .la tr.i
.-Mm Ore hhort U ret 4a .. 1,1
UH Pacllli. Tel 3 . . Haiu
Sinx) PeniM Ken ct 41ta lnl
Itiia) 1'tnna en 4l luv,
linai) Pub serv N J la imi
40O0 Kock laUnd la Sl,
4at tit I, I it ili. So Ken I1131J
S4HIO KeutiOdrit A 1. u,IJ Ca. HiV
imii.
107S
1llZ
. 07S
ihh!
411
lS
n.'S
I714MI tiouth l'ac cv
Una) Uo iv ret t p 3a
Li -hi South IVi rfd 4a
11000 bouth Uwy Ken Is
faUii do con la .
1UKH) Terja O d,a
.iu Tlilr.l Ave new 4a
N.00 II H Itublier ba ..
4ii( I' ri bteel 3a ,.
4(.'JO Union l'ac lit 4a
l(4l ill cv 4,
sou) do rfd 4a
HUM rn ltwya d K 4a
u a !( 3a
30U4) Uab.p T lat it
ill... 1. Au. !.-, ....
S7( U'eal NY&Pa lat Sa.. 71'i
uin.1 11'.., IT.,ln.. II . r.- "
VrV. ,1,W, W.I.U.. ,7, . U
IIP,
Kill,
1 1H1 V.
.-'
lOli;
111.',
1 I.",
.-.Slj
H.i
lisi,
iu;
in
IM'l-'N
llll',
lul
nnS
II7S
M
11171,
"7(,
ln.'S
IP.
10-.1J
111-.'
inij
KU
.-..-.li
I'll I,
7U
ISS
771,
HI
117
IMS
H41,
l(rj
l.'l',
ipI
111',
17
3.1
431,
vs
mi.
Kll
01
117,
irwi,
751 j
11(1
hl'4
SM-J
mi;
ws
l.-.l,
Ul
Hali;
UO'.
lois
!K)
MW
lu.'S
IW
sii.
1071,
III Hi
.a
!!Sfe
1(11'.,
101
U7U
n8
H)3
111
DNS
1
liS
7l4
w
nn.
1IEIS
11 in,
hTi
lnlS
II1.1,
1 1.",
sss
i?
IIHl,
iu:
ILI
imi.
1111S
li
11 iS
-'
h.1
1(171,
H7S
7si,
70
liS
7-S
.'!,
Ml,
I11.I1J
11 v
ins:
uenerai .-iiuiurs iti
(iiner.il Motors pf. ... 1 1 1
Oranby Consol 80
(Irieuc-C'jnanei .... Al'i
(Joodrlch 11 I' Co .. 72) j
(I real Northern pf. . . 12.1
(It N ch for ore prop. I8)f
(JucBenlielm Kxpln ... 2 )'
Int Acrlcultiiral. .
Int Aerlcultural pf ... tiW,
Inter Con Corpn .... 20
Inter Con Corpa pf .. 77
International 1'ap pf.. 4S
Int llirv N J ior)
Int Ilarv Corp pf ..10S
lnplMtlon Copper.... 17)5
lut Mcel 202
Int M it cf dp 2()'
Int il il pf cr dp.... 7S)
Kan City Southern . . SIJ's
I acl, Steel KVt
Lake Krlo 4 W pf . . . 40
Lehigh Valley . . HI
Llccett & Myers pf ..UO
LoiiB IMantl . . . 21 U
Lorlllard I' Co pf HO
Louli & Nash 12'1'i
ilaxwell Motors .... liSS'
ilax Motors 1st pf ... h'l
Max Motors 2d pf ... BJI','
Mulcan Petroleum .
Minn & st I-ouls .
il st P . S s M
M St I' A S S il pf 1,')7
ii st p a. s s it 1 1 . 7.1
ill) Kan .1 Tex . .
ilo Kan A. Tex pf
Miami ( opper
Missouri Piclflc . .
Missouri l'ac tr cfs
470
IU
85
GOtf
72W
12l'
IS),
23t
22)i
VJ),
20
77),
4H
470 470
U.'IX 111
s.) nr,
47', 4s)j
71U 7U5
124'i 121'i
IK' 4SU
21)5
20),
11)1 i
77)i
IS
100JJ lO'l),
107 107
17),' 4(r
2()5' 20." 4 201'$
M'
21
r.7'j
IDS
77'.
IS
lllO'i
107
4
.'()'
7I)'I
HO,
'I'l
4(i
hl)4
ill',
0
7S,'
:io'
40
so;.
