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EVENINO LBDRBB-PniLAnBLPHlA, TUESDAY, PEBETTARY 29, 1916.
. FINANCIAL NEWS
i- - i ; , 1
New York Stock Sales
Ijist close.
BTOCK MARKET DURING THE DAY
HWAS RULEp BY CHARACTER OF NEWS !
Conflict Around Verdun and German Submarine Policy
J Most Important Factors Supply Large on Early
Upturn Sinking of La Provence Caused Selling
tllnh.
(I
21VS.
as
(!(!(
17
High Points in Today's Financial News
federal Reserve Dank of Philadelphia in market for $1,000,000
Uillled States 2 ver cent, bonds. otTerina nar and accrued intertat. Ait.
&nounceme,nt expected soon on new Russian loan, which will amout to
between $60,000,000 and $100,000,000. February bank clearings in Phila
dclphia large; also the stock and bond dealings on Philadelphia Exchange.
"""' uuuKCK fn ices vj meet pipe, more avoraoic January ana
February railroad earnings.
'
fit' j
117't
118!.
101
10
tl)
0
20
27
77
m
051 i
r,7H
m
2CKW YOltK, Koli. 29.
I'rtco movementu mid tho market tone Were ruled to u Kreat extent today
W tho varying diameter of the news of the conflict In France around Verdun, and
tho reports of tho attitude of Germany In regard to Its submarine pulley.
Early In tho day tho war news was construed as more favorable to the
Allies' posltton, and during tho first hour trains were made, ruiiRiiift from one
io five points, with American Coal Products and I'lielflc Mall making the ex
treme advances. This upturn apparently was not desired by tho Important
Interests, as stocks were supplied freely at the early high levels, and before
tho end of the foiv.ioon heaviness again developed.
Tho news of the sinking of La Provence In the Mediterranean was an
Incentlvo for a new soiling wave, and when it became generally known that at
tho time of the disaster the French steamer was In tho service of Franco ns an
auxiliary cruiser there was not enough vigor left to cause a good rally.
Late In tho afternoon another selling movement was based on published
reports, asserting that tho Germans were bombarding Verdun, but this move
rrtent met a fair degree of resistance for a short interval, with pressure again
executed against numy stocks toward tho close.
There was a seeking for reasons on which to base tho persistent buying of
Reading. It was conjectured by somo that the company might distribute the
proceeds of Pennsylvania Steel sold to the Hethleliem Company, and the proba
bility was also brought forward that the Heading Iron Company may have
taken some action at Its annual meeting two weeks ago which has not yet become
a matter of public knowledge.
Covering of shorts and some buying by Western commission
tributed largely to the display of strength at the start, but In tho
the professional element sold and the Western traders changed t
on the 'general market.
127
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101'
houses con
late trading
heir position
j,.
Announcement on Russian Loan Expected Soon
It Is understood that arrangements for a Russian loan arc being completed,
ahd that an ofllcial announcement regarding the matter will bo made shortly.
Vhlla xietails are not yet available. It is stated that the amount will be not less
Oian J60.000.O00, and probably nearer $100,000,000. Tho loan will be a short
term obligation, probably running for not more than three years, and Will be
secured by Russian railway bonds.
?
Price of Steel Pipe Advanced
PITTSBURGH, Pa.. Feb. 29. Effective today, the National Tube Company
has advanced, virtually all welded tubular goods one point, or about $2 per ton,'
this including standard steel pipe, line pipe, oil country goods, and boiler tubes.
THIS Is tho fourth advance in steel pipe this year and tho total advance on this
movement is about $12 per ton. The independent manufacturers will doubtless
establish similar advances.
FOREIGN EXCHANGE
NEW YORK. Feb. 29. At tho opening
und In the first hour and a half of busi
ness the foreign exchange market was
quiet at a shade under the final figures of
yesterday. Itelchsmarks were nominal at
f 13yt and 73 D-1C, compared with asking
rates yesterday as high as 73 and 73 ft
and a later quotation of 73. Guilders
contiuued strong and indications point to
higher figures In the event of any Inter
ruption to the proposed continued export
of gold to Holland in payment of Sumatra
tobacco purchased in this country through
facilities afforded by Dutch capital. Ster
ling was steady at 4.7G 7-16 for demand
and 4.77 for cables. Francs did not show-
any appreciable change at G.87 for cables
apd C.87 for checks. Other quotations
were: Lire cables, G.70i ; checks. G.7H4 ;
Swiss cables. 6.23 ; checks, 5.24 ; Vienna,
12.85 and. 12.80; Stockholm, 28.10 and
18.20 : pesetas, 19.03 and 19.05 ; guilders,
2H and 42; rubles, 31", and 3iy,.
In the early afternoon the market be
came extremely dull. There was no other
feature beyond a slight steadying In
rclchamarks from the low early figure to
73 5-16. Sterling was unaltered at
4.76 7-16 for demand and 4.77 for cables.
French exchange, 5.S7 for cables and
6.87 for checks.
151
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22 1
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124
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151
s.-,
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fill
1(1(1' i
52
110',
1)1)
01
"2'4
55' j
12S
HP,
mu
1'J.S'j liSU' 12S'i
120
1.S'4'
U!a
lS'j
7!) 4
12(1
17sf
III1!
17',
70'
21
02?;
.17
52',
15
L'WIV
1(17" S
1111
7(1
111
.SOU
154
1204
12',
21'
2-1
02','
51 'I
11
2110',' 20T,'
10(14' io;
11.1
00 H
111
RiHf
15 '
New York Bond Sales
J4000 Amor Asr Gh
1001. Amur Am- .l.-b is. .
JO-iWUli ansio ' I, 5S.
Illtth. Low.
.lo;z 10!"
97J
.. 94
KATES FOR MONEY
New York .,
Philadelphia
Boston
Chicago
Call.
34 4
3
3'.i?4
Tlmi
2 i ft 3
3V54
4 H4W
4 lfl44
1001) Amer Hm.-lt Sop os.,111
i'ugii Amcr Tel oil 4s.... 91T
4000 Amer Tel ronv 4s.. 91 '4
1000 Amer Tol 4s SR4
10000 Armour Co 4s 944
2000 Atchison fpn 4s 91
10000 Atrhlson mlj 4s 874
BOon Atchison rre 4s 934
5000 Atrhlson 5s IOHj
4000 Atlun Co I.lnf 1st 4s 914
L'000 Unit & O I'ltts 3Hs 914
27000 Unit & Ohio 4s 914
48000 Halt & Ohio rv 4 'is. 97
15000 lt&O ! I.B4WV 4s.. 88'i
loon ii & o swn 3his 914
17000 (Vnt l.onth 1st Cs. . .101 "J
.moo Cent Inc 34n t.94
3S500 Cent lnc l6t 4s 94
loono Chill Copppr 7s 131
5000 ones & Ohio cv 4 4s 87
11000 do 4 Vis ;. 92
1000 do 5s 105
7000 Chi & Alton 3s 68
4000 Chi Ot West 4s 72
900a C H & Q Joint 4s... 9S
1000 do Ken 4s 93 4
(1000 do III 4s 94 4
1000 C -M & St P en 103T
1000 do kcii 4s 92
4000 do dlv 4s 92
7000 do cv 5s 101
2000 do -v 4 4s 101
1000 do fd 4 4m 94
2000 Chi Jtwy 5s 98
1000 Col P i- I ceil 5s .. 9.1 4
1000 Cuban Cane Sue Cs.l02
Commercial nnrwr thrn tn utv mnHhu I,...,'
delphla, 3H04 per cent.
