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EVEHWd-' IiEDBR-BHrDADEiriHrA, MOKBAT MAY 22, 191&-
FINANCIAL NEWS
IMPORTANT INTERESTS BUY STOCKS;
INVESTORS TAKE UNION PACIFIC
- - - i - . - - -
Initial Dividend on Wabash "A" Peferred Looked for ill
V July Reading Advances to Another New High
Mark Short Coverings Urgent
vt
K
High Points in Today's Financial News
' Philadelphia bank statement showed loss of $2,170,000 in surplus in week
mnd & drop in loans of $1,113,000. Argument heard in Newark in suit to re
strain sale of Pennsylvania Steel to Bethlehem. Price of bar silver lower m
New York and London. Grain receipts smaller at Chicago for last week.
Philadelphia Company enjoyed good year, according to annual report issued
May Heading common reached another new top marki
NEW YORK, ttny 22.
Speculation had llttlo to do with prico mtfvementa on tlio New York Stock
jExohango today. Tho speculative clement had taken a, position on tins bear side In
thq last few days and was disposed to work for recessions, but whero declines
CCUrred tho downturns were almost wholly due to bear prcssuro and did not
tedicato In any way tho market tono. Important Interests were buyers of many
stocks. There was a persistent Investment demand for Union Pacific, on which
that stock rose to abovo 142, making a new high record for tho year,
Wabash Issues, which have been favored by banking Interests for some time,
were also In good demand, tho preferred "A" selling abovo 61, and It was closely
followed by tho preferred "B" stock. This movement was tho direct result of
positive statements mado by directors of tho company that an Initial dividend
will bo declared on tho "A" preferred in July.
Another chapter was added to tho story of tho Heading movements. Tho
ock, which closed on Saturday at 103, ranged all through tho forenoon at 103V4
and around midday another buying movement started which caused a rapid ad
vance to 109, a new high mark. Before this upturn started thero wcro many on
tho board room floor whA doubted tho truth of tho story which has been In circula
tion for the last three months, but tho point was mado that no denial of tho pre
dictions of an Intended readjustment of capitalization hart come from any source.
Today's buying Included somo aggressive speculative operations and urgent
covering of shorts, as well as tho accumulation which has been noted with only
unimportant interruptions since early last March. It Is Idle to assume that per
eistont buying of this character would contlnuo unless tho buyers knew moro
than tho eollors.
NEW YORK STOCK SALES
' Last clone. High. Low. Close
Alaska J Gold M 0 !)K OK Mi
Alaska Gold Mines 225f 22? 22!f 22H
Allls-ChalmbenMfB.... 27M 28 27M 28
AlllJ-C. Mfc pf 82M 82 82 82
Am As Chemical COM GO GO 09
AraAjChempf 03 OSH OSW 08f
AmBectSujar 735 74 73 735f
AaCin BOM 57 60H 60K
ABTCanpf Ill 111 111 111
'AmCir&Fdr .COW 01K 01 01 W
Am Coal Product 7l57ii 15SH 157Jf 157H
Am Hldo L pf. 50 .49M 40M 40M
Am Linseed pf 49W 50 50 50
Am Locomotive 70H 72X 7W 7lU
Am Locomotive pr 101M 101U 10W 101H
Am Malt Corp'n pf 30U 35K 35M 35H
Am Smelt & Kef. 09W 100K 09H 09H
-Am Smelt pf A 04H 01H 0f 04K
Jim Stl Foundries 63 S25f 52W 52H
Am Sniar Heflnlne 113H 113 112H 112H
AmSwarlWpf 117M 117H 117K 117M
Am Tel & Tel 129 129 128J 120K
AmToboeco 200 202 201 202
Am Woolen mi 46K 45 45
AaWrlUnePpf 18M 18M 18M 18H
AmZlncL&Sm 87H S0H 88 S8H
Anaconda CopM 80!f S7Jf 80M 8GK
Associated Oil COM 07K 07H 07X
AteltTop&SF 105 105H 105H 105!f
Atch Top & S F pf. 101 101 100X 100M
Atl Coast Line 112 113 113 113
Bald Loco Wlra 87f DOM 87H 89H
Bait, Oho D2M 93H 02H 02H
Bait & Ohio pf. 76Ji 70 75!f 70
Batopllas Mlnlne 2K 2lf 2K 2f
BrooldmlUpTr 87K 88H 87 87K
Brookljra Union das 120H 130 130 130
' Batte & Superior 93W 90 93!f 94M
r Canadian Pacific 182H 183K 181H 181K
' Central Leather 5-JH 54H 54K 54H
.Chandler Motor 07 07 97 97
CfiesAOhlo 63U 04 63li 04
Chlno Copper.... ....... 54J 54H &iH MX
Chlcaeo Great West UK 14H 14H 14H
Chi Great West pf... ... 3S!f 3S 3SJf 3SK
CM Mil & St Paul 07M 100 93 100
CMM AStPpf 129M 129U 129K 129!f
Chlcaeo & Alton 109 10H lOHOIiOH
OCO&StL 52 52 62 52
OCC&St'Lpf 82 81 81 81
CM & Northwestern.. ..12tf 130H 129 130
ChlItI4Pao 19K 19U 195f 19f
Col Fuel & Iron 43 iH 43H 41U
Col & Southern 30 30 30 30
CompTRecCo 44 44 44 44
Consolidated Gas 138K 141M 137H 140M
ContlnenUl Can 94K 905f 94 05K
Corn Produce Itef 19W 10W 19h 10W
Corn Prod Kef pf 04 04U 94 H 94H
Crucible Steel 84tf 80H 84U 84?
