u
18, 1916.
II
i
is
Is
FINANCIAL NEWS
MOVEMENTS OF STOCKS TOWARD
HIGHER LEVELS INWALL STREET
Foreign Selling Ceased War Specialties Prominent in
Trading Railroads Showed Resistance Special
Buying in American Can
High Points in Today's Financial News
Rumors that war orders to the amount of S12S,000,0()0 would soon
bo placM hero. Mora railroads issued favorable December cttruhign
statements, the most important being Northern Pacific Ontario and West
em and Chesapeake und Ohio. All showed increases in gross unci net.
New York banks lost $8,205,000 on movements of currency tit week,
Pennsylvania Crudo Oil advanced. Dutch exchange at lowest in long
while. Wabash-Vitlsburgh Terminal, when issued, dealt in on curb for
first time, strong. Wheat closed lowcr'al Chicago, after new high mark
for July. Cotton' 10 to IS points higher. Money rates unchanged.
New York Bond Sales
NEW YORK, Jim. 23.
Today's price movements In tlio stock market consisted of mlvniices and
rcnctlons, Instead of declines nnd rallies ns lit tlio preeetlliitf four days of tins
week. There was more to this cIuuIko In market movements than could uc
mcasurod by tlio extent of tlio not gains foe tlio day. Tlio trtoHt Important
tactor was the exhaustion of bear energy, which linil been effective during the
provloun part of the week In forcing prices to lower levels and Inducing con
siderable liquidation by tlio western speculative element.
There was also a cessation of tlio foreign selling, which had been nil Im
portant factor In the market since the arrival of the Cymric on Sunday. There
was another attempt to exaggerate the volume of this foreign supply by the
placing of orders through foreign houses In the early trading in connection with
the bearish endeavor, but this method of exerting pressure ngnlnst tlio market
did not dccelvo the leading Intersts, which had eappared In the market as buesyr
for th first time this year.
Some recessions fallowed the opening, but during the greater part of tlio
day market movements were to materially higher prices, with tho war stocks
again assuming a prominent place In the trading on reports that orders for
$125,000,000 would soon bo placed. Tho buying of Crucible Steel was of -v
impressive character, that stock being taken by some of the strongest houses
on tho Street. There was evident accumulation of many other war order
stocks nnd steel Industrials, Including Hnldwln Locomotive nnd Lackawanna
Steel. Tho movement In last named stock was based almost wholly on what
was regarded ns positive statement Hint the ugreement for tho formation
of a new steel merger, to include this corporation, would bo closed today.
The railway issues showed a resisting power which had not been in evi
dence on any preceding day of the week, with some basis for new buying being
furnished by the increas in the St. Paul dividend yesterday.
A special buying movement forced American Can above 64. The annual
meeting of that company will be held on Tuesday next, and gossip on the Street
Is that tho report to be presented at the meeting will make 0. showing of esti
mated results from war orders ns well as the detailed earnings for the past year,
and It Is asserted that this statement will bo so favorable as to justify recent
accumulation of the stock. Pools were active In ninny Issues and activities of
pool managers helped make many of the low-prlved specialties active.
19 .
Some Minimum Prices Abolished by London
LONDON, Jan. 28. Announcement was made today of the abolishment of
minimum prices on Hank of England stock, nil Colonial and Provincial Govern
ment securities, both bearer and Inscribed, and eight water and power stocks.
NEW YORK STOCK SALES
Adams Express
Alaska J Hold M...
Alaska Gold Mines..
Allls-Chnlmers Mfc.. .
Allis-Chalm Mfc pt. ,
Am As Chemical
Am Ae Chenr pf
Am Ilect Susar
Am Brake S & P....
Am Can
Am Can pf
Am Car & Foundry
Am Coal Products.,
Am Cotton Oil
Am Hide & Leather.
Am Hide & L pr
Am Ice. Securities. . .
Am Linseed
Am Linseed pf
Am LocomoUvo
Am Locomotive pf.
Am Malt .
Last close. High. I.ow.
130 130 130
OU
. 2-1' v
. 2fiH
. 7S
. r,s
. )7
. (jj
.101
r,:t$
nvj
21
Jf.'i
78'.
OS If
OS
0V5
1014 1034 1034
044 02 1 . pun
OH
214
27!
70
Rfili
OS
firt'4'
Close.
130
Oh'
21
20M
7S?i
OStf
IN
00
..1124 113M 113N 113'i
(Wi
.105
. Wi
. 10
. 504
07
ion.
'hi
Wi
.-.24
274
2IU
A-2H
014
CO 4
103
334
104
324
0'
Wo
334
111.4
234
42
034
27M
3U
424
03
.. 21
.. 41'
. 03
..1024 1024 1024 102'
.. 84 SI," S!s S4
Am Smelts Kef 101U 1024 1014 101.4
Am Smelt & Kef pf... 1114 114 114 111
. 02,4 03
. 874 t74
. 34'
.113
.127
.205
o)'
024
SOU'
il4
93
87'
no
1134 1134 1134
Am Smelters pf A..
Am fcmclters pi U. .
Am Steel Foundries
Am Sucar Kenning.
