"tglT f1 rtr-. T S. EVENING LEDGER PHlIADELPHTX WEDNESDAY, kPBIISlV 5C92P0. W ri FINANCIAL NEWS SPECULATIVE LIQUIDATION RESULTS ' IN DECLINES OP TWO TO THREE POINTS . . ; Standard Issues Sustain Fractional Losses All Incen tives for Trading Come From Washington, News Being Construed as Indicating Diplomatic Rupture , II.,-, ... . , NEW YORK, April 12. All the Incentives for trading In today's stock market came from Washington. The dispatches published yesterday afternoon and the tenor of tho news In Iho morning papers Were construed by tho Street as Indicating a diplomatic rupture with dcrmriny, and during tho forenoon brokers active In the trading said It looked as If tho market was getting ready for a break In ourrclatlons with that nation. There' wns a good deal of specutotlve liquidation, from tho start, which re sulted In declines from 2 to 3 points in tho active specialties and In fractional losses In the standard Issues. Tho market was quiet nml weak In tho afternoon. Underlying the whole market, however, there appeared to be buying orders around the low level reached early In tho trading which prevented prices from being successfully raided to any great extent. The speculative element on the floor took an aggressive position on tho bear side, helping along tho declines, and for a time made tho market tone extremely weak. Tho volume of business, however, was small, contrasting strongly with tho activity a year ago today, when 1,500,000 shares were traded In. Around mid day, hbwover, a better feeling developed 'and word has passed around the Street, apparently from well-Informed quarters, that there will be no break with Germany,- for the present at least, and these assertions were effective In checking the selling movements. Moderate rallies occurred shortly before noon, but tho buying was without much vigor and the Street generally seemed to be timid about making commit ments on tho long side. Taken all together, the Street does not seem to understand whether main tenance of present conditions or a diplomatic rupture is most desirable. For a long tlmo buying by tho outside public hns been growing smaller every day, about the only demand coming from Investment quarters, nml this Is not of mllllclctit volumo to check any selling movement. Sharp Advances in Prices of Copper NEW YOItK, April 12. Sharp advances have been mado In tho prices for copper. For Juno delivery there Is no stated quotation, those having metal avail able for salo making It a question of negotiation. July has been advanced 1 cent a pound by some sellers to 20 cents, although sales were made this morning nt 28?i conts. On August business 2S& cents Is asked, compared with 27 to 2S cents Tuesday, while for deliveries from September to the end of tho year 2S conts flat Is now demanded by all tho dealers, the 27 cent quotation having dis appeared entirely. WHEAT TAKES JUMP WITH GOOD BUYING Sentiment Is Bullish. and Fu tures Are Up 1 to 3 Points OBAIN" tlKl.T WIIATIIHK I'HHKCAST CHICAGO. Aiirll 18. Tho nmtlttr fonv. CBtt Cnr 311 hcinri fnlloiii! II'lnolt I'urtly rliitiilv tonight nml Thurmlnyt HtimifM nml unrincr. NorthrnftI Contar ettrrmn vrrt portions tonight: inolrr TlmrMl.iyi xtrunK noutli U weal wind. MlRHourl, Ionn, South Djkotu, Kunim find NfbrnMkii tirnerully fair and cooler ontsht and Tliiirndar. Iftcorwln Ilnln tills at tf moon nml to nlrliti wnrmrr r:iti lliur-ilny. Dirt I v cloudy, with rain or nnow northmst and cooler pouthUFKt. Minnesota icnin loiusiill looter irrsi nil ftntitlii Thiipidn, unrtlv iloudy mid colder floutnenntr wiurtiiiff rtortn iiuKnin- Klllc I!iiNittii.ii nml raider to- ntgliti Tmirniliiy, rniraiiii warmer. CHICAGO. April 12. There was good buying of wheat this mornlne and the market was stronger, liny again wns tlto leader. Sentiment was bullish on the crop outlook, and easiness after p. steady start at Liverpool had littla effect. May started at $1.10 W. to $1.18!& and sdld up to J 1.20 before the end of the first half hour, against $1.17 at the end on Monday; July started at $1.16 ',4 to $1.10 and rose to 1.11, against $1.15 ,i nt the close Monday, and September opened at Jl.l-Hi to 5114 yi, rising to $1.11, Tgalnst $1 13H at the end Monday. Tho receipts at Minneapolis and Duluth today were 284 cars, against 97 cars a year ago; at Chicago 387 cars, against 0 1 cars; at "Winnipeg 1S7 cars, compared with 191 cars. Corn was a little firmer, but was not active. The market at Liverpool was dull. There was no Improvement In the advices from Argentina. .Oats were slightly higher. Leading "t tturea ranged as follows My July Wheat Open, Illsrh. Low. ..... l.ltHi 1.2iK 1.18V4 ..... l.mw i.n l.in nbor. 1.1 IK l.lSto l.HK Bepier uorn mew ueiivuryj May 7.1V, 7ott 7.1,, July 70W 711ft 7UW Beptember. 