I.
I
I
i-
16
EVENING LEDGER PHILABBLPHXA, TUB SPAY, JAKTJAEY 25, 1916.
FINANCIAL NEWS
U. S. STEEL COMMON DOMINATED
COURSE OF THE STOCK MARKET
Speculative Interest in Street Centered in What Action
Directors Would Take on Dividend Buying at
i Higher Prices Came From Good Sources
ur
'- y NEW YOtttC, Jan. 25.
' The course of tho stock market throughout wns dominated by the ni'tlon
of United States Steel common, tho Inference being drawn that support to tho
Stock Indicated probablo favorable action on the resumption of dividends on the
s. common stock at tho meeting nftcr tho close of business today. Steel opened
Up half a point at 84 and in tho next few minutes reached 85 on active trans
actions. Tho Btrength of the stock Induced shifting of position by many of tho
operators for professional account who had been depressing tho general market
y.cslerdny through sales of Steel, thereby causing tho Impression that tho
United States Steel directors might not declare any dividend at all oil tho
common today. Beforo tho close Steel sold up to 85?.
Almost nil tho speculative Interest on tho Street centred In the discussion
of tho action tho United States Steel directors would toko nt the meeting to be
held nftcr tho close of tho Exchange. There were vigorous expressions of
opinion on tho part of many of tho holders of tho $508,000,000 common stock
as to their being entitled to a distribution after waiting since January 1, 1915,
with emphasis placed on the fact that the earnings were on so huge a scale as
to make tho amount a trilling demand on tho net Income of the last quarter.
Tho mass of active speculative Interests held to the vlow oven up to tho
timo for holding the meeting that no dividend would be declared, but the buy
ing' of tho stock camo from what was regarded as sources near to tho man
agement. One house bought 20,000 shares and two other firms bought 10,000
shares, while buying for 5000 shares were numerous, whllo some of the buyers
offorcd to pay of 1 per cent, for the dividend to bo declared.
.Tho Street was full of gossip of various kinds regarding numerous propo
sitions as to tho amount of earnings nnd dividend outlook, with many wagers
about tho earnings being under or over $16,000,000. Tho stock was In scant
supply throughout tho day, and whenever buying orders wore executed ad
vances were In order.
Outside of tho trading In United States Steel common a good degree of
' interest was devoted to several specialties. Corn Products rollected com
petitive buying nnd tho strength of that stock wns regarded as confirmation
ot current reports that Inside Interests were endeavoring to fortify their con
trol. American Linseed moved up about 3 points and American Ire Securities
made a gain of over 2 points. Gossip on the last named stock was that tho
harvest of Ice had been unusually largo and that tho outlook for tho com
pany's business was better than for some time past. Industrial Alcohol showed
weakness, there being nn absenco of the demand which had recently caused
violent advances in this stock.
Corn Products lias a New Explosive
-For some timo past the Corn Products Refining Company has been ex
perimenting with a new explosive for commercial purposes, the product being
nl.tro-starch. Experiments which havo been conducted thus far have been
successful, if the company decides to go Into tho business, It will bo In a
small way at first and it will probably bo six months yet beforo it will bo
turning out the product. It Is estimated that It will take at least two years
beforo tho company can bo turning out tho product In a big way. The new
product will sell at about tho same price as 50 per cent, dynamite, which is
now quoted around 12 or 13 cents.
New York Stock Sales
tnt close.
Alaska J Hold M n.'f
Alaska CloM Mines.... 23M
Allls-Chalmers Mfe ... 2(l'f
Allls-Chalm Mfc pf. . . 78
Am Ak Chondral fiSJS
Am Ar Chcrn pf OS
Am. licet Sugar f)3J$
Am nrano n a f
Am Can
Am Can pf,
1025 101
OL' 02"f
lllRh. Low. Close.
mi iH
2355
20' i
784
00? I
.)Vi
00!
10.1
02
2t!(
27 W
78H
cm
07U
2-tff
27
7HI-S
fi!)?
07!
00'f
103
02!
Am car ft Foundry... 07'a OS
Am Coal Products 170 171
Am Cotton Oil fill A.VS
Am Cotton Oil if lioif pitif
Am Hid' A leather ..11 10'f
Am Iflil' i.- 1, Of f,4 i-,tW
Am I c f-vciirltica y.Vf 'Jt'H
Am I.lnwil ojii ( !'
Am l.lnsci-d pf w .;U
Am Locomotive fl.Ti llt'i
Am Locnmotlva nf It1l in
I Am Malt... Mi Mi
i Am .Man ir ;tl
i Am Smelt ,t Itcf 103
Am smelt & itcf nf. ..113
Am smelters tf a :i
U2'i U2H 112'( 1IJH
TEADING ON CURB
ON SMALL SCALE
Motor Shares Most Prominent.
Oils Irregular Mining Is
sues Quiet and Narrow
New York Bond Sales
NEW YORK, Jan. 23. The speculation
In the market for outside securities today
was on a comparatively small scale, with
price movements Irregular. For a large
part of tho session business was practi
cally at a standstill.
Tlio motor stocks were tho more prom
inent, and Chandler moved up 2t points
on rather heavy purchases. Chevrolet ad
vanced nenrly 2 points. Saxon moved up
1 and White Motors .
Mldvnlo Steel moved at a range of
about ?i a point on small dealings. Ka
thodlon Bronze again developed strength
on Increased activity and at one time
showed an advaneo of about l! points.
Marine stocks were firm, but compara
tively uulet.
Dll shares were Irregular and decid
edly less active. There wns a fair In
quiry for Ohio Oil. Standard Oil ot New
Jersey and California.
Mining stocks were quiet, with narrow
fluctuations. In bonds Erie convertible
4a were weak, at one time showing n
recession of .
INDUSTRIALS.
Hid Asked
Amer-nrltlsli Mfc , :n as
Am Marconi 4 ,j;
Atlantic Gulf pfd 41 4,'.',i
Atlantic Oulf & W I S S sn :io
Alas Itubber Inc w I it U
Canadian Car & Fily 7(1 :i
Can Car & Fdy pfil PI M
Chevrolet Motor Car Vtt V.ir.
Chandler Motors ''- '-'
Cuban.. Cane Sugar 41! -IH'i
Curtlss Aeroplane T' r-U
Driirss-Scabury VS l.'ls
Haskell & Uarker Car 4M,5 -111
llendee ManufncturlnK -s "o
International Merchant Marine "i -ili
do pret no XI
International Nickel MV, M
Kelly sprlmsneld 7:n,, 74
Kathodlon Hronge pref -7 -S
10 Tiro 41li r.n
Manhattan Transit ,... '-' '-"..
Maxim Munition "v-j S
Mldvule Steel ! fi.S
Otis Elevator i IK
Peerless Motor lis !il
1-oole Ens' & Math HIS 141
St Joseph I-eail l." 13'i
S 8 Kreige w I Ill HI1.
