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IHTOSB3T, m
-'-"- '- . - .
FINANCIAL NEWS
.
SPECULATIVE OPERATIONS WAIT
FOR TET OP GERMANY'S ANSWER
i i .I,.,
Ruinoi's That Note Would Pave Way to Peaceful Settle
ment Does Not Help Prices Industrial
.-i Alcohol Advances
New York Stock Sales
High Points in Today's Financial News
The proposal or the dissolution of the Pennsylvania Stect Company
of New Jersey was overwhelmingly carried at a meeting of the stock
holders in Camden today. Reading Transit and Light earnings increase.
Stock List Committee of the Philadelphia Stock Exchange admitted to the
regular list $1,000,000 additional common stock of Harrison Brothers it
Co., Inc. Imperial Tobacco Company declared stock dividend of 100 per
;., Bar silver prices dropped a trifle. Railroad earnings increase.
Michigan e copper output a record. 'Many wage increases announced.
Cambria Steel declared regular quarterly dividend.
Chandler Motor
cues A Ohio
Chllo Copper
Chlno Copper
Chi Mil & st 1'iul
cm it I & Pac.
Col Kuel ft Iron
Consolidated Oaj 1,-Jt
NEW YORK, May 4.
Wall street uenerally suspended active speculative) operations today becauso
of tho moro pronotfciccd disposition to wait for tho toxt of tho Gorman answer
before mnltlnfc any extensive commitments on either sldo of tho market. Tho
speculative clement was Influenced at times by vague rumors that tho Otfrman
note would bo published during tho afternoon, but there ,was no basis for theso
reports and they had only a temporary influence on tho market tone.'
Thoro were, howovor, wide movements in many stocks'. Industrial Alcohol
roso G points on pool manipulation and then lost this gnfn, tho ncttvity in this
stock bolntr apparently for tho purpose of disposing' of a now stock is3Uo in
advance. Tho directors of tho company refused to confirm tho current reports
tnar, it. is intended to oner a block of new stock nt par to present stockholders.
But tho action of tho market Indicated, however, that some of those having
knowledge of tho company's Intentions are supplying tho stock in anticipation
of this' Issue. '
Marino preferred also fluctuated over a wide range, with some largo holders
liquidating their accounts becauso their organization plan does not provide for
any cash payment on account of tho accumulated dividends. This will leavo tho
preferred stock on a, 6 per cent, dividend, basis after reorganization with tho
accumulated dividends still to the credit of tho holders.
Conjectures about tho tone of tho German noto ,wcro nil of a. favorablo char
acter, and somo of tho leading houses on tho Street assorted they had Informa
tion that tho noto would bo conciliatory and would pave tho way for n peaceful
settlement.
These reports had already dono duty as bullish fnctors In tho upward move
ment of last week and were no way effective in Inducing outsldo buying today.
Financial Interests bellevo tho subject too important to anticipate market results
from It because of theso guesses. In all Icadlnir nuarters thev hnvn nilnntnri ti,n
Administration's policy of "watch ami wait."
liuir states Stee .
CJnlf S S 1st pf...
Illinois font
.Int Aerlcultural pf,
mt iiarv n j..
Int Iiarv Cornn
Int Con Cor v t c sri. .
Int Taper pf. .
Insn Con Cod.
Int Nickel v t cfs
Int M M c of dn.
Int M M pf c of do.
jewel Tea pi
Kan City Southern
Kelly Sprlne Tiro. .
NEW YORK. May 4. A. U. Leach & Co. have mimhnso.l 7 r.nn nnn e. K'n.nc,t. cPPr.
Cent, first mortcnim nlnlHnt fnn.l cnl.1 r,r.' r i. .T-i.-j .. . lacs; btcel Co....
,,,, '. IZ , ?, " " '""" "' "' ""' uci uas company, Lee Hublw Tiro.
- uo,ul.j. i iiiu omnium nan anu Electric Company. Tho bonds maturo I-ehlqh Valley
January 1, 1036, and aro being sold for the purposo of retiring all present out- HBI!,e,t Mjc"
standing obligations of the company and provide fresh working capital. A syndl- Maxell Motws " "
. u B,H .urmeu to uncienvruo the new Issue nnd a public offering will i Max Motors 1st pf,
, , . lt close. Illieh. how. Cloie.
Adrne ltumely 20 19 10 IB
Alaska j oold Mines, . OH 0 0 0
Alaska Oold Minos.... lof 103 10H 105
Adams Express im( 133 133 136
Allls-Chalfners Mf..,, 20J 2flH 20 20
Allls-0 Mfe pf 78 78 77 77H
Am Beet Sujar nsjf GO 07H 07! (
AmCan 63 fi5f 5W filJi
Am Car ft Fdy I0g OOJi f.O 60
Am Coal Prodiietj ISM 153, 163 163
Am Cotton Oil 53 blX 52l fitts
Am Hide ft Leather. . . OX OH OH OH
Am lllde ft I,.pf 60H C1H 60H 60H
Amlco Setutltlos..,.. 27H 27!f 27H 27f
Am Unseed 22H 23 22H 22H
Am Unseed pt,,.,,,,, 40 ,V) 48H 48H
Am Icomollre.,.,,,, 07H G8J, COM 07
Am Mat Corpn.,...,. 7H 1 OH 8 OH
Am Malt Corpn pf.. 34 mt 34K 35H
Am KmMt A tint ni not niU ruli
Am Smelt ft Kef pf,...112 112H liW 112H
,m nicei i-ouniries.,j roj sin ou4 oUJi
.., nuKar iionninn. ...nu iuii km iir.i
Am Sutar Itef pf 116H 110 110 110
Am Tel ft Tel 127JJ 128 127H 128
Am Tobacco 200H 200 107H 108
Am Woolen 46 44H 43!f 43H
Am Woolen pf 07U 07H 07 07,
Am Wrltlnis P pf 18H 18H 1SH 18H
Am Zinc h ft Sm 01 01 80H MM
Anaconda Cop M 84H 8S 83 H 81
AicriTOp ft S F WW 102 102 10:
HEAVY OFFERINGS
MAKE WHEA WEAK
Market Sella Off on Favorable
Weather Argentine Ship-
m'ents Larger
on,iN iiKt.T wiUTiinrt ronncAST.
rilirAOO, Mar 4. The wrnther fore
cnt for 3(1 hoiirii follow ! , .