7(1W 7H 7U$ t Oats May 45, I4BJ1 July 44i UaJJ liu Monday's Noon. clo8i. l.lTJj l.lSiJ l.l&Utl.ia'.i 44Ji 4:iV 4U 7SV1 7(l1i 7(11. ml lou 5 7 111 lay 11. .12 July 11,75 HememDer.i.'.uu nibs May 12,30 July 12,17 beptember 1'orK May 23,17 July 23.00 September. .... Hid. TAsked. 11.03 11.85 12.40 12.55 23.25 1:3.13 11.50 'U.V2 11.70 11. 82 111.1.1 ll.ll.l til. 87 12.37 "22.0(1 12.02 "12.35 "12.47 23.17 23.00 22.02 23,25 2S.0.1 22.75 23.12 22.87 WEATHER GOOD FOR GRAIN Government Reports First. Part of April Helped Winter Wheat WASHINGTON, April 12. The Gov ernment's first weekly report for the sea son ay: "Tle weather during the first 10 days In April has had favorable effect uppn tho appearance of winter grain Win ter what haB generally Improved! Winter wheat killing was undoubtedly must se vere in an area Including Indiana, Illi nois, Western Texas, Missouri and Ohio. "In the extreme northwestern States there was also considerable winter dam- ?o tviiiior i;c Muea nut orcui l IIUVO en quite as seriously affected by the un- "unfavorabla winter weather as wheat. Seeding of spring wheat progressed very satisfactorily and crop Is started well. "Preparation of ground and seeding of I oats has been delayed In the northeastern I district by cold and wet weather, and dry I weather In Texas has had an unfavorable I effect upon thf oat crop, but generally, 'seeding Is progressing and the crop is showing satisfactory growth, Cotton planting Is nearly completed, while the extreme southern portion of the region is progressing satisfactorily, as also are the central districts and the mors northern section. A heavy frost In the In terior sections killed considerable cotton. There la some complaint of the ground being foo wet for planting in the low bot toms In Mississippi." Less Wheat in Saskatchewan REOINA, Sask., April 12. For 1916 the estimated grain acreage of Saskatche wan i placed at 9,600,000 acres, com pared with 19,600.000 for 1916, About 6,000,000 acres will be seeded to wheat, It Is estimated, against 6,880,000 acres In 191S. The Ipwer acreage in wheat will mean an Increased acreage In other grain crops, such as oats, flax and barley, 1 The estimate for oats is placed at 3.500,000, as compared with 2,846,000 in 1915. Reichsbank Gold Reserve BERLIN, April 18 The gold reserve tin the Reichsbank Is $615,200,000, acw V ,j , ing to the weekly bank statement ls. J today The Ministry of Finance anbuncas that $1,732,350,000 has been.pald lit upon. hit fourth German war loan, which Is 63.4 jier cent of uje whole. r BANK CLEARINGS n,nk eteartmrs today confoared. with corre- Lpondlns &T lt Lvia Jr. VT )10. 1015. 1914 hvl 4l,U3407 22J.49t 30 132 241 feflQJI M, '", "1" J'k . ,, -VM I w xoira -".1 -!, i.,tfii,ai.-iiuna team? 109,01.7 413 49 807 131 63.330.075 New York Bond Sales I t.inoi) 1U2.1UII 3IIII1I luuo 10IIU 5HIUII 1IU01I 40011 2IKHI lillUII It.llMI 11 imiii 2111 III 22IIUII 2UHU 1IIUII 2111)0 142UUII 1U1IIUII OUIJIM) SOUU 8UUO 20UII 17UUII 5110 10000 2UUU 2UIIII loouo 3IIIIII 201)01) 10UO 18001) 1001) 2001) 1101)1) r.iin r,oo 2001) 3001) 100011 2000 ISOOO 10(1(1 sr.iiiin 100(1 ."lllllll 24001) 1000(1 3000 20011 noun 21)00 21000 0.100 1100(1 2001) 1000 3000 10(10 11000 2000 1000 noon 4001) noon 1700(1 Union 1001) 10000 1O0II 3000 1001) 1,1001) 113000 1000 20000 5000 1 1301) 1000 1000 7000 1000 12001) 1001) 340011 MIOII 1000 1(10011 1000 20110 1000 10110 soon 2000 liOUl) COUO 1000 1000 40110 20000 2000 5600 HIsh. II7',1 1)2 ! . 10H . 72V, . 04 u 1,11'. iim: II2K 111(5 llll'j .117; . B.l 13.', . Kll Amor (,'ot Oil ru. . Anclo-Krenrh n.. Amer Tel clt Is... Uo ct 4'4 Amer Writ l'un ,'b. .uciiiflon Ken Is Atran Co Lino lat . do clt la Halt & Ohio 3 "is do 4a in , jk. UelM ateoi 1st 5s In:)' ,, do rfd 5i lot;. Halt & Ohio r,s 100S Jirnokn City lt 5s .101'4 llroolc rtap Tr .".1 '18 1111 Cnl Uns & Klec ,1s. . . U'JVi Can Oovt w I 1D2H.. IinV, do 5 w 1 111.11 imv do 5s vt 1 liui )ll U uui i.,'.uner ibi oh.iiiii. Cent 1'ac 1st 4s lid', V-Vlll II II A J itH. Cent Vermont li. Chill CopiAir 7s dies A o cv 4l-i s uni ui wesi -is ,2 Clll & N Bll 5s 11121 0.1 Chi 11 & Q Joint 4s OW Chi 11 & Q III :t,M . B.-.'Ji. C M S, St V rfel His til Chi M & St V illv Is l)2Mi C M & Mt V cv 44s.lO0V Cons O.is cv U" ....122 Col 1'" & I Ken C.i ... 1)3 Del & Hl 1U1U ..lOOVa LUIIl ll'l .IS IM &. Hud con Is . Del &. Hud cv lis . Den t ltlii (Ir Is . 1) ic Itlo U rfd ,',s . Det Kills 111:1:1 ."a . DIs t-Hc Corp fs . . Krle en 4m Ilr con 4s H D v I Orttin Day tleni:tec del, r,s Hud & Mnn rfd .Is. Iowa Cent ref Is. . Ill Cent 4a 1032. . . Interli .Met His... lulerli H T rof B. Inter Mer Jlar -His. do ct Jaii new OS fin. . Kevstono Tel fis . . . Kun City Ter lat -Is KS'i I.acka Steel Os 11)30. 1)22 l.onc Island Ky 4Vis liySi I.orlllard r,s 101 Manhattan la 01- Mi'X l't Co its Her t'.ll.,', Minn St 1' S 3 SI 4a. I2 Mo Klin tc T lat 4a . 