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B.VJBtfQrG U3DGH3K PffiADELPHtA W&DKESDAY, MAY
;s$$fmmh1
8JU 1916
UiiHtffa1wSlfi1iiifft.l Hu.i,. ,
'FINANCIAL NEWS
APPROACH OF BBPUBLlGAlSr CONVENTION
" . GAITSKS INACTIVITY IN STOCK MARKET
v , , i , , ,
More .Attention Being Paid by Street to Prospective De-
yelopnieiits at Chicago Hope That There Wiil
Be Only Two Leading Candidates '
New York Stock Sales
High Points in Today's Financial News
"Special dividend of 23 US ptr cent, and regular 1 1-2 per cent, on cow
men stock declared by du Pont de Nemours & Co. $2,500,000 in gold ca)He m
irvm. Canada. Cash dividend of SO per cent, on Cosdcn & Cd. Initial divi
dend ,6 Elkhorn Fuel Company. North Lake-Mining Company levied an
assessment of fl a share. Price of bar silver lower xn New York and
London. Many good railroad earnings announced.
NEW YOltK, Way 31.
Thero la llttlo doubt lhat tho approach of the Ilopubllcan convention has
Induced restricUon of operations by leading Interests, making the stock markot
to . great extent ono dependent on tho aqtlvlty of tho professional speculatlvo
clement. More attention Is belns paid every day to tho prospective developments
lit. Chicago after Juno 7 and Wall street Is devoting nearly all Its Interest to con
jectures as to who Wilt be selected as tho Ilopubllcan candidate at tho convention.
Most Importance In the campaign is centred In tho scope of the contest and
p to whether It vlll bo confined to two leading candidates or Include, beside tho
candidates for tho two important parties, prominent Individuals n independent
tickets.
Tho hope of tho financial Interests Is that thcro will bo only two contestants
' for the presidency, and It is tho general view that knowledge of tho campaign con
ditions In this respect will be obtainable as soon ns the Republican choice Is mado.
In today's stock markot there was a flash of strength at the opening when
Lehigh Valley, Marino preferred, and somo of tho specialties mado substantial
gains, but this strength and activity was of short duration. Before the end of tho
first hour interest died away and recessions were in order during tho remainder
Of tho day.
Tho gains that wero mado In the Initial trading wcro more than lost In tho
early afternoon, but business on the decline was smalt In volumo and tho prlco
movements wero regarded as without significance.
An important factor that may aid In later bullish demonstration Is the appar
ent absorption of tho available foreign supply. Thero arc no longer any im
portant offerings on such stocks as Union Pacific, United Stutes Steol common
nnd tchlson, and tho placing of 40,000 shares of Lehigh Valley a week ago is be
lieved to'havo exhausted all tho supply of that stock that can possibly come from,
abroad.
These foreign offerings had until now been a handicap to general advances
In tho. issues which had had an international market, and, with this handicap
removed, thero is nothing now in sight to check a substantial rcsponso to any
favorablo .political developments.
Du Pont dc Nemours Declares 25 Per Cent, in Dividends
WILMINGTON, Del., May 31. Tho directors of the E. I. du Pont de Nemours
& Co. today at their quarterly meeting declared a regular quarterly dividend of 1J4
per cent, on the common stock and a special dividend of 23 per cent., making a
total of 25 per cent., of which 5.8 por cent, is payable In cash and 19.2 per cent, in
Anglo-French bonds at 96, plus intorest. Tho dividends nro paynblo June 15 to
stockholders of record May 31, On tho debenturo stock n regular quarterly divi
dend of 1 per cent, was declared, payable July 25, to stockholders of record July
10. Tho company has declared three dividends on tho common stock alnco It came
In existence, a total of 79 per cent.
Elkhorn Fuel Declares Initial 3 Per Cent. Dividend.
BALTIMORE, May 31. The Elkhorn Coal Corporation declared an Initial semi
annual dividend of 3 per cent, on tho preferred stock, payable Juno 15 to stock of
record June 1.
Gold Continues to Come in From Canada -NEW
YORK, May 31. Thero was received at the subtreasury this morning
$2,500,000 in gold from Canada, making a total on this movement of $23,200,000.
DEMAND OF SHORTS
MAKES WHEAT RALLY
i
More Confident Buying Through
Commission Houses and Big '
Export Sale Also Boost
Prices
oraix nravr weather forecast.
Chlraco. Jlnr 31. The weather forecast
for -38 hours follows:
Illinois Inrrtaslne eloudlnnis una warm
er tonicht followed by nhowent westi Thurs
day, (bower and warmer extreme east.
Missouri Hhowen tonlilit and Thursday)
warmer tonltht in east. ... ,
Wisconsin Inereaslns cloudiness and
warmer tonlrht. followed by showers west
nnd central! Thursday, showers and warmer
Iowa Showers tonlgW and Thursday)
warmer ton Is tit east.
North Dakota I'artlr cloudy and probably
rain tonlxut and Thursdays silently cooler
tonlsht.
Hooth. Dakota Unsettled tonight 'and
Thursday! probably showers and cooler to
nUht east and central.
Nebraska Showers tonlsht and Thurs
day; cooler tonlcht west and central.
Kansas Generally fair and continued
warm tonlcht, probably beeomlnr unsettled
Thursday) cooler Thursday west and north
central.
CHICAGO, May 31. Wheat rallied to
day after It had shown pronounced weak
ness. The Improvement was brought about
by a. demand from shorts and more confi
dent bupylntr through commission houses,
coupled with reports of sales of 1,250,000
bushels, mainly Manltobas, for export.
Previously there was a lack of support and
the tone at Liverpool was much softer.
Statistics as to supplies were bearish.
The visible Bupply In the United States.
according to Bradstreet's, Is 53,169,000
bushels, a" decrease o 231,000 bushels for
the week, and compares with 22,871,000
bushels last year; in Canada It is 03,347.000
bushels, a decrease o 831,000 bushels for the
week and compares with 14,159,000 bushels
. year ugoj in Europo (Continental stocks
omited It is 101(700,000 bushels, an. increase
of 6,900,000 bushels or the weekand com
pares with 71,100,000 bushels in 19lS
The Price Current was moderately bullish.
