, n i)in nmtwmrnmmmGM(Gm uiijiiiiifijwuiiiimimjiniajmwipt.tnj "-.'Mffm -T-.vi.j-'.'iin-M-iuJ.ii',igf;jl-W''4.-'""" mi i.'U ' HHnmv-'i mwumi , mm wwwwwiwwuil IB EVENING LEDGER-PHILADELPHIA, FRIDAY, FEBRUARY 11, IQlft-. i FINANCIAL NEWS ' 1 1 PRICE CHANGES OF STOCKS VARIABLE; NEW HAVEN STRONG ON SMALL SUPPLY Heading and Lehigh Valley Also Scarce Anaconda (S, Again Bought in Large Blocks Late Dealings Were Entirely Professional High Points in Today's Financial News Banks in New York gained $1,700,000 during week on movements of currency. More favorable railroad earnings, nearly all companies show ing increases. Shipments of anthracite coal larger. Francs feature in foreign exchange market, being strong in response to credit arranged with Great Britain for purchases in United States. Expected that new Mid' vale Steel 5 per cent, bonds will be offered for subscription, at par and possibly a shade below. Pennsylvania Steel stock strong on Philadelphia Exchange, the preferred being up $0 and the common $!. New York Bond Sales 1COO ,mtr Ar .. Hi! .1I7.,i Anglo-French Ijnm to 1.1 i-xnv niinr let ennv n.... lUft :.n" Ampr Tel ovt 4'4.. . . 1IHI, High. Iak. Cloe, VVt NKW YOltts, I'd). 11. Trice changes In the day's stock IrmlltiK wcro so variable as to lio almost kalcdoscoplc. At frequent Intervals there were cither advances or declines In different Issues, but with the upturns of far more ltnortntict' than the reces sions, and nil throuRh the trading, no matter whether prions were tip or down, thero was a degree of bullish confidence that has not been evident for many weeks past. An Instance was the upturn In New Haven, which, on small buying, changed Its market position from a quotation of Ii8 to sales of "2 without special reason, except that the scarcity of stock may nn advance easy to effect. Reading, which lind ruled under 73 earlier In the day. moved to about 80. and Lehigh Valley made further evidence of the scant supply anil strength of the market situation with nn advance of one point In the afternoon. There was again buying of Anaconda In large blocks, offset by selling through favorite brokers of the Standard OH Interests, but with that stock making n further gain and crossing 01. American Ztnc, with sales of 7f, showed a gain of more than four points, and a Blmllnr ndvancc wns noted In Unite mill Superior. United Status Steel common Is to massive to be swayed to any grent extent by any room traders or pool operations, but, while Is declined to S4?8. It easily moved back again 'when the bear pressure was exhausted. At the end holiday absenteeism was so pronounced that dealings In the general list were of a purely professional character. New York Banks Gained $1,709,000 in Week Known movements of money for the week ended with the close of busi ness yesterday indicate a gain In cash by the Now York banks of tl.700,000. rm, ,nVo r-nlnecl net from the country $5,125,000. but lost to the Subtreasnry 43,706,000. The gross receipts of cash this week were $9,835,000, against $7,207,881 last week and 9.S2G,G03 the week before. This week's shipments by direct express were $4,120,000, against $3,210,000 and $5.8!8,-t97 In the two previous weeks. This week's gross receipts show as much gain as last week's figures show a loss In the precccding week. This week's outgo, however, was about $1,250,000 larger than that of last week. NEW YORK STOCK SALES Adams Eanrcss. Aiasica J Uoia Alines. Alaska CJoltl Minos... Allls-Chalmers Mfg... Allls-ChalmcM Mfc pf Am Ac Chemical Am Ac Chemical pf . . Am Beet Sugar Am Can Am Car & Foundry.. Am Coal Products . . . Am Ico Securities.... Am Linseed Am Unseed pf Am Locomotlvo Jim Locomotlvo pf. .. Am Smelt & Ilcf lfM Am Smelt & Kef pf..lll Am Steel Foundries. Lnstclme. HlKh. Low. C'1ho, MO MO nil M" 231 32U 82K S)?J 2311 31 ' 82'4 71 OS 70! (12' 4 m m. nn OS 71? a-!'; f3H 3W S2 7W 03 70 025J 72H 17m 171M 170 J9'a 24" i vn OS 102 n'j iVi'i S2 71'f OS 71K fi'J.'i 73K 170 ,'KW 2l'S 13 G71 (Am Sugar lief. . lAm Jei 4ei 'Am Tobacco Am Tob pf new-. . Am Woolen Ir rets Am Zinc L & Sra. . Anaconda Cop M ...112 2!)3i 23) A2U 07H 102,'i 103 102'i 103 111 111 57H 5S 113 U3H 31 244 43 OS 103 103H 111 5S 113'-i ..127?ii 127Ji 127 1278 ..203Ji 201)'j 20-1H 2tHJi ..lOSh 10SU 10S I)S .. M 10'i VJH 404 .. 707. 7,".U 70J5 7.- .. S9?4 Ul 80?i 00'i Atcb Ton & S F lreiH 103). 