,-Mi.ljp.Wn , Ti,-ni. MpgBB
lit
If;
5j t&t
EVENING LEDGER-PHTDADELHIA, MOMiATT, NOVEMBER 27, 1910
FINANCIAL NElWS
iJtMJt
VLdALL MONEY REACHES 6 PER CENT
IN WALL STREET, WITH HEAVY DEMAND
i&
-,
i?l'Advance Is Preceded by General Galling of Loans For
eign Exchange Market Pays No Attention to
, Peace Stories, Berlin and Vienna Declining
, r
rr
If
NEW YOItK, Nov. 27.
Cat money was in demand during the greater part of the day In Walt Btrcct,
With a 4 per cent bid before noon, and during tho afternoon tho bulk of tho
business was transacted at 5 per cent, the lilche.it rate 'paid Blnco last July. This
Advance was preceded by general calling of loans, some of tho largo Institutions
apparently putting Into effect a policy to curtail transactions In speculative Issues.
lf Outside of the Exchnngo largo loans wero also mada nt 5 per cent and theso
,J; "transactions had a dlrcc! Influence In stiffening up tlmo money rates. Tho natural
.'"' conjecture on tho Street was that nvailablo resources havo been greatly reduced
by the foreign loans and by tho many new promotions and Industrial syndlcalo
operations.
Tho foreign loans, howovor, havo been well fortified by tho constant ship-
mont of gold from Europe to this country and tho Allied financing has In no
, Way reduced tho surplus reserves. Tho same thing, howovor, cannot bo said
' ' of tho many domestic undcrjvrltlngs of consolidations, which havo required
Immense accommodations" In tho aggrcgato, and has left many of thoso who
' finance these schemes with largo lines of tho subscription offerings still on their
t f hands.
$ Wall Btreot business cannot bo held responsible for tho call money situation
today, as nearly all tho leading houses horo havo reduced their loans In largo
proportion. Lato In tho day tho rato forcall money advanced to D',4 por cent.
There were many other factors which had a disturbing Influenco on tho
apeculatlvo situation. For some reason thoso In clona touch with tho stock mnr
hot operations assumed that tho Sunday newspapers' Rtorles about peaco efforts
In many quarters had an Inspiration from tho Central Towers, and reference
to what was designated as peaco talk was followed bv predictions that nrnrmlatlco
would bo arranged before January 1.
Tho foreign exchange market paid no attention to theso stories and predic
tions, and tho manner in which foreign exchnngo rates moved Indicated that
there could bo no basis for the Street Ideas. Exchange on Berlin nil through tho
day was extremely weak, with relchsmarks cobles selling down to G7. ngalnst
tho provlous low of 68V4 last Soptcmber, wbllo kronen checks on Vlonna sold
at 11.73, a fall of 10 points as compared with Saturday, nnd putting th'o record
Rt a now low level. X
More Gold Comes in From Canada Shipment to South America and Spain
NEW YOn.IC, Nov. 27. Gold bars to tho amount of $7,r.00,00O wero received
from Canada, nt tho Assay Olllco this morning nnd deposited to tho credit of
J. P. Morgan & Co. -
United Stntes gold'coln to tho amount of $1,000,000 was withdrawn from tho
Bubtrcnsury this morning for shipment to South America, fiold coin to tho
amount of $200,000 wus withdrawn for shipment to Spain. Lute Saturday tho
Bubtreosury transferred 1150,000 to Now Orleans and $500,000 to San Francisco.
NEW YORK STOCK SALES
I.aat
close. Tllffh.
ant mt
I.OW.
r-sjf
18
KH
12J
7
MM
i)0H
00
105
mu
73
mt
mu
70'f
27i
22!f
63
snjf
3:00
p.m.
rmt
to
30'f
111
Hit
.Ift
DOW
1)0
10.r,
03!
73
63W
I0f
70J
27M
22!i
53
mn
Acme Tea
'Adrnumcly IS 10U
Adv numely pf 35 3014
ajmVi a m 12?; mm
AlaskaJClM 7M Hit
AUls-Chalmeu Mfe .... 37H ."