Cruabla Steel pf HB 118 117M 117H
Cuban-Am Suear pf..... 107 100 109 109
Delaware As Hudson 154 151 154 154
DenTer&nioGr MH 15 15 15
DennioGrpf 27f 29 27K 285f
Detroit Edison 133 133f 133)f 133)f
Distill Sec Corp'n 51H 52 5Ui 61U
Uome Mines 27M 27Jf 27K 27K
Erla 40H 40H 30H 40
Erie 1st pr, 55H 55H 55 55
Gen Chamlcal pf 110 115 115 115
General Eelctric 172K 173 172M 172U
General Motors 459M 460 400 400
General Motors pf 110H 117 117 117
Goodrich BF 70 76li 75K 70H
Greede-Cananea 47H 48U 48 48
Great Norteera pf 122H 123 122W 123
G Nets for ore prop... 4IM 41! 41H 41H
Gulf States S lstpf 95H 90U 003f 00)f
Illinois Cent 104 104H 101 104H
Int Aercultural 17 185i 18H 18)f
Int Aencnltural pf. 54J( 50 50 50
InVHarr Corp'n 81M 82H 81 81
lEtllarr NJ 113 113 113H 113U
Int Con Co v tcsa.... 18H 10U 18U 18H
lat Paper 10H UM 10H 10H
IespCooCop 40H 46H 45K 45H
' Int Nickel v t cfs 46H 40H 40 40
Int-MMcofdep 25 25 25 25
lnt-MM pTcof dp .... OIK 02H 01 OIK
Jewel Tea 88K 88H 88 88K
Kaa City Soathera 27K 27K 27 27K
Km City Sooth pf OIK OIK OIK OIK
XUySprji2 Tires 74K 73K 73H 73K
Kelly Spring Tires pf... 07 97K 07H 97H
Keasecott Copper 50 68K 55K 56K
LsckSteelCo 70 71 70K 0K
Lake Erie & West 14 14 14 14
Z4UCB Valley 81 82K 81K 82K
lm Rubber Tire 48 48H 43 48
Xeete-WUes Biscuit..... 20 20K 20K 20K
Lone Island COH 29 29 29
LertllanlTCo 211 220 220 220
laiusiNuh., 129K 129K 129K 129K
XackevCos 85K 85H 85K 85K
KackeyCospf 07K 03 03 08
Manhattan Shirt Co..,. 00 00 60 00
Maxwell Motors ...80 80K 85K 60
Mar Motors 1st pf 83 90K 88M OOK
UiX Motors 2d Pf. 57K 58H 53 63
May Dept Stores, 60 07 60 07
Mexican Petroleum 109 100K 108K 108K
Miami Copper . 30K 36K 30K 36!