103' 103i TTT&SFpr lOlfi 10151 1U15S mm Dald Loco Works IUH 115 113W 314 Bald Loco Works pf..0S', 100 lOSJi 100 Baltlmoru a: Ohio S8 8S" 88.4 S8JS Uethlchcm Steel -171 47.i 475 Bethlehem Steel pf 130 137 137 Biooklyn Rap Tr 80)5 SO.'i 80 Bush Terminal 120,'S 120.' f 120.U Butte & Suuerlor 8-1 b!l 81 Cal Petroleum 32! j 32)4 32! Cal Petroleum pf ftjtf Canadlau Pacific 17.V- Central Leather 51,'i Chesapeako & Ohio.... G2?J 175 137 80(3 )20, 80 324y Ol'j I75!ii 3n C2J3 21)5 58i. lfl'i 30 00! i 120) i 120)i 128i 120' i lO'i 20) 111?, lll'i Gfli M'i 175H 17IU 5-IU 53'S G2J 03 02Ji 214 2IU 2H 57U 581! 57 13)i 13!4' 13)J 35'- 30U 30 00H 90'j 901 i Chile Connor. Chlno Coppor Chicago Qt West.. Chi Gt West pf..., Chi Mil &St P.... Chi Mil & St P pf CM 11 I &Pac... Cluett Pea & Co 72)i Col Fuel & Iron 18' l Consolidated Gas 130 Continental Can SI Corn Products Bef.... 22? t Com Products Bcf pf. 97 Crucible Bteel 82)i Crucible Steel nf 115 Cuban-Am Sucar 109'5 203tj 200 Deere i Co pi Ofi'f 07 Detroit United Jlys. .. 84H 85 Diamond Match 48'S 17' 47'i, 135'i 135' f 133'4' 81 81 SI n2Ji 22'5 22vb 07' 07 07 Rl 81 814' 115JX 115 115 03 07 97' 1 85 85 105! i 100 47)j 18'i 29 29) i 38!, 38 !$ 53) i 51 32 32 50 57 171)4 17Hi 4S0 4S0 .IODi 100 Distill fc'eo Corpn 48H 48)5 Douia illues 29)i 20)5 Erte 384 38).' Erie 1st pf 54 51 Fed Mln & Sm 32,'i .'13)5 Fed Mln & Sm pf 554 57 Gen Electric 172'i 172!; General Motors 470 4S0 General Motors pf Goodrich I) F .... Goodrich B F pf. . Greene-Cananea 49U Granby Consol 08) i Great Northern pf.... 122)5 122S 122)ffll22'5 Gt Nor cfs for ore pr. 47)f 47i 40 i 40' Outsell Eipln 2Di Illinois Cent 103)5 Int Agricultural 23)5 lat Agricultural pf. . . . C-m 113M 113'i 113)5 113JJ 73!i 73i 73 73 113)5 113H 113!5 49) 48)5 49 07)5 00 07 ..113 21!.' 21!( 21)5 103)5 103)5 103)5 24ii 21)i 21 07)f 04 U475 ...110)f 110!i 110! IIOJ4- 0 107 17M 17)j 73ij 10)i 47 40)5 10M 74H Int Ilarr N J. Int llarr Corpn 70 70 Int Ilanr Corpn pf. . . 108 lor lnt-Met v t cfs 18)4' 17)5 Int Cou Cor r t c sh. 18 18 Int Consol Corp pf. . 74 74 lot Paper Co I1H U Int Paper Co pf -1fi)5 47 Insu Con Cop 40)f 47) Int NIclml T t cfs 211 214)5 212 Int Nickel pf t t cfs. .,10 110 110 ll M M cfs of dp. .. . IBM lO!' lot M M pr c of dp. . 7GU 70)5 Kan City tiouthern. ... 27 27)i Lack Steel Co go hi) 70)5 Lee Itubber &Tire. . 50!f 60)5 50)5 Lehigh Valley 77)5 70 77)5 Maekay Cos. 88 87 80 Manhat Kiev gtd 130)5 131 131 Maxsell Motors 71 ilfii li'Wi Max Motors 1st pf. - 88"f 88)5 87'j Ma Motors 2d pf . . . . 53)5 53)5 52 Meilcan Petroleum 109 110)4 108 Mel Petroleum pf 100)5 100)5 100)5 100 MuKaniTeias 0 5H 5)5 5)5 Mlnn&iStLoub 5i. 5)4' 5V 5) 4' Minna Stl.pt 10 10 10 111 Missouri Pacific 5)5 515 Sii 5)i Mo PacUlc tr cfs 5)5 5)3 5)5 5i Miami Copper 37)5 37)5 37) -7)4 Nat Cloak 4 S pf..,..U2H 112)5 112M 112)j Nat Euaru & o Co.... 2i)i 20 2S)j 28)i Nat Enam & S pf 07 or 07 07 NalLead 71 72)f 70!( 71)f NatLeadpf US 114 11315 114 Nav Con Copper HDf 10H 10) 10J Npw York Dock....... 15 15M 15 15 N V At.- Brake M 0.4 147 140 140 N V N II & 11 08)5 72 08 71 KVl't II 107)3 108 100JJ 107 N V Chi & St 1 414 43 40 43 N M O West V6'4' 28 27 28 Nofloik .t Weslern...-1174 118) 117 I18)i North American 70 70 7J 7d Jfc-Partite 114 114)( U3U IUH 70 107 17)5 17't 74 10! i 47 40J5 214)-4 110 imi 75!,' 27!j 70K 50H 78!f 87) ( 131 70)5 87)i 52 109)f Om silver Mia 84 8J 84 H )r?ireMal 15H WH 15 1UU PartflC Tel To! . .. . 3'J 30!j AUii 30H Fenasy.sanU It B . 674 S7W 57 o7 lopta Cias CW 1CI 103 !03 103 FUfe foal Co N J W4 :2H : lltlslwrgli Stl pf 034 9i 954 0)4 )'tWIM' 0, MHi .?i U4 fmuM S far pf 100 MH l'Xiii lttHi l. zvui St 424 i4'i i2' 4X4 Ji i'llO t'Oppfi .'(j '1M J. .14 j lu-Jtrnt :u WiH 78; Ml neadlns ht pf Head lug 2d pf Itepubllc I & S Hepulillc I & S pf. ... ftock island pf Itumcly M ef dp St Louis Southwest Seaboard A I, pr Sears Itoo & Co Soars Itoo & Co pf. . . Shatluck Arizona Cop Sloss-Sheff S & I South Porto It Sue... Southern Pacific Southern Ity Studebaker Co Tcnn Copper Texas Co Texas Pacific Third Avenue Union Ilac S. V United Clear Stores. Union Pacific Union Pacific pf U S Ind Alcohol United Fruit Co DSCll'iF pf. . United ftys Inv pf. . U S Itubber U S Steel Corp U 8 Sleel Corp pf . . . Utah Securities Utah Copper , Va-Caro Chem. vasicine. HlKh. lnv. . ... 134 434 134 124 Clone. 434 124 M'i 110 ?.' 12! 5 10 38) i 1S1 120)5 120.4 1204 1204 3..4 3S! 31! 38,4 (i0)5 00 Ii0 t04Ji 1014 1044 1004 1004 100M 124 54 110 H 124 19 37)5 182 424 514 110 '( 124 10 :M5 181 51 110 ?i 124 10 3S4 181 004 .100 . 