Illinois nnd ilUminrl. Fair tonlitht nnd
Frldnr, precedcd.br !innfM norlli this
nnfrnooni nometrlmt rooler irmnr.
Sates in Philadelphia
. Hiith.
80 Am Hys pf ... ?
a 11 st o pr. n
B Cam Iron ... 4.JJ4
800 Via sm, ,.. po.'J
4 Jns Co N Am a.1H
d.1 Key Tel pf... OS
il Ihlgh Val:. JJ'.i
12B Iin V Tf Pia j.i
0SM
rn
4Hi
4H
2.V
07fi
7B
77M
43
SI.
to
Close. Ch.
0S'. ....
m
os iji
7. J
77H k
48
r.7
Mlnnenotn. (lenernlly fair Innlirht nnd
Frlilayi. oomewhnt cooler lonihti pron-
nhlr Hunt frost nenr mrot.
Atch Top ft S 1' pf...,100H 100H 100H 100H
lladlxxoWks 87H 8.SH 80H 0H
lat&Ohlo 86H 85H 83 8.ri
I alt ft Ohio pf 754 75 7fl 76
Jatopllas Mlnlnc 2H 2H 2H 2H
Ilrown Shoo 6i 67 C7 67
liulto ft Superior til U1H 00 00
Canadian I'aclflc 107H 1C0H 103H 103H
Central l.ealhr '. 621f 62H 61H 61H
j-enirai watner pf....H0H 110H lit) 110
lAK-A.-Fntp Innlrlit nnr! Frldari warm
m tontcht xoiithenoti nomeirhnt cooler
Friday, north nnd nest. ... . .
North IMkotn. Fnir lonlnht .nnd Frl
d.iy cooler tonlshti probably llht frost.
Month Dakotn. Fair tonight nnd Frl
dari cooler tonlsht. . .
Nebrnskn. Fnlr tonUht nnd Frldnrt
cooler northwest tonhtht nnd east Friday.
Hnns. Fair tonlilvt nnd Frldari
rnirnwr toutli tonlnhti nomewlint cooler
Friday.
CHIPAOO, Mny 4. A steady
of offerings mndo tho tono 01
00)j
01H
6:T
01
17H
41H
10
. 80H
.115
Imperial Tobacco Declares 100tf Stock Dividend
'NEW YORK, M.ay 4. Tho Imperial Tobacco Company of Great Britain nnd
Ireland has declared n stock dividend of 100 per cent, on tho ordinary and re
strictcd ordinary shares.
150,000 Gold Withdrawn for Mexico
NEW YORK, May 4. Gold coin 'to tho nmount of $150,000 was withdrawn
from tho Subtrcasury this morning for shipment to Mexico. Tho Subtreasury
transferred $227,000 to San Francisco nnd $100,000 to Now Orleans.
United Fuel Sells S7,500,000 Gold Notes
Corn Products Itcf . .
cmclblo Steel
Crucible Steel pf. ...
Delaware ft Hudson
Detroit United Itjs.
Distill Sec Corpn...
Domo Mines
Erin
Krla 1st pf
Oeneral Electric....,
(lencral Motors
(leneral Motors pf. .,
Oranuy Consol
fireene-Cananea
lioodrlch II V
(H N rfs for oro prop. ,1U!i
3J.
O0H HOW B0H
01 GO GO
22 21 H 2IH
62U 62H 62W
01 02 02H
17H 17 17
4IH 40H 40H
132M 132H 132H
10H Mi 18H
82 78H 70H
112H1 2 112
160H 1COH lfi(HJ 160H
. 00J 100 100 100
. C0H 61 W 48H 40H
26H 'SM 26H 23H
33 :H ,'MK Mi
61 61H 61 61
101 1G3H 102H 102H
120 423 410 423
.117H 117H 117H 117H
88
1UH
OH
87
61H
7(1
40
71
87
.101H 101
. 40H 51H
.111H 111
73 70H
1W lOJi
87
40)f
74
:)
71
87
101
40H
87
40H
74
30
71
87
101
60!f
110H U0H
bo mado in ri short tlmo at par.
American Gas Buys Citizens' Electric Illuminating; Company
PITTSTON, Pa.. May 4.-Tho Citizens' Electric Illuminating Company of
"" lu" ,,as Decn Puronnscu by tlio American Gas and Electric Comnanv. oxvner
Max Motors 2d pf. . .
Mexican rctroleum...
Miami Copper
Minn St 1 ft S S M.
Mo Knn & Tex pf. . . .
Montana rower.
10
. 4IH
. 48M
. 24! i
. 87H
.108
. 24W
. 71
. 605,'
. now
. 60
. 70W
.210
. 07
, 7(.H
. S3H
6(1
, OS
30H
131
14J.
40H
23H
80
109
24
70H
67
00W
40H
7GH
240
07H
77! i
83
SOW
101H
30W
70
10U
46H
!!
48U
23W
S6U
109
'S.M
70H
66H
08
I9U
76H
210
C7
76W
83
63W
08H
30
J ,7 "1" EIetrlC RaUmjr' for 8"C-C0. which represents 1C0 for each I S S1-;:-
ZJE All ITm '8tv.Ck 0UtS,amI1 nnd -WIUor.nl $43,000 for the loot. I aTco." t0
assets. AH stockholders have agreed to tho s.-iln. tk Am,.,. r, ,,-.,- ! v.i r,7 n.?..
VIH.HH uun allltl IMt'trmi! w vuii su .-
I
PiPrrinnnv In nnn. .!. .. .
r.3 t . ""'"",K tonlro1 or uie electric light and power business In tho
territory between Forest City and Plains. ;
PEICES GENERALLY
LOWER ON CURB
Uncertainty Over International
Situation a Repressive Factor.