.AillChat Mfc pf 014 01
'" . Am A Chcmlcat 09!f 100,'f
" Am BeetSuear lDGJf 107
,AmCan (U AIM
'AmCar&Fdy 7H 70M
Am Cotton Oil 5-1 &IM
Am Illdo A Loaihor. ... 17 17M
Am Hide & L pf 77'f. 78M
Am Ico Securities 27M 27M
Am Llnscod 2.) 23
Am Linseed pf 53U 5i
Am Locomotlrro 02H 03Jf
Am Smelt A lief 121M 122 118M 11SH
, AmSmeltARpf 117 117 110)5 HOlj
sAm Smalt pf II 07 07M 07 07
Am Sucr Iteflnins 1105f 118?f IIS HSii
Am Steel Foundries 00 ROM 07M 07M
AmTel&Tel 128 128M 128 128
L:Am TObiCCO 220 220 220 220
Am Woolen. 54M HM 53 KIM
AmWrltlnsPpf 70U 70M 0SM 08M
AmZL&S OOii 01)i 00 GOlf
AmZL&Spf SO 80 80 80
AnaconCM 101 Jf 102 00M 00M
AtchTop & BV 10-l?f 105M 105M 105M
Ateh T & S K pf 1C0M 1005f 100M 100M
Atl Gulf & W 1 1235 122M 121 121M
Hatd Loco Wks 84W 85M 83 83
Bald Loco Wks pf 107M 107M 107H 107H
Bait & Ohio SOU 80M S0M 80H
.Bait & Ohio pf 74M 7l 7iii 7-15,
Brooklyn Itap Tr RIM 84H 84M MM
Brown Shoo 7rt 75 75 75
Butte & Sup 0SW 70 00M 70
Cal .Petroleum 2iW 20M 2W 25M
Cal Petroleum pf 53M 50 ' 54M 55M
Canadian Pacific 170H 170 1G9 1G0M
Central Leather 1MH 115 112M 11C
Chandler Motor 110 110 109 109
Ches&Ohlo 07M 07M 07M 07M
Chi Great West MM MM MM MM
Chi Mil t St I' 03 03 D2M 02M
Chi Mil 4 St l pf 125M 125M 125 125
CM &. Northwestern.... 127M 127M 127 127
ColClas&Eiec 4Sf Mil 47M 47M
ChlRI&Pac 34M 34M 33M 33M
Chile Copper Mil 34M 33M 34
CMno Copper 70 70M 08M 60
Col Fuel A Iran 50 60M 57M 57M
Consolidated Gas 130M 130M 130 130
Corn Troducts Rcf 27M 27M 253i 25M
CornProd lief pf 108M 103M 108 108
Crucible Steel 8SM 89 80M 80M
Cuba Cane Susar 70M 70M 00M 70
DeeraACopf 00 00M 00M 00
DlaUl Soe Corp'n 40 4 Oh 43!,' 43M
Eile i , 37M 37M 303( 37M
Erie 1st pf 51M 53 02 52M
Eil2dpf 42M.42M 42M 42M
General Chemical 224 320 320 320
General Electric 181 181M 181M 181M
General Motors pf 120M 121 120M 120M
Goodrich II F TOM 70M G9M 09M
Goodrich D Ppf 114 113M H3H 113M
GnnbrCoosol 110M 1UH 107 107
Great Northern pf 117M 118 117 117
ONcfsfor oro prop.,.. 40H 40M 41M 44M
Gulf Stales Steel 180 180 170 173
Gulf States Slit pf.,.. 115 114 112 114
.GuUSUteiSSd pf ISO 174 174 174
Illinois Central 104M 105 105 105
InspConXop 72 72M 09M 70
Int Agricultural 25M 25 23M 23 M
" lot Harv Cotp'n 85M 87H 87 87M
IntHarrNJ 124 125 123 123
Int Paper 07M 67M 65 65
Int Paper Pf ,..104M 104M 103M 103M
Int Nick t t cfi 40M 48M 40M 47M
Int M M c of dp 47M 47H 40H 40M
Int Mifpfoof dp..,.118M 118M 117 117
XetlrBpTlre 70M 70M 75M 70
Xennecott Cop ih 9M 00 57M 57M
Lack Bteel Co 105M 100 104M HUM
tateErbJtWest.,,.,. 23H 23M 23M 23M
Lea Rubber Tire.,,.,,,, 30 38M 38H 3SM
Lehigh Valley , 81M 82M 81M 81M
Loose-W Ills 1st Pf..,. 85 80 80 80
Maxwell Motors., ..,., 74M 74M 73 74
Max Motors 1st pf 81M 83 81M 82
Mex Petroleum M1M 1UH 108M I08!f
Miami Copper ,,.,.47M 47M 45H 45M
3:
18.3
8:00
p.m.
