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" ' - - ' -
FINANCIAL
X
NEWS
I-
t.
i
h
&
,4
feBEADJNG CENTRE OF SPECULATIVE
INTEREST AND IT ADVANCES AGAIN
9toek Reaches Another New Top Mark, Supply Being
, Scant With a Large Short Interest Good Gen-
era! Commission Demand for Other Rails
High Points in Today's Financial News
United Motors Corporation slock heavily oversubscribed. Notice sent out
y Curb Market Association said plans are being considered to move tnside.
Second plan for reorganization of St. Louis and San Francisco Railroad filed
with State Pubtio Service Commission at Jefferson City, Mo. Price of bar
silver lower in New York and London. Good earnings statements reported
y Lehigh Valley Transit Company and York Railways for April. New
York banks gained $8fil9,02G in movement of money in week. Chicago and
Northwestern sold (3,000,000 general mortgage 5 per cent, gold bonds. Three
eU companies declared extra dividends,
fh"
NEW YOHK, May 19.
Everything In the way of speculative interest on the Stock Exchange this
morning .circled around the Heading crowd. Whether the brokers had orders In
hat stock or not, thoy wero drawn Into the vortex of urgent bidders and helped
, smell the crowd, which nearly all through the forenoon Included almost half the
active members on tho floor.
There wore some offerings of the stock at the opening In fairly large amounts,
with 12,000 shares taken at 100, as soon as the ofTers wero made. Thero were about
WOO shares of other soiling orders, but this supply was exhausted within a flash
after the opening.
From about 101 up the supply was extremely scant, consisting mostly of
realising on small lots, with tho transactions at vnrlous prices on the way up not
, amounting to more than 200 or 300 shares at a ttmo before a further advance
occurred. By the end of the flrst hour the price was up 106V4, a gain of more than
12 points since yesterday morning, and a new high record.
Considerable realizing was met at the best price and tho stock sustained a
harp loss, losing all of Its early gain, but recovering later In the day, but it did
not get back to tho high price of tho morning.
Wall street's chief Interest Just now Is about the short Interest. Heading has
alwayti been an object of attack by tho aggressive bears whenever any Unfavorable
development occurred, and on several occasions the bear element has made profit
able turnB, but there has always been a heavy short Interest In Reading, and dtir-
Ing tho period of uncertainty resulting from the submnrlne activities and the
Insistent labor demands Reading was constantly sold for short account, adding
t materially to the already large short account.
Conflicting statements continue to be mado about Reading second preferred.
It Is positively stated by some that tho second preferred will be retired nt par,
While one of tho largest buyers of the common stock again Insists thut it will
iu receive half in common and half In flrst preferred.
Whatever action Is taken the second preferred seems to be a good speculative
venture at around 50, ns If It Is retired nt par no loss can be sustained, while If the
stock is exchanged into other issues it already has a calculable value of TS. It is
eno of those cases where there is nothing to lose nnd a possibility of little profit.
There was a good general commission demand for other railroad stocks, whjch
i was reflected In an advance of 2 points In Erie and 1 point In Southern Pacific.
The traction shares wero more active than they have been for many months past,
with Interborough Consolidated moving up 2 points and crossing 13, and Brooklyn
Rapid Transit advancing 1 point. The movement in Interborough and Brooklyn
was attributed to the nearby conclusion of the legislative Investigation, which,
According to tho general view, has caused trouble only to the Investigators.
New York Banks Gain 58,219,026 in Cash
NEW YORK, Hay 19. Irrespective of the operations of the New York Federal
Reserve Bank, which are now an Important weekly factor, the known movement of
funds for tho week ended with the close of business yesterday indicate a gain by tho
local banks of $8,219,026 In cash. The banks gained from the country J4.D14.02G
and gained from the Subtreasury on gold Imports $3,303,000. This gain docs not
Include the precentage of gold coin Imports Irom Ottawa and only covers gold bars.
Chicago and Northwestern Bonds Sold
NEW YORK, May 19. Kuhn, Loeb & Co. have purchased from the Chicago and
Northwestern Railway an additional $3,000,000 or Its. general mortgage 5 per cent,
gold bonds.
West Pcnn Traction Declares Extra Dividend
NEW YORK, May 19. The West Penn Traction Company has declared n reg
ular dividend of 1 per cent, and an extra dividend of 2b per cent, to apply against
dividends In arrears on the preferred stock, payable July 15 to stock of record July 1.
Oil Companies Declare Extra Dividends
"FINDLAY, O., May 10. Tho Ohio Oil Company declared a regular quarterly,
dividend of $1.25 and an extra dividend of $4.75 a share, payable June 20, to stock
-ofTecord May 26. Books reopen June 14. This dividend is the same as declared in
the preceding quarter.
CLEVELAND, May 19. Tho Standard OH Company of Ohio has declared the
usual quarterly dividend of $3 a share, and extra dividend of $3 a share, payable
July 1 to stockholders of record June 2. Transfer hooks close from Juno 2 to
June 22.
EVSMKG XE15aEIl?HILiDEtil?HIA; FRIDAY, MAT 10, 1916
-- r . -51 I ' " ' .. .'
PITTSBURGH, May 19. Tho South Penn Oil-Company has declared a quar
terly dividend of 5 per cont. and an extra dividend of 3 per cent., payable June 30
to holders of record June ID. On March 31 last a quarterly dividend of 5 per cent,
was paid.
k
NEW YORK BOND SALES
IIlKh. Low. Close.