AmTel&Tel 127 1274 1274 1274
Am Tobacco 205 202 201 201
Am Tob pf new 10S 10S 10S 10
AmWooltrr 404 32U 30 51
Am Z L & Smelt 074 OS 074 074
Anaconda Copper S7 874 804 Ml 4
Associated Oil 03 (It 024 024
Atch T & S P 1034 100
Atch T48FBf 004 100!
Baldwin Loco 1074 1104 1074 IO'J.4
lialtlmoro ft Ohio S94 M1U 894 804
llaltimnru ft Ohio pf. . 774
Bank of Commerce 173
uaiopuas Aiiniuu ::? zrt
Bethlehem Steel 400 470
Brooklyn Rap Tr 804 S7
Bums Bros 814 81
Butte & Superior 70 704
Cal retroleum 30) j 30Ji
Cal Petroleum pf C2 021:
..1074
.. 324
..1004
.. 334
..10.5
. 34
.. 74
. .7)
.. 09
.. 214
.. 774
.. 434'
fill).
173
1034 1034
094 1004
173
24
4(10 "
87
81
734'
304
112
Canadian Pacific.
Cent Leather Co 53
Chesapeako & Ohio... 02
Chile Copper 234
.1094 1704 109
534
02)5
21
334
13
304
074
174
453
50
Ml
m
(384
074
734
..1094 1114 110
.170 183 182
454
Chino Copper 53
Chlcaco Gt Western... 124
Chi Gt Western pt. ... 304
CM Mill & St Paul... 0C4
CM ft Si Ppr 131
Chi ft Northwest 130
Chi HI Pac 17
Colorado Fuel ft Iron, 444
Computlns Tab Hoc.. 49
Continental Can 80
Consolidated Oas
Corn Products Iter 23
Corn Prod Itef pf 004'
Crucible Steel 074
Crucible Steel pr.
Cuban-Am Sueur.
Distil Sec Corpn 454
Dome Mines 27
Klec Storage Bat 62
jJrie 304
Erie lstpf 524
Erie 2d pf 47
yed Mm &Sm pf 514
General Electric 1704 1724
General Motors pr. . . .112
Goodrich B F Co 09m
Granby Consol 014
Greene-Cananea 48
fit Northern pf ,.121
Gt Nor cfs for ore pr. 444
Guecenhelm Exploran. 224
Homestako Mlnlnj... .12S4 129
Illinois cent 10ft
Int Aerlcultural pf . . . . 5S4
IntHarvN J 110
Int Con Cor v t c sh. lBJi
Int Consol Corp pr. . . 7 1
Insp Con Cop 45
Int Paper Co 104
Int Paper Co pr in
Int Nickel v t eft 210
IctM M cfs of dp ... 104
Int M M pf c of dp. . H14
Kan City Southern.
Lack Steel Co
Laclede Gas Co
Lehigh Valley. .
C2
234
534
13
30
00
1324 1314 132)5
130 130 130
164
414
50
'()
4
173
24
470
87
SI
70
304'
024
1094
53
02
234'
534
13
304
004
Uist closo.
.IVnn Uallroad 574
IVnjiIes G,s Chi. . .
I'ltts Coal Co N'J.
Pitts Coal N J pf.
Pressed S Car Co. .
Pullman Co
tlulcK&llrer
Quicksilver pf
,Hy Ktc-I St Co
lly Steel Sp Co pf.
Hy Con Copper
Itcadinc
Heading 1st pf
llcpulilb Iron & S.
ltepubll: Iron ft S pM0;4
Hoe' Island pf 4
St Louis Southwest.... 19
St L Southwest pf 15
Seaboard Air Line.... 104
Seaboard Air l.lno nf. . 374
Sears Hoebuck ft Co.. ISO
Moss-Surf S & 1 57JJ
Southern Paclfl . . . ,
S-'oiilheri Hy
Southern Ity pf
MuduLiker Co
Studehaker Co pf. .
Tenn Copper
Texas Co
Texas Pacific
Third Avenue
Under Typeivr pf ..
ttiloii II.13 "c Paper. .. 7
United Clnr Storej... 04
Union Pacific 1314'
..1004
. . 20' 1
,. 004
..1504
..llUi
. . 57
..2014
.. 74
.. 004
112
104'
45.4
50
SO
13SU 1394 l.'NJS 139.4
!34 224 22) j
17
02
374
53
474
534
9-1
484
in
71)5
110).
182
4l?
204
02
304
524
404
534
171
114
204
02
304
524
404
534
171
1124 1124 112),
704 004 70
014 93
4S4 -ISM
1214 1214 1214
454 414 114
224 224 224
129 129
10H 103 100
CO 59 59
1114 1104 1114
10 10 19
754 744 754
444 45
104 104
404 404
210 211
184 184
804 804
264 204
SO 81M
1014 105
70 70
454
104
404
211
101 i
824
. 204 27
. 794 S34
.104)1 103
. 70 704
Ueeett ft Myers pf,..120)$ 120H l-'04 1204
LorUlard 1 Co 180 is 181 185
Macltay Cos 80 804 804 804
Manhattan Kiev 6td... 1304 13 IM 131)1 l.Uh
. 58 554 53 55
, tWi 004 684 084
81 87H 874 874
. 53 524 fi-'tf 524
1024 1054 1024 1034
15 1.5 15
122 122 122
May Dept Stores.
