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FINANCIAL NEWS
MANY STOCKS DECLINE WHILE
, WALL STREET AWAITS GERMAN NOTE
Retention of Military Expedition in Mexico Is Also a
j Cause for Uncertainty Private Settlement With
J Shorts in Marine Thought Probable
High Points in Today's Financial News
Reorganization plan announced for Fairmount Park Transportation
Company. Tonnage of Eastern Raxlroads continues large. Bar silver
reached new high price. Extra dividends declared, including 1 per cent,
by Studebaker Corporation in addition to regular quarterly of 1 IS, and
Copper Range $1. Lindsay Light increased dividend. Sugar lower in
New York. Railroad earnings continue large. $125,000 gold withdrawn
for shipment to South America. New York exports decreased last week.
Canada's mineral output larger. Butler Brothers increased stock by
95,000,000 to $15,000,000. Proposal to increase Pacific Mail Steamship
Company's stock by $1,000,000. Buffalo and Susquehanna reached new
top price.
""' NEW VOKK, May 2.
The International complications were Injected Into tho speculative situation
again today when declines In many Issues wore attributed to tho new uncer
tainty over the manner In which Washington will view the German answer to
the submarlno note and as to tho action that will be taken In regard to the reten
tion of tho military expedition over tho Mexican border.
Apparently tho country desires that there shall bo weakening by tho Admin
istration In regard to the Mexican situation, and uncertainty as to what the re
sult of recent developments will bo had much to do with chocking tho upper
tendency which had prevailed In tho market for more than a week. In somo
quarters It was Insisted that a favorable German answer had already been dis
counted by tho high prices already established. Outside of these prlmo factors
special Influences wero effcctlvo In tho depressing values.
Thero seemed to bo reason for believing that a. private settlement with tho
shorts In Marino preferred had been arranged when that stock sold at 98 yester
day. Ono house alone Is Bald to have been short -10,000 shares of Marine, and
that house was ono of tho heaviest sellers of Anaconda In the forenoon today.
Anaconda was tho weakest stock throughout tho day, declining more than 2
points, although tho statement for the month of March showed tho highest pro
duction of copper metal In tho history of tho company.
Heading was another weak feature declining more than 2 points, tho down
ward movement In It was accompanied by allusions to tho changed nttltudo of
tho company In agreeing to the recognition of tho union at tho samo time.
, $125,000 Gold Withdrawn for Shipment to South America
NEW YORK, May 2. Gold coin to the amount of $125,000 was withdrawn
from the Subtreasury this morning for shipment to South America. Tho Sub
treasury transferred $600,000 to San Francisco and $50,000 to New Orleans for
account of local bankers.
Railroad Earnings Continue Large
WASHINGTON, May 2. Railroads during March continued to show largo
gains In revenues over preceding months, according to a statement Issued by
tho Interstate Commerce Commission today. The revenues for 04 roads aggre
gated $160,218,162 and tho expenses wero $106,081,991. Tho net revenues wero
$53,236,171, an increase of approximately $13,000,000 over March, 1915. Tho net
revenue per mile was $425, in comparison with $301 for March, 1915.
Lindsay Light Increases Common Dividend
CHICAGO, May 2. Tho Lindsay Light Company declared a quarterly divi
dend of 3 per cent, on tho common stock, an Increase of 1 per cent, over tho
previous declaration, and a regular quarterly dividend of 1 per cent, on tho
preferred.
Copper Range Declares Extra Dividend
BOSTON, May 2. Directors of the Copper Range Company havo declared
a quarterly dividend of $1.60 and $1 extra. Tho previous dividend was $1.50, paid
March 15, 1916.
Butler Brothers Increase Stock by 55,000,000
CHICAGO, May 2. Butler Brothers stockholders approved an Increase In
the capital stock from $10,000,000 to $15,000,000. Stockholders of record April 26
will receive stock dividend of $2,500,000 and right to subscribe to $2,600,000 In
proportion of 25 per cent, of holdings. Books close April 26, reopen May 20.
SOME CURB SHARES
FALL, OTHERS RISE
Leading Issues in Supply at
Concession Persistent Buy
ing in Ray-Hercules
NEW YORK, May 2. Market opera
tions on the Broad Street Curb resulted In
a divided movement with tho lending Is
sues like Mldvala Steel and Cuba Cano
Sugar In free supply at concessions, while
Borne other Issues were In brisk demand,
making substantial gains.
This was due to a great extent to the
fact that the two stocks in which there
had been the heaviest trading (or months
past have been steadily distributed when
ever a demand appeared, and friends of
these companies outside of the control
have been loaded up with as much stock
as they can conveniently carry. They
are now waiting day after day for a
rally.
Many of the newer Issues showed pro
nounced strength. Maxim Munitions was
especially strong, being steadily bought
and advancing to 11 because of official
announcement In regard to the extent of
tho company's war orders.
There was persistent buying of Ray
Hercules and Porphyry stock, which Is
now selling around C. Lynn Phonograph
wati Arm, with sales at 1094 and 11, but
trading In that stock has diminished for
the time, while waiting for terms of the
merger. Price movements In other Issues
were not of much Importance and trading
In them consisted to a great extent of
professional operations.
INDUSTRIALS.
Bid. Asked.
Aetna Explosive 10 It IBS
Elaenlohr Tobacco 51 08
da pref 8Vi 101
Ajax Itubber BH
Am Brit IS -5,.
Am Marconi S 3Vi
Atlantic dulf ....... ST., 3T4
do pret 50K SOH
Canadian Car 88 70
do pref 75 60
Chevrolet Motors 1UT. 108.
Cuba Cans Sugar 01 B2H
Curl lie Aeroplane tX... 40 4H
Drtxca-Seaburr '.,137 142
Emerson. Phonograph 12 13
Haskell A Barker 87 3S
Hendee Ml -'8 30
Inter Mer Marina ., -Vi -
do pref .....,, Ul. 17
Kathodlon Broua pref ..,.,.,., S2U 24..
Maxim Munitions ,,,,., aji 0J
Manhattan Trans , IU It,
Mldvale Steel 61K UV
Otis Elevator , 69 62
fearless Motors 21 25
Pools En !?.? J,1.?,.
S 8 Kreaxe ...,.,. l.., 12., 12
Standard Motors . ,... SK
Submarine ,,..,........ a 87
Triaula Flint 4tH 4H
Unltia Front Sharing- ..,.. "i 1
V 8 L H com 2J 3J4
do pre! ,........... 4h 4
wnite Motors , ...... ... aw. ou.
World's rum , ,,.. 1W IK
STANDARD Oil. SUBS1DIA11IES.
Illinois ...,.,....,.. 1TO 17
Ohio ....... ....... .., . .j? -o
Prairie Pip ,.,.212 SIT
Standard Oil ot California ......247 250
Standard OH of New Jersey 523 618
Standard of New York 211 213
OTHER OIL STOCK8.