3000 Albany & Sua 3tta.. HOH Kil', M,
BOOO Amer Agr cv Aa 10'J 102 lO'J
18000 Amer Azr deb Sa H7H 1)7 H7H
B800OO Anslo-Kr Oa OK MU lin4
S00O Amer Hide & U Os...l(ll KM 104
10OO Amer Smelt Sea 6S..10HH lllHH HlHVi
4000 Amer Tel clt 4a ua U2 OH
auuu Amer ice us ho nit rm
" luoo Armour Co M .... iisft
13300 Atchison cen 4a 113
7000 Atchlaon cv 4a lUtl0.lu.1h
70011 Atlan Co I.lne clt 4a. 811
O00O Bait & O Pitta Stf... 1)1
BOOO Dale b Ohio 3Ua.... 0.1
1I750O do cv 4Vta ll.'.'i
1100O do Be loo'-,
1000 Beth Steel 1st BS....101H
10OO do rfd Ba 101
6000 Brook It T 5s.. i 103
' 6000 Canada So Ba.. S 101
BOOO Cal (Ua A Eleo ?... t)8i
82000 Can (.lav Ba w 1 1020. U!i4I
430011 do 1031 .....100H
BOOO Cent Lcath 1st 'Bs.,. ..l(ll4
J4uuu until uqpper in... . . la"
r
4U0O Cbea & Ohio 4V
BOOO do Ba los'I
18000 Chi D A OJolnt 4a.. . 084
SOOO C B Q Neb Sa NK
13000 Chi II & Q aen 4l U2
111
"8 8i
liMK lo.lS
811 Hl
1I1S IMS
113 03
loofi inoft
104 ion!
ioih ioi4
103 103
101 104
OH"; 08.
Oil lltlji
llllti 11111)14
IIOH 0111
KIJHlOltf
123J4 1211
los'I
1000 Chi B 4 O
4a..
80OO0 Cbl il ft HtP 4....
2000 do rfd 4a
21000 do cv Ba..
BOOO do cp Ba... .,,...,
40000 do cv 4 Via.,
1000 do pen 4H.
SOOO n HI 1' M 1 O deb Ba.
20OO Chin nov Hultuanff Ba. 71
' 90000 Col Midland ct 4a... 11
20000 do 4a 10
32000 Col ft South let 4a.... 01,
iOOOO do 4 Via H4Vi
4000 Cumberland Tel Sa....li)0H
88000 Del Hud conv 4 108.,
IOOOO Den ft Ills Or 4 78
B00O0 do rfd B '
JBOOO Ilia Secur Corp Ba.... 77
1000 K Ten V Q con Sa.,ln.lH
juuu ferie sen ........ i
AOOO do conv 4a fler A... TO;
4000 do conv 4a Her U... 77
mil AHA An anv 4a Her T w 1. HA
juuu tiua aian riu u. ,"7?
SOOO III Hteel deb 4Vie.... 00
BOOO 111 Cent rfd 4a,...,, KBVt
8000 Int Artf Ba... , 77
J 2000 lntarb Met 4Ma 74H
4000 Interb R T ref oa., ,. 084
000 Jap lat 4Vja......... 84t,
louu jap new u ss v.
1000 K C fct B M 4
1)1H
10BU
OttV?
un7y unIf
"rZ "r.T
iiaa liomi it..
II4i 04H Il4i
04U 04 114!
107M 107 107 V,
iii.iu inu 111.1H
101 100U 1110
1M174
11)11
1IJI74 1KI74
11 llH
luvt )o4
01 01.
84 B44
,
30000
lr.n.-.oo
24000
3001 II)
loon
4000
4H00O
1000(1
loon
4001)
mono
BOO
2IMK)
1000
4000
1. IOIH I
loon
S30OII
1001)
2001)
2000
Illsh.
losvj
7N
South Par cv 4a..,.
do cv Ba
do rfd 4a
South Itwy gen 4a .
Houth Kwy con Ba .
Texaa Co cv lla
Third Ave adj Ba ..
Toklo Bs
Tol St I, Si V 4h . .
U S jtubber IN
U S Hteel ef Ba . . .
U S Steel rnir f na.
U H 8 N & M fla .
Union Pno lut 4h .
Vn ltwa 8 F 4a .
Va Hwy Ba
Wnbaah 2d Ba
W-P'T lat rt 4 fl pel 311
ivesi ,tiu IBI -is ... ,.l
West Shore 4a HI1
West Union 4V4b . . I).1
77
r.r,
103
HISS
10.-.
112
. oiiVi
, 311
Low.
III)1,
HUH
101
70,
77Vi
B.'.
103
111.'. 'I.
