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14
EVENING ILEPaTOTl-PHITJAPELPHIA, WEDNESDAY, STAT 3, 9?0.
1 "FINANCIAL NEWS
SPECULATION OVER GERMAN NOTE
1 PREVENTS MUCH STOCK BUYING
Declines follow Brisk Early Trading Favorable News
i on Mexican Situation Causes American Smelting
I and Mexican Petroleum to Advance
High Points in Today's Financial News
March exports of United States exceed record. American Smelling
and Diamond Match Company increased dividends. Lake Shore and North
Branch Railroad defaulted on bond iritcrest. Freight movement con
tinues targe over Pennsylvania lines east. Price of bar silver advanced
in New York and London. United States Steel Corporation booked orders
for lli,000 tons of rails in last week. Mercantile Marine readjustment
plan provides for lifting of receivership and paying bondholders with new
bonds, cash aiul paying off back interest.
NEW YORK, May 3.
There was constant variation In the market tone on the Stock Exchance
all through tho day, with the speculative element genernlly nasumlnB the bear
side and making frequent efforts to force sharp declines. At the same time sonio
commission houses had enough buying orders In hand at tho opening and in tho
early trading to cause brisk advances lit a number of lending stocks. But the
market was extremely thin on both sides.
After thoso buying order.-flwero supplied there was little support at the high
prices which had been established and during tho greater part of the remainder
of the day declines were In order.
The absence of significant and Important buying was attributed to an In
creased disposition to wait for the text of the German note which Is expected
to bo published tomorrow. Tho Street was full of stories about tho tone of this
document and, although there was a disposition to bellevo tho current statements
about tho answer being satisfactory, this confidence did not manifest Itself In
any speculative Interest on the long side.
Tho covorlng of shorts In Marine preferred and In many of the war-order
stocks relloved the bear position from the strain which had been Imposed upon
it by demonstration of strength since tho beginning of last week, and It was
reasonable to assume that tho highest prices rpachod on Monday were duo to
tho urgent covering of somo of these shorts. With this movement completed,
a substantial reaction from the high level is a natural sequence. .
Tho favorablo news In regard to the Mexican situation Induced vigorous buy
ing of American Smelting and Mexican Petroleum In tho early trading, but tho
Bhow of strength was not of long duration.
American Smelting at the announcement of the declaration of the extra divi
dend, tho first change In dividend payments In eight years, followed tho precedent
of other stocks on which more liberal distributions have been made and reacted
more than one point.
Lake Shore and Northern Branch It. It. Defaults on Bond Interest
SYRACUSE, N. Y., May 3. The Lake Shore and Northern Branch of the
Emplro United Hallway has defaulted payment on the Interest on the llrst mort
gage 5 per cent, gold bonds, due May 1. James M. Gllbet, chairman of tho Bond
holders' Committee, says that body will take no action nt present, nnd It will be
60 days before foreclosure proceedings can be brought. The road was merged
in 1913 with other companies Into tho Empire United Hallways, Inc., nnd since
that time has been operated as part of the system.
Stock Transactions in New York Less Durinc April
NEW YORIC, May 3. Transactions In stocks on tho New York Stock Ex
change In April totaled 12,718,888 shares, a decreaso of 2,490,611 from March and
of 8,501,765 compared with April a year ago. Tho dally average of transactions
was 508,755 shares, against 563,315 In March and 848,826 shares In April a year
ago. Bond sales totaled $77,389,540, against $81,344,000 in March nnd $109,113,500
In April a year ago.
American Smelting Declares Extra Dividend on Common
NEW YORK, May 3. The American Smelting and Refining Company de
clared a "regular quarterly dividend of 1 per cent, and an extra dividend of i
of 1 per cent, on tho common stock. The regular quarterly 1 per cent, on the
preferred was also declared. Tho preferred dividend Is payable June 1 to stock
of record Mny 12. Books close May 12 and reopen May 22. The common divi
dend Is paynblo Juno 15 to stock of record May 26. Books close May 26, reopen
Juno 5.
NEW YORK STOCK SALES
Last close.
Advance namely 21
Advance Rumely pf. ,, 41H
Alaska Gold Mines..., Wi
AIlls-ChalmersMfe.... SOW
Allls-0 hits pf 77.' f
Am Beet Suear WW
Am Can Sti'i
Am Can pf 110
Am Car & Fdy 60
Am Cotton Oil 53
Am Hide Jc Leather. . . 9
Am Linseed 23V$
Am Linseed pf 491i
Am Locomotive GO
Am Malt Corpn pf. .. . 34
Am Smelt & iter 97H
40U
Am Steel Foundries.
Am Tel & Tel
Am Too pf now
Am Woolen
Am Woolen pf . . . . .
Am Zinc L & Sm...
Anaconda Cop M 83.' i
AtchTop 4 S F 101U
High.
20'
40?,
Wi
25H
78W
G9f
5(Hf
109
G0f
63W
9M
23W
SI
r,9j
34
99!f
5234
Low, Close.
20 20
40 ' 40
19H 1M
25M 25H
77!' 7ft
G8U 68,'i
54)4 55
109 109
595 i fi9K
53 53
9) 9i
22H 22W
49f
67 M 07?
34 34
97li 97'i
49f fiOU
Last elooe.
Hlsh. Low.
