I sv --ifUft"i-
14
EVENING LEDGER PHILADELPHIA, MONDAY, FEBRUARY 28, 1916.
FINANCIAL NEWS
STOCKS DECLINED FROM 4 TO 6 POINTS;
SELLING WAVES FREQUENT IN SESSION
Stop-Loss Orders Reached Automatically Rallies Were
Frequent as Result of Support From Banking In
terests, but They Were Short
High Points in Today's Financial News
Increased dividend expected an Utah, China and Calumet and Arizona
Copper Companies. Order from foreign Government for 10,000,000
pounds of copper at 28 -.' cents per pound. Amended plan of rcorganua
Hon of St. Louis and San Francisco announced. Surplus of Philadelphia
banks increased $7,520,000 in week and loans moved up $1,',.',S,000. Stock
and commodity markets weak, being aJccted by foreign news. May and
July wheat at lowest point for the movement.
N13V YORK, l'cli. 2S.
In other times today's irmrliot movements would hnvo been toflitrdrd as tcnil
panlcky, but the Street Iiiih become iieeustomed to wide flticttititloiiM and on tills
nccottnt Iossch which were austulncd In many Issues today. rniiRliiK from t to 0
points, were regarded as the usual course ot pileo movements In the war market,
which now exists.
Many of the pools which had acquired extensive lines of specialties strtiRKlctl
to maintain prices and retain their holding, but selling waves were frequent
because of heavy liquidation of commission Iioiij-cm, automatically rcachhiK slop
loss orders with which the market was honeycombed, and the execution of these
stocks In turn caused further liquidation.
After the early declines support wim put In the market by bankiliK interests,
but these supporting orders were quickly tilled. In the afternoon u renewal of the
Boiling caused further losses from those of the tlrst hour and facilitated covering
of shorts on a fairly laifie scale. Rallies were frequent as a result of the support
and this covering, but the rallies were not of Iuiir duration and were quickly
followed by a resumption of the downward movement.
Reading stood out conspicuous and almost alone as a strong feature. All
through tho day there was constant demand for that stock, currying Its price
up 2 points to above H'2. Other railroad stocks, like 1'iiioti Piielllo, St. Paul and
Southern Pacific were in scant supply, but buyers were equally source.
Tho Street and room were both disposed to attribute the unsettled market
to tho charocter of the news from Verdun and to a tinner tone on the part of
Germany In regard to the difference of tho submarine policy. Saturday's bank
statement may have also attracted attention to the less favorable money situation
and other factors were brought forward as contributing to the market depression.
New York Stock Sales
(IS
OP.
IasI close.
Afo'U 1 Hold Mines. . )
Afcnka Hold Minos . . 221
AIIH-Ctmlmcrs Site-. 2071
Allh-Chnlmm Mfg f. M)
Am As Chemical OS
Am Ar Chemical tf . OH'i
Am Heet Sugar ... .
Am Can
Am Can ff . . . .
Am Car tt l'dj
Am Car ft IMy pf.
Am coal Products.
Am Cotton Oil...
Am llldo ft heather
Am Hide ft 1, pf. ..
Am lee Securities. ..
Am Unseed. ..
Am Unseed pr . .
Am Locomotive.
Am Malt t'orpn pr.
Am Smelt ft Iter....
Am smelt ft itcf pf.
Atu ''melt nf A .. .
Am Smelt pf It ST'j
Am Mmlf pf tin
Am Mel foundries. . . XI
ltlnh.
22
2S'
71)
Itt
US
1.7
OIU
T,ow.
0
21'
27
78
(W
US
OP j
oS
1I1H 110?,' lilt
St. Louis and San Francisco Reorganization Plan
An amended plan of reorganization is being issued by the reorganization
managers of the St. t-ouls and San Francisco to meet the modification ordered by
tho Public Service Commission of Missouri. 1'nder the amended plan old tlrst
preferred will get $100 common, old second preferred $00 common and old com
mon $82 In new common together with $fi0 prior Hen series "IV bonds, compared
with the samo bonds and $12.r, $105 and $S" stock, respectively, under the old
plan. Tho amended plan makes no change In securities to be received by holders
of first and refunding fours. There Is no change in securities to be given to
present holders of general lien lis. eycept the receipt of $"00 5 per cent, noii
convcrtlblc income mortgage bonds, Instead of $550 p per cent, convertible Incomes
under the November 1 plan.
Larger Copper Dividends Expected
In another week dividend meetings on the leading copper companies will bo
held and it Is positively stated by those who shuuld know that tho example set by
the Shattuck-Arlzona will be followed nnd that increnscd distributions will bo
made on Utah and Chlno Copper and that later In the month Anaconda will follow
With a substantia) extra dividend. Calumet and Arizona directors will hold a
meeting In Chicago tomorrow to declare tho regular quarterly dividend. Tho
last dividend was $l.'-'fi a share and that to bo declared tomorrow will be $1.75,
With a possibility of $2, it is said.
10,000,000 Pounds of Copper Ordered
Ono of the large foreign Governments has placed an order for 10,000,000
pounds of copper metal at 2SVi cents a pound. Deliveries arc to be made during
the months of October, November nnd December.
SULPLUS AND LOANS LARGER
Local Individual Deposits Also In
creased in Week
Tho Philadelphia bank statement for
the week ending today showed an in
crease in surplus of $7,520,000 and of
$1,448,000 in loans. Individual deposits
increased $3,802,000. Details follow:
Difference)
prey. wk.
J1.4SS.000
3.802.000
It. 000
2.3(14.(100
36S.000
t. 774, 000
3,108.000
l,CS8,00O
7.520.000
Feb. 28. '10
...J479.731.000
... 434.MO.O0O
... 10.619.000
1. 711. 000
18l.214.IIOO
21. 488. COO
140.053,000
77.605,000
62.548,000
1914, $23.
; February
1911. Jll.-
I,oana
Dept's (Ind)
circulation
Duo from bunks...
Dep. of banks
Kx clearlnc house..
Keaerves held
Tteserves required. ,
Surplus
Decrease. .
Surplus under old form. March 2.
908,000: JIarch 3. 1913. J5, 966.000
26, 1912. J12.670.000; February 27.
z?:,7(v.
FOREIGN EXCHANGE
NEW YORK. Feb. 28. Tho feature or
the early foreign exchango was strength
In Dutch exchange and In rubles. The
first-mentioned rose to 42,j42?4. and
rubles were quoted fully half a point high
er, at 32Vl4i32i,i. Strength of Russian
exchange was attributed to loan rumors.
Sterling was steady, being quoted at
4.76V1 'or demand and 4.77 for cables.
French exchange was a shade easier, at
8.86i 'for cables, and 5.S7W for checks.
A slight fractional Improvement in relchs
marka to 73 7-16 and 73, was set down
to political considerations. Other quota
tions were: Lire cables. 6.70; checks.