Stand Motors Mi
Submarine nt v t c ctfs 371, .IS
Triangle Film o t ctfs rtj HT1
United Profit SharlnR IS, 1I
11 a Light fc Heat 4. -.
do pref 41J 4
White Motors w 1 ) E04
World Film Hi -V
STANDARD OIU SUBSIDIARIES.
Inter Petrol 1'tii l.JU
Illinois , 171. JSl
Ohio Oil JIT Jl
JTuirle Oil KM -"
Standard OH of California jinn :iT2
Standard Oil of New Jersey WIT all
Standard Oil of New York ?n ju
OTHER OIL STOCKS.
Coaden Oil 1J 17i
Chalmers Oil fi 7
Houston Oil , 20VJ yj
Midwest ItennlnB 51 SS
Sapulpa. , Uii WA
, M1NINO STOCKS.
!Atlanta 2Jla 2
Cerro de 1'asco. 7 UTli
Butte C & 'A v t ctfs Mi Mi
Butte ft N Y 'M '-',
fyirit National Copper T 1
I'OoldneM Merger JT 111
Hecla Mining ' 3i :ii
j Jlowo Sound I!',t l'
Jim llutler l OH
Jumbo Extension , 1 .Vttl li
Kennecott Copper XI'A M!i
McKinley.Darragh 41 44
Mine of America -'I)i .'Hi
Nlplsslng Mines Co 7iJ 7
pan Toy ... 22 2.1
WertKnd Consolidated Ml 82
WesT'Bnd Esteniion 2 4
Magma Copper 13 15"-i
I10ND9.
Baltimore & Ohio Tm
Brio 4s
fit. Piul 4s
Cerro do I'as lis
102H 102U
bUH t-ll'?
NH bU
U5 Will
HUH ISO
FOREIGN EXCHANGE
NEW YOItK, Jan. 25. The market for
foreign, exchange displayed, a steady tone
Jgr sterling, hut relchsmarks and Vienna
tquqtatlons were sotnewlmt easier. I'o--setaa
also shadel slightly. French ex
'chapffa disclosed a rather heavy tone,
llujulnets was on a moderate scale for the
jnoat part, (juotutlons follow: Demand
sterhaif, 11.76 1-18, cables! I.TilJ-16; franc,
cui'len. tS.Si; checks. 6.S6Vi; relchsmarks,
TlW'ltic. , Hre. cablew. J6.; checks,
J.6; riwlsa. cable. 3.J6; checks, Ji.l!;
Viewta iUJutiUSi. Stockholm, 27.6U
2T.;c, x:i-las. IV. Wi 19.05c ; guilders, 4V'
ffjiv. . I'Mbltw, r9ii14t.
Aruud midday ateiHne worked up to
jMifiU and cublf wer uuotod at J 1.76.
,CIUUEe was uma H hum ueuer
or cables and JeVWH. The othur
P4f Hyt 4pplutily cbansed.
im til kuuliuusa continued lieht.
asjctmniB was wittered at, 7fV8
$1000
:tiMH
4C)0
1IIIIKI
LNINIII
410110
1IHHI
1(1(110
1'1.-.IH
40(1(1
.'iui'ii
KNIII
lima)
iai(i
P.-.VKI
lull)
fIH'0
1IHIII
1(1011
WlNl
4IVIO
(KI(I
lurvi
.".(:( I
Hi (Ml
li mil
."IN HI
4("(l
1L'(II)
L'llOO
lorn
2('(KI
11X10
1V)(I(I
I'M II HI
la nn
'.'i(i
1.'l(hi(l
2snon
.wo
2II0OII
ilXKI
NKIO
:kmi
ir.'noo
2CKXI
4IKO
lonn
Sl'.'CIKI
11)00
:iroo
3i'iixi
:io(io
imai
17i too
70IKI
SIMIII
KKKI
KIKI
1(1(11
IICCIKI
lliimio
L'lKKI
IHIII
1.VUIO
1 HI-HI
KHIO
:iihiii
um
7Hi(lil
III .nil
10(l
HUHKI
:ki
1'IUHI
JIMHI
t'(S(IO
11(0
.'.v,(i
ir.iii
1IMKI
21IMKI
1 '.'lilt I
1MHHI
:ioHi
- 80(10
lllch.
Adams Kxpress Is ... BW
Anier Aer ."in
Amer 'ot ml Bs
1021
no
Amer tot nn ds imyi
Anslo-Fr I. 5b lists
ArKcntlno ' n
Amer Tel cvt 4Hs....lo;n
Amer Writ Paper Bs. 7ft
Armnur Co P'.a Iii,
Atchison Ken la PI1-
do ndj 4a S7s.
do cv is mine inn'..
ilo ns lnp..
All (' Lino clt 4s .... MP.
Ii.ilt & o :is PP..
do Is 11214
do cv Is Sis'Vrt
Itetll Steel 1st .".3 HCIl',
do rM r,a 1112''.
Urok II T .".s lU'lii,
do r.s lllls kkitj,
1: u i" Ren Is ....
Cent l.cnth 1st ."3
Cent IMc lnt Is ..
Cent Wt N .1 Bs..
Chill Conner 7s . .
Ches Ohio cv IVis.. SSi
HO -ViK Ul
Vlll (It West Is
do :i',is
riil 11 ,t Q Joint Is
do ecu 4s
no 111 :i'in s7
Chi Mil ,L- St V gen Is !r.'
do dlv 4s u"
do cv Bs ., 1W.',
do cv tii.s urjii
I'd IIu conv Bs I p. I(i;i,
Du I'ont Powder l'.is..l(H';
Brio Ken Is 7HT4
do conv Is ser 11.. R11,
do prior 4k s.-,l,
Oen Klec deli Si Ills
Hud fc Man In Bs .'KVJi
111 Steel deli liis r.2
Indiana Steel Bs till1!
...i,i ciiii.ii rci -is... ill
Iowa ventral ss. ..
Interli Met 4'is. ..
Interl, It T rrf .-. (eilZ
Inter Mer Mar ct 4i'.s..1(IU5
Imernl PaK?r (U 102
K C Ft S S- M 4s... 7(i.
l.ackn Steel Bs 11X11... ni
Manhattan Sta 4s my.
..i.'jv j ti y,n 113 f,cr A.. I'lll
..1(12
. . I'H'i
..llfi'l,
.ni2i
M
IWi
in
5i:?
"3
Low,
SS'
1112
Pli'j
US',
P2
1(17
711
HI',
!'!,
NT's.
lliii'i.
Ull -j
wnl
mi'.
IP2I6
111:114
1(1(1',
M
HII
llliJt
I:i2
SM-H2'4
lisi.
m
s
II2H
IKI "
lllll'.
l(r
m-'i
11.11.