BANK CLEARINGS
" Hank clearlnes today compared with corre
ipondlns day last two years:
-..-.. . I9!"- 1915- 1914.
rtllltt J34.905.32S I3S.641.063 J29.O43.405
Boston .. 32.308.832 39.410.037 34.903,818
RAILROAD EARNINGS
TWIN CITV LINES
jleeona week Februay J18S.332 J16.443
From January 1 1.201,352 95.153
TOLEDO, ST. LOUIS AND WKSTEUN.
Third week February $123,897 Jlii.118
from July 1' 3.002.179 595.S87
COLORADO AND SOUTIIKHN.
Third week February $274,219 $12,102
From July 1 ,, 10. 381. 848 U52.6S1
CINCINNATI, NEW ORLEANS AND
TEXAS PACIFIC.
Third week February J211.178 S 13.143
roill JUiy li. lis, 84S 035,115
MINNEAPOLIS AND ST. LOUIS.
Third week February $250,557 $34,689
Fnom July I 7.053.840 292.176
f ALAIlAltA ORBAT SOUTHERN.
January groes , $456,009 $163,058
Net ., . ... 12.730 58,243
Saven months' aroas 3. ltm.651 584,779
(Met , 919.830 481,612
' CHICAGO AND NORTHWESTERN.
7inuary arons $6,702,540 $384,078
Net 1.484.613 43,768
Saven months' cross . . 53.t7S.337 3,358.845
JSM, 14.895.639 S.267,S3S
CHICAOO ORBAT WESTERN.
Third week February, $367,438 $59,514
FrOjin July 1 9.758.349 405.77J
. ' ANN ARBOR.
Third week February. $50,534 $9,845
From July 1 1.680.543 163.045
DETROIT AND JIICHIUAN.
January cross $84,347 $8,871
fht -, 14,016 9,051
SEABOARD AIR L..VB.
January cross $2,144,800 $399,448
Net 608.201 235,195
Seven months' cross. . 13.596,679 1,287,781
t?t 3,704,014 896,141
CHESAPEAKE AND OHIO.
60000 Den & It ti rf.l 5s.
toon net i;dison 1st 5s. .
4000 Det Tunnel 4is ...
15O0O Ills Sec Corp 5s
3000 Erie Ben 4s
6000 do conv 4s Ser A.
300 do prior Is
12000 Oreen Hay 'II"
12500 Hud & Mull In 5s...
10000 Hoik Val 4Ws
3000 Indiana Htiel us...
5000 Iowa Central ret 5s.
17000 Ins Copper cv 0s...
7000 Inierb Met 4',s
600.) intern It T rer as. .
68000 Inter Mer Mar ct..
5000 Jap new G S 44..
2000 Japanese 44s ....
1000 K C Ft S & M 4s. .
6000 Lacka Steel 5s 1950
1000 I..-u-lece (ias 1st 5h.
5000 Lake Shore pen 3Vjs,
5.100 un den 4S 1931...
1000 Manhattan 4h
5000 Mex Pet Co .Is ser '
1000 Mo Kun & T 1st 4s
5000 Mo Kan & T 2d 4s.
1000 Mo I'ac cv ct 5s.
3000 Nat Tllbo Es
1000 N V &3 lnt 6s. ..
5000 N V C A Ilud 4s. .
1000 N V C & Hud 4 4s
luuuuu .n v t.ent tia.
2000 N Y City 4s 1959...
2000 N V City 44s 1900.102'i
2U0U N V & rut 4S S9"
39000 N V N 11 II 6s..llHi
ouuu , y male Tel 4 'is H7
57
934
93 4
7H.
76
85 4
114
304
9fi
102 i
59
.181
. 734
. 99
. 96Jt
. Sll4
. 86
. 75 4
. 03
.102
94V J
. 92'k
.107 4
. 75 U
. 46
. (2
.101
.101
. 92 4
. 95
.113s4
98 4
?
KO'i
981,
n:i4
93 'i
60 i
93 4
109
1014
10', i
102 4
101 A
94
93
hti3
95 4
January cross
;gE
Total income- .
eurpius
Seven, months'
Tuuf Income .
. Surplus
PJg&AIVARK.
$941,213
405,025
366,123
368,267
5,058,016
3.079,617
3.836,331
;.7I6.762
WESTBHN.
$1,112.36!
848.067
2.914.391
2.334.851
,, $4,063,010
. , 1.323,086
. , 1,325,53:1
....... 637.603
Cross. 27,699,310
9.720,492
9.825.663
4,J64,SM
LACKAWANNA 4b
January sroaa tl "1 117
K .. . ... 1.981.925
Seven months.' cross . 28.6JH.72S
mt 1.S,I48
YAZOO AND MISSISSIPPI VALLET.
January gross JI.U9.0U 126.681
! --.. div,,?a 11S.23D
eQ months aroaa. 8.171 ?Sf 1 tw n"
atJeit 2.61.258 94ll7!l
Plan for More Elastic Currency
WASHINUTON. Feb. 29. The Kedaral
-Jt4wve Unard will later today make an
r;ungnomeiit on the refundim: at na-
Uuual bank' band, contemplated by Sec-
f jstsrj! ot the Treasury dlcAdoo. and fee-
f tmmtmm fcy the American flankers' Aao-
j-laMoo. It ts platuied to rluce the amqunt
Wft United Htatiii mt
Wf mma tftote. In uardanca with
.wiwitUnio:i iwlmitte4 l the adU-
Pt vWB si th 't4eral earve Buard.
ri&snrtsmf MtAduo'e pltx u to. itutuj i
ti it jA, wttbuut the nnulatluii
-f-v-vtjML'tji ttAi-ajts-- isti the u per mM.
1000 N Y Rw.v ref 4s..
10011(1 N V Kwy 111IJ 5h.. .
3000 . y Tel sen 4 4s. .
1000 Nnrf West 4s
600(1 Nor Pae prior 4s..
9000 Nor Pae Ben 3s
3000 Ore Short I, ref 4s. .
3000 Oro Short I. 1st Cm..
16000 Penra sen ct 44s..
13009 do rn 4!is . . " . .
8000 do 44 1321
5000 Peaplc's Oas 6
6000 Reaillnk- lien 4s
3000 Iteartlmj-Jer Cent 4s.
6000 Rock Island rfil 4a..
1000 Ry Stl Knrlncs 5s Ml
3000 StL & SF rtil el st 4s M
6000 St Iiuls Swn 1st 4s. 66 4
9000 Seaboard A L ailj 6a 66 4
6000 South Hell 5a 100'i
5000 South Par 4a S7'i
3000 do cv 4s 87 i
10000 do ev ret t P 5s.. 874
2J000 South Rwy een 4s. . 71
4000 South Rivy eon 5a.. 10.1
1000 South Ry St L 4s... 824
1000 Term A St L ref 4a 87
1000 Tevas Co 6s 1054
1000 Third Ave.. 1,1 J 5s... 834
. a jl . 1jl " -
iuiiu toi t'eo s W 4s. .