Some Exceptions of Heavy
Tone
I New York Bond Sales
NEW YORK, May 4. Lower prices gen
erally prevailed in tho Curb market to.
day. with nearly all the traders offering
stocks at concessions, causing declines
without, much effort. Uncertainty over-tho
International situation again became n
repressive factor. Few of the largo Inter
ests which oftentimes stand In tho mar
ket when any selling movement Is In
progress .and absorb stocks, seemed dis
inclined to take that position today and
adopted a waiting policy.
Every one looked to Washington for a
new Incentive, and at times reports that
the German noto would be published thW
afternoon caused a temporary display of
strength, but these upturns were of Bhort
Juration, and In the late afternoon buy-
ers wero fe"and orfers numerous.
There were somo exceptions to the gen
erally heavy tones, Chevrolet moving up
to the new high record of "01. Its low
W ..n the Curb waa mado shortly
Iter Consolidated, ono of the low-priced
mining Isaues. was also active and strong
movlnar up from 20c to 40c. a share.
fn J Tifl'"8-,? al",nK olr ln tha demand
-rL,1"1.0 ' 'iKhts. which declined
Jrom 1 Ji to 1. The new preferred stock,
when Issued, was offered at 92 on the
Curb, although stockholders are invited
to subscribe for It at 100.
The Mergmann stocks were fairly well
held, Lynn Phonograph selling at 10VS
ana Zlno Concentrating ranging from GVi
to 4,
J2000 Am Cot Oil
3i03o) Anirlo French Ss . .
WOO Amer Hide L 0a.
41000 Amer Tel clt !...
1000 Amer Tob now 0s..
1000 Armour Co 4Hs..
0OOOO Atchison cen-i...
1000 Atchison adj 4s...
High. Low. Close.
. H7 071. 07'.
. O.T.i I).". 03
.1OTH 103 H 10.1 !i
. 02 u sim 02',;
,iiH!i no?i non
03 !i o:i
03 03
K.-,',i 8.-:
.,000 Atchison cv 4s 1000.102 102
100O Atchison cv Ss 1017. 101 U 101 '.;
4000 Allan Co Line 1st 4b 02 01 Ti
3000 Halt & Ohio 4s op; in "i
7000 Halt Ohio cv 4is 03U O.'.W
J!! a.'f 4.oht. s..... nmU loo'l
.." .cii oirci im DH...1II( iui
o.if;
03
8.-.U
102
nu1;
02
oi u
or,'.
1UII 't
0
10!f
43W
44 K
4S
2311
SO
100
2.1!f
70W
C5W
OS
491f
7631
210
07W
73W
83
65W
mi
30W
117
10W
78
120
223!
Oj"
17 W
120
H
stream
tho wheat
market undeniably wenk today, although
shortly rtftcr tho start prices rallied a lit
tlo on covering. Fine weather for seed
ing In tho northwest and generally favor
able conditions In the winter belt were the
factors thnt sent ho market downward,
Shipments from Argentina for the week
were larger, moaltntlng to 2,800,000
bushels, against 1,8.12,000 bushels lait
week and 5,000,000 bushels a year ago.
It was Indicated that Grout llrltaln had
obtained sufficient wheat to provldo for
Its needs until harvesting gets under way
In this country. Moreover, the bears
pointed out that ho world vlslblo supply at
present Is the greatest on record, amount
ing to 284.00.000 bushels, against 178,000,
000 bushels last year.
It was predicted that by tho mlddto of
July tho available supply In tho United
Kingdom would bo fully 40.000,000 bush
els. Iteports from tho Northwest Indi
cated that surprising hnadwny had been
mado In putting hto crop Into the ground
during the week, but conservative author
ities admitted that tho nrca would bo
much smaller nnd thnt tho outlook was
not. flattering.
Smaller arrivals and lighter Manitoba
offeis sustained tho market at Liverpool.
A fair Inquiry from tho Contlntent was
noted.
May ended at $1.1314. or Vt cent nbovo
tho low point, after having sold ns high
ns $l.lG9i, or U cent nbovo yesterday's
closo; July finished nt tho bottom nt
$1.14 M. after having sold ns high, ns
$1.1094, yesterday's last quotation; Sep
tember nlflo closcd'at tho lowest at Jl.lDH,
after having sold within 14 cent of yes
terday's Ann! quotation of J1.10W.
Lending futures rnnccd ns follows:
Yest'y'B
Mny 1.I.V4 l.fftji
July I. IIP, l.lilta
Hoptembrr. 1.1M I. Ill
C!oni (nnw ilnllvprvl
77'i 77V4
70(i
i .Minenin ..... i -, -!,, u
IM-s;Rfiri:igi&J,ig?.i5
Bi5rhV::;:S!P SJ .fu-4
.ss ?:"' JilW.b- rVd ?m iili '.:::
fc..' ....it. n... .inn vniL Til
n Phlt True tlon 7l
5nS nesdlnu, ..... 87
2UI1 Ton Hell..... Mi
42.1 Ton Jlln.tt.. 0
800 Utnh Cop....i S0J4
15 Unit Oas Im. 87?
8.1 tin Cos N J..220W
20.1(1 V.B Steel...., HSH
lul do pref,....liri',4
i-mi West Elce.,.. 07
f,M W N Y A Ta. 12
sra Wesim coal., no
250 W Cramp &. H
1 Vork Itwy . 'n'l
w : - W
8?,U
ma.. .....
i m ?j
$ i $$
12 I2"4 4- i
H Kl4a?.
Total sales. 8000 hnrr. eomnared with 0010
dhares jetfnlari thm fur Ihl week, 39.800
slmrel same period l.it week. 53,032 share.