28M
11M
11M
7
101
117
3tM
30M
1R0
Public Utility
Bonds
We specialize in the securi
ties of -well-established Pub
lic Utility Companies, and
will submit a list of pood
bonds of this type to persons
contemplating conservative
investment,
Edward B.Smith &Co
BANKERS
If roller NmoYerh and
fhUsAil BIKk Exchange
illl pHMimw at. Blaiwoairau
Erfi low Tf rv
30,'f
ISO
100M 100M
20M 20M
50 50
58 58
30M 31 H
MOM 13IIM M0
70M
110M
0
20M
93M
50M
109
47
50M
I.nnt
rloso. HlKh. Low,
Mo IMC T 1 28U 2SM 28M
Missouri Pacific 11M 11M It
Mo Pac trefs 11M 12 11M
Mo Kan A Tens 7!$ 7M 7
Montana Power 10SM 108 102
Montana Power nf 117 117M 117
Nat Knagi A S Co 31M 31M 3IM
Nov Con Cop 31M
New York Air Ilrako. .. .180
Now York Central 107M 107
Now York Dock 20M 21
Now York Dock pf 50 5DM
N YN II A II 58M 58
N YO A West 31 HIM
Norfolk A Western 1 10
North Amerlcon 09M 70M 70
Northern Pacific 110M 111M 110
Ontario Silver Mln 0M OK OM
Pacific Mail 20K 27 20M
Pan-Am Pet A T pf. .. . 08M 0SM 93M
Ponn Railroad 5(K 67M 50M
Pcoplo's Gas Chi Ill) 110M 109
Phlla Co i.. 45M 47M 45M
Pitts Coal c of do 49M 50M 47M
Pitts ,0 pf c of dp 110 111 110JJ 111
Pressed Steel Car 85M 80M 83 St
Ry Steel Spbs O0M OHf 59K COM
Ray Con Cop 34M 3-tM 33i 32M
Rcadlnir 103 109M 10.3 10'Hj
Republic Iron A S 91M 02M 83M 88M
Shat Ariz Cop 34 31M 3331 33M
Sloss-Shef S A 1 89 1)0 85 80
Southern Pacific 100M 100M 100M 1011M
Southern Rv 27M 27M 27M 27M
Standard Mlillnir 102M 102M 10 iM 102M
St Ixiuls Southwest 27 27- 20M 20M
St Louis Sonthwest pf . . . 50 50 40M 5'J
Studebaker Co 123K 123M 123M 123H
Texas Co 237 233 231M 232M
Texas Pacific 17M 17M 17M 17M
Third Avcnuo 50 49M 49M 49M
Under Typowr 105M 105M 105 105
Union nag A P now 118M 110M 118 118M
Union Has A Paper MM MM MM MM
Union Ilae A Paor pf . . 85 81M 84M 84K
United Fruit 101M 101 101 101
Union Pacific 148 M8M M7M 118
USOII'AP , 20M 20 25M 25M
USCIPAFpr 05M 00 GO 03
U 8 Ind Alcohol 130M 137M 13 135
United Ryslnv MM MM 13M MM
United Rys Inv pf 23M 29M 27M 23
US Rubber 00 COM OlM 04M
U S Rubber 1st pf 112M 113 113 113
U88RAM 79 79 77M 77M
U 8 Stool Corp'n 129 12JM 120M 120M
U 8 Stool Corp'npf. ...121M 121M 121M l-'lM
Utih Copper 120 120M 122M 123M
UUh Securltios 20 20M 23 23
Va-Caro Chem 50M 51M 40 49
Va Iron Coal AC .... 0SM 09M 67 07
Wabash MM MM MM MM
Wabash pf A 67 57M 50M 50M
Wabash pf B 30M 30M 30 30
West E AM 04M OlM 01M OtM
West Union Tel J02K 103 101 101
Western Maryland 20M 27 27 27
WUlys Overland 38y 38M 33 38
Willys Overland pf 09 08M 08M 08M
Wisconsin Central 61M 51M 51M 51M
Worth Pump pf A 00 00M 00i 08K
Wafclilng
the Rlarkef
Invntori and traders who road our
Weakly Newi Letter are In cloeeet
poialbfe touch with development! In
aecurltlee of the New York Curb
market. Aak (or T.U, 101.
JOMES & BAICEH
stock unoicisns
Wldener DIdg., Philadelphia
Bell, Walnut 1800-1.
Kfjitone. Ban ZtOO.
Jitnet Priltlt VHrtt CoaaccMaf
Kerr York noatoa
Chlcax Plttburti
HfKClAL, NOTICE
ISJ HOSPITAL, Thuredar. November So,
AVeVUi 1HHUMIIU CfUX.
in win btt irate full:
Donations la caih
V TmivA
it . .r.z -mm..n ;; .z...:z !"""
bf w ir"urr, buuurtu n, tkuunck. at
ids oibvv wi wi5 w.i yocsinui ana fi
ifth
itrcoU. or at th Jfoiplta, Corinthian an4
Qlrard vaus. Contributions la roods may fa
sent to tha Hospital, or will t cslla for. All
friends cordUllr Invited.
Q. A. BGilYTAnTZ Prtsldsal,
9s!itjltjtj& ..".. j-?. I II
ief&tk. E:jm,, ;j, flQ1 mum
DIVIDENDS
Tins AMBBICAN .OA8 COMPANY
104 Miikei at., Camden, N. J.
November 21, 1J1.
A quarterl dividend of . (or S per ebare)
baa been declared on the, capital atock ot tblj
company, payable December 1, 1910, to the
atockboldera ot record it 8 P. B. November 13.
IBlfl. Cbecka will be mailed.
J. B. TOWNaEND, A. Treaaarer.
OFriCB OF
PJTEBSTATB ELiJCTHIO COHJ'OHATION
111 Uroadvear, New York
MavemMr zitn. iota.
A dividend of on and thxe-aoarter per cent
tl47j uu ib prcicrrea aioca ot (ma I.DO
naa oar seen- ueciarea, oayai
1B10. to atockboldera or recon
bualnui November -5th. 1B10.
company
1B10. to atockholdera or record at tha cloae of
oar zoin. laio,
B. W 1JAVIP30N. Secretary.
haa today been- declared, payable December lit.