2000 II 8 Realty 6s ..
9000 II S Steel 6a s f . .
600 It s Steel ma 6s .
4000 I'nion Pan 1st 4s.
25000 Union I'ac cv 4s. .
3000 Union P.10 rfd 4s.
28000 Un Rya 8 F 4s.. .
3000 Va Rwy 6s
9000 West Md 1st 4s..
500 West Shore reg- 4s
97
934
111
914
91 Js
854
944
94 4
874
93 4
1014
914
914
914
97
88 4
914
lDHs
89 4
no 4
131
87 4
92
105
684
714
98
934
94 i
103Ts
92
92
101
101
94
98 4
93
1024
67
934
934
714
74 4
85 4
11
30 4
!I6
102 4
59
180
734
99.
95 4
80 4
86
764
93
102
854
94
924
107 4
754
46
42
101
101
924
95
984
1024
89 4
111'.
76 4
60 4
9m
. 51
. 724
.1044
.104T4
. 974
. 934
. 90
43
98 j
93'
93 4
ill 4
93 4
109
101
10.-, H
1024
1014
.v,i
9."
664
95 4
63
664
66 4
100 4
874
874
87 i
71
103
82U
87
1054
83 4
78 4
69
72 4
1044
1044
97 4
93 4
90
434
Close.
1024
97 4
93
111
914
9 I'd
86'-,
9m
944
87 4
93 4
10m
914
914
914
974
88 4
914
1014
894
901-S
131
874
92
1034
58 4
084
934
94 4
103 4
92
92
101
101
94
98 4
93 4
102 4
57
934
93 4
714
75
854
114
304
96
1024
59
ISO 4
734
99 4
96
SO'j
86
75 4
93
102
85 4
94
92 4
1074
76'J
46
12
101
101
92 4
95
1134
984
1024
89 4
1144
87
76 4
60 4
98 4
934
934
66 4
93 4
1(19
1014
1014
1024
1014
954
95
6i
9.14
61
66 U
664
1004
74
874
874
71
103
824
87
1054
834
784
EtS
72 4
105
10471
974
934
90
04
114
114
An
1.-.4
;.Vs
.. L'.Vi
. Ill)
.. ."..'I?.'
.. 7AM
.. 7m
.. Aim
. 2t)2
' "l7
. S7
..m:i
.118
1:21.4
. . so
.. (ISJi
. .S-f
. -14
0.V,'
10
. V.iH
.12015
. 75H
Si
!17
044'
. lo'i
104
. liOJi
io:i
11:1
(1S4
111
M)4
45
l'JO'i" 1204
414 4l3i
J L'l
l(K!!i lOa'j HUJa
024 O-'Jj
10!).
114
104'
7.1
10
444
414
1.-.4
IS
1)14
17
7;i'i
104
4ft) i
la
10) i
l.Vi
C7
724
8
B4U
6000 West Shore 4s 914
juuu weal union (s 1014
0a
l:i'i
984 984
i?:t '?r?
914
10J4
Total Miles, 93.8i3.000. rompared
;.2''.'T" eler.Uii thus far (lilt
894
)li
1014
ultli
urek.
Alaska J OoM Mlnet . II
Aliskn Oold Mines ... 2
Allh-rhalmers Mfj. ... as
Allls-rhnlmcrs Mfe pf. 7S
Am Ab Chemical or,
Am Heft Sus.it 014
Am Can ,V)4
Am Cat A Kdy 004
Am Car A IMy pf H7)i
Am Coal Products ...15!)
Am Hide & I, tf 104
Am Ire securities '.'S4'
Am Unseed UI4
Am Linseed pf ;j;if
Am Locomotive 0
Am l.ncomotlvi pf it)J
Am Pmelt A Kef ..... ()74
Am Steel foundries.. . ."2
Am sucar iter. . . .
Am Suzar Itcf tif. ..
Am Tel & Tel
Am Tobacco
Am Woolen tr rets.
Am Woolen pf l r
Am Wrliini: p pf ..
Am Zinc I, & Sin.. .
Anaconda Cop M...
Atch Top i s K ...
Alch Top !c S V pf
Hald Loco Works. .
Halt X. Ohio
Halt & Ohio pf 7o4
Hittoplfcn Mlnlns a
Hethleliem Sleel
Ilrookl.vn Hap Tr
Untie & Superior. .. .
Cat Petroleum ....
Cal Petroleum pf . ..
Canadian Pacific
Central Leather. .. .
tentr.il Leather pf ..
Chandler Motor
Chesapeake A Ohio. .
Chile Copier
Chlno Copper
Chicago (it West
Chicago til West pL .
Chi Mil St P. ..
C'hl Mil & st P pf...
Chi s. Norlhetern. .
Chi It I & Par
Col Fuel & Iron
Comput T Hoc Co . .
Continental Can
lontolldatnl fias III14 i;jl( :ip,'
i urn rronucis Iter 11 2i 'Jl
Corn Prod Itef pf .... nil fyt 004
Crucible Steel 701 7.) 7ij
Crucible Steel pf ,' uji j iii
Deere A Co pf ,, !),-, (),-,
Delaware Hudson. . .1411,4 MllJi 14)4
i'imiii ,-cc inrpn .if 4,ji4 .ii'J
uunie Klines S,Ji
Klec Storage Hat 01
i:rle ;i,-,jj
Krlo 1st pf f,
Hrlo ai pf -iai 1
Clen Chemical 'JV
(ieneral Klcctrlc 1C0
(ieiicral Motors pf li;i
Cioodrlch II F OS
Goodrich II I-' pf ;m
(iranby Consol w.)i
Oreene-Caiianea ft
C.reat Northern pf 120
Ot Nor cfs for ore pf. . 414
(lusseii Kxplu 21' j
Illinois Cent KU'.j
lnt Aurlcultural pf ... 0H o:t
lnt Ilarv N J 10S4' 111!)
lnt Ilarv N J pf 1141,' 114
Inl Con Cor v t c: sh. 104'
!nt Consol Corn pf . . . 72
lnt Paper Co
lnt Paper Co pf
I Tn..., r-.. ,...
II. 311 1,(1 V Vl
lnt Nickel v t cfs . . .
lnt M M r of dp
lnt M M pf c of dp.
Kan City Southern. ..
Kan City South pf. .
Kennecotl Copper
Lack Steel Co
Lehigh Valley
Lee Rubber & Tire. . .
Liggett & Myers
Loose-Wiles HUeiilt...
I.0O-.C-W His 1st pf. .
Lorlllard P Co
Lorlllard P Co pf.
Louis & Nash
Mackay Cos
MaxKpll Motors
Max Motors 1st pf.
Mat Motors 2d pf.
Mexican Petroleum
Minn & St Louis pf. . .
Miami Copper
Mo Pacific tr cfs ... .
Mo Kan & Texas
Mo Kan & Texas pf . .
National Hiscult
Nat Cloak & Stilt....
Nat Rnim & S Co...
Nat Knam & S Co pr
National Lead
Nev Con Con
New York Air Drake.