7.li Mo I'hc tol Oa 1017.. 7 Nat Knam d Ktp Ob uhu N y Canal Imp IVls lll'J n v c i, s ai-js la'j, NYCillHl S2i N V City 4a lii.18.... oil'! do 4'.h 1021 N Y huso &. W B 5a. HI N Y N II HI (Fa...ll4 X Y Itwy ailj .Is .IS'i N Y Tel ten 414s.... WW Norf & West 4s W3i N y Queens Bi 101 H Nor Tac prior is - . W3Va Nor Pao gen res 3s 03V5 Ore ft W It 4 N 4a MK I'aclile Tel Sa 100H 1'ubltc Serv N J St. W2 Itep Ir & S 5s OlHi Itlo fir !c W clt 4a. 7.1 Hock Island rfd Is. (IN", Hock Island Ca 47 St.iml Hub (la 102U Sealioant A 1, adj Bs 0.14 South Pao cv la... R7'l do cv 3a.... 101 South Pac rfd 4a... I0I South Itwy sen 4s.. 70J4 South Itwy con 9s., 11)2 U H Itubber Us 102', U S Sieol 8 F Os.. 10414 Union Io cv 4a . . I2' Va Us llrown Uroa., Gl Va Cur Clim lit 3a. OHli do (1 10'. vii ivy oa us;i Weat ild 1st 4s . . . 74J W 4 1, li lat 4s...lO0',J IjOW W7'4 WB). W2(J HIS 72b 04 W34 Wl(, till 1(13 llltii 101 '.4 till WsS 1111 2.30 p m w7Vi U.1J4 02H 10,1 72V4 114 H3Hi li.ljn l'2j III, lo.lf 10l 1004 101(4 101 IMIV4 imi 1)1 fi 1174 .100', . 107',, .1071 . 7K . UOJj . III.P4 . 71', . 75-ji s:rj : 10.1 . 73'i . ,ViVs . Hi) . 73 ' . UU'i . nun . )H . 801i u 107js 107U 7S IjO 103H 71 7r,, n.-iH 12 101 734 TiM'l III) 73'a Witjs WHli 1174 0. OS NS'i SJ4 1114 10H, wa'S 34 ItioS 08J4 100W lies. 0K"i 102 tllV4 74 ; 1001 New York Stock Sales FOREIGN EXCHANGE NEW YORK, April 12. The featuro of the Foreign Exchange market at the open ing this morning, aside from a new low record In French on the movement, was a further decline In rubles. French checks at 0.03 were only under the extreme low on record. This low point Is figured by some experts as 6.04, and others claim that the low record of last year was 6.05. This morning French cables were quoted at a new low on the movement, also at 6,0291. From a recent high figure of 32 for rubles, the price dropped down this morning to- 30gig)30?4. Russian ex change has been sagging for over a week. The cause of the weakness has been a subject of dally discussion in financial circles, Including the prospects for new Russian credits in this country. Scan dinavian exchange was lower, also touch ing 20.8523.05 for Stockholm. For elgn exchange, on the other hand, showed a gain of 2 points to 6.53 Vj for cables and 6.51 for checks. Reichs marks Bhaded to 72 9-16072. Ster ling held steady at the recent high, 4.76 7-16 for demand and 4,77 for cables. Other Quotations were; Swiss cables 5,17, checks 5.18J4J Vienna, 12 48 12.E0; pesetas, 69. 3E59.38; guilders, 12.5842," Around midday French checks moved to within of the extreme low record, touching 6,03. Cables were alsq lower at 6.03, The other market was unchanged from the earlier figures, with sterling steady at 4,76 7.16 for demand; cables', 4.77; 60-day bills, 4.73; 90-day bills, 4.71. RATES FOR MONEY Now York ,3 2K 2)72E?U Philadelphia, 3 3 3 $4 QhTcaEO 3W4 .4 $4f Commercial paper. 3 to u months, Philadel phia, 3&3H par cent. RAILROAD EARNINGS Increase. J". TEXAS AND PACIFIC. 1010. First week April 1341). 350 t From July 1......... 13.1OO.07O 0(3,530 PENVER AND BAtT IAKP. ' Fourth week Hrch... 181.424 18.832 From July 1 1.477.830 207.838 PITTSBUnOH. CINCINNATI. CHICAGO & eT. LOUIS BAH.WAV COMPANY Ctroaa earnings 9,BSI.71 I2,10a.e37 N't Income . 23.V22 2,111.320 'DcrM. Almka J OoM St..,.. Alaska OoM Mines... Aim-Chalmers Mfz. . . Allls-Chal Mfc tf Am Beet Sutar Am Can , Am Can pf Am Car tc Fdy Am Impress Am HMe & Leather . Am HIJoA L pf Am I.lnsrcd Am Linseed pf Am ljcomotlro Am Malt Corpn pf . . . Am Smelt A Itef .... Am Snwt Itef Am Suc.tr Itef pf Am Tel A Tel Am Tobacco Am Woolen Am Zinc I, A. Sm Anaronda Copper M. Associated Oil Atch Top A 3 F Haiti Loco Wks Halt A Ohio Bait A Ohio pf Hethlchem Stool Hutto A Superior Cal Petroleum CanaJhn Pacific Central LiHIher .. .. Chandler Motor Chile Copper Chlno Copper Chicago Ot West pf . Chi Mil A St P Cht St l' M A 0 pf . Chi It I A l'ac Cluett Tea A Co Col Kuel A Iron Consolidated On Corn Products Ref... Corn I'rod lief pi Crucllilo Steel Cuban-Am 8ui:ar Cuban-Am Sugar pf . Deere A Co pf Detroit Fdlson Distill Sec Corpn Dome Mlnci Erlo Fed Mm A Sm pf Gen Chemical Gen Chemical pf General Ulectrlc General Motors pf Goodrich U F Grecne-Cananca Great Northern pf G N cfs for ore prop, Guggenheim Kiptn.. . Illinois Cent Int Agricultural Int Con Cor v t c sh. Inl Paper pf lnsp Con Cop Int Nickel v t rfs.... IntM M cof dp Int M M pf cof dp.. Jewel Tea Kelly Spring Tiro Kennecott Copper Lack Steel Co Lacliilu Gas Leo Hublier Tiro Co. . Lehigh Valley Liggett A Myers .. . Louis A Nash Mnckay Cos pf Main ell Motors Max Motors 1st pf. .. Max Motors ;M pf Mexican Petroleum... Miami Copper Minn A St Louts pf. . Mo Kan A Texas Missouri Pacific Nat Cloak A Suit.... Nat Enam A S Co. . . Nat Lead Co pf Ncv Con Cop New York