P1BKCTOUY py ACCOCKTAUTa
Cartload PuMI Aeeoeataala
.jiwmhis3& .mw
New York Bond Sales
. "to".
eer A,.8ot
eb 8.....l0'
.i hi SM;i ,
Bea om.n f
8e ea.,,122.
tflOOO A lea HnM
03000 Amor Ar deb
0000 Am Porflen
HanO Am. Rm.l( Ham As
naooo Amer Tl clt 4e.,,,,, ot
88000 Amor Writ Pan fie.,.. BOH
10000 Armour Co 4M R4ti
lfluuil Atchlaon -n 4 (MS
I20IW) Atlan Oo Una clt 4a. BJH
4(i0() Halt A Ohio aHa P4
soon do n.,,.........,.loiH
11WH) do 4a ,.i.. D2
4000 dn cv 4H... POU
6000 nradon Con (l .nDft
llioil ilrook napTa Da 1P1R.1O0.S
Bono Ilrook Un Kir let r.a lolti
200(1 Can Oovt r.a 1921 1004,
2OO0 do Be 1I)2 .BOH
(HUM) do 6a 1R31., loo
8000 C C C Ken 4i. ...... .R0V4
,'loo Cent, Leather lt Ba.-loa,,
isonnoo Chill Conner Te.....lS0H
1000(10 Chre A Ohio ev 4M. . 8.l(i
soon do 4 Via OS
0(1(100 do ronv 6a PH
26000 Chi Ot Wat 4e 74
70000 Chi A Nwn 8W R8i
looiio do eit 4a ," 98J
12(1000 CM jq joint 4a on'
lgooo do. n 4a Bl
20(o Chl Ind A Weat 4,,. 7IH
i""' -iu ii mi i' rra 4via w
. RS.
. MX
. n
. 78
71.,
!IJ
do conv n
nit.
llo'tU
. 71
. D3T4
.104
uuu tin ennv
Minin do rv 4M
.4000 Chle n I A Pac 4a
Bjihki ,io rfd 4a .?....
azooon ,) na
8?.I!!! !" "" e' " t.
1000 do Ba ct 2d ata .
lOiHMI Col Midland 4a ..
14R00II Cllv nf I'orl n.
6000 rpna p of Ilnlto Ba.lOR
3000 Den A Itto Q rfd Ba. . 70
iv io oa , . . .
100 Detroit United 4U.
67(100 Dla 8- Torn 6a . .
2000 Krlo (ten 4a
2B000 i:rlo conv 4a Ber D.
Bonn do prior 4a
. 3000 Oreat Falla Iow 6a .
BOICO Hud A Man rfd Ba ..
S20IK) III fltrol dab 4V4a...
41100 Indiana Kl) Ba
7000 Intern Met 4Ua 7.1
20000 Inlerb It T ref Ba . . . not
400O Inter Mer Mar Oe 0(114
4000 Intl Paper Oe 102
2000 Jananeafl 4a . , 72
2200(1 do nw O 8 4V4a.... RIH
17000 do 4H RSH
10(10 K O Ft B M l III',
2000 Kan City 8o Int 3.. 7o
nooo x n n 6a loau
3100 r,ncka Hteel 6a lnB0.1((7U
20 O I.nkn Hhnrp r,n nUa.. ROU
1100(1 do doll 4a 1(128 1)11
moon do 4a 1081 nil
2000 Ih Vnl ron 4Via 100
nonn r.ie- a m n t ij7
26000 I.onla A Naah 4a! n4
IIUU Aiinn A Ml r. 4a 02
noon Mo Knn A T lat 4a.
21000 dn 3d 4a
4.tioo Jtn Par w I ( at
14000 do col 6a 1017. . ..10(1W
BO00 dn Ba 11120 w I,. . . DT
r.ooo N Y Conn Itwy 4Ha.. noji
0400(1 f Y C A II 0 113'
20000 do 4a, D2'4
70(10(1 do 414 a Illl'i
loon do ran tn R(Ni V,
3
"It
61 K
4000 N Y City 4 1OB0 1021
do 4'Aa 11)00 IHW.
20000
20000 dn ret t
440OII do 4t4a 1B03
1(10(1 N Y N II ft
6000 do (ta 112
1KUU l((l v.
An inna. ..1051
IB03 110H
II 4e 1D6B. T7H
07H
10R
25k
dsk
lot
73,
now
(iV
102
1-.
70
102H
inn
ROW
00J4
06
loot
127
OSH
02
7RU
61 ,
Hfl't
I02
I03U
60
nnv.
KBIi
04V4
(17t!
20(10 V Y Ill"V mil Kn
inooo N Y Tel nen 44a...
2000 Norf A Wnat 4a....
2.1((()0 Nor I'ac prior 4a ..
1000(1 do rn 3a
80000 Orn Hhort I, ref 48. . 03
4000 dn Ba 107
ammo I'acinc Tel ne ...
1000 I'cnna 4a 1018 ata
8000 dn rn(Ui . ..