Coeden Oil 22 22H
Chalmers OH a , 8
Inter Pet Uia 12
Houston OU , ... 20 21
Midwest Jwji OTH
Sapulpa ...., 12k JZtt
MINING.
Atlanta ., "i IJH H
Butt Copper 2 J? J
ButtsN Y 2k
Cerro da Pasco T 88
First National , . S 5H
OoldAeld Merger '., 1
Hacla Mining , f
Howe Bound V4 BK
Jim Butler 11WI 1
Jumbo Extension 71 78
Keneoclc Zlno ..M 1V4 14K
McKlnley-Darragh JJ 87
Magma Copper. lift 1J
Mines of America g.. 2ft .,
iu Toy J... la IT
ItT Joseph .;.-, 1 JK
Wast En4 Con . i e 88
BONDS.
Ceirro as 11 Jl
MUvala a TS
u i i r i 'i
GOVERNMENT BONDS
" Bid. Aafed.
tttala4iaM , S 100
S5XBnu ..: 'H'l w
1H M
f
New York Bond Sales
lllch.
1150300 Ancln French 5
u.vt
3000 Amer Hide & L. 0s..1ii:1H
lo.iu I"-'!-tu5
luj.
ainiu Argentine oh til
BUOU Amer Smelt Sec Os..lll'.
13U0U Amer Tel clt 4a ... U2
1000 Amer Tel cv 4 101
MOO Amer Tel cvt 4 H a . . 1117 e
1000 Am Tobac new Oa..H8H
14500 Atchison cen 4a ... Il.'l
2..ooo Atl Knox & Cln 4a. sti'i
5000 Halt b Ohio Is lilVi
27000 Halt i Ohio CV 4is !(
29000 Halt & O 5a lUOU
25000 Beth steel rfd Ba.,.101H
tiiuii jirK nap 'it ua iuih.ioo
in, ximito
.Is. 87 S
02H (IKS
1131 U!1H
.uuu uusn Term liiag oa
22000 Can Oov fla wl I'l"
US.
II!) !
lull,
132
111
US14
85i
H175I
II3
Ml 14
7tlU
V'JK
121I
78
'!M)(HI Pun flnu r.u ul lfl'11
22000 Cent Leather lit Ss.lniti
iniiu i.nm uopiver tb ...13:1
20011 Chea ti O -Hi a Ill
5000 c II & Q Joint 4a . . . HH'-i
1(100 do III 3'ia 85(4
liiOO C .I & St I cv 0a .H7li
1000 do rfd 4 Via 1I3H
2000 Chi M & P S 4s ... KU!i
1000 Cln W M 4a 7i.
1000 Cleve Sh Una 4Vi a
1000 Col & South 4Ua
3500 Cans Clan w I IU
. 122
. . 78
. . 03!i
. . 77
1000 Den lllo Or 4a .
1)000 do rfd 5s
000011 Dla 8ec Corp 5a .
BOOO Erie con 4a Ser B
IOOO Krlo I'a. ml -In . .
T74
"6 "4
h!lS l
mil t.11:
B&500 Krlo cv 4a Ser D w I HUH
17000 Gen Elec deb 5a ..105
40000 Hud Man In 5s.. 27H
3000 Hud b Man rfd 5a.. 72I
(10011 III Central rfd 4a.
1000 do 4a 1051
200U Interb Met 4 Via
18000 Interb 11 T rf 5a.
Lr
OTV
TIL
UU
560000 Int Mer Mar ct . .I:i
iuoii int Htm I'ump 5s ct. 75
1000 Internl Nav 5a 08
10OO Manhattan la U2H
200(1 Minn & St l 4a . . 1IIV1
8l8
m.wi jiu mtii 1 iai in. ii.
Bl IS. lil
UUJ4
vt s.l()2
1131
.uuu jtiont rower Da, . .
ouuu n r Air urn cvt
jdauuu a x u & ji ua
'uuu ao u a
4000 do 4a .
2000 do 4V.S 11444
Hit
1S00O N Y C & St I. lit 4a 034:
1000 N Y City 4a 1037... I)U
5000 do 4a 1050 90
360011 do 4Mb 1003 lOUTi
60UO do 4V. a Mar 1037.107
1000 N Y Ity ret 4a 781
2000 N Y State 4a 1082.. 104H
EUOOO N Y Tel gen i',in. . UHH
8000 NYWOlll 4Ha, 73
47000 Nor Pac prior 4s..! O'Jfi
0000 Nor Pac gen 3a tiui,
5000 Pacific Tel 5a 00 J,
400U Penna 4a 1018 not!
400O do gen ct 41i a. . . loi'i
4000 Public Serv N J 5a. 01H
8000 Heading gen 4a 03ft
22000 Hock Ialand rfd 4a.. tiilii
11000 Stand Milling 5a U(i
6000 South Pao 4s 85i
11000 South Pao cv 4s 87S
27500 do cv ret f p 5a..l04U
12000 South Pac rfd la... noil
000 South Itwy gen 4a.. 7 Hi
1600O South llwy con Da.. 101
13000 Texaa Co cv Ua 10.1
1000 Third Ava ref 4s.,.. 8211
IOOO II H Kubber 6s, ..'..102ft
3:000 U H Steel tt Ss lu.li;
IOOO U S Steel reg sf Ba. 1041
6000 Union Pac 1st 4a... 00H
8000 Un Kwya S F 4a... 3dU
2000 Va Car Chrn 6a....l01H
6000 Va Itwy 6s 07ft
1000 Wabash 1st Sa 103H
30OO Wab-P T lat ct ft fd S1U
bOOO Wnt Electric 5a.,.. 102
2000 Weat Union 5a lOOVj
73
2fi
(III
tlO'i
09 I
1IH
08W
104
0
RAILROAD EARNINGS
CHICAGO AND NORTHWESTERN.
1010. Increaia.
March groaa 17.723,542 J1.3U4.4UI
Net 2.286.204 813.043
Surplus 1.418.650 720.107
Nina months' gross ,, 67.010.667 6.120.777
Net 21.023.321 3.643.677
Surplus I....... I3.20d.75tt 4,253.115
ST. LOUIS AND SOUTHWESTERN.
Msrch gross .,.,,.., $460,031 155.526
Net ,,,... 143.704 43.377
Total Income 121,403 46.090
Nine months' gross .. 4.164.353 683.282
Net 1,280.132 643.603
Total Income. 031.470 463.504
CHICAGO, ST. PAUL. MINNEAPOLIS AND
March gross 1727.297 J210.2SS
Net 648.773 103.038
Surplus 300,11b 110.661
Nino months' gross .. 14.693.046 840.610
Net 4.403.813 498.081
Surplus 2.231.010 413,898
MISSOURI, KANSAS AND TEXAS
March gross 12.733.090 118.207
Net T 78.906 701.784
DeHslt ,500.502 679.173
Nina months gross 21.533.612 1.077.463
Nat 4.107,012 3.078.696
Paflctt 1.132.717 8,008.123
Decrease.