7ll'4
-0'4
SSI.,
llli
:in;I
iui
inn;,
:?!
."i
7.i,
lin;
IHIt.
M'i
11:1
111
Minn & st 1. i
Mo Lnn & T 1st 4s
Mo Kan H T 2d 4s..
Mont Power Bs
N Y C I. S Bjs...
N Y (' & Hud Is...
N Y C Hud It. a.
N Y (' Oa nil',
N Y Cltv Pis llllil). ..1011,
N Y N H & II Us llS'i
. 1 ,vj ,,,, 1 .is ,11
.N y Tel cen 4':.s 11M4
Norf A: West l Is.... Ill)
Norf & Wet cv i..1 !.'
Nor I'ac prior 4s kit.
Nor Pac Ken .la oil'
Ore Itwy a X 1011 -:.. S7;
.-iiiu.it in? Ki'd is. ,
South Rwy con Bs.
Third Ave new 4
I' S Realty Bs
r S IIiiMht (Is
I' S Steel Bs
t'lllnn P.ic 1st 4s.
Union I'ac cv 4s. . .
I'n Ilwys S F 4s.
'.. I...... K..
Wabash 1 st ' Ba! '. '. '. ,,'. '. lOli?
Wabash 2d Bs lto
viau-i' r nt it is 2.j
'. inH
2.-,
.'nVi
.KIIV.
. 7'4
. (l'T4
. 4SU
IISJ.
ini n.
Khii-I
102
7U'4
P7r
.121;
mi
4!l'i
Pllll
M'4
!l.l
lit'.'.
11SV,
HSiJ
BSK.
PM.
Ill
llMi,
nn,
liM
2s'
KlT
ini'i
IIT,
Pl'i
4S1,
P.-1
101
lltlli
l'i
Close.
SB'K
lie-
inn,
ns'.
112
n'7'4
711
in',
lllll''.
mi'.,
Sill.'.
ICIK,
112 ;
ps"s.
HOIS
1112'?.
lll.li.
Mil's
V!l
1112
ii";
1II1T,
i:i2i
ssi,
p.".
72",
SI
HI
s"
P2
P.1
HKHi
HI'-",
KIT' .
Ull',
711
SI)T,
SB'..
ini;
:ion
IU'4
1111
ST I',
piilv
lot
102
TIP
US
,1I2H
1IKI
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7' ',
IIU.
Il
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w
111
111",
11.-.'!
BS';
!is'4
Ml
lisi;,
P.1'1,
::'(,
S7.
Alii Smeltt'ts Df II SI
Am M'-el I'mindrlM .. f,.Vi
Am Sucir Itefliilni;. ...114
Am Sucir Itcf pf us
Am 'I'd & Tel 127t,'
A in Toborco 1!0."
Am Wool tt r fit)
Am Woolen pf tt r.... t)7!f
Am '. I, A Smelt 08?i
Anaromln Copper S7)i
Associated Oil OIJi
Atch TA S V 100',
A toll T & S K pf !)!)!$
Atlantic Coast Line... lilt
ll.ilihvln Loco i()7)(
lliilllmort' & Ohio. ... 01
llaltlmnni & Ohio pf. , 77
llatopllas Mlnlns 2U
llcthlehem Steel !7o
Ilrooklyn Itap Tr sfl'f
llrow 11 Shoo pf ml
llutns llrot si
llutte & Superior 7-l!i
Iliitterlck Co HI
Cal I'ctrnlcum :)?
Cat IVIroliMini pf (1U
31'
101
lt:Ui
l
87'f
lit'S
HI
OS
lfl'.l
fi.-.
n'.i
10'i
DJii
o:t)f
10'J
I)
:2'f
ltvi
ltM'-i
l.'l
S7'f
fill
OS
170', i
fi.-
mi
H)'i
:i
y7
L'tlf
4U1
01
10J
!lf
III
10:Ui
11UW
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fiO'
CRISIS IN FRENCH
INDUSTRY MET BY
WOMEN WORKERS
Operate 81 Per Cent, of Fac
tories While Men Are
at Front
SURPLUS FOR EXPORT
WKi llH'i
117JS 117M 117'!l
U'7'i
S!().'i
If)' a
00' i
OS'i
s;
.171'i
. o:iu
lin
. o:tu
. u:i'i
, fiiih'
. i:i'i
. its
. OS
.i.wa
MWi
. 175
17
lfi
fil
fi()
70' i
Ml'l
:.')
OS'
180
!)(!'
lffil'i'
1
1H2T,
i(Vi
101
117',
IttT.
4.11,
psC
101',
1IMI
1
Brencl
w
9lK
WW
RATES FOR MONEY
-ife rui' Time
tsmafrfvpt'9'i 3Z ; .l.fi'i unK cwsjib
FflHt WFt.-:.'! i"' ts:. UMndin my am
tftt...M..t.i'. J - sp's . IS)
.jfSprBfsaats&AitdassBs. nniinr bsbxsub hi kk ouuiuu irnu. u vntv .stismj rsssssk
. jubk" 'EsViE-ssr " ' . tar-riJHs &ttm "5eir i
' i- i : f . ' .-.. . Mil I '.'' "' 1S
jBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBKiK BBl
West Klectrlc Bs 102i; 102' 102
Total snlrs, S:l,3)B,(l(l0. cnmiiiireil ullli
SI, 13.1.1)00 )cslerilu ; thus fur (his eel(.
S7,K()8,0i)0i Mime period lust neek, $8,111,000.
MINING STOCK QUOTATIONS
TO.NOI'AH STOCKS.
., ., "Id. Asked.
Jim nutler pu .ps
MarKnmara 02 .01
Mhtway , is it
-Mumih Ext :,,: jo :si
Montnnn , :;n ,:.
Nor Ktnr in .17
Ton Ilel ,,,.,,,.. 4fi I'.j
Ton Ext IW 4,1
Ton llln itx 7
Itebeue i:qa, ,,, ,is .hi
West End SI ,M
aOUDl'IELO STOCKS.
,., . Ud. Asked.
Atlanta .2:1
Illue Dull , n.1 .111
Itooth , ill .42
IlulldoR ,,.,. 02 .ict
1:. o. n , ni .os
fomli l'mc ....,,,,,, 07 .00
Dlamf. U. I) HI .OS
Daisy , 01 .(,11
Florence , , .SO ..'.2
finliir. Cons , l.(i 1.0.1
floldf. Merit. IS .111
Jurrlba llxt l.:is l.:ls
Kewunaa 21 .22
Oro us .HI
Hand Ken. 117 .CS
Silver I'lck 04 .07
MISCELLANEOUS.
Hid. Asked.