87 S7
119 S8?S
lll'f 111
in 9)
20!f 25U
56 55? i
10US 101
41)li 41W
85 85 85
75 75 75
92 Wi 91
22)f 22 22
48 48 48
63W 52U 52i
110) 110!f 110U
91 OOtf 90 Vj
G1H Gl 01H
53! i 53 S3
11U UU Wi
94 94 91
129 129 129
127 127 127
17U 16)4 17)i
42 41 41).
44 44 44
85)4 854 S5H
.128)4 128
.lOGJf 100H 100)4 10(lh
. 45)i 45 45 45
. 98 98 98 98
..91U 92!f 0OH 91
S5H 84hi 84'4
102 101'i 101'i
AtchTop & S F pf....l00) 100'f 100)i lOOIf
Bald Loco Wlu 87)f 885 i 86! i 87)4
Bait & Ohio 85!f 80 855 S5U
Bank of Commerce. ...168 169 109 109
Batopllas Mining 2! 234 .2)j 2)4
, Bethlehem Steel 459)4 459 445 459
Bethlehem Steel pf.... 135 135 135 135
Brooklyn Rap Tr 85
Burns Bros 70
Butte & Superior 01 K
Cal Petroleum 22)t
Cat Petroleum pf 48)4
Central Leather 53
Central Leather pf. . ..Ill
Chandler Motor U1H
Ches & Ohio G2J4
China Copper 5354
Chicago Gt West 12
Chi Mil 4 St Paul.... '91
ChlM &St P pf 129'
Chi a Northwestern. . . 126)4
Chi HI & Pac 16U
Col Fuel 4 Iron 41!i
Comp T Rec Co 45
Continental Can 87)4
Continental Caa pf.... 110)4 110i 110)4 110)4
Consolidated Qas 134)4 134 134 134
Com Products Ref.... lOJi 19K 18J( 19
Crucible Steel 81U 81)4 70!i 80JJ
Delaware & Hudson... 150) j 150)f 150U 150)
Diamond Match 108 110 110 110
DbUll Sec Corps .50? 52 50)i
Dome Mines 25)i 26) 255
Elec Storasa Bat 59 59 59
Erie....,.,., 35M 35X 35
Erie 1st pf, 51H 5i; 51
General Electric 1 G3f 164 164
General Motors 426 420 420
General Motors pf 117) J llSJi 117
Qreene-Cananea. ...... 49a 50 49
Goodrich B V 76
Qt K cfs for ore prop, 40
Illinois Cent., 101
Int. Agricultural. 16)4
Int Agricultural pf,... 50
Int Harv N i 112
Int Con Cor t t ch., 16H
Int Paper 11
Int Paper pf 47
Injp Con Cop 44)
lutNkkelT t cfs 49H
IntM Mcof dp 2624
JntMMpf cot dp... 92H
Jewel Tea,.., 87)4
Kan City Southern.,,, 25
Kelly Spring Tire,'..,.. 715f
Kessecott Copper,,.,. 6)4
Lack Steel Co 70)4
Ue Rubber Tire...... 50
Lehljlt Valley 78
Liggett & Mrem 240
loaa Island 27
Loriilaid P Co. ....... 189J4 108)4 198
. Maiwell Motors 7654 77)i 76H
' Max Motors 1st pf..., 84)4 84
Mas Motor 24 pf. ... 57 575-4
Meiisan Petroleum.,.. 68)f 99U
Mex Petroleum pf..... 93 94
MlamlCopper 36H 36J4
Minn BtPtSSll. .118)4 118
Minn 4 St Louts 6)4 6)
llton & St Louis Tr. . . 6
Mo Kan 4 Texas. ..... 3)4 3U
Missouri Pacific 4 4
112 1VS
Norfolk & West pf. ... 87U
North American rS
Northern Pacific lll'j
Ontario Silver Min.... OH
Pacific Mall 20'f
Pennsylvania It It 5.-i
Peoples Gas Chi 102
Philadelphia Co n
Pitts Coal Co .N J 27J 27 2G'
Pressed Steel Car Co. . 47'i 4714 46H
PubS Corp N J 124JJ 1261 125
tlulcksllver 3Jt' 31$ ;j)$
Ry Steel Sp Co 37)i 40)4 38'i
Hay Con Copper 23 23 "2H
Heading 87t 88i 86! i
Republic Iron & S 4655 46(j 46f
Hnnnhtli. T X. Q nr tnui inQI inn
. ..... I """..' - F' .... lin.T 1UVI nn
1 -' Kf.i 1 boaboart Air L pf 30J4 36'f 30
snai Ariz cop 33 32!i
MOiS-Sher S & 1 53!f
Southern Pacific 90!i
Southern Ry 21
Soutnern Ry pf 00)
Standard M illlne Pf... 87.4
Studebafcer Co 121
Tenn Copper 48
50)4
25!i
59
35
51
164
420
117)4
495
77 70 76i
40 39 39)4
101 ) 101)4 101)1
1554 15)4 Wll
50 48 40JJ
111)4 111)4 111)5
105. 16H 164
104
43
44)4
4654
2454
87
87
24)4
71
56K
69)4
60
76)4
40
32)
53
964
204
GO'
8754
Teias Co.
Texas Pacific. .
Third Avenue.
Under Typewr.
Union Pacific.
Union Pacific pf . . .
54
96!"
