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EVENING LBDGBR-iPlHIiADELPnLV, MONDAY, JANUARY IS, 1917
n
t&-m'fSjt' F"m i Gi..ifiiWHiwwiWWWl if
January
Bond List
This list includes bonds legal
for Savings Banks, bonds ex
empt from State Taxes and
bonds eligible as security for
Postal Savings Deposits.
lituti R ange of yield
U. S. GoTcrnmcnt . 2.00 to 2.99
Municipal 3.70 to 4.25
Railroad . . 3.80 to 6.03
Public Utilitr 3.62 to 6.00
Foreign Gorernmcnt 5.12 to 7.00
Send for January Circular
P E -35
The National City
Company
1421 Chestnut St., Philadelphia
Hrx Totk
Dto
CUlcara
Ban rnnclico
I'lttttrarth
J 7 ff An f& V A 5i rffti
STfcret of tb tic BUndurd
It tnbtldUry eomptnlM
will thortl ratify lncrftt
la tbalr cnpIUllntfon. which
Trill riro ihtrehotdflfi itock
bnuii rang in c from 00 T
to 900
C And tbro ra ilx mora of
tho Standard Oils which hava
accumulated uffielent ur
pluaaa to Justify nearby dls
trlbutlon of larft dividend
to itockhoMen.
( Th nino inbildiarleii in
CQviUon, alone with general
Information coTerlnj tha
Standard Oils, are lilted in
evr fortnlehtly publication
"Investment Opportunities"
q Anyone wbo la Interetttnd
In increasing tho earning
power of hit aurptus funds
should regularly receive tMi
valuable) publication. It v111
bo tent without charge, be
r.nnlnir with current issu(
upon request for 38-FL, in
ciudlnc booklet detailing
"The Tvrcnly Payment Pha"
llnrnrBflrlMfl
byetmeit.to;rHlt
40 Exchange Plac New Yor '$
p -a(y-
INVESTMEHl
CONSUMERS' ELECTRIC LIGHT
AND POWER COMPANY
1st MORTGAGE 5's TO YIELD
ABOUT S'.i.
THIS COMPANY SERVES THE
DENSELY POPULATED PORTION OF
NEW ORLEANS, ONE OF THE FORE
MOST CITIES IN THE SOUTH.
IT HAS AN EXCELLENT RECORD FOR
EARNINGS, PAYING 7", ON PRE.
FERRED SINCE ISSUANCE AND IN.
CREASING DIVIDENDS ON THE COM.
WON SINCE 1912.
THE DONDS (DENOMINATIONS $10CO
AND S5CO) ARE FREE FROM FEDERAL
INCOME TAX AND REFUND IS PRO.
VlDED FOR PENNA.
WE OWN AND RECOMMEND THIS SE
CURITY. DETAILED INFORMATION ON
REQUEST.
BAKER, AYLIRG & Y0U3G
LAND TITLE BUILDING
BOSTON PHILADELPHIA CHICAGO
OF IMPORTANCE TO
BOND SALESMEN
Hftv much would it b worth to you to
L'o lurt uf njr losing ji Httla throuuh
lack cf knuwleUm of liufstmentfl and
proper preparation for bund 8eUIn?
It la certainly fir chfappr to spend a
Uttlo first and tvnmvH that ifrt'dtmt
cause of loat sales Uric of preparatlan.
Our iKMeaann Course on Znvtmnta
and Security Nelllnsr will prepare iui
In fact, it will Imurr otir .Surrrii.,
Our outline J rnt up.n nucvt, will
show you iht! nature of this cuurac. whli-h
has already helped many hundred of
bend (talesmen
Investment Bankers Bureau, Inc.
1VPI.1.ESLEV HILLS. JIAKS.
HECKERfCo.
ANKERS
and
BROKERS
Sth ft CHESTNUT 8T8.. N. E. Cor.
ll.mb.r. or i-tiiia.. Block E.iaru.
Plrect Wir. to Utw York
Counties Gas & Electric
Gen'l. 5i, A. & 0.. 1962
REED A. MORGAN & CO.
HT.sT KNU.THU.ST III.IMJ.. I'lllia.
Ueiubera ul lbs I'hlU. litgrk tUrujai.
KI.M'TJII.N NOTICES
(KS ITJANULIX NATIONAL IlAMi
IKS? ltro.nl and (lie, tout street,.
rhlladelpnla. January ISIh, 1017.
At th. Annual Suction. hIJ on lb jjfli In.
itant. tha following mockbulilera Kiro lclnl
llrtctora of tbl Uunk lu a.rv fur tha fnsuliii
tr. vL. :
Samuel T lindin.
Henry Tatiull . ,,
1 Kutberford McAlIU-
KreU.rlck L. Bally
KHtnghatn H UarrU
Prev C Madeira
ElUs I'wy PiHnwrt
Mcrrln 1.. iMolhl.r
C. a. W. Packard
t'lurltun Yarnall
W. YT. Atartm-y
Kdsar C. flluii
E.iwarJ V. Ilaala
Danlrl H W.nl.
Arthur W. 8wll
J Aiulrawi lUrrlx. Jr. Jaatph lUscr. jr.
Ai & mt.tlai or th Dlractora. hU tbta iLiy.
11' J H MeAllUtr w&a unanlmoualy r-li'ttt4
Prtsldant nd Maaara. J A. Karris, Jr.. Bd B.
I. Faiamera VU Praaldanta
J WM. HABDT. CaabUr.
U1UKOTOBY OF ACCOUNTANTS
CfrlMed dU Ariauntaiita
lWKKNCH a. BitQWN ico.
ISIS MiM. B3TATE TBJUST UU1LDINO
WiLLIAlI E. HONTBUUa
UURI-'S SPBAKiflW
TUB WOUlWai
MEW YORK BUTTEn AND EGGS
MiW YORK. Jan 15 BVTTKM BalB.
103 mU Ktilru til amuincd us tap riul.
AH ctfavf sruvi dull aua ncik. OusUttOBa
uuk baUd
kiOOSitaslS'a 883U .,' ylM
4rnj hiaiwi a1""! IS!J Brata.
