tH".
"Rj1'
-i j
-i
LL'hL
ntsBfc
fiVBina Mp0BH philadeliphia; tfjoKDAr may is, ioig.
FINANCIAL NEWS'
activity in Stocks diverted
i to old time standard issues
?,Vaittd States Steel Common in Good Demand Reading
Advances to New High Mark Plans for Capital
, Readjustment Being Worked Out
New York Stock Sated,
?
V 4 .. .... t n..
birir .. 9H o n) ml
Alaska J CblTXr . . 9M
AiasM new Mines 23 J j
vms-inaimers .mic... ., zs
28H
MM
71M
73M
Z3H
28
83M
70H
73
67M
110
01
Z3M
28
84
71
73
mi
111
01H
m.
in:
v & Pozifs n Todayl8 Financial News
' Philadelphia bank statement showed increase of $2,633,000 in surplus
M efc and decrease of (58,000 in loans. Willys-Overland management con
Meeftnp cutting pat Maine of common stock from $100 to $SS a share. Suit
restrain sale of Pennsylvania Steel to the Bethlehem Steel Corporation
postponed until next Monday. Philadelphia and Western April earnings
. Price of bar silver slightly lower in New York and London.
NEW YOKK. May 15.
, The new week started with the evidence' of the solid character of the market
Kfch made It give full response to bullish factors and to Increased Investment nnd
w ,B0eculatlve Interest. I
One of the best features of today's trading was the diversion of activity to the
M-time standard Issues. United States Steel common was bought as It used to
Mn Mocks of 6000 and 10,000 shares on single orders making an advnnco of
' 'fetore' than 2 points and showing such vigor that thoso seeking for a reason again
fctpught up possibilities of a dividend Increase In tho stock, which Is now paying
I per cent, and showing earnings or close to 30 per cent. These rumors were hardly
cessary to account for Us rise to above 85. '
Thero was concentrated buying of Reading of tho samo character ns that which
taUaed the advanco In the United States Steel common, nnd tho strength In theso
two stocks was supplemented by upturns of around 2 points In such good dividend
paying stocks as Baltimore and Ohio and Canadian 1'ncinc.
1 Union Pacific was In too scant supply to be Included In the speculative field.
t jft was wanted In largo amounts at an ndvonco of about 1 point and only n few of
the buying orders on that movement could bo filled. The greatest gain of tho d.iy
l;Was In Willys-Overland, which rose 10 points to tho new high record of 274. Wnr-
't er stocks made good gains, and, like the motor Issues, buying In these stocks was
, Msed to a largo extent on knowledge of substantial new war orders.
i In leading financial quarters most attention Is now devoted to Heading. Ac-
-cumulation of that stock has been persistent by representatives hero of Important
Philadelphia interests, the First National Bank party nnd also by Daniel G. Held
and his associates. Before the March dividend meeting was hold It was Insisted by
. interests concerned In this accumulation that tho company has decided upon a
readjustment of Its capitalization, but that so much had to be worked out that no
announcement could be made at the meeting to be held at that time. It was then
J stated however, that this announcement would come early In the summer.
The general Idea based on statements made by parties closo to Heading con-.
. trol is that it Is Intended to distribute coal land certificates, perhaps representing
Lehigh and Wllkos-Barrc, arrange for absorption or operation of Western Mary
tend and retire the second preferred stock..
Inquiries today foiled to bring out any definite stntetnent from theso Interests,
, . except that nothing could bo said about the company's plans nt present, nnd from
"J this it was surmised that tho plans aro .hot yet In shape for an official statement
to be made. '
' It is not certain that this announcement -vill bo mado at the Juno meeting,
although only a few weeks ago It was nssorted that the plan3 of the company would
,ke given out when tho directors met in Juno to act on tho dividend. It is, however,
ttated positively that tho matter will be consummated before the end of tho year.
In today's trading, which carried tho price up to a new high record, the stock
crossing 92, there was again buying by Strong, Sturgis & Co., who were nmong the
heaviest buyers on Saturday, but there was tho usual trailing by traders and com
Mission houses, with tho West buying a good deal of stock around 32. All through
the movement from 82 this outside buying has been looked on with disfavor by
those concerned in accumulating the stock, and whenever it occurred steps were
taken to shake out what tho important buyers regard as nn undesirable following.
. ,Thls may happen after today's movement. Another new ton, was mado in tho
afternoon.
WHIys-Overlnnd Considering Reduction of Par Value of Common Stock
VNEW YORK. May 15. Tho management of tho Willys-Overland Company now
baa under consideration plans calling for the reduction of tho par value of the
company's stock from $100 to 2S a share. This action Is to bo token. It Is stated,
because of the high price at which tho present common stock Is selling, it being
realized that a lower par value, thereby increasing tho number of tho shares out-
(jtandlng, will popularize trading In tho Issue. Expectations are that the company
In July will pay a somewhat higher cash dividend and also an extra stock dividend
on Us common stock. The rate now being paid on tho common is 5 per cent, roe-
-- alar, although in '1815 an extra 5 per icent. was paid In stock.
'CHANGE ACTIVITY
RESTRICTS CURB
' Notwithstanding Irregularity,
Many Issues Show Strength.
- New High for Chevrolet
. NEW YOnK, May J 5. The Increased
r activity and broader demand for stocks on
,;k,the New York Stock Exchange hnd a re
strictive. Influence on eonernl trading on-
thesBroad street Curb, resulting from th
diversion of speculative-Interest to the Is
sues traded In on. the boa d.
This caused Irregular movements In the out
side market, but many Issues there showed
pronounced strength, with Chevrolet Motor
movinff up to the new high hecord of 228,
The new motor supply consolidation organ
Company, was forced Into prominence by
manipulative orders, on which the Block
grew in its Initial trading from C7 to It,
but quickly reacted to 66.
Widvale Steel was directly Influenced by
a. disposition to trade In important Issues
and advanced 6 J to 64 , the movement be
Imf helped,by the strength In United States
-Steel on the Exchange. Metropolitan Pe
troleum held first place in the Indepndent
oil Issues, ranging from 23 to 24. Okla
homa. Producing was also strong but in
cant supply, with sales at 7H.