:io'j
Ml
40
SOU
110'S ll'IH ll'Ua
2J)5 2.' 22Jj
110 110 110
i.ilISi 12))i 13 J
r,si nr,h dss
S'l so so
110b 110'i 110 in
1.1 l.f 1.11 1 I3'
1211;
7l.'I
mn,
77 li
04
07
(IIS
(US
nr
l.'m
ms
iili
'-it
4.'U
4
imj
hit:
03
117S
km,';
no4
sis
'.Sl
fc'i'4
snj
w:
im,
0.1 i
Ul
tni
10VS
mi
M'l
KKJ'i
I.U14
Slli
KITS
712
10.li,
1031,
W1J
MI',
KM
IIIS
0.HJ
IHJS
4(1
V3
l7l!.
w
Montana l'ouer
ilolftana Power pf .
Natl tlo ik A Suit .
Nat Knamcl is. .
Nat Lead ... ,
Nat Hy A. il 2d pf
Nevada Con Copper
Nch ork. Air Urate
N N II & II
New ork Central..,
N V Chi 4. St I.
X) O a. West
Norfolk &. Western
Norf a. West pf . . ,
Northern Pacific ....
Ontario Sll il . . . .
Piclflc Mall
lVnnsjhanla
Pwiphs (lis Chi
Phlladelphh Co
I'lttibursh Coat . ...
I'lttsbursh Coal id. . .
Pitts C C a St L ...
PIC4 St I, pf . .
I'rtssid Met'l Car ...
Qulcksilrer
It) Steel Spc
Kay Con Copper.
HcjiIIml'
Iteadlne 2d pf
Hep Iron &. Steel . .
i Hep Iron a Steel pf ,
I Hock Island Co . .
I ltuck Island Co of...
Itumely M Co tr r
Staboard Air Line. .
Seaboird Air Line pf
Stars Itoe A. Co .
Slo,s-.heff h a I Co.
Sloss-S b a I Co pf .
So Porto It Sugar . .
Southern Pacific . . .
Southern Ity
Southi m Hy pf . ...
StudebaLer Co
StudebaVer Co pf ...
'lenn Copper
'leias Co . .... ....
Teias & Pacific
Third Avenue
United Cigar Stores
ll)j
16
.IS
:.'.
7.Ti
no1;
7fi'
Jfi'i
08S
li
Mi
145
75S'
111)
40)
2IHs
Ul
i:r
7.Vj
71,
kh;
lis'X
ii
n
70j
100 ;
77 i
20S'
lAW
il
15)i
14')
705, 75'
ui.'i Hi'J 1
15 l
."l 2l)
121
l.Ti
7Vi
on
Hi
.')7',
5h
:M
75) i
II OS
77)5
204
(kS)3
0
15) i
lt'i
i
121
115
754
7H
10W
17H
5'.
n
75)3
lOOS
77)5
2(i)i
0S)5
1)
15!,
140
75S'
110
II
0),
Wheat
May .. .
July . .
Corn (now
Mny .. . .
July .
Outs-
May
July
U rd
Janunry ..
.May . . .
July . ..
Hlbi
Mav ,. ..
January ..
Mnv
Hid
i i,
1.211
l.22ti
ilMlvprvl
rviv, "'la
JI,
Iow. CIne close.
1 27'4 tl ami ti.zs:
1.21 12lS,1120ii
80
rn
40H
10 02
11 X)
11.07
101,
not,
10)4
10 70
11 no
11. u
111? igO'J 701S4
WS
411'.
no
4SS
10 no io 00
ms2 10110
1100 iio.'
hos
48W
10 ,1B
10X1
10.113
1001 11 01) iodo iono ios7
.. in 2i
10 71
tAsked
10 21
1IIN)
m I-, tin 11 moo
10 (K) MOirJ 111) 51
COTTON MARKFaT QUIKT;
PRICES SAG SLIGHTLY
120', 120),' 11034 120
so);
110
10
. 12
5s;
.111
41
.Il'i
S8
lKUi
10
12
.'.oij
111
n";
HOW
ss ss
115lj 115's'
Kh); lll'i
8.-1
07
. 58(5
4
, 3'$
. 24);
SJ'i
12 J i
51 52
10 If 100
82 Vj
U9'j
59
4
4'J
21'f
S2H
I)
03,
12
5S)j
111
Hit
.IP
llfl
82 i
OS
67)
1
SOU
21f
Sl)f
4:i
51).