W 0m, . bi-ata WW &0c.
cukt uaaUuex uiu-SVUKd,
FINANCIAL NEWS
FINANCIAL DISTRICT WAITS FOR P, R. T.
DIRECTORS' MEETING AND TRADING LAGS
Transit Certificates Make Up Large Part of Total Trans
actions, but Price Is Lower Business Smallest
of Any Day of Year
It wa very evident from tlie action of
stocks on the I'lillmlellihln Stork iixclmtigo
in Hie sfsalmi today thai trailcra Imth on
Iho exchange Hnor nnd lit eoititnlaslon
linuers h;td derided to do very Utile In the
market, temporarily at leant. HiipIiii-hs wn
tlte-Rmnllfpt of any day of the year and the
litillt of the transaction' won inado up hy
thrna lsmie.1 Ihlladeli!tla ltaplil Transit
trust rerllllcalen, I'lilladelphlil lileclrlc and
I'lilteil States Steel common. Trail Injf In the
lioml division was also the smallfst of any
day of the year.
Hecause of thi widespread ruinorM to the
effect that the dirrclora of the I'ltlledelphla
ltnplil Tianslt I'ompany, at tliclf meeting
llils nflernoon, would derlnre another divi
dend. It won natural that the company's
trust eertlfiVatPH.Hhnuld hold the majority
of the Interest. The nctloll of (he certlltcateH
throuithotit the day was very imxilhiK o
many holders. Mxeept for a htlef period In
tho moinliitf. hen they (tot up a small frac
tion ns compared with the lltial or Satmdfty.
the price was lower, for ilio most part helm;
off a halt point. At one lime the price
hrnho tliroucli 31, which also occurred on
Saturday.
Ueforo the market opened and durltiK tho
mornltiB. and In fact In tho afternoon ses
sion, pet sons who are usually well Informed
on the oompnn'H affulis Insisted that a
dividend would tin declared by tile directors
nt their meetlnB this nflernoon. II was In
sisted hv tho:e who watch the company's
ainltiRs and keep well posteil on wnat is i
KoInK on that a dividend could cry easily ration held (lrm
he declared nt this time, nnd that 2!4 per
cent would not lie out of the way.
In the race of this It was surprising that
tho certificates should sell lower. It must
he remembered that ninny persons got Into
the market when the certificates were much
lower than they nr now nnd, of course, had
a fairly jjood profit at Hie present price.
Therefore, It Is reasonable lo assume that
solno of thorn look their prollls today, IlKtir
Iiik lli.it a dividend of 2 is per cent, which
would amount lo Jl.Ifi a shnre. was not
worth waitlnit for when they already had
a larRer profit. Then, too, when the certlD
rates sold ex the dividend they could gel Inlo
the mnrhet nRain nn.t take part in n
further advance, which Is confidently ex
pected If the plnns with tho city go
through. Selllne nt St. which was the price
part of the day. they would net ". per
part of the day. tney would net 7.1 per
cent on a G per cent basis, which has been
spoken of as the rate that Would ho de
clared by the directors
1'hlladelphia Klectrle held above Hip tlnnl
of Saturdn.v, at one time showing nu ad
vance of V Some uf this was lost before
the close. Tho Street Is milling for somo
hows as to what will lie dono with the
stock under lite reorganization, which Is
now being worked out. t'niteil States Steel
common was the must active, selling up a
full point, tm n small turnover, lluffnlo
and Hupiiuehami.i preferied trust cerll(1cnte
sold off u fun point. Lake Superior I'orpo-
LIQUIDATION SENDS
COTTON DOWNWARD
Pressure Results From Con
sumption Statement and
Several Other Causes
Xi:V YcmiC. .fan. lS.-Uuslness was ac
tive on tlie call oil the Potion KtchnnKe
and the o-irly lono was barely Rteady. with
prices S lo 12 points lower. Pressure was
caused by the consumption statement. show
Ins a decline of about II per cent from last
vear. which was ennsldeied bearish. Com
mission houses and some room traders sold
quite freely, but there was it Rood demand,
which prevented further concessions Tor a
lime.
Toward the end of the first hour, however,
liquidation niralu became heavy and the
market sustained further heavy breaks,
which carried May down to 17. SO and July
to t ".&'. or about HI points under Satur
day's close, rrprrscullnt; a decline of fioni
7 to i a balosince tho high point of last
Tuesday.
fiwathmy Ilrokers were tho principal
bners on the break, with AVayers. (Jeer
and MrKniiiiy law sellers, the latter esti
mated to have sold 2S.DO0 bales of March
and May.
Although the (Jovetntnont consumption
figures were responsible fur pa it of the
hrenk, thore wcio other considerations, such
as the reports of a poor spot demand from
domestic mills and exporters and the ab
senco of outside Imylmr and the continued
unsettled shipping nnd diplomatic situation.
Liquidation started afresh toward midday
and. having little support, tho market was
easily influenced, sellln? off to 17.25 for
Murch nnd 17.15 for May. or about 45 points
under Saturday's close and a decllno of
nearly $5 a bale In two days.' Ilaln was
predicted for southern Texas, and. while this
had somo Influence on sentiment, tho under
tone was weak euouifh without it und prices
declined easily under wolKlit of offerings,
Hal rlos" Open. 11a.m. 12 m. 2 p.m.
Jmiuary ...
Aturtb ..
Mnv
Julv
IHtol'iT ....
lift winter
Hixjt
Liverpool Cotton
LtVUitl'OOL. Jan. !.. There was a fair
business done in spot cotton today at 10
points decllno mi the bass of Ift.liSd for
mid-uplutid. The sales nsBreBatcd 8000
bales. Including 6(iiu bales American. Tho
Imports wero 12, Dim bales. IncludliiK 3000
bales American The market for futures
closed weak nt a nut decline of Its to 17
points.
IS.Srt 17.40
17.HI 17.C.0 17.1.". 17 in . .. .