6.71 V4: Swiss cables, 5.23; checks, 5.:M;
Vienna, 12.72 12.75 ; Stockholm. 28&
28.15; pesetas. 19019.05.
In the late afternoon tho market be
came very nulet and rates turned a shade
easier. It was stated that the early high
quotations for relchsmarks at 73 and
73?; were merely asking figures and that
no business was transacted at that level.
Quotations later were at 73. Sterling
shaded 1-16, to 4.76 7-1604.76 for de
mand, and 4.76 15-16M" for cables
Francs were also a little easier, at 5.87
for cables and 5.87- for checks.
RATES FOR MONEY
Call
XewTork W-
Philadelphia ''
Itoiton i . . .. .
LCoammefcfaV paper.' three to six months, Phil
adelphia. 3V,Sf4 per cent.
Tim.
r. 'J ft 4
4 . Mta
" t
BANK CLEARINGS
Bank clearlnes today compared with corre
spondlnc day lj..t two years: f
Phtla J30.983.199 124. 591. 1(7 J3,60,40
Hoslon .21 506.898 18,538.204 22,483.319
New York.;fo:436.42a 283.733.237 234.108.740
Reserve Banks' Discount Rates
-Days-
Boa ton
New York. . .
Philadelphia..
Cleveland . . .
Hlchmond . .
Atlanta
Chleaso
St. Lauls . . .
Mlnnea noils. .
Kansas City.. J!j
Dallas , .
San Francisco 3
10 or Over 10 Over 30
less, up to 30. up to 60.
3
3
3
3
4
S'.i
4
4
4
4
4
4
4
4
4
4
3
Over 60
up to 90.
4
4
4
J
4
4H
4
4H
Conv
Acrlcul. Trade acceptances.
Over 90. Up to 60, 60 to 90. modify.
Boston 5 3H 3H i'.t
Vw York.
Philadelphia.. 4H
5
&
i
5
S
5
4'i
Cleveland
Richmond . .
Atlanta -...
Cnicaffo . .
St. Luls..,,
Minneapolis. .
Kansas City.
Dallas
3ti
3
it
3H
?H
4
4
3!s
i
SH
Uj to 30 days: over 30 to (0. 4 per cent.;
over 60 to 90, 4 Is per cent., and over 90. S
Br cant.
Orders 20,000 Tons Bessemer Iron
YOVNOSTOWK. O., Feb. 28 The
Tounsjstown Sheet; and Tube Company
lwis placed orders for 30,000 tons of Ilea
me Iron with several Pittsburgh Inde
pendent prdducers, paying J0 a ton,
YouoKstoirn dlstrlet shipments to begin
Immediately Decuuwi It Is the largest
buyr of pig Iron In thin etlon, the
txmuuuiy received a. concession pf 5Q
,.nta a tern. The ramtinnv has aL&n t.la.,
an order fur 5989 ton of Cray forging iron
at ill SO a tun. j
New York Bond Sales
IllKll.
$10000 Ailanis Hxprcss 4s.. 114
5no Alasl: Oolil r f i in. 103 4
I'UOO Anw .ur cv 5s 10:u
150UO Amcr Ai:r ikb 5s..
1600 Amcr Hmelt Cs 110U
11ISO00 Anislo-rr b 5s 94 't
200000 Amer Tel clt 4s... tlU
20500 Atchison Ben 4s 94'4
0000 Atchison adj 4s S7H
5000 Atchison 5m 101 -
2000 Halt & Ohio 4b 917,
69500 Halt & Ohio cv 4ty.l 97
1000 Halt & O Swn 3hs !1'.
1000 H.-th Steel 1st 5s.. 101
5000 llctll Ktcul rfd 5s...l02'i
5000 Urool: It T 5s 1918.100'.
13000 Hush Term UliU Is. 84
.'.00 Cent Paclllc 3',is... 90 '-j
000 Cent Pur 1st 4s... 90,
5000 Cent It It N J 5s.. 117'',
22000 ChfH & Ohio cv 41is. S7.
2000 Chi Ot West 4s 72'
4000 Chi 11 i O Joint 4s. 9S,
10000 I'll! 11 Sc Q en 4h. 937,
3000 Chi It k Q 111 3H,s. 5
2000 Chl II 4: Q 111 Is 94,
3000 Chl M & S P urn Is 92
1000 Cn M ts S V cv HiM.lOO5.
4000 Chl M A M P f,l iUh 94 '',
1,000 llct IMIsnn 1st 5s...l01s4
2000 Krlo prior 4s 85'5
104
. 95',
. 59
. 88 'i
.180
"!
syi
1000 (li'li Hire ib 5s.
I'MIU jiihk vnl 48. . .
0000 J own. Cent ref 4s.
1000 do 5s
looo Ins Copper cv lis.
13000 Intern .Met I'.ja..
3000 Inter, II T rnf 0
23000 Inter Sler .Mur lbs 96I
?"'! ,io ci i'jh yu-i
1000 Inter Paper 5b 84
7000 im & Ot Nnr 1st 6s. !7V,
40oo inter Htm Pmn ct 5a 76',
13500 Japallese n lis 4's 77
9500 Jaiianese new 4tys. 83'4
10000 Kan City Mo 5s 92i
10000 Lacka iSU-el 5s 1923 99H
8000 do 5s 1950 93 'i
1000 r.k Sh deb 4s 1928.. 94 7-S
1000 Us li M T 7s I2S
1000 Mo Pac cv 5s 41
2000 do col 5s 1917 90
2000 Mont Power 5s 9(isi
1000 JC Y C res 3Hs 81
20000 N Y C & Jl 4 '4s ... 95
41000 do 6a 1131
11000 N Y City 4's 1960.102'i
25000 do 4iH 1965 lOT'.a
5000 N Y N II & It 6s. ..116
1000 N'orf & West 4s 93-i
2000 Nor Pac prior 4s... 93si
2000 Nor Pac ten 3s 6()i
1000 Ore Short I, ref 4s.. 9.1 (4
2000 Ore Hhort Line 5s...l07'I
6000 Pacific Tel 6s 100i
1000 Hradlns Ben 4s 95
4000 Hen lr H 5h
26000 Hock lslund 4s
32000 South Pac cv 4s
99t
s
66500 do cv ret f p 5s. ..1404,
.AAA .,,. r ... Jtnr
2000 do rfd 4s
8000South Rwy sen 4s..
1000 do con 5s
8000 Third Ave new 4s.
3000 do adj 5a
6500 Toklo 6s
1000 i; a Gov 3s ree. ..
6000 U S Rubber 6s...
9000 U S Steel iilf...
3000 Union Pac 1st 4s. .
8000 Union Pac cv 4s.. .
26000 Un Uwys S F 4s. ..
3000 Va Car Chm 1st 5s.
7000 WaLash 1st (,.
11000 Wabash 2d 6s..
90 ',,
. 71
:'.35
. 8'.