10S
H
l)
12
.Wi
lli il'i
30
lllVf
82)i
09)S
5S
1
3013
24!,'
Sit,
41
01)4
10S
)i
)
13
IS'i
ll'f
1I1
01
101
15i
102
UK
IM'
152
Wi
57)f
WIJ'
8H
02
b.'f
im
Wif
Orders Scarce Keceipts for Day
Large Good Demand for Spot
Nnw YOniC. Jnn 13 Bnslncsi wns
practically nt n .itnnditlll nt the opcnlnfT
of the Cotton nxchniiRO till") tnornlnp;
Appircutly there Mere no orders nt or
neir tho prevailing prices, tho only trnns
nctloni bolnB mntle by room traders in
sninll lots. A fentu emphnaljlnir tho
dullness uns tho fnct there iinn only 0110
bid nnd no trndc In October on tho cnll,
with hut 0110 Hale mn.de In that option i
to tho end of the Ilrat 15 minutes
DnrliiK the last few ilns, October lintl
been kIiowIhr considerable activity. The
enrly tono xvns stentl, December showinir
a decline ot 2 points with other months 1
to B points hlRher Af.cr tho cnll t,u
ininkct heenmc stnKnnnt, wit. prlcei 1 to
2 points under '.he start
In Liverpool the triulin? wns quiet, but
the tone ivns sternly, with nchnnccs of 2'4
to 4'? points or nbout 1 to 2i points bettor
t li 11 ti tine.
Heavy ralufnll ins Roncril cast of the
Mississippi Itlicr this mornlni;. Reports
from ninny stations v ore missing.
The receipts of cotton rt tho port for the
duy weto estlmatcil nt 23,000 bales, com
pared with 21.S74 bi les Inst week, 03,503
bales Inst year nnd 37.2S2 bates in 1914.
Tin-re wis some Liverpool hilling hero
during tho early trading, but otherwise
thoro appeared to ho ery little sup
port around the ring and prices turned
easier ns the session progressed A re
liction in the English market probably
promoted some local selling on the set
back which can ltd the actlvo months
nbout 6 to 8 points lower. Ilejo d some
discussion ns to the effect of the low
temperatures icpoiteil in the south on in
sects, nnd pnrtlculnrly tho boll weevil,
thero appealed to bo little In the news
that nttraitcrt much nttentlon around tho
ring, anil tho decline reflected tho Influ
ence ot small offerings in n narrow
market A wire from Now Orlenns said
that Houston nnd Galveston both re
ported a good spot demand
Yea cloae. Onrn HUli l.oi
12.11 IJ is 12 in
12 11 l.'IS l.'.VI IJ 47
12 7S 1JS1 USt IJ Kl
. . . I J III IJ.UI U'll 1JS1
12 117 12 70 1J.71 1JM)
IJ SO 1J7S 1J7S 1J71
Ijiflt proi
fyw Am ins k 1, ;, tin
O dm St acp' 10 lis
ns do I Mi 1017.. loiu
ns do Mnv 1017. 101M
MX) Con Tro N J 3, 1H2
.IIkiO City OHs 10.11 O)
12V)0 do 4a '41 rea; iOJS
.ll ilo H!(0
Won tnlerM Km 4, .1714 r,s
roio Kov 11 lat .".,. Hi iin'4
1n".0() I.k Mm Ini. 4, 27 " 11
SKK) I. Nav ens 4V4a.1(U tol'H lilt';
70m) I, Vnl iren 4 s tu 021, 02
initio I. Vnl c'onl r.. 101S 101V 101'4
l.ii) Prima kmii 4Ha 101 101 101
1(100 I'eoti Piaa t o 4s .. tlli IU14
Via) J '111 la (.'n cons .la ID l) IK)
lir) ilo llils . tis lis lis
1100 l'lilla Klee As lom llll", lid
.10011 ltnaillno- gen 4a 1)1 Hit, in
.Vjoo ilu 21 ?., tins liov, 110),
IKK) do Imp 4a I)7S IUW H7'l
2VU0 Stand llua 0 .100 100 lOO
Clote.
no
ns
10!', ion,
10m 10114
in
is
mm
2J
loi J,
11 1 j,
101
n m
00
OS
llll
ii.m
117',
1H)
Total anlra, f.lOfl.H.11, romimrrd ttlth $122,
22H yr'trrilnyl thu, far tills nrek, t!ID2,2li1i
sntne period Inat ueek, $112,0.10.
Local Bid and Asked
HnMwIn ,.,, . ...
Uult & fins t c
do (rer
Cam Stffl
1 lee fltornRo ....
Uen AspJmlt , .
rlo prcf
K?tono Telephone
no t c . ,.
do pref . ,
Iwilte hup Corp . . .
l.phlrh N'rivlKiitlon ..
I.rhlKh Hllcy . .
Lehigh Vnllcj Trnn .
1I0 prrf ..
IVnna . . . . . .
l'hlli nice
lMillii Co .. . .
ilo ." per cent, pfd .
do (t ikt cent. pM. .
l'lilla II T
do t c . .
npntllne
Tonopnh Itelmont...
Tmiopjh Mlrilnc
I'nlon l ruction .
rnltnl (Jns Improv
U H btetl . .
lnrk Ha1hny . .
no prci
Todny'B YcatrnlA) '
Jill. A?Kni. Jim, ARKeu,
lPTI- lOT"
HW4
.ni.