HONDS. "
Net
llluh. Low,
10100 Am O A U Bs. Oil
1000 Cn T N J.r,s.l02H
n7.
do 10S2 ... 074
II.1U,
102U
07i
"IIW
100
11.1
08U
100H
moo cy a'.i s c 1021 o;
1000 do 11)22 ... 07'
Indii H .1. 11191 . 1I1U
700 do 1011 r 4S.102H
Soon y.'k V Tr 4s. 0
SHOD an Asp deb n. ion
Iniio Morris Iiro.i ns (.'
noon Key T 1st Bs. osH
.limn I, V an iHs.luoU
4nnn 1. V r)rnvf.l
rrts 4Us..lnnU
4000 TttCo cn 4'is,10lt(
r.imii ili, in JU. 1ll.l
Innii .1 J. Iiila miil no4
001)0 I'hlla Klcc 48,83.' 8l'
,ii)(i no ,,s loi'A i"-
100(10 Hemline un 4s IKlts 03T4
tnoo Un llwy Inv lis 71 71
3000 York Ity 1st B no oo
Close, chse.
03 .....
102U U
!'7t
OjJ
fll'4
10S4
so 1
100
.-. ltt
08U
loo; u
inK,
IPH5D
82
101.
IMS
71
110
Total sale. MR.300, romn.trril with 122.0..n
an nun. inr mis r
last rrk, 8171,400.
.irlrrdart thus far this "rrk, 8310,150) same
iirrion
READING TRANSIT EARNINGS LARGM
LIST MORE HARRISON -BROg. STOpl
Cambria Steel Declares Regular Quarterly Divide!!
Kevstone Telephone Preferred Sells Off on Philn.ai
delphia Stock Exchange Market Quiet
Thero wis little of special Interest In
the Philadelphia financial district today,
aside from tho special meeting of tho
Pennsylvania Steel stockholders In Cam
den to vote oh tho ratification of tho salo
of tho company to tho Bothlcheni Steel
Corporation.
The lteadlng Transit and Light Com
pany's report for March nnd 12 months
showed substantial Increases In earnings.
Tho March gross earnings wero $201,523,
an Increase of $33,181 over those of. tho
corresponding month last year. During
tho last 12 months tho earnings roso from
$2,201,744 to $2,298,697, an Increase of
$96,953.
Tho stock list committee of tho Phila
delphia Stock Kxchange today admitted
io mo reuuinr list or tho . "
tt nnn nnn n,i.uiAi ... u . -MBain
;;i; Tir w. "2" ;
making tho total amount listed"5!, l
$2,000,000, ea t0 dMtl
Tho Cambria Steel Comn-i ...Wi
its regular quarterly dividend of ( !?J
per cent, payablo May 16. f AHI
Trading on the local Exchange 3H
very quiet today, Virtually th. V.MI
tlvlty was shown In Cramp trtu. eirtul
calea and Pennsylvania Steel tt t.S,
i mm tuiuiL-i ixihu ',t nDove ycitehi.li.1
close. Pennsylvania Steel prefer,i IT '
up 1 point, selling-nt 9D14. In.i i;r!a..i
cllned. Kcystono Telephone preferreiMtl
oft 2?A on afew shares, and reaehJf??!
nnw inw rnw trin rtrniiAnt . --",
. .. kIIU iiLouii jfri
Local Bid and Asked
l c
I lOH,.. I'lONI.
i nt' i in.
.'l34'l.'l3ditl.'l(lV
Low.
';.
77
71(54
10
4:i'4
311
.117!ii 117J. 117
. 12 10H 10H
. 78 78 78
.120 120 120
. 22M 2:i 223'
. 05if r,:,'i or,
. 17K 17?; 17!f
io lurk-air uraKO. .131 l.'Hijr 129
N 1 i H .til r.n bo r.rif
N7 C& H 10-JW 10.- 10a?i 10.-1K
P. 7 O Jt West 01f 2(1H 20H 2fiH
ftorfolk & Western. ...1231 12.1!i V"'H V,nH
Northern Pacific Ill m 1105 ill
Ontario Sliver Mln ! flH OH JH
Pacific Mall golf "ii'i -l'f 31
Pennsylvania II It fifljf r,oii 7,r,H IhM
f?,pli's.(i!!'i Chl 101 l"'1 lOOtt KIOJi
Philadelphia Co 411J -lUi 40U 405f
Pressed Steel Car Co. . 47H -17 -15M 45H
Pub H Corp N J I2ti3f 120 125H 12:H
Pullman Co 100 100 ICO 100
Quicksilver VA yi 3M 3H
lty fatcel Sp Co 38U A0H 3SH 30!f
liuj V.UII LUprJlT iiliJj 7 i2Jl 2i!i
kdU H7H 80 &0)f
12 -l.) .13 .13
40H 40)4 45! 4Sii
103 108 107'- 107!'
Iteadln:
IteadlnB 1st pf
Republic Iron & S.
Itepubllc I & S pf. .
St Louis &S F....
St I)uls Southwest
Seaboard Atr Ltno
May
July
September.
O.its
Slay
July
September.
i.arn
ilnv fi.nn
July 13.00
heinrmb(.'r.l..li,
Itlba
May
July 1L'.S3
Hepteinber. li;.02
Pork
Mny 23.7.-.
July J.'I.lII)
Sent. . .,l'3.1,."i
Illd. tAskiil.
7(1Ji
Til'5
4rtH
latj
so
n. i -.
13.12
1....U
73
tO'.i
13
Tilt?
75
70M
HI '4
43
t3'jj
t lll'j
434
31)T
11 IIT 11 "
1.07 M3.02
1
1 U.U.I
112.00
12.87
12.1IT
23.07
23.7,1
".'1.40
INomlnul.
12.N2
12.02
23.7.1
23.110
23.31)
12.77 M2.70
12.02 U-.7I
12.02 12.011
23.S7 23.70
23.711 23..-,.-
23.10 123.30
Financial Briefs
2H
lOJf
1.'
3M
10
3H
10
35i
10
oh5rIpfe.!lSco-:::.-:::
Aiir S5S Ttfi-::::;:::::
Amer Marconi .:
Atlantlo uulf and W l'.
v&Jagfir.-M -
Ca Cr nrt ray vnt ll'.'.t
Cuba Cn Buiar ...
CurtU. Aeroplan ..
Erlt-g.Sa),ury . , , ; .
Hmerjon Phonograph
Inter iler Marina ,...,,..
uo prex .......