100J5 . 21)5 . 15,-i! ', . 004 .211 . 0.4 . 004 21! 155 014 215 OK 01 .)( 94 214 214 1534 151 00 GO 2094 214 lijj 04 IK) cms 7H 7!f 04 94 .135'f 1354 1315. 135 S3)i . l.-ilH 1IS4 . 404 . 32 . 53 . 85 .110.4' 10,4 . 83,4 18)3 81 'M 1554 152 1504 1474 Walush 15 19! 32 534 84)5 1174 104 814 19 15 154 28) i Wabash pf A 14!i Wabash if II 28!- Wells Fareo Kp 125 12 West K & M 084 1184 Western Maryland 274 274 Western Union Tel.... 894 89J-5 Wheel & I. E 24 3 Willys Overland 225'i 222!i Willys Over pf ret f p. 105 105 Wisconsin Central .... 37)5 304 81 1534 140 194' 32 534 S4 1174 10.4 84 4S5J 15 14,4 28! i 125 1125 07)5 07 27)5 27M 89 89.4 3 3 2224 222)" 1014 105 304 304 494 314 534 814 117 10.4 83)4 184 15 114 28)5 1 Woumorthl' lu'2 1224 1214 12: Woolworth F W pf. . .1214 121.4 1214 121)5 QuotcJ ex clivMcnd. Total Kiilr, ,101, 300 kharei., rnmnarril Willi 93,100 slinrrs lllht I'rlllliy; (Ills Mi'li, '.','JIIU, 100 nliurrNi ln-1 eek, l.lHr.'.lllll nluirrn. NEW YORK RANK STATEMENT NEW VOItK. Pub. 11. An Incrcnso of more than Jl'O.tOO.OOO in average icservcs was reported by tho Clearing Houso la rttUutldii.s for the five-day week, tomor row being a legal holiday. Deposits In creased more than $15,000,000, but there was a reduction In icservcs, Total loans wero $3,315,823,000, with do posits of S.IOO.iTD.OOO anil time deposits of $15C.fO,0OO. TI10 aggicgnto reserve was $753,631,000. Uetnils follow: fleurlnc lluuso members, overuse Injuns. IniTi-aiu $ao.fiT2,000 Dcpiialtu. Intrratp UVrililMH Tlmo ileposltH, ileereasQ 11,1,1)00 lleirvea, iIihtimsi t.Slii.UtiO Clearing House member?, actual Loans, Im mm' JUl.riVi.nmi IK'i-ihIis. liurraBc :i.v.':!in.iK4i Time ilepoilu, decrease n.llla.ixiil i.avj.uai IlCHcrve. decrease .... NEW YORK RUTTER AND EGOS NEW VOItK. Ki-b. Il.-IIUTTEK. -Market firm. Itecelits, (VMi.T imckaKeM. Mxtra, ilv Sle.j 'ilKher acorliiK. 3l'ii:i.".c. : .Slate dairy, aiic : Imitation crrnmery. "aitWw, lUSQH. Market llrmcr. Ueiclrtu. ai3T tiaclt aRta. Kxtia tlrhts. 'SiUQ "iia. : tlidts. XMt'jru:: uhlle, :mii3le.; brnun. -iV'iSIc.i inl.xrd, ssfr 27c.: rcrrlRtrator, IWiJOc. Reserve Hanks' Discount Rates 10 or Over III Oler Mi Over HI ipsa, up in .hi. up to uii. up to lio, Ilrxtnn New York l'liiladelphla Cleveland . . Hlchmond . Atlanta .... ChlcaKo St. IjuIj ... Minneapnlia Kan4a City uaiius Rin Frenclneo. 3 AKrleul. Over bo. Iioaton a a 3 :t 3,5 :i!i 314 4 4 4 I I 4 I I I : Trade acceptances. Com up I" in. wio New Vnrk Philadelphia Cleveland . . . lllrhmom .. Atlanta Chicago Kt. Uiula . . . MlnneaiKills , Kantaa City natlaa San Francisco. .-. .i 4)i 11 i!)4 Mi k ml .110. modlty, T.a Hit :i 4 1 34 !!! M 3U. l'i to .'m ilaya: over over ml to IMJ, per cent, a 30 to Wl. 31-, 4 per cent. 3 3 3 3 3 3 34 44 per con)., ind oer W. 5 GOVERNMENT RONDS ?a or WiVI losln'ortH A Of 1D.KI COUpAll l"anama Jc reclitcrcd I'anama "-V l"3i rtltrel 111.1 10 U till US DIVIIIKNDS KEHHECOTT COPPER CORPORATION J20 IlroJulway. New York, Fabruary 1. J01O. D1V1IIKMI NO. I. TtM Itoaril of UlrMtura of tae Kenn-on Cop pr Corporation una thla .lay decl.irel a, divl land of On Dollar 11.00) par arura. (or tlia Soartar wwilnt; Murch .'It. J'MO, iiayabltf March I. 1010, to atotkhoMera of record, at the cloj of bualnaaa at :1 . m.. March 10. 1010. Trana Ut booka will c!oe at 3 p. m . March 10, 11)10, utjil roin March 20, 11)10. at 10 a. m. KENNKCOTT CON'KIt Cflltl'OHATION By C T- ULniCH. Sacretary. D'l'HCTOKY OF ACCOUNTANTS CrtiUU 1'ublle Accuuutajita lAUitENCK K. UltOW.N' t: CO. fU UKAU K3TATB TUUST i-UlUliNO. UU1LNU 4: Sft-AUMAN 'Ilu Bourse 1NIOO Ann Arlwip 1 1UWI Armour Co lit. iir.VK AtMnn pen la .... I'OWJi Atlnn Co V.lne lt 4. :3tX) Allan Cm Line rlt In. I'lW Halt Ohio :,, .-wiik) Unit & Ohio la .'1100 Halt Ht Onto ev I'ta. ilito IJrdOKii It Tr r9 llif.H. jnuii Com lA-nthr lot .. Ihihi Cent I'nc lt H 4IHIO Cent It It N J .it T.VM Uhlll Copper 7a...... "KM n-K-a & Ohio ev 4'ia. .x i.hl rit We.t la Boon Chi It & Q Joint la., norm Chi 11 a o ,svi, 4... I no 1 i.'hl It 0 ill 3Ua. .. IMH) Chl MM a Kt I' 1 lv 4 .IVJO ( h .Mil to Ht l ev rw.Kr.14 i'.itf ,,.'i n : in i- (ff.n )i.llkl I'nHi ;ni ,m otun 1st 4rt .Nio iMiinn Am 8 in. . K mi Cons Om ev Ha. . mIikj fntntiiit 'Pali i'... I'hxp t:uml.rrl:ind Tel r.a :'ki Hen a Itlo tlr 4a. I nili 1 ilu rM :. .'WOO llli Hccnr itirp ."s lanil llrle kmi 4b term title mior is iumi) (it rnlln I' o.i I'lS link n't t, S7 nil. 11JH Joim, tiw. .'" lis '&. ll.Sli, Ml ! Iil'k .litUi . SI I'-'J) : 731?. . 