Kdlry Asteo ..., ill .0.1
Klmberlv 02 .04
Nev. Hill 17 .21
Arizona Un 20 .:ir,
Kcv. Wonder 1.70 1.73
PUBLIC UTILITIES
Columbus Railway. Power ami I.lRht
Company lias called for payment through
the Commercial Trust Company of Phil
adelphia the U,Seo.GO0 one-year 5 per cent,
notes, due June 1, 1916, on February 21,
at par and Interest. The funds for re
demption of the notes were secured by
the sale of lirst and refunding bonds of
the company.
The Southern Counties Oas Company,
together with the Xew York bankers, has
uuretiased from the Southern California
B4lson Company the gas properties of the
latttr. at a price Detwoen ji,vuu,nu ana
Jl.lxJUJBQ and Southern California Kdlson
Company thus become strictly an elec
tric generating" and distributing com
pany. BANK CLEARINGS
f today .empajed with corr-
iwo vurs.
JA. 1HJ I. LM1.I.
f.sn : ago.TTj ?wii.
Canadian Pacific.
Cent Leather t'o
Cent Leather Co pf. .
Chesapeake A Ohio. .
Chile Copper
CI1I110 Copper
CIiImbo (It Western..
Chi (It Western pi...
Chi Mill & st Paul..
C M & St P pf
fill Northwest
Chi & Korthttest pf. .
Chi It I Pac
Colorado I'ucl & Iron.
Col & South 1st pf ...
,Coiniiltlni! Tab Hec. .
Continental Can
Consolidated (lan
Corn Products Itcf... .
Corn Prod Kef pf
Crucible Steel
Cuban-Am Simar
Deere & Co pr
Delawaro & Hudson. . .
Del Lack & West
Detroit Edison....
Distil Sec Corpn..
Dome Mines
lirlc
Krle 1st pf
Kit! Mm & Sm pf.
(ii'iirral Electric. . .
(ieneral Motors..
Goodrich II I Co.
Goodrich II K pf. .
(intnby Consol
(Ireene-Cananea. ..
(It Northern pf
(it Nor cfs for orn pr
('iitfEcnhelm Exploran.
Int Agricultural
lnt Harv N J
Int Con Cor v t r sh.
Int Consol Corp pf . . .
Int Paper Co
Int Paper Co pf
Imp Con Cop
Int Nickel v t cfs
Int M M cfs of dp....
Int M M pr c of dp. .
Kan City Southern
Kan City Southern pf. 0'2
Lack Steel Co 7!)
Laclede (las Co 1(),"
Lako Krlo ,V West 1,'il
I.ehli!h Valley 78
Looe-Wlles Ills 2d pf. ."1
May Dent Stores pf. .102?
Maxwell Motors
Max Motors 1st pf. ..
Max Motors l!d pf.. .
Minn & St Louis
Minn & St LouU pf..
Mexican Petroleum...
Mo Kan & Texas. ...
Mo Kan it Texas pf.
Miami Copper
Missouri Pacific
Mo Pacific tr cfs
Nat Knam .S. S Co pf
Nat Lead Co
Nat Lead Co pf 115
Nat Itys Mex 2d pf.. VA
Nov Con Copper 15H
127
2().
r,i
117
09' j
8S'S
01 0MH
lOliJf 100
!)!)! 1)0!
lt.'l
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77?f
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70
:)
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ot
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.i;)7'$ l-ims md!2 1-104
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. 525i
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.-IS.".
. 71 i
.110):
. S7?'
. -17
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10
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51
53!j
173' i
15
71'i
111
rS'f
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IC.'li
22!
22! i
lfJJi KlIHa 100' s
105 i
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534
173! i
1S5
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111
004
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224
. By YVES GUYDT
Kx-.MInlsler Public World, 1-Mllor tVAgenca
TVonomlipic et Plnanclcrc.
Special Cubld lo I he livening Lcdpcr
1'AltIS, Jan. 2.V Tho latest statistics
show tt very Bitllsfnctory Incrcimo In
French pxportu. Of course, Ihey tiro no-
w'.tclo near those of I!)I2 mid 1313, but still
show n. inosl satisfactory gain over 1I10
llrst months of tho war.
This result Ih iMip laritcly to ptiltliiR tho
funilii of savliifis bnuka Into coiumcrco
nnd the employing of femalo labor.
Investigations by tho Minister of Com
merce show that whllo in AuRitst, 1014,
mnro thrn half of tho Industrial estab
lishments of France were closed by mob
ilization, now H per cent, nie worldnK.
This In not because of factories UirnliiB
to tho manufacture ot munitions, but be
cause mnnufacturt'1'8 nlioi'e ndinttlen are
strictly peaceful have put women to work
In plnce of men t:t!:en by the army, and
this applies to heavy lnbor and tho run
ning of bin machinery, ph well as to spin
ning, thtend wcnvliiR nnd tho lighter
hinds of employment. 13xnct figures arc
not obtainable, but more than Sl.OuU wom
en have thus taken tho places of men.
df course there are many kinds of
work women cannot lo, and many who
are willing to work must ntny at home,
but It Is very Interesting Hint tho em
ployment of women Is In 1 fair way to
overcome the industrlrl crisis.
It is regrettable that tho prolongation
of the morntorl tin will keep nn Important
amount of capital from returning to
circulation. Each week shows a volun
tary tellniiulslnneiit of 11 certain propor
tion of the money held up by tho mora
torium, but this process Is necessarily
slow.
A deficiency of the wine crop will havo
a regrettably depressing effect on ex
ports. Tho wine trade Is a very Import
ant factor for Franco. The crop for 1915
Is less than one-third that of 11)11.
COTTON, AFTER DECLINE,
STEADIED ON COVERING
May,
nt Low, Was 52 Points Below
High on January 10
III' i 10! i
104
ADM
155 i
211
20.
SO
!S
0.5H
S74
52f
S
1!)
100!f
0s
15
:S7Ji
02
70
10)4
7-l!i
Ill's
174
15' s
215
20' i
SO J J
27H
02
70
105
13
ll!i
14
Ifi'i
215.4
2(I'S
S14
2S
02
Mllf
105
13
7HJf 77:
50 50
11)21-2 102'
(17$ no
SS
53'f
S
10
107
0
15
3S5S
r.H
S7.4
5214
S
10
Hll'i 105!f
15
20?S
27.4
02
SOJi
105
13
77i
50
102.4
07j
SS
53
S
19
NF.W YOItK, Jan. 23. Cnntinucd at
tacks by bears caused declines of 2 to
f! points in the cotton market at the
opening this morning. The tone was
easy. It was sigpillcant that the largest
losses wore suffered In tho nearby op
tions, In which there was good buying
bj the (--pot house Interests, but the sup
lily was larger than the demand, coming
from Wall street commission houses and
to some extent from the South, After the
call the offerings Increased nnd prices
fell 3 to I points further.