214
G05f
8754
124 120
484 40
184
10 9'
U17I 60
91 94
lIBJi 132i 1324
82'f S25i 825
15014 146 149!
148'i 14054 1474
234 234 234
5-14 53!
834 82)4
115)4 115)4 115
....ISO!" 184
.... 10
.... 02
.... 95)4
....1334
8234
Cloie.
87
OSJi
111
94
254
55!'
101
41)4
27
474
120'f
34
38'f
22!
m.i
404
108
36'f
32)4
5t
90)4
205 i
605'
875S
1263'
40
184
94
60
94
L ,S Ind Alcohol 140
United Fruit 147
Un Rys lnv Co pf. ... 24)f
O S Rubber 5354 544 534 534
UHbteel Corpn 824 834 824 823f
u a bleel corpn pr .. .115)4 1154 115 115
U S Sm R & M 73 73)4 72)4 73
USSm It & M pf. ... 6254 62)4 524 524
Utah Copper 804 8I5i 60)4 81
Utah Securities 174 174 1754 174
Va-Caro Chem 42' 42 41)4 41)4
Va-Caro Chera pf 108)4 109 109 109
Wabash pf A 444 444 444 444
Wabash pf II 2654 264 26)4 264
West Union Tel 91) 91)4 90 90
West K & M 57 57)4 504 5654
Western Maryland..... 30)4 304 3034 303
Wisconsin Central 36 36 36 36
WoolHortb F W 126J4 120)4 1253 12534
Quoted ex dividend.
10)4
46
45)4
494
2754
934
87JS
24)4
72)4
5G34
70
50J4
7634
240 :
2634 26)4
834
55)4
97H
9(
36)4
10)4
46
444
485i
244
87)4
8734
244
71
564
694
50
76,41
24U
26)4
198)4
7654
334
56
9S
04
3634
We offer a rjew issue of
3-Year
Convertible Gold Notes
Yielding 5.75
Particulars on request
fbr Circular PE-99
N.W.Halsey&Co.
1431 Cbentiiut St., rblladelphia
New York Cklcaf a San Vrnntlaco
117J4 117H
Montana Power pf.
Nat Biscuit Df. ... 12534 125
Nat Enaa 8 Co. . .23 22)4
KitLeadCo 65)4 66)4
Km Cob Cop.... ,.. 1734 17H
-KMT York Air Brata. 133 133
K V -w H .t II 694 B3H
X If 0 4 H B 1MK UW J04M UKH
K T 0 ViWt ' SBH 'Mi mn
0)4
6
3)4
4
112
125
234
6534
173
130
m
64
a
33
4
112
12a
224
65.4
174
131
50
$500,000 to Invest
' " IN RIORTChCES
LARGE Oil SMALL
- THE COMMONWEALTH
Tltla Insurance) and Trust Co.
CHESTNUT AND 12TH STREETS
X
T
DIVIDENDS
New York Bond Sales
tilth. Low. Closing.
ISOOf) Am Ar deb 8.,,, 07 B754 OT54
S0TSO0 Anglo Trench 5s .. 03 H 05 05 H
10(10 Am Smelt Sec (ls...ll(H 110K 110U
3000 Amer T1 ev 4,..,101 lot 101
26000 Armour Co 4M .,1 037, dsH 03 ,i
12000 Atchison tta ( ... 03 0254 02tt
2000 Atchlnon cv 4 1080.102 K 102',t 102S
5000 Atchison cv S 1017.10151 101 U lOt'4
1000 Atl Knox & Cln 4a, 80 54 8(1 H
2000 Alltn & Char An ...10.1 '
10000 Atlan Co Line 4..., 02 U
1000 Halt O Swn SUa, 00i
17000 Halt Ohio An ni J
it un cv. .4 a . . ;
B
103
112)4
00 H
01 t
5
linl U,
H7ii:::ini.i I01i
low Hrook It Tr B lOId.loiiN 1
luni
33000 Halt
IOOO HSU
140O0 Halt O fta
241)00 Ileth Httcl
I I.K4VV 4.
L'IMIII Uri-nW I'n ft 1st lU.llldK
Bltwi L'nn llov 5a wl I0M US'
1(101)0 c'an Uov r,a wl tual IMi.
IOOO Cent I.ethf lat Sa.Kilt
1000 Cent Tac lat a ...,8,4
1(1000 Chill Copper 7" l3i!V
HI0OO Chca ft O cv 4 Via . . Ml
3000 Chi ft Nwn (tn 4a . 05
3(10(10 C 11 ft Q Joint 4a... 118,
noon v do sen 4a I2S
HIIOO C M 8t P 4a 11123,05.
(HlOO rv fin tOiM
200(1 do cv 4 '4 s 10(
I (100 do rM 4Ha Ii.l W
2000 Col A 8ouln lat 4a. 2J
4i)( Cona Oaa cv Os I211?
loon Del ft Hud conv 4s. KiO
nnoo Detroit United 4Vsa. M
JuiiOO Ula See Corp Ba . . . "tlf
r.(poi) Krlo conv 4a Ser 11. 7"h
Iihmi Kt W ft I) lat 10354
linno lln MU dh rla....l()3
:ooii nt taiiK row &s ...units
'lino I (ml ft Mini In 3a... 27Mi
1IMMI III I'onl f! A Ml I. ftH.lnil
i:.': : i". '."-.r ." ... - '-....
biit
. .102.
lMr
(Hill Intprh .Mrt IHh,
MHOil lntprb II T ref fts.
ninnn.i M.o t.
audl'l''" I III"-1 ilICI iMUI . (;ti iua.1
11)00 Jan niv U s.t'ia.. 7l)4
1000 K C Ft R ft Jl 4a... 77.
liiixi i.ncKa Htwi ns iiia .?