3HOOO dn 41411 1021
.101
now
10(1
ioi 7 ini
flSi
107
101H
nn'f
innir
'':i
10000 IVre Maniuette aid 4a 31H
jnuiifi i'uniic norv Pi J da... iin
.1000 Itradlnir gon 4a n.1H
tOOna Itrp Ir A 8t Be 101V1
600(1 Itwy Htl Rpbb Sa 1021.101
inoo dn 1031 US
HO0O Ht I. I M A a ren Ba. 102
2ROOO HI I. S S K In la BilV
4.1000 do ala 4a H2H
40O0O dn Hrr K' 71
nooo fit Iiula Bwn con 4a . no
21(000 Hcnboard A I, ndj Ba. 07T4
6000 dn rtd 4 70H
1000 floulll Hell 6a 1014
37000 South I'no cv 4a . . . 8Hti
80000 do cv ret f p Be.. .104'i
40-0 South Itwy uen 4a.. . T.1
Bono do con 6a I0IT4
6000 Tenn C rrt full paid. . ill
6000 Texna A Pac lat Ba...lOO
6000 Toxaa Co cv fla 101i
300O Utah Power Ba 0(1
1000 U 8 fl A It 4a 1I2H
1R0OO do 0 12.1
0(10(1 U H Iluhber a I02tf
43000 U fl Steel a f Be 107H
172000 tl IC of Or II A I Ba. . DO',,
3000 Union Pao lat 4a WiH
1000 do rfd 4a MJ4
0000 Un rtwyp S P 4a.... 87ti
10000 Un Fuel 6a 1((1H
6000 Vn I C A C lat Ba.... 87
57
11-4
(1.1'J
K)tVi
101
OH
102K
BO
R2
71H
no
07 K
70
101
87 $
7.1t
10114
01
100
NEW HIGH RECOltDS '.
SCORED BY COTTON
Early Prices Show Gains of 8 to
31 Points, but Declines Fol
low Advnncea
Blacon.
port. Clmrlealon, Meridian nnu
Vkk.hnrr. I.lttle llork. JlonU
lllrmlnaham. 42 1 Memnh a. 441 T
! ilia nnn niianni
COTTON nM.T WnATIIER CONDITIONS
NF.tV YORK, Not. 27. Clear weather
nrevallfd over tlrtaallr the entire cotton
belt thia mornlnci . ,
The followlnir temprrntnrea were recordMt
KnoiTlllr, 80 Ralelah, 35 1 Chattnnosrn, 81
. waaiiTliia nnn aiiiumo, ni nnreye'.
Aiiania, aui
ornery ana
homnatllle,
b. ,.-,.11 ,m
II. 10 .iiuoi.r, uv.
Oklahoma nnd renaacoln, BJt New Orleana
and Fort Hmllh, 541 Abilene, Bfll Ban An-
Ionlo, 8Ri Tamna, 00 C'orpui ClirlMI, 681
aekaonrllle, HI. .
NEW YORK, Nov. 27. New high records
were made on tho Cotton Exchange at the
opening this morning, tlrst prices showing
gains of 3 to 81 points. Tho near options
scored tho nmnllett advances. There was
a firm tone nil through tho call,
Spot houses were tho leading buyers,
while Southern Interests purchased on
a moderate scale Liverpool bought tho
nearby positions and sold the lata months.
Commission houses operated on both sides
and a supply came out from uptown Inter
ests. Profit-taking by last week's buyers
also wan noted nt tho atari.
The early advance to now high ground
for the season of 120 to 125 points abovo
tho low level of lato Inst, wcelc attracted
heavy general realizing and renewed selling
for a reaction. Nervousness over the pos
slblllty of another submarine raid on this
side and reports that tho higher priced wero
attracting n little more hedge selling seemed
to Increase tho disposition to even up ac
counts for over the approaching holiday,
and tho liquidation became more urgent as
prices worked lower. January Bold off to
20.80 shortly after 11 o'clock, or about 30
points from tho higher level of the morning.
The tone was feverish and unsettled dur
ing tho middle of tho day. At times the
local selling was aggressive. Tho action
of tho market recently rendered reactionists
rather more confident, whllo tho nppearanco
of long liquidation bn every little bulge sug
gested that the technical position here had
weakened. Slight rallies followed a second
break to 20.80 for January contracts, but
wero not fully maintained during the early
noon hour.
Sat. cloae.
December . .. .20.H7
January 20. 1)7
March 21.10
May 21,80
July 21.80
October lH.ot
Spot 20.05
Open.
21.00
21.00
21.11
21.30
21.46
10.0.1
11 a.m. 12 m. 2 p m.
2U.U-I -u.uu Z0.7I
21.(17
21.20
21.45
21.08
21.21
21.49
20.77
20.1)2
21.14
18.77
Liverpool Cotton
LIVERPOOL, Nov. 27 A fnlr business
was done In spot cotton today and prices
wero CI points hlghor on tho basis of 12s
Bid for mid-upland. Tho sales aggregated
8000 bales, including 0000 bales American.
Tho Imports wero 0000 bales, all American.
Tho market for futures closed tjulct at a
net advance of 4S049 points.
OB1!
1124 112'?
IOIJL fattt
126U
102 V,
I07H
tin
nns
oi
87H
inns
8714
XO.-tt..
6
PUBLIC SERVICE
SECURITIES
Public Service Securities are a lien on
the success of communities
L Roanoke Ga & Li'ght Co. 1st
Mortgage SBonJj. The;e bonds are
an absolute 1st Mortgage on the entire
rr jperty of the Company.
Ct Roanoke is a Highly prosperous city,
which is reflected in the increased Dull
ness or the Gas Company.