It said that weather conditions last week
were unfavorable over a' large part of the
winter belt, with damage from lack of
rain, and that on the. whole the yield would
not be in excess of the average. In the
Northwest seeding has been pushed, but
with best efforts the area will be 15 per
cent smaller In the three Important States,
although the position of the growing crop
la good.
The general run of news today from the
Southwest was better. A crop report Just
Issued 'by Oklahoma put the condition of
the Plant there at 64, against 83 by the
Government In Slay.
Corn ended firmer, after displaying Ir
regularity. The market at Liverpool was
easy, with Argentine freight rates lower,
being quoted at 160s. against 175s last Fri
day. A better demand for the cash article
was reported from the aouthwest
Oats also Improved after showing woak
nee, which was, due to fine prospejeta for
thecrop, which are Inducing large market
ings. ,
I,dlmr futures rancsd as follows) ,. . .
alondsra
Closa. . closo.
vrnst-
1
1
i.oa
t.OTH
Op
Star ....... 1.00
July ....... l.oj
Rant. l.CS'
Com tnew delivery-;.,.
May .,..".. J JJW
July- ....... 6J TO
fi.pr. CH in
iUy'lTT.... 38W 8H
July 40
Sept Soil S9H
stay ?.?I
.l-.su
Hljh. Low,
i)l
Jill
MMf .....
JWy
May
..12.50,
,.12.SO '
.12.20
.18.30
vi.ua
12.62
I2.BS
12.43
12.40
JJ.BO
1.04
l.05i
LOT
TO
sujl
13. 57
12.85
12.50
l.OtUtl.OI
ta w
T2
US,
J12
U2.
g
aaS
39
S8K
o
32
03
TOH
tesji
80
40
3S;
12.53
12.42
12.67
12.S0 13.43 112.53
12 10 tl2-40 12.22
12.22 U2.SQ 12-83
, .22.40
..2LT0
ept. ......21.10
f. TAKKJ.
July
CI
22,45
21.SO
21 511
INomtnaL
23,23 122.40
31.80 21.6T
1.31
121.00
RATES FOR MONEY
Call.
Terk , ,. HigsW
s
a
354 94
Tims.
St; 0aH
9 4
04(4
BANK CLEARINGS
BMfc ljt-urins today cotacariHt with cojrrn-
JJIS1HIISS, . M B-Mj
mz?$MHMfMi
1S14
.1MS.ST9
32,aT,aia
New York Bond Sales
High.
OS. 104
. . . 01)
. .. 1)254
.. Silji
... im
. .. 113.
. .. !3?
8.-,,
. ..1II.1H
llllji
t 4s. 111
I2.
KOOO Alaska Oold cv A
0383(10 Anulo-French Ss .
1000 Amer Tel clt 4s . .
14110(1 Amer Writ Pap 5s
1000 Ann Arbor 4s . . .
1200(1 Armour Co 4Vja .
S4.100 Atchison cen 4s .
200(1 do iidj 4s
1300(1 do cv 4s llir.r, .
10(1(1 do cv Ss 1017
ni)0() Atlan Co I.lne 1st
.iuuii uau & umo ;ib
ouuu no -tn uih
(1000 do cv 4Mb DiljJ
42000 do Os KioM
3000 Beth Steel rfd Ds 102
20000 Ilrookn It T lis 11)18.101
ooo Ilrookn U 13 1st na ..101H
.1000 Ilrookn U a 1st 5s . . 1UHH
17000 C C C tni Mi Do
14000 Can Gov fis w 1 11)20.101 U
5000 do 1031 101 J
121000 do 1021 1(1(1
4000 Cent leather 1st Sa,.102U
2000O Cent l'ao 1st 4s .SO.
55UO Chill Copper Tb 12S?.
(IUOO Chcs & Ohio cv 44 a.. 8,'H
1500 do rce Bs 103
14000 Chi St Alton 3s. ... 4UT.
(1000 Chi Ot West 4s 71
2(1000 C il 4 Q Joint 4s 0Si
100(1 C M A- St I' 4s 1025.. 1)4
5000 do 4s 03
5000 do CV Bs 10HH
1000 do cv 414 s 101
1000 do rfd 4V4b ol'J
1701)0 Col Midland 4s IS
500U Col .Midland ct 4s 14H
0000 Cons das cv Us 124
8000 Den & It Q 4s 784
5000 do rfd 5s 7014
20000 Detroit United 4lis .. 83
4II0U0 DIs Sec Corp Ss 77'1
100O Krlo een 4 74
10000 Erie prior 4s 83S
2000 Hock Vnt 4'is ins
5000 III Central 4s 1033. . . 83?
2000 do 11)52 hH
loooo ill c c a l t n o ss.iniU
23000 Interb Met 44 s 73S
25000 Interb It T ref Bs. .. 08
71000 Inter M Mar ct 44s.l02i
4000 Interl Paper cvt 3s.. !)04
4000 Jap new Q 3 4'io. . HO
2000 Japanese new iy$a . 8It
200(1 K U Ft S M 4s... 7rtS
62000 Kentucky Cent 4s M
2000 Lake E tt V 2d 4s., 60
6000 Lacks Steel 3s 1023.. 1)11
3000 Laclede Oaa rfd 3s..l01t4
1000 LI; Hh deb 4s 1028. . 05i
1000 Lk ah deb 4s 1031... 111
3000 Lie & M T Bs 102
4000 Louis It Nash 4s 04K
5000 Minn ft St L 4a.. .. 59
A000 Minn Ht 1 S S 11 4s. 0.1'i
74 "4
111 01
II2H 1)2I
ii lli mil
DO 0(1
(ii;J4 1()()J4
01 10t
101
WW,
80S
1II1H
101U
Kill
1(I2'4
8!l.
128
OSH
1113
H
08H
04
02
10S
101
04U
15
14V4
123Ji
78
TOH
83
TTi
T4
T3
08t
'"HI
Ml
84S
TdH
881,
80
ui'H
101
54
114
102.
51)
11
.
02
otH
100
1074
108
10TH
lua
1000 Mo ICan li T 1st 4s..
0000 Mont Power Ss 074
10000 N Y C II Old ct 3s. 83
13000 do (Is US'.