. 79
.1021
.102
104.
. Hi
. 93H
. 43H
. 99
14,',
4000 W N Y Pa 1st 6s.l04I
1000 West Mil 1st 4s T2V.
14000 West .Shore 4s 9Hj
Low.
81'i
lull's
102 Vi
97
110
9:1 ;
01 Ts
9 I'm
87h
101 Vi
91'.
90.
91 ,
104
102'i
100
8Sai
'4
H7i
i?H
Oh Ti
93 T,
91
92
100i
94
101
71 ts
85'i
104 '?
95U
69
88 i
lhO
'3.
091,
96 JJ
95
81
9T4
76(1
7
83
im
93
94 's
126'5
41
90
901!
si ;
95
1134a
102S
107 ',5
115
93U
93ti
CC,
9.1',
107
100 "4
95 ',
99'.
854
87
101'i
90i
71
I02i
82tJ
3'i
77 '
102V
102',
104
97 ti
93t
43t
99
101 'i
93 V,
104.
72',
911,
Close.
84H
103 '5
102 ',4
97
110',
o:i,
91 '
94 1,
87S
im
91
97
91 '.4
104
102'i
100'i
88',
90 Vi
90 H
ll7i
87t
98
937s
85
94t
92
100i
94',
inii
85 'I
104'.,
95'J
59
88 i
180
73',
99 tj
96 K
95t,
84
97 U
76S
76
83
92',
99
93
94 Ti
126ti
41
90
96 ,
tl
95
113
102 li
107H
11S,.
93'i
93 1
C6H
S3t
107'i
100H
9.1 'i
Ki?
87 :
104 H
901,
71
102 s.
82ti
83 ts
79
1021?
102
104
97V4
93l
43t4
99
134 'i
93 ts
104 sj
72 'J
91 'a
PUBLIC UTILITIES
The annual report of tlie'"Amerlcan
Power and I,lght Company for the year
ended December 31, 1916, gives a com
bined statement of earnings of the Kan.
sas Gas and Electric Company, Pacific
sas Gas and Hlectrlc Company, Port
land Gas and Coke Company, Paclfla
Power and Light Company and South
western Power and Light Company's sub
sidiaries as follows: Gross, $7.26.096,
against 16,958.333 In 1914; net, $3,454,243.
against 3, 257.827 in 1914. In connection
with Issuing Its annual report, the Amer
ican Power and Light Company lias sent
a letter to Its stockholders describing the
terms on which they may subscribe to
6,984,300 of new bonds. The company
offers Its preferred and common stock, and
to holders of option warrants for Its com
mon stock the privilege to subscribe after
JIarch I and on or before Starch 15, for
an amount of 6 per cent, gold debenture
bonds equal to 50 per cent, of the par
value of their respective holdings, as reg
istered on the company's books, February
21, 1916. The subscription price is nay-
able in 10 per cent. Installments.
Am Siicar Itcf. .
Am Siicar Kef pf-
Am I'd f. Tel
Am Tobacco
Am Tobacco pf new.
Am Woolen tr rctj .
Am Woolen pf tr...
Am Zinc 1, r-m. . .
Vnarnndi Cop At. ..
Am1 HcallMllon ..
Aoocl.itPd Oil
Ateli Top & S I-.. .
Alfh Top .1 S r pf.
llald Loco Work!
liald 1,0111 Wks pf. . .
Hall & Ohio
Halt A Ohio pr
lt.U011ll.1s Minim:....
Ilt'lhlcheni Slccl
Ilrooklyn Itnp Tr
llnuis T 5 It It sec.
Untie & Silpctior. . .
Hiitterlck Co
L'al Petroleum .. .
Cal I'cliolcum pf .
Canadian Pacific. . ,
Central Leather
Chandler Molor
Chesapeake & Ohio
Chile Copper
Chlno Copper . . . .
Clileaco & Alton. . .
Chlc.iRO at West .
CIiIimro Ot West pf
Chl Mil & St P
t hi Mil & Ht P pr. .
Chl & Northwestern
Chl It I A Pac
Col Fuel & Iron. . . .
Cot A Southern . . .
Continental ("nn
Consolidated (la? . . .
Corn Produrts Itef.
Corn Prod Iter pr
Crucible Steel
Crucible Slccl pf
Delaware & Hudson .
Del Lack & We.'t...
Diamond Match
Distill Sec Corpn
Dome Mines
Mice Storage Hat
Krlo
Krle 1st pr
IVtl Mln & Sm pf. ...
fteneral Klcctrlc
(ieneral Motors pf. . .
(iooflrloli II K
tioodrlch II F pf. ..
(iranby I'onvol . . ..
(irecne-Cananea . . .
(ireat Northern pr. . .
(it Nor cts Tor oro pr.
d'UECen K.ipln
Illinois Cent
Iut Acrlcultural
Int Auricultural pr. . .
Int Harv N j
Int Harv N J pr. ...
Int Con Cor v t c sh.
Int Cnusol Corp pr...
Int Paper Co
Int Paper Co pr
Insp Con Cop
Int Nickel v t ch
Int M M c or dp
Int M M pr c or dp..
Kan 1 fly Southern
r.7'(
117V
101
:,-2H
w
in
'22
40! i
70
m,
U-2
U2U
H7s
lor.
f.'Ji.
11:
11
1L'7H 127-S 127'i
l!l,1 mi 1M)'i
111..
OS
..us
..nil'.
.. M'
,. 10
. . .I!)
.. LI)
. 0!)
.. n:i
. US'-.112'.
mi
.Hi!'
11
iWi
U7H
lr.o
M
lfl
J I
:ri-4
cr.'j
or
in1.
in'1 1
S7
Kid
,VJ
till-
I17'j
. ion
. .w
. on
. 7.S
. s7
. 0'
. 70' i
.UWi
.102
KM'j
.UMI'j
. Ml';
. 7rt
ns,
7S'-;
S7
mi
10:1
10,
ioi.
Kill!
sr.'j
"o'-j
llM'a
.".I
ll.4
7r.',-
MS
IV 1
102ti
101 hi 101t
100 It)2'i
Clow.
II
21 H
2R
7S
0.1
08
(ll'i
.),
110
tin1.
U7'f
1.V.I
o2
034
111' j
2Mi
Ul'i
:i0'4
11s
:t2i.
in1-
IVJ4
S7'i
100
.V
lll'j
117'..
127',
IS0!
rss
77
s.Vi
O.'a
I02li
CURB MARKET WEAK;
TRADING ACTIVE
.470 I.m
. KVi KV.i
. 10' J Ill's
IKIJs 00'i
. ;io 20' j
. 20' j 20
02'; 00
.lliil'i i07!j
. .VI) 2 .U
. ill III
. 02 02' 1
..' 2.')1.