Air Drake. N V N 1I&JI N Y C& It II Norfolk A Western .. Norfolk Southern. . . North American Northern Pacific Pacific Coast Pacllic Tel A Tel Pennsylvania It 11 Peoples Gas Chi Philadelphia Co ..., Pitts Coal N J pf ... lr..rc..H U..ol ,-.. Cn Pullman Cn . Quicksilver My Steel Sp Co Kay Con Copper Heading Heading 2d pf ItepuWIc Iron A S. . . Republic I A Spf. ... Hock Island J took Island pf St Louis ASF St LA S F 1st Pf... St L A SF2il pf.... St L Southwest pf . . . Sea! oard Air Lino. . . . Seauoa'rd A Line pf. . Shat Ariz Cop Sloss-Shef S A I South Porto It Sug .. South P It Sus pf. ... Southern Pacific Southern Ry Southern Ry pf Standard MlUlhg tudebaker Co Sludcbaker Co pf Tenn Copper Texas Co Third Avenue Twin City RT United Cigar Stores. . Union Pacific 0 8 Ind Alcohol United Fruit Un Fruit rec 2d pd. ... USOIP A F USC I P A V pf.... United Rys Inv Co..., U S Rubber US Rubber 1st pf.... U B Steel Corpn U S SteelJCorpn p.... U 8Sm R AM U SSm It AM pf... Utah Securities Utah Copper Wabash pf A West E A M West E A M 1st pf .. Western Maryland Wot Union Tel Wheel ALake Erlo ... Wheel A L E 1st pf. . . Willys Overturn Woohtorth F W Quoted ex dividend. l.ftSt close. , DJi . SO 28W . 77 . 72'i . GOH .111H . 08 123 . OH Glf 24 . 40 . mi . 3o .MM .UO'f. .110 .128H .197 . '! . 05'f . 1-0)4 . 074 .10.111 ,105'i . S7J4 . 70 ATM , 00 . 2.IH .107 . 63!i . D.Vi . '1 . 3554 . "14 IM . 18H . 72H . 44M .131 20 . ;i 02',, 221 .loo ,1321s . 47IS 24'i W i 42 .3:10 llfi 107' i .110 . 7S,' 40JS .120 . 43; . an .102)5 1(H . 17)i 47 , 405 . 4DU , 2014 . 74 , 00 . 74H 67 mrh. lxm. hh mi 20Jf 28M 70)4 72H 00)4 113)4 07K 20)4 28)4 70)4 72 00 112 07J4 120)4 120)4 10K 0)4 o35i 23! 40 77 35 lOl'f 61)4 23H 45)4 70J4 35 101W 110)4 110)4 110 110 12SJ4 128)4 195)4 195 19)4 4874 95!4 80)4 07 103 94 85J4 07 103 105)4 101)4 S0'4 S0'4 7014 405 05)5 23 70)4 405 02W 22)4 107'4 107)4 63)4 634 J5'i 22)4 65 35:4 91 0!4 22( 51)4 35J4 01 13l4 13IU 1.8)4 18 71 71 41)4 41 131)4 134)4 19'4 HI 92)4 02 !l,34 0U4 225 221 105)4 1054 91)4 914 133 474 25)4 SOU 41 335 li; 132 17 25 30 41 3)5 115 107)4 1074 110 110 7814 77J 404 4914 11974 119)4 43'4 424 21)4 102 HW 17)4 47.4 40)4 49H 21)4 73!j S8)4 76U 67)4 70 2H4 102 19)4 17)4 47 464 4S)4 10J4 72'4 8S4 71 504 .105)4 105)4 105U' . 62)4 53'4 62)4 77)4 77)4 77a .210 215 215 .125),' 1254 125)4 . OS 03 OS . 73 73)4 714 . 80)4 SOU' M))f . 60'i 57)4 5514 .10M4 1094 1084 3s1 1 3SJ4 38 18)4 :' 44 7S4 21 114)4 174 17 . 3)4 . -Pi . 70 . 244 .115 . 17J4 .1124 14: . 01)4 01)4 .102)4 102'. .1224 12P4 . 204 2)U . 074 Oil's .112)4 18 3)4 l4 78' i 21 1114 17)4 1114 m'i HUM 1214 2D 004 1114 1114 3t!i ;4 :i . 31 . 57 .10334 1034 1034 . 43'4 43VJ 13 .103 1CK1 r.o, JJ ,TJ .1024 102 3 . 39 21 85 45 51)4 103 5 3)4 3S)i 21 81)4 45 504 103 31'X 102 -P4 384 23) 4 814 45 ,V))' lOStJ 10S4 H H Hi 3)S J 24 II 114 35 31 514 207 110 97)4 20)4 59 05'i 14154 141 1394 112)4 1124 112i 52)i 51'f 1914 101 02 02 00)4 90' i 03)4 03)4 .1324 1324 1324 .100)4 1004 15S4 .14854 147J5 140)4 .14754 147W 140)4 . 34 . 3 . 42 . 15 . 35)4 . 31 . 5H4 .209 .112 . 07'4 . 20)4 . 58)i 95 4 34 2)4 41 15 35i 314 54)4 207 118 4 OS 204 59 054 524 197 01)4 UO 91 21)4 21 51)4 51 104 11 5254 53)4 110)4 111 85 814 1 51 11 52)4 111 81 11754 1174 117)4 774 .534 18)4 824 45)4 04 75 32)4 89)4 44 13 !33 775i 52)4 19 83 45)4 04 74 32)4 8954 1)4 124 30 125 127 0 52'4 10 824 45 0354 73 314 80-4 -US 12)4 228 125 2:30 p.m. 0)4 204 284 70)4 72 CO 112)4 07J4 12954 10)4 634 2354 40 70)4 35 10154 1104 110 12354 195 40)4 05)1 80 07 103 105 804 704 405 91 224 107)4 5.1)4 Ol'i 22U 544 3554 01 13P4 18 71 4,4 13 PS 10)4 92)1 02 22" 1054 014 133 474 25 3fl'f 41411 335S 115. 1074 110 78)4 404 119)i 42)4 21)4 102 10)4 17)5 47)4 411)4 IS" 214 73 884 75)4 67 70 105)4 53)4 774 215 125)4 OS m 6754 109 3S4 18)5 34 14 784 21 1144 174 1414 (ll'i) 10214 121'4 2) (10 ' 111)4 55 334 57 1034 US 103 5H4 10.! 3' 3S54 23'4 SIJ4 I , 50)5 10S4 4 '4 14 3)4 24 41 1 Ui 35'4 314 514 207 118 97U 20'4 59 95)4 110 112)4 62)4 191 02 004 034 1324 150 1104 110)1 21 51 14 53)5 HI 8155 117)i 70 52'4 19 83 45 0354 73 325 i 8UU 4)4 12H 228 120 LONDON STOCK MARKET LONDON, April 12. There was no diminution In the confident feeling on the Sfock Exchange today. Although deal nss In securities continued quiet, the un dertone of the market was In the main steady. While changes In the gilt-edged section were Blight, prices were harder. The revenue of the United Kingdom last week was 9.937,000, and the ex penditures 19,993,000. The sales of ex chequer bonds were fS, 381.000, and tho amount of Treasury bills outstanding was Increased by 16,551.000. The American department was dull and lacked steadiness. Canadians hesitated, and Argentina rails were i.abby, having been affected by smaller earnings. London Underground Electric Railways bonds were