200(1 l.orlPdo Ohb lRt Oa.ltmS
(100(1 Iirlllnrd B lul.
nnoo .Minn Ht P 8 8 M 4a. 0214
100OM K ft T tat 4a 74
8(100 do 2d 4s 40)4
L'liiin Mo Pac cona (la loot
40UO Nassau Klec 4a 7(lk
tllOO N V ' t. S 3(4a 75V
43000 N Y C A II lis IMS
024.
7000 Ho 4a .
12(1(10 SVC 8t I. 1st 4a 04
211000 N Y City la 100B
loiio do 4!ia lOCo . .
IOOO do tHm 10115 ..
(1(100 X Y Hnry ref 4s.
(IOOO N Y Ti'i Knii 44s
1000 N Y V ft II IV4b
looo Norf ft W'pst Is . .
13i)0 Nor Pac urn 3a .
2000 l'pnna 4s 1048 .
70(10 do non ct 4'ia
3000 Ponnn 4a 1000 . .
IOOO Puh Her N J Ka
3(111(1 Itendlnir urn 4a .
looo lleadlna-.ler Cn
nnoo Hep Ir ft 8 5s .
nnim Hock lalntid r.s
1 0(1(1 iiwy 8t ps os
mi';
llllj,
mow
. . US "4
. . 74
. . 03
. . 0(1
.. no 14
..101,
.. or,,
.. 0.1
4s 004
.. os;
.11 on;.
1000 Htl.ftMI' rfd tt sta 4s K'i
looo un ki ns un
4IIHD 8t Louis Swn 3s . . on
40(10 South 1111 As 102
300 Soulli Pac Is 85
Mono South Pac rv 4s ..88
lnrioo ,in cv lis mi,
soon South Pac rfd 4a .. oo'.i
2000 .smith Itwy sn 4a.. 71,
4HH0O f M Ktecl af r... . .10.1'
1000 r S Stnel rs sf 5s.. 105.
4000(1 Cnlon Pac 1st -Is... '
.lOlll) I'nlon Pac cv 4s . . . 02s
looo en Itwys 8 P 4s... :i5!a
2500O Va lty 5a 07'
-non Wabash 1st r.s. . tin
.IOOO Wab-P T 1st ct fa fd 1-
4000 West Klec 3s 1(12
20011 West Union ns 10054
;.u r
.oi)4
lot
,8S)4
132
83tl
Oft
118
02i
03
107'4
1IMIS
03)4
824
121)4
1(1(11.
HO"
7n)
1051
105,
100J4
.27tt
100
734
OB
lot
7H
.Ol'lJ.
IOOJs
P2
4.
40J
,ns
ltl
02S
"4..
004
lolj?
mil
78J4
OS.
74
03
Mil
0'.l'4
101,
05
"'!
03
IKIJa
II8S
47
52'l
101
III)
100)
85
K7J4
70'i
105
1 115
35'S
07'4
103s.
31
102
Kill's
86 U
103
0251
ooH
1)2 ft
1)1 t
03 J
I (()'
101 J4
muz
OS
loiU
88'4
1.12
8354
05
08
25
05
107J4
1004
O.lti
82i
1214
looS
801k
70J
105,.
105
111" J
.27)4
1(11).,
7314
1)1)
101,
70)4
toil's
1"'..
021
IoJ4
8jt
inis
113W
II2S
i".
n'4
l"i,4
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78'4
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1)1.
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on
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47.
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102
87',
101's
1)1)1
105
105
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II7(J
t03.
31
1(12
100.
Financial Briefs
The Xew York banks lost to tho suh
trennury yesterday J1,2G7,000 and since
Friday $0,129,000.
J. W. Hutchinson, of New York; K. A.
Crawford, of Memphis, and H. J. Flood,
Jr., of Clilcano. have been elected mem
bcra of the Chicago Board of Trade.
The annual report of the Philadelphia
Bourse for the llscal year ended December
31, 11115, Knows Kross Income $217. G88,
net income $107.1.11 and net earnings after
interest nnd other cliarces $30,321 ; pfd.
dividends $19,833, balance for year
$10,491.
The stockholders' annual meeting will
be held May 9, at 3 p. m.
The Fedoral Iteserve Bank of Phila
delphia has approved In principle the gen
eral plan of check clearings proposed In
outline by the Federal Itcrerve Bank.
The details of the plan are yet to be
worked out, and thnt subject will be con
sidered liy representatives of the regional
reserve banks at the meetings In Chicago
next week.
Reserve Banks' Discount Rates
lloston
New York . .
Philadelphia.
Cleveland ...
Hlchmond . .
Atlanta
Chicago
St. Loula ...
Minneapolis..
Kanaaa City.
Dallas
S. Francisco.
10 or Over 111 Over 3D tcr 00
leas, up to 30. UP to 110. up to 00.
WHEAT RECEDES
ON REALIZING
Favorable Crop News and Seed
ing yeather Responsible for
Liquidation
OHAIN nEI.T UKATHER FORECAST.
tillCAnn. .May .1. The leather "ore
fast for 30 lionrs followai .