7i;
01
Win Cramn t c
70ij "I'i
141 UK
14U 14V
Ul 71)
7SI, 714,
-!)', SI
tsij m
,IN', .LSI'.
rsi, r.nj.
2S 2s'i
42 41
:n .Hi
41V; 41
10 til'l
10 llll,
81
4 4V,
0' 7
M'l S1
M, OU
.14 ni
81 M
.111
.17
74(i
111
7()(,
141?
Il'i
111
mi
7si,
K'?J
1S(J
.IS1J
25?:
4.11,
lll'i
111',
fi'1!,
41
Ml
II
.11
SI
KISi,
411
(It
.14
711,
141
W.
70
II
711
81
1X14
;;iiti
r.sj!
JsH
1
.in
41
10
41H
7r.
Mil,
11
83
Financial Briefs
January
March
iMu
Jul
ivtober ,
Dei ember
HJt . .
Iaut
12 1.1
IJ IS
1J..VJ
1J.S1
1J.11
1J.71
12..V)
BAB SILVER
NEW TOMK. Jan. 13.-Tb prlca ot com
marclal b4r atlTcr iltvliotJ 14 to Sola ccou
Way.
Pari Bourse Sluggish
FAB1S, Jan, 13. The Bourao wa aluf
ylab to4.
Union National Hank Changes
At the meeting of the L'nlon National
Bank directors today for organization,
several changes occurred W. II. Car
penter retired from the presidency and
J. 8. McColloch was elected in his place.
Mr. Carpenter was made chairman of the
board, lie has been connected with the
bank for 32 years and In tQe banking
huslness for 53 years Mr McCullough
has held the office of vice president.
Louis N Bplelberger was elected a vice
president and Theodore II Conderrnan
was re-elected as a vice president. Mr
Bplelberger also continues to till the posi
tion of cashier. Samuel Carpenter, for
merly cashier of the Manufacturers'
National Bank, wblch. was recently taken
over by the L'nlon National, was elected
assistant cashier.
121j 13 13 ,
. 17U ltff 171'
301 i IJ 39)i
.IMh 1M5 IM
fi'JH OJ son
102 101 101
IS-' 151 15.-.
.1021, H)'H 102
. L3 SiH -1.1
. 0.IIJ 05 ftK
154.W IM 152
.11:1 noK noli
. 5'J 50)i b7ii
221M 222li 22IU
. b' 8H HH
. OUf 02U OH,'
OW Uli Uli
timed Ligar .iwres pt iif y, HJt
United tlsir Mfrs . O.'lf 02if naif
bnloa Pacific t:j81f VMli 13?)i U7f
Union Paclflq pf ..... y.1 b.1 ! SJ
United rruit 1411, llUJ m MM
U h Ind Alcohol 131M 13ii 13 1 1331,
110 IU UK4 IU
aii J3 'JIU ai'f
1I)I 10 10 10
37 20 30 JO
40 30 3'J 30
. .!f iSH 551, 55
. bOH 5H b5JJ b5)i
.U7JJ U7Ji 117t I17i
. 70J( 701 70f 70
. 4711 17H -17K 47i
. GO LO GO CO
KHi 10)( 1BH 1G1S
. 48 4SK 471. 47,
alii 3Ui 31), Alh
. Utti 08H tloW B0
, 311, 31H 31U 31U
. bH MH ,, bSh
fll S Ihla a1,,. ,-,.
....J..1 .- .-.-I l
U S Ind Alcohol rf
U b tat I 1' & F. ..
United Itys Invest
United Hii Iniest pf
U b Itealty 3c Imp .
U b Hubber
U b bteel
U b bteel pf
bUh Copper
Ya-Caro Chi-in ....
U Iron Coal i. O.
Vi abash . .,
Wabash pf A
Wabash pf II
West E &.M.......
Western Maryland,
tt clem Union Tel
ttlllji OitrUnd.
MtontciUli W Co.. 1.031 120H 110H HUH
NEW YORK BUTTER AND EGGS
NEW YORK. Jan. 11.-UUTTER.-Market
aWuiiy Ilecelpta. UO.ll packasia. Kxtra
craamery. a.lc. , hljber scoring-. 31c: fcuio
dairy, i-llc Imlutlon ireamery, 2rifi23V,c
KlUS Market Heady Ileielpta. 10 7J0
twekasu Ultra a ral a, .Hjl ;: llrna. .Jjuo
UWc.. nearby uhttts, BlKKlc , mlied color.
XMjJIi: . nearby brouna, 378Jiic i refrigerator
(lrita J3623hc.
LIVE STOCK QUOTATIONS
CHICAGO, Jan. 13 -HOGS-llecclpta. 31.004
Mixed and butihar. U.t5'u7 M aSxl heaVyT
7 3&V7.S3. rouh heavy. iai3a7 20, Ilaht!