Maxwell Motors. ...
Mai Motors 1st pf
Mrt Motors 3d pf,
Mexican Petroleum.
Mo Kan ft Tein pf.. 15
MUinSt P&83 M..120
Union Pacific pf. .
United Fruit Co
V S Ind Alcohol....
U S C I P & F
USCIP4 F pf . .
II S Itubbor
U S Itubber 1st pf..
U S steel Corpn. . . .
V S Steel Corpn pf.
U S Express
Utah Copper
Utah Sec
Va-Caro Chcm
Va-Caro Chem pf. . .
Vuicin Detlnnlns
WaUish. . . .
S34
.13S4
.151
. 194
. 40
. 52 4
.107
. S3 4
.117.4
. 40
. 79
. 10
. 47
.1114
. 12
14)i
Wabash pf A 154
Wabash pr II 2-4
Wells Faruo Exp 1334
Wotern Union Pel. ... su
West E J: At 00
Western Maryland. ... 20
Wheeling & I, E 3
Wheel & L E 2d pf. . . 34
Willis Overland ;05
WoolHorth F V 120
Quoted ex dividend.
Illsh.
5s
1074
33
1074
57
1034
04
84
3 m
99
214
7S4
434
ilM
104
J
19
11
17.4'
374
1S3
574
1004
21
00
1314
HI
574
205
S
01
110
OX
1314
81
139
1534
194
194
524
1074
S14
11S4
454
794
104
174
110
94
154
454
2'.l)i
131
K'llf
074
274
34
44
207
1204
Low.
57,4
107
32.4
107
."."
10.5)5
0
S
30
119
24
77)5
434
;.04
1084
4
19
41
104
374
1814
574
1034
21
00
11-4
111
504
201.4
74
004
110
04
04
1334
S34
13S4
150
104
494
504
1074
834
1174
154
7S i
194
174'
110
0
144
154
2S4
13)
81
004
234
Cloic.
5S
107
32J
1074
504
1054
04
8
39 SJ
9!l
2-14
77.4
434
alii
lOs.'i
yt
10
it
104
374
1S3
57.4
1004
21
00
1194
111
504
2014
S
004
110
J
04
1314
84
13S4
1504
104
494
51
1074
834
lis
454
79
194
474
110
!l
114
454
29
130
s.14
004
34' 34
4 44
2014 3
1194 1194
BETTER TONE IN COTTON;
SPOT HOUSES liOUliUT .MARCH
Believed to Indicate Calling by Spin
ning Interests
NEW YOltK, Jan. 23. There was a bet
ter tone to tho cotton market this morn
ing than hail been expected before the
openlns, due to new buying from general
sources nnd nltbough tho selling was
large, especially from Liverpool, the de
mand Increased, and at the end of the
first fow minutes wus of sufficient pro
portions to absorb the supply.
There were setbacks of 6 to 7 points
from tho best during tho second hour,
but prices steadied up nguln around mid
day on New Orleans buyimj. This bulne
carried prices back to about tho high
point of the morning. Liverpool bought
a. good deal of July cotton here, but was
a seller of Octoher. Southern spot news
waa again conflicting.
The receipts of cotton at the ports for
the day were estimated at 25,000 bales,
-ompared with 39,444 bales Inst week, M.79S
baloa last year and 55.51S bales in 1914.
Tho close showed gains of 10 to 12 points
for the day.
Yes. rlo.e. Open. Hlsh. Low. Clow?.
Mann ll.Mi it2 is.nl 11.7s U'.oi
May 12.13 12.02 12.2.1 12.02 12.2a
July 12.25 12.1S ia.no 12.IK I2.:is
OctotKr 12.2.5 12.17 l'-'.lll 12. IS 12 :!:!
Dcwilter 12.3S 13.SO 12.50 12.2U 12 HI
Spot 11.05 11.63
Minn & SI LouU S 04 0
Mian 4 St LouU pf--. 10 104 104
jjuwl Couper J74 38 374
Missouri Pacific 44 54 44
ilo ftidfks tr cig 44 54 44
Montana Powor pf.... Ul 111 111
Nat Blsault Co pf ...12$ 127 127
Nat Ecata A i Co. . . . 25 254 214
Nil Eaam A. 8 Co pf . 03 Oi 05
Nat Load Go 604 004 6SK
New Vortt Air B(ai.144K 147H 1464 117
N V.N II ill 714 71 Oi C&4
aHiim uh um ma 104
Norfolfe 4 WwUm..--US 117 1104 1104
Northern Faelftc U3 UJ4 113 1134'
WMMSM
04 ffl I
38 ' ! M Beech Creek Railroad J
f I 1st 4 Bonds j
J,1, I Due 1936 1
244 ' E l'rlce on Application I
95 PI 1
08). J5SfflBHEaS5rarr'vlS-5S
mmmr wmmm
1.500 Adnma KspreM 4 S.-0A
t.'iono aiicbIi Vnllev 4 ung
Koi) Alaska Hold ev r,9 liaU
7Ot0 Amrr ARr deb 5 lis
1101)0 Annlo-l'rrnrh loan n. !M
SOifl Amer Smolt Scr On. ..It2'4
.finiii) Amr Trl rvl I'tn ...107
ctm Armnur 'o 4'4 Ill 14
inm AtrnUon if.-n l ti."