KathodJon Bronxa o'rtf II !!!!!!!
Mtnhalan Tram .....WM."!! Ill
ptim Elevator ".;;
Vcerlasa Motors ...
8 8 Krbk.t. w 1 ....
Standara Motors ..
nuDounn
f f
in
tMMtll
nid.
i(il
31
OS.
3?H
M
nu
n.
III
. 01 1i
. 40
.13.
5J
B.l
I
t
M(
?
ens
::;B
v;
1H
Trlaiul Mlm .......
Unltea Puptit Sharing
U 8 It 3c 11 cpm
uu prvz . , .
Wblt Motora
World Film .
BTANDAltD Oil, .
TOtiiola ., , 1TO
Ohio ..2.12
Pralria Plr ..SIS
B O ot California ...... I...... .245
B O of Javr Jeraar ..,., ;si8
a o of k yrroriL ..:.:.:::;::::!ot
OTHER Oil STOCKS. '
CoadeH Oil ,. 21K
Cnalmara Oil '. 6
tntarnatlona) Potrobimq 11 U
Ifouaton Oil i, i
Midwest Refinlny ..,,...,...,.. 67
apulpa Itannlnc ..... ...,..,. 32
UIKWO STOCKS.
.Atlanta TT.... 13
www vuvvar wra .UU7 .......... in
;t
Hutta ami New York
trro ua i-asca .........
yiret Katfonal
OoWlieW Marver
HnU Ulnlnc
ok Bound
Butiar .
UiMtl
Jiiinl
...SI
.... B
.... 12
.... i
.; i
Tumba Kxtemilan 7
KtHA&a 'Zlno 1 u.
vku4Hfy it rai Qt
MMama ',-oppr
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Tenn Copper 40
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1000 Urla conv 4a tier It. 77 (J
1000 do urlor 4a fc.l
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110011 Hud and JI In Ba... 27
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luoo do IW.-.l ...,?... 117
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noon itoclc la da ct one ata 46
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.lono H&aboard A I. adJ Ba 03
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taqoo South Pao cv 4a 88
2000 South l'aa rfd 4a... 00
30OJ South Itwy Kcn 4a. . 70
l(xa( Tenn C &' I (en 8a. 03
12SOO Toklo Ba 78
1000 v 4 Rubber Oa 102 102'
31000 U 8 Steal at Sa 105 104
iuw union. av a, oa. 83
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qQVERNMENT BONDS
B.- 113
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aj as
28 Z3'H
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S 102
8 104
83 83
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08 08
101 101
88 S
80 00
inafi 101
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w" 'T' "1,'' ,. ..,,.-
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100
IMS
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4i3
Tell Co
Teas Pacific
Third Avenue
Under Typewr
Unlteil Cigar Stores.
United Clear Mfs. . .
Union I'aclflc
Union Pacific pf. ...
United Krult
U 8 C I P & F pf.
U S Itealty & imp.
United Itys Inv Co.
Uu ltys Inv Co pf.
U S Ituhbcr
U 8 Itubber 1st pf.
US Steel Corpn....
U S Steel Corpn pf
USSra It & M....
U S Sm It & II pf.
Utah Copper
Utah Securities
"Va-Caro Chem
Wabash
Wabash pf A
Wabash pf D
Wells Kareo Exp....
Western Maryland. ..
West Union Tel
West K & M
West E & M 1st pf.
Willys Cher land
Wisconsin Central...
Woolnorttj F W
Woolworth F W pf.
Quoted ex dividend.
1(1 -IMS 44!.
.181 185 lS:i 183
. UJJ OJJ I)?,' Dli
. 00 oojf oojf nojj
.01 os or,u 98
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. 821 82,'f 823 82'
. H7K 101 147W 14'JJi
. SOJf 60 50 50
. -10 dl) 40 40
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63JJ 52
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. 00 01 DOH
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. 70 70 70
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124 121 121
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124
FOREIGN EXCHANGE
NEW YORK. May 4.. With tha excep
tlon of a slightly easier turn In Dutch
exchange, the market for foreign ex.
change In the first hour of business was
unchanged as to rates and conditions.
Guilders were quoted at 41 U for cables
and 41, for checks. Sterling held at
yesterday's Anal figure, 4.75 15.16 for de
mand; 1.75 T4 bid arid 4.76 ij for cables.
Otherwise there was little of Interest.
Quotations: Demand sterling. 4.75
15.16 Jf cables, 4,76 H j franc cables,
B.93 : checks. 5.91U: reichsmarks.
76 H and 76 H; lire cables, 6.23; checks,!
n.zatt, Swiss caDies, S.18K; checks,
5.19; Vienna, 13.1813.23; Stockholm.
30.20 and 30.40; pesetas, 19.80 and 19.85;
rubles, 30.95 and 31.05.
The advance In the price of silver to
recent high 'levels Is exerting a certain
amount of Influence on. the foreign ex
change market, as exchange Is sold hero
against shipments of white metal.
In the, early afternoon the market was
Very dull. Sterling was ft shade easier
to a new low on the immediate movement
at 4.757a 01.75 15-16 for demand and
4.76 & for cables. Francs were heaver,
at B.94 or cables and 6.91 H for checks;
reichsmarks, 76ttQ764; lire" cables,
6.23 U, ; checks, 6.21.
DIVIDENDS DECLARED
Pratt Whltnajr. raiular Quarterly of IM
per cent, on preferred atock, liaj-ubla May IS
In Kfoele of record Ui, T
-- r.-rr.-r ..r.. ,- -
aioVH cuwifio wotupiuir.
of IV .per cent, on preferred atock. payable
May IS .K atock of record AprlPiiS.
Central National Bank, regular aamtannual
of 8 per cant, frea of tax, payabli on damand.
IJonwatalte illnln Company. . rasular
mentnlr of 63 canu a shara, CAjatii Uurm
lu stock, of record My su.
Twenty railroads have' reported gross
earnings for tho third week In April of
?5, 54 1,029, nn Increase of $830,407 over
tlio corresponding week last year.