17.11.1 17.SO 17 77 17 r. 17 lit
IT.tlJ 17. S2 17 Ml 17 r.4 17.70
17.11.". til SO 11172 111 411 III.'jO
lllil.1 1II.SS
ls.ua
MOXKY-LKNDIXG RATES
NIIW YtlliK The tlmo money market
was easy acaiti today with good mixed
Stock l&chnngo collateral loans nominally
unchanBed at 313it per cent for sixty
days, SfjiS1! per cent for ninety dayB and
Sii((!': pur cent for four, Ave nml six
months. luduktrinl money, In which a
greater part of the.buslness Is being done,
is S'.jltS'Vt per cent.
Prime mercantile paper shown a narrow
movement and business is limited. A nom
inal quotation for choice material is 3l3
per cent.
Prime bank acceptances are moderately
active at 3ta'ij12? per cent on ineligible
uml 3iQ2a( per cent on ellglbies,
Tho money markets at the Interior ore
also easier. One reason advanced for the
Increased dullness in mercantile paper Is
that this Is tliu season of stock-taking In
mercunttlo lines.
Pall money opened today at 2 per cent
for lending- and renewing.
I'll II.AIMII. I'll I A Call, t per cent.
Time. tfc"4Vi per cent. Commercial paper,
three to ls months, 4 ft 4 Id per cent.
FOREIGN EXCHANGE
-S'RW yoitlv, Jan. 15 The feature of the
foreign exchange market in the early ileal
ingii today was a drop of nearly a point in
Teutonic exchanges ns compared with ti&a
for reichsmarks cables at the close on Sat
urday, est being touched this morning.
i 'hecks nlko showed an equal decline lo
CS.. Vienna was also weak at II. 37 for
cables aid 11.35 for checks. Italian ex.
change was a shade easier at 6.93i for
cables and 6.91 for checks. Sterling and
francs were steady t theUop figures of this
movement.
Quotations follow:
Demand sterling 4.75 13-16. cables
4.70 7-10 ; sixty-day bills 4.72, ninety-day
bill 4.70.
Fianc cables 5 SJH. checks 5.84ft.
Swiss cables 5.01, checks 5.02.
.St8kholm cablea 20.50. checks 39.35.
Peseta cablea 21.40, checks 1.25.
Uuilder cables 40?a. checks 40 13-16.
Jtubl cables 29.35. checks 29.25.
Jn tho early of ternoon Teutonic and
Italian exchange worked still easier.
iUUiismark cables declined to 6Sa. a loss
of IV from Saturday's final, and checks
wre luminal at 68 1-16. The extreme low
word for lelchsiuarks was 65 U-16, and
the hign on last year's rally was 75,
Vienna, sold off this morning to 11.38 for
cables and 11.35 for checks. The extreme
low rscord on kronen was 10 15-16. Ital
ian exchange declined today to 6.94 H for
cable, and 6.95 for check. Hwlsa was
quoted Arm at 5.01 for cables and 6.03 for
cheeks, and rublaa were steady at 29.35
far cables and 29.30. for checks.
BANK CLEARINGS
Bask ctaarlsc today ceroparad with corre
.uvS&i day toft .r.:91(( lm
I .. . .SUI.NSt.aWJ IHO.XWl.TII SIS.AOB.aSE
York. .4ft8.(&7 U55 337.31.720 2SH.1RJ.Sb
dalubla. 18.7tH.7M 66.423.733 24.U3.40S
UalBr dV7s.U u. 342.800 S.SOl.tnS
Price of Zinc Ore Lower
JoPUS. Mo. Jan. 15 Zinc ore salss
are normal, at $S lower, or 175 per ton.
JE,ro4ucar are hold Lag for higher prices.
HANK STATEMENT SHOWS
EASY MONEY MARKET
Individual Deposits, Reserves Hold and
Surplus .Make Ulfj Gains
in Week
An easy money maiket was Indicated by
the statement of condition of the Philadel
phia i.ienrlnK llouce members for the last
week, which was Issued today. Three Items
stood out prominently. These wero Individ
ual deposits, reseres held and surplus, nil
of which showed heavy Increases u com
pared with the previous week.
Individual deposits gained $10,5 111. (Kid,
bringing that I. em up to JISI.21)!i,O0d. which
Is I he largest In seerai months. The cor
responding week of last year showed de
posits of ( 125,5711.1101). deserve held ad
vanced J 14,91)4.000, lo $117,088,0011. nnd tho
surplus lose $11,872,001), to $30,313,000.
This Is the largest surplus since the week
of October lfi, hen that Item stood at $37.
978.000. This Is the fourth consecutive
week that the surplus has Increased.
Iietalln follow:
, Jan. irt.l'Jir.
l.nana jr.a" r,o.- (mo
DeiKiilla (Inillllilu.tll. . 4SI,L,0t'.(lt)il
(imitation n,ll.HI,lHi'l
llue from h.mks .... SH.7M1 (miii
DcpoHlla or hanks .. 177.2114 lino
Kx Ulearlns IIuuh- . . 2il,u.'n.'(Mio
ltnTe held I l7.7iiH.ijcm
Ilpinrv.. riiii,! hi in. ,1,,..
siirpina ....... : .nii'iiialoiio
Hurp u Jlimurv 17 llllll I4fi .'17
!'"" i'.. S-l.-'lU.llilO. Jiinuarv lllv iiuT.
Utertnae.
IniTi nne,
til, 1711.01111'
10. Sill. (Kin
2S.OIIII
s.AiM.iinii
sun. llllll
L'I'J.IKIII
14.11111,01111
.'1.11.12,(11)0
iwiir, ;.ii, ..llllll; .Iiinu
XEW VORK COFFEE MARKET
XBW VOIIK. Jan. 15. Tho market for
coifeo futures opoued 5 points lower to nn
advance of 1 point. Trading on the call
was quite active, sales being estimated nt
lil.uoo lings.
Today's
openlnn.
.'uniiiirv
February
starch .,
April ...
May
June ....
July ....
Auuust . .
September
llolober . .