70'i . Ml 10-11, norpii ( l'Viiia .fow Aa ion IC4I Mild U Man In Ha .... 3I4 iinsi In j-Mrel deli Ua Itt.H moo Inrtn Ci'iilral la ' lio 11 intern .Met I". svtMXi lntrrli It T rrf .".a tmU SS.011 Inter Met .Mar ct 11...9, 01 ro In rrnl Nt I'timn 't ."a 77 Willi co new ( 8 (i-s 70 :nn t'in r'lly Hn rt Ol'n intii) Knn city Tr lat 4a.. .mi llitM Kin pa Co t-'.1 4s . .. ! MO1111 J-icQ Siecl 11I2-I ... till1 Moil ili Vnl 414a I' won l.lit ft M T .".a JiW'i iiion tlr 7 I"''S 1000 Iiib Island mi la nil -.(.00 Mex let Co Us Scr C.tll 2100 -Mill II & M I. 4a ..... ." ;:ihhi Mo hull r T 1st 4a..,S'i ireo Jin Knn A T Aa ill :w Jin Knn - T rxt ."a.. .! '-j tun) Mo I'ae la 13 . .-.m.0 N V C & II -'I'sa Klj, ' r.ron n v t & Hud In t liWjd N V 1" - Mud -Pja.. . 0.".'(. .-.S-.iki N V C nt Oa list II14HI N V Cltv 4a Ml li'Md iron N V Cltv itt ll'iio ..loa'i. 41TI11 N Y rit i9 imil ...lOi'a ."000 .V Y I'll I'aB HIB...tfi74 I.ikki X y (1,-ia II t V 4a Mi IWO .V Y N II II ev O'-.H 7'J'4 limit 11 V ti... .r a TLM . ISIKIIO N V ltw Hill ." 0K1 N V W f ,Vl II I'iH... ll,l) Nnrf Heal rlt I1". '.'Odd Nnn .v Went la ... IWKI Nnr far prior 4a . J.VHIil Nur I'nc Ken Si .... IfiOmi Ore ft i!nl 3a .Muki I'arltlc Tel r,a ::uiiiii I'uhllc fer.- N .1 Oh. Limn Iti'iullnu. kcii la ... iikh) itctmij i'iiiui r.s int 1. limn f.i-p lr & S .".n '.'.'fain Unite Island .la limn lln.lc Island rfd Is . tliKKi itiuli Island r rum l-'outh I'm- cv Is ... lymsi do cv rd f P 3.-... iinm Couth f.11 rfd :s... II 111 11 Smith Itwv i?rn N... r.noo do cm .is I ir.1 Sinni 11 Third Mr 111IJ .is "l llK.or.ll I'rn ft wra is.... .di .,'i JIKJil V H lllllibnr 0 KCIKj .Hk'l"i J."K1I I' S Ktcrl " sf IIW llH'il, IMO I'nlun I'ae lt Is reir. tisu ns'i 4IK.0 do rfd Is HIS III J in 1 rn llwys S F 4t ll'.s I4'i Jill) Vn iVs jlrown Urns.... Xl .Mi)4 101m 'n Hwv .-, ii'siji osi, IIIKIO West Mil 1st la 7L' 72 pmii West L'nlon l'4 roili l! JHOO Wheeling tt U K 7n 7n . tn'i . Mil, .117 . H3i . HI'. .Oil;. .11)2' 1 .101 . Ifl . II.V.t . tC.4 . IKl'l. r.'i KO in.v; !l!l 102i in? ll.UV ur(, l'3'.i H7 03 U, l n 11.1 IIIJU, in itiji I32tt S1U, 72l I14 lll'l Ml ."-? Inv'', Kit, 10. I2.I-1, "'. lllli 7.'Ji 7H',i Ml HMt I IH aiji 7lU ll'l, tin'. 77 7IJ, IIIKj Ml, sKi, 1 r.i IlKl liet'i I2I',14 !l 111 IIIU SJ' mi; !(, n. Mr. mi lirj'. 11(24 107H Ml -rs.j ICI'i .kOI) 117 Hllj III (I'll, I11JI4 JOI ISI tl.-ll.. K.-.U nirt4 iu'l'a 17li, Ml 111.-.', ISM, nan Kl 102 lili li'.'i.t Ioip IB tHH -.(. tll'4 Hi 0I'4 H2 lljt 101 li.'JH 111 I17S. l.TI MH 72' H P.1'4 Ml .ll 1 1 HI 1IVIU KilS IB34 SI I"'. .Mf4 71. 7liU Ml IIKHI, 1IH) :ni I'li!. Il!l 74 J jet4 ii'Hi (ul Hint 12111, HO 111 WJi ?v S1I', lV, ir.H '. 1112(4 Kliii Ml US': (I'l4 u?' m. nn, ('alt, 1021, I'll nn ir, 1 n.l'i inn. s.-i i;m. 171, Ml 111.",'. IV, 102'i SI .V.I ion, IOf. osi in U'4 .VIS nsi, no't 711 Tiilnl Kules S.'.l 13.000 Inst liil niTli, $jl,ll7,000. S3, 32.1, 000, cnmpariMl ultli 'rlilayt thla iirrk, $22,730,00111 Financial Briefs Accord I ni; to Bnidstreet'H exports of wheat thl week wcro 11,1M),000 bushels Inut week 10.5s,000 Inishels; last year, 0,700,000 bushels. Since July I, OT.SKI.OOO: year nBo, 233,818,000. Corn shipments this week 1,001,000 bushels, Inst week GTI.GOO. last 'car 2,027,000. Since July 1, 10,07:',000; year hko, 11,217,01X1. Krazler & Co. havo purchased from J. P. Morgan & Co. J1.500.00O Southern Hallway consol, os, 1DUI. A public oiTcrlliB will bo made In a few days. The New York Stock UxclinnKo has re ceived applications to list OrcRoti-W'nsh-inston Unilrnad and Navigation Company $D,000,00O llrst and refunding mortsngo 4 per cent, bonds, series A, due 19B1; Dela ware anil Hudson $14,451,000 ." per cent. 20-year convertible bonds, due 103.