U.bSu7 45. plga. 0 23ea.7J. bulk77Mto
CATTLB-Hecelpta. BOOO. Market atronr.
Beaiea. li.UlB0.75. con a ana helteru. tl lOii
U , HAVbn l! .'"jaa Si, ..!.. .jiflln bl
V yw ,.-. T. ,w ". wa, f4MV.,v,w,
SIlEBr' KecelHe. 10.OOO. Market steady.
i ana ivcaicrn. i 4UVT Oil. Unite. 7W
at
i.n
Liierpool Cotton
LIVI1RPOOU Jnn. 13 Spot cotton wns
In good (lemnnd today nt nn ndvnnce of
3 points, on the basis of S 20d for mid
upland. The sales aggregated 1J.O00
bales. Including 10,000 bales American
There were no Imports. The market for
futures closed easy on near months,
(steady on distant positions, at a net de
cline of CKi points, to an advance of Vi
point.
FOREIGN EXCHANGE
SEW YOItK. Jan 13 -The feature of
tho foreign exchange market was tho
extreme ncalmess in Italian lire, vhlch
broke bensatlonnlly to 677 for checks, a
decllno of 15 centimes nlnce July 1, and
a 'new low reiord. Sterling was a shade
easier while marks hardened.
Shortly after midday prices stiffened
somewhat, demand sterling being quoted
at 4 76?,. Sterling cables wero quoted nt
t.77',. Otherwise tho market was virtual
ly unchanged, with u comparatively small
volume of business being transacted.
Krancs cables were quoted at I.83V4 and
checks, 4 83U- KelchsmarKs were quoted
at 757i tor checks and 76 for cables. In
foreign exchange circles today, while
there was a somewhat better feeling,
the volume of business transacted was
small.
RATES FOR MONEY
Call
New ork H,ii2
1'hllaUelphla Hill!
Ikwton i
Chicago . . 31,64 4 i4l4
Commercial I wwr, three to alx months. 1111
adelphla, Jl,Gi imt cent.
Tho Snpulapa Mining Compnny doubled
tho dividend rate on the common stock
by declntlng a monthly dividend of 1 per
cent, pajuble xcbrttniy 1. The company
also declared u rcgult r quarterly dividend
of 2's tier cent, on the preferred stock.
The Bank of KtiKl.ind today bought
1:1,037,000 bni gold nnd embarked 10,000
In sovereigns for IJgjpt.
Tho Victor Talking Machtno Company
has Just declared a special cash dividend
of $10 per share (10 per cent.) on the com
mon stock, payable Janunry 15 to stock
of record January 12. This is In addition
to tho regular quarterly dividend of 5
per cent , paynble on tho same dato
which waB declared last December.
The Tonopnh Mining Company's option
on the Tunk Mining Compnny Includes
in addition to Its Interest in tho Da 11 a
Cruz District, tho Atlna property, which
adjoins tho Tonopah Mining Company's
subsidiary, tho IMoti Mining Company.
The option given to tho Tonopnh Mining
Company expires ...ay 24, 1516, nnd If ox
ctel.Hi'il, cnlls for tho formation of a (2,00),
000 compani, of which Tonopnh Mining
Company will receive CO per cent, and
Tunky 40 per cent., but. In addition to tho
Btock, Tunky Mining Company will re
ceive quite a largo sum of cash.
Russell S Hubbnrd, former vice presi
dent of Ilnrrlson Brothers & Co., Inc.,
was elected president tod y, succeeding
U. S. Perrj, resigned William Hlchter
wns mado treasurer.
The New York banks gained from Sub
treasury vesterday $319,000, and since Inst
Trlday J3.270.000.
A new company, a subsidiary of tho
Cnnadlan Car and Foundry Company, will
bo organized to turn out all of tho war
orders which the Canadian Car and Toun
dry Company now has on hand. Theso
orders are understood to aggrcgato more
than J164,000,000 In value. Tho now com
pany will be capitalized at J10.000.000, and
tho funds for the financing will be sup
plied by the Itusslan Government.
Thomas linmon, Jr , was elected as
sistant cnshler of the Tederal Reserve
Hank of Philadelphia.
iiivmn.Nns
omri: oi ii.tuitiMiN wins. co., inc.
3100 Uraj'a lrr) ltd., I'lilladrlpliU.
At a meeting of thu Hoard of Directors
ot lliirrlaon lira. & Co., Inc., held thla day,
a dividend of (int. unit tliree-quartrra per
cent. (Ilil) SI.7J per abare, waa declared
on tlio outstanding preferred capital Hock of
the company, payabla l'rliruary lat, 1010, to
Htorkholdera of record 11 1 llnae of bualneaa
January IMltli, 1D1U The tranafer books of
the company will be tloaed at 3 p m Jan.