N V .V II & II
N Y C & II It
N Y O & West
Norfolk & Western ..1 !.-'
North American Oil
Northern Pacific 112
Out Silver Mln 04
Pacific Mail 2.'i)
Pacific Tel & Tel ;)04
Penn Railroad C04'
Philadelphia Co AWi
Pitts Coal Co N J... 204
Pit Is Coal N J pf Rill
Pressed S Car Co.,... 52
Pressed S Car Co pf. . 103
It j' Steel Sp Co....
Ray Con Copper. . .
Iteadlns
Iteadlns 1st pr
Heading 2d pf. . .
Republic Iron X. S. .
Itock Island
St Louis & S F
St h & S F 1st pf. .
St L & S F 2d pr. .
Seaboard Air Une .
Seaboard A L pf ..
tears Itoo & Co. . ..
Shat Ariz Cop. . .
South P 11 Sugar pf.
Southern Pacific...
Southern Ity
Southern Ity pf
SU!dhaker Co
Tenn Copper
T'js Co
Texas Pacific
Third Avenue
I'nion Has & Paper. .
Culled Cigar Stores. .
United Cigar Mfrs...
Union Pacific
L'nlon I'arlfl' pf
U S Ind Alcohol.. ..
United Fruit Co ...
United Hys Inv Co ..
United Itys Inv pf. ..
i; S Rubber
U S Rubber 1st pf. .
U S Steel Corp
U S Steel Corp pf. . .
Utah Copper
Va-Carq Chem ,
Wabash ,
Wabash of A
Wabash pf II 25'
West K & SI 634
Western Slaryland 244'
West Union Tel 874
Wheel & Lake Erie ... 34
Wheel & L K 2d pr. . 1
Willys Overland 210
Low. Close.
IRREGULARITY RULED
ON NEW YORK CURB
!
21
27
77,
fid
O.Vs
mi 1
00
Aetna Explosive nn Active Spot.
Midvale Rights Made New
Low Mark
118b 1IS4
VAT
474
1W4
VI
r.74
HK24
0? 4
Nt-nv YOrtK, Feb. 29. After n. gen-
151)4 j crally strong and nctlvo bpcnlng, the
l.js inantct ror outside securities developed
W' n reactionary tendency. In foiiic In
5,, 1 stances values fell below last night's level.
1174 j War news was ngnln the eblef factor. Tho 1
1024 slnltlng of La I'rovcnco Induced consid-
!)71, 1 erahle selling, especially In ttio higher
".j 1 priced Issues'.
Midvale Steel, nfter moving up 1 1 . dp. j
rllned 14 rallying only slightly. The!
tights fell to n new low level on more
liberal offerings. Submarine, Hoat was
and Machinery on small offerings fell 10
points.
Aetna Kxptoslvp was active and after
an Impiovement nf a point declined 11,
Tnbarcfi Products wns more active and
after moving up over I points lost about
half. The motor stocks were comparatively
quiet and Irregular.
Oil shares were less active but Irregu
lar. Standard Oil subsidiaries after early
small advances cased off slightly, Honda
were decidedly less nctlvo but steady.
I Sales in Philadelphia
SK Am riA Hi 1' 4i ii
12 Hnld Ico';;!l044 108i
1114
118
1LT4
11)24
r.14
1)84
114
101
102
704
400
H.-.4
M)4
2SU
m
107
f.2
1104
1)0
01
224'
125,
a 1 4'
Wi
1NOUSTU1AI.9.
Atnn Kxnlolvo
America n-ltrltlsli
Alt. . .
W t H a
120
17! i
41
474
704
131
21
004
734
1124
!)."
110.4
144
21
02? (
KM
r.2
It
'.'4
01)
514
754
784
.Vl's
M7
10V
S5
IDS
10!t
lit
104
73
104'
.44! 3
A 1! i
404
154
flUf
25 V
(ill
34
744'
. . rj 1 1 ?4
Allanllc (Inlf tt
on nrrr
Amerlcnii Stnrcnnl -.....
AJax llublier Ine I . . . .
(.'nmidlnn L'nr A Foundry
1I0 pref
Mievrolet Stnlnr Car ....
Culu.ti Cnne Suffar ......
'urtlBi Aprnplnnn
IirlcKS-Senbury
.In rhthtn
Ilntikell & flarker l.'nr ...
HemleR .'MiinurnclurlnK ..
Inter Mer .Marine
ilu pref
Kelly HprliiKtlfld
U'nthnillnn llrnn.e pror
.Mnnhattiiti Transit
.Maxim Munition
Mlilv.nl- Hteel
(Hlfl 1-llevntor
(tl lllevHtur w I
Otis Klevittnr nref...
j IVerleHM Motor
I'onl" I'liulne St Miu'lilnc. .
I St .Inpeph I,end
S S Krepjre v I
j Htnndnrd Motors
I Hulimarlne Hoat vtc ctfB..
Trl.inKle Film v t rtfs
Culled Pnint KharlnB
II S "I.lKllt Si Heat
I' H I.lclit & Heat pref....
White Motors w I
World Film
STANDAItr) Oil, RUBHIDIAniBS.
Nntlonnl Transit ..
Ohio Oil
H O or ('Hllfornla .
S o of New .Toracy
a O of New York . .
OTHER
llnrnctt Oil
Conrlcn Oil
Chalmers Oil
Houston Oil
Midwest HeflnlllB
SnpullM ,
M1N1NO STOCKS.
Atlnuta .'
tVrrn do Pasco
Hutti! I! (r '. v t ttfs
Unite A- N V
I-'lrst National Copper
il.ildllcld Mercer
HerlH MlnlnK
Howe Sound
Tim lluller
00
5:i4
7-1 4'
7
111!
!47
10)j
S..
10!i
UKJa 1184 llSti;
122 1214' 1214'
MJ SO
02 02
84 SI
154' 45)8
OSJ-i
15! i
154'
14
SO
034'
SI
40
os)-;
154'
35! a
44'
'!)!
47
Hi!''
S5
10S
90
154
4?4'
nid.
. 22?i
. I'D
. 27
. 4(1
.
. (1.1
. R.I
.1.14.
. 44
. 4f
.138,
. 114
. Ki
. 26
. 164
. e:
. K!
. 1!)
14
. 44
. M
. 63
. r,4
AV6
. mi
. in
. 13
. 8
. .tr,
aJ
'
. ri
, 4R'i
. 14
Asked.
22',
nn
31
48..
.81
r,8
88
136
4!)
r,r,
142
12
46 4
.in
17
70
71
2..
Mi
r.
63 4
66
r,s
101
26
loo
164
13 4
8 4
36
t
t &
3i
6
49
14
100 IlllfT i Ktl I e jn
122 Kleo stornce. . 64
10" Krle 36
. 20 llarrlnoti Uros '99
100 Interbor cons.. 17
9 Ins Co N Am. 254
lOil lvv 'rel frt 14
B6S l,k Sup Corp.. 11 4
t i.eniKn iNHV. .
41 lhlRh Val..
Iltf I. Vol Tran..
26 do, pref . ..
2 Mlnehlll
.10 Miami lion..
S06 l'enna. nit. .
160 I'a steel pref 984
20S0 riilla Klee.. 27 V
180 1' n T I e... 194
10 Phlln Tree .. 794
1629 Headline 84 4
26 do 1st nref. 4r, 1.
un xo prcr.
.20 Itep I & Ht...