Directors of tho American Cities Com
pany, n subsidiary of tho United Gns nnd
131ectrlc Corporation, havo voted to retire
on July 1 at par and Interest by lot
?2. 500,000 of tho 5-6 por cent, olght-year
collateral trust bonds, due July 1, 1919.
Tho remaining $7,500,000 of theso bonds
will contlnuo outstanding on a 5 per cent,
basis until July 1, 1917, after which tlmo
tlioy will bear Interest to maturity at tho
rato of 6 per cent.
At tho annual meeting of the North
Philadelphia Trust Company tho following
were elected directors to servo for a period
of threo years: Henry V. Bauer, William
St. Clordan, Georgo Pohllg, Wellington J.
Snyder nnd Charles A. Van Dervoort.
Tho Baldwin Locomotive Works haB re
ceived orders for the following locomo
tives: Two ten-wheeled typo for Louisi
ana and Arkansas Hallway, ono 0-4-0 typo
for Mlndln Coal Company, of Mlndln
Mines, Io. ; ono 0-4-0 typo for American
Steol and WIro Company, of Cleveland,
O. ono 0-6-0 typo for Calumet, Hammond
and Southeastern Railroad.
In April 177 now companies wero char
tered In Massachusetts, n record which
has been beaten only onco. In March, when
198 companies took out Incorporation pa
pers. The aggregate capitalization ot
these 177 new companies was 121,305,000.
Illinois steam roads receive equalized
valuation of property. Including local as
cssment by local nssessors, of 201,091,674.
The total tax Is $8,577,396 and the rato
on $100 nssesxed valuation Is 4.26 per
cent. Klectrlo lines' valuation Is $218,105,
570. Tho total tax Is $9,490,377 and the
rate 4.35 per cent.
The Now York Subtrcasury gnlned $1,
096,000 from the banks yesterday, making
tho cash net gain since Friday $7,225,000.
The American Window QlaBS Machine
Company reports for tha year ended April
30 last earnings of $2,146,817, expenses
$40,313 and net earnings of $2,106,534,
The balance sheet as of April 30 last shows
cash amounting to $8318 and total assets
and liabilities of $19,995,006. '
Definitive bonds of tho Chicago. Mil
waukee and St Paul Hallway Company
4 per cent, gold bonds of 1925 are now
ready for exchange for temporary bonds
ot the same Issue at the United States
Mortgage and Trust Company of New
York.
The Chlno Copper Company reports for
the quarter ended March 31 net profits of
$2,667.16. against $2,407,919 for the
quarter ended December 31, 1915.
A proposal to open and close the five
hour session on the New Vork Stock Ex.
change an hour earlier than has been cus
tomary Is being seriously considered hy.
members, and has so marry points In Its
favor that it will probably go before tho
board of governors In formal shape within
the next fortnight. The plan Is to open
the session at 9 o'clock and to close the
trading at 2 p. m. during six months of the
year and perhaps for the entire 12 months.
IIpMwIh .
do pref
Uu 1 'A; .ill
110 prrr t c .
Hlectrlo HtnrnRp
Oeneral Asphalt
ilii pref
KejMono Tel .
i'o I c
do lifil ,
l. ,w nun Corp . (
l.nhlcli N'nvl , . . ,
Lehluh Vnltey .
Lehtith Vnlley Tr
do 11M
tv 11,
UMi,, i.'rr
I'hlla Co
no ,i per cnt,
r rent.
r It T do t c.
ltendlnff
To'ii 'lilln ' '.'.'.'.
t'n True
' (
V S Uteri ...
nine i.uy . ,
tin tirof . . .
Wm Criunn t
llld.
. ... win
....103U
r.:i'
. ... tlli',4
, . . . fiMH,
onii
.Today
Yesterday
71)
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l.Tt
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lib
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711
ai(
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?7",
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pref. .1. a
pref. W'i
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o
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83
POOH RESPONSE IN COTTON
TO ADVANCE AT LIVERPOOL
English Spinners Uneasy on Belief
Insurance Rates Will Rise
NHW YORK, May 4. Tho cotton mar
ket H1I3 morning mndo a poor response to
a shnrp advance In Liverpool, which wns
offset partly by moro fnvorablo ,wcather
In tho South. A private cablo from Liv
erpool stated that English spinners wero
becoming moro uneasy becauso of fear
that freight nnd insurnnco rates soon
would bo further advanced. It wna bo
llevcd hero that this indicated n belief on
the other sldo that a German raider has
again found It possiblo to leave Its baso
and Is now somewhere on tho Atlantic, and
In vlow of this tho ndvanco In tho Eng
lish market was given less attention than
otherwise.
Prices hero wero C to 8 points higher at
the start .and tlio tono was steady. Thero
was somo covering of shorts nnd spot
houso buying, and Llvcrppol wns again n
purchaser, taking July nnd December.
With tho exception of somo supply from
Wnll street, tho selling wis scattered.
In Liverpool tho market was firm with
only small offerings and at tho tlmo ot tho
opening here, advances of 5 to 6 points
wero recorded, whereas prices wero duo to
como 14 to 3 4 points lowor
Weathor conditions wero Ideal for tho
crop Jn tho East, where needed precipita
tion wns reported whllo Improvement was
reported from the West. Temperatures
generally were higher.
Tho receipts of cotton nt tho ports for
tho dny wero estimated at 11,000 bales,
compared with 17,012 bales las week. 13,
470 bales last year and G707 bales In 1914.
lesteruay a
clone. Open. Illith. Low. Close.
March .... rJiRl ns.Kii 1:1.1m i.tni 13,115
May la.ao 12.33 il'..i2 12.211 12.4s
July i2..is 12.1.1 12.112 is.an 12..1S
October . . . 12.40 12.IW1 12.74 12.49 12.70
December.. 12.112 12.07 12.H7 12.111 12.HI
January .. 12.70 12.75 12.00 12.73 12.111
Spot 12.00 12.03
Liverpool Cotton
LIVEIirOOL, May 4. There was a
fair business doing in spot cotton today
at unchanged prices, mid-upland 8.17d.
