i9PiPRpmn
il'Umpfi 1iui,1jiWpinty.inii)jljH t
w"H'y wr&s&
tt
"" l JfTPHyW"""'
fNJUWjWWW.1'1 ' '
LEDGER-PHILADELPHIA', THURSDAY, FEBRUARY
17, 191G.
14
EVENING
FINANCIAL NEWS
SPECULATIVE ELEMENT DIVIDED
IN DAY'S OPERATIONS IN STOCKS
Some Traders Took Position on Bull Side, While Others
Continued Efforts to Depress Prices Resist
ing Power Was in Evidence
New York Bond Sdles
High Points in Today's Financial Ncivs
Announcement made of reduction in price of foreign Government
stcurilics, due to decline in exchange rate for marks and kronen.
National Lead increased dividend, placing slock on i per cent, annual
basis. Premium paid for Pennsylvania crude oil. Application made to
New York Stock Exchange to list Kcnnccott Copper. Financial district
could not understand tuij Pennsylvania Steel common should sell around
$90 when price Bethlehem is to pan, as reported, is HO. l.ehiqh Valley
Transit report for January good.
N'i:V YOHK, I'cb. 17.
Tho speculative clement wns dlxliled In Its market operations throughout
the day, with some of tho InrKcr traders tithing nn nRKrenslvo position on the
bull side, while others continued their efforts to depress prleei nnd foiee
renewed liquidation.
Tho direct result of these operations wns confused price movements.
Somo specialties moved up three to live points nt the same time, while others
yielded to nhout the same extent. Tho most Important feature, however,
Was tho evidence of resisting power, which has been nliscnt from the mtirhet
for somo time past, and ns the stocks were offered down by the hear rlcment.
rallies quickly followed, while, on the other hand, a good part of (he gains
itindo In various specialties wns malntnlned.
Perhaps most Importnnco could ho attached to tho sounder maikct for
JInrInc Issues, which mnde an advance of three points nnd good gnlns In the
common slock and the 4'i per cent, bonds easy to establish. The gen
eral market continued thin. Tobneco Products, as an Instance, rose three
points on the purchnse of 100 shares, selling at 10.. and In tho next few min
utes lost this gain on the sale of two single 100-sbnie lots.
Trade conditions caused brisk advances In Hutto and .Superior anil Amer
ican Zinc, both of these stocks selling fit new high recoids after the announce
ment of the rise In the price of spelter from ID to 20 cents. Listless trading
wns noted In the general list, but there was no longer any disposition In evi
dence to sell tho lending ruiltonds nnd Industrials nt tiny recessions.
Price of Foreign Government Bond Issues Reduced
Zimmerman & Forshny announce n i eduction In the price of foreign gov
ernment bond Issue", which they nic now offering as follows: Imperial
German Government f per cent, bonds (third wnr loan) from $1!C to Sino
per 1000 mnrks: Imperial German -1 per cent, bonds from J1S0 to $17i per 1000
marks; third Austrian wnr lojn GV& per tent, bonds from $130 to $12'. per
1000 kronen, nnd third Hungarian war loan 0 per cent, bonds from
$135 to $130 per 1000 kronen. The reduction Is not due to any decline In tho
price of the bonds themselves, the bankers state, but Is due to renewed decllno
In tho exchange rate for mark nnd kronen, brought about by the Interference
by tho British censorship authoiitles with the malls from the Central Empires
nnd neutral countries.
Application Made to List Kcnnccott Copper
Application has been mnde to tho New York Stock nxcliniige to lint Kcn
nccott Copper Corporation 3,000.000 .shares without nominal or p.'ir vulue. Tho
application will probably be netnl on faornbly nt the meeting of tho Govern"
Ins Committee next Wednesday.
National Lead Dividend Increased
By declaring n quarterly dividend of 1 per cent., tho National T.eiul Com
pany mixed the annual rate from 3 to -1 per cent. Tho dividend is payable
March 31 and the books clo.se Mnii'h 10.
$1,000,000 Gold for Holland
The International Hanking Corporation bns engaged $1,000,000 in gold for
shipment to Holland.
NEW YORK I
I.atc ire IIIrIi. ! Close.
Adams Eiprau lit) WVi WVi IM i
Aia.iB,J Gold Mines . ')'( )i 0 i
Atista Goid Mine . :S' 2-'i 22'i M ;
Allls-Chalmors Mfc MM :'' ''", '
AUH-Ch.Jmcrs Mfs Pf. 'l'i &l IJ4 2
AralJectSunr ...ll'rt, 7()' fi!i (VI ,
Am Brake S& F W2i 101H 101''. 101H
Am Can "JH ?'. JJl'i J?-'
AmCarAFdv . 70 7() 0". ;
Am Coal Product HI'. 10. 10b 11.0J4
Am Hldo & I-oathcr 10 It's' !.'' JU
Am nido & u pr a)'i . :;'' -,,
Am Ico ftcurltlea . HI :.n .'Wf -034
Am Unseed . 12'. -'.IN LWi 2i i
Am Locomnllio O.'iU (" o.j tlo'i i
AmSmolt&Itef.. .. Kll'j H'O'i 0t4 HM't
Am Smelt 4 ncf pf 112 112', 112 112 j
Am Smelt pf A. ..'.): M'i IW U.I's
Am Steel Kountlrtei . S.'i!i 35 i SV-i " '
Am Suar Ref pf ....110 117W 117' U7'X
Am Tel Tel 127', l'J7S 12754 127H
Am Tobacco ... 100 VWi 100 1034
Am Woolen tr rets . . 4V , is' j IS l'-3
Am Woolei pf t r ..07's Wi OSj !!'.
Am 2lnc L & hm 7G'6 7S i "Mi 7ft
Anaconda Cop M . S ' M)' .SH' S)',
Associated Oil . Oll'i OTi CO (.0 ,
Assets Iteallzatlon . . C'i 0 0 0
Atch Top A r .. 102'. KM WiH K.2 4
AtchTopST i pf.. 1U1.. 10174 1014 101,
Baldwin lAX-i Work til 112 lOMi lOSJi
Bald Loco Works pf 10!l 100 100 103
Baltimore & Ohio -7 tO'J tOtf Ml
Bethlehem Steel. JG'-l' j IGS'i -IGS4 -Ifi-S'
Brooklyn Rap Tr. . s-), (-0 ." W '
Brown Shoa . 52Jj .":i ft! iil :
Brown Shoo pf 110 07 '" '' I
Bnms T & It II c 10 10 i 10( Kl3
Batte fcnpcrlor . - S 02 f 1'2 .