370 Toi Del . . .!.
9 Fn Trm-
200 t;ti h Cop . . .
161 N 11 t
2II2S "i; H Hleel .,
100 do rash
51 W ,1 & Sen...
10 AV'estm'elul CI.
.250 (.'minn & Hons
KT-iiiviueml
70
. 78 4
22.
. 43U
. 66-
574
44
60 4
Sit
814
68
il
40
63'1
36
99
17
254
J,.n
76 4
78
22
43 4
664.
354
66 4
27 4
9.
79 4
82 4
44
44,
50 4
'
2;
89 4
81;.
82 4
61
68
71
Net
Close. chBP.
121)4 4
102 4-t
1
T4H
40
64
36
99
ii., .....
254 4
Ki U
434
56.
35 4
6',
984
27t
19i
7911
LOCAL FEDERAL BESERVE BANK
AFTER MORE GOVERNMENT BONDS ;
Will Receive Offerings of $1,000,000 2s Reading Issues
Buoyant on 'Change Philadelphia Electric Steady
Despite Testimony at Hearing
11
824
4SVa
44,.
434lV
83 4
89.
81 4
82 4
61
68
71
n
24
2
' '".i
2
Tola! snles, 10.8111 shores, romparrd wllh
20,723 shares .trstrr.lovt tints for lids ncrk,
Hl,lH'i sluitrs.
HUNUf.
181
228
225
604
207
STOCKS.
12
18
69
11
18
38
5 4
14
4 4
r.?4
93
17 4
44
24
183
230
258
608
210
124
16
4 4
1;
95
'!?
17 4
HlBh. Low.
$12000 Am (1 A HI 6b 93". 934
1000 Hold I. 1st 6s.lor,4 1064
1R00 1:1 & V Tr 4s. 82 4 81-4
3000 Key Tel 1st 5n 98 4 98 4
It Olio Imkn S Inr; Is 33 33
2000 I, N cons 4 4s. 103 1(13
1000 I, V t'onl 6S.I054 1054
2000 I'a Co Bon lUn.to: 101'
2000 do is 14s. 1054 105
8000 I' ft 11 St lis. 105 4 105?
1C0O l W&IITC 1s 994 934
6000 I'll Co rolls 6h 93 4 93 4
10000 do 1st SB.. lOt 4 1014
3000 Phil Kter Is. 84 St
2000 I'll 11 W 4s 98 4 98 4
11000 Head Ren Is.. 964 95
12000 Itrad-Jr t: 4n 954 964
1000 Hp-Am t 6s.l02'i 102U
2000 till IU Inv 6s 72)4 73 'i
1000 Ylt Ity 1st 6s 944 D4i
tnrruasp. IJeerease.
Net
("lose, rhfte.
93J4 'J
,
mr.
HZ "4
98 4
33
103
1(164
102
105 4
1 05 tii
994
934
1014
81
984
95
96 U
102i
72' i
a 14
Total sales, $80,(100, romparrd w lilt SIIH.nilO
cstfrdayi Hills fur lids ueek, 810,(100.
Local Bid and Asked
H beenme knotvii today thai tho t'lilln
tlclidila Federal Heservo Untile In In tho
market for $1,000,000 United Stnlea 2 per
cent, bonds. Governor Charles ,1. HIioariR
hn.3 sent a letter to nit the membera o
national hank district No. 3, ofterlnir to
buy bonds to that amount at par and
accrued Interest tip to tho close of busi
ness March 8, mid If offerings exceed tho
million required the bondn will bo pro
rated nmotiR tho vitrlouii members. Tho
bonds must be actually owned by tho of
ferlns banks and may or may not secure
circulation. Tho local Itoservo Bank has
purchased slnro January 1 $1,500,000 of
Cuited States 2s. The euin nlloltcd to It
for 1t)l(! Is approximately 2,G00,000. In
cidentally It was announced today that tho
Chicago Iteservo Hank Is prepared to buy
at par and Interest $.1,300,000 Government
2h under tho same conditions.
All tho Heading Issues displayed marked
strcnRth on tho local cxcliatiRe today,
The two classes ot preferred stocks as
well as tho common enjoying adx-anccs
ranging from 1 to 2 points. Talk ot seg
regating the cnnl and Iron company was
again current, us well as the proposed
Ktectrlc was another strong spot which M
tracted attention In vlow'of the testimony
beforo tho Public Scrvlco Commission yes ;
lerday, which purported to show that mm.
than half of the $51,563,000 Valuation
placed Upon tho company by Its own ex "
ports Is fictitious nnd merely for tho w
pose of "Justifying" excessive rates. Onn
witness asserted Hint tho entire sygf.m
could bo built anew for $23,583,000. That
the financial district was not nervous over
these allegations waii shown by tle ln "
ner In which tho Btock held up un
dcr tho charges.
The general local list was firm. BM.
win, I,ako Superior and lehlgh Vnllsv
were up a point or more, while IlnnM
Transit, United ' Gatt. Improvement an3
Itnpld Transit moved up a fraction, as did
Lake Shpcrlor. Local bonds were quit
active. L,ako Superior Incomes rose n full
point and American Gas nnd Electtu '
half as much. "ertt ,
In the later trading prices reacted, bUf '
tho volumo of transactions contracted on
tho decline, which wns taken as nn
couraglng sign. Crump HlilpbulUllnr fn
chatigo In coal sizes, which should bo ot 2 polntB, but Harrison Jlrothcrs rose 4 . tf
ndvantngo to tho company. Plillutlclphln Tho Closo wns dull and steady v ij
FEURUARV SALES LARGE
l
1214
7,Vf
14 14
12U4' ma
.H
::t).
IO'4
234
1)74
(1.-.4
1(1
111
(17
KM'.
!4'
!)7.4
074'
1(1) j
141
IWJi
104
2.V4'
llS3f ll-Hi 1114
004 0!)
1124 112
0?s 0!i
074
150
10.4
111
074
KKiU
Jumbo ICxteusion .' 1 1-16
aiOKma I'opper
.MelClnley-Ilarrash
lllneM of America
NIplssltiB .Mines Co ;! 01,4
?-ail iny j ,, 17
"West Knd (Consolidated 75 78
AVtwit Kml Extension 1 a
IIO.VDS.
Krle Ills 14 u.i 6
ll.ilt & Ohio 5s 101 1014
Cerro d I'aseo 6s 119 I'l
llldvulo 5s 89 jpij
Toilay's ') Vesftrday'B
. . Hid. AsVed. Hid. Asked.
tlnldwln 1014 1024 102 103
llulT Sz Rus t c 40 42 494 404
do pref 59 14 oil 59 4 do
Prill ,1 (5 i; 39 6 39
Cam Steel 81 814 SI 81 tt
Klec Storann 03 fit 63 4 (!4 4
lien Asphalt 34 'j 35 34 4 36
do pref 71 4 72,, 71 4 72
Keystone Tel 14 144 13 4 14
do tr rtfH 14 '14 1.1 4 14
. do pref 594 70 U9 70
Lake Sup (.'orp 10 11 10i 11
Lehlitll Xnv 764 77 76 77
t.ehlsh Vlll 774 78 764 774
I,chlch Vol Tran ... 21 4 21 'i 22 224
do prof 43 434 43 434
Pennsylvania 6(i' 67 4 DC ?i 67
Phlla Ktectrlc 274 28 27Vi 27B
I'hlla Co 404 12 to'i 414
do 5 per rent. pref. 37 39 37 39
do 6 per cent. pref. 44 144 44 414
riilla Itiiplp Transit. 19 19 4 18 4 19
do t c 19 19 4 184 19
Heading 824 S3 824 82'
Tonopah Itelmont ... 4 4 t"i 4 4 4n
Tonopah MlnlnK 64 r,' 0"(
Union Trnc 13 4 4:!?4 4.1 43 4
II CJ I 89 4 "91 89 4 89 ",
V S Steel 8l4 814 82 Sa'.J
York Itwv lo lo' 10 11
do pref 37 .17 4 37 374
Wm Cramp t c 71 75 71 75
l-;x-dlvldend.