The parly decline curried the actlvo
months about eight to ten points net
lower, with May eontracts-aclllng at 12.3G,
or r,2 points under the high level reached
on tho luilgo of January 10. At this price
the selling became less active and prices
steadied on covering and reports of trade
buying, wltli tho active positions show-
points
0
15
3S
0
15
3S
R'i
m
n
',).'!
70
03
70
lll'l lll.'f 114'4
74 74 7a
Ifi'i 154 154
New York Air llrako..M8H MS4 U7J 117
N V N II & II.
N Y C & II It
N Y O & West
Norfolk A: Western..
North American
Northern Pacific. . . .
Out Sliver Mln
Pacific Mall
Penn Itailroad ,
Peoples (Jas Chi. . . .
Peoria & Kistern
Philadelphia Co
Pitts Coal Co N J..,
Pitts C C & St I.. . .
Pressed S Car Co. . . ,
Quicksilver
Quicksilver pf
It' Steel Sp Co
Ity Con Copper
Iteadlni '
Itepubllc Iron & S. ..
Itock Island
ltock Island pf
Humely M Co cf dp,
St I. & S K 1st pf . . .
St L&S I' 2d pf....
St 1. Southwest pf. . .
Seaboard Air Lino.. .
South Porto It Sus...
Southern Pacific.
'.10S 1(W-
. 28 2S 2S
118i 11MJ US
. 72 72 714
.111U 111!.' lit
. SJi 0 0
12f ll'
5MS 57?i
10S)
13
13
31
82
5S
IH 7Hi
107 10751
8
11!
5S)f
.10S
MH
. -125S
. 335j
. 82
. 505i
. 5U'
. 7
. 394
. 2158
. 705
. 50)J
. 55
. H
. 11H
n
. I
. 15
. 17
.151
.101
fi'i
75i
30) i
l()75i
13
13
xm
82
57) i
5)4
7)a
3'J
2154
7014
50)f
)i
8'4
70'.'
5154
5a
54
115a
8!.'
7
15
1714
15()Va 1505J 1505a
llll't 1004 ILK)
15
17
US
72
lll)i
0
1254
.1854
10754
13
13
31
82
575-j
5$
74
395a
21'-4
705:
51
55
54
115a
8'i
7
15
17
Southern -Pac tr cfs--.. 1105a US5-S HSJi HSli
couiiirrii ny 'SSfi
Southern Ity pf 03
Stadctaker Co 152
Studetuker Co pf ill
Tenn Copper 5854
Texas Co 2004 209
Texas Pacific 754 754
Third Avenue. 005-j (SO!
02
.101
. 1054
. 055a
. 7
. 94
.135
831f
. 70
. 48
.112
. 1514
105.
2254 '
02 o:
1534 152 1525a"
111), 111!) 111!.
un'i oiiii ofa
20S 20S
74 754
00)4 00)'
101
1055
U5!i
054
94
101
104
'.Hi
7
954
13554 13154
83)4 83)4
..H054 MOJf 1395,
..lC05a 1025a 15554
545; 5454
108 10S
8554 81
11855 US
7954 7054
4854 48
11154 11154
154 1554
4754 4054
30!f 29! 4
00!4 8.)5
1573 1h"i4
101
104
0.i5
7
054
13554
K554
140
150
544
108
8154
11854
7954
48
11154
1555
4054
2954
8954
(iii5i
Toliacco Prod pf,
Tol St L & W pf. . .
Twin City It T
Union Dae & Paper.
United Clsar Stores.
Union Pacific
Union Pacific pf. .'. ..
United Kjult Co
U S Ind Alcohol. . . .
U S Itubber 5455
U H Itubber 1st pf. ...lfts
U S Steel Corpn 835
U S Steel Corpn pf...H8
Utah Copper
Ya-Caro Chum
Va-Caro Chem pf. . .
Wabash
Wabash pf A
Wabash pf H 3054
wwtern union Tel. ... 00
West K & M (iuSi
WoolvtortU K W 1195i 120 11954 11054
Wuolnurtn !' W pi- ..12U4 124J4 12154 12154
Quuted ex dividend.
Tula) suit's, 5I'J.2U0 thures, rompured lth
017.300 shurr je.terdayj thus fur till nrtk.
1,'JlUJiOu sliuresi uine period lust week,
l,lo:iA'UO tliures.
Am. Coal Products Now Darrctt Co.
NEW yOIlK, Jan, 23. At a special
meeting of the American Coal Products
Company stockholders It was voted to
change the name of the company to the
llarrett Company. The change was made
because it was, the opinion of the officers
that the Increased good will of the Bar
rett Manufacturing Company was not
reflected in the value of the stock of the
American Coal Products Company, due
to the fact that the advertising; U done
In tbe name of the Barrett Manufacturing
Company, and the public does not realize
that all tbe stock of the Barrett Manufac
turing Company Is owned by the Amerl
n Ceal Produce Campuny,
lug tallies of some six or seven
from the lowest.
Southern spot advices were somewhat
conlllctlng. but more so with rofcrence to
demand tluin in respect to tho attitude of
holders, although one report from tho
Southwest said that if the market should
decline 2.") or 30 points some cotton would
bo turned loose in that territory.
Temperatures were slightly higher In all
sections of tho belt this morning. On tho
Atlantic coast nnd In Florida there wns
light precipitation, but elsewhere it was
clear to cloudy.
Janunry
.Miircn . .
Miiv . . .
.lulv ....
October .
December
Snot ....
Yes. close. Open.
-.in
.!.'
..I -'.is
. .1'.'. HI
. .VJS.7M
..1L'.I
..li.7:i
1J.1
11!. in
H!..'.(
IL'..-.l
1'-'.--'l
lllch.
I'.MIT
li.'.'n
I'-'. 15
UI..17
I'.Mlll
fj.7:i
Low.
U.liO
1LMI
l-.MKl
lL-.4il
1L-..-.1
12.117
Close.
li.lli!
1 -J. 1.-.
r.,..i!i
1J..V.'
i .-..-. i
1-M17
W.2II
Liverpool Cotton
LIVKllPOOL. Jan. 23. Business In spot
cotton today was dull and prices were 5
points lower on the basis of 8.13d. for mid
upland. The sales aggregated 5000 bales,
Including 3000 bales American. The Im
ports were 5.000 bales, Including 23,000
American. Futures closed steady at a net
decline of 'i's points, nn advance of 2',
points.
DIVIDENDS DECLARED
Lelilsh Valley Transit, quarterly 114 per cent,
nn preferred, payable February 1 to stock
holders of record at tho close of business
J.inuary :il.
T.ivlor-Wharton Iron und Steel Company.
reKular ouarterlv lj per cent, on preferred,
payable to holders ot record Januarv 21.
iwiw Chemical Cuiiipuny, ipiaiteiiy 1 per
cent, on tho preferred and common, pnynblo
Kebruary M.