Cal Tetroleum . ?1 :l "'0 :il I
Canadian Pacific . UWj 10SM lWlt lOi '
CasoJITrMpf h7 8574 8.'J4 Hi'ii
Central leather. ? ..l .Vlf ill M'4
Cbesapcakn & Ohio . ( H 02 01 (2
Chlto Copper. l.Hi -54 2MJ4 2.IS.
Cblno Copper . . . S7 57H KeJi 57'4
Chicago Ot West . 12. 12U' 12J. 12'i
Chi MllS. St ! ... . UIJS UlU -lW OP
Chi Mil & St I' Pf . .128 128 12H 12S
O O O St I. Pf 73 72 7J 72
Chi Northwestern Ub'a 12Si 12S US
Chi 11 I & Vie 10 III IS'i 10
Cluett Pca& Co .. . 71h 7 72 72
Col fuel & Iron I5'j 15U JW !."
ComputTRecCo Ifl'i 47'j 47'i 47h
Consolidated (las -1-M Ui-i'i 13.1 K'.'IJ.
Continental Can Mlh SO Ml Nl
Continental Can pf 107 107 100 100
Corn Products Iter. . . 21 Ji 21!' 2IW 21H
Cora Prod Ref pf O.V. 05i 05Ji 0J'4
Crucible Meel bOa b2'i ilUj 80!
CruclbU Steel pf . 112j U.Tt' 111! 1W
Cuban-Amusar . 108 !'! 10.1I4 103J4
Delaware & Hudson Io0i 151 151 151
Del Lack & West 22 Pi 223i 22.1M 223H
Denver & Wo Or pf 10) 1 10 10 19
DlstUt Sec Corpn 175 1W 7 17 I
Dome Mines :0 25U 2Pi 25'' ,
Krle . "lb. :I7 :!.' i-7 I
JCrta 1st pf .. .. 62W .W-i 6215 52J
Oea Chemicil pf 115J4 115 115 115
Ueneral Electric 170 101) I0rl 10')
General Motors pf ..113 114 lb'IH 114
(loudrtch B Y . 724 724 7Ua 71W
Grub; Consol . . 0J C3)j 02 13
Creene-Cananea .. 474 47U 47 17
Great Northern pf. 120)4 120J 12013 12014
Ot Nor cfs for ora pr 45H 45i 454 45)4
Ouegen Eapln 2IH -JIH 2115 2H4
Homestake Minlne 132 13i, 1324 13 '
lnt Asrlcultural . S3 22 21 22
lot Aerlcultural pf 13" ti2 0J 02
Intljarv N J .- .llO't' IKJh U0H U0J4
lot Con Cor v t c sh. 10' 17 lflla lO.'i
lot Consol Corp pf... 71 J. 72U 71H 7i
lot Paper Co pf . 4b 47 47 17
InipCouCoD... , 4tHi 401 45i 10U
lnt Nickel v I cfs .... 4S 48i 4 47J1
IntMMeft of dp. . 14U 10 llVj 1"?4
lot M M Pf cti of dp. H7Ti 70x 07 (i7
Kan City Southern . . 2 H 26i 20 20i
Kao City South pf OO't tO 00 00
Jjttjibtee! . 77( 78 77it 774
1st Rubber & Tire. El'. .WJ, lilii 5l
lebtafc. Valloy . 77 Y7- 19ii 77
IffBlud P Ua 10" 103H MS llliH
Kul&NJB 121 IMU 123VJ 123lf
Wackay Cos. ... QH nt ftH
May pept Storss . 5J 5 5-5 65
MMweUMouw . .. OJ 0J C8.( ft)1
Max Moww Ut pf. . b7 bJH k7 S7h
MMoto-s2d nt M 51)4 il 51H
Melca Ptpiin. 1'ffH MH K'54 100
M PtW Pf 100M 00 80'i 90W
Mitmk la'- 6 H 04 0t
Uoms.&Tutt . UH UH 1414 14)f
WIJfl PaMfk: - ' T 4H' 5 I
MlHWKt Pc tr cfs It o H i't
llosiaua Poirw . 74.7:1 7J 7J I
Mvotau Poer pf l 71J'-i 113 1134
si t tak J! P II-1 1-H' lli H2!j
l M . ai-j ti tt 1 iA t
kaifcs M mil H ' 6
y Mt 1 Pf .ii'i 2Jij 23 1 i j
i;(iiuii io'a lo'i itiii 1W I
Uit ( 1( rv
New York Air llraku -lis
X Y N H . II
N Y C X. II It
N" Y O & Wct .
Norfolk Western .
Norfolk & West pf
Northern Pacific
Out HIut Mln .. .
l'.idflc Mill
rer111s.lv.ini 1 It It..
IVnplis (!.! Clil
IVttlhone-M 1st pf
Philadelphia Co ...
Pitts toil Co N'J ..
PUN Coal N J pf ..
Pitts C C S. St I. .
Pittsburgh Steel ir
Preyed S Car Co
Quick-ill cr
(iuicksilter pf.
I'.y Steel Sp pf ...
Hay t on Copter .
IteaillnL'
Reaillns l!d pf
Republic IAS
Republic I & S pf .
Rock Hand . . .
Ruck Island pf
St Louis & S r . . .
fat L .1 s K 2d pf
Seaboard Air I.lno .
Seaboard Air I.inu pf
Sears Itoo . Co . .
Shat rliona Copper
Southern Pacific .
southern Ry
Southern R pf .
Siudelukf Co .. .
Tern Coppr .
Texas Co . ..
Texas Pac.fr
Tobacco Prod pf
Twin Ctt H T
Cnllcl Cljar Stores .
United Cluar S pf ...
fniled Cizar Mfri .
United Dry floods pf
Union Pacific
Union Pacific pf
U S Ind Alcohol . .
United Fruit Co . .
UM'll'i J-'
u s c 1 p a r pf
United Rys Inv f 0 .
Un Rjs Inv Co pf
U S Rubber ...
U S Rubber 1st pf
U b Steel Corpn . .
U S Steel Corpn Pf
Utah Copper ...
Utah Securities .
Vu-Caro Chcm...
Va-Caro Cheni pf .
Wabaili .
Wabash pf A ...
Wabnh pf II
West K & M
Western Maryland..
West Union Tel .
Willys Oierland . .
Willys Ov pf s cf f p
Wooliiorth e W
ijuc'ej ex dliidvnU.