-; Union Pncilic Itallroad $3,000,000 additional llrst lion and refunding mortgago 4 per cent, bonds, due 200S; Chicago, Milwaukee and St. Paul Unllway $LS3fi,000 additional general mortgage 414 per cent: coupon bonds, scries C, due 19S9. Fire losses In tho United States and Canada during January aggregated $21, 423,350, compared with $20,060,600 a year ago. A special meeting of the stockholders of Harrison Urnthers & Co., Inc., will bo held April II, 1016, at the general offices of tho company. In pursuance of a resolu tion of tho board of directors to vote for tho approval or disapproval of an increase of Its capital stock from $2,500,000 to $.1,500, 000 to be Issued as common stock. The annual report of the Hercules Tow der Company for tho year ended Decem ber 31, 1015, shows gross earnings of $13, "13.RC0, against $7,027,801. nn Incrcnso of $7,7SS,0.".0; net. $4,022,402 equal to 63.18 per cent, earned on $6,500,000 common stock. Last year's net, $1,431,733. The nnnd gold output for January to taled 787,000 line ounces. Tho San Toy Mining Company reports, for the year ended December 31 last, to tal Income $23,931: expenditures, $91,530, and n deficit of $CS,'j76. The Now York banks gained from tho Subtreasnry yesterday $130,000 and lost since Friday last $3,706,000. The exports of copper for tho week ended February 10 nmounted to 2S77 tons, and since February 1, 6431 tons. Rank Clearings Larger NKW YORK, Feb. It.-Clenring House returns at tho prlnlclpal cities In tho United States contluuo to show the largest volume of clearings ever reported for this period, the total this week, according to Dun's tlevlow, amounting to $3,726,42S,0I5, an Increase of 45.7 per cent, ns compared with the $2,6S,475,573 of tho same week last year, and 53.2 per cent, ns contrasted with tho corresponding week In 1911, when $2,45S,959,7JS was reported. Hard Coal Shipments Larger The shipments of anthracite In Janu ary, as compiled by the Anthracite Ilu. reau of Information, amounted to 5,884, 300 long tons, an increaso of 1,050,751 tons as compared with January, 1915. Stocks Bonds Cotton Grain Approved Curb Securities Bought Sold Quoted HUGHES & DIER Ilunkrra und Ilrokrra 1435 WALNUT STREET FRENCH MONEY CHIEFS LOOK TO LONDON FOR AID -Finance Minister and Bank Governor Go to Nego tiate Securities GOLD RESERVE GAINS Hy YVES GUYOT lilllor t.' Alienee IJoonomlnuc et Flnnnelere. tfpeelcil Cabin to (lie Kvcntitp Ltilocr I'AIttH, Feb. 1l.-Arl9lldo Ilrlnnd. Minis ter of tho Interior, nrrlved In Home ycs terilny, and the Journey will be Very use ful to rlcnr tin some inlsiiiiderstniidlnirs Mnny Frenchmen have roiic to Italy In the Inst few months pretcndltiK to rep resent thr Government, when, In fnct, they were only seekltiR to forward (heir ptlvato Riilti!, ofleti iiillto opposed In (,'ov crnmrntnt Interests. M. Hrlnnd ran make clear that these men do not icprrsent 1 lie Government, and can show to the Italians the true alms nnd Interests of the French Government. The Brent llniuiiinl MTorl tho Italians have mode has been crowned with suc cess. In July they put out nt 03 n loan nf i.J per wills.' It has produced $210, OuO.COO. Then I hey Issued n ii per rent, lonn nt 97, nnd this haa produced 60O, OOO.OiiO. I must mid 11 word In what I already hnve said on tho plan to tnx war profits. The Government, to enrry on the wnr. rciiuircs hujje sums, which, ns they arc destined to do a work of destruction, necessarily destroy themselves In the pro cess. There la only one soun'o from which these funds can he lobullt. and that Is the prollts of those who are fur nishing munitions, These prollts are the only reserves of capital th.e country Is accumiilatlnK. Hy selzlnr; these prollts In the form of taxation, the Government is dcslroyltiB the reserves of capital whleh the country will requlro after the war. To the plnn to tnx war profits one Deputy has now added n scheme to tax capital. In principle there Is nn objec tion to a tax on capital, If It Is not used ns an iustiumcnt for confiscation, but the argument used In fnvor of this plnn Is that It will reach only 236,000 persons. It Is a system of votltiR by tho majority a tax to ho paid hy tho minority, nnd one arrives quickly from that to tho reverse of the proposition: "No tnxatlon without representation." It Is 11 danBerous sea for democracy to embark on. The statement of tho Hank of France shows an Increaso of 50,000,(00 francs In Kiild, brliiKhiK the total to 5,021,000,000 francs. Advances to tho State have In creased from 100,000,001) to 5,500,000,000 francs. Alexandre Hlbot, Minister of Finance, and the Rovernor of the Hank of Franco are Kolnir to London to arraiiKe for tho negotiation nf certain French securities nn the London Stock Exchange, tho money to be used In paylnK for war purchases. Sales in Philadelphia Net HlKh. I,oir. Clone, ehnnire. 10O Atllnnee Inn. . to Am n ton Am Con 30 Drill JO .1771 t.tm Steel.... 10 clilno dinner. Ittl Klec Stor .... 1(10 JJrle 000 tlooilrlcli 11 F . 100 Key r? Co . 