buoyant, but on the whole the home railway group was mixed, with altera tions In prices narrow. There was a rally In Holland exchange on purchases of Dutch bills here. This was taken as an indication that the political and financial situation in the country was reassuring, Sentiment In shipping descriptions was cheerful in spots. The declaration of an interim dividend of 6 per cent, by the directors of the Peninsular and Oriental Steam Navigation Company was helpful. The French, loan was offered again and was quoted at 86. The mining department was slow. Oil issues held welL DIVIDENDS DECLARED Commonwealth Power. Hallway ami Light Company, reirular autrterly of 1 per cent, oa common stock and JVi par cent, on preferred, Biyable May 1 to mock ot record April IT. oolcl do not cloai. Land Title and Trust Company, regular quarurlr of 4 wr cent . payable May 1 to mfcxk " record April IX Packard Uotor Car Company Hi per cnt on lommen Mock, payibU ilay I to suck el rtcord April 13. LONDON MARKET IS STEADY AFTER ASQUITH SPEECH Holds Up When Premier Denies Allies' Desire to Destroy Germany TRADE RETURNS DROP By FRANCIS W. HIRST Editor Tho Eoonnmt't, London. Special CnoJc to Bt-ctilnfl l.eAotr LONDON. April 12, The discussion be tween the German Chancellor nnd Premier Asqitlth resardlnn: the conditions of peace H the most Importnnt development for a long time pnst. Lord Cromer, In yesterday's Times, quotes the Oerman Chancellor as bavlnir said on April 8 In tho llelchstag: "Let, tm suppose thnt Jlr. Asqulth sits don with mo at a tnble to exnmme the possi bility of peace, and Mr. Asqulth bcRlnc with a claim for the definite nnd complete destruction of rruisla's military power. The conversation would be ended almost before It began, The enemy wants to de stroy united, free, Clcrmatiy." Lord Cromer observes that IhH utter ance Is remarkable for three reasons: First, becauso It represents what the Her man Government wishes the rest of tho world to believe; f-econil, because It prol nblv embodies wlytt the vast majority of Ocrmans themselves believe; third, be cause so long as Oermnns continue in this belief the difficulties of concluding peace nrc almost Insuperable. Lord Cromer's speech anticipates Mr. Asqulth's Bpeech by dlsenlmllg this Inter pretation and points out that even If tho German nrmlcs could bo completely van quished, "It would be a fatal effort to endeavor to Impose from without any Internal reforms on Germany." Ho adds: "We do not need nnd should not continue to RtniRRta for military glory or to humili ate Germany or, In the German Chancel lor'H words, to obstruct tho economic evo lution of Germany." What it chletly nrc cssarv as n condition precedent to peace, according to Lord Cromer, Is that the Ger mans should show some Highs of conver sion readiness to re-enter the comity of civilized nations. 1'remler Asqulth's speech to the French delegates does not carry us so far, but It constitutes nn emphatic denial of any In tention or desire on the part of the Allies to destroy tho national unity of Germany. The effect of this rational Interpretation of nn old formula which has given rlso to so much misconception abroad alters the situation substantially and removes what seemed to he an Insurmountablo obstacle to negotiations. The trade returns for March show nlilg adverse balance and Indicate that more men cannot be spared from agriculture nnd export trades. The stock market Is quietly firm on the speech of 1'remler Asqulth. Russian Internal loans now total 6,000, 000,000 rubles. NEW YORK CURI5 lNDLTSTItlAI.S. in,) ABkmi. At-tnn i:xitolves -'.'l'i -'.1 Kliunlolir ToIliccii ."VI., rit do pn-t !W, lot,, AJni ltubhcr Tiro I'l'i ""X Alter llrll MfK l-l as Aim Mnrcnnl .T4 Mi Atlantic nuK S. W I S.t 31'i do i.ref is r,i) I'.iti.nll.in Cnr 10 11", .11 Amer Cnr & Fily pfil srt h Chevrolet Mutiirs It') 101 Culuin Onne Sucnr ill itl'i i'urtls Aeroplnno I" I? IlrlKKs Senliun- ins 1 l:l KniiTiinn Phnno 1" l"1, lliinliell nml Marker Cnr ,. . 'M II llenile Mnnurncturlni! ml an Inter .Mnr Murine si "Jl i do pfil "It Til Kntlmdlon llronze pfd -' -l( Jlnxlni .Munition SH it Mnnhnttnn Transit 1 H IS Mldvnlo .Steel , 114 4 II.", llttn tllevntnr HI., IM 1'etrless Motors SS "Jill, I 'nolo Knirino ll'l 1"0 S. S. Iwrewe wl 12j IS Stnn.lHnl Mntnrs S'tr Kit Sulimnrlne Iloat 3.i 3.1'i TrlnnKle r'llm li1 :i) I'nlteit Prollt Shnrlnir ir-li) 1 , I! S I. & 11 Com :t1i 3T lo pM lJi "' White Motors noli nn'l World Film 1 IVi STANIJAHD Oil, HU1ISIDIAIUKS. Illinois t". 