OS',
101
27
11014
bli
11 J (
Ti
15' j
57
HIP,
02'i
4l-i
31'i
Kill1-,
70
15' i
5S
."'
lll-ili
11 t
(S
10,Vi
2;
117' j
Sl,
113
7'.'
ir.'s
."'
iret
0J4
IH
:sn
100
7o
!) Pi
r.o ,
r.'j
100 Oi'i
12
52'f
no
Vi
. O'l
. 17
. .Ts
.lh'l
. :i7'f
. 0'l4
:()'4
. .".Vi
. lall'5
. :bn
210'.'
. 7'4
.100
. !Bt
0!.
07
131
Mi.
15:1
140)j
1ft
I0J4
Il
31
5l'j
107
Kt
117',
M'S
10
40 'f
I0UW
llli
I3M
27h
0014
27
Sb',
2KI
105
I'll
77;
IHi
.'2','
110
.'
.'
5'4
7 1
17
37!
ISO
37'.'
J!)),
21 H
5s7
151)3
210
I.nw.
ll'
l7 1
II)
27
110' 5
Sl,
1124
7'i
IV,
:v,'t
l(l"k
0.,-i
-IP;
;io
100
7S
0 1'i
CO
.-lj
7!,
0b
25
7
l'i
52h
110
!!
1.7)4
lfli'i
27
117
Sti
113
''
10' 3
.rnri
ii)-'ij
02',
ii)4
:;t
100
7S
OP,
;o
5' j
7'.
I'b
25
77j
41'i
52 'i
111)
tuooo Adams 1:xpit 4s
0000 Amor Ari 3 .
I.TO Angli-K I. '
leco Amir mell "e
ino Amer Tel ell l
."noo do rnni l
linoi d.s eit l's . ..
1000 mt t rli Pap as
1 IV11 Aichbon gen Is
vxm Alehlson mlj )s
."coo ilo cv If infill
.'iimo ilo ."
finoo .Ml to Line 1st l..
KKin tin I to & Ohio .l'i ..
KKJI rlo l
tsnoo ilo rv -IV4
Tom ITclh Pteel 1st .1. .
Mvn .10 rM .V ..
1 no 1 (ironic l'n Oas ,n
2'tflil Hush Term 111 1 .Is
2IIOOI Cent Leather 1st As
I Pol Vnt l'nr 1st 5
1107) Ches A Ohm ei l'3
."fioo flics Ohio ia.
Kssi CHI A .lltnn .Is
.asm ("hi i Alton .t'is .
anM ciii 11 (l Jo nt l
irro fhl II X. if Ken 4h
11HI f t P. kit IIhi T.a
ICT10 ( it fe Ht p pen I'is '.tnl'i
HUh
. 102
.. !Ms
.lll't
l2S
100
.UCI'k
.. "OH
a.
.. sin
toil
..10l'4
. !!2k
. tjl
.. Ill,
11111,
10-1
.in-,n
rl
,m
(HS,
. si
. ..s!
. It'll
. us;
. . pi
in;
mno c m a p s 4s
."firs) Dul n, m 11 .is. ,. .
.vvio Den A.- lllo cir 4s .
r(i pen Hid Or rM fii
ISi'no llrle mm 4s S'er A
.VKU Crle om li Ker 11
IM Lrle prior Is . .
L'lOO oriinhs "ons Htn
'.'mil Or 11 liloe ileb ." ,
lnoi lluil a Mnn rfil Ss
L'mil llnelc nl l'4 ..
Jlfsi III HCel ileh 4Ss
ti'inn tnilliim S'tefl ."
iMO III Cenlnil rM Is
J'i 11 Ins i'fiuei 1 lis
l"(Mi) Ititf-rti Met 4is ..
Dim) Intrrh It T ref ..!,
10(1 i Inter Mnr Mnr et i2'
'isl JniwiiPM' now ,n
trui Kiin ntv So .in . .
:,(ii 1 m k Steel :,n l-.Vi .
I IP 11 1 t.k h'h iteh Is I1HI
II in t.eh Val Ji .s . .
I'll in I.Ik M T ."is.,
-'nisi I mnr Iniiinil Is .
2xiiim MnnnittRii Htn Is
"ini jiex Pet Co Hi Mir I
-TiM) Minn Ht L 4 ,
Ilium M tin St P H H M 4s
limi Vn Kim n T 1st Is
Li 11 Mo Unn K T ai Is
I tin 11 Mo Pne .".1 lu.'il .
II Is) Mont poller .".n. ...
MitKi Viit Tuhe .Is .
:ikii N V Atr IlrHkp its..
I11IKI N V i" I. H lijs
J Ml V I1 JC. U 111.
V ft Mini IS .
I lluil l'i..
V Cent i:k ....
V t"lt Pis llnki.
V X II il. II iw
1. 1 on N
I'.'HII N
I I-.Oih N
inoi)
Kino n
i pmi r. )
T.Misi N V
:i'ir n x
'.MIHI .r.rf
IVHHI N K.
ITilKSI .Nor
mil
llll's
t's
. 72
. 7M,
Ml
.II17I.J
7
. PIU
Mil,
11
71'.
Iiti
. ILK,
. M
. til's
ll'.1
IIP.
III1V
. III.''.
. Ill's
III
ttu
. 1
mi,
!?,
.SI,
t.lis,
HI'.
ll'J'ii
77,
VI
tr.',
Ill'
,1111
IIP,
tiovr
oils
1)
10-IH
7f4
114
8SV4
nn
lniu
tri
te.'i,
1
7s
idi's
f,
tll.-,'t
tri
i
POV,
"71,
1124
nsi,
41',
nsJ
111
in7i
tin'b
HI 'I
tin's
!2!
r.7's
72
7N's
M
11)7
111 IN
7.,
I",
lia'a
tni
tsT'
711,
I'P.
tmii,
HI
tills
Ml
111.
1"t
1112',
111
n!,
nn
1:.".
i
Close.
IfttJ
oiH
Ill's
021,
IPC)
IfuHi
7
in.
89U
mm
lOt't
Hi's
P24
1121,
P74
UO,
IOI
linn
112
In2
tsi'4
S7V,
tiii .
ns'i
in
1117'.
litii,
III .
sit
7S',
m
1117,
tVi'n
02V,
mi
vn,
Pl
7P.
ten,
tisi,
VI
nils
in
up.
mi',
1112',
ir.ii
'ii
110
111
in',
LONDON MARKET
' 2.
Im j ref Is
Itui mil .Is
Tel cm l',s
ft Poih Is
W ev Is IIHO.2
r, urlor In .
t II s if 1 N'nr Pti, cen Ss ....
limi) Pm co.int ipt r.o
"IHI I'llllM Is I1IIM . .