211.1 Uke Sim Corp lOli 13 Lehigh N'ftv ... 7s 1 LehlKh Vnlley.. 77'i 23 t.eh Val Tr . N On pfil 20 Mlrttnl Con ... r.M l'enna Hit.... 20 1221, nt", 33U SOX f7H m 73 1.1' 5 2014 42 37H ,.7I4 72H l.t KAlt Mfn...1l2 FOREIGN EXCHANGE XBW VOItK. Feb. 11. Tho feature of the foreiRii exchniiRe market at the open Iiib this mornltiB was stronfith In francs In response lo the credit arraiiKcd by Finance Minister ftlbot with Great Hrltaln for purchases In tho United States. Franc cables rose to 5.S7',4 and checks to 3.SS, a Kill 11 of nearly 2 points from tho recent llKiire. Rubles also 011 credit ar rangements showed IncreasliiB strength nnd wero quoted at 31M and 31'. Last week this class of exchange was quoted under 30. Iiusiness In rclchsmarsk Is so limited as to make quotations lnrgcly nominal. This was proved by tho de cline In relchsmarks from 78 a few days ago to 7B Jr 7fi this morning. Sterling showed but little feature and wns quoted at I. iG5itiip 1.75 15-16 for demand and 4.70 7-lGf? l.TC'S for cables. Other quota tions wore: Lire cables, fi.71',4; checks, 0.75; Swiss cables, 5.21; checks, n.21',4; Vienna, 11 11.10. Theso figures com pare with a recent high of 15.25 nnd 15.50. Stockholm was quoted nt 28.15 and 2jv2."i. Pesetas 19 nnd 19.23; Builders, I21J, and I2U. In the afternoon French exchange ad vanced further to 5.80TA for cables and 5.S"' j for checks. Itclchsmarks were nom inally 75s;, sterling held around l.75Tifj' 1.73 15-10 for demand, 1.7(1 "-16f(4.7G4 for cahles. The other market was featureless.' RATES FOR MONEY Cnll. Time. New Ynrlc Vllfa- 2i,fr4 Philadelphia .". 4 a if 4 Ho.iton ::',iftl nirm' Commerelal pnper, three to six months, 1'hll iidclnhl.i. BM14 ntr cent. BANK CLEARINGS Hank cloarlncs today compared with corrc snomllnc day last two citb: 1 tit It lOlT, r'lillndelphla.f.ts. 7H7.II110 Ilnllil.iy lloston 32.SIH,S-,1 Ilnllil.iy .New york..lSl.ri12,H0il Holiday 1011 f3n,:ii:i,3tr, L"-',r,co,ciii 4117,1:21. ssi BAR SILVER liar silver In London wns quoted at 27 icni' unchanged. In New i'ork tho price Has SIP, cents. Money in London LONDON, Feb. 11. .Money, li to i: discount rates short bills, 51J; three months bills, o'.i. L.. Aco PUBLIC SERVICE SECURITIES "Public Service Securities are indisaolublu linked toith tho success of municipalities." Q We unqualifiedly endorae and offer for your consideration the obligation of a highly successful Public Service Company (net earnings in 1915 were nearly double those of 1914) in the form of a 10-year Bond to Net 6.27 J Amount applicable to payment of interest on this security more than 4 times sum necessary, 3 Tax refund in Penna. Federal in come tax paid, fl Complete data on request. Baker: Aylirg . Co. Land TitleBldg. Philadelphia. Take Advantage of the MORRIS Plan of Loans and Investments to . repay heavy debts or make ad ditions to the home without draining your resources. Now Is the time to profit by the, February Furniture Sales. Loans at business men's rates. Over 7900,000 In loans, averaging 100, already paid out. Supervised by State on request. L0VI8 J. KOhB, Pret. UOWABD H. it BURY, V Ji LEO HUNT, V, Vn. ana Trtat. Banking Department. Details PENNSYLVANIA pr. LOAN COMPANY 1507 Arch Street VWNNSiVMiSg 40 I'd Rtrel I7WI Jo nref 7IIS I'hlln Klee .... Ii'41 I It T lr ctfs. . JO ttep 1 H . . . . 213 ItendlnK 311 do 1st prrf . . III." Tonopah Ilel . . .1 Tonopnh Mln.. am t'nlnn Trnd. ... 371 f (I Imp 70 Un Cos N J. IV1.M F H Steel .. inn West Kite .",0 Wnr lr A St Ml Vork Itnj- . m in 27 20 MU 4.1' Hi n Nl'4 227 S. lVi I nil ln 122U r,2'i 3,",l SOVi S7H 73 13 '4 10 777i 7714 un'i 42 am f,7U liw',4 02 R.I 27 lll'fc l 711 It 43U 4, nt 4.1IJ wiW 227 Rl'i l',H ln (i 20 122H n.vt S7'4 m .w 73 13 1011 78 7714 20 42 37H r.7- 102 c.i l3 27T4 2n Ml, 7ll'd 1.14 I'm ivN 134 Vlt, 227 M4 IW), inn 0'i '4 -r H H - u -i V, '4 H ! "'4 1 l'i 2 S H 1 - U PENNA. STEEL SHARES IN DEMAND: DEAL WITH BETHLEHEM RUMOR Lake Superior Securities Worked Higher Street Surl prised at iviantet s ou-engui in r ace 01 Adverse Developments at Home and Abroad '4 IIONIW. HUh. SHino Am O & Kl Si. MS 2.VXI III I'm Tr 4b. f2 20fXI Eqlllt 111 O 3a..10nKj 11,00.1 Key Tel Int .V.100 i'0 l.ike Hnp Ine 3 211 iron I. V (rrn In reir H2 r.PlKI l.eh V sen 4tin.in.1l; 1IK(I I'.n eon 49 HUM. Iitljj, limn Ten I'nM t c 4r M 21100 Phll.i Co eii9 r..H 112 IIIIHI Phll.i Kite Ik.. Kl ami ,io ,"i lot (10110 ftrinl'K Ken 4h.. Ida IllOO Slnml Oils On. .. tiii'fc inoil Scliuv ft F. N Is tlKJ. hm U'NV&l' gen Is W'j i-lnerrnpe. Decrease, Low. am M's Net Close, chite. BH ? miii(, 1iir,'4 lisVi I"" 2(1 Il2i lull, 00t(, S.I Ii'JU S3 101 II.V4 !l' nsi; .2ii 20 II2V, inrtii im H'l H2li HI 101 ti.