November
Uvcfnltwr
h..'0&K.ll2
'.''.'.'.'.'.'. h!(l3.S.I'.1
'.!!..';.'.' sifftosa
.'.'.';!;!; i!s6os.iu
''.'.'.'.V.'. ll.li'tll 07
RAR SILVER
lnnt
M.m.
?8if
Hsuirday's
fioe.
s n i " :,.-
s.r.nsiti.i'.i
S IIA l N llll
s nsJis.oa
S TlllDi. 7
h.74ias.7.'.
711 ffS MJ
s Miitfs.no
R sins.8.1
k.nit
I'.iini
U.051
K.n.-.
II 01
11.00
Tmlay. Sat.
I.nnJnn ipenea) . .IS 3il
Xew Vorfc (rms. 74 74,
1017
IllKll. Low.
an'j .10
7.1 7 IS
Sales in Philadelphia
i.i
law. ioe
97 td
Mi
Mi
HAM
1?',4
14
Is'fi
n
714
2'Jti
1.1
tt
niVi
in
pi'i
ol
MM n
0.1
4nv,
II
3.11k
Mt4
!'.(,
Huh.
Acme Tea
pf I c. H7?
11.1 IIAtH t p pf A.1
1 Palnwissa
1st pref. flSi
70 l;iec rttor.. Bt4
M Ins (!i)X A 51,i
ltd Key T t'o. II
A t,k SnpPrp lti4
lo l.eh Nav. . s41A
In l.eh Valley I"
In l.eh Vat Tr fl
In do pref. 43
7io Nev Pons. 24H
Inn N'orf ft V.l.llti
Si Norlli Pa. nl
141 Penna It 11 ai
ISO Pa Salt M. tl.1
ft Phlln l'o 401',
7!Mi do cum pr 4
lnl7 Phlla Ivlec :tl
i7fl PUT tr cfs 31(4
lo Phlla Trnc Hl
too llwvs Hen. Itc,
340. Rending nn!
llim Ton He!... I 0-10
I .in Ton Mln U
s,l I'nlnn Trnc IJ
7 til 1'ti t! tmp. R'Ji
Kilo U H Steel. II2U 111(4 112
Lis Wnr I A S n'.i n'v nV4
.-, York Jty pf 38 37 31 '
IIONOtf
' ltlah l.niv. tnoe,
8I00O Pity 4s c p
1042 . ...10JW 10.1'W 103
1(1(10 lilec A Pen
Tr 4s . . 83,,
llintl Inter Hwys
4s (10
linn) LU Sup lnc
6s ,11
Sunn l.eh Vol
cons 4V&R
2003 .. .lull',
Sunn Nat Prop
l-fis (18
toon p W A II t
p 4s ... noli
liitlll lleadliiu
Ren 4s.. . illl'j
I iiiioo Vork llwy
1st f.s... id
Net
rhRv
oin
.i
M,l
604
71 (4
II
Is .
81(4
774
77 ',4 H
1.1
-- V
-I
00 u
ili,
Mf.
41
80 Vi
0.1
4"i
II
81 - H
31(4 --
H7W 1- '.4
!(, i-in
t91i 4 Vh
414 I'll
ftts
47 '
08
-r 1i
'vi
N'et
ctisn.
S3 R.T,
A0
.1(1
fll 14
nil Vi ioi Ji
08
00 Vi
oil Vi
null
08
ntili
on 14
oo
LOCAL MINING STOCKS
Toyiil'AH HTOt'KS
MrtcNamarn
Mtil way
Mlitmli TSxtenslon
Mntiiana
North Htsr
it. spup Hula
(10LUPHSl.il STOCKS
nine nun
iinoin
Combination fraction '
lilnmomltlelil II I'
Daisy
(iro
HhiiiI Km
Silver Pick
,iiisi'i:i.L..s-r.iifH
Arizona fnlteil
Nvvsila lllll
Tecum Mlnlnu
Hid.
.07
.'-o
.1.1
.17
.HI
.21
.02
.Ill
.05
.III
.03
.III
.23
.211
.111
.21
.in
.20
.17
.211
.0.1
.11
.11.1
.0(1
.0.1
.till
'.Vi
New Haven Orders More Locomotives
NKW YOltK, Jan. 15. The New York.
Xew Haven nnd Hartford Itailroad, which
recently placed an order with tho Ameri
can Locomotive Pomp.uiy for forty 184-ton
engines, has Increased the order to llfty
engines. The American Locomotive Com
pany has also closed otders for two consoll
ilatloii.ongliies for the Chicago. Term Haute
and Southeastern: nno slx-whcoler for the
Western Steel Pur and Foundry Company
nnd one tank engino for the ltobln Company.
Cotton Consumption a Trifle Lower
WASHINGTON. .Inn. 15. Potlim con
sumed during December (exclusive of lln
ters) amounted to f,30.5S7 running bales,
against 665.005 In December. I DIG, accol cl
ing to a leport by the Pensus llurenu to
day. I if this nmnimt 397.617 liales was
consumed In cotton-growing States, agaln't
295, 528 the previous year. Llnters con
sumed during December nmounled lo 611,610
bales, against 76,932 In December. 1916.
DIVIDENDS DECLARED
Ilanpor Unllwoy nnl UWctric ornpnnv 'a
uf 1 iKr vvnt mi the common Mock, puyablv
I'Vbrttttry 1 t nto kholilTH of rei'orJ Januurj
JO. ;hr'lt.t will h mnllfl
irorri'r Wlielr ompiiny, rfRUlnr quaritTly
of - tfr cint on romnion Htork uiu irtrulnr
udititrrh of 14 wr tnt on prferrp'I utock.
laynble .Junuarj 15. Hook rioted January Tt.
l'nUiI Ciar .Mnnnforturer.i. itular ijuar
(rl. uf SI on Hip emmnnn Mock. puali!o 1-Vh
luary I lo Ptoi-k f re-curd J miliary '2i.