Mtoft St P ft 8 8 M , ...123i 12 IK IU 124
MO Baais Texas 4K 4K 4K 4K
Missouri rlflc ,. 6H 7 OK OK
MoFictrcfs OK OK 6K 6H
Montana Power...... ,. 78K 80K 79 80
Montana Power pf 112 113H 113K 113H
Xat Cloak & Suit. 74 745J 74K 74Ji
3foLEnam&.B.Co. 23K 24 24 24
' K Lead Co ,. 67K 07 67 67
KffCoaCop 17K 17X 17K 17K
Kesr York Mr Brake. .. 433 135 133 135
KYNHfttt 62K 63K 62K 63K
JCk, York Central , . . ,. 406f 107K 107 107K
3YChl6tL.,., 41 41K 41K 41K
J -HYOftW 28M 28K 28K 2SJf
t WMfeScft WesUrn,...125J 12SK 120K 126K
i'antsrn Pacific , U4H 115K 114K 115K
OatartoSUverMla..... UM 9H OK 9K
Pwwi Itallroad... ....... 57H 57K 57K 67K
fyopto's Gas Chi.. 101K 103K 102K 103K
tm Eaatero 11 UH 10K UK
FslMJelpiU Co 41H 41K 41K 41K
teCoilCoNJ.,... 28K 2M 28 28K
Mi Coal N J pf . . . 404K 103K 103K 103K
MurtHirKh Steel pf . . , 03 07H 97H 07K
!QCiSt Lpf ..., 03 OS 03 93
fw18CarCo . 46K 47 47 47
in.iii 1 B Cat Co pf -.. 40Q 10W lOOii U(i
CO, 163 163 10JH It&l
liTer... ........... 3 3 3 J
VTetDf 4 3Ji 35f 3K
;WISoCo 43 4Q -10 40
.i T7? u ,iitH'iifv'fTH "
T m ra7ikJZ L. rfrr.Triff
I Jf IWfl tUWH qttwmiwitaj
. iittOWN k CO.
Aft mmhew HbTn4i am iv vs-vv
c-r - m mm - wiww
Lnst closo. lltsh. Low. Cloao.
Hay Con Copper 23K 23K 23K 23K
Headlni: 103 109K 103K 109K
ItcadinB2dpf 49 40K 48K 49
Republic Iron & S 43K 4SK 4SK 48K
St Louis & S F 4 4 4 4
St Louis Southwest 20 10K 19K 19K
St L Southwest pf 41K 43 43 43
Seaboard Air Line 17M 17K 17K 17K
Seaboard A L pf 40K 39K 39K 30K
Sears Roe & Co pf 125K 120K 120K 120K
ShatAnzCop 32K 32K 32K 32K
Sloss-ShcfS &I 54K 55K 55 65K
.southern Pacific 100K 100K 100K 100K'
Southern By 2-t 24 23K 23K
Southern Ilypf 07 07K 07K 07K
Standard Milling 102 OOK OOK 09K
Standard Milling pf 04 93 93 03
Studebakcr Co .137K 139 137K 13SK
Tenn Copper .47 40K 40K 40K
Texas Co 192 194 193 191
Texas Pacific 12K 12K 12K 12K
Third Avenue 02K 03 K 02K 63K
TolStL&Wcst 6 OK 5K OK
f-olStL&Wcdp 0 5 5 5-
TolStL&Wpf 11 UK 11 UK
Twin City ItT 08 98K 98K OSK
Under Typcwr 93 105K 09 104K
Union Bag & Paper 0 5K 5K 5K
Union Bag & Paper pf . . 30K 31 31 31
United Cigar Stores 05K 05K 95 05K
United Cigar 8 pr 117 11SK 1I8K U8K
United C Mfrs pf Ill 110K 1I0K 110K
UnionPaclflc 139K 142K 140 142K
Union Pacific pf 82K 82K 82K 82K
U S Ind Alchol 157 159K 157K 158K
United Rys Inv Co 10 11 10K 10H
United Fruit 153K 153 158 158
USBubbor 55 55K 54K 54J
U S Steel Corp'n 85K 80 85K 85!-f
U S Steel Corp'n pf 116K 117 117 117
USSmR&M 70K 70K 70K 70K
USSR&Mpf 51K 52 52 52
Utah Copper 81K 82 81K 81K
Wabash 15K 15K 15 15K
WabashprA 48K 51K 4SK 5IK
Wabash pr B 23 30 28K 29K
Wells Fargo Exp 125 125K 125K 125K
West Union Tel 04 OSK 94K 9-1K
WestE&M 02K 033i 02K 02K
Western Maryland 32K 33K 32K 32K
Wheel & Lake Erie .... 4 5 4K 5
Wheel &LE 1st pr.... 15K 15K 14K 15K
Wheel &LE 2d pr 5K OK OK OK
Willys Overland 200 274 204 270
Willys O pr s r f p 100 107K 107 107
Wisconsin Central 39K 40K 40 40
WoolworthFW 134K 135 134 135
Woolworth F W pf 125 124K 124K 124K
ii.A.
PUBLIC SERVICE
SECURITIES
Public Service Securities are a Hen
on the success of communities
C Luzerne County Gas & Electric
Co. 1st Mtge. Ref. td Improvement
5 Gold Bonds.
C, Are an absolute 1st Mortgage,
excepting $23,000, to retire which an
equal amount of this issue is reserved.
C, The Company is making rapid strides
in the very fertile territory surrounding
vVilkes-Barre, serving a population or
143.000.
C. The American Gas Co. acquired
the property in 1908, since which they
have expended $1,116,260.09 on it.