4000 do 3V4 B 824
4000 do 4s 02
(1000 dn 4'.4b DIS
800(1 N Y City 4s 1039 lOOli
1000 do 4 a 19(13 1074
800(1 do 4 JO 1003 lOftli
13000 lo 44 a May 1037. 1074
10000 S V O 11 4 I' t .... 834
tiuuw uo oa ... . ...,,.., 11)0
nooo n v iiwy aaj as..,.
.IIU.II, .. . ici K?.l ..SB.
12000 do 48 Bi'
1300 Nor Pac prior 4s 02S
5000 do sen 3s , . ml
4000 do rea- 3s 63
6000 Ore aVRiNIi 1)2
5000 Penna en 44s 10354
buuu ao 4s iuji
luou j-uoiic aerv r
4000 Readlni' ren
8000 Iteoub Cuba Ss 1D04. 00
100O nep I It S na ' 084
18000 Itlo Or t W clt U... 74.
00(1 Itock Island 4s ...... 83
15000 do rfd 4s , 7451
StOOO do Ss .,' 37
2(1000 El I. I M 3 gen Bs. 1015
400(1 do Ulf 4s 69
10000 St L. a F rtn ct .. . (17
nuuu ao ria ct ata 4a..,. 74
43UOU do cen ct sta 4s,.,,
113000 do A IT I ,
loooo do In w 1
1000 do w 1 ,..,..
24000 do adJ w I
5000 San A A P- 1st 4a.
20000 St It Swn con ....
20000 doll
3000 Seaboard A L rfd 4.
1000 South Pao 4 .......
1000 do cv 4a
0aOQ doevfis ,.,....,.. 104 1044 1D4
B300 do rfd 4s ,.;.. MT 004 0051
1000 South Mo & Ohio
3000 Third Ava ref 4s .
A300 Third Ave adJ Bs
1000 Toklo 5s
11000 T at I. 4 W 4s .
iOoo I'tah Power 5a
3000 IT H Rubber
10OOO V M Steel Sf fis
20OO V V a N A M 6s .
lloOO Un Pac 1st 4s . .
20O0 Ua Pac cv 4s . .-.
Soon tin Pac rfd 4s . . .
1000 v Rwy Ss
SOOO Wabash 2d 5a ... .
1700Q Wast Eltclrlo h.
5000 Wb!ln i L li lit 4 64
.... 5T 5T
i... BH)l 08I
4 a. 1204 12(14
inn . ,.,.juo iuo4
1021 ..... ,1014 1014
N J Bs,... U24 0254
in 4s 054 05
UU'4
1)854
T44
83
T44
5T
10154
SO
1TH
74
04
T04
484
1854
8254
67
114
B84
id
88 ,
614
TO.
184
1B54
s2n
O'l
3i
084
684
8654
BO
1
714
2,4
US
i II
Am TMi in
. . 61 H 81H
. . IUS 11IU Tt!
, , 77t4 TT 77
. . 110 BO 5(1
. U5U 035i B35,
. 102 102 102
. 1035s 10354 1035?
Ill 111 111 '
. . BT flat o4i
. . 03 93 034
. oo ! 8o
.. B7K 07 074
..B8 US? 9-2
inu inoLi .A.ILC
8S Bii
Weekly Cuban Sugar Statistics
NKW YORK, May Jl. The weekly auvar
atatlstlca from Cuba follow: Itecetpts. all
ports. 46.914 tons, against T3.13 ton last
week and 76,577 tons last year; exports,
all ports, S8.4J5 tons, compared with if,H9
a week agu and 69,517 tona a year ago;
stock, all ports. 894.189 tons, against US..
829 tons last week and 758.989 tons a year
ago. mills, XTtndIn, numbered 12, against
SI and 102 1 exports to Europe were j7,J($
tons; export to New Orleans wore 7210
tMi, Rainfall has been fcoary and general.
High. Ixiw. Close.
130K 130W 13BH
I.H DJf P5
23W M 23,'f
27J, 27H 27)4
B3H 82 f3H
OSii OSJf C8
70 74Ji 70
no m oo
boh mi soi
COX 69Jf G9H
117 117 110
101 U IW) 100
Last tote
Adamj Kinrcsi 139
Alaska J Oold M W
Alaska Oold MlnM.. ,.,, 22H
Alllj-Chnlmers Mfg 2flf
Allb-OMfE pf 81"f
Am At Chemical , CS!(
Am neot Butat ..,., 74H
Am Meet sugar pr 90
Am Can , COX
Am Cat A Fdr 00)
Am Cat &Fdt pf 117
Am Coal Product! 102
Am CoM pf HOJf 110! HOJ HOW
Am Hide A I pf 49i. 40H 49), 49)4
Am Locomotive 725. 73li 72H 73 H
Am wait corp'n 7H 7JS 7J, -7JS
Am Malt Cotp'n pf 3fl) 3SM 35J4 33 U
Am Smelt A lief ns OSM 97H 07H
Am Smelt A II pf 113Jf 112f 112)f U2
Am Smelt pf A 065 9.i 03 03
Am Steel Foundries..... 62,'f 324" C2K B2J4'
Am Tol ATel 129M 13(1 129H 1295.
AmTobpfnew., 107 107 107 107
Am Woolen ....43 45,'f 4S!f 45,'f
Am Wrlilnit Ppf........ 21) 255. 235 235.
Am ZlncL A Sm....... 84i 83!f SMi 8Ul
Anaconda Cop M,.,.,., 83 83 S-Of 8l!f
Atch Top AS F 105)i lOJJf lOolf miH
AtchTASFpf 101 Ml 100H 101
Ail Coast Line .112)1 112)4 112H 112H
Dald I.OCO Wks SUM 110)4 Sis' 4 88)4
Hald Loco Wks pf 110 UK) 109 100
Halt A Ohio )1, 01', DIM 1UJ4
Halt A Ohio pf Villi 77 7fl! 77
llrooklyn It.tp Tr -..s ss'i SSij 8S(
Ilrookljn Union Oas .129 128 12S 128
Iiutto A Superior nijj v( 10 00!i
Cat Petroleum 2214 22)4 B2Jf 22J(
Canadian Pacific 178)4 171HX 178X 17S54
Central leather 54)4 545f C4 51
Chandler Motor 105 108)4 100 107)4
ChesAOhlo 03 03 0254 G2X
Chile Copper 20!f 20!f 20)4 -20)4
Chlno Copper 32J4 63 62 62
Chicago Great West .... 13)4 13)4 13)4 13)4
CM Jill . St Paul 08U 09 0S5S 08'1
FRENCH ASK 200
.129)4 129J4 129J4 imi
Chi MM A St Paul pf
C C C A St I, pf 82 K
Chi A Northttcstern . .131 131
('hi II I A Pac 20)4 2DS
Cluctt Pea A Co 74 74U
Col FuM A Iron 13 14)4
Continental Can 10t7i 103
Consolldate.1 (las 13714 138
Corn Products Itef 1054 19'.