Triangle Film was pressed for sale with
out any new special reason, declining from
tf to 3. World Film sold at 1. Lynn
n JPhonoeraph continued steady, with sales at
, iOK to IQH. Zlno Concentrating sold at
i'.i and 5, Peerless Motor was exception
ally weak, dropping from 24 to 22,
INDUSTRIALS.
, Ajtna "Kplo.lv mi" A"jH't
- Am Marconi . . ,,,. 3 nt
'Mi Quit w i :;:;:::::::::::::: 4 s
CnndUn Cur Co .,, H' 72 79
C;n dar Fdy pfd 1.'.. "."I : M "1
ffbnvrokt Motors , 221 joj
- Cuba Cn Busar ..,....,, ni; 111U
ortJaa Aaropune .,....,, -48 B.I
jl.8bury .., ....ISO Jin
l-eiilohr Tobacco ,.,, 47 no
IW nrfl . .. ,117 nil
Burton i-nonorrapn lit aK
alfKtfli A liArutii- L.r. A4LT i '
cod Manufarturlnr. . ?1 m
str Merchant Marine, ,.,, 26 2T
&4tr Merchant Uarfnti nM . at uv
(athodloa Bronze pref ...,,....,, , 21 "3
HdvalA Hteel .... m i?
foua .Klerator .'..'.. 5!i b3
eerltaa Mntora 21 23
"SHr Enln , 00 no
B Knm w I it nit
Standard Motor it
UVW IW ...... t
TrlsusU Film,. . . ,
United Profit Sharlna- ,.,.,. ?
ij q uifi-qi neat ,., 2i
11 8 Ushl a Heat prt
Whl Motora '.'.. SIM
TVoridJ- Film , 1
, STANDARD OIL STOCKS.
mlnola .172
oi? , -.- S30
Frame Pine 212
Standard Oil California , 243
ftandard Otl Nev Jeracy ........SIS
ailndard Oil New York.....:... .207
oriien oil stocks.
CCin OH .,-.. 22K
Chilmira Oil 4
bter Petrol ...,,.,,..,..,.,,,., 10H
Mueten All ,....,.,... 18
Bduut Reilnlnc , 67
fc-BUlya Rtflnlns ,....,... J1H
MINING STOCKS,
UIajt Jl
iirtie Capper Zlno '. 7U
t M r. ,, ,,.,. 2
to- aa t-aacn B
: national .,. a
q Merger II
Am. Minlila- 4U
w Souud ffU
jtier 1
,". -. "?..
ins 13
CanrAT Illti
Co c( Atnerlc-a ,., 3
in IK
"fax IS
, Jowch Li4 1H
A
w
r SS
Si
k m
New York Bond Sales
Hlah.
. U7U
os?
.losW
. 112
.1014
ii.ts
. 02'
. B.T
.103
.mill
Hit
let 4s . Dili
n-jv.
DM,
, ,""''! Amcr Cotton Oil n
Boon Amer Smelt 8fc 0s
7000 Amer Tel clt 4a . . .
inno ,1b conv 4
BOO do ct 4V4
1000 Armour Co 4H 11 . . .
L'um Atchison Ken 4s . . .
8000 do adj 4s
30O0 do cv 4s 10.13 . . .
710O0 do 10(10
7000 do cv fia 1H17 . . .
Bono Atl Knnx It 1'in 4
1000 Atlan Co Line 1st 4a
mint iiait & unto 4s
43300 da cv JUi .
12000 Halt &' Oh o Sa 100U
2000 Ueth Steel 1st 3s . . . 10.1
17000 do rfd 3s inul
noon Cai q j k 5 ass
30000 Can Oov ."a w I 102(1 . tio'i
11000 do 1931 OD'4
3000 Cent Leather 1st Sa . .1014
1000 Cent R R N J B 117'.i
300 Chill Corner 7a 131
30011 Chea Ohio 3s 103
1000 Chi Ot West 4a 71
2000 Chi & Nwn 34a Si
0000 Chi U t Q Joint 4a... II8U
32000 O M & St P cv 3s 107
10000 C M A St P CV 4HB..100S
2000 Chi Rwy 8a tti
SOO0 Chinese Oov Huk 5a.. 724
11000 Pol .Midland ft 4a h(5
-i.iumi uei & itua ennv -la.
.'.000 Don Rio Or 3s, .
3000 Detroit United 44 a
13000 DIs Secur Corn 3s.
3000 Krle conv 4s Her A.. 704
lfnoo Erie conv 4s ser II.. 774
1000 Erie prior 4s 834
114000 Erie conv 4s Per D wl 87
24000 Hud & Man rfd 3s . . 70'i
loon in Cent 4s 1032 M)
7000 da in3 814
3IUU) Interb .Met 44 s 734
0.1000 Int M M ct 44 a M2!
2000 Jap new 44 s 844
3000 I.icka Steel 3a 1023.. lin'I
2000 Lncka Steel 3s 1030.. HI
10011 LIB & M T fia 123
lonn Iirlllard .la 12.1
iihhi jio Kan ana T 1st 4a. 7.1
Low.
1)74
10H4
02
1014
107
034
D2t
85
103
104
lniu
Sll
1)14
014
0.1 IJ
1004
10.14
101
084
uo4
00.
1014
1174
Lit
10.1
71
814
084
1004 1
ion1).
nil4
iniZ
Close.
074
0.14
10S4
02
1014
107
034
02T4
.1
10.1
104'i
1014
811
014
021j
93
loou
1034
101H
084
004
004
1014
H74
1.11
101
71
8i v:
DH4
107
1004
II 04
7B4
8I4
7 75g
k'r
74
81
7(14
704
774
8.14
8114
70
80
8.14
10'
H4K
411
. 47
. 40
. 4T
.11(4
. 014
. 0:14
.100
. 004
.1024
II(T
084
?a. nn: (in nnv;
el 8a D'lji 004 004
1048. UU 00 Ml S
f44 oVS jnig loiJ
12000 Mo Pac 4a
now do cv 3a
3000 do CV 5a ct
3000 do ct 3a
48100 N V c and II Cs..
HUM) do 4a ,
lOimo do 4 4a ,
10000 N T City 4a 1038.
fiOOO do 4a 10.10 ....