NEW YORK BUTTER AND EGGS
NEW YORK. Mar . 2. BUTTER Steady
with iacxeaatna- supply.
rtfcaipia. is.uaa
pacxaxas. laiia, crumenr, m ?,i aiiotr
accriog. 8lKS83.! 8 lata dairy. Sjfecl Imi-
B3.ra3c.i nianc
accrtng. 8114S83.! Stata d
tatlon enamary, SO 080 He.
EQdS High craies arm.
ardisanr aradea
ulaa with sranaral ran unchanged. Receipts,
S.7&5 caaaa. JSitra Brats, oof quoted; nrata.
Ili(23S.J'hlt aggs. Sijj&c.; brown
ggs, 2ls- bid; mUgl color. SiJ3.,
EVENING LEDGER-
I New York Stock Sales
lt eloK. High. Low. Clote.
Adrsnce numcly...... 21 21 20tf 21
Advance llumelr pf., 42 4lH Wi 4lH
Alaska J Gold Mines., OH OH OH 0M
Alaska Gold Mines.,,, 20H 20J iOii 19)f
Allls-Chalmcrs Mfe..., 27 27 27 27
Allls-0 Mfg pf 78 77!f 70M 70H
Am Heet Sugar 70H 70Jf 09K 60K
Am Can 57H 67 60J 50H
Am Can pf in HO 110 110
Am Cat & Fdy 011 52 CO CO
Am Coal Products 163 163 151M 161H
Am Cotton Oil 63H 63 63 63
Am Eipress 120 126U 125U l2.i!f
AmIIIdeAripf 6M 52 60 60'
Am Ice Secutltlcs .... 2S.H 2SH 27,' 27?
Am Llnwcil 23K 23j 23)i 21
Am Unseed pf 51f S3H 49X -19!
Am Locomotlre 725 72H 08X 09
Am Locomotive pf. ...lOIJi 101H 101M 101H
Am Malt Corpn pf. ... .it 31 31 fM
Am Smelt & Itcf 09 08H 07H D7W
Am Smelt & Kef pf....H2Ji 112 112 112
Am Smelt pf A 03 03K 03( O'.IH
Am Steel Foundries... 48J 495 48) -19
Am Sugar llcflnlnc....l09U 111JJ 109)i 110
Am Tel ft, Tel 127J 128 127 128
Am Wooten ATM -I5H 43U 46)4
Am Woolen pf 08J4 08 08 08
Am Writing P pf 10 10f 18!( 18,'i
AmZlncL&Sm 02H 03 91U 01U
Anaconda Cop M 86 85j 8354 S3lj
AtchTop & S K 102JS 102 i 101!J 101(
Alch Top & S V pf. .. .100)f 100)4 100X 100X
Bald 1xo Wk9 80Ji !K))j 8OJ1 87)(
Jiaw Looo Wks pr 109 109 109 109
Halt. Ohio 80!f 80)4 KH HUH
Bait & Ohio pf 7fiH 76)4 75)4 761S
llatopllas Mining 2,!i 2H 2!l 2)4
llothlehem Sleel 400 450)4 450 459)4
llrown Shoe pf 00 07 07 07
vjluttc & Superior 03!4 93)4 91f 01?i
liulterlck Co 28 28 28 28
C.il Petroleum 22)f 22)4 22!f 22Jf
Cal Petroleum pf 10 48)4 48)4 48)4
Central LoathT 51! GUI 63 63
Central leather pf.... in in 111 111
Cent &3 A Tel 110 139 139 139
Chandler Motor 03 02! 01)4 01 W
Ches & Ohio 02f 02J4 02)4 02)4
Chllo Copper 22!f 22 22 22
Chlno Copper 61 6Uj 63f 61)4
Chicago Ot West 12)4 12 12 12
Chi Great West pf. ... 3.",5 35 IMS 3 Hi
Chi Mil & St 1'iul.... 01J4 05 04 94
C 0 C & St h 31) 40 40 40
Cht & Northwestern... 120)4 127 120'4 120)4
Chi It I & Pac 17M 17'f 10)i 10?i
Col Fuel X. Iron 43ij 41 41)4 -lU
Conllnental Can pf... .109)4 110)4 1104 1104
Consolidated Gas 134U 131)4 131)4 131)4
Corn Products Kef. ... 20 20 19) 1 19Ji
Corn Prod Hef pf 01)4 01( 04 01
Crei Carpet Co 45 50 60 60
Crucible Steel 83U 83)4 KOii 8W
Dccro & Co pf 03X 03)4 93 03
Delaware A Hudson... 1ID 160H 150)4 150)4
Del Lack & West 225 225 225 225
Distill Sec Corpn 53 C2T4 60) 50'f
Domo Mines 25)4 25Ji 25)S 25)
Krlc 30H 30)4 35)4 35)S
Erlo 1st pf 52 52'4 51!i 614
Erle'Jdpf 41H 44)4 44)4 44)4
Feil Mln & Sm pf -12 41 ' 41 41
Gen Chemical 3-10 330 335 335
General Electric 101 104 103'4 103)4
General Motors pf 117 120)4 117)1 117H
Greene-Cananea.- 60 50 49 49
Goodrich 11 F 77 77)4 70)4 70)4
Goodrich II F pf 114 114H 114)4 114)4
Granby Consol 87U 88 8774 88
Great Northern pf 1105i 11934 1194 119)4
Gt N cfs for oro prop. 40S 40!i 40 40
Illinois Cent 101K101 101 101
Int Harv N J 113 112 112 112
Int Agricultural pf 52 52)4 60 50
Int Con Cor v t c sh. . 10JJ 17 10)1 10J4
Int Con Corpn pf 74 74)1 74 74
Int Paper pf 17M 47 47 47
Insp Con Cop 45)1 45)4 441J 41X
Int Nickel v t eft 4934 50)1 49M 49)i
Int Nickel pf v t cfs. .100 10(1 100 100
Int MM cor dp 27)1 28)1 2(1)4 20?i
Int M M pre or dp... 03)4 05)4 91 024
Jewel Tea 88)4 87)4 87H 87)4
Kan City Southern.... 25 25 25 25
Kelly Spring Tire 71TS 72)1 71)5 71)5
Kennecott Copper 57)4 5734 5(134 50Jf
Lack Steel Co 71)1 70S 0S1 70)4
Lako Erie & West 11 10 10 10
Lee Rubber Tire 61 50H 60)4 50)4
Lehigh Valley 70?4 79)4 78 78
Liggett & Myers pf.... 121 110 119 119
Long Island 28 28 2S 28
Maxwell .Motors 78)4 79W 70' 77
Max Motors 1st pL... 85 8431 81)4 84H
Max Alolors 2d pr 573J 5814 57 57
Mexican Petroleum.... 0934 00)4 0531 00