Crudblo Steel 84H 81)4
82
131
20'f
74
43JS
102
138
10).
8354
Cruclblo Steol pf 110)4 110)4 110)4
82
131
20
74 U
41)j
102
13S
10'4
835 1
110)4
00
27
Deero A Co pf 00 00 00
Den A Itlo Or pf 20 27 27
Detroit United Hys 112 112 111)$ 111H
Distill Sec Corp'n 6154 Gl!i Gl 514
Domo Mines 201 20JS 20)f 20)4
Erlo 38), 38J,' 385S 3S,
Erlolstpf 64 5l'f 5354 635,
Fed Jiln A Sm pr 37)4 37 37 37
Gen Chemical 323 322 320 320
General Electric 170)4 172
Goodrich II F 70?4 77)4 7CJ4
Gcodrlch J( F pf 115U 115)f 115'i
Great Northern pf 121$ 121)f
11
45
21'f
03)$
73
C1'4
G N" cfs for oro prop 10 405$
Gulf States Steel 70 775$
Gulf States S 1st pf 07)$ 09
Gulf States S 2d pf 78 81
Illinois Cent 103 101
Int Agricultural 18 17!$
Int Con Cor x t c sh ... 18 18
Int llarv Corp'n 80)4 82H
IntHarvN J 112 1135$ 113
Int llarv N J pf 117 117 11
Int Paper 105$ 11
Insr Cyn Cop 43 45
Int Nickel v t cfs 45J$ 43?$
Int M M c of dep 25 255$
Int M M pf c of dp . . . . ()2)f 054
Kelly Spring Tire 72J4 74)$
Kcnnecott Copper 54J$ 35
Keokuk A Des M 5 5)$
Lack Steel Co 70)$ 71
Lehigh Valley 835$ 85 '
Lee Rubber Tiro 52)4 64 Jf
Long Island 31 32
Loosc-W DIs 1st pf 85 85
MackeyCospf OS 0S)4
Maxwell Motors 855$ 80)4
Mai Motors 1st pf 00 00)4
Max Motors 2d pf 6S 5S
May Dept Stores 07 GG'f
Mexican Petroleum 109
Miami Copper 35J$
Minn A St Louis 0)4
Missouri Pacific GJf
Mo Pac tr cfs 0)$
Nat Cloak A Suit 70)4
Nat Enam A S Co 23$
Nat Lead Co 07
Nev Con Cop 17!f
KTM1 A II G154
New York Central 106 100)4 lOOJi
171)4 172
77
115!$
121
405$
701$
98'$
81
101
17)$
IS
82)i
113)$
117
11
45
457$
215$
931$
74!$
51)4
121
395$
70
075$
7f.)4
101
17)$
18
815$
71
83
62)4
30)4
St
GSJ4
85
00)$
575$
00)$
110)$ 1085$ 109
35J$ 35)4 33)4
7 7
G'$
G)$
78)4
23
07
175$
61
71
83
52)4
31J4
81
G8)4
851J
90)$
58
G0J4
05$
0)$
,79
23M
07
17J$
01
Norfolk Western
Ontario Sile. Mln 8V4 8!4
Pacific Mall 24 21
Penn Railroad 575$ 57!$
Philadelphia Co 40)4 41
Pltt-sburgh Steel pr 985$ 0S$
PO O A St L pf 03 94M
Pub S Corp'n N J 131 130
Pullman Co 105!$ 105
7
0'$
G)$
78)4
23
07
177$
01
100)$
127)4 1235$ 1245$ 1235$
8!4
235$
57$
41
OS
om
130
104$ 105
42 43
07)$ 97)4
22$ 225$
854
21
575$
41
OS
041$
130
RySteelSpCo 42 43)$
Ry Steel Sp Co pf 08 074
Ray Con Copper 22!$ 22J$
Reading 10254 1035$ 101)$ 101)4
Reading 2d pf 40)4 47 47 47
Republic Iron A S 47 47$ 47 47)$
Republic I A S pf 1115$ 1115$ 1115$ 111.
St L Southwest pf 42 12 42 42
St I. A S K 2d pf 0 0 0 0
Seaboard Air Line 10 10 10 10
SearsRooACo 183 184 183$ lt3'$
Shat Ariz Cop 315$ 325$ 31'j 31J$
Sloss-Shef S A 1 64 54 51 54
Southern Pacific 100)$ 09 085$ OSH
Southern Tacte 1195$ 120)4 120)4 1201s
Southern Ry 22H 22)$ 22$ 225$
Southern Ity pf G5 G5H 05 05)3
Standard Milling 104 103 103 103
StudebakerCo 139M 1405$ 1385$ 13SW
icnil iupim -iijj -njs jjj .j.j
Texas Co . .
Texas Pacific
Third Avenue
Twin City RT....
Union Pacific
Union Pacific pf ...
USInd Alchol ....
US Oi P AF
U S 0 I P A F pf .
