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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
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liet'i
I2I',14
!l
111
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SJ'
mi;
!(,
n.
Mr.
mi
lirj'.
11(24
107H
Ml
-rs.j
ICI'i
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117
Hllj
III
(I'll,
I11JI4
JOI
ISI
tl.-ll..
K.-.U
nirt4
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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
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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
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S3
101
II.V4
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II2V,
inrtii
im
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ti.-.a
mi's
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- 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
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