Sdth, 10111 and will reopen at 10 o'clock
a in. Wed. l'eb. "d. mill.
T J ARMSTRONG, Sec'y.
Philadelphia, Jan 1'.'. 101(1.
TUB MKCH.ANICh' INNUlTvNCU COMPANY'
()!' l'llll..I)i:l.l'l!l.
, January 12, loin
The Board of Dlrectora have thla day de
clared the semiannual dividend of live (5)
per rent, or l3 per share on the capital
stock of the company. Checka will be
mailed.
JOHN A. SNYDER. Secretary.
Time
SViftl
Ul1.
BANK CLEARINGS
Hank clearings today compared with corre
sponding day last two veara
llil", i-iii inn
PhlUilelphla.J40.(.nj.lvs Jii.74l.l0i i-4i!mmm
Uoaton .. rf1.tai.0.is JU.rsil.ipiil siUioriit
New York .1I7.1J:I.1J7 2707h'.ius SlSsriBJY
Si Uoula. . 14.JW.rill M4UIU4 ItStafcll
Clllcugo ., S.'.l,i:W B0.7JJUi( (J.T.'0.(i.'t
JIETAL MARKET
NEW YORK. Jan 11 -The New York Metal
Exchange quotes tin Ic.iq-, at 41c. 1 lead la
easy and unchanged, spelter la quiet. aVinuary
oftered at ITbc . cbruary 17c March Wo.
KLhCTlON NOTICK
(r5''1'1115 CKM'KAI. NYTIO.VYl. II INK
lX& OF l'IIIIJYUii..,A
January 13th 101a
At the Annual Meeting of Stockholdera of
thla Bank, held January llth!im.,,0,cd:
lowing gentlemen were elected Director for
,, S..VH.HB ,vw.
T Wlatar llrown
Oeorge Durnham. Jr.
William Wood
John Pltcalrn
Charles II Smith
Henry W uiddle
Charles Whltr
William T Killott
At a. meeting of the Board of Dlrectora
held tbU day. Mr WILLIAM T ELLIO-rr
was unanlmoualy r-!tcied j'rioM.nL
WIU.IAU POST
Cashier.
Charlea E. Ingeraoll
V. A. Jackaon
Ajiuuel M Curwen
Clarence M lirowa
Avery D Andrews
Stevens Heckacber
tugene L, Klllaou
ANNCAI. MKBTIN'tiS
iTSfr Or KICK OF llAKRIMlN' HHOS CO.,
Jt' Inc.. 3100 Gray's Kerry ltd., l'lilla.
At the Annual Meeting of the stockholders
of the corporation, held this da, the follow
ing were elected directors: James Douaon.
Thoa. a llarrlaon, Francis L iUculneon, Jr.
Ituaiell S Hubbard. John T, Reynold,, w.
J-'rederIck Snyder, Clement Diddle Wood. At
a subsequent meeting of the Hoard of 1)1.
ractoru the following orrlcers were elected:
Russet! S Hubbard. President; Wm. Rlcbter,
Treas ; T J Armstrong. Hec'y, '
Philadelphia, Jan. 1'.', 10)11.
'T&" NORTH W K&TEHN NATIONALIIANK
kiEr Philadelphia. Pa . January lltb. 1016.
At the Annual Election, held thla day, the
following Dlrectora were re-elected:
Edward A Schmidt Edw c. Shmldbelaer
Olio C. Wolf Harry A. Poth l
D. Chas Murlha Otto W. Schaum
Godfrey R Hebman Wm H Seiern
JohnE. Hanlfen Llnford C. Mce
A. Raymond JUrt loha It. Llvezey
AndyBrunn ..., Joaeph P, IVIttman
L1NFORD C. NICE. Cashier.
Li-OAI. ADVEHTISEMENTa
OTlCE TO CREDITORS
Mark Malatestu. 100 bo. 33d i . hi.
sold hla buslueaa to Uruulgiiia Jb Uwmano.
Settlement wilt be made Krlday. January
15th. 1916. at 10 . m.
DIRECTORY' OF ACCOUNTANTS
CcrUtttd Public Accountaot,
LA. WHENCE E. DROWN & CO
lali HEAL ESTATE TRUST UUILDINQ.
iiUHM, b. SPEAKUAN
Tbe Doure
Hankers In this city nnd throughout
tho country generally nre hoping that
the Interlocking directorate clause of the
Clayton act, which becomes effective on
October 15 next, will be modified As It
stnnds In Ita present form bnnkers de
clare that It operates against their Inter
ests as well ns thoe of tho general busi
ness public and that it Is discriminatory.
Looking toward the modification of tho
net, one step has already been taken.