C, Free Penna. State and Normal
Federal Income Tax and nets at present
prices 5.20
Baker: Aylirvg & Co.
Land Title Bldg Philadelphia.
Fully Paid. Non-Astestablo.
Writt or phone for nil information
FRED J. SCHAEFER
o:a CUESTNUT ST.
Bell i Walnut 1110
BONDS
Carefully selected securities, of
prc-yed merit.
Send for Circular.
MELLOR & PETRY
Mmb,r.S,Ta?rSrScU8hSa'.h""
tit COMMERCIAL TRUST BLOC.
18 80UTH BROAD 8TREET
New York fiond Sales
WANTED
Hllantown Git Si 1924
Cheater County Oat 5s 1925
Counties C. & E. Ss 1962
Dauphin County Gas 5s 1925
REED A. MORGAN & CO.
WEST K.VU TM'bT lll.DU.. PIlttA.
5IluUr at tU rUU. bloik Euhan
DIVIDENDS
TUB AUEJUCAN O.iS COMPANY
let JUrktl tit., Camden, it. J,
May IB. 181S,
A aiurterly dividend of IK, r U.00 per
lure, ba bn dclre4 on lh eaiual (teck
of thle Comtuuur. payfbla Jou 1. 1918. (a the
ITUi, WIS. Cack UI h mallsd.
Iltch.
ifiooo Albany feus 9',l....fl
JOOOrt Amer Airrl ev 6 103,
lwoo Amer Cot Oil 6 OJU
481500 Annlo-Fr, 6., ...... ..oil
.tow) Amer Hide A Lea Oa.loi
4000 Anrentlne 2..
oooo Armour Co 4 Ha ... 3H
loooo Atchlnon en 4 nJ
39000 do ev 4 ins.,..,. ion J
aiMm Atl.Coact I.ln 1st 4s rt'l
18000 Halt A Ohio 8Ma . ... 83,
uuiai dS 4s , iti
707000 do cv 4Ui ,..,i.ii uo.i
(1000 HAO P I. KAV V 4.8T
22000 Halt OIilo 6a.,,,tl00H
6000 Ileth Steel 1st fts,...104ii
1000 11 rook n It T Oa 1IU8..101,,
IUOO Iltookn Un Kl lt Ca.lOlU
1000 llrookn Un tin 1st Oa.lOOH
.2000 c c t: A fit I. 4... . JU
17000 cnl uas ft Elec f.. noH
35000 Can Oovt oa wl 1020.. .WOje
20000 do i,11 "leuu
ZSOOO do lUil .......... 00 ti
15U00 Cent Ixath Int Bai.i.lulH
2UUO Cent I'ne 1st 4....i. OU
0300 Chill Copwr 1 . , .laoj
B00O Chca A unln cv, 4Ha 5
B000 Clics Ohio 44a .. Wl'i
UOOO Chi at Wfat la .... 70H
COOO Chi Nwn 34a ... 81H
AOOO Chi ft Nun ns in87.114J4
2000 C II A Q Joint 4a .. JVS
2000 C 11 A q Ken 4a...... 03Ti
lUUO U M A ht 1 sen 4a ip.';
1000 do cv na ...... 1.107H
203SOO do cv 44 a ......lolti
looo do eton 4Via .....loiji
Bimo Chi Ilwy Ba I'H
10(10 Chlnoao Uov Huku Ba 72
r.HOil Cnl Industrial Ba, .. 7BU
BOim Col A Houtli lat 4a.. 01i
(10(10 do 4Wa ,,,., KB,,
L'UUd Col P A I Ben Ba ...88
(I0IKI Cons flu cv (Is ....123J4
100U0 Cumberland Tel ,Ba. .100H
(IIKMI Don A Itlo Or 4Ha.. 8B
11000 Den A lllo Or rfd Ca,. 72
BOUU Detroit United .. 8J
(looo DIs Secur Corp Ba.. 7BJ4
KIUO 11 Ten V A O con 68.10.1
3(1000 i:rlo Ben 4s 741
1(1000 Krla conv 4s Her A. 71, ,
.1000 Ilrla Pa Col 4a ... 80JI
30U0 Krla prior 4a , 8Ja
37(iO Krie cv 4s Ser D w l.HHU
lixio Kt Worth A Den lat.to'.'
f.nno Oen Eleo deb B 103,,
KlOl) Hud A Man rfd Ba.... 70J4
4000 Oov Arir 6a , 77H
10000 lnterli Wet 4Ha 74J4
8(l()ll Interb 11 T ret Ba.,., VBH
1000 Jap new O 3 4Mb 7H
8000 K C lt 8 A M 4 77H
1000 Kana A Alien -a 4a.. vn
10O0 I.ako Erlo A Vf lat 4a
10000 l.nck.i Steel Bs 1D23..