18000 do 4 4a HWO
.1000 do 4 4a 100.1 ....
8000 do 4 4s 1004 . ..
13000 do 4 4a 100.1 ..
1300(1 N Y Tel lien (Ui .
10000 Norf and IVeat cv 4a 1"!
.ifi... .inr r&o prior -is, ..... !'.
lflO(HI do een Sa lim!
fl.lf. P..IA. .ri K. I....?
ihhi renna 4s 1'
4000 da E.n ct
3(MM) do en 44a.,.; 10.1
2000 Publlo Berv N J 6a,. . 02
outHj iteaainff sen -la,..,,.
11000 Itep Ir A 8 6a. .,..,,
30000 Rorlc Island rfd 4s...
Itioon do Sa.,,.,.,.,.. !
2m0(l do Be
2000(1 da ct 1 st 6a......
loon Rt Laula Swn lat 4a.
1100(1 Stand U 6a,..,,.,
2000 Seaboard A L ad 6a
400A South Kail B..... ..
loooo South Pac cv 4a,
3.100 do cv 3a
j soon do rM 4a... ... ,, no
jhumi Houtn itwy gen
auHi nouin Jtwy con
4000 Third Ave ref 4
4000 Third Ale ndl
210OO U 8 Steel a( 6s. , ,10.14
IB00O U 8 8 R A M ()..... 112
0000 Union Pao 1st 4a,,,, 804
3000 Union Pao cv 4a,,... 024
1OO0 Onion, Pao rfd 4a!!!. BO
000 W B A M cv fia wl.,1294
1000 IVUcon Cent gen 4s . . 84
i
03
12.1
12.1
7.1
40
47
411
47
114
014
034
ion
004
102 4
107
.1024 1024 124
"( 7. Jllf Jll(
I1Q1? tialL fiat'
121'' 124
024 024
7(l.
704
8.14
87
70
80
B14
iid
03
121
121
7.1
.40
47
40
47
114 4
014
IM4
ion
0!I4
102 4
IllJ
B
374
nn
37 J,
nn
784 784
1024 102
(14 Itn4
H'04 I0S
, an nn
.1044 1044
. 004 00
1 4a., , 714 714
4.:;r.:,SiI '8$
Sa.,', 7B 70
10.1
VJ 02
Mi 034
084 084
734 7S
103
lo5
128
844
Coa
ile Pisco 6a
A Mta is . . .
04
IJONPS.
11-18
el
.OS
664
III
mt
NEW YORK COFFEE MARKET
NEW TORK. May 1 5. The coffee market
opened steady this morning and unchanged
to 4. points higher, but trading was quiet
and on the -call transactions amounted to
only 1000 bags.
Today'
opening.
May S.30
June , i
July , 8.3808.45
August
September 8.0208.53
October - 8.3508. 6Q
November
December B.M
January 8.03
February
Marco 8.76
April
fIJId.
Tvtal ! 1000 bags.
Saturdar's
close.
8,S0R8.82
8.33
8.38
8.421
8.491
S. 82 1
8.33
8.3S
O.HIt
a.tai
8.74
1W
8.8.1
18.40
18.44
18.30
18.34
18.57
18.60
'8.a
'8.71
'8.78
8 8 1
BANK CLEARINGS
Uinlr latr4.ni 4ni4a er rri nai pat rl urtlk ,.
(jtiondlm; day last two years:
' ' 10IO. 'ISIS. 19U.
Itertcn . . -J2I.478.M4 $22,340,735 1.39,3TB
HAK SILVEB
Mht a M;i4. to London today,
4 . IMrf iiBt td New Twh 'PkiwSelpbU. S2.323.Sitf 14,1'Jl. U 28,76;4St I
Anil-Chal Jlfg pf . ... 82it
Am Ae Chemical .... 70H
Am IleclSutar. , 72H
Am can . . J f,7i
Am Can of liKHf ill
Am Car & Fdy . . ,. 01 02
Am Coal Product .163
Am1 Coal I'roJuets ef .,117
Am Cotton Oil 63tf
Am EnproM 127
Am tilde & Leather,,., OH
Am Hide & li pf fil
Am Ice Securities 28H
Am Linseed pf , 60
Am Locomotive ,,,. 70
Am Malt Corpn 8Jf
Am Malt Corpn pf...... 37H
Am Smelt A Itcf. ....... nslf
Am Smelt & rtef pf,. ..lliH 112
Am Smelt pf A 04J 04J
Am Smelt pt I) 80H 80M
Am Snuff 130 14S
Am Steel Foundries 65)4 53Ji
Am Sugar ncflnlnr 112H 1 1.1 )V1H lt.t
Am Tel & Tel 128t 128H I28)( 128H
Am Tobacco 207 203?f 2fJ3J S03H
Am Woolen 45H 47f ASH 40Jf
Am Woolen pf 08H l!8 08)1 08U
Am Zinc li A Sra 02 Ol'f 02 02)
Anaconda Cop M 84J Soli 85 80M
Atch Top ASF 103M lOW 103H 104
Alch Top A 8 V pf. .. . 101 101 100), 101
All Coaat Line 110 11IH lll 111H
iiaia loco Wk 8DJi HIK 8851 00!4
WHEAT IS WEAKENED
BY HEAVY SEbLtNG
Market Opened Strong and
Prices Advanced at Start.
Rains: Cause Decline
"1
SaleU in Philadelphia
160! ICOtt 158J.
110H 110K nnj(
63 625f 63
129H 128)f 128X
mi M 034
61
28H
49H
70H
.m
37M
9SH
112
OiH
148
63
51
28)1
60
71!i
8H
37
095i
61
28)1
60
37)
09)i
112
VlH
SOW
148
63! (
flRAIN BELT IVEAfllKR FOIIKCART
CIlH'Ann. stny lit. The weather fere
ct for SO honra .folloirai . , ....
Illinois -Generally fnlr and cooler lonleht
br.Tnemloy. .
.lliionr!-rrlr tenlcht nnd . Toedni
cooler tonifhti probably lltht froJt In outh-
Veonln rartly eloTdy aonlhi nTebaMy
In In the north! Tuesday, gentrnlly fair.
nnfsola Haln. tonlrhtt copter Tneaday.
tenerally fair with sloly riling .temper-
Binres,
COI
tirotiAblr
wet Tuesday,
rnli
eoolen
.11 in
S!
onth.