HON I) OFFERINGS
l.ANPASTF.tt. O.. Jan. 15. W. A. Thomp
son, clerk of the Lancaster school district,
will receive sealed bids until noon Mnrcli
16. for $260,000 4 V4 per cent S A 13i4 year
averago school bonds. A certified check
for 2 per cent Is required
WHEAT SELLS LOWER;
MARKET IRREGULAR
Trading of Professional Char
acter Stronger at Times.ibut
Final Tone Is Easier
(iitAi.v nr.i.r weather fimrmsT
t'llll'.Uui. Inn. 15. The weutli" fore-
nff.B.r..MJlte,rJ? feXeV.Xrly-. jn
,Kati.. Snow lonlslil and TiifKiUy. IJe
where fair unit eontlnneit eobl.
PHIPACIO, Jan. l.i.-'-Trndlng In wheat
was of n professional character today, and
prices moved Irregularly, although strength
was displayed at periods : the final tone
was easy. Sentiment was decidedly mixed,
and there was not a great deal of outs de
Interest In the market, s. Snows i.r rains
wetc general over the winter belt In the
Inst twenty-four hours, and counted ngalnst
old-crop positions. Considerable bullish
talk went the founds regarding the sum. y
nnd demand situation, but it made little
impression on values, and the cash nnd
export Inquiry was slow.
Mnv sold as high ns I.S6!A. nnd as
low lit $1.84. closing nt H.SJ4MI.84I4,
ngalnst $1.81 nt the end Saturday. July
was up lo $1.50',, and llnlshed at tho bot
tom nt $1 481 bid. compared with Jl.lai.
Saturday's last price. Septembers high
wan $1.36. nnd lis low It.SIVt. whero It
ended, or ic below Saturday's llnal quo
tntlnn. , ,
Disappointing statements to the I tilted
Kingdom made tho .mntket nt Liverpool
firm . . ...
Corn sold off lifter having shown strength
Trade was limited. The market at Liver
pool was firm on moderate arrivals nnd
cold weather
Oats ended a simile firmer. Mrmncss
prevailed at Liverpool,
Uadlnn fulures ranced .is f",'l"w":f)at.,lay,
Corn .new demfr1)T
julv : .:: f" sl "7' ,T' "'"
i lata
May .
July .,
Lard
Jn
)Iy . ..
July . . .
Itlbs
.Inn . ..
Msv ...
I'.irk
Jan
liny .. .
Julv
1IW
67'c
i-ipb
1.1.52
io.no
r.7i
0.1
Ifi.lKI
10 11.1
.lit'.
5I
r.71. r.itji
siw tsi5
. 1 I ll.1
.15 IS
. 2i or.
Aked.
!i:li
'.'8.l',(l
L'S.SL'
JNnininnt.
u. no U..M '15.57
IB tl.1 '15.115 .ui.iir.
.... 1111.10 t HI. IT
It 11.1 111.72 'II 7i
15. (17 '15.12 '1.1.15
. .. 120.25 20.20
VH 57 L'S.7ll 2M.II7
L'S till T-S.llll -.il
Financial Briefs
Oroi-s receipts of the American Ice Oom
panv for the fiscal year ended October 31
wero $9 172.962. as compared with $8,639,984
for the previous year. The surplus after
charges was $518,058. as compared with
$.102,379 for the jear ended October 31.
i inn'
Oross earnings of tho Twin City dnpld
Transit Company during December were
$890,066. tin increase of $60,902, as com
pared with December, 1915. Kor twelve
months the gross was $10,074,300, a gain
of $725,006.
c M:. Mlildlctnn has leslgncd ns general
manncer of tho Parboil Steel Company to
become vice president of tho Penn and
.Seaboard Steel Corporation.
Announcement has been made that Wil
liam S. Maker and William P. Hesse, Jr.,
trading as W. S. linker & Co.. have dis
solved partnership. Jtr. Hesse will continue
tho business under the naino of William C.
Hesse.' Jr., & Co.
Oenrge P. Watt, who is prominent In
the affairs of P.roup S, Pennsylvania Bank
ers' Association, has been elected president
of the First National Hank of nrnddoclf.
Dr. Thomas P. Ashton has been elected
a director of the Philadelphia and Western
Itailway Company In plnce of Thomas It.
Tunis, resigned.
O. M. fJrny, for seven years commercial
agent of tho nurllngton nt St. Louis, will
become pi evident of tho Kansas Pity t'nlon
Depot. 'lt'rldge nnd Terminal Company Feb
inary 1.
The Huhtrensury lost $190,000 to the
banks nn Saturday, making a ensh net loss
Friday of $6,010,000.
Granulated Sugar Unchanged
NEW YOHH, Jan. 15. Fine granulated
sugar was unchanged today at 6.75c by all
refiners. The last salo of spot Cuba raws
was at 5.39c.
$2,000,000
Sun Shipbuilding Company
First Mortgage 5 Serial Gold Bonds
DATED: January 1, 1917. DUE: Annually, January 1st, 1018-1927.
Interest January and July 1st. -
Commercial Truit Company, Philadelphia, Trustee
Bonds in coupon form of l,000-qach, and may be registered as to principal!
Redeemable as a whole or in part at 102 and interest on thirty days' notice.
.FREE OF PENNSYLVANIA STATE TAX
CAPITALIZATION
Capital Stock (issued for cash at par) ?2,500,000
First Mortgage 5V, Bonds present issue 2,000,000
Reserved for additions and improvements under restrictions 500,000
Total authorized issue ?2,5Q0,Q00
MATURITIES
gG.OQO January 1, 1918 $200,000 January 1, 1Q2,'
67,000 " " 1919 200,000 " '" 1924
1153,000 " " 1920 200,000 " " 1925
133,000 " " 1921 200,000 i " " 1926
134,000 " " 1922 607,000 " " 1927
'Z,1! '!?' From tt ,etter ot J- 1Iowa''1 Pe"'. President of the Sun Shipbuilding
'"VT"""" Company, wo summarize as follows:
COMPANY, Tho Company, a Pennsylvania corporation, was organized in May, 1916,
for tho manufacture of freight vessels of any style or type. Tho object of the management is,
however, to confine operations as far "as practical, to standard designs, this method of standardi
zation having proved notably successful in tho British shipbuilding industry.