Miami Copper 37)4 30)1 30)1 30)4
Minn &St Louis 031 0)4 G)4 0)4
Mo Kan 4: Texas 331 3)4 3)4 3H
Missouri Pacific 4 4)1 4)1 4)1
Mo Pac tr eft 4)4 4)1 4 4
Montana Power 77 78 78 78
Montana Power pL... 112 112 112 112
Nat Cloak & Suit 70)4 7331 733J 7334
Nat Cloak & S pr 108)4 107 100)4 100H
Nat Enam & 3 Co.... 23J4 23)4 23 23
Nat Lead Co OOH 00)1 05)4 G554
Nat Lead Co pf 113)4 113)4 113)4 113H
Nov Con Cop 1731 IV-i 1734 17)4
N Y N II & II 50 .-'j)4 59)4 59)4
N Y C & II It 101)1 105)1 10134 104H
SY04 West 2031 27)1 2031 2031
Norfolk & Western.. ..124). 124)4 123i" 123)i
Norfolk & West pf. . . . 80)4 87)1 87)1 87)1
North American 07)4 fiS 08 CS
Northern Pacific 11131 111)4 11134 111K
Ontario Sliver Mln. ... 1031 031 0)1 0)1
Pacific Mall 27 28 2038 20)4
Pennsylvania II It 60 50)4 65Ji 55Ji
Peoples Gas Chi 103)1102 102 102
Philadelphia Co 41)1 41)4 41 41
Pitts Coal Co N J.... 28 28)1 28 28J1
Pitts Coal N J pf 102 102 101 101
Pitts OC St L 80 80 80 80
Pressed S Car Co pf. . .100 101 100JJ 101
PubSCorpNJ 125 1204 121 12U4
Pullman CI 101 100 100 100
Quicksilver 3)4 331 3)4 3)1
Ity Steel Sp Co 37)4 3734 3734 37)4
Ry Steel Sp Co pL... 05)4 97 07 07
Ray Con Copper 23 23)1 23 23
Reading 80)4 8934 87H 8734
Iteadlng2dpf 40 45 45 45
Republic Iron & S 48 47)J 40)1 4034
Republic I &SpI 10831 108M 108)4 10S)4
8tL&SF2dpr 2)4 3)4 231 3)4
St Louis Southwest. .. . 17 17)4 17)4 17)4
St L Southwest pr 41 43 43 43
Seaboard Air Line 10 15H 15H 1534
Scars Roo Ic Co 170 178 178 178
Shat Ariz Cop 33)1 33V4 33 33
Sloss-Sher S & 1 52)4 53)1 53)1 6311
Southern Pacific 07)1 07)1 004 0631
Southern Ry 2131 21)1 21 21
Soutnetn Ity pr 00H C0)1 00)1 G0!
Standard MUllngi 05)1 102)4 07 102)4
Standard Milling pf . . . 80)1 873i 87 87H
Studebaker Co 131 132 127H 127M
Tenn Copper 4934 40)1 48 48
Texas Co 187)1187 184. 18031
Texas Pacific 10)4 10)4 10 10
Under Typewf pf 113 11731 117)1 11731
Union Iiag & Paper. . . 051 0 0 0
Union Bag & P pf 32M 33 3231 32)1
United Cigar Stores. ... 01H 91 91 01
Union Pacific 134 134H 13334 133JJ
L S Ind Alcohol 117U 140)1 140 149 ,
United Krult 148 148)4 147)1 147)1
United Ryslnr Co.... 11)1 11)4 11)1 1134
Un Hys Inv Co pf.... 24 2431 24)4 i!4M
U B Rubber ..54H 55 5331 54
US Rubber 1st pf....l08H 109 109 109.
US Steel Corpn 83J4 8331 8231 82J4
U S Steel Corpn pf ...11531 115)4 U5)f 115)4
U S Sm R & M 74)1 75 73H 73S
Utah Copper 81H 81)4 SOK 81
Utah Securities 17)1 17)4 17)4 17)4
Vo Iron Coal & 0 52 53 5131 52
Wabash 14)4 1434 1D1 14)1
Wabash pr A ,.4431 4431 44)1 44)1
Wabash pr B 27 27)1 26)1 2631
Wells Fargo Exp 126K 126H 128 126
Weetern Maryland 30)1 31 30)4 30H
West Union Tel 0131 01)1 01)1 OIH
Wat B t M .....58 58 67H 674
Wheel & Lake Erie.,.. 4 4 4 4
Wheel & L E 2d pf..,. 4)4 4)4 4)4 4)4
Willys Overland 229 230 230 230
Woolworth K W ..127 126JJ 126f 126J4
Quoted ex dividend.
Motor Company Incorporated
DOVER, DeL, May 8. Emerson Motors
Company, to ens-age In the manufacture)
and sale, of automobiles and veil Idea o(
all kinds, was, Incorporated here with a
capital stock of $10,000,000. Incorpor
ators were Samuel 13. Howard, ti. -H. Gun
ther and Joseph. P. Curtln, of New York
City.
BANK CLEARINGS
Bank clearings today compared with cor
responding day Ust two ; ul(
Pnlla 152. 311. 718 SX1.032.TS1 23,2g,lS5
Nsw Tork.SiT.683.T83 4ll.U8.683 asa.80i.2a3
piKKOTOBY or AccororrAtrra
Car tllUd Fablls AaucataaU
UtytmaiJia m. UROWN CO.
His 2EAi,TrrT; iltosf suiuuxo.
PHILADELPHIA, TUESDAY, MAY 2,
WHEAT WEAKENS
ON HEAVY SELLING
Commission Houses Also Liqui
date Export Demand
Absent
ortAiN nEi.T wnATiiRn fohecast
ritlCAno, Mny 5. The weather fore
cast for .10 honratollonrai , ,
Illinois Unsettled wllh rnln WednM
dnr In south and ccntrnl tonight) rontlnned
MlMnnrl nnln tonUlit. and probably
IV'dne Kdnyt rontlnned root. .
lVIrontn Partly rlniidy and poylnly
iimettlfd tonight nml IVeitnrsdayi rontlnned
cooii probably fmt tonight
jiinneaatn Partly eloiidy tonlaht, with
.mnncsqin 1 amy riouuj
Jrot or rrrrilng t
flirt M-nrmer weat
rot or frpfilni temperature 1 Wednesday
flirt wnrmer west. ...