10(1(1 do Bs lOBO
200(1 Lako Hhoro sen 3Ha.. H Iji
4000 do deb 4a 1031 .... Vi
2000 Lex A B Ba ...100H
400(1 lxirlllard 3a UK)!
3000 I.oula A Nash clt Ba..l04H
3000 Manhattan ata 4a .... U2H
aouil .Kii Kan A 'V lat 4a... 7uVi
COOO do -1'ifl 3U
(1001) do Ca 00.
2000 Mo loc 4a 47'4
321)00 do cona fla 10 Hi
3000 Mont Power Bs 07.
8000 N Y C A 11 Oa 114U
7001) do 3W a 82
17000 do 4a DIN
COOO do 4 Vis II4U
UOOO N V Chi A St I. 1st 4s. 1144
1000 N Y City res 4s lUSB.loo
1000 do 4a re 1115(1.. ..loo
COOO do 44s May 1DB7..107H
2001) do 44a Nov 11)37... 107H
3000 N Y Oos HAP 4a.... 80
1001) do Bs 103
1.10OU N Y N II A II Os 112J1
Bono N Y Kwy ref 4a.... j 78M
17000 do adj Bs..., r,8j
C1000 N Y Tel Bon 4V4a 1IHV4
uOOO Norf . West 4a t4
23000 Nor Pac prior 4a.... I)2?4
27000 Nor Pnc Ken 3s (Hlji
soon do rce 4a 1)24
2000 Oro Ilwy A N con 4b ii
looo Pac II II Missouri 4a 1)04
8000 PaclBc Tel Bs 100.
looo Pcnna 4s 11)48 i)n5
28000 do Ben ct 4V4a....lOlK
UOOO do en 44 s 103(4
1000 I'oo A Cast 1st 4a... 72
12000 l'ub Serv N J Ca.... 0311
800(1 Headlnc Ben 4s D4H
COOO Hep Ir A H Cs ua
12000 Itlo Or A W clt 4s.. 7Bi
.'00(1 Itork Island rfd 4s.. 74
liono do Bs ..i C74
B000 do ct Ca ono sta . . BB4
3(1000 St I. I M A S O 4s.. 00 U
7000 stl.ASr rfd ct ata 4b 71
23000 do sen ct sta 4s... CI)
38000 do Ben ct (114
3(1000 St L. Hwn con 4a..,. 03 H
(1(1000 St L 1 fl P In wl.... 41
12000 do adj w 1 70Ji
61000 do a w 1 IN4
4000 do w i 1(1
3000 St P Minn A Manl Us. 120
1000 Stand Millings Ba... unti
2001) Seab Air I, adj Ba... (17
11(00 do Sta 4 814
21000 So Pac cv Bs 11)35
200(1 do rfd 4s no
3000 South Ilwy ten 4s... 714
17000 South Ilwy con Ca ..10l4
COOO Toxae Co cv (la ....104T4
1000 Third Ave ref 4s .. 81!
3000 Third Avo ndj Ba . . 7!lfi
BOOO U S Oov 2s 100
100O V 8 Realty Bs 72
BOOO U S Ilubber Os ...103
B7000 U 8 Steel Bf Bs ...103V4
10000 U 8 S N A M Oa ..112
2000 Union Pac cv 4a .. ll.l
1000 Vo. (la Urown nroa . , B7
10000 Va I C A C lat Ba.. 874
1000 Va Ilwy Ba 08
1000 Wabash lot Ca ....103
13000 Wabash 2d Ba 08
0000 W-P T 1st Ct 4a fl pd 334
00000 W-P T 1st ct 4s .. 3
4000 West Electric Bs ...1024
1000 West Md 1st 4s .. 734
2000 West Shore 4s 014
4000 West Union 44a ... 05
1014
1004
lul.,
1014
1004
80
wu.,
looii
101 1i
101
nnfc
7B4
Dl
84
884
1234
looh
83
73
82
,7T4
834
88
t.i
103
704
77i
74
08J4
704
774
US
Sates in Philadelphia
lllrh. w,
o Am . nwys prer psn
H(l IA(a lCO ... u
BO II A O ......
IBl Kleo CO ot Am 0
too Dlst 8eo . .... 6
no Krie
28 Ina Ci
no j.ske Hup Corp
so ih Nav
sb? un.vm , s?