The advisory council of the Tederal He-
servo Hoard 11ns rocommenueu inai mo
net be so changed as to nllow rt man to
be a director In two Institutions, a nn
tlonal bank and a trust company or Stnto
bank. The Federal Reserve Hoard, In
turn, may make this recommendation to
Congress, but bankors are doubtful If
anything can bo done at this term of
Congress, Inasmuch ns It Is presidential
enr, and many other things nre on the
books which must be cleaned up
The opinion seems to bo unanimous
that the act ns It now stands will ilo
more to hurt tho Tederal Reserve sys
tem, nhlch still mny be considered to be
In Its Infancy, than to benefit It This
In explained ns follows- Tho lnw does
not nftect the State Institutions, ns thoy
operate under n chatter grnntod them
by tho State, but tho national banks are
tinder tho supervision of tho Federal
Government. Not being allowed to hno
nn Interlocking board It is pointed out
that tho State Institutions will not Join
the Federal Itcscrvo svstrm, ns they
would then come under tho Jurisdiction of
the Tederal authorities. It mny go so fnr
that many nntlonal banks which nro now
In tho svstem may withdraw nnd tnko
out a Stnto charter.
It Is figured hy bankers that the law
Is discriminatory because It eliminates
Institutions "which hnvo deposits, cnpl
tnl, surplus and undivided profits less
thnn 15,000,010," nnd located In cities of
less than 100.000 population. Therefore,
many national binks nro not nffoctod,
whereas the large banks, whero nblo
men tiro needed on tho boards, rntut W
illrontnrn nhn urn nn).. .- ''.u""Wl
If nothing Is done for the moEI
of thr, law hofni-o It .i'm.0,ntrl
national banks In this city stand ti, 1"
tho services of some of their mo.? 3
directors. Somo of the dlrectora 5?
remain with tho bank wher. .-' ,
tho board, nnd this Is known to eThSI
In nt least one case, where the dirliI
or one or the larger Philadelphia Cv!
have signified their Intentlor 1 of rtn,,".
Ing on tho board and resigning their mS
posts, "r
Tho locnl market was an unlntermi
nffnlr today. Tho price movement kl ;
was lacking In deflnlto tn,i,... v' nr
tho nfternoon the list gradually 'eweS i?l
Cambria Steel niietiinfr.i ....--.."? Ma
in-; the result of the Executive HS
mltteo meeting today. The Street km
ior someining aennito to come out. vS
n hlRh official said that smhi.7 15
likely to bo mado public befors tyA
end of tho month. It was leftrnM ,M
,1n (hnl CO .1,... 1.. V""S WIS
to nil holdors of Cambria slock, iijil
a bonus of CO per cent., instead ct
per cent., of their holdings in sh&rtirS
the new compnny ns hml been nri..!;t
reported. This would make th. tZZG
vnlue of Cambria about (88 CO per shiriiii
As tho day advanced, prices beciua. .
V " """"" 'iHtiionai n-d
cessions were registered In Ilapld Tnni'tf
Lehigh Valley. Storane tlntlrrv r.n'bv
Navigation, Cnmbrln Steel, Warwick IronV
nnd Tonopah Ilelmont, but nowhere will
thero nny marked pressure Brill wm es1'
n point nnd Philadelphia Electric lost hiir
ns much. In tho bond division Cltr ti'
Thero was rt drop of 5 rjolnla In r.il
Suporlor Income Es from tho last nrtin.
snlo somo time ngo, nnd the stock alia
wns depressed. j
In tho final dealings selling preMart
Increased Unl'cd States Steel s Id aoa'
to n new low for tho present movement"
.. -, T,lll . .KH.1... ,. 1 . n. . . .
illlU JJllll VAIVIIUVU l.O 1UHS IU ft P0lntl.,
COFFEE PRICES LOWER
Outside Buying Absent Freight
Rates Still Irregular
NEW YORK, Jan. 11 The local coffee
market opened easy this morning, with
first prices 8 to 10 points lowrr, nnd dur
ing tho early operations gave evidence of
a moro hcnrlsli scniimcni nmong irnue
Interests. There tins an absence of ng
grcsslvo outside but Ing nnd moro or less
selling on tho fact that Brazil has not
ndvancctl In the snmo proportion with
the locnl market and on a disappointing
cash demand Cost nnd freight offera
wero still coming In Irregularly, nnd In
somo cases were said to be lower. Tho
Interior Is quite well supplied with coffeo
nnd continues to buy only In moderate
quantities.
Today's Yrsterilay'a
mipnlna. clnan
January i'SSS-JS
lliriiiiry
.-iinrcn .. ,
Anrll
May ,
June ,
July
August
September
October ,
November
December
Hid.
Sales, MOO bngs
.llll J
. 7.(iofi7.in
. 7 ns
. 7 (sfl7.1.-
. 7.1U
.' 7,Vi
. 7..1II
'. T.VJJiT.Va
(1.0SS7.0O
i nun i hi
7.1 Kl7 1 l
7.1MI7.17
-.Jl7.,.".