.V,(n Atrhlfon ndj In "7
lWpO Atrlllilon Cl 4S IIIOO... 1054
i(H) Alt KllOT A f In V.li
Ifflrl ll.lit ft Ohln W 1S
l;.e) li.ilt n onto is H2
10infi 11.111 & Ohio cv t',,, )s
pro ileth MtPCl rfd rn...,lns
1(K Ilrrwlm oily lot .In .. IrtlW
llKio cent Leather 1st r.s. ..ti)l4
'.1 if i) Cent I'nrlile :ii.s ni'i
W'Oi) Cent Par 1st lit no'
lop) CMU Itlt N J 5 US',
CIO Chill Copper 7 l.Tl
Slliii Clion & Ohio cv l'as. . WJj
l-'OU ("hen ti Ohio 14a. . . . Kt'',
S(K rilro & Ohio .Vt Km
lin-i rlil (li Went In Wifl
MM rhl fc Sot atji si
21-0,1 I'tilrn,. ., up
tc-l in till ll A (J joint !.. Wn
1000 Chi ft Ht V prtl 49. ici(
tiNUi i -hi i Ht P illv 4.. Kl
EM 'Ml Chi J) ,V H P cv ,"... IIKt
Win till I Mil ,1 St P fd JIGS IMU
.HIM ffl! It Solllll 1st 4s.. til''.
Stmo . !t 44s n
toil!) llcl A lltld rfd 49.... 117-1,
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Willi! Krlf cntiv Is st-r A.. 7214 72
11
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.KitKi Ilrle prior 19
KOI Hen Riff deli "is...
Itrmi (irnnliv (.'on,- t t 0.
'001 Unit A tfnll III .Is ...
Kiliro 111 Rteel tlnh 14
fill I Tnrtlatin Strel ,". .
InflMi town Cent 4s ...
Ilium 111 (Vnt rrd Is ..
turn Ins roptirr cv (la
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lnio 1,-icUn Hlerl ns l"ii ..III
L'nio Ijirlnle (fits 1st ,"s ...Kll'i
S.ioni I .lit SJITii lSfl'i
'J.'.o Lontr tslniid rM Is .. ust
lilKm l.ouls ,1 Xssh 4s .... nr,ia
21'Hiil .Minn ,1 Pt I. Is r,T ,
211') Minn Ht ! M a it 4s . . ti:ii,
mini Jin Knn ,1 'Is 1st 4... 7'Uij
lirtTi Mn Knn T 2d Is... 1st j
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l.'idii Mont Power .Is 7
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Mild St 1, ft 8 I' K ct stn Is 47
a m St ljiula Sun 1st Is.. 7sii
::illll ilo rn 4a li."
2l'l fltnnil (l.-ia tin nil
who ft..il.i,(tril A I. adl .",s. . ii!)
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inn,
1.1
HIGH-PRICED ISSUES
FEATURED THE CURB
Wnbnsh-Pittsburgh Terminal,
Dealt in for First Time,
Strong Oils Steady
NEW YORK, Jnn. 2S. After further
licnvlnops nt the outset, with speculation
comparatively quiet, tho market for out
Kldo securities hefore midday developed
pronounced slrcnRth nnd activity, espe
cially In a number of the higher-priced
Issues.
Wnhasti-l'lttsburKh Terminal, when Is
sued, was Introduced for tho first time,
the common on rather heavy dealings
moved up more than 2 points and the
prcfeired ", points, llldvnle Steel, on what
looked to he Inside purchases, advanced
nearly 2 points; Submarine lloat, after n
recession of M, moved Up 114.
Motor stocks, while iiulct, were sener
ally stronger. Chandler rose H4; White
Motor 'A; Chevrolet about 1 point. Inter
national Nickel moved up to on small pur
chases; marine shares were Millet nnd
cnsler.
Oil .stocks ruled steady with strensth In
allots. Cosdcn advanced 1 on i?ooil buy
I11B, lo n new IiIkIi. Copper shnres were
1,'cnorally llrmer, nlthoiiRli fluctuations
were narrow. Kcnuecott moved nt a
ramse of (, nlid Klrst National U. In
bondti Krlo convertible 4s were iiroIii
lintler pressure at a recession of . New
York Hlnto Is, w. I., were strong.
INDUSTIUATfH.
Sales in Philadelphia
2'i
I'M
iivt
h7
Liverpool Cotton
r.IVlCr.POOL. Jan. 2S. Spot cotton to
(lny was dull nnd 15 points lower 011 the
basis of ".Mil. for mUl-uplnnds. Tlio sales
UKKreRato.l 5000 bales, Including 3000 bales
American. The Imports were IID.WO bales
all American. Tho market for futures
closed quiet at a net decline of 10313'-.
points.