21 IHI 1I1, urn it Hm ...
.1IKSI Pulill, Sen N J Tm.
flit II lien le S fii
1I1IHI si I. I M ,C- S (lliir 4s hliu.
2IIIXSI !piiIkihiiI A I. uilj f,H lilPl
linn Miutn lieu .im ....
.-.mm South Pee Is ...
l.n Oil South P.te , v Is .
21iiki ilo 11 nt r p f.s
inrri Sinill. i"m rM If
1'imsi Miuth p.u Term .Is
Ml nil 1 im Is
IIIiTii Tlilnl AM' new Is.
lmi I do mlj f,s
Mi 11 Toklo Is
.MHlll Tll-Cltl fi3
.villi V Ituliber lis
."tv mi r h steel .is h r.. .
Imn I ntun Pae 1st Is .
IIiiihi ilo rM In ... .
71 (SI I'll Iluss H I' 4i. .
mm Vn lift r,s . . . .
IIUSI Vn Km . P .Is
tlldll West llleet el .Is .
IIHIIl Wpst Mil 1st 4s
I'MMI Vit Piilon 41.- .
Ii'll,
'"'.
111'.
us'.
1111.
Hi's
till,
l'l2lj
mi
ten.
..llll's
. . Mij
. . I'l
..111.'.'.
. inn,
. . 7.!
.11121,
. 2',
l
. 711
. U'l's
. Iltll,
111"
.. 1171,
. Ulij
41
IIS I,
III
111
47',
"',
101 ',
M'
!I2'4
tr.n
114V,
107'.
IIP,
77',
lltli
el',
vn,
llf.ii.
tin's
i,ui,
in1,
'I'l's
KK'i
ll
ti'l'.
MIL.
nn',
HVA
1II.V .
IM1,
;i
11 ji,
j',
M
7Vj
ii'i's
tui'i
iui;
M7.
!MH .
II
IISIJ
til
111
7J1.
I'l. 1,
47W
ssi,
till',
inin
11 p.
77',
s.t
H4-
Ins
1141,
771,
IIP,
tr,i,
s n,
11 V,
11.11.
.Ill .
III',
len,
Kiji-i
ISI
llH's
mn
1 hi,
nun
H7K.
SK
in.-.',
inn,
72 1,
WJ
SJ'
si
7si,
H'i'
inn,
nr.
117',
lllll j
11
IISIj
tit
1H
71"
iii ,
Di
li) 4
17
37) i
170
:iou
00
21m
.'.S'S
US ,
57' i
:oo
'l
105 102
115', 05'4
014 0'f
11,' . 11'.
ro 5'ji(
00 I, .
I,'!!', I32lj
b.llf S2'.'
155U lil.'J
llfi'i 1I5
lS'i lbl-j
IM 10I,
Id). I5'i
32 3l)i
02 5 1
I00). KKl4
Xl'i h2'
U7 117
SIM S'l'f
Hi 1S)i
401k 101.
100 100
11)4 LI'S
II 4J
27'4 20) j
ro)i 1:0
20' 1 20)4
8') b P.
21 1 207
10D4 mm
121), 1211),
Ti
17
3715
170
37)5
JO 'l
20) j
58',
Mil
f,8
207
7',
10.1
05';
nj;
o'J'i
00
VWi
83',
152
14.)'i
1SS
.'.()
10!i
32
52
10034
MH
117
ht
18)i
40).
100
11)4
43'i
20)4
t'O
20
881
20
101)j
I20)j
Totul ulc", ln7.H00 sliareK, eomparril 1ltl1
CU8.G0O .hares jrsleriluyi thus fur thlt urek,
2,3IK,il0iJ l,arni mme period !ut urek,
:i,2J0,nut tliurct.
Dank Acceptances
NKW YORK, Fpb. 17.-In tho market
for prime bank acceptances, it i.s the old
Htory of only ery sradual Incrcane In
ofTcrlnga. So far. the predicted consider
able movement of acceptances haa not
been In evidence Uventually there Is cer
tain to bo a very material increase In ami
broadening of the demand for this class
of Investment. Kates are nominal at 2
per cent, for Efts mid 21, for SOs.
ANMJ.ll. JIKKTINGil
-y tlfFICK II F
WII.M.UI ' IIONWK1GHT i CO..
A3IF.K1CAN" WTIMTIBS COJUMNV
The Annual Meeting- of the Htockholdars o(
ttii Aimrlcau UtIHtrs Owmpuny und an
HUctluii far OITturs und Directors to xrve
for tlw eiwulln.' yui. will tte he hi ut the olllce
of th Camjuny, 437 Cliutnul t . i'hlluilel
pUta.. on lehruurj- S3. 1910. ut i . 1,1.
AHTHim H. MIMsBIi, Scrtary.
JSMSOTIOK NOTICE
K3r TUB IHIIUlil.IIII.V NATIO.VAI.
"3 11AMI
February in. J010.
At lb ricuUr intsttnv of the Board of
Director of The Philadelphia National
uank held this day. Charles I Blloo. Jr.
u elected a vUe preetdeat and acarge V.
UeBtes an auiuiaot rasbier
H. yORTBJrCUB. Cashier.
'Inlnl Miles. it:t.().H.(lllll. lomniireil ullli
s:t llll.dllll x'strrihi.i s thus fur tills ueel.,
SI. 1,7 1 2,(100: sniiie period Inst itcrh, SI I,
UO'l.nill). MONEY IN NEW YORK
.VIJW YOISK. Krh. 17. -The mm kct for
time money on (ullateial does not Indlcilu
nny clinnRC In condltinni In tlie Immeilliiti'
futiite. althdili .some piomlnent Imnkcrx
t iiilcilor flimncinl (.enties me coinmittnl
to the theoi.1 Hint money bIiouIi! lie north
inuio a 1 011 nil .Maieli I m n little Inter. It
Miit! slated Hint the Ke11r1.1l stmU e- I
1 Mature loan proposition wan not overex- !
tended, nlthouKh them may have been, I
and (luiibtleHs mo, enhes of nvcioortoii-;
Iiik h brolieis. mIkic cllcnti oiorstajcil
their niniket vlicn n numlier of the most
actlvo Hpeci.iltics were iiillns nt or neat
the highest in Ices of the movement
The count 1 y is full of money, and, coln
I'lilciilalli. theie Is In husluetis cliele.i a.