. o0.' .10'a
. S S',
12?) 12!ii
. :i.- nth'
. 01 03Ji
12.S!,. 120
.127 120k-
IS'j lS'H
. i:i 12.1.!
. 2N 27
. Mlli 708
i:t:t'i i:u4
2Vi 21.'a
. II6J. 110' 3
. 70' j 70'-j
.IlilW 11
.l.W MO).
.220 210
. 100 100
-Wi I5S
. 2,1 J, 2.'1? I
0,1 01
. :m :.','
rati .11 j
. r2 r.i! j
.100), lfif.
111 11;;
. 70 70W
lOOJii
So1!
"ll'j
.
t.vJ
S.V,
10's
ss
20lj
27' 3
flS'j
100
fil's
22'-j
1V1
an
I2'
;ii!s
113' I
1011'
7o) j
.
t.iT
S.l!i
to?.
vMl'-i
20' 1
27'i
W)
1004
51S
,S0
01! i
22) 1
.1.1"
H;i
12'
:ii!J
IW.
128!i 12S'a
120'
Ill's lll'i
00 00
. 10' 1 -10' i
.1205, 120
1.1 121
21U 2l
.102JJ 1(W
. 21'ii '2Hi
. 0U 02
.100' 3 100' j
I17'i 114'
r
731i
11
17
1,1
47
1.1.'4"
07i
205g
Kan City South pf. . . . 00
Kennerott Copper.. .. 5t'.j
Laclede Has IOoU
Lack Steel Co 77) i
Lehlsh Valley 78' j
Leo Itubber & Tire 50' j
Llcsett & Myers 252! j
I.005MV Ills 1st pf. ... 9i)
Lorlllard P Co 1071-j
Louts .t N'ash 122" a
Mackay Cos MIM
Mackay Cos pi 07! i
May Dept Stores fim
Maxwell Motors o:t'('
Max Motors 1st pL ... 8,115
Max Motors 2d pi 40
Mexican Petroleum. .. UWi
Mexican Petroleum pr. 0915
17
30
.1
14
1
H
70) i
121
25
00! i
101,
Minn & St Louis pf.
.Miami Copper
Mo Kan & Texas
Mo Kan & Texas pf.
Mbsourl Pacific. ...
Mo Pacific tr els
Montana Power
National lllscult
Nat Knam & S Co...
National Lead
Nov Con Cop
New York Air Urako .1J2
17U
73'4'
10
40
4.1!
171,
1.1','
07)5
2.Hi
(1(1
a-it.
10.1
70'4'
7S'
)
252
S7
io:t
122
M)
07r4
52
0:a
87J5
4S5t'
lOOJj
0S
10
30
lii'.'i
4)4'
4Ji
70
17'.
:;n'4
27
70
l.'lOI.
20'S
no
70) i
IIIs.
140' i
210
10.1
44 '4'
23)3
01
3.V.,
fill' a
51
100
113
(IS
113! a
M))3
4.1
120
41!,
21
102'i
20
00
100
114U
10),
72
!"
45
41
45
11! i
01
2I)3
(ill
527i
10.1
74
70! a
4U)f
252
S7
103
12I'k
W)
07.' i
52
nO'4'
M
I34
OHj
9S
10
3l'i
5
13' ;
in
Mi
m
17
40
27
70
l.'ll!i
21
no
72
lll4'
110';
210
10.1
44 '4
23?4 0-1
:?,
51
51
100
113
OS
113' J
SUJ-i
4.1
120
Prices Declined From 5 to 19
Points New Low for
Midvale Rights
N'l'W YOItU". Kcb. 28. Trading In Hie
market for outside securities today was
again fairly active but generally at the
OMichio of values. The unfavorable war
ncwa was largely Instrumental In develop
ing it ftntber downward tendency, which
extended almost throughout the entire
lift, tlccllne.'! in some Instances wero
from IS to 19 point!;, this generally being
the case In some of the war Issued and
oil Plucks.
Poole 1'iinineorliiR and Machinery de
clined more than 10 points. Aetna Kx
plosive n point. Hnbninrlnc Itoat, on smalt
offerliiKK, ensctt off 1 '.i ; Katbodlon Hroiue
was nn exception. After moving up nboilt
live point II tended about two. The
motor stocks were reactionary; Chevrolet
Motors declined three points: While Mo
tors, IM Mnxlin Munitions: declined to a
new low tnnrlt on more liberal nrrorliiRS.
Mlihale Steel declined l'a, whllo the
I'lHhtH on rallior heavy offerings touched
new low math ; the bonds were mi
cliatiRcd. Tobareo Products sold off mole
titan n point, rnllylnr; LllKbtly. AJa;: Itub
ber Hold -(dividend nt a small lrcr-ssinn:
Hopkins and Allen's Arms were offered nt
about In points under Ihe previous
transactions.
nil Klnc'cx i'fa.'teil ilinri)l.v. Pntlne Pipe
Line decline-! ID points ; Illinois Pipe, 7;
Buckeye Pipe. 3; Ohio Oil, 8, nnd Stand
ard Oil of California, fl.
Copper stocks were quiet and a sbnde
easier, notwithstanding the blBbcr cables
from abroad
Honds wero comparatively- iUlt and
fractionally lower, In sympathy with tho
balance of tho list.
IN'DCSTP.IAI.S.
Arln.'i f"lor
Am-llrltlsh Mfir
Atliin (!ulf UV I M.
do nrrt ,
Am Marconi
AJnx IluhliiT Ttic v, I . .
Ilnltn Tube
tin pre!
I'nunilliin Car ft IMy ..
il.i rref
Chevrolet Motor I'nr ..
rubiin Cane SuKiir .,,.
I'urtlss Ai'ronlatie ....
DrliKS-Senlmry
Ilinorson
Ilnsliell ft Ilarlirr 1'ar .
Itenilee MuniirecturliiR
Inter Mcr Marin- ....
ih nref
Kclly-Siirlmtileld
Knthoillon lirnnxe iiref
M-inhnttnn Transit ...
Maxim Munition
Mlil vii I- Steel
Otis Illovnlor
IVciIcsh Motor
Poole VJntr & Much . .
S S Kri'sse w I
Slanil Motors
Submarine lit v I c ilfs
Trlnnitle Film v t etfa .
I'ntti'il Prollt Sharlnc .
U H l.lttht & Heat
I' S I.lBht & Heat lift!
White Motors w 1 . ...
World rilm
STANPAIlt) OI
III. I.
... S2'.l
, . . ill
. .. :i
... IB.
... Z1
... CS'4
. r.i
... !!
. . . li.l
... sn
...131 .
... IS'.i
... IS
..ian
.. ii";
on
Ills
Ohio nil
8 O of California .
S o of New Jersey
H O of New York .
OTHI'll
Ilrnnett Oil
I'nsrlen Oil
I'hnlm.tr, fill ......