DIVIDENDS DECLARED
C5ener.il Ohemlrnl,
eent. nn i-nnitrnn. n;
rcconl 1-Miruarv 22.
reuulur ouiirtcrlv t1!. per
v.ilik' Jt.ir.-h 1 to stook of
Ainer-tlrltlsh Mt
Amor Mnrrnnl
Attiinttf (iitlf ir,l
Atlnntlc (luir ft V t H H
AJi.x Ittililirr 1 tic vv I
ctitiailliiii cur Ac Mly
Cnnnll.in i.'ur ,M Mly pfil
Cliovrotet Motor Vnr
C'linnitler .Mntors
4'iiluti Cutie SitK.-ir
curtiss Arrojiiane
1 rlKes-Seitlittry
1 Iniei-snn IMtnne
Ilnskrll ft llnrker Cur
lletnlee StniiurncttirlnR
Intor11.1tlon.1l M1r.l1.1nt Murine ...
International Merchant Mnclnc M
Iniernutlnnnl Xli-kel new
Kelly Siirinnllelil
Knthnillon llr.ill7.e lM
I,ee Tiro
Mnrliiitt.iti Tttinalt
Mi.xltn Munition
Ml.lvnle Steel
Otis Kloviitnr
reerloFa Motor
l'oolo ITtiKlne e.n.l Mnehlnery
St .Incilt l.en.l
K 8 Kl eape w I
Stiiniltinl M.itora
Suhmiilne limit v t c otfa
TrlaiiRle l'lltn v I etfa
I'nlie.l Prulll Shnrlns
U R I.lKht nn.l I lent
I" s l.lelit anil Heat rref
White Mntors w I
World .llm
111,1 Asked
. :m ;:.-
Jltf. ,i
. 4.1 4,1
. 2(114 :iiH4
!S B!
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till
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Am i,nco . , .
Amer Mllllnff
Am Itallnnya
ilo uref . . .
An.ieonila . . .
Hurt ft sua t
.In prer
1INII .1 (1
dim Steel .,
rhl (It West.
;iee stoniRe. .
hint ft it T
nn Cn X Am..
Knn (' So 1
.nae sitii corn
.ehlRli M.iv ...
.eniKit vnttov.
.eh Vnllev Tr
...in nrer
Xorth Cent . ..
renin ii n ..
I'n K.itt MfK.
Tit SUol prcf
l'hlln Co ....
Plilln l-lloe ..
P It T tr clfa
l'hlln Tine ..
ItenilltiK
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iso iiwy
'Inn llelmont... J'u
Ton MlttlttK . . 7.
I 'Minn Tmetlnn. .4.IU
rnltt.l (las Iimi SI'm
If 8 Steel .... NW
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IS 1SH
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LOCAL STOCKS SHOW STRENGTH
IN INACTIVE MARKET SESSlbJ
Steel Shares in Demand Brokers Report Falling o!
in Public Interest Talk of an Extra Dividentf JJ
on U. S. Steel Common
Low, Close.
.in
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ill
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RTANDAtm Off. StTilHlDIAJtir.S.
Intornntlottnl Petroleum 12'i
Illlnola li
iihln oil mi
Prnlrle OH 2-'-l
Slntiilnnl Oil of Cillfornla :17.1
Slnmluril Oil of New Jersey ,VI7
utniiiliiril Oil of New York 212
ortinit on. stocks.
Cnsilen Oil lR'.i ISIS
Chalmers Oil ,
llnitston Oil SO 2015
Mhlwett llellnlns M r,.l
Sapulpa f'li ll !
MIXIXO STOCKS.
Atlanta
(Vrro de Pusco
Ilutto C ft Z v t ctfs
Itutto ft X V
Klrat National Copper
(Inldtlelil Merper
Ileel.i Mining
IIowo Sound
,11m Duller
.liiinl'.i i:tenalon
Kennerntt lotilier
MeKlnlev-Uarr.iKh
Mines of America
XltilaalnB Mlnoa Co
San Toy ,
West Kml Con
West l-Jnil Kxtenslon
Mncnia Copper
noxos.
Krle rlirhts
Il.iltltnoro ft Ohio .
Ceirn lie Pas (iH
Uric 4a w I
Now York State 4a w I....
St i'nul 4s w I
21 ;
""U
s
17.5
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&
SI
mi
102!i
120
sst;
lOMi
110
Bank Acceptances
NEW YOltK, Jan. 28. Prime bank ac
ceptances continued nominal as to rates
and tho volume of tiuslneHs nt 2 per cent,
for CO and 2',4 for 00 days.
Total Miilrs, 1.1, IUJ Matron, i-onipiirecl 11HI1
2.1,(107 slllllra .veilerdiiyt llllis fur till' ueeli,
00,12.1 sliurcaj mi 1110 period lnt ecl, 7,9llil
slinrra.
noxns.
fjist prev. rale. 1 1 1 alt.
(IDOO A (1 ft P.lee ,1s. IM nil
7IKID ltntcl l.no 1st .Is. 1(1111 Inn
MM llurwnnil P. ila.K.'il 1 It t
12(i(iii l.eh X cons 4'(.. inaj i24
liWHI l.h Vol :en ,. Ul-t IIIJW
11,00 l'otthit it.-n I'js. .1112 ,ll
.-.(Kit) do 1 .ins I' ..a. . . IWilJ Km
KkiO do (its la Is tr . . lit!