United Rys Inv Co 0$
Un Rys Inv Co pf . . .. 19!$
..192$ 1935$ 1935$ 193)
.. 12)$ 12)$ 11)$ 11)4
.. 02)$ 02)$ 021$ 025$
..09 09 09 09
..1305$ 140)$ 1393$ 140
.. 825$ 825$ 825$ 825$
. 158)4 159)4 1585$ 158)$
.. 215$ 21J4 21)4 21),
U 50 SO 50
95$ 95$ 95$
105$ 19J$E10!$
u o imuucr ou ou ooj-i Don
U S Rubber 1st pf 1095$ 1005$ 109$ 1095$
U S Steel Corp'n 85tf 80 83)$ 855$
U 8 Steel Corp'n pf ....117 117$ 117 117
USSmRAM 73)4 74 73 73
Utah Copper 80)4 81)4 W)!4 e0!$
Utah Securities 165$ 1G3$ 1G) 1G5$
Va-Caro Chem pf 108J4 109 109 109
Wabash 145$ 15 145$ 15
Wabash pf A 495$ 60 405$ 495$
Wabash pf Ii 285$ 2J$ 28$ 285$
West Union Tel 00$ 06$ 05)4 05M
West E AM 02 02)$ Gl$ Gl)$
Western Maryland ...3. 32)4 32)$ 32 32)4
Willys Overland 275 275)4 272 272
Willys 0 pf s rf p 100)4 107 100)$ 1005$
WoolwortaFW 133 133 133 135
Quoted ex dividend.
RAILROAD EARNINGS
CHICAGO QUEAT WEBTEItN.
sross
1010.
gross
11,170,803
23D.01MI
ao.una
12.010,870
3, ,101,074
1.. 175.000
31U,0HU
April
net ......
Surplus
lo months1
Nl!t
Surplus
Third week Mav
.rrom juiy i is,au,utft
CHICAOQ AND ALTON.
April s-TOSS 11.232,347
Ntt ,.. 207,202
Total Income ...,,.,,, 233,814
10 months' cross .,,,. 18,4X4,803
rto ........... ff..... 0,aoi,ou4
.vi.
Increase.
1158.231)
1111.405
122.403
1)118,847
I.4HI1
7IIH,
(181
.727
mm
l,V4l,OVV
1168,713
22U.4-1T
236,838
1.680 805
income ,...,,.; 2.829,881)
CHICAGO, 8T. PAUL. MINNEAPOLIS
OMAHA.
April cross .,,, 11,660,739
Net .,...,.,.... 601.143
Surplus , 332.U23
10 months' cross ..... 10,83(l,H5
Net olosa.OST
Surplus , 2.5U3.V35
1,817,830
L880.880
ANP
1374.070
20H,S0
183,584
1.2H.HS0
700.T42
482
BT.-
April cross
Net after taxes
ERIE.
I0.02T.803
.... 1.483.18T
11,013.083
534.132
CANADIAN PACIFIC.
April cross 10.881,80(1
Net 3.T83,T3d
CHESAPEAKE AND OHIO.
April cross 3,027,E2T
Nee 1.121,504
Surplus 824,482
Ten months' cross .... 30.773.420
Net 18,830,385
Surplus 5,434,431
Decrease.
13,423,448
1.549.081
1402,215
50,110
38.898
A468.04S
3.703, (Ml
8,35U,7(J8
MVE STOCK QUOTATIONS
loan
afld
CHICAGO. SXy . HOaS-j-necelpts, 20.000.
uargcv nruit,. A141PU snu ti
I9.WU1I.OiJ
19.
rVet slrunjr.
0.83: cood heavy,
la(IOll.4S. Ilii.l
9. bulV. 10 5309,80.
CATTLGnstelpU.
loc hlxher lfve,
wlfel., (4.2S&0.50.
till so.
8HEUP JtliU,
Kstlva nod WuMrn,
Tu.ti. 18.711
utchers. fazitt
1: rouvn hmvv
00u.73i 9Ut. tS.23i
4.000 Market strodu.
,8 13910.80, ,cow .and
iocKers ftsq iseaers.
v.-fu.
calrts, 8. 74
liSSi.. !S.'St ,ieii
MERCHANT FLEET
No Strong Protest Raised
Against Proposal to In
crease Income Tax
MEASURE I'N PARLIAMENT
By YVES GUYOT
Spcclnl Cable tt Evening Ledger
VA niS, May 31. No one 1ms mndo ony
Btronp; protest yet nEtilnst the Oovernmcnt's
propositi to tnerenso tho lncoms tnx from 2
to 6 pe cent. Thcro hns been only somo
Blight grumbling bconuso tho mcasuro wns
not dclnyeil a year. However, tho Soclnllsta
aro still nfraltl to celebrato their victory too
loudly, ns tho measure Is still to bo voted
upon.
Tlioro Is much discussion of a tnx on war
profits, which Is loadlnft to tall: of "scanda
lous benefits" resulting from certain con
tracts with tho State. Tho profits show that
tho State Is satisfied with tho terms of tho
contracts. Whe.i private parties mako con
tracts they havo to carry them out, but tho
State makes Its mlstnkcs an excuse 'for In
creasing tho tax, S
Tho Chamber of Deputies Is sreatly en
raged nt thb Clovornment's proposal for
aiding the merchant marine. Tho Gov
ernment proposed to set nsldo a hundred
million francs for buying ships from Allies
or neutrals, but tho Chamber proposes to
voto two hundred millions for building
ships by loaning to owners up to 80 per
cent, ot tho value One-fourth of the
ships must be devoted exclusively to
t ratio between France and Its oolonles,
while nfter the war for tho first two or
thrco years no French ships can trade
with countries not now allied or neutral.
Advances to owners must be repaid In
ten years.
FOREIGN EXCHANGE
NEW YORK, May 31. Tho market for
foreign exchange In tho first hour ot busi
ness today was Inactive nnd virtually with
out featuro aside from n slight betterment
In French exchange. In most cases rates
were the same ns at tho closo Monday. Quo
tations follows: Demand, sterling, I 15 ;
cables, 4.7G7-1C; franc, cables, C.91',4 ',
checks, 5.92', i ; relclismarks, 77 l-lGfi 77U ;
lire, cables, G.3G14; checks, G.3GH ! Swiss
cables, 5.22; checks, G.23 ; Vienna, 13.25
13.30; Stockholm, 29?a30; pesetas, 19.90
19.95; guilders, cables, 41; checks,
41 ; rubles, 3O'5,(0'30?i.
Around midday the market for foreign
exchange continued sluggish ns to volumo
of business, but there was a llttlo Improve
ment In French and German exchange.
French cables were quoted at 5.91 U and
checks at 5.92. Itclchsmarks roso to 77m?)
77 3-1G. The other market was'not changed
from tho opening figures.
In tho afternoon dealings tho market
was nulet but displayed a steady tone.