Illinois Pair tonight, cooler, southeast,
prohnhly lUht frost rentral portion! Thurs
day rnir nnn warmer
Missouri r!lr
lonlnhl nml Thursday!
uaHT inniriu..
fair tonlcht nnd
warmer Thursday nnd west tonlrnt
alii imr inn f n
Thursday nnd north'
isrnnstn (ieneritll
Thiirsnavi narmer
.Minnesota Oenerally .fair tonlnht and
Thursday, warmer tonlnht east nnd south
Thursday! fooler northwest Thursday.
lona Fair tonight nml Thursdayl
warmer Thursday nnd west lonlsbt.
North Dakota I'n Ir nnd warmer ,t
nlithtl Tliiirsdny partly cloudy nnd cooler.
South Dakota Fair nnd warmer to
night! Thursday fnlr and warmer south
east and fooler In extreme west,
ehraskn Fair tonight anil Thursday!
warmer tonight nnd east nnd south ren
tral 'lliursday, .....
Kansas Fair and warmer tonight and
Thursday ,
CHICAGO, May 3. Wheat moved Ir
regularly today, developing strength on
active buying by commission hiuses. but
receding from the best toward the close
nn realizing. Previously the market
showed weakness on heavy selling follow
ing it recovery, nfter nn easier tendency nt
the start. Favorablo crop and .seeding
weather was responsible for tho liquida
tion. Trade was largely local. The buying
was of a good chnrncter. Merchandising
conditions showed no betterment, even
Manitoba, that was sold on tho break yes
terday, being at the lowest premiums on
the crop nnd far below tho American level
of values.
The market wan helped by reports of
green hugs In Oklahoma and tlesslnn fly
in Kansas nnd. llllnnls. nn Improved de
mand for the cash aitlclo nnd covering
by shorts.
The price current report wns bearish.
Indicating that winter wheat conditions
had Improved (luring the last week over
the western nnd eastern urea nnd that
largo crops were In anticipation In Kansas,
Oklahoma, Nebraska and Pennsylvania.
In the central states of Ohio, Indiana
and Illinois, however, tho reports showed
deterioration.
Tho weekly report ot the Weather
Bureau nlso was favorable as to winter
wheat, but pointed out that preparation
of the ground and the seeding of spring
wheat had been delayed 111 the extreme
northern States by cold and Btormy
weather, with the season duo one to two
weeks late.
A dispatch from Kansas City said thnt
cash Interests were bullish, hat the de
mand wan excellent nnd that deliveries
of May contracts which nte small, had
all been taken by cereal mills. Some buy
ing today was believed to bo partially
against export sales of the new crop.
Fresh export business was small, al
though Until estimates put yesterday's
sales at 1.500,000 bushels. Itecelpts at
Mntcrlor points were lighter. The mar
ket nt Liverpool was dull.
Leading futures ninsed ns follows :
I en nay a
Wheat Opn. I Ilnli.
May 1.15 1.10
July I.KIJs 1.17
Sept lill-iS l.ltl'a
uorn mew fifinrry
Low. Clos.
1.14 tl.lr.J4
l.ir.'i 1.1)1
1.14'stl.lU'S
close.
1.14
l.lrt'4
i.in'4
May
July
Sept
Data
.May ....
July . . . .
Sfcpt
J.ard
AIny
July
Sept
Hlba
May
July
Sept
Pork
May July ...
Sept. ..
Hid.
7(174
. 7(14
7(1'4
. 40
. 43",
. 3ll?s
.12.00
.12.83
.1-2.07
.12.01)
. .1L-..7
..13.00
. .23.(15
..23.52
. .23.40
tAsked.
ii t
,,'s
7)ls
47
43'4
40
12.07
r2.l)7
13.115
12.00
12.82
12.05
23.70
23.35
4-"'"
no'
I0',1
43
Mil's
12.00 .12.02 t'2.05
PJ 83 112.00 12.110
11-.05 13.00 12.07
7ll'i
7I114
7i
in
13 '4
311 li
t77'i
77,.
7lite
140
4.15
30's
12.70 '12.70
1-.-.72 12.77
12.85 12.110
23.110
23.11)
nNomlnal.
23.7(1
23.55
n23.3l)
tl2.7.1
T12.S2
12.1)3
t23.85
23.(15
23.40
GOVERNMENT BONDS
lii.i.
2a reulstcred 1030 0"i
2s coupon 103(1 ,0Df
3s rcKlstcrod 1018 10 J
3s coupon Itllh Jl'.;
2a rcBlstered 11125 110'.
Is coupon 1025 Ill '.
Panama 2s rorlaiercd 1038 1(1)4
Panama 2s rcKlsteriillOSS . . . 01)'4
I'.innma lis reulatered 1001 102
Panama 3a coupon 1001 102
Asked.
100U
102
3
.1
3
314
4
3J4
a
iv,
.i
34
4
4
4
4
4
4
4
4
44
4
34
4
4
4
4
4
4
4
4
4
44
4
4
Roaton . . .
New York . . .
Philadelphia.
CI -,eland . .
fu, .mond . .
.I anta ....
Chlcaso ....
Kt. I.ouls...
Minneapolis..
Kansas City.