Inwn Nlinn-rrs tonight, rooier extreme
Mutt Wednesday partly elotidy, probably
shimera nnd fooler. . , ., . ,
iorlll nnn Oltm liaKOin ipnrrniiy inir
tonight nnd IVeilnesilnyt. frost nnd freer
Ing temperatures tonlghtl wnrmer td-
Nebraska Inrly elomly tonight with
frot, eiernt showers eitreme eastj fooler
tonlgliti W'eilnesdar fair, with rising tem
peratures
. lnn.n
-Itnln nnd fooler tonight, prob-
nbly fnllonril by frost n est; Wednesday
generally fair.- -rept probably unsettled
soutlnvesti warmer west,
CIIICAaO, Mny 2. Henvy selllns by
lonirs nnd commission houses weakened
the market totlay, after It had shown firm
ness nt the start. Thero wns little de
mand In evidence, notwithstanding reports
of creen bugs In the southwest. Prices
In tho northwest wero weaker nnd Inter
ests In Hint section Bold here. Export do
mnnd was conspicuously lacking;, nnd mltt
Inp; trade, both export nnd domestic, was
on n small scnle. Initial prices were the
high points.
Mny finished nt the bottom, $1.14S,
nftcr RellliiK nt $1.1S, n .nst $1.1C nt
the end yesterday. July ended He.
nbovc tho low, at $1.1G',&, after selling at
91.1S. ngalnst fl.lVjj, at th'. closo yester
day, nnd September ended at tho low,
Jl.IBVj, nfter solllhg nt $1.17!i, ngalnst
11.17)4, yesterdny's Inst price.
:he tempornry uplift nt tho stnrt was
due to firmness nt Liverpool nnd tinfavor
nlilo weather In tho spring wheat belt. The
nrrivnls In tho American northwest were
moderate, but wero largo nt Winnipeg.
Tho selling movement wns prompted by
predictions of bettor conditions In the
northwest nnd In Canada. Thero wero
somo additional favorable crop reports
from railroads.
A lending commission house estimated
.no abandoned nrea of winter wheat at
5,128,000 acres, or 13.8 per cent, of tho
area planted, and tho condition on the
remaining 32,128,000 ncres at 80.4 per
cent. Indicating n yield of 470,000,000
bushels. It put tho loss In tho area of
spring wheat at 12 per cent., mnklng tho
total acreage of wheat 10,067,000 under
that of last year.
Green bugs wero reported In Southern
Kansas, nnd It was asserted that If tho
weather remained cool for nnother two
weeks a gcnernl Invasion of tho State
might bo expected.
Tho Infesting of fields by that pest In
Wachltn, Custer, Blaine, Kingfisher, Major,
SI. Gnrflold and Grant Counties, Oklahoma,
was Indicated In reports received from
thoso counties. It Is asserted here that
tho advent of wnrm weather would dispel
the alarm about green bugs. After the
closo It was estimated that about 1,000,000
bushels had been sold to the British Gov
ernment for export, principally Manitoba.
Leading futures ranged as follows:
ixifai. wjrii. jucn. i,ow. iot". ciosp.
llch
.18
May 1.1H 1.1s 1.14; 1.14i l.irty,
July 1.18. 1.1M 1.111 l.lilJJsi.iatJ
September. 1.1731 1.1731 1.1BWM.155 1.17S
Corn (new delivery)
May
77Ji 7T'i ,l'i tinji 'TT'l
7T 77 7(11 hll 774
77 77(5 70J T7tl(5 t70
July
September,
n.ita .
Mny 4.1T4 4IW 4.-.K inH tl.'-ft
July J3J 43S 4(J t43S 4.1
September.
ntember,
I.nrd
40
; uut4 louva i-tu:a
Mny ....13.02 13.0"
0.-, 12.1)5 112.0'' 13.10
OT l'.'.S7 tlL'.llll 18.13
17 12.1)7 tl2.07 13.17
Juiy 1.1. 11 i;i
September. 13. 12 13,
Hlbs '
Mny 12.R0 12.HO 12.7R 112.75 12.112
July iL-.nu il'.iir il.77 tr.'.83 ia.nn
Sentember.13.10 13.10 13.U2 13.03 M3.0T
rork
Mny 24.00 21.00 2.1.8.1 tSS.M t24.no
July 23.7.1 23.80 23.60 23.11.1 2.1. KO
Scptember.23.40 23.10 '23.70
Hid. Maked.
COTTON PRICES DECLINE
AS TRADING SLACKENS
Early Activity Not Maintained Old
Months Weakest
NEW YORK. May 2. Tho start on tho
Cotton Exchange this morning hnd nil the
appearance of an old-time bull mnrket.
niddlng for May caused the prlco to ad
vance on tho call from 12.19 to 12.23, a
net gain of 9 points, nnd other options
were 9 to 12 points higher.
Tho tone wns strong nnd the nctlvlty
was" greater than at any time In the last
two years, according to some of the traders
on the floor. Spot houses purchased the
near months and thero was an enormous
demand from sources which usually act
for German account. 1
Commission houses also had buying or
ders on at the market and this aided the
upward movement. Wall street Interests
took late options. About the only supply
came from stop orders and profit-taking
by recent longs.
Trading became less active after mid
day and sentiment was somewhat unset
tled by rumors of a less favorable diplo
matic situation. Old crop months showed
reactions of about 8 to 10 points, while
the new crop also reacted some 3 or i
points from the best. Ther,e was no
change In tho general character of the
news from the South, but weather condi
tions seemed to be Improving, and It was
felt that the Bhort Interest had been sub
stantially reduced during the last two
weeks.
Receipts at the ports for the day
estimated at 16.000 bales, compared
were
with
last
29,150 bales last week, 13,462 bales
year and 21,957 bales In 1914.
Veaterday'a 11:00 12:00
rloaa. Open. A.M. M.
March .... 12.TT 12.88
May ..j;.. 12.13 12.11) 12.30 12.41
July 12.30 12.3.1 12.46 12.SI)
October ... 12.411 12.411 12.S4 12.ng
2:00
P.M.
iiili
12.40
12.BS
12.73
12.79
iiecemper.. 1-.01 1.110 j..i !-.'
January
12.83 12.71
, 1.. 10
Liverpool Cotton
LIVERPOOL, May 2. There wasa fair
business done in spot cotton today at 14
points higher, on the basis of 8.09d. for
mid-upland. The sales aggregated 8000
bales, including 7000 bales American. The
Imports were 9000 bales. Including 6000
bales American. The market for futures
closed strong at a net advance of 11 H
16 points.
LIVE STOCK QUOTATIONS
CHICAGO. May 2. HOGS Hecelpta.