10.1
112,
oitVj
311
07J,
0i
3.1',
73
HIH
OS
Close.
lo.1V,
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71S
ion;
104 J,
70 Vi
77;
B.1
103
lllllfc
10.1
112
imVi
an
l)7'i
U8
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73
01 lj
05
CURB PLANS TO JIOVE
ITS BUSINESS INDOOUS
Ticker Service Also to Be Established,
Increase Board
lOOk 11)1
78 78I
118 HU
7i 70'i
10.1S 101S
R i ioS'
V4 77J 77V,
,Urt iu;i
1000 Jan new O 3 4V4i
1000 K C Ft B M 4a..,. 77
S8000 Lcka Steal Ba. 11I2S.. t)SK
4000 Lacks. Steel Be 105U,, 03
4ouo LAciena uaa riu oa..iui
2flOO Lk 8h deb 4 1828.,, 9.1
ino.i Lk Bh deb 4a 1031.... 01U
JrfoO lllnn & St It Ba,,.., SO
f.OW M K T lt 4s 7UV4
1000 tlo Fao cv Da ,..,.,. 47
1000 do ct 4a 48V4
r.000 N Y Air Bke cvt 6s. .10314
$000 N Y C U B 3V4a. 70
180000 N Y C II 8s 114V4
40000 do 8 Via ,., 82
tlOOO do 4M ! BIS
3 1000 N Y O ft St t. lat 4s. . 8 IS
(WW, N y Cltr 4a 1858 ...100
7000 do 4V4B 1880 102
BOOO do 4 Vis 1003 ......107S
1000 H Y Oa II ft P 4a 83U
SOOO do Bs ion;
SOOO KTNKsHli ....1126
6000 N YRwyraf 4a ...... 78V4
2000 do adj & , B7V4
8000 N Y Tel en 4Vis.... 8U
2000 N Y W C ft B 44s. . . 75
JSeOOO or ft West cvt 4V4S.125
O0O da 4a 03Vi
4500 Nor Pao prior 4s.... 2U
AOOO do sen 3s ... BOS
2000 Ore Kwy ft N con 4a .82.,
6000 Pao Tel 8a ,, . lOOtt
7000 Puuva Ken ct 4Ua . lots
81000 Peo ft East 1, 4a . 70
10OO Provldenca Peo 4a 70.,
3000 Publlo Serv N J Sa. . . 2i
1000 Keadltur tea U V4U
11060 Rcpub Cubs. Ba 1891. .100
itma lup I ft a sa ... sk
3a hio ar ft vr clt 4. . . 78
nana Hock Island 4a . . . 83 Vi
Bteoo do rfd 4a 73S
(WU da oa . . onif
Bt I, 1 u a 8 saa m.iuos
StLftSK Ken ct U 4a. 68 fi
57 Vj 57V4
88ii 98
75 75
121V4 124V1
83Vi 83U
100U
1H
8i8
100
S2H
al w 1 74H
do A TV I ....... 6.
do livi . ...If 88j
J.-1 JL adl
j .
I Sm. A ft X P lat 4a
I 3stJJ-d A L adl 0
1 a rM
67
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NEW YORK, Jlay 19. Chal.-man K. It.
McCormlck, of the New York i:url) Mar
ket Association, has eent a notice to mem
bers of the association statins that owlni;
to the growth of the Curb market It ha.1
been deemed advisable by the board of
representatives to devise some plan to
house the association, to establish a ticker
service and to provide better facilities for
the transaction of business.
The recommendations of tho special com
mittee, appointed on February j6,liave been
received and approved unanimously by the
board of representatives, and members are
being petitioned to signify their preference
for or against the proposed changes, sa
that If approved by a majority the com
mittee may be able to proceed to carry out
the plans.
It is recommended that the board of
representatives be Increased from IS to 21
and that the Complaint Committee here
after be called the Committee on Business
Conduct, and that this committee shall be
Increased from three to Ave members.
The constitution of the new exchange will
be virtually the same as that of the New
York Curb Market Association, with such
changes as may be necessary, due to mov.
Ing Indoors,
NEW YORK BUTTER AND EGGS
, .EY X0liK- ."'' 1 nUTTEIl Demand
luat ahead of aupply and market shows I nereis.
3IV4 USlVjc; hUher scoring. 32tf32Hc.; State
dairy, fl; Imitation creamery. 27028c
IwOOS Steady to Arm with Increased offer
ing. Receipts. 20.832; firsts, 224 tt23Kc. white
"f"' Siift?'. . brown. 24 25S c . mi" ed
ntS"' iS"4c.; storage packed. Orsta. 23b
New York Stock Sates
7
fjiat etMk 1flh
Alaska J Obld M O.'f W
.Mask. Hold Mlne 22H
Alllj-Chalmm Mfc 28
Am At Chemical 5SM
Am Ab Chfmlcal bf.. .. 9S'f
Loir. Clof.
OK 9H
Am Heet Sugar. ..,.,.,,. 4H
22), 22H 22X
2S 28 28
09 09 00
08) ( 08)1 OSM
74r," 74 7iii
57Ji 60W 60)4
lit 111 HI
OIK 01 01
1S8)-J 158K 157 168),
UOli UOK Ilf.!f 11GK
. 52H fi3 63 53
.127X 12v) 129)f 128 H
. 0S 0!i OK OX
. 28K 28K 28 28
22K 22K
72!f 70K
8) 8H
37 30K
100 OOX
87H 87)1
14SX 148
53!., 63
111 1I2X
22K
;n
30! i
IH)4
87' J
148X
63
21 Vic.
Illinois Pipe Line's Dividend Less
FINDLAY, O., May 19, The Illinois Pipe
IJne Company declared a dividend of 112
a share, payable .June 25 to stock of record
May If. Books close May 28, reopen June
15. The last dividend waa $15 a share,
payable January 15. Previous dividend was
)5 a share in July, 19)5, which was the
Initial dividend.