115, Houston Oil
21 Jj I Mlilwest Itillnlns
102,4 MININR STOCKS
20 Haputpa
i-.i?' Atlanta
w i i..,rrn ,n Pnsro
100 t ISiitlf. I Uvt etfs
I lutt
Klrst
. . . . 143i
. . . . .
. ... s
.... IK
... l'a
.... 4 4
.... RS'i
. .., C:i
L'l'i
ton
IT.
s.
Se'
'l
I -'.
.1H
4 i
44
1 '3
StJIISIUIAHIIlS.
ISl
I12S
nor.
207
, STOCKS.
IB'.i
Asked.
Stl'i
10 1 'i
;
t:ti:
in
r,n
140
Xi'.i
47
:'.(
isr,
71
o
211
1"4
4---i
iin4
HS
211
11(1
13'J
n
35'.
4'j
14
r
4!l
1?4
m
2.10
258
SIS
210
i2:
7
18
60
114,' l
10! 4'
OK
45
4l'i
40
15'i
05i
2.1!i
Oil
KM
105
74)4'
70' i
40! i
2.12
S7
105
121?,'
SO
07Ji
52
02)4
B4
11
0.14
OS
10
3.1
5
13i.i
4?'
Mi
ro
1 New York
National Copper
120IJ 120 120
N Y N H & H...
N Y C !c II K....
N Y 0 & West
Nor Ohio Tr & L. . .
Norfolk Western. .
North American
Northern Pacific
Ont Silver Mln
Pacific Mail
Pacific Tel & Tel. . .
IVnn ltallroad
Peoples. Gas Chl...
Philadelphia Co 41
07H
104
. 2SW
. OS
.110
. 70 GO
.U2JS' II2J4'
22)J
37
57
102' i
24H 23
CO 0-IJi
10 IBJJ
141 13S!;
004' OO.'f
I03 102
2S 27' i
70 70
110 1154
00
t
01!i
154
1311''
OO.U'
103
27H
70
115!t'
00
111K llHa
31U
1 IOJ'j
05
. 55
1021-i
. 4'i
. :soj'
.. 08
247i
.. SO
.. 43
.. tm
.110
8'i"
7'4'
. IWi
I1UI4
4
i
Slj
m
10)i
174
3S)i
55
170
RAILROAD EARNINGS
SOUTHEUN RAILWAY,
1918.
January sre
KH
Sovtn moatlM' grow . .
Nt
Tblrd waek February
Friua July I
IS.6S9.032
1.610.71
3,C4.(1S
11,770.10
J1.3U.S2S
43.I9C.13I
CANADUN KOIlTIiBnN.
IS. 016. 100
156 400
17.149 100
8,1:2. 0
January rui4
s.o monttn' jros
NM.
Incraa.
3836.019
103.994
t.W.tit
4.119.404
1182.147
3.9(1.(33
II4T 400
II 100
4 023.600
1,933,191
Pitts Coal Co N J
Pitts Coal In i pf. .
Pittibursh Steel pf
Pressed .H Car Co .
Pullman Co
Quicksilver
Ky Steel Sp Co....
Ity Steel Sp pf
Hay C'oa Copper. . .
Heading
Itcaillns 2d pf
Itepublte Iron & S.
Itepublle I & S pf. .
Hock Island
Hock Island pr. . ..
wns v 1st pr.
St L i. S 2d pr. .
Seaboard Air Line. .
Sears Hoe & Co 174)5
snat ArU Cop 38)4
Sloss-Sher S lc 1 50
South Porto It Suear. . 172
South P It Suear pf. . .100!i 110
Southern Pacific 08?i 09)i
bouthern Ity 20) j
Southern By pr 58
Studebakcr Co J4i
Tenn Copper 57
Tens Co 203
Teias Paclllc 7Jj
Third Avenue 60)j
Tln City RT 91
Union Hag & Paper-. . 7?i
(Jnltea Clear stores.
United Cigar Mfrs..
Union Pacific
Union Pacific pf . . . .
U SInd Alcohol
USC1P F
United Fruit Co
U S Realty & Imp. .
United Hy Inv Co. .
United Itys Inv pf. .
V S Rubber
U S Rubber 1st pf.
U S Steel Corp
U S Steel Corp pf .
Utah Securities ....
Utah Copper
Va-Caro Chem 40
Wabash 14
Wabash pf A 43
Wabash pf B 26
Wells Fargo Eip 125!'
GH CVS 0!j
23' i 22 231i
30'4' 30!4' SF,H
57' 50' i r.0H
102J4 102?i 1021J
41 40! j 40,'a
3li; ' 20 20"-i
10.1 ;02 103
05 05 95
52 51 52
102!i 102 102
4!i 4'; 4't'
30! i 30 39
OSJj 08ij 0SH
24Ji 24), 24).
S2)3 SO S2)
44H 43)- Uh
51 48)j 40)i
110): 110)4
4 4
u n
W 8i
OI4 ou
1GH 10i
170lj 171
m, 37).
5.1 53
20!t'
57
141?4' 135
5(1 55
170
110
08' j
10Ji
57
170
110
0S.H
10,'
S7
13.8
55) i
2fflH 106'a IQ7H
. mi
. 59! i
Ptl! i
83
7
00U'
05
Vi
Oil
504
I 'I 4lt
50), 594
05 05
7S 7,
04' Ji
59U 59!f
13.3H 132Ji 132'i
Sl-4- Ki'i 83Ji
IIW- Hli'j H3
17 16?j 16i
142)4 I42)i 13S
451i 43)i 43)i
14)4 14 14
29) i 28),' .'7'i"
51 50)j 40) i
144
10) i
140
43)4
14
49)4'
107U 1071, 107)i 107)i
rsz.'t M!4 Hill K2
11054 IWi U0)j 11G),
int
S3)i
West E Jt M. .
West E &M 1st pf..
Western Maryland. . .
West Union Tel-. .
Wheel & I, E 1st pf. .
WUljs Overland
Willjj p pf cf f p.
Wooliotth V W
Wi
70
. 2G)J
. bS
. 12)i
207X 207
10.3 1(XJ
181,
83H
45li
13)4
42)'
25JJ
125
04U
76W
20
88
11
IK
81 .
41
Vih
42).'
25)i
125
C2)i
76) i
24);
87J,
11
SOI
103
18
41
13) i
42)i
25!f
125
53)i
76H
24'
87Ji
11
204
103
21 120)( ll.t4 Jl9)
Total al. 304 .SOU -.tain, compared with
JS7, iharc Ut Monday.
Ilolilllelil Memcr 15,
Ilrcl.i MlninK
ltowe Houinl
Jim Hutler
.lumlxi Kstenilon
Itenwcntt Copper
MuKina Copper
MtneH of America
Nliilsxlmr Mines Co
San Toy
We.it Knd 1 'on
Went I'nd Extension
1IONDS.