SECURITY. This issue of $2,000,000 bonds is secured by first mortgage on property of
the Company valued at upward of 5-1,000,000. Tho plant is situated on anil near the Delaware
River; at Chester, Pa., and is served by the Pennsylvania, Philadelphia & Reading, and Baltimore
& Ohio Railroads. It consists of 00 acres of land with river frontage of 1600 feet, on which are
located the engine building plant, formerly the Robert Wetherill Co., Inc., and the shipyard and
ways, which are of latest design and of best ste'l and concrete construction.
EARNINGS. The Company has already entered into contracts for eiljht 10,000-ton
steamers, representing a gross business of more than 510,00,000. It is expected that the Company
will earn between 20 and 30 annually on its stock.
Materials were secured by tho Company at very advantageous prices, in sufficient quantity,
it is believed, to construct at a large profit twelve ships of the above size.
Legalities in connection with the issue of these bonds have been approved by John G,
Johnson; Esq., and T. DeWitt Cuyler, Esq.
The property has been examined by Messrs. Day & Zimmerman, Engineers, and the books
of the Company have been audited by Messrs. Lybrand, Ross Bros. & Montgomery, Certified
Public Accountants. i ,
Price, 100 and interest
ELKINS, MORRIS & CO.
LAND TITLE BUILDING PHILADELPHIA
Tha statement abova bar been obtained from aourtea we retard reliable, end while not marantaed
at accepted by hi correct.
PHILADELPHIA MARKETS
GRAIN AND FLOUR
WIIMAT ttccelpls. 101.241 bujh. Offerln
wero llitlit nnd the market ruled nrm with a
rnlr dmnml. Quotations. Pur lol. In ei.ort
r-lev.ilor No. 1! red. pot. $1 ntWl.Oi: No. -'
southern red, St ntiut ti.1: steamer No. s red.
Sl.llllWl.tl.l. .Vo. 3 rd. $I.(I0M.03; rejected A.
Sl.sntrl.sll: rejected II. SI.R2SM.K3.
COItN Itecelpta, 6317 buh. Trade wn oulet.
but rrlos rul'd lady. yuotatlnuv 'nr lots
for local trade, an tn, location No. - Sellnw.
Sl.lPi trl.li!1 : No ix-How. SI 10'j ff 1 ll'i :
No. t yellon. SI tH'i W1 mill : No. Ryellmv.
tl iiOi.i lit I, Hi's : southern yellow. St nn0! n,
OATS Iter.lpia .to.hrtii Inifh. rrleea were
slendllv held, hut trade was nulet Quotations:
Nn. a while, ni'4 ffo.'ir. standard wtili-. II3'4 ft
fllei No. :l cvhlte, 02'4MMe, No 4 while. 01 '
i"ie. nample onts. Sllj OfiB'ie
Fl.OUIt Iteeelpts. 1603 bhla. and 400.703 lbs.
In mirks. Trade win slow, with bujers nnd selleri
npnrt oa prices. Quniirtlona. per inn lli. In wood.
Winter, clear. St.is.1W7.iio: do etrnlaht, S7.no
iRN 10; do, patent. SS.40WS.I13: Kansas, clcnr.
eoltim ack. SS M1WS 75. do, atralsht. cotton
narks, la WH.-'.'K do. palent. cotton nrk. SW.,1
Wti.no; fprlnit. nrat. elear. SR.6(lfS.7r.; do.
tmtent. SOWli.SOi fnvorlto brnnds. SO.noWlii;
c It v mills, rhnlrn nnd fancy, patent. ,S.ST)lti:
rlty mlila. reanl.ir sradea Winter, rlear, S7 65
tff.mij do. atraisht, S7.00W8.4Oi do. patent,
SS.4o08H.-i.
HVi; KLOt'tt was (Hilct nnd steady.. We quote
47.5UM7 76 per hlit . ns to nuallty.
1
PROVISIONS
The mirkt rwlM sternly, with
ninir iicmnnii. wuoiaiioni ronow:
tari Job-
flly lioef.
In urtrt, ftmoUccl nirt nir-Irlpd, flic; wMtrrn tirrf.
In nett. imokri, 'Mc, ctly wft. knucklffl ami
Ipmlerjt, v rmoketl nnd nlr-drl'rd, RTic; wMtrrn
ticcf. kmirklpei nnrl terulcrn. Rmnkd. 3rir. ticrf
hann. $US()Rir; ,ork, fnmlly, $..wan.nn; hnim.
H. V. rur-, looaf, lyfa .iHfcc; Oo. nklnnod. lnoe.
1M Crlltr. do, do, amokpd, ID'i I!0r. other
lininn. smokvil. cltv cured, nn to Itrnnd nnd
nvrrnge. I'dHc ham, nmokwl, wpntfrn rnrod.
JO'ir; bollrd. bone leu f. 3ftc, plcnlr nhouldrt.
S. J, cured, loo fie. Hie; do. vniokrd. HVWe.
liHIIf. In rlckl. nrrordlnp to nvprrmiv loo,
.7r; brrnkfoft l:icnn, n to brnnd anil averuRp.
rlty Mirrd. Ulr; hnuUfnnt bacon, wentrrn rtirrd.
Ule; lard, western, refined, tcs , I74r. do, do.
do, tubs, It'ic; lard, pure tlty, kettle ren
dered. In llerren. t?Uc: lard, tiure rlty. kettle
rendered. In tubs, 17'ie.
KKKINED SUGARS
Thn market ruled nteAtlv, with a fair de
mand, HoflniTS' MsL-iirlres: Hxtra nn urami
lated, fl.7"c; iiowdired. it.hric; eonfectlonern' A,
t).03c; Hoft ttradi's, OWO.COc.
DAIRY PRODUCTS
J.Mrri2lt Fanrv KotttU met with fair nale
and wero kept well dennrti tip nt rtrm jirlres,
but the under nrndes wero little wanted and
Irrefftilar In alui. Following arn the quotations:
Wrstorn, fresh, solid-packed rroamery, fancy
speplals, 42c, extras, 4i tf 41r ; extra firsts. ShK
tf.ttt'ir: firsts. MtfBlH: neconils. 33W3ri'4c;
nearnv prints, fancy. 43c; it vera so exlra. 49P
12c; firsts, 37Ti'38c. seconds, ;i;sft331it: spe
i t.'il Inrjcy brands uf prints jobblim at 41I6P4UC.