Further Improvement took place In French
exchango and relclismarks held at the
previously reported figures. Quotations:
Demand sterling, 4.75'4.7G?4 : cables, 4.7G,
bid and asked; relclismarks, 77Hf?77 3-16;
frano cables, 5.Ul',i ; checks, 5.01 Ts-
Exports From New York Doubled
NEW YORK, May 3. Tho exports of
merchandise from tho port of New York
for the week ended May 27 wcro valued
at ;G1.095,278, ngalnst $39,894,085 tho pre
vious week nnd $26,457,310 In the corre
sponding week a year ago; since January
1. $1,007,030,604, compared with $546,739,
485 In the corresponding porlod last year.
Condition of U. S. Treasury
WASHINGTON. May 31. Tho condition
of tho United States Treasury, according to
a statement Issued today, was as follows;
Net balance in. general fund, $131,138,358;
total receipts, $60,182,387; -total disburse
ments, $59,843,159; deficit for Jhe year,
$27,003,422 exclusive of tho Panama Canal
and public debt transactions.
lllillllillltDIillllllllHIllllllilil
1 Investing With an Eye 1
' ' ! fV -1 C"f 1 1 ' :
Un the melon ratch
H
rr Htnr corporations have sdoplea
tie policy or quistiy snowing- ex-
Fx
trx profit! to accumulate, or sue
nut them back Into the builneii, to
the enhancement of invettment val
ues. Thus a melon patch li culti
vated for the enjoyment of atotk
Milder!.
From time to time the accumu
lated profits ara distributed In the
shape of extra dividend!. Or the
added values are capitalized in new
stock, which is divided amour the
shareholders in proportion to their
holding's.
fl Itlght now there are several blr
corporation! which will shortly dis
tribute stock dividends of from 60c.;,
to 00 to their stockholders.
flA pamphlet en the subject of
stock, bonuses and subscription
rights will bs sent free to thots
requesting- it, together with circu
lar naming the corporations that
are about to nar stock dividends,
Aak for 17-PL, including booklet
explxining
H
11
S "The Twenty Payment Plan"
1 CEOTW'&io !S
ES VJ Ifweytrncrviyecurlrk V-'
(EttablUhed 1S0S) 22
40 Exchange Place New York SS
i!llllllllll!!!li!llllllll!llllllll
ELKINS, MORRIS & CO.
BANKERS
Land Title Building
Philadelphia
High Grade
Pennsylvania Tax Free
Railroad Bonds
Equipments
and
Public Utility Bonds
MESinEItS
JfKlV YOHK AND nilLADELl'llIA
STOCK EXCHANGES
PROPOSALS
THE CONNKCTlN'a KAILWAY
ivnnnilcanhi Itallroad CoinDanr. I,aji.
r.: . - - . . . ..-.- - -. --
WOrK uppuricuMiiv lu uuuiieuiuent 0!
COMPANY.
.ce.
grade
AMlniMon tha Chestnut Hill iiranch.
Sealed proposals for tha work under ths fol-lowlns-
contract will Jm received at the.orlce of
the Chief Engineer. Jloom 607. Ilroail Street Sta.
lion. Philadelphia, until June 19, 1916, at 11
o'clock a. W. ., , M
VI.: Contract No. , for sradlnr, masonry
and appurtenant work tor chanting s(j, ot
tracks trom a point south ot Graver's lane to
Chestput H1U Station, and constructlna- bridges
on line of Highland Mod Seminole avenues, and
of Hartwell avenue.
Plans, specification and blank forms for
blddlns- may be obtained at the office of the
Chief Enstneer. Room 801. llroad Street Station.
The risht U) reserved by tha Connecting- Kali
way Company. Pennsylvania Itallroad Company.
Chief Engineer;
E. V TEMPLE.
Asslatant Chief Engineer.
O1SECT0BY OP ACCOUIflCUiTS
CertllUilPuhlte AeeeuntjinU
w. WFSSS&m $?m
Sales in Philadelphia
I.t Alllsnc Ins
81) Am Bwya t
lull II A R t e pr
L-am iron
lllah.
f. Isj4
own
,4.1
Lara iron, ....'il,
(!0 Cfm steel ...f J!S
sx Kleo Stera(re..S04V
217 Oen Aephalt.pfd 70J
35 Mice
311 tier
an Ins
7T
coo
7T Int
on ld rr
21 lhlgh
t:i N Am. Si
Ml.MU MH
da rref t c., f)3H
nav . . (
.. i.ht.h V.I RX
100 I.oh Vl Trnn.BlM
(10 Nor 1'ac 114
1011 Nev Cons ..... 17T
SS5 4'enna Itlt ... M
12 Penna suit Jttit.loiiW
,H do pref . OSH
lo Phllft. Co cum pf 41
114 Phlln Electric. B7i
201)7 V n T ItJ-tfe.. I8H
ID Phlla Trffl 7JH
3(i() ltwy 81 8nr ..,
11.10 Itenilln ...... .lO.t',4
(175 Ton Hel
441) Ton Mln . ....
l8n tin Trae .....
78 II O I ......
101(1 V 8 Steel ....
200 W N Y l'A.i
2S Vr Ir A StI,
lAU Cramp ft Sons
100 York ltwy .i.
in tto nref ..
Ex dividend.
BONDS.
High. Low. Close
12000 Am O ft E B.,M OS PS
nuiHi Con Tr N .1 Ba.iaav 1?2M in-
o,.inn i!i X. IVn Tr 48 HI B niia
l': :: : .. r- .Lm 1,10m inn: i ):
Hum l.h V Drtl 4S. Ill 01H "l!i
f niiii .m ri rris 4s.lnoU HioH loc
400(1 . do cons .J'iB.lO.I? 10.; IJJlSi
T7-.I1II l'niin r.i .n. . . r..... -, "'
11U00 Keixllnn Ren
IH
14
ii,
Net
Ixivr- C'o;e. ehg.
giif ii m
J3h ihrW
ot invi !
$$ m ix
h h i i
B7f , r.7K 5
loo, loo'.i -- H
4lJ 41ji i
27. SJ ,'.
17 JSH 1 ,
7(1H 7014 'A
43 4.1,, 1
101!4 102J4 .....