Pittsburgh Terminal Warehousn & Transfer
Company, usual monthly L'.l cent per share,
payable February 13 to holders of record
February S.
Municipal Service Company, quarterly U
per cent, on preferred, payable February 1 to
stock nf record January '.",.
' Cnlted Tower and Transpnrtntlon Company.
$1.5.-1. payable J.inuary is to stock of record
January 11.
All Grades of Oil Advanced
SIIRKVHPOUT, La., Jan. 25.-An ad
vance of flvo cents a barrel In all grades
of oil was announced today by the Stand
ard Oil Company of Louisiana.
Light Steel Rails Higher
PITTSBURGH, Jan. 23.-r.ight steel
rails have been marked up $3 a ton by
tho Carneglo Stec- Company. Other mills
aro adopting tho higher prices.
CUSTOMERS
of the
PATHESGOPE
Pennsylvania Railroad
du Pont Powder Co.
Hell Telephone Co.
Ilarber Asphalt Co.
American Tobacco Co.
Anheuser-IJusch Co.
Waterman Pen Co.
Remington Typewriter Co.
Hershey Chocolate Co.
Larkin Soap Co,
Edgar W. Baird. President
J. Alex. Leggett, Vice President
H. L. Van Schaick, Treasurer
A block of the guaranteed 7 per
cent. Preferred Stock with a com
mon stock bonus is offered, subject
to prior sale.
Write, phone ot call for Illustrated
book and details.
BURNS.DODDRIDGE-WHITE CO.
New Stock Exchange Bldg., Phila.
IIIHKCTOKY OP ACCOUNTANTS
Certified l'ubllo Accountants
LAWHEN'CE K. I1HOWN CO.
1815 ItBAl. ESTATE THUST BUILPINO.
Sales in Philadelphia
Tes.close. High. lxw. Close.
10 Am Oas 122K 122V 122'4 1MH
10 Ual.1 Loe pref. .MS 108V4 10S',4 10SW
7(tt Otm Rteel .... Mt4 WT. 7215 ?.1
fllfl Corn 1'rod 2i 21V, 21 21V,
27 Klec Stor n.i!4 WH fU
10 Oen Aph pref. 70 71 tl 71
2.1 Ins Co N Am.. 2,-'i 2.T,S 2.114 2.H
ISO l.k Sup Corp... n", m l"K "
ill l.eh Nav 78W 7SW 78 7R'.li
10.1 l.eh Val .78!', 7RU 78 73
27.1 l.eh Vnl Tran.. II) lOVj lOU M'4
an) do pref an soi 3d fio',4
100 Mt llrolhers ... in'i InW WA ltl'i
2.1 S'orth Central.. 80 80 8H 80
.11!) Pcnna nallroftd. .1SU MT4 RS f.81i
141.1'a Fall MfK...100 loou 100 100
r.0 t'a Steel Pfd... 81 81 81 81
100 I'll Co cum pfdi II 1-1',; -tin 4.1U
XI t'hlln KlcclrlC. it 281; 2S 28U
1UI V It T tr ctfs.. 18'i tSVi 18'i 181.1
-i I'hlla Traction,. 7li 7l)'A 70 71)'
17 Heading 781J 70', 70 TOW
70.1 Tonopah Holm.. 4!-i 414 4 4 V4
410 Tonomih M. OTJ 0 15.1(1 nl.VlO 0 1.1-10
10 Tenn Cooper .17i m MS
2O0 t'tnh Copper ' 70'i 70'i 70"j
11.1 fulled fl Imp.. II07J 1)0 no no
lirem r S filed 8:l?i 8.1 Rl',1 8l)i
11 ll'tit Wee 07 ifMfi 07i
It V Jcr A Sennh. RO'.i ,-VA BO M)
10 Westmoreland C OS OS iw (H
100 Wcymati 11 pref .. 11.1 110 113
Tnlnl dulci, 17,008 nhnres, compared wllli
10,509 slmrt'N yeoterdnyi Huh fur tliN weeh.
.13,217 nlinrc.it snme period Int week, 27,001
nlinrcs,
IIONDS.
Iist Previous
Hale. HIrIi. ljw. Close.
000 Am fl- & B S.i 0214 IKt 02'4 0.1
I0O0 Con Tr .V J CS..101V4 102 102 102
1000 U & 1' Tr 4s.. SJ 8li Sim Sill
100(1 IMIson K ,1s.. .. 10.1 W.I 10.1
8000 I.lko Sup Inc l3 20 27 27 27
20H) I. N C Tr 4'Js.. .. OSVi OS'J HSU
ilOOO 1, N- cons 4V4S.102 102'4 lOi'.i 102'i
loon I, V uen 4I.J3..102 102 102 10.'
1000 do cons Os ttOH llo'i 110'i
1I00O I'etma (kn 4'4s.l02 102 102 102
00(10 Phil Co Cons .Is P2IJ 02'i 02 112
1000 do 1st .Is IOt'4 101V4 10H4 101")
2100 riiiia in ns....im! 10114 ioi 101
20i HendlnB Ren 4s OO'.i 00 nr.'i IMS
l.-,0in Stnnll Cna Rs..nsn 10O POM, 0fl"4
4(100 fn Itwy Inv .Is 0214 72t4 72i-i 72(4
2000 W.N.Y.& Pn.R4s 82U 8.1 SI 8-1
20HO York ltv 1st ,1s 1)4 0.1 !. 03
Total sales, 500,000, compared Hltli S.17,070
elredny: Unit fur lllls week, $12:1,070: same
period last neck, $311,0117.
Local Bid and Asked
Today's Yesterday's
Did. Asked. 111(1. Asked.
llaldivln 10" UN lOTTi los'i
do pref.. ... ion los'4 I"" l'" 4
m!rf,& Miis it c.: :is :is'5 .is as J
do pref .1.1 Vi f'"1, .;;:' '
llrlll .1 O s, 0,, " !!