Judicious .iplilt of cotij-uivntlxni .Money
In most ease.1, of industrial opei.-ttlons Is
needed on actual lush 01 dors. This is one
lensnu liy the met (.hunts have had so j
little rerouisp to the uedlt maiKot. Itntcs I
air uiichnniten at S'i'iS1, pel cent, for
CO tlayn nnd mono Is lendliiK for 00 days
nt the hiKhei tlKiire mentioned. I.011K
matin Ities nre orfcicil at nominal itiotn
t'uns of 2iiTi1 per cent for 4-3-b mouths
Thcie is nothliin' new to icport In tlio
mntket for pi line meirnntili1 paper. The
larger huiers 111 o only Interested to a very
sIlKht ilexice In anything not sttlctly cllt
ctlucil, .nnd tho model nto offerlnss of tho
hlith quallt.! paper caii.se continued com
petition, with the li-sutt that occasionally
tho uvei.me minimum discount, 3 per cent ,
Is shadv. As a. Mile, institutions a.,- tin
ullllnu to In cak tli.it late and less deslr-
nlilo names are negotiated at 3HTi ",1 per ,
cent. Thete is less Insistence on tho max
Imurn flKUte by Eastern bankets than 011
the part of officials of Intel ior Institutions.
ASQUITH SPEECH
Premier's Talk May De
velop Criticism of Fi
nancing of the War
U. S. AID FOR COLONIES
By FRANCIS V. HIRST
lMltor The HconomlM. London.
Sprclal Callt to Hie Bicnlno l.atarr
LONDON. Icb. 17. Tlio stock market
Is dull nfter 1'rcmler Asipiltli'ii rtloomy
speech nitumhrntltir; prlvntlon nml taxa
tion for a Rcnerntlon nnd post-bellum
sufferlnfr.
Tnrlff reform activity Is nrotislnrt the
free trndern, hut chambers of commerce
linie nltva)s been protectionist with few
exceptions.
The debntc on the address probably will
ollrlt plentiful criticism of the flnnnclnR
and conduct of the ival.
Sir Charles Addis, of the HonkotiK
ShntiKhnl llank, nnd I discussed nt tho
London Sohool of llconomlcs the iiues
tlon of lioiv India nnd tlie ltrltlsh colo
nics can be supplied nfter the war lth
enpltnl for development Addls ndvncntes
flee trade within the empire, and depre
cated prohlhltor.i profcictUlnl tarirfs nfter
the wnt. I atnued that after the war the
colonies nil) have to spend less for pea
cock feitheia and save more thcmselics
for their genuine capital requirements.
Thus Indian snvlnrrs should suffice for
the Indian rnilwnfl. New York mlKht
llnancj Cannda, Mexico, Argentina and
Hrnzll to n Inrcer extent, I added In con
clusion. I wish T could ncree with tnv friend,
Sir rleorfic Palsh, who lectured here the
other da, that In spile of the new debt,
and, perhaps, becauso of It, wo may con
lidently expect the nation nfter the war
to have as much nc.v enpltnl for Invest
ments us before. Personally, I think wo
will be ery lucky if In Ovc years nfter
tho wnr we hnve Inlf as much new capi
tal for Investments as In the live ears
inccciliriK the war.
Wc nie crcathiK cvci month about ns
much new debts ns wo cieatcd In the
thtcc rnrs of tho Hoor Wnr, nnd arc
creation evcty five months ahout ns
much as wo crenled In 20 enrs with revo
lutionary and Napoleonic France. How
many shlllltiRs In Income tax will bo re
iiulicd for the sen Ice of the new war
debt" If the dead weight of debt Is harm
less tn Oicat Hrltnln, how con It he
hai infill and iiiluous to Austria nnd
IJeimnni 7
It seems to me that this wnr Is con
vcrthiR reproductive private capital Into
public debt ot a prodiRlnus pace It Is de
vourliiR the snvlnxs of the past nnd mort
RnKiiiR the leaoutccs of tho fiituic. For
ever month that passes the las Rathcicr
takes toll of oui iuikos nnd the ptollts
of futuie years. I teKard London capital
Issues In peace times as tho surplus sav
ings in overflow after all home demands,
ImluilhiR taxes, have been sntlslled. If
taes me doubled, how can we expect the
annual savhiRS of tnxpajcrs to remain
tl.o same?
Sales in Philadelphia
Railroads OrderiiiR Equipment
CHICAGO. Feb 17. The ChlcaRo and
Not thwestein tall has nsked bids
fifim tho ttildwin, American nnd Lima
l.iieomotlvo Companies on 2 Mikado type
frelRht, 12 iiasseiiRet Paclllc nnd 2S switch
etiRlnes, InlolvlnR approximately cxpendi
ttites of $1.00fi.fiCO
Tlie St. Paul, Minneapolis nnd Omaha
has nsked bids fiom tlie same companies
on in Mikado freight, two Paclllc passen
Kcr cnslncs, to cost ahout J200.000.
Want Receiver for Lancaster Railway
LANCASTIin. I'd, Fob 17. Application
has been made for a tecelver for the
Lancaster and Southern Street Hallway.
FOREIGN EXCHANGE
NIJW YOKIC. Feb 17 Tho mail.et
for forele.ii eclianso nt tlie openhiR anil
tin 0113I10U1 tho dny was li tegular. Relchs
m.iiK.i worked loner, beliiR iiuoted at
71 0-115 anil ,1 1 1-10. a drop from the
extreme IiIrIi ilguro of a recent tally of
over !! points Sterling Allowed steadi
nes.s at nlinilt Wednesday's final flRtires,
4.7(3 for demand and I 70 0-1 1! for cables
French exchange was easier, with eubles
ut D 87), and checks at 6.881,. Strong
features Included lire, with cables at
fi.BS, and checks at fi Ollij. Vienna
sympathized with relchsmarks and worked
a little lower to in 20 and 13 io Hubles
retained the better part of their lecent
advance at 31. GO nnd 31 B5. Guilders
moved up .111 aditional fraction, being
quoted nt 12", anil 4- 7-1G Tho strength
of this class of evchnnKe and the Influences
bearing upon It have been explained from
tlmo to time, being supplemented at the
pre'ient time by exports of gold to Hol
land In payment for American securities
sold nbrond and for Sumatra tobacco and
other commodities purchased by American
interests Other quotations were- Swiss
cables, 5.221.,, checks, 5 22i; Stockholm,
28.30 and 23.35. pesctus. 19 and 10.0,5.