..11...11 rlr nnA .vernier.
nnkoln Unsettled nnd continued
tonltht with rain In nnrlheastt frost nr
rretlnir teninernturea In westi Tueenay. gen-
eruiiy rair ami warmer. .....
.Nebraka nnd Itanena flenernllffalr la
nliht. nnd.Tnesdayi rooter tonight, prob-
llald 1jco Wks pf
nan A Ohio.
Halt A Ohio pr .
Hcthtcliem Steel
Brooklyn Hap Tr
Hutlo A Superior
Cal Petroleum .
Cal retroleum pf.
Canadian Pacific
Central Leather .
Chandler Motor ..
Chcs A Ohio . .
Chllo Copper . .
Chlno Copper
Chlcat-o Ot West
Chicago Ot West pf
cm aid a st Paul
107)f 100 100 109
7HU
445
80),
00
23X
61 M
170)f
54Ji
00
03!
21
MH
13Ji
38
00U
. 88 803C 88)1
. . . 7m 7&H 7bi
440 4-15 445
.... SO 80)1 80
93!! 07 03)f
235! 23!1 23Jf
50 513f 51
170 177!f 170
... 64 54tf 54
04)4 07)1 01
02S1 01 02JJ
. .. 21U 21U 21)1
63'! 64)1 54
. . . 13)4 I.?), 13!f
f .... 37J1 38), 38
.... 05!f 07 05! f
CM M AStPpf I28H 120) 128W 120),
ChlStPMAO 120 123 120 123
C C C A St I.
C C 0 A St L pf . .
Chi A Northwestern.
Chi It I A Pac
Cluett Pea A Co . ..
Col Fuel A Iron ....
Col A Southern
Comp T Rec Co...
Consolidated Gas.
. 52
. 80
128
. 10'f
. 73U
. 43! 4
. 20)4
. 44
..133
Continental Can 80J
Corn Products Hef.
Corn 1'roJ Hef pf. . .
Crucible Sled
Cruclblo Steel pf . . . .
Delaware A Hudson...
Den A lllo Or pf
Distill Sec Corpn
Dome, Mines
DuISS A All pf
Klcc StoraEO Jlat
Knc
Krle 1st pf
Fed Mln A Sm ,
Fed Aim A Sm pf. ...,
Gen Chemical
General Electric ....
General Motors
General Motors pf. .
10)4
. 01
. 82)1
116
.162
. 23) i
. 53
, 28
. 13
. 6S
37
. 521,
173 i
41
63
82
131
21)1
74
45)1
30
4t
131
87
20)
03'4
84'
116! j
153
24J1
54
28)4
12),'
00
38
63'!
10X
11
52)! 62)4
80 82
12031 131
20 21),
74 74
43)1 45)4
30 30
41 44
133'i 133) i
87 8
10J4 20
O.T)f 03!!
81'i" 84)4
115) 115)4
151!! 151f
3)4 23!!
63) 63!!
2S 28) j
12)i 12)4
00 00
37 37'i
523 53H
10!! 10!!
38 41
.332)4 323 3K5 325
.10S 10S'! 107!! 107)4
4G0 450)4 450)j 450)i
1131 118 11
117X
Goodrich II F 77Ji 78'i 77h 78!i
Goodrich 0 F pf 115), 115)4 115)4 115).'
10 40 40
OUi 1)03! 01
12034 120 120'4
42! 41!,' 42!!
74! 74'i 74W
l)3!4 03)-03)4
5!! 74!s 74'j
103i 101J1 102'
10 10
57 52'i
75 74!4
17)S 10)4
155,'
403!
10
57
Grcene-Cananea 48'4
Granby Consol 01)4
Great Northern pf. .. 120
Gt No cfs for oro prop. . 41
Gulf Stales Steel . . . . 71
Guir States S 1st pf ... 01
Gulf Stales S 2d pf 74'i
Illinois Cent 10li
Int Agricultural . .. 15'!
Int Agricultural pf ... 52
Int Harv Corpn.. . 71
Int Con Cor v t c sh .. 17
Insp Con Cop . ... 45'4
Int Nickel y t cfs ... 40'!
Int M M c of dep 20
Int M M pf c of dp. . . Ol7,"
Ioa Central 2)4
Ioa Central pf 0
Jewel Tea 02
K C Ft S A M pt 68
Kan City Southern ... 20
Kelly Sprlne Tire 74'4
Kennecott Copper .... 50'i
Lack Steel Co ... 50)4
Lake Ene A West . . . 13)4
Lake Krlo & West pf . . 30
Lee Hubber Tire 60
Lchleh Valley 70
Louis A Nash 127!! 12fl'l
Mackay Cos 82)4 Si)!
Manhattan Shirt Co 02 03
Mam ell Motors So!, 80)4
Max Motors 1st pf 803! 01)4
Max Motors 2d p.' .... 50)4 00
.May Dept Stores 03!4 03
Mexican Petrolcjm. .. .10014 lll'J
Mex retroleum pt 073! 0;
Mo Kan A Texas 4
Miami Copper 30"!
Minn A St Louis 0'4
Minn St V A S S M....121 121 120)4 121
Missouri Pacific 7)1
10' i
60)4
2(1! i
02)4
4)4
10
01)j
as
20)4
75H
57'i
71tj
14!t
38
50
O'l
1)1
3V
0
121
7)4
0)4
70
74H
2U4
05
681,
7)4
17J4
137
25!,
0034
4)4
10
8')
OS
20
74)4
50!!
70
13!!
3S
40
703,
127!!
83)4
02!!
80)4
00H
60
03
107
07!!
4)i
30!4
0
17M
40
40)4
20
01)4
4h
10
00
OS
20
75!!
5G)4
71H
14
38
4031
70)i
120'i
83)j
m
80
001
5034
03
110)1
37
0
031
0!1
70
74)4
2434
05
07
7)4
17!!
7
074
70
74)4
24!i
05
08)4
7)4
171!