United Motors Oversubscribed
NEW YORK, May 19. pomlnick &
Domlntck, managers of the United Motors
Corporation underwriting syndicate, an
nounced thl afternoon that the Issue bag
been heavily oversubscribed and that the
books have been closed.
Am Can..v Kl'.i
Am can pi. . 112
Am car A Fdy.., 01
Am Coal ProdnxU. ..
Am Coal Products pf
Am Cotton Oil
Am .K press. , . ,
Am llklo A Leather.
Am Ice'Sccurltlej....
Am Unseed 22)
Am Locomotlre., ....... 71 M
Am 'Malt Corpn .-1- ,8)
Am Malt Corpn pf 37
Am Smelt & Ref 09K
Am Smelt pf I) BOH
Am Snuff 148
Am Steel Koundrlel 63
Am fiurar Ileflnlne Ill
Am Tel ft Tel 128 128K 1285 128)f
Am Tobacco 201 200 203 200
Am Woolen 46K 40X 45U 45
Am Woolen pr OS), OSli 08H 08W
Am Wrillnc Taper pf... 19 18X 18V4 18X
AmZlneL&Sm 00 00 80)4 87K
Anaconda Cop M 81X 80!. 84K 85X
Atch Top A S F 103!( 10SH 104)4 tOiH
Atch Top ft S F pf 101 101- 101 Hll
All Coast Line 113)4 113
laid Loco Wks 87f 89
Halt ft Ohio 00X 93)4
Halt ft-Ohlo pf 76K
llalopllas Mlnlnz 2)4
llethlehcm Steel 413
Hrooklyn Hap Tr 80)1
Hullo ft Superior OIW
Canadian l'aclflc 17'i
Central Leather o3s'
Cent &S A Tel 139)4
Chandler Motor 07
ChM ft Ohio G.V.
Chile Copper 21K
Chlno Copper 63! 4
Chlcaco Ot West 13)4
Chicago Ot West pf 37'i
CM Mil ft St I'aul 97 X
ChlMftStrpf 129X 12954
C C C ft St h pf 81 80
Chi ft Northwestern... .130
Chi It I &rac 10X
112
0)4
0H4
7514
2X
445
80X
01!f
iroji
M
141
05)j
aix
21 X
63!4
13X
38
07X
120! 4
0
139X 130X l.T
20! 4 10)i 10X
75X
2!4
446
87X
04X
17714
00
141
07X
0414
21X
64X
14X
3SX
OSX
112
SOX
92)4
75X
2.X
416
87)4
03X
170)4
64)4
f41
00)4
03)4
21X
6-1
14X
38X
07X
120)4
M)
Cluctt Pea ft Co 73X 74X 73X 74!4
Col Fuel ft Iron 43 43)4 42X 43)4
Col ft Southern 20X .10 29!,' 30
Consolidated Gas 130X 138X 137 138X
Continental Can 01 Oflh 94 04
Corn Products lief 19X 20 19X 10X
Corn Prod Her pf 03 04)i 04X 14)4
Crucible Steel S5X 85X 83)4 8
Cruclblo Steel pf 110X 11GX 110X 11CX
Dcla are ft Hudson ....15354 15."i 154 151
Del Lack ft West 255 220 220 220
Uencr ft Hlo Or 13X 14X 14 14
Den ft Hlo Gr pf 20 20)4 20)4 20)4
Distill Sec Corpn 53 63X 52 52
Dome Mines 27)4 28 27X 27J!
Elec Storaeo Bat G4X 03 05 05
Erie 3SX 40)4 38X 39.X
Erie 1st pf 64)4 65X 54X 55
Erie 2d pf . ...; 47 47)4 47)4 47M
FtdMlnftSm 10X 19X 19X 10X
Fed Mm ft Sm pf 42X 43X 41 .42
General Electric 173 174H 173 173)4
General Motors pf 110X117 117 117
Goodrich 11 F 77 77)4 70X 77X
Goodrich H F pf 115)4 115)4 115)4 115X
Granby Consol 90 91X 00 91X
Great Northern pf 121X 122X 120X 122
Gt No cfs for oro prop.. 11X 41X 41 41X
Gulf States Steel 75)4 "5)4 "5 75)4
Guir States S 1st pf 05X 00 00 90
Gulf States S 2d pf. ... "OX 77 "0)4 "7
Homestake Minim: . 129)4 130 130 130
Illinois Cent 102)4 100 102X 101
lut Acrlcultural 18X 17M 17!4 1
Int Acrlcultural pf 55)4
Int Harv Corpn 82X
Int Harv N J 112)4
Int Con Cor v t c sh... 17
Int Con Corpn pf 75
Int Paper .. 105i
Insp Con Cop 45X
Int Nickel v t cfs 47X
Int M M c of dep 25X
IntM Mpf c of dp.... 91)4
Kan City Southern 20JC
Kan City South pf 01
Kayser J ft Co S3
Kelly Spring Tiro ?.i
Kennecott Copper 55
Keokuk ft Des M 5
Lack Steel Co .0)4
Lehlch Valley SO
Lake Erie ft West 14
Lako Erie ft West pf. ... 3S
55X
S3M5
113
19X
70)4
10)4
4GX
40X
25)4
03)4
27)4
01
83
74X
50)4
5
70
82)4
14
3SX
48!
O.)