.23 I. V T pr..n. 43
100 N Y N II i ..02
BO N Y Cent ,,...107
23 Nev Cona . ,.., 18
280 Penna, II .It ,...B8
7B Pa Salt Mfc.tilOO
0 I'enna Hteei.ni is
.... 40
28 Ina Co N Am., 28
10 Key Tl Co.... 14
SS
nil
2o
14
m i8t
nil.
Ctftfff.
'T
m-
m
48 i
ItO.Phlla Co ...... 411
l)8lVhlla Klectrlc.. 271
snn P n T tr etfa. 18'
as rnna iraction,.jo.
uur
B213 neadln
10 B jaciuo
100 Bo llwr,
100 Ton Del
237 Un Tno
00 un Trao
'61
23
188
43
4R. IT O Imn 87
2030 V 8 Steel 83
IM WM1T 4 11 10
200 War I B10i
200 York Rr 14 4
10 do pref 304
M 1004
H 23U
814t
U 43
ft 88
4 80 .
li 19U
10H
144
30
8
i'
.B74 B7
rl
4 iS5
z $m
i 274
100
n
271
18 184
JO .( 4M
1004 looH H
234 284
4 44 ...i.
1404 1414 84
434 49H .it.)
.')
I
81
04
1004
100
1044
02
7(1 i
1074
107
1184
1)34
02t4
l!U
112
112
DOW
100
004
1014
41
7(1
1,7 .
81 4
1()3
00
714
101
lot'
81
70
874
08
BONDS.
ltlh.
80.
Low,
BO
87T4
31
112
1HAAA TP(. A. n TV An R
1000 Inter Ilwya 4a. B714
1000 Lnks Hun lnc Ba 81
.nnn t .h Val ma Am Q'J
3000 do cs 44a '03.100 100
DOUO do uret rets
44a 100
4000 Pa Co gen 44 a. 101
1000 P W A 11 t c 4s. 00
2000 I'hlla Eleo BS...104
1000 Head Jen 4a.... 1)1
looo do Term. Oa. 112,
2000 Span-Am I ns. . 101
1000 Stand U A n ns.102
1000 Wclsbach Co Ba. 08
30
Close.
i
BIO DROP IN SURPLUS
Lonns of Local Banks Also Fall in
Week
The Philadelphia bank statement today
showed rt decrease of $2,179,060 In surplus
for tho last week rind n. decline In Joans of
$1,113,000. Details follow:
Deereaaa.
May.22, Mrt. Dlf nrev.wk,
.... .1811.007.000 I.113.000
. .... 443,073.000 107.000
Circulation ........... 0,482.000 ...8,000
Du from banka ...... .77.780.000 3.B40.000
Deposits of banks,,,,. 178,003,000 '480.000
Ex clearing house.,.,, ,18,338.000 70,000
Iteaerve held 113.280.000 2.800,000
Itesep-ea required .... j7.072.000 .030,000
Surplus ..,.. t.i 83,817,000 2,170,000
Burpiusf'May 24, 1015. f30.210.000.. Biirpt.ua
under old form May 2S. 1014. in,724.()ol
May 20, 1018, la.ao.ouuj.May. o. iui, ,
Deposit" (Ind.)
684,000; Mar 22. 1011,
WSJ
2S0.
Net
chite.
Sfa X
81 .....
02 . .
100
100H 100J4 Vi
101 101 .4
1)04 1)04 .....
1044 1044 4
04 04 fi
4 1124 112
101 101
4 1024 1024 .....
4 . 1)84 UB4 .4
NEW YORK BUTTER AND EGGS
NEW YOrtK, May 22. nUTTEIl Increailnir
aimnly and a (tenerallv eaalr market. Ilejy lots
8387 pkia.i extra, Sle.i higher acorln, 814 O
32c.t Sluto dairy, 304 81c.l Imitation cream
ery 27W28C.
KOOS Trading quieter and central market
less nrm. Ilecelpts, 23,011 pksa,; quotations
unchanffed.
$100 BONDS
An Absolute First Closed
Mortgage Public Utility
Investment
Outstandinp; for thirteen years.
Earning about 2 time3 ita In
terest. Tax refund In Pennsylvania.
Price to Yi?M 5.40
A Detailed DescriptUf on Request.
FRAZffiRG-Gi
INVESTMENT BANKERS
Broad and Sansom Sta.
Philadelphia
We own and offer, subject to legality,
$150,000
READING, PA., 4's
Due July. 1021, 1020, 1031
Henl Value 83,144,840
Assessed Valuation. 02,338.235
Net Debt 880,002
Net Debt leaa than .011
Tax Exempt in Pennsylvania
Price and details on application
N. W. Halsey & Co.
1421 Chestnut St., Philadelphia
New Tork Chicago San Franclaco
Orders for American Locomotive Co.