The sales were 8000 bales, Including 7000
American. Imports were 13,000 bales,
including 10,000 bales American. Tho
market for futures closed steady at a net
advance of SViifS points.
LIVE STOCK QUOTATIONS
5J10c. higher; mixed and butchera.
9iVj. ??. bnVTt .03o.B0j rouih
ijbui,
to.3O0u.V5; p,,
CHICAGO,
marKe:
Ili.45fiao.ll5'. aaa
,...,..... . ..An .in
,1V. VVUOW.UV.
tailU.n; bulk Iu.70t9iu.li0.
CATrj.K Hecalpta. 4000; market
h.v.ii IT.tl.lffdU.U.'t! row,, an.l yLt.J
0.85; atockera and ,fetlera. m.iaVs.SO
Texarta. I7.4UO0.2H; calves. .7.5008.23
SHEPl" Hecalpta, .7000; 'market atromr:
rjAtlve and weatern, 18.1380.60; lamba. imo
ateailv.
(3.1)09
DIVIDENDS
KOBTI1WK.STKUN NATIONAL HANK
Phllailalphla. Pa" May 2 luia
"Thaa Ilrctorj hava thladay declared a aeinl
annual dividend of all (6 ut, cent., claaf of
tax. Checka will ba mailed. -. i
UA'FOHD C.
NICE.
Caahler.
CENTBAL NATIONAL B.INK
-. Philadelphia, May 4, lain
Tha Dlrectora have ttda day declared a aeml
nnuat Dividend ot S per ot.. frw St tix.
payabla ou demand,
WILLIAM POST,
Caahlar. ..
DIBECTOUY OF ACCOUNTANTS
NEW YORK COFFEE MARKET
NEW YORIv, May 4. Tho cofTee mar
ket was easier this morning and first
prices showed declines of 2 to 7 points on
scattered selling by commission houses.
Sales on the call 'wero G500 bags.
Today'a Yeaterday'a
openlnL". cloae.
May .... 8.2I4SH,
.June . . .
July ....
AURUSt . .
September
October .
November
December
January
February
March ..
April ...
Illd.
,24
(1.11'UO.JU N,JI(K.2H
. ...' N.-" H.aiMK.aa
K.2.108.32 R.35W8.07
H.:tll N.JOWH.J'.'
,....8.37 K.44h.4U
&.., K.41)8,50
8..',2 8..10Hn4
-s.oa
'ilii
K.r.N 58.01)
K.li.'lftK.II.-l
8.I11IW8.71
8.738.73
, BANK CLEARINGS
'Bank, clearing; today compared with .cor
reapondlrur day laat two yearn:
Id HI. 1015. 1014 ,
Iloaton HS.nOU.Oim I28.74ll.711 I22.007 i48
I'hllada... 41.371.874 i2n.lW.I.Ml "?."..
New York, 482,781.108 441,403,010 200,531,082
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
EhTm.iauEa 1802
BANKERS
Jfembara JS'ew Yerh anil Philadelphia
fitocfc Etehanaa
1411 Cuutmvt Btbest, Puiuoa.
30 PtKi Bnat Ntw Yoik
Certlfled Publla AecaunUau
LAWlUJNCil H. UHOVVN 4, CO.
Biu nam .
iiSTXTi TliUX't UUlLCINa.
INVEST IN MORTGAGES
AT 5,4
Recommended by
BEN T.. WECCH
J328 Cbsatnut St, '
RAILROAD EARNINGS
CANADIAN 1'ACIFIC.
1010. Tnerena".
Fourth week April ..13,100.000 1.ufl2.ono
From July 1 lul, 030,820 21.003.080
wnsTiinn MAnri.AND.
Fourth week April . . $2jr,,ti77 . fSt,37R
From July 1 8,003, 7ft." 1,003,0211
AI.AIIAMA OltEAT SOUTHDIlN.
March itroaa $r,nl,floo S5!-?S2
Net 101,012 00,120
Nine months1 urosa . . 4,1(1140!) II'V!'.13
Net 1.178,(100 013.010
DnNVKtt AND 1110 OKANDE.
Fourth week April . . IsaMOO !i9,1,(!
From July 1 S0.B0il.O0i) 2.4r,H.J0ti
March Bros 1.1108,11211 747,111
rvt i.nss.i'jl 2111,021
Nino months' Bros . . Bfl.T2.4firp J.onj.nul
Net 1(1,131,804 3,472,810
NA8HV1M.1;, CHATTANOOOA & ST. I.OUIH.
Jdnrch uroa Jl, 130.021 J2im.7t
Net L(in.7:i7 1MI.47S
Nino months' Erosa .. n.180.2'2 JilOi'!!3"
Net V 2.100,057 1.083.7"
CHICAOO. INDIANAPOLIS & LOUISVILLE.
Fourth week April .. JIOI.43S S-v-vH.
From July 1 0,ilin,ail) al,40(l
CIinSArUAKB AND OHIO.
Fourth week April .. M. 281.730 I103,r,83
From July 1 30.700,733 7.401.030
Dccrense.
.1.
LOCAL MINING STOCKS
fONOPAH STOCKS. .
.......1.01
31
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1.00
STOCKS.
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North Htnr
Tonopha Ilelmont
Tonnimh1 llxtrnalon
Tonopnh Minlnir
IlcHcuo Eulu
West End
OOLDFII1LD
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nulldnff
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Dnlny
Flurenrn
(lolilllelil ron.i
(iolillleld Meruer ........
.Iilmliii Extension ...'....
Kcwunaa
Oro
Siinit Ken
Silver Pick
Fnlry Aztec
Kimiieriy ...
Nov Hill ....
Nov Wonder
MISCELLANEOUS.
.01
.SI ,
Ask.
1.01 ,
'.33
.-.ti
.40
.21
ri"i
,.''
nr
.18
1.01
.13
.04
.211
.11.1
.11,1
.1(1
.(HI
.1111
.42
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.on
.0(1
.13
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.01
.21
llti
LONDON STOCK MARKEfl
Trndine' on Small Scale Arnorli
.Shares Heavy
LONDON. Slay i.fradlng n ew,
.,ta .. .. olui.iv ixgnango cotitlntS
light today. Tho remaining younirer rf.tt
era Indicated their Unwillingness to IS
uic-.inu luiiiauvnuuti un incir UOOK8 OwTnei
to tho Imminence of general conscrlmi!.