Uric ItlKhts
llHlllmoro & Ohio 69
I'rrro 6s
MUlvnto ls w I
12 12U
18 1!)
38 3S'a
T H..
3 34
fi i B
16., '',.
4'i 4'i
5U f.i
93 05
. I'm l'
17'.4 17 ',
44 47
2't, 2;
B '.4 H
16 17
"B 78
I 2
i ,
101 U 101 i
119 120Vj
99 99 Vi
Financial Briefs
Anglo-French Cs scored a new low rec
ord, selling down to 9SV The last
previous low point was In December at
93 Vk- Large bloel.a changed hands.
T. I.. Alburgor. Jr., formerly with B.
McCIaln trotters & Co., has associated
himself with tho bond department of Fra
zier & Co.
For the year ended December 31, the
trcyman-Hruton Company reports a sur
plus after dividends of $611,372, an in
crease of $72,449.
The Studebalter corporation reports for
the year ended December 31 last net
profits available for dividends of $9,007,
425, against $4,441,966 In previous years.
Net .les $56,539,006, against $43,444,223,
and the profit and loss surplus on Decem
ber 31 last waa $8,470,952, contrasted with
$5, '.'05,819 on December 31, 1914.
Tho Now York Subtreasury gained 52,
239,000 from banks on Saturday, making
cash net gain sinco Friday of $2,764,000.
Tho gross profits of the Holllger Gold
Mines, Ltd., for the four weeks ended
January 28 amounted to $174,996; work
ing tost, $90,780 ; working cost per ton
milled. $2,916; ore treated, 30,817 tons.
This Is tho tlrst time In the company'a
history that working costs have been
reduced below $3 per ton.
The Imperial Oil Company, the Cana
dian subsidiary of the Standard Oil Com
pany of New Jersey, declared a semi
annual dividend of 4 per cent, on
$22,000,000 capital stock. The preceding
semiannual dividend was 6 per cent, on
$11,000,000 stock. Since that declaration
the company distributed a stock dividend
of 100 per cent., bringing the capitaliza
tion up to its present amount.
Stockholders of the Scioto Valley Trac
tion Company will meet March 8 for the
purpose of authorizing the directors to
take out of tho treasury $200,000 first
preferred stock, issued September 22, 1908,
and use it as originally planned. This
will mean the purchase of stock of the
Columbus Depot Company, which plans
to erect an Interurban terminal building,
costing about $300,000.
DIVIDENDS
KENNECOTT COPPER CORPORATION
120 Broadway, New York, February 1, 1910.
DIVIDEND NO. I.
The Board of Director! of the Kennecott Cop
per Corporation haa this day declared a divi
dend ot One Dollar (41.00) per hare, for the
quarter ending- March 31, 101U, payable March
ISl, ItllO, to stockholders of record at the claie
of builness at 3 p. in., March 10. 1U1U. Trans
fer books will close at 3 p. m., March 10, 1010,
and reopen March 20, ID Its. at 10 a. m.
UEN'NKCOTT COPI'KH COltl'OIIATION
By c- T. ULRICH. Secretary.
illE AMkIuCAn" UAH COui'AN
tOl Market Street, Camden, N. J.
,, . , February IS. 1918.
A quarterly dividend ot :?,. or $3.00 per
hare, has been declared on the capital
stock of thl company, payable March I.
ID 10, to the stockholders ot record at 3
o'clock I. M.. February 18, HIS. Checks
will be mailed.
J. B. TOWNSEND. 3d. Treasurer,
CAUTION NOTICE
iXS A1X I'EUHONS AKK JIKBEUV"lJAiF
tloned unalnst harborlnc or trusting:
nny of the crew of the French steamship Tlbor
from Nantes. Fraruw. A. Benteu. Master, as
no debts of their contracting- will ba paid by
th Master. Owners, or by
KAB.N UNB 8TBAU8KII CO.. Aeents.
488 Bullitt B'da-.
DIBKOTUKV OF At'4'OUNTANTH
Certified VtibUaAeeouotants
I.AWltHNCE. K. BROWN fc CO.
181 - UKAt. ESTATE THU8T Ut Il.DIi.
BlUtNS fc BPBAKMAN
Th Sours,
I Sates in Philadelphia
17
in
2
. 6
220
50
t"
BfiO
eno
52
III
in;
10
in 11 r
125
ir,n
2f.
75
nci;
in
tsn
1
2(10
r,2j
KS5
1105
40
210
2355
103
477
8690
in
All tns
Am Can ....
Am llwyn . .
1I0 pref . , .
tin Id I .oro ..
i.'ol I'ucl . . .
.1 (I Itrlll ...
i;nm steel ..
Illoc Slor ...
lieu Asphnlt. .
tin nref ....
Hunt II T pr
Inn 1'n N Am
Kc-iiii Cop
l.alio H I'nrp.
l.rhlRh ,S'.1V...
Ili Vnl
I'h V T prcf
Miami I'oppcr
I'ennn It It. . .
Icnnn Steel. .
iln prof . . .
t'hlld l'o
ilo ruin prcf
riilla Ktcctrlr.
! H T tr ctfs
llcnillnp
liny t.'on ....
Ho Itwy
Tim Del
Union Trnc. .
t'nlt (Inn Im.
IT S Plrr-I...
Wclnli lllcc. . .
HlBh.
19i
til)
.10
Sin
80'
mi
351
i2
2G'j
B4
1 nil
tiifi
-s'i
t:I4.
.15
r,7i
.
8ji
it
44.4
274
195
S2
21a
14
cm
nn
s 2'. i
ii
Low.
19i
en
nn
;
tnt'i
42i
8n
n
M,
72
12
25 4
54
mfi
7H4
7n
:!,
".
us ;
41 '1
2 Jt
18J4
80 J
24 i
19.
!
43 4
Ml
81 'S
r.i
Cloi.
I9H
60
30
97
102,,
36 '4
804
64
:ir,
72
i?l
54 ;
104
i!4
7fflt
43
35
57
70
OS
41 '4
.
2 7 '.4
",.
S2'
2'!l
1 9
4'i
4n'
89
82
64
Net
chpte.
3 '4
T.f
-i
S4
111
sn
flnc. ihg".
Tnlnl Milr, SD,;:i nhnrc, rnmimrcil ttllli
10, 8.15 uliitrc lil( Alonilil',
1IO.VDH.
lllBli. I.mv.
linn Am ; r,i !:! fj
2000 Inlfr ltB 4fl 58 Si's
iiHio I, N cii 4k.ii:i 11124
1006 I, V 1st cxt 4.1 M 94
I Ill) !. .... 91. 93
moo Pn ueti l'4H.in2'i I02'4
160(10 do cnu I', 4 1. inn 1054
-ono I'h Cn run (is. HI. 93 i
9000 do Isl 5..lnli lol'l
21000 I'lillii Klcr In. 81 84
nno .10 r ion ton
8nnn licnillntt bcii 4n l'SJi 95;
loon Hpnii-Ain t 6a.ii2'i I02'4
6000 Htnnil (Inn 6s. ton inn
20on t'n Ity.i t r In. 7. "n
toon fn Ity Inv 5n. 72'4 !! 1
inoo Welimtch 5.1.. 74 9. '
500n York ily lit fm 4!4 94'-
-UnrrctHe. Decrciiic.
tCnsh paid.