1.4HI P.1 Co 4's a Illll. .. llPi
llillil l'hlln Illcc 4a... MV4 SI
HKHI ,l,i ,", KHK. KIV
lmMiiil Iti-ml-Jr Cont l.ill.l II1U
ItlOtl Sluili-Alll 1 lls...lirj 1l
121,110 St 11 lid (lni (la... I.IH 11:114
20)0 Cn liu-y Inv ,1s. 72'., 7.1'..
HOOD York Hwy 1st .". lilt. 11.1
T11I11I antra, Slli7,(l(H), tiiniiiireil with Sli.'t,
no jcatenliiys Hills rnr IliN ivreli, StaJ,87l)
Mime period Inst ttecli, S'Oi.aiiO.
in n:i
Ki.vt Kin
net 10:1
1112' 1 lir.i,
102ij 1l)2'4
1i 1112
101 Kin
I'l IS)
Hi's lH'j
s M
101 HiPSi
ll.T. .tills
lllj Ktt
nn' 1 i
7:1 7.l'4
Id 11.1
Local Bid and Asked
I tuff fc Hun t c
tin 1 itef
.1 (! Ilrlll
Il.'llilulll
do prof
fiitnlirln Steel
Kleetrli: SloniRo
(tetiernl Asphalt
du prof
Keystone Telophotio .
do t i-
do prcT
I.-iKo Superior Coin...
l-ehluh Xiivlftntlon.. .
U'hlKh Valley
LclilKli Vnllev Tr. ...
do tirof
I'etiii.i
l'hlln nice
II1II.1 Co
do .1 per eent. pfd..
tin it per eent. pfd..
Phllu ll T
do t c
ItondltiK
Tennpah Kiimont ....
Tonopnli 'MlnlitK
llnlfin Trnctlnn
1'nllod (las Improve.
U S Steel
Todi
Hid. .
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. It
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. :iu
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22,
. 77,i,
. 4H
lij't.
.' m"''j
. STK
lay Yesterday
Asked. Hid. Aslled.
I I 'j 11 12
.12 112 (Wi.
.17 :i7 :::i
Kitlii liisij HH114
, m,i.j ins ni!i
1 71 7il'i T 11
III IS! ill
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hi; 11 n;
1 1-1'. II ! Ki
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4.1 :ttni. inii',
.".in r,7i r,s
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7 7',i 77ti
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s.l'i MR Xl"i
i)ivii)i:xi)H
Tin: Milium coai. axi xavic.ation
('I)MI'.IXV
Dltlileinl X11. 1411
Philadelphia, January 20, mill.
The Hoard of MnnnRors this lny do, tared
a quarterly dividend of tmi per cent. (SI
per share), on the Capital Stork of tile Com-
fiany. payable lYlinmry 21), lOlfi, to sto. k
uilders na roirlatered on tile boolis of lic
company nt .1 o'elnek p. 111., .ltuiuar. .'11, l.".KI.
Cheelta will lie iiiiilleil ti. atni-KlHilders who
ltave filed pertnaneni dividend tinlera.
1II3N11Y 11. 1'IJAf'l., Secretary.
ornci:
1VII.I.1AAI V. HOMIIIKillT CO.. IXC.
AMF.IIIC'AN CTII.ITIMS COJIPAXY
A nu.irterly dividend (Nn. Ill) of 1-Ti o;i
Preferred Stock of the Amt'rirnii I'tllitlea
Cnnipuii. will bo paid nn Foliruary lo, 1 1)1(1,
to stockholders ot record, at 2 p. in., 011
Janunry 31, 1010.
A. B. Mir.LUn, Secretary.
Philadelphia. January 2G. I'JlO.
IIIKj:CTqitYOrACCOCNTANTS
Certlll.-d
Jilic Arcnuntnnts
t,Awm-:xci-: 1:. imoivx & co.
JOIS I113AI. KSTATK Tltl'ST iiuii.utxa.
UUIIXS ,t SPCAKMAN "
The Iluuri.c.
-.!
7?? Grow ffi
and Progress
of ze
(NSURMCE COMIY
Financial Statement December 31, 1915
ASSETS
Cash in Bank and Office $90,779.30
'Mortgages, Stocks, Bonds
and Investments 1 ,332,735.00
Interest due and accrued De
cember 31, 1915
Premiums in course of collec
tion under 90 days
Balance on Deposit with Com
pensation Commission of
New York
14,860.30
185,284.05
1,648,57
Total
.$1,625,313.22
Stocks and Bonds appraised by New York In
surance Department.
LIABILITIES
Capital $375,000.00
Reserved for Unearned Pre
miums 543,948.33
Reserve for Liability and
Compensation Claims 319,660.00
Reserve for other than Liabil
ity and Compensation Claims 46,772.12
Reserve for Taxes, Commis
sions due and all other Lia
bilities 58,958.30
Surplus 280,974.47
Total
.$1,625,313.22
Computed In accordance with laws of New York
and Massachusetts.
The stockholders in annual meeting January 19 authorized an additional sale of 12,5(10 shares
of capital stock of this company. This will increase the present capital stock to $500,000.00
and add $125,000.00 to our surplus.
How the Commercial Grew
Date, Business Written. Total Assets.