-.a mi's H2'4 'i - 1 - '1 Local Bid and Asked tlurf Knn t c. In pfil Ilrlll .1 (1 Il.il.hvln rnmhrla Steel . Klee tltnrnite .. (lencr.il Asphalt ilo pni ...... Kev Tel ilo t c. ilu pref Lake Sun Corn Leh Nav I.ch Vnlly . . . . Ih Vnl Tr do pref TVnna I'hlln Rlec I'hlln Co rto 3 per rent. ilo 3 tier tent. rnun ii i ilo t e Ilendlnir Ton Ilel Ton Mln ITnlnn Trnctton .... r o i IT S Strel Yntk Hwy rtn pref Urn Crnmp Sons. Kx illvlilend. or nr Tod.iy Yestenlny Hid. Asked. Hid. Asked. . inn 4H'j 4o 41 . no in i i;l, IIS 311 3" 311 114 1141., tt.-.'j till , MiU K!-)5 Nll Ml''; i nn mij wi , :i2i ll'tVi .'Wis "-!' . 7I 72 7P.i 72 , 1314 14 13, 14', , 131? II 13', 14l'i , IVS l!!l OS nn , in- HIS !n1i HHa 77 71 77 7K ! 71 7SVj 7714 77; , 1IIU 20 '.'O 2(1 ., , 4l. 42 42 42H, , r,7v; r.714 37 r,7li 27 28 27 27i , 42 43 12 13 .111 31 '.Vi 3 43 II 43 44 , 111 20 WV, lllji 111 20 1IHi lf' 7n'4 SO 781, 70 4 ll-i 4, k Otn 7 IV, 43 43V4 43J 14 SKi; Ml'i Mil, MI'i WJ, MTd SI S4J4 , Hi sJ ii') 31 33 31 3.1 711 Nl A 9-polnt rise In Pennsylvania Sleel preferred ami a Rain of annul two points In tho common was the chief fea ture of an otherwise tinliitorcstlnir ses sion on the Philadelphia cxchniiRe to day. Activity In Cambria Steel nt tho snmo time attracted attention. The Street has been expecting some Rort of development In Pennsylvania Steel simi lar to Hint whleh occurred In Cambria, The fccllnc seems to bo that Mr. iJonncr will now concentrate his morsles on the former company and Hint It will be com bined with tho new lionncr Steel Com- panv nnd possibly one or two other con cern's. A stlmiilatlns Influence in the Inst 24 hours Is the remarkable showing innde by tho United States Steel statement of unfilled orders, It belli taken ns n con crete indication nf tho status nf the steel trade In wencrnl. UlRh prices nnd un precedented activity, the Street feels, should continue for n Ioiir tlmo to come, nnd the boom In the trndc Is hound to bo reflected In the ruintnllons for all the steel stocks on 'ChaiiRe. Another report current In the financial district reRnrdlnR Pcnnsylvnnla Steel wns to the effect that iieKotlatlons had been reopened hy the Hethlehcm Steel Com pany for the Pennsylvania Steel Stock held by the HeailltiK nnd Pcnnsylvnnla Knllrond Companies. The rumor wns strengthened by a reported visit nf Chnrles St. Schwab to the Pennsylvania Itallroad offices nt Broad Street Station this mornliiR. it Is expected that the J.'AOOO.OOO nf ii per rent, convertible bonds of tho Mldvnlo Steel and Ordnance Company will bo of fered for subscription early next vcel nt nrolind par, possibly a shade below that llRiirc. It Is understood that the underwriting syndicate took tho bonds from the company nt 16, In which case n total of $17,000,000 wns rcnllzcd. On the basis of JfiO per share, loss nn uniler wrltlnir commission of 2M. per cent., tho company also will realize from the sale of the $23,0OO.OW of new stock a totnl of 2D,250,O0O. which together with tho pro ceeds from tho bond sale, brings the amount up to $7G,7o0,000. It may bo assumed that the Slldvale will obtain all of the i'00,000 shares of Cambria Steel Company stock, which is outstanding nt $S1 a share, the nmotlnt involved Will bo $72,000,000 nr . mately WMO.OOO less than tno fr.i!.rMH obtnlned from the sale of the con UM,) uuiiuh ami new riock. i.ake .superior was again convtrtfb r Was ncrnlr, I.. -.- . , inancl today nnd tho Inrnm i..J S' w another sharp advance. The iw?ie?r,l list. BR a matter nf fn,i "?,.X!h5l6 loot spite tho accumulation of unscltllh?' H over night. Throughout llio local nJ.Sf1 district everywhere expression JjW nurnrlse wore lienwl n . ." i"fa,i maimer Hi which the markets UWi the new German threats nnT.., "hM ' Ir.atlons nt Washington. A ft7.. '. bond market wns tl1P dem.nrf.V'Nl stono Telenlinno .-, nnn . . . " .,ur ftfr. advanced over n point to 100 ' lllc' The port of Philadelphia Is t,nri, Its recent fast pace In the matter,8 , elgn trnde, nccordliiR to tho ii 6N issuen lor ports totnlcd $8,140,920 In January last vr'""S. ' ports also Jumped. The total i3' I 29.