Tolnt nnlrii SIIO.OOO, rnmpnrcit llli 1,8(10
liiil Monday.
!!., . ,
r.7i 1
1024 '4
94
n:i ....
102'. '
1054
91 ..
101 4 H '4
SI
103.. .....
I02H '
1 00 -, A4
76
72'i
97-k .....
914. I- "n
Local Bid and Asked
Tnihi.v'B SnturiluVH
Itlil. Ashed. Hid. AHke.l.
ItitMnln in2, in:i lot 1 in. ,
ItiKf Mils t r :i9 4 tots 39 4 4(Ji(,
iln prcf 59 li 60 5914 .60
Itrlll .1 (1 8(1 39 36 39
('Hill Klcel HI 91' 81 I
Mine Mtoriico 63Jj Ii4 'o 1.4'a 65'4
liclii'lill Anplmlt .... 3l.'1i 35 36 36
iln prcf Tl'.i 72 72 ,2'n
Kl'VHlMli. Tel ISft II ISJ 14..
iln t r 13' II I3' 14
In prcf 69. 70 69 70
l,ale Supi'rlor Corp.. I04 II ll'i 1 1 "a
l.ehl.th Nhv 76 77 7l!' i;
I.elllBll Valley 76'.4 77 j 78 iKjj
LehlBli Vnlley Tr.... 22 22''4 22 22',5i
, d Prcf 13 43W 44
I'ennn BS4 57. 5. Cm"!
I'hllr IClec 27 H 27 " 27 2,4
Phllll Co 40!, ll'i 41 42'i
iln 5 per rent pc. . n7 33 37 39
ilo ti per cent pr. . II 11 'a H 44 'a
Phlln It T ll'i 19 19U 19i
iln t v 184 19 I9U 104
nendlli).- 82' 82 SO 80J,
Tnntipall Helmont ... I'l 4n 4s 4'i
Tnimpiih Mliilnu 61!" i'4 6 64
Union Traction 43 I3'n 4 3'. a 44.
I'nlteil (las Imp S9'.i 89t 90. 90'
II S HIim-1 82 82'rtl 824 8214
Vorli Itallivny to-; 11 in, II
do pref 37 37 '4 37 38
Win Cramp t c 71 80 71 73
NEW YORK COFFEE MARKET
XKW YOItK. Feb. 2S. At. the open
ing this morning business In tho coffeo
market was less active, but the undertone
was steady. Klrst prices were unchanged
to four pints higher, with sales on the
call aggregating 3000 bags.
Today's Saturday's
opening. clone.
t'Vhniary 7.68(u7.70
March 7.60 7.6Sf7.70
April 7.76W7.77
.May 7.80 7.83W7.84
June 7.88r(f7.89
July 7.71 7.92M7.94
AURllKt 7.07HC7.99
Seplember 8.03 8.02W8.03
October S.OJS. in
November s.na'u's.in
December 8.11 8. 14 8.12M8.14
January .1:1 Off 8. IS
Hid.
Gasoline Up in Cincinnati
CINCINNATI, Feb. 28. Tank wagon
garago gasoline advanced 2 cents to 23
here today.
The
Guaranteed .
Mortgage
i
S recommended as
an investment of un
questioned stability, un
affected by any condition,
whether political or indus
trial, which relieves the
investor of all possible an
noyance and trouble.
Circulars on Request
Philadelphia Company for
. Guaranteeing Mortgages
William It. Nicholson. President
I.nnit 'title Ilullillng, l'hllndelpliln
(31
INVESTMENT OFFERINGS
We Iiuto prepared a list ot
offerings. Including ltallroad,
Vulillc Utility mid Industrial
llondH which wo ran recom
mend, Copy furnished on re
quest, MELLOR & PETRY
Members N. Y, & rhll. Stock Exchame
330 CO.MMKIICIAI. TIIUST IIL'ILDING
To the Holders of tho
First Mortgaga 5 Bonds of
the Consolidated Gas Co.
of the City of Pittsburgh
On February 1, 1916, the Consolidated Oas
Company of the City of IMttsburch made da
fault In the payment of Interest on its I'lrst
Slortsace Five I'er Cent. Bonds. In view of
this default the unders:ned have been ap
pointed a Committee to enforce the rlshts and
conserve the interests of the bondholders. The
I'ennsvlvunU Company for Insurances on Lives
and Orantlnir Annuities, 617 Chestnut street,
I'nlladelphta. haa been appointed Depository. A
deposit azrecinent haa been prepared, of which
an original ran be seen at the office of the Do.
posltory and copies obtained on application
to the Depository or to any member or the
Committee, All holders of bonds are requested
to deposit them with the Depository under the
provisions ot tho agreement. Bach depositing
bondholder will receive a certlAcate of Deposit
In transferable form. Tho agreement makes
careful provision for the withdrawal ot U"
noslted aecurlttea In case the depositor Is nnt
satisfied with such plan as the Committee nuj
announce, or wun any cohosh wmen tne uom
mlttra may And It necessary to InaUe In the
provisions of tho agreement,
CIIAnr.ES 8. W. PACKARD. Chairman;
WILLIAM P. CJEST.
THOMAS 8. OATKS,
K, S. PAOB,
U. HOWELL GM8WOLD. JR..
JAMES CROSBY BROWN.
Committee.
a. W. PEPPER.
Counsel for the Committee. -E.
L. UltAUTtOAM. Becretary.
617 Chestnut Street, Fblla.
THE LEHIGH COAL AND NAVI
GATION COMPANY
Philadelphia, February 15, 1916.
The annual meetlor ot the stockholders
ot The Lehigh Coal and Navigation Com
pany will be held at the office of the Com
Piny. 437 Chestnut street. Philadelphia. Pa.,
on February S. 1810. at 11 o'clock A. M..
when and where au election wilt ba held for
President and Board of Managers to serve
for the ensuing yr. ,
Copies of the Annual Report can be had
at (be Company's office on and after Feb
ruary 21, 191U.
HENRY tt PEASE,
eecrtluy
EATES MAY BECOME FIRMS
RUMORS REGARDING READ?!
Distributing the Big Surplus PitM-,,..
s of Consolidated Gas Bonds, Philarlplnh'.