Dallas
S. Francisco.
Asrlcul. Trade acceptances
over DO. up lo u. no in uu
4
44
r,
5
n
5
Ii
A
3 v
54
3
34
34
34
3V5
3
34
3
4
4
34
34
4
34
44
Com
modity.
34
34
3
3
3
3
3
34
4
.j, '$tji" ' ' rirVT t r..t( in'ftfr ,i
tfVi eri l.l P. -! l-i lisfi
ei inn urnnis fv i .unriiiiii tin
Up to 30 days, over 30 to (10, 4 per cent i
over 00 to 00. 44 per cent., and over 00, 3
per cent.
The Atlanta & Charlotte
Air Line Rwy. Co.
1st. Moit. 5 Bonds Series B
Due July 1 1911
i
HI I'rlrc on )illcntlon Jg
NOBTHWESTEBK NATIONAL, BANK
rWiadelphla, V,. May 2. 1814.
Tb,,DJfrfw. uSv.tt,l,Jr Aeclarei a. null,
juntuit dlvldsnil of U (6 c cnl., clear of
U.. Ctuciu will be mailed.
LINtfOKO O. KICB.
Casbler.
PBECTOBt OF ACCOtTOTJNTa
... OrtmeJ VxJtlU ActamtaaU
tjLft.WBia.'Cs a. biiown xt
115th Dividend
m
34
Philadelphia, May 2nd, 1916.
The Directors have this day
declared a semi-annual divi
dend of seven per cent, free of
taxes. v
They have also added two
hundred and fifty thousand
dollars to Surplus, making that
fund two million dollars. After
paying dividend, hooks show
Capital $1,000,000
Surplus 2,000,000
Undivided Profits . 185,000
Total Resources, 40,000,000
Corn Exchange
National Bank
Philadelphia
Chestnut at Second Street
Brown Brothers & Co.
j- Fourth and Ctmsmnrr Streets i, -
PHILADELPHIA ,
High-Grade Investment Securities
Upon request W0 shall be glad to enter on our mailing
list the aames of investors who desire to receive regu.
larly our security tteags, Investors will be furnished
with Descriptive Qrtu&m aay time upon application,
Sales in Philadelphia
Opn. HI
4(1 Am Smelt .OSH 08
20 nmd Locpf..lo9H low
10 nutt b t o, h5 J
10 cum Iron i., 4.1.. JJ
10 Cam Stl
2.- Col F .lr,
10 Con Tr N i
108 Klec Stor .
.ii IJlst Bfo . .
100 Krle' ......
ii ina ijo 4 a
100 Int yitr Mar'tc 2r.H
no i.aK un tor vri
31 I,ohlth ,'Nav. . 74't
10 Ihlh Vat.. ini
B Ih Val Tr pf 48.,
844 I'enn Traffic. BiiH
4 Pa Hall Mf. III?
100,Phlla Co . 41 M
111 do cum prff 42d
1018 rnna Elec. .
13 I'hlla Trao. .
100 Itay Cona. . .
4ftl Itpailln.
837" Ton JI . . .
77 Hon Slln ....
.21 Union Trac .
1(11 Hnltfd a 1 .
3S tjn Co N J .
220S U a Steel .
100 V N Y ft r.
130 War lr A St
1700 Am O
10(1(1 Cllv 4
1000 rffl 1944
A R
4a '38
m
27 XIV
704 70
22'A 22'
SS SK'.i
43 43.,
IS 87 '4
220 22(1,,
J3H ?2W
in'; m
IIONDH.
Bs 03Vi
Net
Low. ChR.
41 I
71
Son -'ft
33H J
25 '
2R1! 2i
74 ,J
704 1U
43
,R(1
U&i
42. U
lift $
43 u
88 .M
ISu k
Set
Low. CIoko. ehanfte
m n.i .....
Z JHiJS
niz'n
ro i.i V'o Tr a hi
2rnoo Key Tel lat Ca 98U
oooo ken vni urax
rcta 4'. ..IPOV4 lpiin ,ito
do rns On r.ltll 110 110
7114 f!
em
I02
?i
t)9'.t
2000 do rns Oa r . Ho 110
no Nat. Prop 4-0a 70. 70
4000 1, V T ref Ha 1I2M P2.
.0000 I'a Conn 4'4a.lol".s )nlU
lliOOO do cona 4Wa.lor,? m
3100 rhlla ISlec 4a. 81. ,814
1200 do !W . . ..104H lot.
17000 Head sen 4a., I!34 034
nnoo Scran 11 fis '35 83 H3
2800O Stand QkF. 8a 102 lOlti
M
70
!I2
lni'4
84
104
1)3
8D
102
$100 IJONDS
Alberta Prov of 4tt
Awtio-Krencn o
Aruentlnn Oov
city or nano
City of Chleimo It C . .
t'lty of JC Orleana Imp. .
City of Vancouver
New York City ick ...
New York City reit . . .
11 O O I, linn let .
Cent Ver Itv lat rea ..
CHAD Den Kxt . . .
C M & St I' k r con . .
C M ft Jit I con
Col Sr Ho ref ami mi..
N Y Cent con deli
N Y ft O l.ak (Krlel lat
N Y N II ft It con d c .
do re
Nor A Wcat lat con . . .
Sea Air Line lat ft con .
So t'-Hnn Fr 'IVrm 1st .
Vlmlnln Itv lat
Ain .K t'hem ron deb .