KtKJH SuppMeH wem very amn and tho
murket ruled (lrm umUr n fairly artlve demand.
(Juote: Nearby extras, r3r per doz.: nenrhv
firsts, $15 30 per cane; nenrh? current receipts,
$15 per cas; we-lorn extras, TiHc per doz ; do,
extra, flrats. $15.30 per ease; do. firsts, $15 per
cane; refr1erator kbs, firsts, $U.7i)'i?,lL per
cse; do, seconds, $11.40 per roBc; fancy sIerted
candled fresh ckbs were Jobblnir at Dnil.'c per
dozen.
CIIRHSR Offerlnn of fine early-mado stock
were llfiht and values were steadily maintained,
but then, wan tittle trading. Quotations fol
low: New York, full cream, fancy, hold, 25'i
WJ.Vir: Mrct.'ttn hlchcr; do. do, fair to irood,
held. IM'i. 'J I 'V e , do, part skims, l3WIMc.
POULTRY
1.1 VK The market was quiet but steady
under moderate offerings. Following are tho
quotations: fowls, as to quality lHfiMl)p;
looeters. Mo? 15c; spring chickens, ncrordlne to
quality. iMarltic. whlto Leghorns, lucordlnv to
quaniv..
lT f lirl.'oV '' T ' ircaaana 1 W tHk Ml-
pigeons, otd per pair. 28630c An ... H
pair. L'UU.V. -oVae d0 yWti M
t.ltPl.f Volued were trti ...-.,. .
riiMi'M-iiPii "4KK. WUOt.lI OHM frttl-. "'LTt 0.
Islflflttfl jWt HAAlf.. r.
fancy .circled, L'4e: welghliir 4U eit ffiy-ltJ W
MHr. nelahlns 4 lha nplece "?""" W M
a'4.11... nplcce. Slflui'c: nelthine a eli,.WMM -M
mJB0ei fnirli. In bill... fa Am rt.'i pl. 9
welBhlnir 4 4 UT, II,. nn I "ver alKlweM. M
w-eigninK i id.. HPicee. Mi.'e, imnllce Vi... fV 9
i'He: old rooalern, ilry-pVked i? Uflf M
enn, weatern.
H ilia nor nnl
em. In boxen,
i'r. , -uwoe. rna.(l- 1;!-B' 'B
i. drr-Plcke1, In boVta "V.fr!!-
a. we ehlnir 7 Ilk. fc. Vn.". (.
Mc; roaMlmt rhleken., western dr..-fi; P9 S
Mil. welahlnic to lo it,, PJr Kff'VvM
roanttnic ehlckena, weaifrn. In hhi '. 9
7 lbs. per pair, uiitiiiiie. brolllnir ehiek.ai inm
em. In hoten. w-elah ns S'9'4 ibl ni! iit"l'
OBo: ehlckenn. wluhlnu V (,J" lr. U
lBMiOr do, mlxcrl nlzea. UmSi P5,LS"r'
.leraey. fnney. saw 5e. broll(.r7 th',.ll;n'-t,
welahlnB tisffB lb. apiece. 0.rv .EM'S,
perlb. fancy neicHii 81 ti2e Yaner .?"
:iiCT,12e: fair to rra.,f aneXliic old tor.M,.'.r",
20c: common. 2H27c: diiclj., neaVhr TiaVfl
do, weatern. 2nUai'e. ueeae. nearbv iiK?hi
do. western. 1,-.SIHC. a.tunbn per dofc.niA?J.!e'"
welitlilnB ll lo 12 Iba. pfr dofcti T laTi,
while, wolcthlnc 0 to 10 Iba. per i?fJ
f, W, while. wehihlnK H Iba. per d"z.n lli?Jl
1.70. do. wclchrnu 7 Iba per .loi.n ' liiii
3 mi: no. wcianmr pwnH Iba per down isft M
SI. 2.-.. " WO
I'RKSII FRUITS
"n,l'r dim. 9
The mnrket wna jtenerullv sleartv
erno orferlnci and a fatr cmand
Appl". per bbl Tork lmnerbct. S.1B4 as" n" '.ai
1KV. t:i3.0O: Mablwln. So 1 S3 illj&t M
do. iincrndcd. S3T3.r.O. Oreenln V0 fftW 9
US 30. do. onaraded. S3 W 4 2.1 Kil, Vj ' 9J
S4 iMUfS. do. unerndc.l S3ifi4 Stnmari Nn ' .
l. Si r.nsin. do. onaroded. S2 onfes so. .,&-Ji
linrlhwealern. nr Imx. SI r.t)1t2 Si) l?.!ti '.
per bo, S2.5HHT3. Orancea Florida. p.r cVJii!:ll
llrllllt. S2.2.-.M2 7.".. ltu.llet. S2S12S0 tSThSI
irerliie. I-'Inrldn. tier ntran. I? r,nwi kh m .sAa
friilt. . Klorlda. per crato. $2 2."3 I'lnc.uniJr i9
Klnrliln. Indian ItHer. per crnte S2 25ffl' H
('rnnberrlei. rape Cod. per bbl --fancy i,u sM
varletlea, Sr.tr7: llarly lllnrk. S.1W5 50. Vili
t.rric.. , mi cmi. fpr prui. a'.sf, jn j .-
ney, dark, per crnte, SI 75tJ2. do do, hint ,,
croie. ,i.tio. nirawnerriea, f lorlda Dir
SS 03SC. ""
VKGETAIILES
Choice tnrk sold fatrlv and ruled flrm wi. 3
supplies well under funtrol Quntailom 'wiiii.
pot nt ocr per busn. I'ei nsylvanl.i, choice ll i! "
Wl.1. New York, choice $1 HSUr 1 pj l ftS '
poiaines, jerev. prr h-ikk'T. Jlrifir Smiil
lKitHtoea. Eastern Shore. pr bbl - o. 1 iifi
:t.i!5, No a. $1 5(ljri Sweet potatoes, rfSS
,. , u ni... ...... ji ........ ,.-. .,ii,.t-, , QE1 .1.