NEW TOniC. May 22. The American
Locomotive Compnny has received orderd
for ten Santa Fo type freight ermines for
the Denver and Rio Grande Railroad! thrco
Mikado engines for Ann Harbor and ono
snow ploy for tho Canadian Government
Railways.
TONNAGE OF RAILROADS 0Pt5RAlN(r"
EASTWARD 25 PfiR CENT. ABOVE If
Congestion B&st of Pittsburgh and Buffalo ttnf Tdti
Changed Money Conditions Throughout Weat Oulif
D on Airier ArlvnnoPH t.n Now TJTii HUICV,
ivcuu"'6 w .- "w,T "'B'i marK
French Rentes Lower
PARIS, May 22. Three per cent, rentes
C2 franca16 centimes oft 10 centimes.
Officials of tho railroads operating eaat'i
ward from Chlcairo and St luls report to
day that tonnKire is fully 28 per cent, larger
than a year ngo.
The eltuatlon east of Pittsburgh and
Buffalo gateways Iibr hot materially
changed, the congestion which has pre
vailed not having greatly Improved, as ton
nage piles up quickly whenever embargoes
are removed. Industrial nctlvlty continues
on an almost unprecedented scale In many
lines, especially those making goods for ex
port. Westbound tonnage Is not great
enough to offset the former movement of
empty equipment to ft large degreo.
Southern roads are handling a normal
tonnage, Bhowlng ft gain of about 8 per
cent over a year ago.
Money conditions throughout tho WcBt
contlnuo quiet There Is nothing In tho sit.
uatlon to Indlent n. l.
Ing In rales for som,0"'
Ing banks r(.nnr?mi?. ,.
volume of loans, and V"?f id
posus are lower, but ihwi '?
iiuunaance of funds avallabU . . "
purposes, and banking iTi ?' J3s
jo place their-surnluS tiXlVW.
pringing a fair return, i,,". .'?
tillin. . ", PCC
time of as liquid a eha.??.?
.,n,icr hm rM..n.
ARlde from Reading, which , 1
as- AiKrs5jaa
iiiero was no news to account rHj
vance In Reading, Baldwin U.4'
strong Issue, gaining mora ,,.?
uerore 2 o'clock. For the mn..L m
movements were on ft. ,Cotti3l
but Bomo aano v, V . ot Mitaiv J
. . --- - novneu iniau Twr
ttery being one, that luaTSai
insurance. Comeanv ;"
Storage Battery being one, aSTSji
n half. Insuranca p...!,l
America, rose n half, Lehigh Vall.yi,?
fractional gains were n,i. ,!l
other Issues.
were xnxtt In
INVEST IN MORTGAGES
AT 5.4
Recommended by
BEN T. WELCH
1328 Chestnut St.
Condensed Report to Comptroller May 1, 1010.
I.IAniMTIES
Capital 11,500,000.00
Surplus r.nd Undivided
rror.ta 1,082,880.57
Unearned Discount... 04,830.30
Circulation 52t.000.oo
Deposits 88,080,207.20
JST.731. 553.13
RESOUnCES
Loans and Invest-
ments 127.003,375.30
Due from Banka 4,375,000.83
Kxchanires for Clear-
lnc House 2.001.(103.03
Cash and Reserve.... 4,203.784.83
137.734,533.13
UNEARNED DISCOUNT
$94,956.30
We have teen asked wliat tliia item is. Tlie title is
almost self-explanatory. It is discount not yet
earned. Until recently we, like most otneY banks,
except the Federal Reserve Banks, credited to
Profits immediately all discount received, even
though the note had 30, 60, 90 or more days to
run. We now credit all discount received to
Unearned Discount, and only put into Profits the
actual amount earned for each day a business.
The First
National bank
of Philadelphia
315 Chestnut St.
To Tho Holders of tho First MorlE! 5 Bonds
of tho
Consolidated Gas Company of the City of Pittsburgh
The two Committees which had heretofore been formed
for the protection of the bondholders of the Consolidated Gas
Company of the City of Pittsburgh hereby announce that they
have effected a consolidation into one Committee, composed
of the undersigned members.
This Committee will act under the terms and provisions
of the Deposit Agreement of the Philadelphia Committee
dated February 17, 1916, with such amendment as is in
cidental to consolidation. The amended agreement has been
filed with both the depositaries named below, and the right of
withdrawal under the terms of the Agreement expires Juno
IS, 1916.
The Committee has now on deposit approximately three
million nine hundred thousand par value of bonds about 80
of the issue), and will receive further deposits of bonds at
either of the depositaries named below, up to and including
June 15, 1916.