DIVIDENDS DECLARED
South I'enii Oil i'nn,p.in. quarterly ." per
lent, pn title Mnreh :il In Mixkhnhleis of
rein-il .M.iult 11
Meirlm.ie I'heink.il Ciiiiip.inv, reRiilnr semi
innual .1 1 er nut, 1 niahle Miireh 1 to stock
,r reenrtl 1'eliuari HI.
South l'rnnmliuiitu Oil f'omnany, quarterly
.-, ,ier cfiit . punble Man h :ii tn holilers of
-e-oril AI ,n h 11
Cities i'erUe Cotupun. rewular monthly Is
of 1 1 er ,ent. on iireferrnl. iuiahlo Mnnh 1
to stois of le ord i'ehruary 15.
Ilrnoklin I'nliin (liu Compnii). reftulnr quar
t.rl I'j er ,eiit, i, j.ililo April 1 to ttock
jl ic ortl March 1'
XineiUan I'neumiitte -'enlee ('onipunj. reit-ul.i.-
itml.iiiniiul on t1rt iireferreil 'Ub per cent ,
on peionil i,efirr,il I'j per cent., pijuhle
Much .11 to stuck of reinnl March 11.
llnstou rnni Alh.in Itillrnul. rcKiiI.ir quni
lerly y per tent., p liable March 31 to slocl.
of reionl Keliiuarv 'J.t
link nenilent IlrewInK rimqinny. nKUlar nu.ir
teil n. l,r c nt. on ircferreil linialile Ktb
iiiary 2P to holilitn of letonl r,bruar IP
HUh.
31 Am Itnys rM- ltt'4
"TO Huff ti Sus t e 41
in itrtti. in . . si
!M Cnm Stt .... Ml.
M frue Steel .... R0
110 Klec Storage .. n..
SO flen Asph pref. 7PS
20 Ins fo N Am.. 2H
2.i Kev Tel Co.. .. 1IU
12S0 l.k Rup Lirp... 1IH
10 Lehlnh Nnv . . 7JI,
211 t.ehls-h Vll .... 77M
tin I.eh VhI Tran. 2IH
atl do pref ... I1M
IM Penna ttrnli . :7H
4(1 i'a Salt MrR..i2i
."2 t'enni Steel .. s
iseil do pref rei
(tt l'hliit Co ... IPs
I .VI do cum pref .. IP',
27. J'ltlln tllrc .. 21,
MO P H T tr etf.. Id's
I I'hlli Trne .... 70U
.1" Heaillnir . ... 7TH
tin do 2il pref. . ii
100 Tcnn Cop .7?i
10. Tonopnh Helm. IIJ
310 Tonopnh Milt . n
21 fnlon Tract .. IP,
s Pnlted tl Imp. mi's
27.1.-. tl 8 Steel ilU
10 West I5lee .... r.0U
, IVm t'riimp A S 7" 77
HO York ttwy . . tl II
11 do pref .... 3 flP,
Total snles, I'J.gJI shares, rompnred
27,(18 shares jesteriln)! thus fur Mils
89,173 stiuresj smne period lust week, 3
shares,
UOS'IIH.
1iw. Close,
Mi J P.1i
40i 41
3s SO
R04 81
S04 ROS
IUH irt
TIM, 71U
2(1 2rt
111', lli
ioi nn
77'4 77'4
77 77H
.'Pi 2Pi
41 11
lint lOJ'i
.
ps tn
Ai 41U
4IH 4IU
2S 2SH
tiiti nn;
7IUI 7IUS
774 77s
41K, 12
:,7i)4 M
IV Pi
'!', n
41 41
fj. Ml.
run riin
Net
chge.
3
- H
H
i
- .
- 'I
- i
-"'1
- .U
U
u,
'i
's
'(,
- .
J- "I
't
- 2M
- (,
liltll
iieek,
11,901
Net
tllsli. I.on. Close, eh'fre.
-ion Am (las A i: ,i P.P, tni. Pin i- '-4
IOIIO Kf A Pen Tr Is St Si SI - ls
tooo llanionl t:i lis.lnl tni 101
inoo Ko iyi tnt r.t no p'i in
I toon I, .Vav ens iis.1n3'. Htli4 lO-'Pi i
.-,000 I, Vnl urn 4s.. liPi Mi2 PPJ
Mono ilo Ren l'$s ..lfls'4 1021. 102'. ,
loon l'n ft n Y c :.' ins ins ins
27000 I'a Co pen 4ij,s.lirJS injij lO-ili
3S()0 do cons 4l4s..10(l4 IniP. HiilU
I(1 I'eo I'ass t e 4s M s. V.I
"OOO Puh h'er N J .s IKP, HO'l 10', i,
KUKKi I'hlla Co his r.s P2ij PJ P2i3 -'5
7tOl I'hlla l;iee 4a fit s.11, Rl H
."0(10 ,lo ,s ..10i. 10ij IOC, 'i
2(NXi Htnnil f!as ds. tiO 01'i IKUj '.
r) l'n H Inv ,s 72 7Pi 71'. ,
- tncre.isc Increase.
lotnl nles, $177,10(1. lonipnred with SV!.
Hflll ., rterilii) ; thus far Hits week, $.180,11(10;
same period Inst weeli. 'SI'.'H.'.'on.
Local Bid and Asked
Toitny Yesterday
Hit. Asked. J lid. Asked.
IliitT & Sus t c 41 12 :.nii 40ij
ilo iiref .VU J (Oii ui lit
.1 i iirlli .ti in :ki ::n
IliMnln losUj limi 111 lll'j
(Sunhrla Kleel SI su( Mil; si
nieelrle Stor.iKo ('. dO lit l-
Ciieral Asphalt V-Mfc III 31 III
ilo pref 71 711', to 71
Uesftone Tel 14'. 14IJ Hi; 14IJ
ilo t f 141, 14lJ 141', 14lj
do pref Mil , 70 7(1 71
Like Sun Corp l(lt 111; 1IU IP',
lhlKh .Via 77 7714 7il, 77i
l.elllich Vnllev 7li'4 771, 771, 771,
LehlKh Vnllej Tr . . 2M, 2111, 21 Sit,
ilo pref 42 II 4IIJ 4 II.,
Pennsilianta ."" r,7U r.7 Tui',
Phlti i:tectrle 2M.4 2si 2714 2s
I'hll.i r'onqinnj I! 41 in, 4'-'ii
l'hllii Co , pir cent pr. :i-.i, .17 .v, :i7
PI1II.1 Co il per cent pr. II', 4I'4 II J Hi
Phil 1 11 T l'.i'i 1U'4 Pi 211
Plill.i It T t c Ill', Pi', ill'; 20
Hcnillni? 77 77i, 77i 7S
Ton lioliiiont 4 4' , 4'. 41.