20.000. Market a 10c. lower. Mixed and
butchera. 1U.15OU.00; good, heavy, 19.80
O.SOi rough, heavy. 9.359.M: itxht. la. 300
v.uu piKa. OI&V.lO. UU1K. atf.,Utf.O0,
nlTTI.R Rerelnta. 4UOO. Market ,
CATTI.B Hecelpta, 4000. Market ateady,
evea. 17.009.113: cowa and helrera. 1.1.110
Boevea. 17.CUtttf.U3; cowa and hellera. 13.
(9B.B3I atocKera ana leeaera, 10 eustf.DU; Tex-
ana. ai.uuv.ui catvea. fi.uv
SHEEP Kecelnta.
Markftt ilrAnr
Native and Weatern,
ia.15djU.l6; lambe.
a,ou 19 11.04.
DIVIO ENDS
Wet Perm Power Company
Preferred Stock DWldend No. 1.
April 27, 1018.
The Board of Dlrectora of thle Company baa
declared auartarly dividend No. 1 0 0110 and
ttu-ee-fauxtha 1 per canl. upon the par
value of Ua aeven 17) per cent. Cumulative
Preferred Stock, payable on tba lAtU of May,
1818. to tba holdera of aald atock of record at
tba cloaa ot bualneaa May lat. 1816. .
Dividend cbeclu will ba mailed to Stockhold
ers on May loth. 1816. T
U. 8. SWIFT. Trtaaurer,
NOBTUWySTEKV NATIONAI, HANK
Philadelphia, Pa.. May 2. 1819.
The Diractora hava.thla day declared a semi
annual dividend olaU (6) per cast., clear of
tax. Cbacaa wilt ba mailed.
JAUVOBD C. NICE.
Caahler.
PKNN JfAXIOXAI. U.WU
173d Semiannual Dividend
Tba Director; have thia day declared a aernl
4UU.ua! UlvWa of . par ejra, ofjx.
ytlhlditetla. May 2, lIliT vaauwr.
Sales in Philadelphia
Utah.
S6S Duff A Bus t 0 B4H
123 do pref ..., 60
.1 Cam Iron .... 43,
212 Con Trne N J 71H
177 Kleo Storaea. Btiji
110 Krle 30
in Diet Sfcur ... SlH
30 Oen Aaphalt.. 34
no na Co N Am S3H
60 nt Mar pref. 1)3. ,
Boo Kenne Cop. . . 6674
480 Lake Sun Cor OH
177 l.ehlh Nav . . 73.,
10 Nav Cona,... 17 Ji
731 Ta ft III.... BOH
1MO ra Halt Mfff irt'2
'
CW 'a steel pr. .
S3 l'hlla Co
30 do pref....
4s do cum pr.
107 Phil Klec....
128 ! It T. tr etfa
B Phil Trac....
712 neadlnir.
3378 Ton Hel ....
203 Ton Mln . . . .1
ino Tenn Copper. .
SOtJnlon Trac . . .
107 II O I ,
130.1 If Ft Rteel ....
10 U 8 Ilubber
bber.. B31S
ft Pa. 11 H
ip ft B 81 H
ry pf. 85 W
20 w n r a
23 W Cramo
31
10 York 11 wy
BONDS.
lllBh.
Am d t El Ba 113.,
City la e 11)13.102
Choctnw an Oa.Oli!
City Ma reir.,.102J
City 4a lull. IMS
do 11)38 ..102,
do 1040 .. .11121
do 11131) reir.lii2H
Kl ft P Tr -la HI,
lOnu til u R.i. I or. ',4
(I Aap deb (Is. loo
Hnrw i:i na..li)24
Inter Hva 4a. r.7'5
too
Bono
niioo
sooo
3000
B50I)
1200
1B00
11.1(11)
1000
7IMI0
r.ciini
loooo
2000
lniMio
coon
BOOO
innn
2000
IMKI
1000
1IHII
I nnn
3000
B7W
na
iey lei jai
at Ba 118
4 U a. 10254
I Ba.lUBM
ii .n cna 4
do Coal
102W
103H
102J4
103s
100
10j
D2
."7.,
lo.'.W
lniji
105,
WIS
HI 4
104
HUH
10(1
S.I
osu
t.eh Vnl I)riic
reta 4Wa...inOH
Nnt Prop. 4-(la flo.'i
I,h Vnl Tr Kn D2U
MKt HI Kl 4a. 117
ii
-hi
'.Ir
Is. !-
BOO do Ba
...104..
1000
cooo
8 n T Sr 'Bliofi'
-II i i,m
Welabach Ba. . 08W
LOCAL MINING STOCKS
TONOPAII STOCKS. ,
DM. Aaked.
Jim nutter 1.07 l.lt)
MncNnmnra 13 ,14
MMtvnv 3D ,32
Mlipah Hxtcnalon 37 .311
Montnnn 37 .40
North Ktnr 22 .21
Tnnopnh Hxtenalnn 4... OH fl',.
Tonopah llelmont BU r,V
Tonnpnn .Mininic uu ti.
Iteacue Eula 4.1
Weat End 05
flOLDriCt.D STOCKS.
.07
Atlanta,. 1.1 .14
llluo Hull 0.1 .04
Month 17 .11)
nullum: 01 .02
C O II , 04 .0.1
Combination Fraction S .10
Mliimondncld J) 11 04 ,0(1
Dalay ill .11.1
Florence , 40 ,42
Unlilllclil Cnnanlldnted 8N .III)
Cioliloold Mercer 12 .13
Jumbo Kxtomtlon , 7.1 .77
Kewanna 13 .18
Oro 01 .00
Kami Ken or, .011
Silver Pick KS .14
MISCELLANEOUS.
Fairy Aztec 01 ,02
Klmberly 01 .02
Nevada Hill .17 .10
Nevada Wonder 21. 2',.
FOREIGN EXCHANGE
NEW YOHK. May 2. Tho market for
foreign exchange In tho first hour of busi
ness today was somewhat Irregular. Ster
ling shaded slightly to 4.7G 3-16 for de
mand nnd 4.7G04 for cables. Helens
marks, Vienna, Stockholm and rubles were
slightly firmer. Guilders wero heavy.
Quotations: Demand sterling, 4. 70 3-10;
cables, 4.7G?; ; franc cables, G.92H ;
checks, 5.93 H : relchsmarks. 7646)76;
Swiss, cables, G.17',-i: checks, 6.18: Ilro,
cables, 6.21; checks, 6.22; Vienna, 13.25
13.28; Stockholm, 30.4030.50: pesetas,
19.75S19.80; guilders, 41"i 041 1G-1G ;
rubles, 30 $31.
In mldaftcrnoon strellng cased off to
4.70 1-16 for domand and 4.76 for
cables; franc checks, G.931i ; relchsmarks,
76; business was very light.
RATES FOR MONEY
Call.
Time.