. Subsidiary, Form Protective Commit.PO 1
MONEY
MANY
Talk of
Holder
Co
The recently resumed transfer ot for-clgn-bcld
securities to thl nldo of tho At
lantic lias MURgcstcd ' tho minds of pome
bankers that the money Klttiallnn, though
superficially extremely cany at present,
may reflect In the not dlititnt future the
foreign demand for funds so clearly evi
dent. The bank stntcnicnts hero and lit
Now York of late hnvo displayed a heavy
expansion In the loan item. That tho
movement of securities from abroad will
be handled carefully goes without saying,
nnd lodgment Is being found for thco
stocks nnd bonds In tho hnuks and other
financial Institutions throughout the coun
try. Tho drnl.. in ensh Is ntiotbcr feature
of the present sltuntlou nnd Is largely no
counted for by the movement through tho
Federal Itcserve Hank. There Is not like
ly therefore to bo any great demand for
new capital whllo the foreign selling con
tinues, as the bargains to bo obtained nre
too tempting to Investors, being ot the
highest grade securities.
According to dispatches, money rates
throughout the West show little likelihood
of any material change taking place for
sonic time. Tho steady accumulation ot
funds, as shown In deposits nt the largo
banking institutions, together with tho In
ci case In reserve rctnilrcuients, as occn
slnnrd by the Federal Itcserve net, as well
as the light demand from mercantile tines.
Hhollld naturally tend to cnuse rates to
remain as they nro for the next few
months nt least, Western ndvlccs assert.
With the exception of Heading, which
again displayed marked strength, the local
market was inclined to sag. Very opti
mistic talk was heard on Heading. One
rumor bad It that the company contem
plated disposing of the conl and Iron com.
pany and distributing tho cash thus ob
tained to Its stockholders In the form of
a bonus. It has also said that tho largo
combined accumulated surplus, which
amounted on June HO last to $3!),S21IUIT.
might be distributed, wliilo still another
story revived the tliiiu-worn rumor of re
tiring the second preferred stock. A dc
cllno of more than 8 points occurred in
Haldwlu on a few sales, hut as the stock
has not appeared on the local tape re
cently It was regarded merely as an ad
justment wltli ItH Xcw York price.
At the close J. O. Drill broke more than
S points, while Knpid Transit nnd others
extended their previous declines fraction
ally further.
As the day drew to a close the whole list
weakened further In sympathy with tho
decline In Wall street. T.chlgh Valley, after
rising a dollar, fell back beow .. .1
final, while Itap.d Transit ZM'
dollar and Storage Ilattery 1
eadlng also reacted after aKj
Philadelphia Company S8UM v )
regular. Pittsburgh holders of.i
of the Consolidated (las Comnani ..
burrli, a subsidiary of PiZffi.?'
pany. on which Interes u.,.'P,ll H
February I. have formed n. ,!r1
committee composed of A n n?b
1). Herbert Hosteller. John li
iiicoiiore u. l'nini nnd li t n.,;"
with the Safe Ueposit and Trust rw"'?'
as depository. A committee forn?
purpose was formed In Plillad.ir,t,w,9
the time the default In lntcrJ.il11"'
.. """Wt
Money in London
l.ti.UO.. Feb. 28. -C0SC .
l'a per cent.; discount rate rW'.'l
n(, per cent.; three months', TiS
cent. ''t
B.A,
&PUBLlC SERVHTV
SECURITIES
"77i; dependence of municipalU;,,
on Public Service Cornorm;,.!.-
the strength of their sccuritia"
J . r." " i-.--"-" "t.s or certi..
public service companies afford tie
opportunity for autstantial l'nvcitmaj
yielding a high return.
5 Wc particularly recommena i
cumulative bD prctcrred stock ol
public fcrvicc company nettinj j
present prices 6.42.
J Balance earned 1915 over 3 tin,
preferred requirements.
1 The company is paying 4 ci
common, over ifo ecing earned.
CI The properties are situated in J,I
fercnt localities, thus aasurini itall'tj
or income.
CJ Detailed description on requeit
Baker Aylirvg Co.
La.id Title Bldg-Philadelphir.
Jay Cooke
secured the first National Bank Charter issued for tie
First National Bank of Philadelphia. Among the
original stockholders were such well-known men ai
Robert B. Cabeen, Cabeen Co., dealers in Iron and
Steel: Stephen A. Caldwell, Stokes, Caldwell & Co.,
Dry Goods, later President Fidelity Trust Company;
Clarence H. and E. . Clark, E. AV, Clark ? Co.,
Bankers; O. 7. Davis, Davis fe? Binnie. Attorneyi-at-law.
and President during organization; Thomas
Drake, Retired Capitalist: J. Gillingham Fell. Coal and
Iron Merchant; L, A. Godey, Godey's Lady's Bool;
Amos R. .Little, Director Pennsylvania Railroad Co.,
Dry Goods Merchant; Morton McMichael, Sr Mayor
of Philadelphia: Morton McMichael. Jr., Castier;
Walter McMichael, Proprietor The North Amenem
at that time: W. G. Moorhead. Jay Cooke & Co.;
Joseph F. Page, Real Estate and Builder: Georje
Philier, President of the First National. 1873-1904:
. S. Russell, Cochran. Russell & Co.: George H.
Stuart, Dry Goods Merchant; George F. Tyler. Iron
and Coal Merchant: James A. Wright, Peter Wrijnt
&? Sons, Steamship Agents.
Many of these families still hold their original
shares.
The First
National Bank
ss ran W'Tff ' V r
OF PHILADELPHIA
315 Chestnut St.
lr-
We beg to announce that we have
opened an office in New York at 115
Broadway.
The New York Office is connected
by direct private telephone with our
Philadelphia Office.
Newhall, Churchman & Company
Members Philadelphia Stock Exchange
Stock Exchange Building US Broadway
Philadelphia New York
"frf rwiirnifi
Interesting Facts and Figures
Our rent compilation of facts and (Uurea rteardin tho following- comp
el") lm had upon request:
PHILADELPHIA ELECTRIC CO,
THE UNITED GAS IMPROVEMENT CO.
LEHIGH COAL & NAVIGATION CO.
Also Our Latest Circular, Untitled
FEBRUARY INVESTMENT SUGGESTIONS
REED A. MORGAN & CO. B&SJSJ & &S. eox
W
tSApBiaSSSSBJSJIBHIswf4OT
nsnssanssaiMiaisi
mi ii iminiiir
LOGAN TRUST COMPANY
OF PHILADELPHIA
1431 CHESTNUT STREET
CAPITAL. AUTHORIZED
(1,000,000
PAID IN, $906,900
SURPLUS AND j
UNDIVIDED PROFIT
$380,000
Our Trust Company is organized to wye Infor
ination on all fiduciary matters. Where this
Company is made Executor, Trustee, etc., wins
are prepared without charge and deposited lor
safe keeping in our Vaults.
ROWLAND COMLY
frutiiitnt
WILLIAM BRADWAV
f,
I
ttt.
fJkA