G. The Bonds or the Company are
followed by $400,000 6 Pfd. Stock.
C, Last report shows earnings over
twice interest requirements.
C, There are other very attractive
features about this investment that we
will hand you on request
Baken Ayliig & "Vbvuxg
Lard Title Bldg. Philadelphia.
City of
Montreal
5 Gold Bonds
Dim November I, 1056
Montreal is the largest and
wealthiest city in Canada
and the principal commer
cial and financial center of
the Dominion.
Price 99 and Interest
Yielding about 5.05
Descriptive circular PE-73
on request
TheNationalCity
Company
1421 Chestnut St., Philadelphia
New York. Chicago San Francisco
Ootton
Pittsburgh
JtecteiJ'Co.
BANKERS
and
DROKCns
Ith A. CHESTNUT OTO, N. C. Cor.
Membera or lnila. Block Bichant.
to ni
Direct Wlra
Vew Tor
Special List High Cra do Tax
Fran Bonds.
REED A. MORGAN & CO.
Weat Knd Trmt Ilulldlnc. Philadelphia
Member of the rhlla. Mock Kxehanco
Financial Briefs
The Federal Reserve Board has approved
a rate of 314 per cent on trade acceptances
for the Federal Iteserve Dank of Chicago.
Application has been made to the New
Tork State Banking Department by the
Guaranty Trust Company, for permission to
establish a branch In Paris.
New Tork banks lost to the Subtreasury
on Saturday, $2,932,000, and since Friday
lost 15,008,000.
The Twin City Rapid Transit Company
had gross earnings of J846.916 during Oc
tober, a gain of 130,333 as compared with
October, 1916. Net Increased 115,168, to
1331,019.
The directors of the Pittsburgh Coat Com
pany' are scheduled to meet In Pittsburgh
tomorrow for dividend action. Nothing un
usual Is looked for at the Besslon.
During October tho Chesapenke and Ohio
Railroad carried 2.407)314 tons of coal, an
Increase of 67,207 tons over year ago.
head
LIVE STOCK QUOTATIONS
CHICAdO, Nor. 27. HOOfl Hecelpta, 52,000
Marxei luc nianer. aiwhi nnu nuicnera,
10 23. aoW heavy, J9.R0W1O.2B: roush
heavy. ID. 00011.0(1! llant. 18.0390.83) rlga,
it.3r"o0i bulk, in.a.ioin.in. .
CATTLB Ilecelpla, 20.000 head. Market 10
IRo hleh-r. Iieevea, $ri.7flM2i rows and
heifers, l.l.TftWO.BO; etofkera and feedera. 14.73
On.nSi Teiane, lO.lSWIOs calves. 110012.15.
SHEEP Hecelrta. 2T0O head Market ateadr.
flatlve and weatern, 1IO10.35! lamba, ISO
2.23.
Prtrkc, Davis Extra Dividend
DKTROIT, Nov. 27. Tho directors of
Pnrko, Davis A Co. have declared an extra
dividend of 4 per cent In addition to tho
usual quarterly dividend of 4 por cent, pay
able December 31, to holders of record De
cember 20.
BIG DROP IN SURPLUS
Decline of $7,386,000 In Week Loans
Aro Larger
The outstanding feature of the condition
of tho members of the Philadelphia Clearing
House Association for the last week was a
decrease of 37,886,000 In surplus. This
brought the surplus down to 12M00.000,
which Is lowest since the week ending Oc
tober 30, when It stood at 23,918,0C0. Gen
erally In the last couple of months this
Item has stood close to $80,000,000.
Tho decline of $7,386,000 Is partly ac
counted for In an expansion In loans, this
Item showing a gain of $6,239,000. This Is
tho eleventh successive week that nn In
crease has occurred, nnd brings tho total
up Mo $647,196,000.
The Individual deposits showed a decrease
of $1,862,000, whereas In the previous three
weeks tMre was an Increase
Illf. nrev wk
NOVt-ii H'l'i liecreaae
(.
,. !
..... . iR47.mn.onn
1, Iti, IfWVII
Denla (lndl
Circulation
T)ue from banka . . .
Dept of banka
r.x Clearing Houses..
Iteaerve held ....,
Iteeerve reqd
flurplua ............
Rurplua. November
Decemlier 1. 1018. was
?0,7O(J,UVUl
inn. noo
1.832.000
83.000
r.,217.000
r,on.ooo
1,103.000
t,04l.0O0
Bfl.1.000
noo.ooo T.nRS.oou
21). 1013, 133.801.0001
o.nsz.uoui ovemor
H.onn.noo
83,824.000
1J8.702.00O
28,8lfi,noo
108,703,000
82,103,000
24,0
1A. 00.7 000!
November 27i 1011,
$l'0.937.2(!0.
lncreaee
NEW YORK COFFEE MARKET
NEW YORK, Nov. 27. Tho market for
coffee futures opened 1 to 4 points lower.
Trading on the call was active, sales
amounting to 9600 bogs.
Today'
orenlnir.
November ......
December 7.0008.00
January 7.0008.03
Keuruary
March 8.20(78.22
April
May
June
July
Ausuat ..
Keptember
October ..
Hid.