17S llhlil (Ml '-".Ill HI'S l'rnlrie I'lpo Hth1 iL'J s ti uf California ai'i -T, SOol Xmv Jersey ,.fiK r,17 S O of New Yorlc MV Hit OTIIIJft Oil. STOCKS. Cos.lcn Oil WJi 211 Chalmers Oil fi S Inter Petrol 11 1H4 Houston OH Hl'ii IR JIlrtiveHt lief 175 OSt Knpulp.i Hf ll'i 1HW Harm It OH -' ;tK MINI.VO STOCKa. Atlanta 13., II Hutto 1'niHHT anil Zlne H'b UK Hutto Ny :i :i 'i Corro DePiisco n7'4 3SU First Niitlmml ."'l. IIU riolilRelil JleruDr 13 II Heela Mlnlnu 1 !' Howe Sound .1: It U .11m Ilutlur 01 nil Jumbo extension 74 711 Kenettrk Zlne H!i 14K MeKlnley-DnrrnEh ,, 14 411 Magma Copiwr 171 1HU Milieu Co of Am n syt Nlnumlns Mines Co 7 7U San Toy 17'i 18V4 Kt Joseoh I.enil , 111?; Ill J West JJnil ConitoliI.iteil ta 7(i IIONDS, Cerro de Pasen Cs ltil un Clwa k. Ohio rs U7K 1)71 MtdVHle Steel Sa US US', N V City Willi 103 10.1(4 Sulzberger Ca w I U'J!; UHl S100 IIONDS IVt. Due. Hid. Asked, Alberta Province 4ii Itm ii.lii Anelo Kr.mfli i 1UUO )."U IIDVj Argentine Govt n 1U4.1 hu ill City of Haltlmora .... 4 1IHI2 f-Sli City of Clil liar Con.. 4 11)17 !)!) City of N Orleans Imp n 1U21) 100 ltlUV City of Vancouver .... 4Vj IUL'3 !)v"4 Ne York City irer , . 4lj 1 (1,1:1 lulls; lm New Turk City re . , 4'J lndii Wl 103 lUOUi bKllt ... S lll.'O !l(iI OU',1 CVn Vermont Ity 1st rrB 4 tli'il k!1! Chi 11 & Q Denver ext. 4 1DJ2 U!) .. c m i Ht v n rf con r iui4 ;ou4 un Cht M & St l con .. 4W 11)3-.' 100U lli Col . So ref et . . 4Vj 1113.1 8.1 8UIJ N Y Central con dob .. U UM5 113H ltljj N'VtOI, Krle) 1st .. B 1010 l)'J ., N Y N It & II o d ctfo 3H 11)50 71"i .. N- N II & II c d teir 0 lnis 113 ill Norf & West Int con .. 4 Hum P.IU ttl'l Sea Air Una 1st & con II 1W1 tia'i lon'I So Pac Sai Fr Tsrm 1st 4 lu.1l) h.1U miu ViririnUn llwy 1st li lonj nsu tioI Am Ab-rl Chem con deb li in it l8 Amer Ko Segur deb.. 6 llCti (.3 S7 A '1 AT coll tr ctfa.. 4 HUD l)IH II-.H4 A, T i T conv ....... 4H H33 1U5 101) lleth Steel 1st & lef . . IS 101-J luoa 101H Cent Leather 1st res . . 6 10.'5 100 llrj Tax Exempt in Pennsylvania WE OWN AND OFFER; Reading Co. Gen.4's, Jan. 1997 Beech Creek R.R. 5uly 1936 N. Y. Cent. & HJlf RR. 4 V Mav 19flK,tZ f 1 Penna.R.R.Gen. 4Ws,Jun&mS Penna.R.R.Cons.4,s, Aug?f960 Allegheny Valley Ry. 1st 4's, March 1942. Particulars oa application. A. B. Leach &. Co. 11B SOUTH 1-OUHTlI STUEKT BH 'Phone lmbard J3T New York Chlcato Uostos London MTtECTOUY or ACCOUNTANTS CxUa4 Vublie AeeountanU LO.WKKNCU K. WiOWN CO. ua tibial. 4--4tjj 'hum? uviunaa. Sales in Philadelphia Tes. 2. SO closa. High. Low. P.t. 5 Am Ilwys pfd 00 00 0 tl!) .1 Dftld l.oe pfd 10 103 108 10 100 Kentucky Sec 20 214 21W 21'4 100 do pfd 72 74 74 74 100 Key T Co t o 14U HU 11H 14H 200 Lake Sup Cor 10'4 lO'l 10U 10U 39S IxshlKh Nav.. 75U 76VI 75 7.1 120 Lehigh vat.. 78 78 77yt 77H 12(1 Mlnehlll .... S7H t-TA B7 B7H 100 Miami Cod . DS'l 38 MS 38 71 IVnna r,7'i f,7H B7 57', 15 Pa Salt MfK .102 101 lot 101 21 Pa Steel 80 SO CO 80 r5 do pref ... 08 9 08 8 P5 1'h Co cu rr 6s 42i 43 42H 42U 11 Phil Klec ... 27i 27H 27 27 100 ttay Cons ... 24H 21 21 24 170 hendlmc S3U 85 844 81'4 17(1 Ton llel 4i 4 13-10 4 44 301 Ton Mln 0 1-10 OH 0 It'.i 200 Utah Cop ... 81 82 82 82 10S Un Trao .... 43 43 13 43 I0J U (1 1 88 88 88 8" 30.1 U S Steel ... 81 S1'4 81 84 2AW S ts B .... 40 SO B0 B0 400 rork lly .... 13 13 13 13 135 do pref .... 30 30 30 30 IIONDS. lst prev. 2:30 sale. High. Low. p.m. $1000 Am O & I! Si. 03 03 03 03 3S()0 UlcAPeo It 4s 80 Vi 81 81 81 140OO IntetsU ltys 4s S9 BS BS B8 70OO t'eo Pass t c 4s 83 83 81 83 4000 Phils. Co ens Ss 03 1)3 03 D3 400O do 1st . Is... 101 101 101 101 200 Phlla Klc 4s.. SI SI 81 81 Financial Briefs Tbo Now York Subtrcasury fjalncd $910,000 from the banks on Tuesday, makltifc a cash net gain since Friday of $3,537,000. A special ineetltiB of tbo stockholders of tho Swan and Pinch Company baa been called for Slay 1, to voto upon n proposi tion ciUms for an Increase In tho com pany's capital Btock from $500,000 to $1,000,000. The new stock la to be offered to stockholders for subscription at par, pro rata. John A. Slemons has become associated with Iho Pennsylvania Indemnity llx clintiKo, Uomincicla! Trust building, as executive assistant. Sir. Slemons was formerly a newspaper man. The board of directors or the Pacllic Ons nnd Klcctrle Company will meet on April 23 and declare the regular imaiterly dividend of $1.00 per share upon tho full paid llrst preferred and original preferred capital stock of tho company, payable May 15 to holders of lecord nt noon April 20. Transfer books will not close. At the meeting ot tho directors of tho Western Union Telegraph Company to day, tho board of officers was Increased by tho election of the following now of-, flclals: Hush Taggart, vice president nml general manager, J. C. VVillovcr, vice pres ident In chargo of commercial; W. N". Kashbaugh. vice president In charge of traffic; G. SI. Vorke, vlco president In charge of plants and engineering, and 13. Y. (Jnll.iber, vlco president nml controller. Ctrleton Spraguo was elected an assist ant secretary. The officers whose term had expired were re-elected with the ex ception ot A. It. llrcwcr, who resigned as a vice president. Cross earnings tor Starch from tho operation nf nil properties of the 1'tab Securities Corporation amounted to $125, 786. an Increase of $00,813 over tho cor responding month last year. Net earnings were $233,207. an Increase of $I,0'J2. PUULIC UTILITIES The leport of the South Carolina Light, Power and Hallways Company for tho year ending Ilecemlier 31. 