Dec. 31, 1910 $29,497.31
Dec. 31, 1911 206,333.21
Dec, 31, 1912 349,879.06
Dec. 31, 1913 520,402.34
Dec. 31, 1914 990,350.17
Dec. 31, 1915 1,232,207.45
$404,792.15
511,382.11
628,702.95
969,385.74
1,293,503.82
1,025,313.22
Insurance We Write
Employers Liability.
Public Liability.
General Liability.
Elevator Liability.
Workmen's Compensation.
Automobile Liability.
Teams Liability.
Plate Glass. '
Contingent Liability.
Personal Accident and Health.
Industrial Accident and Health. .
Harry C. Mitchell,
liarry u, .iliicneii, r. i, rciBciiajjan,
lut V-I. and Hen. MKr. 2d Yice-l'rciildeut
C. W. FEIGENSPAN, President
J. Horace Shale,
Trrnnurer
E. C. Feigenspan,
W. Van Winkle,
Secretary
Philadelphia Office
JOSEPH A. BRADY, Mgr.
134 So. 4th St.
Alllioiifili New York commission houses
l-cport Hint tlicy arc carrying very larpo
amounts of Ptoclm for their customers, so
lafBO 111 fact that In solnc cases they
nio refusing fresh orders, Philadelphia
brokers report a slackeiiliic up ot their
stock liuslliess. riio checkltiK of the so
calleil "war stock" Ramble by the hanks
through tho enlllnR of loans and requests
for unusually largo margins hurt the Ren
oral trading they say nnd caused tlio rank
and fllo to become cautious. Another de
terring factor lias been the persistent
ll(Ulilntlon from nhroail and oven though
there hns been heavy Investment buying,
It has not ns yet caught up with the
foreign sale.
Today the local list ruled firm with good
buying or fnlted States Steel, Cambria
Steel, Heading and Pennsylvania, but
business was not very brisk. Tho l.ohlgh
Valley Transit Issues were again features
of strength nnd Lehigh Valley Itnllroad
also moved up. Philadelphia Ulectrlc
was a weak spot and Hrlll fell 2 points.
In the bond department the feature was
tho heavy trading In Heading-Jersey Cen
tral 4s, some $100,000 changing hands.
Jlaldwln Sn advanced u point.
Uiiffnlo and Susquehanna shores con
tinned to nltnict nttcntlon today. Tho
preferred declined ii dollar or more,
whereas tho common moved up a similar
mnoitut. Crump Shipbuilding nlso tluctti
alc.l erratically, selling off from 82',J to
M, and then recovering the loss. The de
mand for Steel was accompanied by
rumors of an extra disbursement on tho
common shares somo time during tho cur
rent year.
Tho surplus over dividends In the fourth
quarter of Inst year was more than
Iwenty-thrco millions nnd for tho present
quarter It Is said It should reach nearly
thirty millions. As the second quarter
promises even greater returns, It Is argued
that the stockholders should bo allowed
to share some of tho profits.
James A. Campbell, president of tho
Youngstown Sheet and Tuba Company,
who has been conferring with bankers
and others regarding the proposed Cam
bria Steel merger, left for Youngstown
Inst night. . As options on the stock of
the Youngstown nnd Cambria companies
expire next Monday, Mr. Campbell's de
parture apparently Indicates that hopes j
of bringing about tho merger havo been j
abandoned. i
On the other hand
Interests asserted
nucmoon, tnnt w
usually woll.lntw.fl
quite positively nM
ment of tho merger would not b JJl
Until next week, nn ncreemem t,jTMa
iinnny renenra ami thnt onlv i,,i,7
tolls remained to bo itrrnin..i nor
By-I'roilucts Extra Dividend
w 1. ...ft ... 1.. .,1,11. L'.X -7.
products Coko Corporation has rtaoi."'?!
SYHACUSr:. N V.. .fan. Mti..
a dividend of H,4 per cent, nnd 1 h,r ..'5
extra. The laBt dividend was 1 n. ."HI
JH.,lnt.n.i r.il mn "
llUl-llUVtl ItJtl.Y 11, 1J11,
centfl
An Excellent
Preferred Stock
Investment
The preferred stock of the
American Gas & Electric
Co. (par value S50), which
we oficr at a price to yield
6re, is protected by tl)e
carniiiRS of subsidiary com
panies opcrntinp; in 74 com- '
mutinies in six States. Earn
ings are over six times the
annual dividend mi all out
standing preferred stock
Because of the geographical
location of the subsidiary
companies nnd the divcrsi- .
fied nature of ihcir business
the sources of income arc of
a particularly staple charac
ter. Send for circular No. J22,
which describes this stock.
William P. Bonbright & Co., Inc.1
MORRIS WISTAR STROUD, Jr.
Manager
437 CIIMSTMIT .STItL'ET
I'bllailrlpldn .
New York Host on Dtlrolt
Lumlont Wllllnm 1. llonlirliht ft Co,
I'arhi Tlonlirlglit & Co.
THE PENN MUTUAL
LIFE INSURANCE CO.
OF PHILADELPHIA
Home Office, Sixth and Walnut Streets
PHILADELPHIA, Jnnuary 27, 101C.