Tho Stoclc Kxchango Commlttco Is dpf
omcwiit. um Huvisaointy or permlttin?f
tho nppolntmcnt of ulrla an unauthorli
MUnJ
BAR SILVER
Commercial bar silver In New York was
quolr.l ut "ilTic ott ic.
Hnr Bilvcr In laond6n tnuny was quoted at
30 i;,-lUl., a tosn of U-lUcI,
PUBLIC SERVICE
R A
LJ AU
6
a-aACO.
SECURITIES
Public Service Securities
arc a lion on the success of
communities.
G, Vc direct your, attention' to a
security that wc unhesitatingly recom
mend. G. Denominations $100 and $1000.
Yield 6.
CL The Earnings, Franchises and Phy
sical conditions arc unusually good.
fl. Tax refund Pcnna. Normal Fed
eral Income Tax paid.
C, Detailed information either person
ally or hy mail.
B akeir Aylirvg . Co.
Laud Title Bldg. Philadelphia.
Americana tvero heavy, but changes?
i,t 11.1-0 Htm uiiitnuu 10 tractions Caait
ndlan Pnclflca wero sustained anil hSl
mllwnv elin, a nlon l.l.1 ...-11 "W1l
Grand Trunks wero stronRor on tH
vornblo carnlnrrg and tho decision of tfi
Dominion Oovcrnment to nav tha ui.r:
on tho bonds of tho Grand Trunk Paclt' J
Kllt-odscd Boctlon was firm. FollowfJ;
pans, forelRnors wero quiet. AddltlohH
uuoynncy Was shown ln sliver mine shani'
ITuKlinra worr unnlr .5
NEW YORK BUTTER AND EGGS
low
OKOH.
acorlnir,
mi
I. GUM -1'iini.v nrfulH nl.n.lw in
ernionorincKi nnet. Reee nta. "n on
- w --7y v
I
Ir.W TOIIK. May 1. miTTvn...
er nml unacttleil. Rccelnia. mj'CI".R
Kxtra crenmery, 32 3:ic hIS'
nir. .TIMOaie.i Htrito dairj1; aSfeiTS
n erenmerv. "(iiff.-inf. """t ".
Flrsta.
.whltu
"rms riT
UT ...
,r"..QJilllll
lirnwn eua, yte.i mlxoil color7 22ffl"au.
n
ELKINS, MORRIS & CO.!
"BANKERS
Land Titlo Building
Philadelphia
;
" Pittsburgh, Cincinnati,
Chicago & St. Louis Rwy. Cd.
Consol. 4s, 1945
Guaranteed Principal and "W,
Interest by Penna. Co.
By Endorsement
, Tax Exempt in Penna.
Prico on Application
AUTO OWNERS
Yoiir nitlnmoblln Insurance l
DUAD OVi:iClllln expense. I can
aove you money. I represent only
aound .coninunlea. It U1 par you
to uak mo to prove theae atata
nienta.
HARRIS J. LATTA,
Pennsylvania Bldg.
West Penn Traction Gs March 1917
Cities Service Co. 7s May 1918
Louisville Gas & Elec. Gs July 1918
Short Term Utilities
Cleveland Marietta 4'6s 1935
Vicksburg, Shreveport & Pac. 5s 1940
Penn Co. Gtd. Vhs, 1937-41-42-44
John J. Levenson
Telephone 7097-8-3 Hanover New York City
WE HAVE
$500,000 to Invest
IN MORTGAGES
LARGE OR SMALL
THE COMMONWEALTH
Title Insurance ant Trust Co.
CHESTNUT AND 12TH STREETS
BarncttOil & Gas Go.
IIOL'GIIT SOU) (JUOTi:t
Writs tor special circular No. f.
E. H. CLARKE
Investment Seenrltle
57 William Mt. New Vork City
QJQj!
$500,000
Binghamton Light, Heat & Power Co.
First Refunding Mortgage 5 Gold Bonds
oitobJ'iZ"i' v!?l0, ?" r,tb""T 1. 1016. Intereit payable April 1 and
SS.-i .l ln. e.w X01' Denomination, Coupon Bomla, S1.00O. rtzliterable at lo
tauaole aa a whole or Id part t lt & accrued lntereat on 30 dajf nublUhed .notlca
aUARANTlT TRUST COMPANV OP NEW TOniC. TRUSTEB
The Company owns and operatei a modem team generating plant, with an
extensive distributing eyttem, furnishing electric light and power to the
cittej of Binghamton.. Johnson City, Port Dickinson and Union. Bingham
ton is a. manufacturing and railroad centre of importance. Increase in
population has been rapid, being 22 from 1900 to 1910. and 15 in the
last five yean. '
The franchises are perpetual and free from burdensome restrictions.
1?.ei.reE!aCjmiejtiVaft,of thc P'tal property is considerably in excess
of the bonded debt. Outstanding Preferred Stock represents a Urge cash
investment in the property.
e on the en-
to
issue
These First Refunding 5 Cold Band. r n.,i v. . ...,
Hf,tfYnyf jheJComK?rf ""Y owned or hereafter acquirec!. subiecf
outstandmg bonds, due 1942. for the retirement of which bonds of this i
Net earnings are approximately three times an
nual interest charges on all bonds outstanding
Price 99 and interest, yielding about 5.05
Descriptive Circular on Request
N. W. Halsey & Co.
,!
1421 Chestnut St.. Priilnr?Binr,.
e.yJ.k J Boatou
,:"r " " lul?r Co., Ine.
,M.iv lilVIiiw.
New Ealand Uldj.
It ili ami Adlmi Bta.
Baltimore
Muomj IluUdlsc
Sun I-'rauelaco
Hi CalUoraU St.
sl'-A .. .iiafe&a&i