2H 3W
New rork 2 Q2J4
Philadelphia 3 &3H
lloaton 3 Cp
CMpnan 314 (fr4
a 14
4 iff 4
4 (ij4;
Commercial paper. 3 to u months, I'hllade
pnia, iiitpatt per cent.
NEW YORK COFFEE MARKET
NEW YOUK, Mny 2. The cortce market
opened avady two to four point up, but
throughout the drat part of the day was
Inactive, with few orders In sight cither
way. Thero was an absence of yesterday's
foreign selling, and It seemed to be tho
general opinion nround the ring thnt yes
terday's sharp decline was duo largely
to the fact that foreign sclftng orders
wero thrown into the market In large,
blocks at ono time nnd that the deman?
was not sufficiently great to absorb tho (
oners.
Today'a Yeaterday'a
nnenlna. rinse.
March .
May
June
July .....
Aupuat '.
September
October . .
December
Did.
s.im r.oimr.hb
'MO 8.1008.18
'8.10 ....
8.2(1 8.208.27
8.2.1
, 8.40
','.','.'.'. 8.50(38.05
B.3.1W8.30
8.30(08.41
8.4SB.49
DIVIDENDS DECLARED
Itlncs County Electric Light and Power
Company, regular quarterly of 2 per cent.,
payable June 1 to atock of record May 10.
St. Joaepb Lead Company, quarterly of 23
centa per ahare. payable June 20 to atock of
record aa of the aame date, llooka cloaa
June 0 and reopen June 21.
Second National Hank, regular aemtannual
of 0 per cent., payable May 2 to Block of
record April 20. ..... . .
Urlacoe Motor Corporation, Initial quarterly
of 1 per cent, on preferred atock, payabla
May 1 to atock of record April 27. The com
pany baa voluntarily granted an Increase of
10 per cent. In wagea to lta employea
Farmers and Mechanlca' National Hank,
rezular aemtannual H'i per cent., payabla on
demand, Chectta will ba mailed.
Tenth National Dank, regular aemtannual
3 per cent., payable on demand to atock of
record May 1.
Penn National Dank, regular aemtannual 6
per cent., payable May 2 to atock of record
alao on May 2.
Corn Exchange National Ttank. regular
aemtannual 7 per cent., payable on demand
to atock or record May 1.
Dome Mlnea Company, Limited, uaual quar
terly 60c. a ahare, payabla Juna 1 to atock
holdera of record May 18.
American Cotton Oil Company, regular aemt
annual 3 per cent, on preferred and regular
quarterly 1 per cent, on common, both pay
able Juna 1 to atock of record May 13.
Northweatern National 13ank regular aeml
annual, U per rent., payable May 2 to atock of
record alao on May 2.
Heavy Orders of Shell Bars
NEW YORK, May 2 Heavy orders for
shell, bars have been placed with steel,
companies during the last week. One
small concern In the Middle West has
taken 60,000 tons, and It Is understood
the total orders placed aggregate several
hundred thousand tons.
ELKINS, MORRIS & CO.
BANKERS '
Land Title Building
Philadelphia
Pittsburgh, Cincinnati,
Chicago & St Louis Rwy. Co.
Consol. 4s, 1945
Guaranteed Principal and
Interest by Penna. Co.
By Endorsement
Tax Exempt in Penna,.
Price on Application
1916
omclals of railroads operating eastward
from Chicago and St. Louis report that
the general volume of tonnage rnov'"
eastward Is holding up very closa to tne
record movement established recently.
The great Industries nre still shipping
at an enormous rate and are expected to
continue to do so for nn Indefinite period,
On lop of these shipments comes n slowly
Increasing tonnage of n general character.
This Is being reflected In a slightly
better movement of freight westbound, al
though this movement Is still lacking in
Its importnnt characteristics. In nearly
all sections of the territory covered by
these roads general business Is nctlvc.
Officials of Southern roads report a
slight Improvement In general tonnage,
although shipments of coal show a rea
sonable falling off. . -, .
The Philadelphia Exchange Stock List
Committee reported against adding a num
ber of stocks which hnd been under con
sideration for tho unllstlng department.
However, It Is understood thnt tho Ques
tion may como up later before tho board
of governors.
Commercial bar sliver Increased 2c. in
New York to 74 Tic, nnd In London tho
price was 36d, an advance of Id. This Is
tho highest quotation for this movement.
It wns said that heavy purchases of
NEW PLAN FOR PARK
TH0LLEY REORflANIZATlON
Provision Mndo for Issuanco of New
Preferred Stock'
Stockholders nnd Bondholders' Com
mittees of tho Fairmount Pnrk Transpor
tation Company havo agreed upon a new
plan for the reorganization of tho company
nnd this plan has been submitted to tho
bondholders with tho recommendation that
tho plan bo accepted.
Tho plan, which Is outlined In a circular
to tho holders of tho company's first
mortgngo bonds nnd certificates of deposit
therefor of tho Glrard Trust Company,
Is In part ns follows:
"Tho reorganization as originally plan
ned bo carried out! this provides that 7
per cent, cumulative preferred stock be
given for tho $80,000 new money sub
scribed by the stockholders nnd the with
drawal of tho company from the hands
of tho receiver.
"Operation of tha sinking fund which
under tho mortgage should havo first
operated on October 1, 1915, be post
poned for three years until October I,
1918, tho nnnunl payment to tho sinking
fund being $13,000.
"Iteduco Interest on bonds for flvo years
to 4 per cent., said reduction to commenco
with tho coupon duo April 1, 1916, nnd
continue until April 1, 1921, on which
date Interest will bo paid at tho regular
rato of 6 per cent, nnd thereafter at 6
per cent
"Messrs. E. "W. Clark & Co., not to de
mnnd a refund of tho amount advanced
by them for tho purchase of coupons until
April 1, 1917. Until 'such refund Is mado
no dividend Bhall be paid on the pre
ferred or common stock.
"Until the rato of Interest on the bonds
has been restored to 5 per cent, no divi
dends In excess of 4 per cent, to bo paid
on tho preferred stock and none on tho
common."
The circular, which Is sent out by the
committee for tho bondholders, tho mem
bers of which aro E. S. Pago. Georgo W.
Kendrlck, 3d, and Arthur Morton, re
views tho abandonment of tho Stock
holders' Reorganization Commlttco In
their nttempt to reorganize tho company.
Tho company defaulted on October 1,
191G, In Us payment of the sinking fund
and on the coupon due on same date, and
it was this coupon that K. W. Clark &
Co. purchased.
Canada's Mineral Output Larger
OTTAWA, May 2. In a preliminary
report on tho mineral production of tho
Dominion, the Canal Ian Department of
Mines says that the total value In 1916
was $138,613,750, compared with $128.