Cam Steel 7: '4 i.l?i ; ')
Kiee Htornrto, JSl OJ -I J
tlencinl Asphalt :t:i 34 .U .jl
do pref 70 71 70 lO'i
Keystone Tel 14 1 IJi JIU 1 1,
do tr ctfs II lltf ''., 14i
ilo pref os 70 OS 7i
Tike Sup Corp l4 nil "'.4 P'Jl
l.chlcli Nav 77 I".i 5 h
LeldKh Valley 77-11 7N - 7S 7NJ4
l.ehlKh Val Tr 1 W'A .V!-'J
do pref , :!!ii .lutf NV4 :io
Prima It K ...' .ls'5 .is), .is r.sti
I'hlla Klec 27 21(4 2S 2.SU
I'hlla Ci 42 4.1?, 4'."); 4.114
do .1 per cent. pfd.... 37 .'111 .17 3!)
do (I per cent, pfd Illi 41 43 JO 44
I'hlla. It T 1SV4 1SJ0 IS'! 1SJ)
do t c 1S'i l.s(i IS', 18(5
Hemline "IHi 71H-S '7U 7ll'.-j
Toniipnh Hcl 4 7-10 4 11-10 4, 414
Tnnopali Mlnlnu .... 0", 7 (',, 7
rnlon Tnictlon 4.114 44 4314 41
fulled (Jas Imp .so!, 00 no lioji
United Ktiitcs Steel .... SIS S411 (CIV, 83 tl
York Hallway 8, IHJ sy, IH
,lo preterred 34 .1.1 34 .'1.1
Wm Cramp T C .... 78 82 78 82
Ux-dlvidend.
RAILROAD EARNINGS
CANADIAN PACIFIC.
101.1. Increase.
Third week January,
l'rnni Julv t
. . J1.IHO.000 J.llft.ooo
. . 70.4os.000 12,100.01)0
DKNVBIt AND HIO QHANDK
Third -nook January.... S422.200 J70.200
From July 1 ll.4S0.100 1,430.700
UNION PACIFIC.
JS,!I10.07S $t.Sn.S,.177
3,174.0.17 1.02.1,434
r,l, 0111,02'.) 4,00:1,0111
22,I4S,07t 2.0S0.1UO
Pecembcr Kross .
.Net
Six months' cross.
Net
ATCHISON.
S11. 401.187 Jl. 701. .1.12
.. 4.O31.40O l,11,lnrl
.. IHI.11711,7117 .1.878,72(1
.. 22,(170,521 2.!).ll),2.i:i
HUFFAI.O. HOCHBSTHR AND PITTSHURnil
Dccomher cross
Net
six months' cross
Net
n't.,.., .....1. T'.nt.,.... ttn lit,
1 ,1,1.) IH 1.1. U....UU. J .... t ...".
From July 1 7.05S.470
Decrease.
7.T 7n
1.12U:-172
NEW YORK BUTTER AND EGGS
.N'lllV YOIIK. Jan. 2.1.-HUTTUH. Market
steady on top Brades. Hccclpts. 01120 packaRes.
Ilxtrn creamery. 32i32i4c. : blither scoring. .13
)03',-c. ; Stnto dairy, 30i.llc.; Imitation cream
cry. 2:W23',jc.
KCSOS. Market unsettled. Hecelpts. 10.740
eases. IJxtra tlrsls. 2Sf2!)c.: tlrsts. .silUft'JXc. ;
nearby whites, ,l,l'Ti30c. ; mixed color, 28fi31e, i
nvnrby tirowns, 32Q34C.; refrigerator llrutH,
lt5lllic.
$3,000,000 Oil Company Incorporated
nOVKIl, Del., Jun. 25. Tho Mexican
Pantico Oil Company, to prospect, storo
nnd drill for oil nnd Bas, was Incorporat
ed hero today with a capital stock of
53,000,000. Tho Incorporators were Joseph
K. Curtln and S. A. Anderson, of New
York.
An Excellent
Preferred Stock
Investment
The preferred stock of the
American Gas & Electric
Co. (par value 50), which
we offer at a price to yield
(tco, is protected by the
earnings of subsidiary com
panies operatiiiR in 74 com
munities in six States. Earn
ings are over six times the
annual dividend on all out
standing preferred stock.
Because of the geographical
location of the subsidiary
companies ami the diversi
fied nature of their business
the sources of income are of
a particularly staple charac
ter. Send for circular No. 320,
which describes this stock.
Yilllam P. Bonbright & Co., Inc.
MORRIS WISTAR STROUD, Jr.
Manager
7 C1IKSTNUT HTHEKT
Philadelphia
.Vcr York llo.ton Detroit
London i William P. llnnbrlsht & Co.
l'urlm HonbrlEht & Co.
BUBNfl b SHBAKMAN
wv i
We offer, subject to sale, and
recommend
Lehigh Valley
Transit Co.
6 Bonds, due 1923
at 'current quotations, to yield
' about
5.70
Detailed circular on application
Ebwar & Smith &Co
BANKERS
ESTllLMUED 1883
JJemtcrs Vu York ad fhiladtlphia
Stock Ktchangct
UlOiD if a C'UCSTMDT BIS., PlJIUDA.
80 Pl.Mt brstifr New Yoik
CAMBRIA DEAL NEAR COMPLETION!
FURTHER ADVANCE IN WIRE PRicf
Encouraging Earnings Reported by Philadelphia Co
pany ana ioi-k i;anways oupreme uourc Decision
on united vjiis omei onuris uover
firninnnf rnrrt.. n. . .. .
Ins mid llcnllnff Compmiy nn", 'h.HS
bncli aticct t.lcl.in.n. 'r..Ln.V.a lh
lea nnd tliclr offlcr-ra In cntiltv- til i
000 ns treble ,lnin(iKo iindertL ,,?
rtnll-trust Unv- for nlleKe,l confe
jiiiwi emu is Hem nip ticfcndantu tJi. Jl
titled to it trial l.eforo ,, ??.. ..?.' tt
law, instead of bofo,.;nj
AHIioubIi tlio volume of trndlns on tlio
I'lillnliclplila Stock RxchatiBO today wns
mostly made up of United States Steel, a
number of encourap,lng Items of nows
wero fortlicomlnff. Tlio Cambria Steel
deal was said to be close to consumma
tion and n further advance In wire prices
of ii n. ton was announced. Two public
utilities camo out with very encournKhiff
December reports of earnings nnd a
number of railroads did likewise. Never
theless, the chief subject of discussion In
brokerage olllccs was the outcome of tho
United Statrs Steel directors' meeting.
Itcflcctlnff tho rise In Wall street, tho
stock also ruled strong here. Shorts wcro
nervous nnd seemed anxious to cover
their commitments, and this they found
It dlfllcult to accomplish without forcing
up tlio price. Upward ot 10,000 shares
changed hands during tho session.
In face of the strength .. U. S. Steel,
Cambria acted In a disappointing mnli-
ncr, sagging off about a point, but full led
later. James A. Campbell, president of tho
Youngstown Steel and Tubo Company, to
gether with C. It. McCullough, vice presi
dent of tho Lackawanna Steel Company,
nro Just now In Johnstown Inspecting tlio
Cambria Steel plants. It Is understood
that tho difficulties that wcro responsible
for tho delay In the proposed merger of
the three concerns have been smoothed
over, and that negotiations aro once more
progressing In a satisfactory manner.