4, 4
80H 30(4 H
4s n.-iVi or.
Net
chKC.
'4:i
n
U3
NEW YOHK COFFEE MARKET
NEW YOttK, May 31. Tho coffco market
opened ftendy nnd unchanged to 1 point
higher, with sales of 3260 bags on tho
opening call.
Trading continued nulet throughout tho
morning, but tho undertone was steady nnd
tho values gained a pomt or two on scat
tered buying. Nothing of importance de
veloped over tho holiday and the market at
host wns a narrow ono and In a waiting position.
Toddy's
" opening;
1.0300.10
Mny
jSll? ::::::::::::: -b:
Atmust" g'SS8'0S
September S'SIto -r
October 8.7008.. 5
November ---i
Decomber g-gt
January .g-ijT
l-pbruary '8.00
March .. .::...:.. .s-sjoo-oo
Anrll 'ILOO
llld. Total snles, 30U0 bags.
Monday's
close,
s!ifl9,M
H,r)(ij8.n7
8.01! WH.08
8.01IW8.7O
H.7HW8.74
H.774PH.7H
8.81 08.82
8.80W8.88
8.1)1 W8.D3
8.0008.08
0.01 00.03
DIVIDENDS DECLARED
Virginia Railway nnd Tower Company, semi
annual nf 3 per cent, on the preferred etock,
payable July 20 na registered Juno 30. Hooks do
n0nKCrsotl-nnnd Company, regular semiannual
of 3 per cent, on preferred stock, payable July
1 to holders of m-onl June 10.
Electric Properties Corporation, regular quar
terly of Vi per cent, on the preferred stock,
pnvable June 10 to Block of record Juno 1.
Quaker Onls Company, regular quarterly of
2'4 por cent, on the common nnd H4 per cent,
on the preferred stocks. Tho common dividend
Is panble July 15 to holders of record July 1,
nnd tho preferred Is payable August, 31 to
holders of record August 1.
Chicago Telephono Company, regular quar
terly of 2 per cent., pnynblo Juno 30 to stork
of record June 20,
Emiltnlile Illuminating Das Light Comnany.
regular semiannual on preferred stock of 3 per
cent , payable June lf to stock of record Juno 8.
GOVERNMENT BONDS
Hid
ooW
ii ntt
wv
2s registered 1030
2s coupon 1030
as registered luia (ui'i
.Is coupon 1018 101 i
4s registered 1023 110'i
4s coupon 1923 -. Ill,
Panama 2s registered 103(1 UU
Panama 2s registered 1038 DD'A
Panama 3s registered yool 102
I
Asked
100
102
The Twin State
Gas & Electric Co.
First and Refunding
Mortgage 5 Bonds
Tax refundable in Pcnn.
Theae bonds are- secured by
a mortgage covering as a di
rect lien all fixed property
now owned or hereafter ac
quired. Replacement cost as
shown by the report of the
engineers is about one and
one-half times the faqe value
of all bonds outstanding.
Earnings and volume of busi
ness have steadily increased
since the organization of the
Company ten years ago.
To yield about 5.50
Send for circular 392 which
gives detailed Information.
William P. Bonkigfit & Co., Inc.
MOXUSIS WISTAR STKOUD, Jr.
Manager
437 Chestnut St., Philadelphia
New York Iloston Detroit
London Farls
William P. rionbrlcht & Co. rionbrlshf A Co.
TAX EXEMPT
Listed Rails
TO YIELD 4.65
These bonds are a mortgase on 1835
miles and they nre legal In Massa- .
chusetts, Connecticut and Vermont.
Details upon request.
N.W.Halsey&Co.
1121 Chestnut St., Philadelphia.
New York Chicago San Francisco
JVo Own and Offer
Hudson Co. XN. J.)
4s
City of Chester (Pa.)
42s
Particulars on application
A. B. Leach & Co.
US South Fourth St.
Philadelphia
Frazier6Cq
INVESTMENT BANKERS
Broad and Sansom Sta.
DIVIDEND NOTICES
7
KeneficU Zinc Corporation
lit Broadway. N.w Vetk Cltr.
Nottao la hereby jrtten thml ritvM..... ..
ten cents (f.10) Her share ha been this div da.
Ur4 by tne Hoard ot Directors on tb? comnTon
or par yams capital stock if
ARTHUri Div T..
Nw York. May 20. 11. .. 4r.
M? AilKBlOAN OA3,C0SHMxi T
ttt Uuilul nt., Uuuihui. Nl,
-T"jr ''"" . . wr 93.9Q &.I
jx' tna unii.i a.u
without nominal or par value
ho.d r o( record
share, hu feeau dasiared
of thla CamtuLBV. iu.vaht
Kmm
TRADING ON LOCAL STOCK EXOBaSB
CENTRES IN THUl TRACTION 18$
Both' Rapid Transit and Unioh Show StreuirtnnJi
Steel alls Mote Than 7 Points in Early SZf1!
Regular Belmont Dividend A
Most ot tho trntllnft on tho Fhllnde'lphla
Stock Exchange wns' In the traction issues
today, both Philadelphia Ilapld Transit
trust certificates and Union Traction bclnp;
strong1. Tho former advanced more than
a point fteforo Uie end of the second hour
and tho latter was up a full point. There
was no newt) In tho Street to account for
tho strength In the two Issues.
1'rlco movements throughout tho. list wero
mostly 0)1 tho nldo of advnnccs, although
the trndlng was hot active. In tho arbl
trngo group Lehigh Valley was tho feature,
advancing nearly two points In tho early
trading, but most of this gain was lost
later In the day.
On tho sale of 80 shares Cambria Steel
felt
the
7K td 824.
snce the ,wi .
the company was taken over fci. J
thcro has" been very little oVa lSt
and action In It Is not taken . . 'J
of the general marke .n M nM
t.olyS,nSlTsRed,?atrli
preferred, Philadelphia iff.-i..'"1?
a ::,vv"i' aw
pah Iltlmont,
that tho
Annntini.AM.l .
r. ". ---- eill ,
. u iunnn. iiiim(.i i .