863,075 in 1914, nnd $145,634,812 in 1913,
tho highest on record. Tho value last
year was $9,650,675, or 7.49 per cent,
greater than In 1914, but shows a de
crease of $7,121,062 from 1913.
Tax Exempt in Pennsylvania
WE OWN AND OFFER;
Reading Co. Gen. 4's, Jan. 1997
Beech Creek R.R. 5's, July 1936
N. Y. Cent. &H.R.R.R. 4's,
May 1934
Penna.R.R.Gen. 4Vfe's,June 1965
Penna.R.R.Cons.412's,Aug. 1960
Allegheny Valley Ry. 1st 4's,
March 1941
, Particulars on application.
A. B. Leach & Co .
US SOUTH lOUUTH STUKET
Dell 'Phone Lombard 237
New York Chicago Doaton Lon. .
Public Utility
Bonds
Our offerings include a
varied list of good Public
Utility Securities, many
of which are
Tax Free in Pennsylvania
Circulars on application.
Edward B. Smith & Co
KaTiBLIIHID 1803
BANKERS
itemtera Ntu York a ad PAIIadelfhla
Slock Exehangu
1411 CUSITNUT 8T1KT, PHIliDl.
SO Pin SitiiT Nsw Tots
CONVERTIBLE BONDS
We offer at the market
ATCHISON, TOPEKA & SANTA FE Convertible 4s,
due I960, to net about 3.85
8
t
..ii
TONNAGE OF EASTERN RAILROADS
CONTINUES CLOSE TO RECENT REC0
Expect Heavy Shipping for Indefinite Period jS
vriu Tr.A fnf RnrTnln and Snsnnnriannn Jm
Bar Silver Advances Again
silver by the National Bank of ComwJi
New York, for account of severa?"
pean nnd South American aovernm?.
were responsible to n great extent fV-vS
spurt In the price of the metal M , L2
These purchases have been comolehvM;
wns said. F'cufll(
Vhlle Tonopah Belmont was the Jt
active Issue on tha Philadelphia Exchir.S
today, tho advances In the white, mn.i r
London and New York did not attest ii'
prices. It Is known that tha companr'S!
a largo stock of sliver on hand tin!?
tho middle of tho afternoon 3040 ah..!!
had been sold. They started at Ktt Z
later shaded 3.16. '
Outside of Tonopah Belmont thara S
little activity In any of the sccurltifi
the local 'Change. The Philadelphia ri?
pany, which controls tho Plttsbrueh ri.?
ways, however, responded to the nn.'i,
tho settlement of the Pittsburgh trllii!
men's strike, and a few shares of tha iS;
mon sold for 41, an advance 0f 1 1?
The cumulatlvo preferred remained
nt 42. "g
Buffalo nnd Susquehanna comS
reached nnother record top price miT"
U. to 64. Electric Storage al,0&
Vi point, and Pennsylvania Ilallroad 22
for 66s. up . Rapid Transit was uS2
at 17V, and Phllntlnlnhl. W.1-...1" A"f
""
Financial Briefs
A tho last meeting of the board's
American Woolen Company, Henryj?
ninncy. of Drown Brothers & Co
elected n. tllrprtnr in fill u- '' -
caused by tho death of acorge E UulliJi
American Locomotlvo has taken on!!
for thrco engines for tho Shantung ruS
way, threo for the Cuba Company Tel
ono for tho Ashland Coal nnd Iron Hut
road, 2
At thn nnnunl muntlnv nr .. ..'
holders of tho Pennsylvania Coal andCoti
v-uiiiuiuwuu me uircciors were re-tltcM
William Hinckle Smith has been eliH
a member of tho I'hllnrfolnMi, Q,t....
change. ,)
Tho New York Subtreasury rfi
J2, 888, 000 from banks on Monday, miMJ
cash net gain since Friday of H,8IJ,H?
'W
The New York banks lost to the SiS
treasury vestcrdav J2.SRR nnn nj .i.
. .. " , afln nnn r--- aiiiq
jpuuuy fi,aud,vuv,
N. S. Tassmore, formerly In the tfa
ury department or tho Provident Life lrf
Trust Company, has nssoclated htrnset!
with Baker, Ayllng & Co. as controller tt
mo iHunicrpni service company.
rvlce Company. ""fg
aoka nf thn T.ehtfi vS
The transfer books of tho Lehigh S
ley Railroad Company first mortgage Vi.
tension 4 per cent, registered bonds bj
Lehigh Valley Railroad Company como).
Idatcd mortgage registered and annuity
C per cent, and 414 per cent reglittral
bonds will close May 10 and reopen Juntt
for payment of Interest duo June 1.
1
Tho production of Inspiration CoiUaL
Idatcd Copper Coin April was 9,tOMM
pounds of copper. r,M
Tho Tenn Mutual Life Insurance Cos
pany wroto J44.435.CSC ot new builata
for tho first four months of 1916 upU
May 1, an Increase over' the amount l
the same period last year or ? iz,ist,izu
.st year of 212,181,124
inge National Bank w
Tho Corn Exchange National Bank I
added $260,000 to surplus, nu Ing Uti
fund $2,000,000. jg
The Growing
Strength
of Investments
in, sound Public Utility Corn
panics is the primary reason
why conservative men aie
placing such a large propor-J
tion of their funds in Public!
Utility securities. i
A letter which summamesiii
the strong points of Public
T... " ll I Wl
utility investments win o
sent to those who write or call
for our form Letter No. 376.,;
a I
WilliamP.Bonbright&CoJjtj
MORRIS WISTAR STROUD, JM
Slanaier ' V
437 Chestnut St., Philadelpil
New York Boaton DtlrW
London ParU tX
William P. Donbrlght & Co. IJonbrlihttOi
ANN ARBOR R. R. CO. 4
cor. crpimrn MnTPS M
Duo May 1, 1010
PRICE TO YIELD OVER ff
MELLOR & PETRYl
Membara N. Y. & Thlla. Btotk Eweae!
...... .w -.widen 1.TTTT fiTVAl
339 COMMEWUIAH inuDi wv -j.
Barnelt Oil & Gas Go.
UOUGIIT SOLD 1UUTH a
Write tor special circular Nt. a;
E. H. CLARKE
$500,000 to Invflt
LARGE OR SMALL 1
THE COMMONWEALTHI
Tltla Inturanc and Trust CM
bHESTNUT AND 12TH BT"
'" ' "" ?!
t
CHICAGO, MILWAUKEE & ST. PAUL Convertible 4?3
due 1932, to net about 4,45 Yo
BALTIMORE & OHIO Convertible 4J.
due 1933, to net about 4.85
!.!! a amamaciMU IB nrt
onno. u. nAKifiauH... JR., m. uu..
FIFTH AND CHE8TNUT STREETS PHILADEUPW'fl
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