Lako Superior was again In demand this
morning, but did not fluctuate widely,
while Lehigh Valley Trnnsit preferred
moved up on the declaration of tho divi
dend, which was charged to a quarterly
basis. United Gas Improvement sngged
off a trlllo. From Washington camo the
news thnt tho United States Supremo
Court had affirmed tho decision of tho
New York Federal Courts, which held
that William M. KIcltman, ns a minority
stockholder of tho Consolidated Street
Lighting Company, operating In many
cities, could not suo tho United Gas Im-
Financial Briefs
The American Illdo nnd Leather Com
pany reports for the quarter ended De
cember 31 a surplus of $181,001, equal to 3.T0
per cent., earned on tho preferred stock
or at tho annual rate of H.M per cent.
In 1914 tho corresponding quarter showed
n surplus of $1340.37. For the six months
tho surplus was $903,448, nn Increase of
$139,756.
City of Gloucester will receive bids until
2 p. ni., January 23, for purchase ot tem
porary loan ot $100,000, duo November 13,
1916.
Hart, Shaffncr & Marx, Inc., hns de
clared a dividend of 4 per cent, for 1910
on tho common stock. Tho llrst quarterly
payment will bo payable March 1 to
stock of record February IS.
C. J. Lcydcn, formerly of the North
west Mounted Police, has been appointed
chief of pollco of the Lehigh Valley Itnll
road. Mr. Lcydcn, who succeeds C. F.
Evans, resigned, will havo his olllce nt
South Bethlehem.
Tho Now York Stock Exchango has
stricken H. B. Clnflln Company common,
first preferred and second preferred stocks
from tho list.
More than three-fourths of tho new
Issue of $15,000,000 Willys-Overland con
vertible 7 per cent, preferred stock was
subscribed for by the stockholders. Tho
balance Is now being offered at 106V4 and
accrued dividend.
Since Friday the New York banks have
lost $5,805,000 through Subtrcnsury opera
tions. ,
Tho output of gold In Rhodesia, South
Africa, In December, was 79,107 fine
ounces, vnlued at 331,376. Tho output
in November wns placed at 74,877 line
ounces, valued at 313,160.
A meeting of the board of directors of
tho Cuba Cane Sugar Corpor.-.tlon Is
likely to bo held this week, at which
officers will be chosen.
BAR SILVER
The price of commercial bur silver In Lon
don declined 1-1U to 27!id.
In Now York lmr silver whs 57?t centH
Mexican dollars, 41V, cents.
common
equity
Lehigh Navigation nml .,..
bclnc nicked un l.v i.,. ..'ul.n5
(limnlltlM tlKsnlln Itin ,. i' , ,7. ,n W,
nil. InlJnJlh II .""'!""? ertl
. . . . v "null IK 1 l?
iicia Konrunry 21. iut iim niiur . 7. ,31
.. .1 ... . . . - ciumMhsa
oun trouble with tho miners thin V,If 4
Thorn nro numerous questions to uM
elded nt tho conferriuo which It 1
Held February 21, hut the chief utiLijSSi
blocks, It is thought, wm nnt b. 3
people hellcvo tho real controvert"!!
llevololl over rerorrnltln,, nt ,i.- .. . ' "
tlio lcgnl capacity of tho Miners' tVir
or Its representatives to make a coniS
it nas nccn snown time and nraln ,i,T
contracts have been broken and that If?
labor loaders wero unable to for. U
rank and file to obey the rules. '
A substantial gain was shon In liT'
December earnings of the l'hllaa2,ii'
Company's subsidiaries, rettectlni : n
boom In general business about frf?
burgh. The gross Increase wai tori
and tho net gain $2 (5, v,n. The net (S
nine months showed an incrcan V
$1,681,031. Tho stocks remained nS ;
'Change, but there wns a moderate ti,
mnnd for tho bnmR Incidentally iff
nouncomctit wns made thnt 'the Consoff'
dated Traction Company, of I'lttsbufW
ti subsidiary of tho Philadelphia com:
pany. has sold to the Colonial Truit Corfl
pnny of Pittsburgh $.",iio,o(xi 5 per cent, cm
trust bonds, whlrh will be ottered at mi
and Interest. "I
ELKINS, MORRIS & CO.!
BANKERS
Land Title Building
Philadelphia
Scran ton Electric Co.
1st and Refunding
(Now 1st) 5s, 1937
Net Earnings Three Times
Interest on Outstanding Bond)
Tax Exempt
in Pennsylvania
Yield 4.80
THE ADVANTAGE
OF FORESIGHT
Oil tnriiiy Ih tlio acknow Indeed product
that tuHurcs a good return on your in.
vustment.
Barnett Oil & Gas Company
(Ini'nrpor.LttMl -
Cnpltfil $1,000,000 1'ai Value $t.C0
No Hond-i
No Oiitfttmullii linli'hlrdnfss
Trmli'il hi on N. V. Curb
Present IiirUet Trice
iiroiuul !?'.'. 00
Rtnnrlnril Oil Co. tilno linos run to and
through tho entire propi rty which guar
mupfM rtiiiuiturii vnx prife. ,
AVo offer a limited nmount of this
stock at present market prices.
"H'rffc for Special Cinutar .Yo. t,
E. H. CLARKE
3'i AVilltiim Slrrrt, New YiirlivCItr
$750,000
Louisville Gas & Electric Co.
of Kentucky
6 Gold Notes
Dntod October 1, 1014 Due April 1, 1318 '
Totnl. Outstanding $1, 500,000
These notes were issued under a very exacting trust indenture
Earnings
for twelve months ended November 30
loir.
Gross Earnings and Miscellaneous
Kill
Revenues
. . $2,208,205 $2,042,365 ,
959,407 1,008,451
$1,033,914-4
Operating Expenses, Taxes and Main
tenance Charges
Net Earnings $1,248,798
Annual Bond Interest 696,050
Balance $552,748
Annual Interest on $1,500,000 6
Notes 90,000
Balance $462,748
Applicable earnings over'iix times
annual note interest requirements
Price lOOVa and interest, to yield over 5.75
Further Information mny bo hnd on request
for Clrculur No. 318
William P. Bonbright & Co., Inc.
MORRIS WISTAR STROUD, Jr,
Manager
437 OIIKSTNUT STREET
I'bllndeliililu
titvr York Uoaton Detroit
H. M. Byllesby & Co.
Incorporated
111 Broadway, New York
Chicago Tacoma
TliU AUvertUeiueut uiuieurx na a mutter of record, the entire Issue
linvlui; been oId
NEW ISSUE
CHESAPEAKE AMD OHIO RAILWAY
Equipment Trust 4V2 Bonds
Commercial Trust Co., Philadelphia, Trustee
PRICE ON APPLICATION
CHAS. C. HARRISON, JR., & CO.
BANKERS
FIFTH AND CHESTNUT STREETS PHILADELPHIA
Ucdibcra l'JilludclpUla and New York Stock Exconne I ,fl
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