82
113
17X
75
10)4
45)4
40
01)4
27
01
83
74
65)4
4
70 '
SOX
14
38
4G3f
Lee Hubber Tiro 40)4
Llssett ft Myers pf.... 120X 12054 12054
Lone Island 30 SOX 30
Lotlllard P Co 20S 215X 210),'
55
i-2
113
1SH
70)4
10)4
40
40)4
23)4
01X
27X
01
S3
74h
55)
5
70
81
11
3S)4
40X
12054
30)4
11
Louis ft Nash. .
...130X 13034 12954 129)4
Mack-ay Cos 85 X MIX 80 80
Maekay Cos pf G7.X 0754 6754 075,
Manhattan Shirt Co.... GO 07 05J4 0534
Maxwell Motors 8GX 873t 84 85)4
Max Motors 2d pf 5SX 59 5734 57
Mexican Petroleum 10S5, 110
10SX 10SX
03)4 0434
FILE RrtoKSAMJSATION TLAN
FOR THE FIU8C0 UAlfittOAD
Large Percehta&o of Security Holders
Agree to Second Proposition
JEFFEHSON CITY, Mo.,' May 19. The
second plan for the reorgi(nltatlon of the St.
Louis and San Francisco IUllroad was filed
here today with the SUte Public Service
Commission by New York lawyers for the
banking housea of J. and W. Sellgrman &
Co. nnd Speyer tk Co.
It illnVrii nnlv sllshtlv from the flrst nlan
of tho bankers. A provision for n voting
trust which waa denied by the Commlsalorl,
In a former plan Is Included, The Commis
sion will give a hearing on the matter on
May 31, A large percentage of tho bond
holders nnd stockholders has agreed to the
second reorganisation plan.
French holdors of securities represented by
Xj. C. Krauthoft neither assented nor ob
jected. They are supposed to hold nbout
$10,000,000 of St. Louis nnd San Francisco
securities.
The proposed capitalization Is lower than
In the origlnnt plan. It Is proposed to Issue
In the new plan 20.S18.318, with provision
that additional securities may be put out
with the consent of tho commission. The
plan provides for the sale of the St. Louis
& San Frajiclaco under foreclosure of re
funding mortgage bonds, creditors' bills,
etc., and the organization of a new com
pany when the committee determines.
The plan also provides for cutting off the
Chicago and Eastern Illinois nnd New
Orleans. Texas nnd Mexico properties, ns
did the orlgln&l plan, the retaining of tho
Kansas City, Fort Scott and Memphis, and
leaving undisturbed securities of tho St.
Louis and San Francisco amounting to
H. 790, 000. which constitute gold-bearing
Interest bonds, falling due within the next
few years. The preferred stock is not to
exceed $200,000,000 at any time, or receive
In excess of 7 per cent, dividends.
The plan contains a statement that after
paying nil operating expenses, the receivers
will have $3,193,000 on hand on July first.
Ask Deposit of Hearing Stock
A Stockholders' Protective Committee has
Issued a. letter asking for deposits of tho
Standnrd Holler Hearing Company stock.
The committee is composed of Frederick
T Aldrldge, chairman; John S. Stnnton,
Frederick P. Flske. Merrill Hlshop. The
letter says In part: "The immediate pur
pose of such deposit Is to enable the com
mittee to oppose In court, or otherwise, the
proposed plan of reorganization set forth In
the circular bearing date on the 21st flay of
April, 1916, signed by Joseph Wayne, Jr..
chnlnnnn." Tho committee objects to tho
terms of the reorganization plan, Including
the five-year voting trust and the five-year
option on $1,000,000 common stock at par
features. Deposits of stock before June
1 are requested by the Stockholders' Pro
tective Committee, with tho Brooklyn Trust
Company, under a protective agreement,
or with the West End Trust Company of
Philadelphia. Gcorgo Qulntard Howltz and
Merrill Bishop are counsel for the committee.
LIVE STOCK QUOTATIONS
CHICAGO. May 10 HOC1S Receipts. 13,000
head: market ll)c. hither. Mixed and butchers
J.7I)10 in; boocI heavy. SD.8310.15i rough
heavy. JO B0WD.80; light, JOIIO10.10: Diss
J8.500 ."(); bulk. 1B.IIO10.10,
CATTLi; Ilecelpls, 1000 head: market Mrnnir.
neeves, 17 8."i1:' 10..15; cows and hellers, J3.00B
D.10: stockera and feeders'. $0.75t: Tetans
$7.-l00L',-. calves. J8.IS0I911. ians,
HIIKEP Receipts. 4000 head: market steady
iaVbjSSO."" Bna We""n' ,a10
SI'KCIAI, JIKKTlXns.
735 TIIK M,NHi:iM HUII.DIN(7ANn
Sf LOAN ASSOCIATION OF GERMAN
TOWN. I'llII.ADKI.rillA. sMwirt.--
A special mvtlnc of tho stockholders or this
Association wITI b held nt Iho Office of thn
Association, at tho southwest jrorner of Coulter
at. and Qermantown ave.. on Tliurariur. July
20. 101(1. at 8 p. m . In accordance with a reso
lutlon of tho Donrd of Directors, to take action
on approval or disapproval or the proposed In
crease of the capital stock of this Association
from $1. 000.000 to JL'.ocm.OOO. ' "
CIIAIll.KS if. PAOR. Secretary
WILLIAM C. STOnVKIl. Solicitor. wcli,ry-
D1KECTOBV or ACCOUNTANTS
Certified Publlo Accountants
LAWRENCE E. I1ROWN St CO
1015 UKAL. K3TATB TRUST UUUiDINa
Sales in Philadelphia
Jllsh. lx)W. Close, chs-e
10 fiM Loco .sn'i ,?"! ,rJT T a
n do rref ion Ion lofl H
jo n tj t e Pft 8 J8 R8 1
n .....I t
20 Cruclblo Sll
2S00 Klec Stor
aa
81S
00.