Mo Pac tr cfs oi
Montana Poer 78
Nat Cloak A Suit 73)4
Nat Knam AS Co 21
Nat Knam A S pf 01
Nat Lead Co GfiTj
Nat HjsMeot2d pf .... 0!!
Nev Con Cop 1754
New York Air Brake . .133 137 1353! 130
N Y X II 4 II 03 031-5 02)1 02!!
N Y C A II R 105)4 100.'! 105)1 105VS
NYChlAStL 40M 40'i 401, 40!!
NYOAWest 27), 27K 27H 27)4
HeW York Dock pf, 25 25 25 25
Norfolk A Western 123)1 125 124H 12434
Northern Pacific 112)4 113)4 112)4 1131
Ontario Silver Mln . . . 10H 10(4 9J4 03
Penn Railroad 50'4 57 50)4 57
Philadelphia Co 41)4 41 41 41
Pitts Coal Co N J . . . 273J 2714 271! 27)4
Pitts Coal Co N J pf. . . 1033! 103W 103W 103)4
Pittsburgh Stwl pf . . . . 03 10 ) 93 09
Pressed S Ci' C) 4714 47)! 47 47i
Pub S Corp N J 13034 130)5 130) 130)4
Pullman co is'K, 101 103 103
31!
1)4
42)4
22! i
003!
40
is?;
33!
17
40
17
38)4
Quicksilver
Quicksilver pf
Ry Steel Sp Co
Ray Con Coppor
Reading
Reading 2J pf
Republic Iron AS
Republic: Iroa A S pf. .
StL AS F2dpf
St Louis Southaest -.
St L Southwest pf ....
Seaboard Air Line
Seaboard Air I. pf
Sears Hoe A Co
Shat Ariz Cop,...,.,..
Southern Pacific, ,,,....
Southern Ry,
Southern Ry pf,.,, ...
Standard Mllluis,,,. .
Standard Milling pf. .. .
Studebaker Co,
Btudebaler Co pf.,.,..
Tehn Copper,
Texas Co,.,.,, ,.
Texas Pacific,
Third Avenue. ....,,..
Twin City KT, 07)1
united cigar Stores. . . 07
United Cigar Mfh , 59
Union Pacific. . ,
Union Pacific pf..
3)1
4
43
23)1
0234
43','
40'!
331
4
43
23
00! i
40)4
4831
103)4 1033! 109!!
5
17
40
17M
39
3)1
4
01!,'
4634
49)4
109)1
5
17
40
17H
30
185
33
08)4
22)4
05
102)4
92J! 92J4 92K
145H 141)1 144)!
1113! 111)1 111)1
47J! 47 47J(
105 103 105
11)1 11)1 ID!
02 01)5 01)4
073! 07)1 07)1
OOH 00 06)4
60 CO CO
1353! 1363! 1354 136)1
sa, an ta 2"i
18534 185
, 3235 33)1
08 08)5
22)1 223!
U34 651!
5
17
40
17)1
38)!
185
Xi
07J4
22)1
04
.103)1 1023! 102K
. Dl
'.im
46
102
. ID!
COM
UBIndAlchot .150)1 1543! 14934 154
U Bind Alcopf 105 108)4 100M 106)!
USOIPir
USOl P A Fpf ...
United Fruit
United Hyslnr Co....
U 8 Rubber
U 8 Steel Corp'n . . . .
US Steel Co p'n pf.,..
U 8 Sm n 4 M .
Utah Copper
Utah Securities
Va-Caro Chera
Wabash
Wabash pf A
Wabash pf U ...
Wells "fargo Exp. . .
West Unloa Tel . .
West Gail.. .
Western Maryland
Wheel A Lake Erie
Wheel A L K 1st pf
Wheel A L K id pf
Willys Overland
WWjsOpf r (P - .
WlscoeiUi Central
Woolworta K W. , .
WoplMHth V W, Pf
20)1 21 21 21
Sf) 50 50 fii)
.160)1 104)1 161)5 161
10 101! 103! 10)5
76
8031
6534 50)1
. 83)1 853!
,1103! 117
7S
81)4
17
44)4
1431
48)1
28)5
123H
05
64)5
311
4)4
44
6
274
107
65H 56M
833( 85)1
116J! 117
toil tn
1435
4SK
2S)J
123
05)5
62)1
31)5
335
la
4)1
26
107 107 106)4 107
39 4Q. 3931 M
130 13631 133 136)5
Itiii J24( 1?W J24J1
80)4
17
43)1
14)!
43
28
123)5
1)4
03
31
f
269
81H
17
44
14!!
48)1
283!
123)!
04
63)!
31)1
r
271
CHICAGO, May IB. Liquidation weak
ened tho wheat mnrlct today, and final
prices were only' a little above tho lowest.
Bullish enthusiasm noted on Saturday was
dampened liecause of General rains In the
winter and sprlne bolls nnd tho decrease In
tho visible supply for the week, 1,167,000
bushels to 46,708,000 bushels, which Is
smaller than had been expected.
Prices moved erratically at times. Good
buying was' In evidence, but theso support
ers realized on subsequent rallies. There
was littlo In tho public Interest In the mar
ket. President drlfTln Issued a statement to
the that officials of the bonrd proposed to
exercise complete control over private crop
experts, because of the developments for the
last several years hhd Indicnted that many
such authorities wero "Incompetent or
worse."
Tho market nt Liverpool wns dull, but
stendy. Winnipeg reported that exporters
were buying; there. It was estlmnted that
more tHnn 1,000,000 bushels had been sold
by the United States shippers. Receipts ot
Interior points were large. There were
further complaints of Hessian Oy In Kansas.
After showing firmness on strength nt
Liverpool and fears that planting In an Im
portant area might bo delayed by tho wet
weather, corn receded. Shorts covered, and
there was talk of export business.
Leading: futures ranged ns follows:
Snt'dtv
Wheat 0rf."'. '"B"
July 1.17'i 1.17$
Sopt 1.1TH 1 17.
(nrn incw ueiivj-ry -
Itlth. Low.