7.'.ifl7 2S
7 .11817 11
7 l(MI7."!S
T.4HHT 41
7.41MI7 4N
7.517 Kl
Pittsburgh Coal Uonils Retired
The Pittsburgh Conl Compnny, of Now
Jersey, has retired nil of Its first mort
gage bonds, releasing the (50,000,000 stock
of tho Tlttsburgh Coal Company, of Pcnn
sjlvanla, which had been used to securo
the issue. Directors of Pittsburgh Coal
Company, of New Jersey, will meet short
ly to consider n. proposition to exchange
shares of thnt company for stock of
Pittsburgh Coal Company, of I'ennsvlvn
nla. Later tho plan will be submitted to
the stockholders. Initial steps In the plan
to retire the stock of the New Jersoy com
pany Included consolidation of the Pitts
burgh Coal Company of Pennsylvania
and the Monongnhclu Consolidated Coal
nnd Coke Compnny, which has Just been
approved by Governor Brumbaugh. Both
compantcs'iiro subsidiaries of the Pitts
burgh Conl Company, of New Jersey
The plan under consideration provides for
liquidation of back dividends.
Curtiss Aeroplane Incorporated
.ALBANY, N. Y., Jan. 13 Articles of In
corporation wero filed hero today by tho
Curtiss Aeroplane nnd Motor Corporation,
of nuffalo, with a capital of $6,750,000. Tho
directors are Glenn II. Curtiss, of Buffalo,
C Horace Kenner nnd JIurray W. Dodge,
of Manhattan.
MINING STOCK QUOTATIONS,
Jim ntitler
MncNnmtirn
Midway ,
MUnnli Extension
Montana
North Klnr
Tonopah Ilelmont
Tono,nli Extension
Tninniah Mining ..
Rescue Hula
West End
Did.
..1.12
.. .03
. .11
.. .22
. .10
.. .11)
.'
, c,
. ,lr)
.. .03
COLDriELD STOCKS.
Atlanta 21
llluo Hull at
llooth .in
Ililllilog 1
a o. d m
Combination Traction 07
Dlimomlllold II. II m
tin Wy 04
nollllelil Cnn l.io
Coblllrlit Merger 17
Jumbo Extension 1.10
Kcwanas ID
i no , 01
Hind Ken 0(1
Siller Pick 00
MISCELLANEOUS.
Tnlry Aztec
Klmborly
Nevada Hill
Nevada Wonder
Art?
ui
M
.1
M'
.10
M
.a
M
:J1
.M
1JJ
.81
. .01
::8
1 CO
AJ
Bank Acceptances
NEW YORK, Jnn. 13. Business In prlnul
bnnk ncceptnnccs continues small, wltsf
rates nbout unchnnged nt 2 per cent for?
COs nnd 2i per cent, for 00s. Tho tone oH
the market Is reported as steady.
Adv;
ice
Individual or General ,
For a general rovlew and fore.
cast of business and finance our;
niontlily
Review of Financial
AND
iraae t-onauions v
furnishes all essential factqrs.',
Individual advlco is of greater
importance to those owning se,
curities or contemplating invest
ment. We therefore invite in-,
quiry on all individual financial
matters. "
Edward & Smith &Co
QANKKRS
Cbtabmsiied 1S02
iltmhetM New York and JJsl!da,e!pals ,
Stoch Exthanaet
lvnn ,nd Ciicst.nut Sts PniUDt, '
30 Pist Hrurr Nsir Yon
Hooker Electrochemical Co. I
5 Gold Notes
Authorized and outstanding, $1,350,000
Dated December 1, 1915 Due December 1, 1918
Interest Payable June 1 and December 1
Columbia Trust Company, New 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. Besiell, Philadelphia Manager
!
I
a. MVr. '
.'7"m
(U !-
aboui
TAX EXEMPT IN PENNSYLVANIA
WE OWN AND OFFER
$10,000 Pennsylvania R. R. Co., Consol. 4y2s. 1960 4.25
25,000 Pennsylvania R. R. Co., General 4y2s. 1965 4.45
rr. nn all i. n n . . ... . ...., A 1CH"
au,uuu miegneny vai, k. k 1st tvitge. is. . . . ii
15,000 Lehigh Valley R. R., Gen. Consol, 42. 2003 4.40
50,000 N. Y. Cent. & Hudson R. R. Mtge. 4s. 1934 4.55 j
45,000 Beech Creek R. R. Co., 5s 1936 4.60
'articular Upon Application
A. B. Leach & Co.
Investment Securities
115 South Fourth Street
Philadelphia
New YorlA
Itoaton
( blcaso
liuffala
nulibnsro
Ismlon. HM;j
,
1