Company dlrecinm v,..t .1...' V
- siuu iirc 1 a ia j
of 12 4 per cent, for the auaru, ,1
rati, payable, July X WSS
icuuru June 10, The dlreetot. 3
for (ho year by re-electing thsni.orl
company. K "1B raii i
Dates for Bethlehem Steel Payments
NEW YOIIK, Slay .tl'.-Tho Bethlehem
Steel Corporation announced today that sec
ond Instalment of 1 per cent, of tho 7 per
cont. dividend upon the preferred stock and
of IVi Per cent, o the 30 per cent, dividend
upon, tho cotnon stock, which were declared
on January 20, 1018, wtl lbo pnynblo on
July 1, 1010, to the stockholders of record
nt 3 p. m. on June IS, 1016 j tho third In
stalment of tho dividends wilt be payablo
on October 2, 1016, to tho stockholders of
record at 3 p. m. on September 15, 1016?
nnd tho fourth on January 2, 1017, to stock
holders o'f record at 3 p. m. on Docembor
15, 1016.
United Motors' President Resigns
NEW YOltK, May 31. Charles W. Nash
has resigned ns president of the General
Motats Company. It was impossible today
to obtain any Information-' n9, to who will
succeed Mr, N'nsli, although n meeting of
tho directors la scheduled for Thursday, nt
which tlmo It Is possible that odlclnl action
may bo taken in th6 matter. Other changes
In tha odlclnl family of tho Qoncral Motors
Company nro understood, also, to havo
taken placo rocontly and will becomo oper
ative on July 1 next.
Drop In Bar Silver
Commercial bur sliver In New Tork today
uotea nt uaftc. a aecnnn ot i-e.
.ondon tho prlco was 32',rt., oft Ttd,
wan nuoted at us
In I.
GO Per Cent. Dividend forCossVj
uAUTiMuiiis. Slay 31.riKc-Z-i
Cosdcn & Go. havn a ... J.VJC"'I
which has been n matter of cumi '
8 In financial elrnlxn r- .VT!.!
company proposes to Iner... i.';
stock to $6,000,000 ahd wilt dectsra ?"
umuenu 01 &u per cent. As iu 53i
Oklahoma, where tho company 'ifSSi
nnmtiMl. fin tint n,, it . '-sfc.31
Btdck dividends, It was necesaarViU
this payment in cash, To tn .iV
i ...!.-.. '- tra
"" Bimreiioiacra ftn, t
iTO
"ki m 1
tlngency tho shareholders
rigni to invest tna cash wli
n tliptn fnr tlin nrnnntllnR - , V ll '
would rccelvo into tho new stock- at i
To thoso who nrefer thr oaei. ik. Jir"Wl
bo marketed by tho comnanv JTt3
over to tho shareholders. This iIaaSJ
been selling In tho open market JS1
than flvo times Its par of SB a ah.
company proposes ,to contlnus lu dMa2l
navments on tho stock nt 2 m.r ... J"w'l
-, r. . ..." '" "'"-rei
mnkcs-28 per cent, a year.
J
Mining Company Levies As
BOSTON, May 31. Director ot k2
Lako Mining Company have levied aaSI
sessmont of 31 a share, payable June 111
u.ww.. -. ..- ... u. ttflevs
has been underwritten. There are.1
shares outstanding. With this 'ex.
110 a share will have been paid in;tbt
scnption prico was ana two l
ments havo been lovled.
-M
IBf ll
oelo
eisiua.
P. U. TraajisMf
1
' "Principal May Be ,.
Registered"
In our monthly bond list we have instituted'
brief explanation of the terms used by Bankers inj
describing investments. .
Our
June Investment Circular
discusses the above subject in addition to presenting.
a number of desirable bonds which embody this imj
portant feature. t
Copies will be furnished on request.
Edward B. Smith & Co
ESTABLISHED 1892
BANKERS
Members Philadelphia and Neiu York Stock Exchanges
.1411 Chestnut Street, Philadelphia
30 Pine Street New York
$10,000 Grows to $1,600,000 in
Result ot, investing in
StKSSSSSJSSS-MBlj
5 Yean ill
HUPP MOTOR STOCK
This company -within seven years, by reason of stock dividends, fa-i i
-i it..- ' !. . i rwinnn -n.i .i.,; m- ,m.. mM r-nh divi-4-
creascu llicir wajjiia, iu yi,wv,jvv, uu uui.t.K au..n. "- I--. ;-
dendsJmountinB to S1.1S9.375, and their business is still srowagaXW
rate ofSO per year. 1916 will be between $16,000,000 and $18,000,000,
while at present market the entire common stock issue represents only
a value of $4,500,000.
we offer HUPP MOTOR COMMON
Market on Application
Earnings this year should be about
25 on present selling price.
In our opinion these shares are ona
of. tha best purchases In tha market
today.
It Is expected these shares will soon
be listed on New York Curb.
We believe buyers will make large
nnd quick profits by advance in prices.
.(l .. ... I ... n-r.A Otir &d
vice on MOTOIt SHARES have m
tremendous profits. . ., .
vnra ntrn flnvnn flf S1B0. filnC0 Q3 K
S 1800. Efght months ago. Chalmew (
$90, now $160. Two months aro. Grist
Preferred and Common (subscrlptNW
at $105, now $125.
SoccialistB in Motor, Tire & Rubber Stocks. Inquiries SoUcitnl
ANDREWS & CO., Investment Banker?
621 Widener Building, PHILADELPHIA
Walnut 4831 " A
CHtCAGO CLEVELAND DW
ifjSSSW" , "i ll '
Brown Brothers & Co.
Fo vmix and CiresTmrr Streets
PHILADELPHIA
"-? a
Travelers' Letters of Credit
issued in Dollars for use in the United States, Canada, HM
Indies and other countries in North and South Amer
Under the terms of issue of our Letters of Credit, traveiwj
o ninna fAf fiunlllnn- nf Inonmn AMff nbsenCB UlSl
of paying the full amount when leaving.
A. U1B t liaM
ck c. a.. Mir I
We deal In
Cpsden Oil & Gas, Common & Preferred StocltJ
Information furnished and orders promptly executed.
MIDDENDORF, WILLIAMS & COMPANY
INCORPORATED
Equitable DuiMinjc Baltimore, Ud.
' Tlpws St, Jul US.
4
i " hi m. -Jn-' iiW-imisi