Stock Transactions Double Those o
January Bonds Not So Active
To the heavy trading resulting from the
f'nmbrla and Pennsylvania Steel deals Is
attributed tho substantial Increase shown
In the toal stock transactions on tho Phila
delphia Kxchange during February. They
were double those of January and nearly
tlvo times as large as thoso of February,
1!tr. Not fdncc November pf last year
has tho amount been exceeded. Tho total
was 612,013, as compared with 387,190
In January and 112,572 l(st February.
On tho olhcr liand.-bonds were loss
active than In preceding months and only
nbout equal to tho corresponding period
In 1015. The total was $1,922,070, com
pared with $2,609,230 In January and
$1,852,100 last February.
Transactions In stocks and bonds for
three years follow:
NEW YORK COFFEE MARKET
NT3W YdltlC, Feb. 29. At the opening
this morning tho coffee market was steady
nnd unchanged to 2 points higher on re
newed demand for Kuropean account.
Sales on call were 9500 bags.
Itaich ...
April ....
.May ,
.luno
July
August . . .
September
October . . .
November
December .
January . .
Today' b
opening.
7.80
iio.i
7.95W7.9R
8.02Sf8.03
8.0.1 Sf8. or,
H.
8.1.1S8.I7
Teslsrday'i
close.
765B7.I
7 72W7.74
J.H0W7.U
7 8SW7.86
7 9C87.n
7 95(g7.IS
7 998.00
S.0.1W8.0J
8.10W8.11
B.t0g.JJ
8. 1068. 12
Record Price for Lead
JOPLT.N, Mo., Feb. 29. Lead ore brok
all price records, selling nt $88.50 per
ton. Shipments of 8000 tons lead ore
established a now record. Zinc ore sola
at $120 a ton.
'W
Financial Briefs
PUBLIC UTILITIES
The Third Avenue Company has bought
225 of the adjustment bonds to be used for
sinking fund purposes.
.')
... 244
... S24
.. 4,'t
- 414
.. 4U4'
.. 4'
.. 5.4
.. 84
. fl'i
10
. . ,'l.i
.1714
.. :174
..110
0S4
. 104
.. r,
- -l.'IS
.. Ki
1074'
.. 74
. 39JS
7H
. 04
,194'
i:4
. R;i)t
115
14(1
13.4
2S
. 40) i
1074
. 82
-11(14
Si),
44
424
2S
:ir.
574'
40)5
:!(.;
101)4
5:i
10J
.'iOlj
214'
n
IS
50)'
504'
4()!-4
20.4
101)4
52
10174
:ia
214
H'1 'a
iT'a
Ilia
404
00
112
04
25
30
50,4
404'
.')
1(H)4'
52
iOUi
39
21JJ
St
40
114'
193
44' 44' 44'
84 4' S4
5)i 5) 54
10.4 HIH 104
35 35 35
172 17UJ 172
374 37 37
110 111) 110
DS'-i 1)74 074
204' 104' 104
674 57!i 574
ll'Mj 1,'iO 1U04
504' 65 55
201 11)84' 108),
7h 7)i 74
004' 59)j 0'i
74 74 74
04 04' 04
594' 50),' 594
1314 1334 1334
84 M4 81
117 141 141
1434 U0 140.4
15 11 15
2SVj 2S4 2S4'
504 49 40!,'
1074' 1074 1074'
834 824' 824
1104 1164 1104
844 KM 834
45 444 Ills
14 13), 1.14
43 424 43H
20) 25)4 25.4'
04)i 034 tl3i
25)4 25 25
884 87)4' 87J
3), Wi 3)
4 m 4
The American Power and Light Com
pany will offer after March 1, and on or
before March IB, $6,984,300 of U per cent,
debenture bonds to holders of its preferred
and common stock and to holders of op
tion warrants for its common stoelc to nn
amount cuunl to r,0 per cent, of the par
value of their respective holdings as ot
record February 21, 1916. Subscriptions
for the bonds nro to be made at 93 and
accrued interest. The company's nnnual
report gives gross earnings of $1,275,687,
which compared with $1,161,580 reported
for tho year preceding. Expenses, were
reduced from ?:iS7,52G In 1914 to $264,638,
leaving net earnings of $1,011,049, a de
crease of $03,005. Tho combined surplus
balance accruing to the American Power
and Ldgnt company was $1,314,976, com
pared with $1,325,162 ns of peccmber 31,
1914. Consolidated earnings from the
Kansas Gas and Klectrlc, Portland Can
nnd Coke. Pacific Power and Light and
tho Southwestern Power and Light Com
pany's subsidiaries, controlled by the
American Power and Light Company,
for the year 1915, amounted to $7,326,096
In gross, an increase of $366,763 over the
previous year, and net earnings were in
creased from $3,257,827 to $3,154,243.
At the annual meeting of tho Common
wealth Kdlson Company retiring directors
were re-elected nnd the increase In the
authorized capital of the company from
$50,000,000 to $60,000,000 was approved.
Late this fall Commonwealth Kdlson will
offer a part of the new stock for sub
scription to stockholders In the ratio of
hi per cent, ot tneir Holdings In the now
stock.
The London Underground Electric Hall
ways, Ltd., announces that the revenues
of the company will enable it to pay full
Interest to December 31, 1916, on its 6 per
cent, first cumulative Income debenture
stock and on Its 6 per cent. Income bonds,
and to carry forward about f38,500.
GOVERNMENT BONDS
Bid. Aked.
'
99 4
.99
.99
..1024
..102(5
..1024
2U
.102
.110
108i
1024
ii::
$35,000,000 in War Orders
NEW YOHK, Feb. 29 A circular is
sued by bankers on the purchase of $16.
ooo.OOO 2-year 5 per cent, notes from the
Winchestor Repeating Arms Company,
says that the somnany lias on Its bookn
uncompleted war orders of mora than
$35,000,000, and that the rsgular com
meroial businesH of tho company la bolus
carried on as usual. It saya that the
average net earnings of-the corporation
for thi last five years have been ?2.H3.
0$;, md the nt earnings for the year
ended December 31. 91$, were 4.652,03).
Criaia Worries Stockholders
WApHINUTON. Jeb. 9 Heavy hold
rI.GU the Chieagj and New York mar
kets, becoming nervous over the interna
tional situation, are wiring to officials
here dallv. pleading for some light on the
negotiations. In unite of the fact that thsy
assure all replies will be held in strictest
oiwtMenue, their prayers are going unan
Bwerotl.