8.20W8.21
8.8308.33
8.4BO8.00
8.B3
Saturday's
, cloae,
"7.08 07.09
7.0807.09
8.0008.07
s.iROs.in
8.24 8.23
8.anR.32
JI.37W8.3H
8.43Q8.4S
8.3nJ8.B2
R.r,3R.B7
R.nnR.n2
8.0008.07
LONDON STOCK MARKET
Unfavorable War Ncs From Rumaa!att
tront Causwjrregularity
LONDON, Nov. 27. Continued ie.
able news from the numanUn thea..
war was reflected In unsteadiness?, . 1
ties on the Stock Exchange today. nSSSl
was on a small scale, and the , !
wero Irregular. niarittta
qilt-edgcd Investment Issues w.r .u
and weaker, with rates firmer a .J h"
tlon was the American groun w,I
cheerful, with n healthy ai.1,,"
United States Steels were good rftM-
Canadians were mixed. Alt'eralUn. ,
homo lines were confined to fracti. . 1
this department was confused. Bou ih"?"
lean rails wero Inactive. A tW BiJS
Allied tionds were sustained. PenlJL.
sagged, Dea Ings In mines were light iw
lowing tho staple, rubbers wer ..ii "'
There was a break In Cuban nnr'i. ,
wiui mo v-uuhii government.
Indonfc
din,
"Hlement
Atcblaon
Canadian Paclde ..
Cheaapeako H Ohio
Bt Paul
Krlo
. do Orat preferred
tlllnota Central . . .
Loulavllla A Nashville
fiew ionc (.antral ,
Pennsytvanfe
Rendlna'.
Southern Paclflo
Union Parinc ,
United States Steel
Kx dlvldfikd.
M ...
12:sn ei',1-" t
?,i !2iH
n ii
a -
w; !.7,
y
73U
IK
:::::: B8 $S
ii?; loi
no
lis
m
138
4. U
!r,
R7V, tf
::
Spot Wheat Steady In Llrcrnaol
NEW YORK, Nov. 27.-I,lverpooI wh at
was steady today, with No. l Northern
Manitoba, now, quoted at 17s Id, and No.
3 Northern Manitoba, new, nt 16s 6Hd
Corn was quiet, with Amorlcan mixed 'in.
changed At 13s Cd. while plate showed a
loss ot Utl nt 13s 7d. Flour was unchanrM
nt .60s 6d. ptt2
French Municipal Loans
520,000,000 $20,000,000 $20,000,000
City of Bordeaux City of Lyons City of Marseilles
Six Per Cent. Three-Year Gold Bonds
Due November 1, 1919
INTEREST PAYABLE MAY 1 AND NOVEMBER 1
e
Principal and interest payable without deduction for any French governmental or municipal
laxes or other French taxes.
Principal and interest payable in New York in United Slates gold coin, or, at the option of
the holder (to be exercised as to principal thirty day before the date of maturity) in France in
Francs at the fixed rate of Francs S.GO per Dollar.
Coupon bearer bonds in denominations of $1,000, $500 and $100 each.
The Government of the French Republic U to undertake to furnish and permit the exportation
of gold, so far as necessary, to permit the Cities to pay. the interest or principal amount of the
loans in gold in the City of New York.
We ar.3 informed that these loans are the only external loans of the above mentioned Cities,
and are to be made to provide for expenditures for the alleviation of suffering caused by the war
and for other municipal purposes.
We are advised that
BORDEAUX, one of the three leading French seaports, has, acordinK to the last enumeration, a
population of 261,678 and a funded debt of Fes. 48,500,000 (approximately $9,000,000).
LYONS, next to Paris the leading trade centre of France, has, according ' to the last
enumeration, a population of 523,796 and a funded debt of Fes. 97,000,000 (approxi
mately $18,000,000).
MARSEILLES, the foremost seaport of France, has, according to the last enumeration, a population
of 550,619 and a funded debt of Fes. 122,800,000 (approximately $23,000,000).
THE UNDERSIGNED WILL RECEIVE SUBSCRIPTIONS FOR THE ABOVE BONDS
AT 98 PER CENT. AND ACCRUED INTEREST, AT WHICH PRICE THE
BONDS YIELD ABOUT 6.75 PER CENT. ON THE INVESTMENT
Particular attention is called to the small per capita delt of these Cities, to the
attractive yield of the bonds and to the possibility of a very substantial profit in
exchange, in view of the option to collect the principal"and interest of the bonds at the
rate of Francs 5.60 per Dollar. Thus if at the maturity of the bonds the rate of
exchange should be Fes. 5.1 8 (the normal rate before the war) the principal sum payable
in France would equal a redemption price in dollars of about 108.
Subscriptions will be apportioned among the three Issues of bonds and allotments will be made
on the basis of equal amounts of each issue, in so far as feasible.
The subscription will be closed at three o'clock p. m. on Tuesday, November 28, 191G, or
earlier, the right being reserved to reject any applications and to award a smaller amount than
applied for. The undersigned reserve the right to close the subscription at any time without notice.