Charles S. W. Packard, Chairman.
(Prealdant Psonaylranla, Company
(or Ina. on Urea and Oraatloa
AnnultUa), Philadelphia.
A. C. Bobluun, Vlea Chairman,
(Pg.td.nt Bar. "!y&3r
Thomas 8 Cat., . . .
(President Fblladalphta, Trust Co.)
Philadelphia,
K-(vJcfVr,ld.nt 0f4,SS?Bh?,'
D. How.ll Oriswold, It.,
(Alex. Brawn A eons). Baltimore,
(Prealdnt Uo.Utl.r Company),
PUtabuurh.
Tbeedare O. Panb.
(John DaorFa Sena), Plttabarh,
Tba Pennsylvania Company for In
surance, on Lifts and OrantUt
Annuities,
Philadelphia,
Bats Deposit and Trust Company,
PUtsbunh.
DEPOSITARIES
",wl,?rionp"Mpauipbi.
Wat-ton & I"rnian,
Plttabursb,
COUNSEL
E. Xh Brautltam, Secretary
67 Chtstnut at,
Phlladjlphla.
?
it
The Flemish-Lynn Phonograph Company
Outstanding
$1,000,000.00
1,000,000.00
CAPITAL, $2,500,0P0.00 - y
Authorized
7 Cumulative Preferred . $1,250,000.00
Common .... 1,250,000.00
Par of both classes of stock, $5.00
No Bonds, Notes or Funded Indebtedness Shares Full Paid and Non-assessable
rpHE Flemish-Lynn Phonograph Company has-taken over all the busl--1-
ness, assets and plant of the Flemish Phonograph Company, a New York
Corporation, and intends' merging with the Lynn Phonograph Company
of New Jersey. Various other phonograph companies, properties, patentL
and patent-rights on phonograph accessories, needles and records, are to
be acquired from time to time, tKrough purchase or stock-ownership.
We quote a letter from President M. B. Baer as follows:
Brooklyn, New York, May 13, 1916.
Messrs. C. R. Bergmann & Co.,
66 Broadway, New York City.
Gentlemen:
In connection with the merger of the FLEMISH PHONOGRAPH COMPANY,
Inc., and the LYNN PHONOGRAPH COMPANY would say, that I have been in the
manufacturing business for over twenty years, but never 'in my career have I felt
so sanguine about anything as I do of the possibilities before the new FLEMISH
LYNN PHONOGRAPH COMPANY in the field of the popular-priced phonographs.
The splendid equipment and plant facilities which we possess assure us of such
a lead in the Meld as will out-distance all competition. At this moment we can, on
a single nine-hour shift, produce about 1500 Phonographs of the various types per
day, these machines to retail at from $4 to $15. With the machinery already contracted
for, which is to bo fully installed in our plant by July 1st next, we will be In a
position to turn out, on a single shift, about 2000 complete Phonographs per day.
By doubling this shift which we can easily do with our splendid method of lighting,
enabling us to work as well at night as in the daytime, we could have a maximum
capacity of upwards of 3500 to 4000 machines per day.
Our modern plant is equipped to manufacture every part of the Phonograph
under our own roof, thereby enabling us to effect the greatest economies of operation,
and to produce Phonographs of the most modern type, including cabinets, at a price
so that they can be retailed at practically one-half the price of any Phonograph ort
the market today. We have at the present time enough business on hand to keep
our plant busy until the first of the year. We have just closed a contract with the1
Syndicate Publishing Co. which will represent 150,000 machines this year. Wo are
also about to close a very large contract with the P. LORILLARD CO., .the large1
tobacco distributors. We also have orders on hand and in sight for over 200,000
Lynn Phonographs.. It is estimated, from orders already in hand or in sight, our
net profits should approximate $2000 per day, or at the rate of $500,000 per annum,
for the next eigrit months.' Constant expansion of our plant facilities will augment
these figures.
Yours very truly,
FLEMISH PHONOGRAPH CO., Inc.,
M. B. Baer, President
Application will be made to list these shares on The New York Curb Market.
The legality of the above merger and issues has been passed upon by Messrs.
Bandler & Haas, Attorneys, 42 Broadway, New York City.
C. R. BERGMANN & CO.
' Investment Securities
66 BROADWAY " . NEW YORK
All the above preferred and common stock having already been disposed of, this
advertisement appears only a a matter of record.
All sUtsmcnta art obtained from reliable sources, and, although we cannot guarantee their accuracy, we believe them correct.
ON or About JUNE 1st, 1916
Fidelity Trust company
Will Open ah Uptown Office
NE.Cor.Broad&ChestnutSts.
M
' 'ii" I m,