.'08 200 208
WoolHOtth F W U9)j 1204 110 119JJ
Quoted ex dividend.
Total mien. 833,400 tdiartK, romparrd "Mil
KOI, 1)00 hh.ire ftrrda; thus fur thU neck,
1,3IU,400 kliurra.
FEBRUARY FINANCING
Although February was a comparatively
(julet month In the bond market, the cor
porate financing done In that short period
amounted to moro than $217,000,000. It
was the third successive month In which
corporate financing exceeded the $200,000,
000 mark, and It maintained the average
for the last five months above that figure.
Such a sustained rate of corporate financ
ing has not been experienced In recent
years.
2s of 1930 resists red
- of 1930 coupon
Panama 2a reKlstered
l'uuuma 2b 1938 registered..
IMnumu new 33 registered..
Panama new 3a coupon . . . .
3a of 19 U registered
3a of 1918 coupon
4a of 192S reutstered ....:..
4a of 1925 coupon in.
German Hank" Gains Gold
flKTtUN, Feb. 29. The weekly state
ment of the Imperial Hank of Germany
shows gold reserve. 2,456,400,000 marks
Increased 50,000,000 marks; commercial'
paper and Treasury bills, 5,501.000,000
marks, Increased 114,000,000 marks; cir
culation of banking notes, 6,286,000,000
marks, decreased 87,900,000 marks- prl
vate deposits, 1,787,500,000 marks. In
creased 44,000.000 marks.
Gold reserve covering circulation and
banking notes increased from 38.5 per
cent, to 39.1. Money borrowed by loan
banks on collateral decreased 158 800 -000
marks, to 1,321,000,000 marks '
$100 BONDS
Bid.
Anglo-French 1950 94
City of Baltimore 4a 19S2
City of (-'hlca;o Har con 4a 1917 99
City of New Orleans Imp 6 1929.100
f'lty of Vancouver 4Ws 1923
New Vork City res 4 (is 1843
New Vork City re:.- 4 (la lsn
II & O O A: I.lt Kun lit 6a 1950
93 U
107
101.
Money in London
I LONDON, Feb. sa, Money, 4
Discount rate fpr J0rt bills, 6H
months' bills, 64-
to 44-Three
The International Paper Company re
porta for the year ended December 31 a
balance equal to 5.44 per cent, earned on
the preferred stock, against 6.07 per cent
j in 191.
Mb v u. ,,, Jin,, t wb 49U S4
Oen Vermont Ity lat reg 4a 19o ivj
Chi B St Q Den Put 4a 1928 at
V M &St P nan rtix c Ca J014.106U
C'hl u & St I' con 4W. 193! ioo
Col 4 Ho ref i. exi 4Wa 1835 ..nil
T V Cmtral , nn ,1K Cm lOtPl , X '
K Y 4 CI Lake (Erie) Jat 5s 1946 99
N Y N 11 & It con d c H 19.8 72U
N Y N II II con deb rest Ha 1918.114
Norf & WV lit con 4s 1996.. V . 91(4
Hra. Air I.lae 1st A con 6a 1615.. 991?
So I'ac-San Fraa Ter lat 4s 1950 Ilu
?lrlnlan Rwy lat S J92 .!... jjij
Am Asrl Chem con deb I 1924 . . 9.4!
Amcr Ice Secur deb (a 1921.... tiil
A T 4 T.ctll tr (tfs 4a, 1929... 918
Amer Tel Tel con 4 193 1051
Heth Steel lat & refund 5a l12.10lil
Central Leattwr 1st reg fa USJ? 5oM
Cltle Sertlce coay notes la 1911 100(4
Coin P ny tt Light .con t 1911.101
Denver Oaf (t Klectrlc 1st ta II4J jj
Oetieral BUclrlc deb kU 1142 71b
Great Wtn Pow con deb la 19Z5 9"
lAekauanaa Steel lat eon 1(C0 91
Ijtcled Oaa lat ( 119.... !. looVi
Uggett ilura deb rear 7s 1944 12 S
IJggatt t Myers deb e ia 1951 102
P lorlllard deb res U 1944 .' i!
v Lflriuard doo rear eg i5i 100(4
lfA nil ,.n rialT 2 4fl 4.'
i 17Z r. . i- 1 .:.
aLV,,i, rvner ih m 494
f!.. AiK ? J
i. Lwoqjia r,swoa
o t iizt is -
t ft ref IS 1143 9w
Aaked.
95
102
10S
101
109
101.
8642
mi!
$
is
93i
ui
lo2rf
102
80'J
is
103
137tt
JJIH
4V4
17
7
105
M W. Hill, formerly treasurer and as
sistant secretary of the Klcctrlc Bond
and Share Company, has been elected a
vice president of the company. A. K.
.Smith, formerly assistant secretary and
assistant treasurer, has been elected
treasurer and assistant secretary. K. P.
Summerson nnd William Reiser have each
been elected an assistant secretary nnd
an assistant treasurer of tho company.
The .New York, Xow Haven and Hart
ford has ordered DO Pacltlc-type engines
from the American Locomotive Company.
The plan for the extension of Boston
and Maine's J13.300.000 notes maturing
March 2 has been declared operative. A
total of 08.78 per cent, of the notes have
agreed to extend.
The I,oos-Wlles Biscuit Company's an
nual report shows a deficit of $221,507,
against a surplus of 513,601 in 1014.
Transatlantic Insurance rates were
quoted at 1 to 1U per cent, this morning
by leading marine insurance houses. To
morrow, however, if there is no chnnire
for the better In the submarino situa
tion, rates will be advanced again, it was
said. Bates to Brazil and other South
ivuuuuc iions remainea at the nat 3 per
cent, quotation.
The New York banks lost to Subtreas
ury yesterday $1,394,000, and since Fri
day last $4,158,000.
It Is understood that tho annual report
of the American Bank Note Company for
tho jear ended December 31, 1915, will
show nbout 10.5 per oent. earned on tho
common stock, compared with 5.32 per
cent. In IBM
At n meeting of representatives of a
number of New York Stock Exchange
House Committees a committee was ap
pointed, consisting of J. Robinson Duff,
chairman; Percy Bullard, of Fllor, Bul
lard & Smyth, and B. K. Bennett, of Her-
ncK & uennctt, to carry out plans for
a clearance of Midvale Steel and Ordnanco
Coirpany rights. The volume of trading
In these rights has been heavy, and, due
to the large number of outstanding con
tracts, it waa considered desirable to take
mis action in order nto facilitate settle
ment. There will be no dividend on the Gug
genheim Exploration Company stock be
fore the final payment Is to bo made to-.
tne snarenolders In the dissolution plan.
On March S the stockholders will meet
to act on the creation of the Yukon-Alaska
Trust, as outlined In the company's last
circular. If the plan for the trust is ap
proved the final cash distribution will be
sent to the stockholders on April 15 next,
and will amount to, as stated In the cir
cular referred to, to about $12 per share.
The Vulcan Detinuing annual report
showed a net profit of $63,077, against a
deficit of $73,939 In 1914.
The Calumet and Arizona quarterly div
idend was increased from $1.25 to $2.