18 Am Oa .....121 121
8 Am Hallways . 83)4
too Am Smelt . .... C9!i
10 Unlit Loco .... 89
100 Hut flup .,,,.. 9AH
100 Col P 6 I .... 44
70 Cruclblo Sleet . 84
200 Dial See . ...1
08 lee Storage ,
620 Erie . ..1 .....
83 tlcn Asoh bf..t
81 lna Co N Am,. 25U
488 Int Mar t e,...
75 do pref. . ... .
110 Key Tel Co pf.
BIT f.k Sup Corp-.
853 Irfnirn nay.
,f!0 Ionian vai
Inn M Cnn
100 Norf nnd West. lit H 124
i. 1 '1
Net
Close. eh.
121 ..'-.
8S34 88U H
6SU 90H 4-1)4
89 89 1H
D6H OOU 2H
44 44 H
83H 8334 4-2H
St 84 B"
01 80 01 1
38 STU 88 . 1
71 T0!1 71
23)4 2B)i 34
28 234 20V '
l2W 02 02 H
D2H 02 02 J
10!i 10 10V4 .J4
,.,.. (U (H tWTt - -AT
' wa jsn ,' t;
LOGAL STOGIC EXCHANGE GOVERNORS
VUTJli TUJJAX win -PXVWiiJJijJNlJSG MARl
Sentiment in Favor of Admitting Additional Secur!
to Unlisted Denartment-More Minim? UMD, xt!H
fTr 1 .J "OnnAinrr o4 DnIJ...!.. r. '!
vvanueu x,cauixi& ouu .ucuuwin otrong
282 Northern Cent.. 80
P58 Tenna II R.... B7
10 rhlla Co ... 41)1
a do cum pref 48.,
1308 Thlla Elertrlo. 27 ft
373 Phlla 11 T ... 18
4113 IteodlnB B2J4
J00 flo Itirr ........ 22)1
2S Beabrd A I. pr. 89.,
1233 Tnnopah Mel ... ft
-20 TonoDah .Mln . n
220 union. Trae . . . 1?,
ISO V a I s
...n ir u m.ai . . a:
S3 West Kleo .... n.l'l
1 W Jer A B 8.. 49
83 Wm Cramp ... MS
li
ss
MM
4134
43
27 "4
18
001
22U
B9.
4t
o.k
49
84
02
10
7
V 71
4? It
1OI it.
88 - ,H
4 " "'..
5?ft ::
,s ::ia
22)4 )
89 4- !
a'S' r
03)4 S
49 H
83 4- '.,
120(1 Am O Ik E Ra
3000 lllo A Peo Tr.4s 80
110NDS.
A1
Net
High. I.oir. Close, change
nn fln
2000 Interata rtys 4. Mi n7U MM
B000 ,k Sup Ino 4s,. 80 30 30 4- H
1000 l.h Nv cen 434 s
1024 res- ....102, 102,, 102 .....
8000 l.h Nvens 44s. 10231 102)i 1021 4
SOOO Lh VI gn 4s... 92 02 02 H
7000 1. V Drox rots .,
44 100)4 100H 10034 Ji
200 Nat l'r Co 4-(Is 07 07 07 2
ihiii i-nua euro os.iu- i"., "1., . -j
1 noon span Am I ns.ioift 101
r..inn Htand n A n n. in2t! io
1C0O Un Rya t c 4s 70 74 74
034 93J4 4- l
014 lnij? J
024 1024
li. li. ;
Local Bid and Asked
HaMivIn
do pref
nun A Sus t c
do pref t c
Drill J U
Hire Slor ....
Clen Asp
ijo pret
Today
tlld. Asked.
004 -01
KMI
nn'i
..108
r.8
.1(1
SSSB
".
u.
314
uo
Testerday
Did. Asked.
88' 84
T.mv. Clnso. otos.
1.15 1.lra,.tllN
1.104 1.10)M.t7j4
1.10)4 1.1114 1.17'i
7.-.4
7$
304
734
74i
73ta
47
43i
4U'
V4 t?ja m
72I t73 78K
1
IS
.191
'4
30H
47:
143V
3ti
. ..J12.87
in.on
13.12
. . .12.7..
11MI2
'....21.00
. . . L'3.7n
23.40
tAskcd.
1.1.011
13.12
12.80
12.03
24.30
2.1.83
23.42
INomtna).
112.87 t12.87
12.87 'I2.R7 '13.K7
13.00 U3.00 13.00
12.73 112.80 tl2.73
12.83 112.87 tlB.83
4.00 J2I.01
M.7R 23.75
23.35 23.37
23.03
23.115
23". 4 3
May
.iuiy . .
Sept. . .
Oala
.May .
July ..
ept. .
w Lnrd
Mny ..
July ...
Sent. . ,
hlba
May ..,
8e-f. .
Pcrk
My . .
Julv ..,
Sc5h,.i:-
COTTON MARKET STEADY;
PRICES ADVANCE SMARTLY
Showers Relieve Atlantic Belt Vicinity
Somewhat Spot Houses Buy
NEW TORIC, May 15. At tho opening
this morning the cotton mnrket was steady
with prices 3 to 11 points higher, near
months showing the largest gains, There
was a good scattered demand on tho
strength In Liverpool which camo l',4 to
3 ', points net higher, whereas losses of
B points and more had been expected.
Showers in the vicinity of the Atlantic
belt where drought had licen complained of
recently, caused some short selling. About
the only feature to the market wns the buy
ing by spot houses and the selling by ono
or two prominent room operators.
Trading-was quiet during tho noon hour,
with fluctuations narrow. The effect of the
eastern belt shower predictions seemed to
bo offset by the prospects for unseasonably
low temperatures In parts of the western
belt, nnd the market seemed to bo hesitating
between tho bullish view recently developed
In such nn nggresslve manner, and tho re
actionary nentlment which has followed the
advance of t.bout $8.75 per bale from the
low lovel of last February.
Itccolpts of cotton at the ports today were
estimated at 12,000 bale3, compared with
14,539 bales Inst week, 12,313 bales last
year and 10,207 bales In 1914.
Sat close, Oncn. 11 a.m. 12 m. -2 p.m.
Mnrch 13.48 18.50 13.47 13.47 13.88
May 12.85 12.03 12.80
July- 12.9.1 13.01 12.90 1.1.00 12.88
octoDer in ( j.i.in jo.i 1.1.14 lii.ut
December .... 1.1.27
January
13.33
13.31
13.38
13.34
1.1.00
1.1.14
13.30
13.35
13.20
18.25
R.A.
rriar
.