S20S Erie. .... ... . . 11 mi
145 uen spnii yn ,rs
20 Ins CO N A... 254
00 Lk Hup. Corp. . 10
m Irfhih,Vl ... 82V,
4S Ih Val Tr pfd. 3
.18 North r-enna,.. D2
1111 Tenna Hallrpad, BR
04 Penna 8a t XlfclOOU
77 rerma.Btl Jfd.. ngji
120 Phlla Co pfd . 42(4
B.1S Phlla Kiec . . . ?i
2n p II T ...
2120 do tr ctfs
aoh nii,!inD- . .
341 . do 2d prer . r.11,
17 HO 1-ncilIC . . wi' jB
OS Ton llel . . . H.
58,-, Ton Mln .... r.OH
200 Union Pacific. 138
121) Union Trac . . 43H
283 U O I ..... . 87J4
8 Un Cos N i ..2J?JT
nno Warwick Ir A 8 W
102 Westmeld Coal. 7J'
D10 Cramp A Sons 811-
42.1 TorR nwy ij
12.-, do pref 3u',i
K dhldend, noNDg
IIlKh
114000 Am O A B ns.. ;i
11)00 Choctaw cons 8,ns
llllll) L,n V CHS 7SB.i-7l
IITCX TVIB. LllXJVt
:: liSi 1
f . r.i'J
84H 8lH 2
ot mi .1
arH 40 ih
lk lk-i
10 10 i-ln
T7 "., -if,-
en 01 IX. J. I U
.... ... n t -,T
1, 4S 4. ;s
Z anti an'4 Is
1)2' 1 i2 13
loot 1 looji
42', 424 H
?,?, if,Sa tU
no no. '.4
dot ont '
138,' 138,, lv
42H 43J4 S
87 87j ?s
844 8 -
h ln MIIS - J
I (17$ 07s '
1 82 83 1.,
14 14 ;i
30W 30'4 (4
Irfiw. f!los
02't nq'4
V Tr ref ,6s. 01
S.UH-4
nono 1, V
,nnn I. V
nnnn va Cn s-en 4U s.
.mm Han l'n t r. 4m HI
70IKI I'hlta Klec 4s.. 82J4
8100 do Ra .....lriiS
4000 Reading gen
'4s Dljl
Compn
181
"$
101V
82
824
104
Dl
or,
li)2
lnii
1114
lni4
82,
H2'4
K)l
OIU
Net
chanee
2'
Tit
Dip; Securities Company Chartered
DOVUIt. Del., May 19. The American
Itepubllcs Corporation, to deal In stocks,
bomli nnd securities of all kinds, was In
corporated here today by the Corporation
Trust Company of America, with a capital
stock of $10,000,000. Incorporators are
Herbert H. Latter, Norman V. Coffin nnd
C. L. nimllnger, of WIlmlriRton, Del.
Safety Car Hcntinp; Co. Brings Suit
BUFFALO, May 19. The Safety Car
Heating & Lighting Co. brought suit today
before Judge Hngelln In the United States
District Court against the United Stales
Light & Heating Corporation, nllcglng In
fringement of three patents. Suit .Involves
about J700.00O worth of property.
GOVERNMENT BONDS
5s rcclstered 1030
2s roupon 1H30N .
3s registered 1018
n!d
2
no
1111 -4
lto
4s coupon 1112.") .1
fanama 2s registered 1030 O'JH
?) pnnnnn 11)18
4s registered 1025
Asked,
10(1 '4
102S
Arguments
In Favor of
Public Utility
Securities
are presented in a simple
and concise form in our
latest circular letter.
Those not familiar with
the many attractive fea
tures "of Public Utility
stocks and bonds should
write and ask for a copy
of this Letter No. 386.
William P. Bonbright & Co., Inc
MORRIS W1STAK STROUD. Jr.
MnnoRtr
437 Chestnut St., Philadelphia
New York Iloton Detroit
London l'orls
William P. Bonbright & Co. Bonbright Co.
LEHIGH VALLEY TRANSIT Att Yoptt
RAILWAYS REPORT GOOD EARNl
Substantial Gains Shown tor April To Place Afu J
nulf nurl West Turtles nn Tan t .. lW8"tl
VJL.XJ. 4-" .. ilUlrtl' JUlSt
.. of Local Stock Exchange
Ureent tinman it.... .
short Interest In It It Wa.?i ." Ur,
the close of the market.! H 2
Two companies the Lehigh Valley Tran
sit ami the York Itallwnys Issued very
Rood April earnings statements 'today, con
llnulnB the progress which has been shown
In previous months ot this year.
The operntln revenue of the I-eh'Bh
Valley Transit for April was 198.636. an
Increase of $GO,70.1, nnd the net was $87..
220. Incrcnso $23,037. For 12 months the
operating revenuo totaled $2,256,081, In,'
crease $316,934: net, $1,000,812, Increase,
$169,651.