Hethleliem Steel .Bond Issue
The new bond Issue of the hmi,ii,,
Steel Corporation In connection with the
purchase of the Pennsylvania Steel Com
pany will be voted upo by shareholders
at the annual meeting In April.
What the authorized Issue will be has
not been decided upon as yet, although
$31,900,OQO will be Issued to take over
wis biock ot i-ennsyivania steel and re
imburse the Pennsylvania for advances
aggregating $8,500,000. Pennsylvania
Steel subsidiary bonds, amounting to ap
proximately $20,000,000, are to stand as
they are.
Construction work at the tidewater
plant of the Maryland Steel Company,
which will cost between $10,000,000 and
$20,000,000, will consist of bar, wire and
tin plate, mills, etc The actual cost of
plants to be erected In that territory has
not been decided upon as yet. i New con
struction worH proposed at Stpelton will
Include blast furnaces and power plant.
THtumry. . .
February. .
March ....
Anrll
Mny ...
June
July
August . . .
September.
October . . .
November. .
December. .
NUitHHIl OF
191(1
.187,19(1
siiAnns.
m tr,
i27.r.nr
142,r,72
221,1122
f.18,747
.127,1105
r,2i,cc:i
371,287
B27.4S2
1,0.1(1,017
8M.970
80S,!ir,B
ti42.239
1914
471,4GB
30ft, 2R2
26l,a51
2G8.G9S
187..I3G
147,210
t2S7,449
4,616
100,703
PAR VAIiUK
1916
I2.G09,
0, 232.464 2,016,319
ON 1IONDS.
Jl, 922,070
January. . .
Kehruary. .
llarcli . . .,
April
.May
.Tunp
July
AUBU.it . . .
September.
October . . .
November..
December. .
. , $20,771,898 J10.716.610
One day. tl.esa one das.
hi;
$l,020.r,3l
1.852.100
1. 242,9117
1.857.4SO
i,ce:i,(ioi
1,055,060
1,340,392
1,187,108
1.169,976
2.414,33(1
3,2.19.027
2.098,084
1914
Jl, 907,500
1,105,100
1.279,413
1,371,381
1,144,525
1.399,050
tl. 276, 500
14,000
798,341
JANUARY FOREIGN TRADE
WASHINGTON, Feb. 29. Tho prelim
inary figures of the total valuo of United
States exports and Imports for January
and for seven months compare with the
figures for the previous two years as fol
lows (000 omitted):
JlEIlCirANDISE.
January 1910. 1916.
Tmporla $181,192 $122,148
Mxpnrts 335,535 207, 870
Excess of exports 161,343 145,730
-'Sevon months
Import! 1.096,979 930.608 1.0G7.752
Kxnorts :. 1811311! i.-tru.fir.n i.Ri.uo'-
tt'.CTO Ul CXIJUrLH 4,V04,JJJ 1Ui,itll
OOI,D EXCLUSIVE OP OIIB,
1914.
$164,742
204,000
49,323
454,050
January 1916. 1915. 1914.
Imports 16,008 0,896 10,442
KxportH 10,213 (191 11,914
Excess of Imports 4,794 6,204 3,628
Seven months
Imports 322.038 33.640 4K.2.171
Exports 34,058 139.333 34,9781
Excess of Imports 287,981 105,792 11,269
SILVER EXCLUSIVE OF ORE.
January 1916. 1915. 1914.
Importa 1,851 2,286 2,318
Exports 4,635 5,187 4,009
Excess of exports 2,784 2.900 1,691
Seven months
Imports 20,594 15,655 20,054
Exports 33,385 31,280 33,404
Excess of exports 12,791 16,625 13,409
Excess of exports.
, The
Seattle Electric Co.
First Mortgage Sinking Fund
5 Gold Bonds
Due February, 1930
These bonds are secured by
first mortgage on all the. prop
erty, rights and franchises of
the Puget Sound Traction,
Light & Power Co. in the city
of- Seattle, subject only to
$376,000 Seattle Railway Com-
fiany First 5s. They are fol
owed by $5,898,000 Consoli
dated & Refunding Mortgage
5 Bonds due August 1, 1929.
Scurf for Circular No. SiO, which
gives price and particulars.
WHliamP.Bonbright&Co.,Inc.
MORRip WISTAR STROUD, Jr.
Manager
437 Chestnut St., Philadelphia
New York Doiton Detroit
London Farls
William P. BonbrtEht A Co. Bonbrlcht k Cs.
M
BAR SILVER
Par sliver In London today was nuoted"at
20 16-1 6d., unchang-ed. New York commercial
bar Oliver was quoted at 56?ic.. unchanged.
HOME STATE
INVESTMENTS
No. 3
We Offer and Recommend for
Conservative Investment
Mortgage Bonds of a large
Interurban Railway, Electric
Light and Power System,
operating in a busy manufac
turing district near Philadel
phia. The investment yields about
5.42
Tax Free in Pennsylvania
Detailed circular on application
BANKER.S
EsTlBtlsniD 1802 ,
It emtcrs New York ant PMladilpMa
llnoiD ami Chestnut Sis,, Piiiladi.
- 30 1'i.vn aruEcr Jj'ew Vol
Vosk
ELKINS, MORRIS & CO.
BANKERS
Land Title Building
Philadelphia "7
Chicago Union Station Co.
1st 4Y2s, 1963
Guaranteed Jointly and Severally
by
The Chicago, Burlington &
Quincy; the Pitts., Cin., Chic. &,
St. Louis; the Chicago, Milwaukee'
& St. Paul, and the Pennsylvania
Co. by endorsement
Yield 4.45 :
'
ii rr-
Barnett Oil & Gas Co.
(Incorporated)
Capital 3, 500.000. iat Value 11.08
No Bonds
Nbw Knrnlnr SO30 per day
No Outstandlnr Indebtedness
CURROUNDINO and contiguous to this
J property are tho best -nroduclnc Oil welli
of West Virginia, such, as the Hmith PenD
utt'iiope Natural Has and .Manufacturers
Light 4 Heat Co., and the well-known pro
ducing properties ot tbe Carter Oil Co.
and other producing; companies In tho. Sis-
tervuie neid.
Stock Traded lnion N. Y. Curb.
This security offers unusual advantafei.
lTrtle for Special Circular No. !,
- E. H. CLARKE
2 William Wrec-t, New Vork Citr .
fis
4 toot
Bond Salesmen, Wanted
Two Balesmen, experienced in the bond
business, to work la Philadelphia- and lm
mediate vicinity Write for Interview
K. II. ROLLINS SONS
im Chetdout Ht., Md!dBhl (
DIRECTORY OK ACCOUNTANTS
I'ertlBtd I'uMlo Auountuuts
LAWRENCE E DROWN" I'O
1615 REAL BaTATB TRUST HLI14JINO
BURNS ft 3MUK11AN
1'ln Uauf at.
Your Income Tax
i
( The Income Tax Law requires each person,
subject to the tax to file a report of income
not later than March 1st,
We are equipped to assist individuals in
the preparation of their income tax returns,
and invite the free use of our department
opened expressly to handle such matters.
Inquiries by Mail Will
Receive Prompt Attention.
PHikdelphia Trust Company
? Av .iJ"n 0mc8 Broad Street Offlee
415 Chestnut Streat U5 Chestnut Street
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