Am Ire Her deb
Am T T coll tr ctfa..
do con
Ileth Sll 1st and ref .
(Vnt leath let resr ....
Olt Ser con notea ....
Coin I Hy & I.t con . . .
Denver O ft B lat
den Klt'C deli
(It W I'ow con deli ....
Lack Steel tat con ....
Laclede (laa lut
I.ltt ft M deb roe
l.lp ft M ileb reK ......
V l.orlllnrd deb reir . . .
I1 Lorltlanl deb ree . . .
Pierce OH coil deb .....
Mon Pnw lat ft ref . .
New York A H lat con
Tear. Hid. Aaked
1024 l)3i 4i
1020 U3
104.1 811
10(12 n8'4
Hi 1 7 tin
11121) 100
1023 024
1003 103
mno lols;
11)30 84
ld'JO 83
1022 mi
054
014
94
107
I03VI
100
Wla Kdls con deb (1
2014 1 11114
1932 1004
lii.ir, 8
1035 1134
19411 119
lll.MI 71s
UIIS 113
limn tisu
1943 no
1950 85
10112 OS'i
1924 98li
1925 85
llll'll 914
1033 103
1042 1004
1925 100
1918 101
1918 101
1949 90
1942 82
1112.1 98
1950 924
1919 100i
1914 124
1931 100v.
1944 1244
1951 100
1924 .85
1913 9(14
1928 101
1924 954
1014
83
1144
114
944
llKltj
8114
994
'so"
93
107
101'i
1014
1112
103
100
"994
94
12f.t
1014
12(14
101
80
97
103
NEW YORK COFFEE MARKET
NEW YOUKfvMny 3. The coffee mar
Uct wns steadier nt the opening nnd first
prices shmved advances of 1 to 3 points,
but trndlts was quiet nnd on the call
transactions amounted to only BOO bags.
FREIGHT MOVEMENT CONTINUES
LARGE OVER P. R. R. LINES ft
mi...i.i. .cn Arii'il nn Rnflfalo anrl Altpfrrto4.
xaouiauuna j.ui n-i- " " ; ejr jji
aion Show Bin Increase uver oame montn Last YS
n,.. t'lvnf Arlvances Affdin Local Trading q,,
-
Increase of 24 per cent. The &inf
nafii tvnn 3S.4A7. an I........ . -J
"icaaea H4f7
Bar Silver Advances Agdi
A further Increase In freight lr"o
shown during the month of Aprl oxer
tho lines of the Pennsylvania Hnllroaa,
east of Pittsburgh and Erie.
Tabulations at Junctions '.J
points along the main line and Buffalo and
Allegheny division of the movements for
(he month aggregate a total of "
cars, compared with 7S5..161 cars In the
corresponding month of Inst year, or an
LONDOJTSTOCK MARKET
Narrow Price Changes Undertone Is
Firm
X prli
of the
The
LONDON. May 3. Changes In prices
for securities on tha-Stock Kxchango today
.ero nnrrow. but .the Undertone
markets wns flrm."
.,.. n.A.1crA,1 aenttnn wns hard.
revenue of the United Kingdom for the
week amounted to 4.178,000. and tho ex
penditure to 33,954,000. Sales of ex
chequer bonds were 7.501.000. The
amount of Treasury bills outstanding was
Increased by 1,062 COO. The deficit wns
borowed from the Hank of England and
tho. exchequer. , .
Americans' were dull and Irregular, fol
lowing the market nt New York. Can
adians were neglected and drooped. DM
nppolntlng earnings caused a reactionary
tendency In Argentina rails. The home
railway department displayed stendlness.
Mexican rails, tractions nnd mines showed
strength.
llled bonds held well.
ui me loaaeti cars pagsine ?Zz
Junction, all classes ot freight,
bituminous coat, coke and east fl
bound miscellaneous, show an'dvs!!
24,462 cars. 1IW
Thn Plillnrlelnlila ina,!,., . '-
.i. i-.Y".; S.VLT ".'?'' i
"nZ'VW
fleeted tho Increase In the V.,5-
quiet today. The
shown by Tonopah Hclmont, JyB:
fleeted thn noronaa In .1.- L.!"S?
sliver In New York and London bf.
i nbove yesterday's close, n.. .'.
me of tne afternoon more than JlBi
hnd phnniroil linnila "l"
Lehigh Navigation was off. a. ttP
ndelphla Electric. The former "
i to 74 M. Western New York .aR
sylvanla reached 12, the top prlce-b
year. , , g2
Heading Bold at nn advance of R
esterday's last of 87H. Pento
yesterdays last of 87H. Penniu:
Itallroad opened U higher, bBtiv
declined. United States Steel "
sold nt 8.11.4. an advance of lu j2J
lliiffalo nnd Susiiuehanna sold" tin
n new high record, Lake Superlm,
poratlon was oft H. Electric Stm.S
K9 1?ns,l fSoo t,..... '
M.
United Gas Improvement,
VaViV
, 1.33
.5 i-id
LOCAL MINING STOCKS
TONOPAH STOCKS'.
111,1.
Jim Hull.r l.7.t
MacNamara '
Midway -. V '2
Mlvnnh Flxti-niilon ........ .'
Muntniin
North Star
Tonopah Belmont
Tonopah Intension
Tonopan .-MininK
Itcacue Hula 4T
West Knd
OOI.DF1EI.D STOCKS.