A first payment of $50 per $1,000 bond subscribed for must accompany all subscriptions. The
balance of the amount due on bonds allotted upon subscriptions will be payable in New York funds,
on December 6, 1916, at the office of the Undersigned, against delivery of temporary bonds ex
changeable for engraved bonds when prepared. . ,
If no allotment be made, the first payment will be repaid in full, and if only a portion of
the amount applied for be alloted, the balance of -the first payment will be appliedv. towards the
amount due on December 6, 1916. No interest will be allowed on such first payment. If any
further balance remains such balance will be repaid. Failure to pay the second installment, when
due, will render the previous payment liable to forfeiture.
All allotments will be made subject to tho necessary official action to complete the transaction
and to the opinion of Counsel as to legality.
KUHN, LOEB & CO.
New York, November 23, 1916. . ,,;,,( v ,,.', .
i it jurinucri uib t iiiih rtiocK jwxrnanrs it
".. ..........s....swei..Maaaaaaaaaaa.eeessa.sss
li 7. iiiiii
I gewtll. ntfH Uiu a li! lUliUMiUkUttiUiliiU W iillWWiMll wmi i mwti itwwww wwi wtajtwisMiMiw i i m i tun hmii iihm w M.iMaM ia mm m M.M.iai.(.-..HeH-.. i jiiii-nHiani 'eg
Four Wheel Drive
Manufacturing Coe
Manufacturers of
United Four Wheel Drive Motor Trucks
AUTHORIZED CAPITAL $1,000,000
7 Cumulative Preferred Stock $250,000 Common Stock $750,000
Par Value $100 Full Paid and Non-Assessable
DIRECTORS are composed of prominent business men in Minne
apolis, St. Paul and Philadelphia.
MANAGEMENT U under the direction of men" who have had
years of experience in the automobile world.
LOCATION of Factory Minneapolis, Minn.
CAPACITY 5,000 trucks per annum.
MECHANISM All four wheels being driven from one differential.
Driving all four wheels from one differential means that there Is
from 25 to 75 less parts used than in any other motor truck of this
system.
It will increase motor power 100 it will Increase the life of tho
machine 100 It will decrease cost of operation and use of fuel from
40 to 50.
Some of the foremost automobile engineers in this country have
stated that the UNITED FOUR WHEEL DRIVE MOTOR TRUCK
is the last word in automobile truck construction.
The motor truck business is in its Infancy, and the profits which
will accrue to stockholders in motor truck companies should equal
the enormous profits that have been made by manufacturers of pleasure
cars.
We offer this 7 Cumulative Preferred Stock at par, $100 per
hare, giving one share of Common with each 2 shares of Preferred.
We have every reason to believe that the common stock of the
Four Wheel Drive Manufacturing Company wlU be worth par within 12
months.
The company at this time has sufficient applications for trucks to
pay a substantial dividend on the Common stock after deducting the
dividend requirements on the Preferred stock.
There has been subscribed $100,000 of this stock, and we offer the
remaining unsold portion.
All subscriptions will be received subject to the stock being unsold,
Descriptive circular and blue-print sent on request
W rteommtnJ th purchaia of thlt ttoek as an unuaually
attractive invtttnunt at thh tlm.
Elwell, Naulty & Company
Investment Securities
Stock Exchange Btiffdg Philadelphia, Pi
Ha
m
m
P
tt
FOREIGN
BONDS
n
Philadelphia is doing it's full shae in giving this
country a strong position in world finance. . A broad
participating interest has been taken here in bond issues
of European governments. s
These bonds have been made extraordinarily attrac
tive to the investor. They are in dollar form and have'
been issued in various methods to meet the views of
leading Ame?ican bankers, thus:
1. Joint obllfatloa at man than pne fOTernmenti
X, Supply t abundant collateral securltri
S, When tba abode terms Hers not mad, tha Interest
returp waa mad compenaatlnsl hliheri
4, Soma mo short term and others faUlr lone term.
These investments are sound. Their valuje after the
war ought to be substantially higher. For temporary
investment of business funds or moneys awaiting oppor
tunity for later permanent investment, we particularly
commend the secured two, three and five-year notes
as. being ideal in form of security and returning about
S H per cent, income or more,
We own and offer the following' foreign bonds:
Beeuritr Approximate YleU
United Klnsdom of Oreat Britain and Ireland i-rear Seeored Kotea.,,.,.,,.,,,,, S.i5
United Kiacdom ot Great Urltaln and Ireland S-jear Secured Nate ,,.,, S,1SA
United lUusdom ot Great Urltaln and Ireland S-jrelV Seeored Notes.,., S.SSSi
Anxlo-lfroneli 0-7oar Ste Bonda ....,, ,,,,.,,.,,, .), .,,,.,,.,,.,,..,, ,..,, ..0.10
Cltx of I'arU S-rear fi Bands ..,..,....,..,....,,...,,..,.,. 6.15
Imperial Baaataa Government S-year SH .73
Corerument ot tho Dominion of Canada ls-ycar t Bonds ...... ...........v 6.00
. GoTtrnment ot th Anentln Nation e No tea. Doe December 13....,,,, .......t ,.,
Detailed description supplied on request
HARPER & TURNER
Investment Bankers
1000-1012 Stock Exchange Building)
Philadelphia
l
"fl
:m.
c