Pursuant to tho requirements of Its Charter, this Company publishes th -ll
following statement, being tho principal features of Its H1XTY-KIQIITH '
ANNUAL ItKPOUT to Policy-holders
FOR THE YEAR 1915:
RECEIPTS
For Premiums nnd Annuities
Kor Intorcst, etc., and adjustment of book values
Tntnl
DISBURSEMENTS
rienth Claims
Matured ondowmonts nnd Annuities
Surrender Values
Pramlum Abatements
'I'n till Paid I'lillcy-linliU-
Instalment payments under supplementary contracts, etc.
Federal, and stnto taxes, licenses and depnrtmout Cocs . .
Kent nnd real estate taxes and expenses
Commissions, medical foss and agency oxponses
Salaries and administrative oxponses
Advertising, printing nnd supplies, postage, etc
Added to reserves
$23,376,650.31
7,942,305.t-:
s.n,:uii, 1351
$6,042,509.21 l
2,702,050.59 1
4,0CS,055.6f '
3,756,177.59
1
317,l(iM,703.O3
$336,533.91
395,937.61
363,691,09
3,315,330.81
(116,797.10
170.SS6.12 3
S.C31, 135.59
Total
as
In udJltlon to the above abatements the Company allotted to deferred Ulhtrluutlon pollclo
mo uum oi ?i,.o,i..j.u..
ASSETS
State, Municipal, Uallroad and other Donds. at matket value... J3t, 831,391.1!
Hank and othor Stocks, at markot value 259,038.00
Mortgages and Ground Rents (llrst liens), on property valued at
$lu.,ub.',T.io m,aj;,w(.Ji m
Premium Notes on Policies, etc., scoured by Itesorvo Values or , fl
- - .. nn .1.1 e m
sU.bU.'.HUQ u,.iuu,iot.g jm
Loans on Policies with Reserve Values of $.11,016,000 2i,S37,7S1.86
Loans on Uonds, Stocks, etc 1,125,5113.83
Homo Olllco i.nd other Real Kstuto -1.2JO.U6.0S
Cash on Deposit and In Company's Olllco 2.710,115.12 4
Vf.i nnfof ,-..,! nnd ITiirennrtpil lrflnlllins 3.191.179.59 9
Interest and Rents Due and Accrued 2,ius,s80.16 1
Total Pec. at. lllin '. S I lill.r.UU, 103.73
LIABILITIES
Reserves to Maturo Policy Contrncts
1'ollcy Claims In Process of Sottlomont
PromluinH Paid In Advance, Unearned Interest, etc
Accumulations upon Dofnrred Distribution Policies
Reserve for Mortality Fluctuation
Reserve for Asset Fluctuation
General Equalization Fund
Premium Abatements for 1916 ,,
Total, Pec. til, 101,1
$13C,471.367,t 1
(JDU, UJ7.IB
14"092.J5
lo.isi, 118.U m
.(,UJ1,( IJ.VU .JJ
2,916,783,00 m
498,729.81 -W
4,301,000-00 '
SI0O..11IIMU3.73 M
BUSINESS OF THE COMPANY 1915
New Business paid for In 1915. 25,037 Policies, Insuring
Total Insurance In force, December 31, 1915, 237,603 Policies,
Insuring
Total Payments to Polley-r.Qlders aluco Organization In 1S47
$77,956,559,0' 1
C1C3S3.305.PJ -,
2U,7S9,805.SJ
vnusTi:i3.s
RICHARD S. RROCK
SAMUEL B. ST1NSON
JAMES HUTTERWORTH
CHARLES D. BARNEY
EDWARD T. STOTE&BURY
JOHN B. MORGAN
CHARLES S. W. PACKARD
E. ELDRIDGE PENNOCK
J. EDWARD DURHAM
CLEMENT B. NEWBOLD
MORRIS L. CLOTHIER
ROBERT C. LIPPINCOTT
JOHN BANCROFT
WALT
WILLIAM M. COAXES
JOHNS. JENKS, Jr. c
J. HOWELL CUMMIXGS
JAMES CROSBY BROWN
S. PEMBERTON HUTCHINSON
B. DAWSON COLEMAN
EZRA DeFOREST
E. WALTER CLARK
EDWARD F. HENSON
HOWARD W. PERRIN
PERCIVAL S. HILL
W. HEY WARD MYERS
MORTIMER R. MILLER
ER A. BAILEY
GEORGE K. JOHNSON, President
Every Man Should Know
The MORRIS Plan of Loans and Investments.
Is the
sanctioned by employers,
ihnt
i, inn R.inctlonea nv omniuyure, ,
nl.lnn .l. I ...II. .1.1. ...I n nmln l,ina fit 1,(1 ttl IIOHH mGI) B
CIIUUICB W1U IllUIIIUUai ,,uw .v .... .rtft .-.rlrto
rates. Ropaymant made easy. Over $300,000. averabtnc
$100. already loaned. Details on request,
by State Hanking Department.
'Supervised
LOUIS J. KOLB, Pret.
tlOWA.KD.il. HENRY, V. Pret.
H. LEO UUNT, V. Prea. and Treat.
PENNSYLVANIA
LOAN COMPANY
1507 Arch Street
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