"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
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7SV1
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7(11.
ml
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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
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Cons O.is cv U" ....122
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Kun City Ter lat -Is KS'i
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Hock Island Ca 47
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Sealioant A 1, adj Bs 0.14
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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.
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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
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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.
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VICE-IUIKSIDENT,
JAMES M. WILLCOX
SBCnBT.UlT AND TREASURER.
SAMUEL WOODWARD
rown Brothers &Go.
Securit
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FommiAN
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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
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M.S'.'tfll.SS
H 44 5(S.r,n
'I 31WB.M
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8 (II 198.03
8.7IIK8.71
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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.
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