The fork Hallways' gross earnings In
April wero $77,WI, Increase, 29.1 per cent.!
net, $14,003, IncreasoYS per oent For five
months tho gross was $396,172, Increase,
23.6 per cent, and thenet totaled $225,679,
Increase, 45.6 per cent.
Tho financial district heard today that
omclals of the Atlantic Gulf & West In
dies hnd tnlten steps to' have the company a
stock placed on tho rogulnr list of the Phil
adelphia Stock Exchange. This stock was
one of tho Issues contained In tho petition
signed by many brokers presented to the
Governing Committee Inst Monday ashing
that several Issues he admitted to trading
In tho unlisted department.
Aniti imlnv Interest In the local mar
ket centred In the trading In Ileadlng.J
which advanced to another new high mark,
crossing 106 for nn advance of nearly soven
points as compared with tho closing Inst
nlcht Trading In this Issue, hero followed
the New York list, whero the stock was
In
mi.t-i, ..::ir'."?tw mi
short Interest was for kbHVM tf
tm iiiA !... . : - tvu.unn ..... -
'".""' "rnoon itead ng lost :",,M
sain. lo" ow o j3
Among the local Issues Eiecln, .
Battery wna ll, , " v?rel Slon
tho advance which started yt.2!!U,""l
fore tho end of the first wl!'
"VXPln "?. bee" .tort iiaTHS
mofe besides
oat was strong. Lehigh Navlii i;."
a point and later lost It. TinuW'ti
des. On lhA i,oi ,. rm.A (rt,5
list was strong, uw.i, V",'P .Wfcsi
S
We own and offer, subjeet to
4vgaiiiyf
$150,000
READING, PA., 48
Due Jul, 1021, 1B28. Ibji
nnl Value uim.ii
ftS'S58t,.".,."r.,!r:.::1: 1
Net Debt less Jfean' ,00U ,W,1
Tax Exempt in Penntylvank
Price and details on sbbIIo.ii..
N.W.Halsey&Co
1421 Chrsfont R) .
Nlsw York Chicago
rhllatelphla
ntlM
Ban
vMyMMmm
Loans to Individuals
on a Business Man's Basis
i
!
i
The Morris Plan provides the one method
sanctioned by employers through which indi
viduals may make loans for legitimate purposes.
If you need money for a specific purpose, the Morris Plan
provides it without taxing your resources. Repayment made
easy. Business men's rates of interest.
Over $1,000,000, in loans averaging $100, already paid outv
Supervised by State Banking Department.
The Morris Plan Co. of Philadelphia
Offices:
1507 Arch St.
Louis J. Kolb, Pres..
Howard H. Henry, V. P.
R. Leo Hunt, V. P. & Treas
li
. p
CAPITAL,
$1,000,000
SURPLUS AND
UNDIVIDED PROFIT
38O,O0O
THE safest and most convenient method of carrying
funds when traveling is through the Travelers'
Cheques or Letters of Credit sold by this Company
Can be cashed everywhere at any time.
LOGAN TRUST COMPANY
OF PHILADELPHIA
1431 CHESTNUT STREET
ROWLAND COMLY
President
WILLIAM BRAOWAY,
Treasurer
&?i
Vai
" f
) .!
May Dent Stores C2H 05
Miami Copper 3015 1S0K 3o4 aurt
Minn St I' & S S M....120K 121 121 121
Mo Kan S. Texas AH AH Hi 4!f
Mo Kan & Tex pf 10H 11 11 11
Missouri Pacific (Wi CU Olf OJi
MoPactrcfs C.'J OH 5i GH
Montana Tower 78 78J. 78U 78J
Nat Biscuit 121J. 121H 12IH 121H
Nat Lead Co (i8!f 07H 07JJ 073i
Nat KrsMexSdpr.. .. Hi V.i T.i Hi
NcvConCop 17H 17Ji 17H 17H
Now York Air Urate.... 134X 130 133 133
NVN1I4H 02 G3 02 02H
N Y C &II U 1CGH 107J 1005. lOOJi
N Y O & West ".. 28K 29 28H 28M
Norfolk & Western 120 120H 125U 120U
Norfolk Southern 22 2255 22H 22M
North American OU 09H 09 UHM
Northern Pacific UAK lll'J 113"i 114
Ontario SllviT Mln 0J OJi )H Mi
Pacific Tel & Tel 31 35 34 35
Penn Itallroail f)7H 58 57H 57M
Peoria & Eastern 11 105i 10!f 10U
Philadelphia Co 41 4M 41M 41H
Pitts Coal Co N J 27 2854 28H 28i
Pitts Coal Co N J pf...l031 104H 101 10W
Pitta C C X St I, 81 82 82 82
Pressed S Car Co 47 47 40VJ 47
PubSCorpNJ 131H 131H 130 131H
Pullman Co 1C0H 102 101H 102
I!y Steel Sp Co 41 4'2li 42 42
Kay Con Copper 22K 2J5S 22JJ 235i
Iteaillni: 01)51 100M 09U 103
Itcailln.' 1st ct 4 1)5 41 It 41
Keailing2dpr 51 52 47M 47H
Itepubhc Iron&S 4SH 49 48i 48H
Hepubllelron &apf...U0' 1UH 111 11151
St I. &8F2dpf 5 0 0 II
St Uuls Southnest 17 20 18 20
St I, Southwest pf 40H Ui 41 41H
Seaboard Air Line 17J5 I7!l 17Jf 17.