PUBLIC SERVICE
SECURITIES
"Public Service Securities
art linked with the success
of municipalities."
C New England Power Company 1st
Mtrie. 57 Sinking Fund Gold Bonds.
C. Refund Penna. State tax and free
Normal Federal Income Tax.
CT, Issued under authority of Mass.
Gas & Electric Light Commission.
C The Company is --. important unit
of the New England Company System,
which constitutes the largest hydro
electric development in the United
States east of Niagara Falls.
C The property now mortgaged
represents an original valuation of
$12,914,000.
G; Price to net 5.10.
Ba,kei7 Ayliig Co.
Ltmd Title Bldg. Philadelphia.
Birmingham Terminal Co.
Flrat Mortgage 4 Gold Bonds
Due March 1. 1957
Guaranteed Principal & Interest
by the
ILLINOIS CJENTKAI, RAII.UOAI) CO'.
(I'STltAI. OF (IKOltniA It. K. TO.
ALAI1AMA CHKAT HOUTII'N MV, CO,
KKAIIOAIU) AIH LINK KYVV. CO.
hOUTIIKKN KAILWAY. COMPANY
T, X. tt HAN KHANCISCO It. B, CO.
Price to yield 4,80
ROBERT W. DANIEL & CO.
328 Chetnut Street
PHILADELPHIA
New York London
HarrUbure On Co.
1st Mort. s
Gontrojlad by U, G. I. Co.
REED A- MORGAN & CO,
WEST B.N11 TBUST IIUIO., I'lllLA,
ajtmbcra of tho I'hlla. Block Kichanat
BlAZERS-Ch
INVESTMENT BANKERS
Bfoad St Saniom Streets
J)IttECTBX Og AtJJKTANTg
CttURed Vc-bltt. AMoaatanU
Kcjstono Tel 14S
do t c lA
do rfil (IH.
I.ako Hup Corp I OS
IxhlKh Nnv 7(1
I.hlBh Vni 70U
Ixhlsh Vai Tr 21 si
lo pfd 4.1
(II
??a
m
nn
10W
7(1 J4
71) Vi
nt
43'.4
Rnt4 niH
rs flo
34 as
now no
32H 33
1 11..
OR
4JT4
(19
lnu
7R
7n
43
Qovernora of the Philadelphia Stock Ex.
change at their meeting this afternoon will
vote on the petition which was circulated
In the flnnnclal district last week, asking
that tho Governing Committee reconsider
Its decision against admitting new secur
ties to tho unlisted department of tho Phil
adelphia Stock Exchange, so as to broaden,
the trading.
Sentiment In brokers' offices this morn
ing was In favor of .Voting for the project
and It waB said that some members of tho
Governing Committee are In favor of It
Thero Is Borne opposition lo tho admission
of additional mining Btocks nnd some brok
ers last week refused lo sign tho petition
because of this, and said that they would
vote against It when It camo up.
It wa thought this morning that these
mining Btocks, Jim Butler and rfevada
Wonder, would probnbly bo withdrawn,
nnd that the project would then go through.
Among tho most prominent Issues sug
gested tor trndlng In the unlisted depart
ment uro Mldvale Steel and Atlantic Quit
ami West Indies, which are now traded
In on the New York Curb.
For April tho Philadelphia and Western
LOCAL MINING STOCKS
TONOPAH STOCKS.
.Tim Tlutltr
MacN'amnra
.MMuny
Mlzpah Extension .
MontAHA
North Star
Tonopah Uelmont .
Tonopah Kxtonslon
Tonopah Mtntnff . .
nrscue Hula
Wcxt Knil
DM.
. .l.on
. .12
, .211
. .28
. .31
. .10
4.
0'
.
..1.12
GOI.DFICt.D STOCKS.
Atlanta 12
lllue Dull 1)3
Hooth in
rtulldoir 01
c o n ii
Comb Fraction '. . .00
Dlamf II n in
Dahy 01
Florencn 4ft
(iolrlflelil Cons 1.00
Ooldflelil Merger 11
Jumbo Hxtennlon 1)0
Kewanas 14
Oro 04
fland K-n n.1
Silver Pick 00
MISCELLANEOUS.
Fnlry Aztec 01
Klmberly t -
Nevada Kill 2()
Nevada Wonder 2.35
Afiked.
1.0.1
.14
.28
.30
.33
.21
J"
0
.47
1.1S
.13
.114
.'Jn
.02
,(l.i
.10
.07
.(1(1
.12
1.02
.13
.1)2
IR
.05
.07
.10
.02
,(U
INVEST IN MORTGAGES
AT 5.4
Recommended by
BEN T. WELCH
' fcr " ' 128 Cheitnut St.
LOCAL MEN WANT "5 AND 10"
Offer Mado by United Stockholders to
Central New Yorkers
STItACUSR. N. T May IS. Upwards of
300 Central Now York stockholders In tho
bankrupt United Flvo and Ten-Cent Stores,
Inc., will bo represented In New York on
May 18, the date set for the sale of the
entire holdings of tho company.
The concern operated stores In a number
of Btatcs and wns capitalized at $1,000,000,
but all of the stock was not subscribed. Its
liabilities nre estimated at $15,000.
Albert F. Wright, of Philadelphia, who
represents another faction of stockholders
In that vicinity, has communicated with
stockholders here, saying that tho Pennsyl
vania pcoplo were willing to tako over tho
entire stock on a basis of 20 per cent. Ho
added that ho would bo willing to comblno
with the Central New Yorker's crowd and
bring a separato action.
Tho company operated IB stores, all of
which are now doing business under a re
ceivership. If Is said the Philadelphia
stockholders are prepared to offer $30,000,
which, In tho estimate of tho local people,
Is too low.
Sugar Market Quiet and Unchanged
NEW YOKK, May 15. Tho sugar mar
kct was quiet and unchanged at the opening
today. Federal and Warner quoted 7.75c
for fine granulated, while the other refiners
quoted 7.65c. Raw sugars aro 6.52c.
IlallWIlV Pnmn.H.. .