-., ngalnst $5,300,037 In the cor?,?'5j inoiilh of 1315. ----i-ioui , nccoriung to (i10 ,; -; -or. the month of . TnC 'T1 led $11,737,378. compTrr ,' IV ompartd Wc Recommend and Offer Securities of Lehigh Valley Transit Co. and Philadelphia & Western Railway Co. Prices nnd detailed hiformatlon on request. " Ebward b; Smith, &Co SAJN,KE.RS ESTIBLISIICD 1802 a Boston and Maine Assessment Plans BOSTON, Feb. 11. As a means of ameli orating tho severity of tho assessment on lloston nnd Maine's stock in connection with ;i contemplated extension of the road's notes. It has been proposed that bnnklng loans be made, nt least to tho minority stockholders, who may not be nbln to pay tho assessment nt once. Stockholders subscribing to the assess ment could pay their ontlre subscriptions nt once or pay $3 por share, .and borrow the balance from the banking syndicate at Interest, sny for one year; or stockholders could ' nsslRii their subscription (assess ment! "rights." Pnymcnt of the assess ment sufllclenl ut least eventually to re tire the floating debt of tho Boston nnd Slalno would, of course, Insuro new pre ferred stock (probably G per cent.) going to the subscriber with n bonus of common stock of tho snmo amount. The Detroit Edison Ten Year 6 Convertible Debenture Bonds can be converted into capital stock at par between January 15, 1917, and January 15, 1923. This stock is listed on the N. Y. Stock Exchange and sells at about 140. Bond holders will receive about March 1st of this year rights to subscribe for stock at par. Price and full varticulars on request for Circular No. 330 WilliamP.Bonbright&Co.,Inc. MORRIS WISTAR STROUD, Jr. Manarjer 437 Chestnut St., Philadelphia New York lloston Detroit London William P. nonbrlght & Co. Detroit I'urli BonbrlEht A Co. Union National Bank Third and Arch Sts. "The Neighborhood Bank" ,1. s. OFFICIOUS McCulloch, I'resldrni, Theodore II. Condrrmnn, Vlcc-I'reslileiit, Louln X. SiilclhcrKcr, Vlce-Prrnldent nnd CiiNhlcr, Siilnurl Cninpliell, AN-il.sttint Cnslilcr. lVm. II, Iirnatlu ,T, llnhiin Auron ,ani Then, II. Condcrmnn Ilnrlan rnjre llornee 1'. 1'ntts Chnrles M. Wnltnn DIltlCCTtlltS Cnrpenter, Chairman " nf Henry I'. Mitchell H. H. .Munln I. .S. McCullorli lohn C. Jlnrtln IxniN N. Splclhcrger .Jr. llonril."" m. MrAilno. KilHnrd Wolf Henry II. Ilnrtnn, ,1 Niillmn T. Inliioll Snmiicl I.'. I.unills Our experience enables us to offer a service unsurpassed r Graham & Co. BANKERS 435 Chestnut Street Municipal Bonds We will be glad to send upon re-" quest our current list of offerings of Pennsylvania Municipal Bonds that are legal investments for Trust Funds in Pennsylvania and Free of All Taxes in Pennsylvania I The Bank of North America Philadelphia, February 10, lilt' At a regular stated meeting of the Board of Directors, held this day, Mr. S. D. Jordan was elected a Vice President, Mr. E. S. Kromer, Cashier, and Mr. C. A. Mcllhenny, an Assistant Cashier, of the Bank of North America. H. G. MICHENER, President M mmmmkMmmmmmmmmMmMM 'i usssaasassgas - I'ltKK FIIOM NOHMAi. FEUKIIAL INCOME TAX TAX lilH'UNDAHLi: IN 1'EN.NSVI.VAMA $4,000,000 Denver Gas & Electric Light Company First and Refunding Mortgage 5 Sinking Fund Gold Bonds Dated May 1, 1911 Denomination $1,000 Due May 1. 1951 Interest Payable May 1 and November I Total Outstanding $4,832,000 . Bankers Trust Company, New York, Trustee The Denver Gas & Electric Light Company furnishes, without competition, electricity and Bas, and steam for heating purposes, in the City of Denver, Colorado. Net Earnings for the year 1915, applicable to the payment of interest on present authorized issue, are $1,276,354.96, or over five times the annual interest requirements. COMPARATIVE EARNINGS STATEMENT Years Ending December 4 1 st. 1915 1914 Gross Earnings - $3,273,189.10 $3,140,965,40 Operating Expenses and Taxes 1.615,244.56 1.7I7.746J4 Net Earnings , f (fiJITTA "T323 2 1 8.66 Less Interest on Underlying Bonds 381, '589.58 337!626,32 Balance for Interest on First and Refunding Bonds . . . '. $TXt. 1 i54T9 6 $1708392734 l kJre8e bond "bng sold for the purpose of retiring $3,500,000 Denver Gas & Electric a "the caTnr oMm ? J8t' ,9J kwh!ch wiU tak" ' exchange for this issue at the call price of 101 and interest to date. Additional Information ort Request. Price 92 and interest to yield BV2 We recommend these bonds for investment 1326 Walnut Street KLEMM & KEEN BANKERS i II m , :1 fi I I E3 1 Philadelphia, Pa. j
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