Ton Mining ii", n'5 i.l, 7
I'nlnn True 43 14 PP. II
rui fcs'i vi vm, sv),
II M Steel M'j MU XI Ml.
York Itiiy 11 till si; tnj
do pref X 3'i ::4 3.-
Wm Urn mn t c 72 78 73 7!
Premium on Pennsylvania Crude Oil
FRAN'KMK, P.I., Feb. 17. Tho Vtilvo
llne Oil Company, a competitor of the
Standard Oil Company In Butler nnd nd
jolnlng counties, has announced that It
has resumed the payment of n premium
of 10 cents a barrel on ciudo oil.
RATES FOR MONEY
Call
3 '.iff I
Xciv York
Philadelphia
iiostnn
(Tillman .'l',ffl
Conimenhil pnper, three to six months, Phlla
delphli. Jlliftl pel lent
Tlmo
2iJW I
3irif4
4 ij
4 lill'j
BANK CLEARINGS
Ilink tlearlnirs today inmiiaii.I with eorrc
ipondlnu dni I , ik jeain
inn, 1111-. 11111
I'hllddn JH'i.o.'-W! $.'11,112 tut! .s.'ii.wii.l'tl
llol, 'I-. 111017 2IC!t.ll7l 2.-..474.-II
Ni w York ",S.I07.-,'.'7 411 ll'i.i.M MIs,ihi7,i,,hI
CIllruKO . . (.7,1(1.'. 1 .Vi.Kll.121 .-.-i.'.'O'l.l O'l
SI I ouls ll'.'Vi.t?) I l.Ms.712 112.,'."lt
IMItlinnre MA" 122 fi.2is,.ki ,-,.si.',pci
(Jerman Mark Drops
AM.STi:nAM. Feb. 17 -The value of
the Herman mark diopped one point on
the Moncj Uxchnngu tnduy.
ELKINS, MORRIS & CO.
BANKERS
Land Title Building
Philadelphia
Jones & Laughlin Steel Co.
1st Sinking Fund 5s, 1939
Tax Exempt in Penna.
Yield 4.72
BOUGHT SOLD
QUOTED
CHALMERS MOTOR
Markets on all Motor Stocks.
Chandler BROS.&60.
1338 Chestnut Street
Hell, Filbert 23-31 Krjtonr, Hare 33.80
PRESENT EARNINGS
OVER ?650.00 PER DAY
BARNETT0IL&GASC0.
(Incniporuterlt
Property located In We! Virginia.
Capital S2,r,(i(l.(l(l(). l'nr Vnluc SI
:o iioiiiIm.
Nn niitBtnndliilt Inilelitrdiiess,
flfocfc IrouYil In on X. Y. Cure.
Order executed ut present mnr.
kct prlceH.
Sptclal Circular A'o S upon request.
E. H. CLARKE
57 William M.
Nciv York City,
WANTED
Established Investment firm
dealing in Inch grade bonds
wishes to obtain services of an
A No..l salesman for Philadel
phia. An exceptional opportun
ity for right man, but must be a
real producer.
Wanted also a salesman for
Pennsylvania territory.
nKe detailed Information Iteplles
will be treuteil an onfl,lntlal
Box C 127, Public -Ledger
Stocks Bonds
Cotton Grain
Approved Curb Securities
Bought Sold Quoted
HlGHES & DIER
Hanker and lirokrn
I43S WALNUT STREET
DIHECTOUV OF -lCCOCNT.KT
CcrtUUd I'ubUo AccutmUaU
Iu.WitUcu K. UHOWH CO.
,tlt II1UL ESTATE TUUtf-T UUlLUiNQ.
BURNS ft BPSXXMAIi
Mmmwntwin iiihi rnrnw
!
I I
I
Union
National Bank
Third and Arch Sts.
"The Neighborhood Bank"
OFFICE IIS
J. S. aicCulloch, I'reildent,
Theodore II, Condrrraan, Vlce-I'relden,
X.OUU N. Splelkerarr, Vlcc-1'resldcat and Cahlcr.
Samuel Campbell, AuUtut Caklrr.
niHECTOltS
' Wo, II. Carpenter. Chairman of Board.
Wru. JlcAdoo. dr.
fraatlaa J. Dobua
Aaron Oana
Tbo. II- Condermaa
Harlan Vajrj
Horace T. PotU
Ibarle " Walton
lleurr 1'. MltcbcU
H. H. Marvin
J. M. MvCuIIoch
John C. llartto
IoU N, Splelbeoccr
K.iuar.l Wolf
lleurr II. Ilarlon, Jr.
Nalhtn T. FolweU
iiamucl K. LandU
Ouf experience enablei ut to
offer a tervlce unurpaid
VALUE OF PENNSYLVANIA STEEL
COMMON STOCK PUZZLES STRBrf
Philadelphia Company Group of Securities in Demand
Weak Market Interest Has Been Eliminated. 1
Lehigh valley Transit expansion.
The remainder of the Hit ,.
nml Mently. tvltl, eonie netlvltj" ?
Superior. About tlio only fentt ?,
tho Phllnrlclphla Company RroUJ of .
rltles. The common moved una niJtcu'
more nnd there uns nlso good dernanS
tho 6 per cent, bonds, ng well a? ir2i,'I
ltnlhvay tnvcMment 6s. it wa. liini"2
today that a blocX o nccurlltes 0I ' hl
companies which had been hnnRlnR ov!J
the market for nomc tlmj had been laWl
over by poncrful lnsldo IntcrcMa in v..
1'ork and that thU lelenscd a drag inn!
the local trading In tlusc Issue" m
The Lehigh Valley Transit groun
mnlncd Innctlve rictplte tho announeemM
by rresldcnt Fchr that tho company Im
Bpent $375,000 for new equipment, and li.
January nnd 12 months' report whleli .!
tho best In tho history of the company
As wns announced on Tuesday, li.
20-yenrJ5 per cent bonds of the MMia !
Steel nnd Oidnnnee Company nro belnt
olTered for public suliscrlptlon today iu
The subscription books were opened Ihlt
morning nnd will rloso on or befor.