12,802; a gain 'of 7H I! ??
1915. After deducting oifniT oy"J
$22,646. Interest anrtJL" """"wfaJ
;?ro $12,525. BiSfifl
month wero
. -r.wij rata
the month was $16 lsi" ." 'IV1""!!
cent. For tho 12 monih. ,2 .f
surplus over
mpare with ;
year earlier.
w.AH.i. ". ' l s.al
1916. thero waa n . "a " AmM
- wua uiu niM ii -
or J102.398, to compare wllh t Xfl
tho same period a year earli., '"'"M
in me local stock marV.t ,a Ji
was the most active fntin-i
of N&w York and advancea,Ton,?i4tWi!
of 214 as compared with till tfj. I
umay and a new high' record .i Sl m
slock. Elsewhere In iHC. toil
. . ". " 'at nr(e -
wero irregu ar.
ments
strong Issue, gaining lu '1!! wh
the first hour. " ""'" wi
General Asnhnlt (.....
Btnall fraction, as did WW i.M fj
shore, whlln vnr(i,..- ",'"'"MI
point. National properties T-SS.fMM
In tho bond division, dropping t!?Sm
and showing a loss of three Tool.. . ?
pared
week.
sold up a
with (h. ui:L "".r.'"1 N
-.... n.o uiKii mnrif . .t. . . rrLm
In the afternoon !i...rSuSfil
nt. "lot
point, " 0129ffl
May Circular
municipal -A
riciumg 3.807-4.75
Railroad
Yielding 4.23.4.9B9,
Public Utilities
Yielding 4.93.5.7Bft
List of above bonds, Includlaa
rennslvanla and New JifiiJ
Tax Exempt Issues, sent on ii
quest for Circular Pr-ii
N.W.Halsey&Co
.. ,A2l..che"tnn.t s,1 I'hUaWpM. 4t
New York
Chicago
,n maclaa
a
of n
"Ti
TAX FREE
A First & Rofdg. Mort
Publlo Utility Bond
company operating In this tUti
PRICE TO YIELD 5.7S 1
MELLOR & PETrVI
Mrmhrra N. Y. & I'hlla. Stock Exduat!
330 COM.MintCIAL TIlUflT BDItDllaS
Northwestern Trust Company
mage ana Loiumoia wenues
May 13, 1916
LIABILITIES
RESOURCES
Cash $716,152.07
Time loans 715,945,80
Demand collateral loans... 999,518.36
Railroad a n d municipal
bonds for investment.... 750,043.74
First mortgages for invest
ments 477,000.00
Banking house and fixtures 74,000.00
Capital ?15O,000JI
Profit account, surplus 400,000.91
Profit account, undivided.. iS.OOMI
Deposits 3,157,6593
$3,732,6591
$3,732,659.97
ELEVEN YEARS OLD
And in addition to the above showing our stock has been placed on a lifJJ
cent basis.
William Freihofer
President
Thos. J. Pcndergest
Vice President
Alexander D. RobinHM
Treasurer
r
sfl
HODGDON, CASHMAN & CO.
HECKER & COMPANY
$356,000
Frank P. Miller Paper Company
(East Downingtown, Penn.)
Six Per Cent. First Mortgage Ten-Year Serial Bonds
LOGAN TRUST COMPANY, PHILADELPHIA, TRUSTEE
The interest on theso bond ia paid without any deduction for the Federal Income Tax
or the Pennsylvania State Tax.
The Mortgage aecuring thoso bonda and al legal matters pertaining to the iisuo have
been paised upon by John G. Johnson, Esq., of Philadelphia.
The Frank P. Miller Paper Company was established in 1881 and is therefore thirty
five years old. It has been very successfully managed, "as is evidenced by the marked
uniformity shown by its record of production and net earnings.
For example, taking the ten-year period from 1906 to 1916, the Company's mills have
been operated on an average of 294 twenty-four-hour days per year; and its net profits
during this period were $394,367.41, or an average of $39,436.74 per year.
This is equivalent to approximately two times the interest requirements "of this issue of
$350,000 Bonds.
The purpose of this issue is to erect an additional mill which will treble the Company s
capacity and add accordingly to its earnings. The new mill will cost in excess of $350,000
to erect and equip, and together with the present mill will constitute the security behind this
issue under an absolute First Mortgage. The replacement value of the present mill, according
to the appraisal of Coats & Burchard Company, Engineers and Accounting Experts of Chicago,
is $326,323.
The Company's mill and equipment have been maintained in the highest possible
physical condition, an adequate sum of money having been set aside each operating day to y
take care of repairs, replacements, etc, '
The Company is engaged in the manufacture of Bojc Boards; its management, credit
and financial responsibility are of the highest.
-MATURITIES-
October 1, 1017... $20,000.00
April 1, lOlS.,..). 20,000,00
October 1, 191B... 20,000.00
-April 1, 1019 20,000.00
October 1, 1019... 20,000.00
April 1, 1020 20,000,00
October 1, 1920... $20,000.00
April 1, 1021 20,000.00
October 1, 1021 . . . 20,000.00
April 1, 1922 20,000.00
October 1, 1922... 20,000,00
April 1. 1923 20,000.00
October 1, 1023. ,.$20,000.00
April 1( 1024 20,000.00
October 1, 1924k.. 20,000.00
April 1, 1925 20,000.00
October 1, 1925... 20,000.00
April 1, 1926 10,000.00
Descriptive circular with list of remaining maturities
of this issue mailed upon request. Detailed stattments of
Company's operations open for inspection at offices below
Hodgdon, Cashman & Co.
Finance Building
PHILADELPHIA
Hecker & Company
lliubtn FblUdclphla Slack Kxchsnss
6th & Chestnut Streets, N. E, Comer
PHILADELPHIA
For convenience in replying ue Coupon below
MAIL COUPON TO EITHER OFFICE
uwaieNce b rbown t, rn
itiaTpav eTAW TRiwt wuiOkno
' srV M-J ',
'Mail information regarding Fvtnk P, Miller Paper Co. Bonds to
Namo , ,. , ....,.,,,,,,,, .,.,..
Address ,.,,.,. .'. ntni. ,!,.,.. MMM'tiiiti
'7mm
"J
n
1
1