1015, shows operating Income of $414,51,1 In gross, in cluding intercompany items of $10,741, which compares with $117,703 earned In 1914. llxpciiscs for operation and taxes wcte increased $1334, to $211,102, leaving net earnings of $23.1,120, a gnln of $25, 1C7. Tho syndicate composed of tho Guar anty Trust Company of New York, Wil liam P. llonbrlght & Co.. II. SI. Ityllesby & Co. nnd Spencer Trask & Co., which purchnHed from the Northern Stntes Power Company an Issue of $8,000,000 10-year B per cent, notes, offered yester day morning at 00 and Interest, an nounces that tho entire Issue has been sold. Earnings of the Omaha and Council llluffs Street Hallwny Company for Feb ruary, amounting to $215,710 in gross, were nearly 12 per cent, better than a year ngo. Total deductions for operntlng expenses, taxes and rentals showed a gain of over 0 per cent., and tho net Income of $89,550 was mora than 15 per cent, great er than in February. 1015. ELK1NS, MORRIS & CO. BANKERS Land Title Building Philadelphia Western Pennsylvania Railroad Consol. (Now 1st) 4s, June, 1928 Assumed by the Penna. Railroad Co. Secured by a first mortgage 136.59 miles of road on from AleKKeny JjoBi ., and branch to Butler, Pa Bolivar, Pa. Tax exempt in Penna. Price and Particulars on Application t wmmmsm New Orleans Terminal Co. 1st 4s, 1953 Guaranteed by Southern Railway Price 74 and interest ( Netting over 5 BARCLAY, MOORE S CD, 123 & 125 So. Broad St. , SURPLUS OF FREIGHT CARS SHOWS BETTERMENT IN EMBARGO SITUAIOH' Railroads of Country Had 3650 Not in Use on April 1, r Against a Shortage of 20,651 a Month Previous. Anthracite Coal Shipments Larger Concrete evldenco of the Improvement In the embargo situation throughout the country Is furnished by the Idle-car state ment of tho Aifterlcan Hallway Association as of April 1. On that date there was a net surplus of cars for all railroads of 36B0. This compared with a net shortage of 20.551 on March 1, an lncreaso of 24,201. This statement tends to show that the efforts of tho railroads, the Federal nnd State commissions and commercial bodies to persuade consignees to unload cars promptly hns had some effect on the general embargo situation It Is also known that the work of tho Presidents' Committee on freight accumulation In the Hast has greatly reduced the number of cats held for unloading, particularly in N'ew tlnglaud. Continued expansion is reported in the shipments of anthracite coal. The state ment for March, ns made up by the An thracite Ilurcau of Information, came out today. It showed totat shipments for tho month of 6,127,351 long tons, an In crease of 1,052,058 tons ns compared with the same month last year. Tho total shipments for the three months of 1D16 ending- with March amounted to 17,708,607 tons, as compared with 14,258,807 tons for tho same period in 1916, An Increase of 1,449,200 tons. Stocks of coal nn hand at tidewater ship ping ports on March si. 1918, were 319,185 tons, a decrease of 76,591 tons ns com pared with February 29, 1916, On the Philadelphia Stock Kxchange to day three stocks established new high records. The new top marks were mado by Tork Itallwnys common, at HJ,S, an advance of U ! Kentucky Securities, com mon and preferred, tho common selling al 21 '.4, up Hi from the Inst sale In Febru ary, nnd tho preferred 74, a gain of two points as compared with the close of yes terday. Th market wns very quiet. The fact that the price of liar silver advanced still further did not affect tho mining Issues, Tonopnh Belmont nhd Tonopah Mining, and they were about unchanged. Lnk Superior declined H on the sale ot 200 shares. Philadelphia Electric did not rt spond to the good nil mini reort, Mid was off a smnll frnctlon. Pennsylvania Salt lost a point. C0TT0X BUSINESS SMALL, WITH PRICES DU0PPIXG Liquidation Is Uelieved to Be Due to Gurmaii-Wnshinfrton Situation NHW YOIIK', April 12. Continued liquidation, apparently due to tho Oerman Washington cituation, was noted on the Cotton Ilxchatigo nt tlm opening this morn ing. The early tone was nbout Btcady, with prices unchanged to 2 points lower. Huslness was tmall, there being no transaction In December nnd March on the rail. Spot houses purchased a Fmall n mount of May nnd sold July, with Liver pool supplying the lato options on a mod erate scale. After the call the selling increased and by the end of the first 10 minutes of trading