Kobrunty 21. It Is lltiderstood that tha
mnnngcrs of tho underwriting- syndlcati
for the bonds received subscriptions for
10 times tlio nmotitit ot bonds under,
written nml Hint nllottnents were cut
down to approximately one-tenth ot th
amount nsked for. Although the sub
Bcrlptlon books wcro only opened this
morning. It q slated Hint the application '
nt tho offctlng price of 09 was equal if
not over the entire amount of bonds to
bo offetcd. Most of the bidding wns from
New Yoik Iioubcs, Hie local demand belnt
only fair.
The local financial district wns agog
today over the sale of Pennsylvania Hteel
to tlie Schwab interest, dotallfl of which
were forecast In tlili column esler
ttny. Chief Interest centred around tho
value ot tho common ntock. Just why
It should be selling nrouml HO, when tho
reported price paid by Bethlehem was W,
Is one of those nnomnllen which occur oc
casionally on Change. Some peoplo were
Inclined tn believe that an nttempt might
bo mnilo by the small outstanding
minority Interest to "hold tip" tho party
In control for a high pricoi others, how
over, pointed out that tho common stock
Imd alunys ruled very much nbovc Its
netunl market value. Still another sug
gestion was Hint the new deal might not
b a cnsli transaction, mm mm m ..,..
of the securities ofTorcd In c"cchnngo for
Pennsylvania Steel common might bo
such ns to tender the pioscnt quotation
not so far olT as it now nppenrs.
.o common changed hands on tho Phil
adelphia Stock i:clinngn this morning,
but the ptcfeited wns moderately traded
in between 03 nnd 03.
Toward tho end of tho pension Pennsyl
vania Steel common opened nt 8,", down
r.U from last night's tlosc. In tlio late
dealings Philadelphia Klcctrlc also at
tracted attention, crossing 2S Ilrill roso
2 and Hnpld Transit hardenedf. too. Stor
ngo Hattcrj. after n point decline, rallied.
Oddly enough, Cambria Steel sold up to
SIH. a now high record. Tills Is a shado
nbnvo tho llicxel bid, another otic ot those
market oddities mentioned nbovc.
In well-informed elides It Is thought
that the two main icasons for nctlile
hcms purelinso of tb Pcnnsjlv.inla Steel
Company nro the lnttct's otc beds nnd
tho fact that It owns n shipyard. It Is
thought that tlio Hctblchem Is preparing
to bid on the tnlkcd-of new licet of Amer
ican warships.
Barrett Manufacturing Co. to Expand
YOL'NOSTOWN, Feb. 17. The Ilarictt
Manufacturing Company has purchased n
site of live ncres near this city nnd will
etcct it Inrge plant for the purposo of
rellnlng tar products. The corporation
has secured the output of war and by
products from the coke plant nnd benzol
plant of the Youngstown Sheet and Tube
Company.
It Is ptoposcd to enrry reduction of
coke by-products further than has heie
tofore been nttcmptetl In this country nnd
It mny eventually cngnge in the manufac
ture of des. .
Budapest Exchange to Open
AMSTERDAM. Keb. 17. The lludnpest
Stock Exchange will be reopened on
February 21 for limited trading after noon
oath day. No quotations will be issued.
Money in London
LONDON, Feb 17. Money Iff Pi per
cent : discount, short bills HH per cent ;
three months bills Bif, per cent.
t n-v. n
yPOBLIC SERVICE
rnf
SECURITIES
"The dcncndcnce of ,.
nicipalilics on Public Service
Corporations is the strenqth
of their securities."
J We recommend to conservative ia
vestors an income ana Penna. tax-fret
l"aby Uond
in denominations of
$100 $200 $500
fj These bonds arc of the highest
grade, are suitable for trust estates and
yield a return of
5yg per cent.
Net earnings and surplus show a
steady increase, territory served by
the company shows approximately 60
increase in the past ten years.
ff Complete investigation requester!
B a.keir Aylirvg Co.
Land Title lSldg. Philadelphia.
"Fidelity Mutual Life
Insurance Company
Philadelphia
As an evidence of the Fidelity's continued advance
in financial strength and insurance service a few im
portant facts ai'e here presented from the Company's
37th Annual Report filed with forty-one States.
ASSETS
First Mortgages on Real Estate $12,731,257.65
Real Estate Owned 1,564,692.83
Loans on Collateral 78,529.63
Loans on Policies 7,770,679.59
Bonds, (Amortized Value December "
31, 1915) . 7,343,929.77
Stocks, (Market Value December
31, 1915) 170,926.50
Cash in Banks and in Office 378,865.24
Premiums in course of collection 817,728.30
Interest and Rents due and accrued... 421,968.84
$31,278,578.35
LIABILITIES
Reserve for Reinsurance .$27,018,192.41
Reserve for Outstanding Losses 225,700.33
Premiums and Interest prepaid 205,749.02
Accrued Taxes and Miscellaneous
Liabilities 113,869.75
Premium Reductions for 1916 626,285.37
Accumulations upon Deferred Dis
tribution Policies 1,858,603.14
Reserve for Contingencies 1,230,178.33
$31,278578.35
The Fidelity has set aside for distribution among
its policyholders in 1916, and charged as a liability,
dividends to the amount of $626,285.37, the largest
dividend distribution in the Company's history. In
addition, its accumulations for deferred dividend distri
bution amounted, January 1, 1916, to $1,858,603.14.
Paid Insurance In force, $132,355,777.00.
Paid to policyholders and beneficiaries since
organization, $39,072,318.75.
Paid to and held in trust for policyholders,
$70,251,304.11.
The Fidelity is a purely mutual profit-sharing Com
pany operated solely in the interests of its policyholders.
There are no stock or proprietary interests of any kind.
Its insurance and itsnvqstments are confined to Ameri
can soil, and are under the supervision of forty-one
State Governments.
Detailed report or any information concerning the
Company or its service will be sent upon request.
WALTER LE MAR TALBOT, President
F, X. Quinn, Vice President, Chfcrles J, R. Sproule, Assistant
Charles G, Hodge, Secretary. j Secretary.
Samuel J. Steele, Treasurer Dr,i Wm. H. E. Wehner, Medical
J. B, Franks, Actuary. pirector.
J. Russell Sykes, Comptroller Dr. CD. B. Pfeiffer, Associate
and Assistant Treasurer, Medical Director,
BOARD OFJDIRECTORS
Lewis R-Dick Joseph de dJunlHu George W- Roydhouse
Nathan T Folwell Geo. W. KenTOck,. Jr. Samuel J. Steele t
T. Comly Hunter F. X. Quinf W&lter LeMar Talbot
J P. Hale Jenkins Y. T. B. "Roberts Charles S. Walton
i 1
.Trrr,'"T"ra
gam
',5