Seaboard Air I, pf 395s 41 395. 40!$
Sears Itoe&Co 18255 184 1B1 184
Shat Aril Cop 33 33 3255 33
South Porto It Sue 212 205 205 205
South P II Sue pf 118 120 120 120
Southern Pacific 09 100U 99 1,055
Southern ny 23H 24U 235f 24
Southern Hy pf 0755 08'f 0755 0755
Studebaker Co 14W 1395f 1355f 1355X
Studebaker Co pr 11W 111 111 111
Tenn Copper 47 4755 40Ji 47
Texas Co 103 193 19J 193
Tews Pacific llif 1255 Hit 12
Third Avenue 0155 0255 02 02
Twin City It T 075X 9755 0755 U755
Under Typewr 0855 08 08 1)8
United Clear Stores .... 05 0415 9155 0455
United Cigar Mfrs VJH 5855 58 58
Union Dae & Paper 0 0 0 6
Union Pacific 137 13955 137H 1385f
Union Pacific pf 825f 8251 B2H 82ii
USIndAlchol 15055 159 16055 157
United Fruit 1005, 10155 15955 160
UnKyslnvCopf 22 U 21 21 21
US Express., 4755 32H 31K 3155
USitubber 515i 5555 55 55
U 8 Steel Corp'n B4it 855X 8455 8555
US Steel Co p'n pf,,... 11651 11655 11655 U6U
UffSm R til.,,, 70 76J5 76 765
Utah Securities , 105,' 17)5 175X 17)5
Utah C'ODDer ...8055 c2 bOH 81
Va-CaroChem ,,.. 4255 43)1 43 4355
Wabash , 15 1555 14 1555
Wabash pf A...,. 48 4855 48 485.
Wabash plB.. .,.,., 28 2855 2755 28
West UnbaTel.. ,,.,, 0455 9555 94 04
West AM 6255 62M 62)1 6255
Western Maryland ,31)5 3355 3135 3255
Western Maryland pf.,. 46 475( 47 47
Wheel & L E 1st pf 1455 14 14 14
Wlurs OrerUnd 258 260 255 256
Willys 0 pr I r ( p 10655 100)5 106)1 10631
Wool or in v w la-Ui ira im ix
Quoted sx dlrldsDd.
LKGAL ADVEKTlSEJIliSTS
KS3 I UEBEUV NOTiri' that tiib ovek--Sr
broak bvrct (Shop. 0221 Lansdowno av.,
Oimjf . A44 CiSllUB lUIMh
Will ba sold Monday,
I man
(.Blitoe
fco ffled br abov dfU.
sr. u. j7 rUVLltf.
NEW ISSUE
INCLABH OSL
$i69000,000
& REFBHIHO
FIRST LIEN 10-YEAR CONVERTIBLE
Corporation
GOLD BONDS
DUE MAY I, 1926
mx;
Authorized $20,000,000
Price 99V2
Issued $16,000,000
and accrued interest
Rodeomablo until May I, 1917, at 110 and accrued interest; thereafter at IIS and accrued Interest
Convertible into stock at $55 per share until May I. 1917, and thereafter at $57.50 per share
CENTRAL TFIUST COMPANY OF NEW YORK, Trustee
from ft letter signed by H. F. Sinclair, President of the Corporation, we summarize as follows t
SECURITY"
A first lien, throunh pledge of securities, on established oil refineries, pine lines, and
producing oil properties and leaseholds in Kansas and Oklahoma, having an estimated
value, determined' by independent experts, in excess of $40,000,000.
EARNINGS
Net Earnings for 12 months beginning May 1, 1916, estimated by experts at over
$10,000,000.
SINKING FUND
, A minimum annual Sinking Fund of 5 of the total amount of bonds issued, payable
semi-annually, first payment of $400,000 due November 1, 1916. In addition 20
of the net earnings in each year after provision for interest and minimum sinking fund
payments. Proceeds of the Sinking Fund must'be applied to the purchase of bonds
through tenders to the Trustee, at or below 110 and interest until May 1, 1917, and
thereafter at or below 115 and interest. If tenders sufficient in amount to exhaust the
Sinking Fund are not made the balance must be called by lot at these prices.
Based on $10,000,000 net earnings for the next 12 months, the toTal sinking fund
accruing for that period would amount to $2,448,000, equivalent to over 15 of the,
entire $16,000,000 now issued.
h
i
mT
S
CONVERSION PRIVILEGE
Bonds are exchangeable for stock of the Corporation at $55 per share until May 1,
1917 and thereafter at $57.50 per share. If called, the right to exchange for shares
continues for 30 days after date of call,
EQUITY
Followed by 520,000 shares of. stock of no par value selling, in the open market at
aoout 3to per snare. . "
Based on the above estimate of $10,000,000 net earnings for the next 12 months, the "
balance applicable to dividends on 520000 shares of stock, after deduction of all
interest and sinking fund payments, will be iover $12.50 a share. ' ' " 'f
I Complete Circular Sent on Request
The above Information and statistics are not guaranteed, but we believe them to bo tbcurate, ' .
1916, In tho form of temporary bond
Delivery, when ai and If itiued and received by ui, on or about May 22,
KISSEL, KIHNIGUTT & GO.
MONTGOMERY, CLOTHIER & TYLER
WHITE, WELD & GO.
SFENGER TRASK & GO.
-?5