quotations had dropped about 2 points from tho Initial figures. Karly private cables stated that the Liverpool market wns -very steady, with little hedglnft At first prices were Hi to 214 points hihher, but later declines of 2 points from the start were made In some options. Quotations were duo to some un changed to 1 point lower. Temperatures wero higher In the cotton belt. West of the Mississippi Illver cloudy conditions prevailed, nlilte in tho east It wns clear. The lecelpts of cotton at the port for the day were estimated at 12,000 bales, compared with 3 9,157 bales last week, 21.075 bales last year and 18,628 bales In 1011. Yea. clone. Open lln.nl. 12m. 2 p.m. 11.110 11. sr, 1LMII1 1" 111) i5.:it r'.:n 1L'.43 12.SS : r,ii Milrch Mar 11 Ml July I-.' nil October . ..1U.S1 DectMiilier ..lL'.ai January . ,.1'J. Ill U.sr, 11.81 1.112 1LMH rj.ni ii;.ir IB au is.311 .... K'.no Liverpool Cotton LlVIJItPOOU April 12. A fair busi ness was reported In spnt cotton t'uliv at nn advance of 10 points, on the basis of 7.7Gd for mid-upland. The sales were 8000 bales, Including 7000 bales American. Tho Imports were 17,000 hales, Including 15,000 bales American The market for futures closed quiet at a net advance of lit to 1 point. Today's orenlna; Marrh S.KO April May , K .11) June 8.11) July 8 4", Aimunt Mfptrmber .,..,....,. K.M (Htolirr s.r5 Nmrmbpr , s no Ilecrmliir R.DnlfR.OS Innunry l'ebruury 1IUI. Total n.iloH, .-,01)11 bass. Dissolve Hock Island Comptiny NnWAltlC. N. J April 12. An order dissolving the Hock Island Company, holding company for tho Itock Island llnilrond syntein, nnd In receiver's hands, has been granted by Vice Chancellor Howell. The Vlco Chancellor also signed un order whereby the receiver. Chauncoy Ci. Parker, will turn over to Jacob M. Dickinson, receiver for the Chicago, Itock Island and Pacific Hallway Company, cer tain assets of tho Itock Island Company and receive In return 520,000 in cash and $15,000 In demand notes. California Electric Generating Company C Cumulative Guaranteed Preferred Slock Dividends guaranteed by the Great Western Power Com pany. Tlie California Electric Gen cratint; Company owns a modern and important steam generation station at Oak land which is essential to the Great Western Power System, as it insures continuity of sconce. Earninqsainjlicable to divi tfrrftTs Cn JtXfc entire issue of rMfcfcrrjHf stock cq,ttal to over t,S tulles the requirements. For price ami further informa tion send for Circular No. 36i. William P.Bonbright&Co.Jnc MORRIS WISTAR STROUD, Jr. Mannccr 437 Chestnut St., Philadelphia New York lloaton Detroit I.ondon Tarl WtlUum 1'. Honbrlcht & Co. Bonbrljht ft Co. The Pennsylvania R.R, Co. and Its System is the subject of a special circiilarjtist issued in an un nsuM iJrpr. A GyPyWiU oe 8cnL on request. JirXJXtVtW KSTIKLISIICD ISO! lltmtert .Yew York and PMlaitlpMa Block Exchange UnniD Attn Chestnut Sts,. Pmt. SO l'.1B 8TBKKT NW YOl JJWitWWKiWMWK'KWK-KWIWIWK'tXW'W'JJ I Disinterested I Advice :.:; We buy and sell only :i in your interest; wo have :: no favorite stocks. For jjij information on market :: conditions, call our Mr. j:j: Knoll Lombard 1385, :; Main 4458. teRjCo. jtXHKKiia & nnoKnns &.Cheitnut 111., N. E. Cor. Members ot Phlla. Stock Kichanro Direct wire to New Turk ! Va jfi llrfVrf & fih s PIT r I JL JL REPORT OF THE CONDITION OF ie Philadelphia Saving Fund Society OF PHILADELPHIA Nos. 700 lo 710 WaMit'Sggek of Philadelphia County, Pennsylvania, at the cbse of business, M, 30, 1916. RESOURCES Cash on hand $ 2,226,180.62 Due from Banks and Bankers ; 4,449,163.86 Investment securities owned, viz.: .....--, Public Loans $119,454,558.03 Mortgages 14,877,353.53 134,331,911.36 aik. Ileal Estate 155.000.00 $141,162,256.04 LIABILITIES Surplus Fund .yfT. 12,228,399.48 Undivided profits, lessxpenses and taxes paid. 1.135.468.17 Deposits ......... .A, 127,798,388.39 - $141,162,256.04 PRESIDENT. j. u. runvrj VICE-IUIKSIDENT, JAMES M. WILLCOX SBCnBT.UlT AND TREASURER. SAMUEL WOODWARD rown Brothers &Go. Securit UjVDllil'IIIA M W res an FommiAN VR, d Income We take charge of securities and collect incomes for persons desiring to be relieved of such details, crediting an account subject toheck or remitting amounts collected. t NEW YOKK COFFEE MARKET N'nW YOItK, April 12. Tho C0tte market whs steady at tho opening today and IliBt prices were uncliniiEcil to 1 point hlRher. Snies on the call were 47SO bags. Tctrday' rloge 8.MIM8.81 rt.3IWR.Sa M.S'.'tfll.SS H 44 5(S.r,n 'I 31WB.M 8.f.SW8.5! 8 (II 198.03 8.7IIK8.71 8 7,'jS.Ia Further Advances in Bar Silver Ilnr silver today hhr quntnl In Iondoa t 2l) d., n adk'nnpf cif 1-IBd. Commercial bar ullver nns quoted In New York today nt (12s centft, a Rnln of U ctnt. I III' l"rl -fr ir I n T J Jf -
Significant historical Pennsylvania newspapers