Atlanta '
lllun Hull 03
Itooth
llulldoB "J
1 o d , ,01
Combination Fraction OH
ninmondfleld U U ,11.;
nnlav I4
Klorenco 4ii
Cloldileld Conaolldated ...... .Hi
(InldOeld Merger 12
Jumbo Extension in
Kewnnaa 14
Oro "'
Sandstorm Kendall 03
Sliver riclt 12
MISCELLANEOUS.
01
Active Market
Conditions
require quick aucF-accn
information which we j
Ciauiy lurnisn.
Fairy Aztec ...
Klmberly
Nevnda Hill . . .
Nevada Wonder
.02
.17
2V
nl
,,.. 1t
"1' S' B
I J
Asked. I
l.lit ,
.14 I J
rtl 1 C
i i giaaiy xurnisn.
..' Tk i"ll
11 ' ' -"A
; bard
C We buy and sell
your interest; we
04 ' fntrnritf clnfl-e
.03 ! i m
lin I I IIAN'KUKS ft IIUOKEIWJM
.nil i 6th & Chestnut Sts.,N.E.ct
13 i C Mcmb" of rllI,n- Stock Kitk'2!
02 Jp Direct wire to New York
.111 , ..,.. --1, a-.i- s . ..'.
our Mr. Knoll. Lo
ijoa. main 4458.1
ontrT
, '
navei)
Jtay
June
July
August
September ..
October
N'otnnber ...
Iii-cemlwr. ...
January )..,
Fel-ruary . .
March
April
Totnl Bales,
Today's
opening.
8.31
8.3D8.3S
8.12
.... 8.078.75
1000 ball's.
Yesterday's
close.
R.18WS.20
8.225SH.24
8.20(818.28
8.33IWH.SI
8.37 S.3H
H.4IWH.43
8.4308.47
8.4IIH.H.30
8.nr,(B)8..1R
8.0008.02
8. (13 8. 07
8. (11) if 8. 72
Tho directors of tho Algomnh Mining
Company have levied an assessment of
$1 per share, payable May 18 to stock
holders of record May 17.
W. Hlnckle Smith lias Ijeen elected a
mo'nlier of the Philadelphia Stock Exchange.
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
KSTABMSHED 1802
BANKERS
il embers Xew York and Philadelphia
Stock Exchanges
1411 Chestnut Stbeet, Piiiljda.
30 Pine Sibeet New Yobs:
MERCHANTS UN.OM TRUST COr
716, 717, 713 CHESTNUT STREET
BOND DEPARTMENT.
This Corporation offers subject to sale or advance in priceg
N. Y. CENT. & HUfcc RIV. R. R. CO.
30-year Consolidated Mortgage Debenture 4 Gold Bond?
Interest May and November, due May 1st, 1934.
At 92?4 and Interest, yielding nearly 4f.
We are advised that this bond is tax free in Pennsylvania and e
the normal Federal Income Tax.
a
N
Investors are invited to confer with our
Bond Department in regard to informa
tion on American and Foreign securities.
The Trust Department by
reason of its personnel gives
that official oversight to the
business entrusted to its care
impossible to be obtained
where questions of routine
pass almost entirely under
the control of clerks or per
sons inexperienced in trust
matters. f
JOHN S. BIOREN, Presid(
NEW ENGLAND POWER COMPANj
First Mortgage 5 Sinking Fund Gold Bonds
(Incorporated under the laws of Massachusetts and issued under the authority of the Massa
chusetts Board of Gas and Electric Light Commissioners.)
Due July 1st, 1951 Interest, January and JulyJi
New England Trust Company, Boston, Trustee
TAX REFUND IN PENNSYLVANIA
FREE OF NORMAL FEDERAL INCOME TAX
CAPITALIZATION
First Mortgage 5 Bonds .' $6,000,000
Three Year 6 Coupon Note 700,000
Preferred 6 Stock 3,414,000
Common Stock 3,500,000
The bonds are a First Mortgage on five hydro-electric generating stations on the Deri
River of about 44,000 horsepower generating capacity the Somerset Reservoir, with a capWJ
ui ucaii w,uw,wu,im) ymiuns, wmcii asbiires a reuaDie water supply uunng iuw wi ;.
Additional steam and water capacity amounting to over 30,000 horsepower is owned or
contract for auxiliary purposes. The customers of the system include many of the largest OLS
England's manufacturing concerns' and public utility companies, and the business has gwj
steadily since the first power plant was placed in operation. Gross Income: 1910 $2'M
1911-?40d,206; 1912-?514;445; 1913 $777,847; 1914 $982,529; 1915 $1,489,453.
Property under the mortgage is valued at $12,914,000.
The following is a comparative statement of earnings of the properties in the New England ConipanySrg
C m
I
Year Ending
Mar, 31, 1916
Gross Earnings , , , $1,628,604.93
Operating Expenses and Taxes , . . . 567,239,41
Net Earnings ..,..,,..., , 1,061,365.52
Bond Interest . , t , . 447,113.32
Year Ending
Dec. 31, 1915
$1,489,452.63
535,153.80
954,298.83
426,125.82
"a1"" , ... ,, .,.,.. r.,. .$ 614,252.20 $ 528,173.01
Price, 98& and interest, to net 5.10
BAKER, AYUiC & COMPANY
LAND TITLE SUILSIN . PHILADELPHIA, H
cv