Sweet potnloen, .leraey. per baaki't o T oTu
', ircuoe
r tn.,
ioj.i. .-o. .', circuoe. uniona, cr 100-lh bi--,
No. I. lsftri.2.-.i No a S3 50W4 ratSfir I
Danlah. per Inn. sn.-.ifrinn. Pplnach. NerfaK
per bbl.. S1.2.-.W1 75 Kal Norfolk pr bbF 1
lilleHTSl. Cuillllower. Norfolk, p.r crate SIS 1
l.nn. I.eltuc", Klorlili upr linaket. univt,'!
In Vlrliil,, Imr IkimL.iI 1 1 fti I r.ll J. -f'..:
c'nrolllin. per luiaket. S1 11 I. '.0 Mr in. FlorMi
per li-iaket, J2W4. llEgptHnt Klorlda. per bjj'
$2 2.MU'.''..'iii. 1'enpern. Florida per hoj, '
2.50. SuiliMh. I'lorlda. per box II 7,1Sil si
I'.a.. 1'l.irliln. n.T tm.Unl. ISflir, r.rt Tnn7i.r
,1
Florida, per crate.
0?3.
LIVE STOCK QUOTATIONS
CIllCAOO. Jan. 1.1 ItOOH -Itecclpta, n.m '
!''.".:""..; ..:;;.,.. . .... "c " "J. .vat
uuu'iirin, ,iii.iiiii ...n,i. k.mi.i iiac'. llll (nn
lii.lii): roush henvv. Sin 4naui.ns. flpht. lloS
1U.70: plR. S7.M."iSfll.7.-i, hulk. S10.53ai0.80.
C'ATTI.i: Ilfcel.l. 2.-..(ino had. M.rV.. .
nteily. llcevea. S7. 75711 SO cowa and hlf,n 4H
Jl.l.'.iflO. Mocker nnd feeder'. 15 50J.jv V
Texnnn. SS 511730 a."., colvea. $!I7514.2j7 ' &m
Hllt'.lir tterelpln. 1300 head. Market Ulllr
to hli;her. Nutlvo n.ni wratertl, S0.00O10.7D: $m
lamb.. S11.0iiWII.iri. 'M
THE
,'. il 71 BJ IOAJY Vi X bB 1
fl ?l nlc v. .r xrif H V Jf&
Mns&
Life and Trust Company
of Philadelphia
FOURTH AND CHESTNUT STREETS
PHILADELPHIA, First Month 1st, 1917.
The Company publishes the following Statement of its Assets
and Liabilities at this date:
-ASSETS
Insurance Department:
Real Estate, Office Buildings and Properties
boiiRlit in under foreclosure, etc $1,138,679.93
N Mortgages on Real Estate, and Ground
Rents 23,SS5,932.10
Loans on Collateral Security 1,331,844.43
Loans on Policies of this Company 10,312,048.94
Premium Notes secured by Liens on Policies 503.90
Bonds at Market Value, at this date 50,124,343.00
- Cash 60,542.34
SS9.074.694.fif.
Accrued Interest..... l,119,699.2fi
Overdue Interest 89,369.92
Deferred and Uncollected Premiums, etc.,
less Lost ot Collection 1,781,582.97
$92,065,346.81
Apart from Insurance: " "V
Real Estate $235,100.00
Mortgages on Real Estate ,. 461,348.16
Loans on Collateral Security ' 8,784,314.68
Bonds and Stocks at Market Value at tins
date , 9,602,129.93
Accrued Interest, less Accrued Taxes, etc... 171,608.27
Collections in Transit 3,437.10
Cash 2,265,078.78
$21,543,036.92
$113,608,383.73
LIABILITIES
Insurance Department:
Insurance Fund Reserve, computed by
American .Table, S'Aft... $82,273,764.00
Additional Insurance Reserve for possible
change in reserve basis 3,341,493.00
Premiums paid in advance and other liabil
ities 794,859.38
Death Claims awaiting proof, etc 303,141.37
Surplus to Policyholders apportioned but
unpaid, including estimated amount for
1917 2,297,358.23
Contingency Reserve (not including Capital
oiocKi ',8j2,7J().6l
Apart from Insurance:
Deposits $13,818,743.48
Certified Checks and Clearing House Due
Bills 14,109.47
Unpaid Dividends..., ,,,,.. ', 30,031.00
'Capital and Surplus:
Capital Stock $1,000,000,00
Surplus (including accrued in
terest and excess uf market
values over book values),. v.,,. 6,680,100,97
$92,065,346.81
7,680,100.97
$2143,036.92
BUSINESS OF THE COMPANY FOR 1916
Premiums and Annuities received during the
. year ,V- $12,632391.56
Interest on Life Insurance Fund, including profit '
and loss account 4,251,613.37
$113,608,383.73 1
$16,884,004.93
Distribution of Surplus (in Cash or for Insurance) 1 936,606.63
Endowment Policies matured and paid during the year 2,987,323.6
Total anlOUllt nail! for mntlirerl Knilnii'mnnl PJi.im einp.
organization of Company in 1865 45,637,232.
Losses by death during the year (637 deaths) 2,830,208.00-
Total amount paid for death claims since organization of ,,,.,'
Company in 1865 .' . 46,306.582.54
.""''l?3,.3"11 Instalment Certificates paid cUiring the year... 222,273.80
20.7118 Pn tn sMierl ln 1Q1 ;.,c -:.,,. ' ' cir.11R21.00
139,725 Policies outstanding Twelfth Month 3l',' 1916,' insuring !! 359,340,423.0 j
unist runas (Kept entirely separate fromCom
pany's assets)
Investments for Trust Accounts $57,733,341.08
Investments for Corporate Trusts 23,663,156,47
Uninvested '519,935.14 -,
. $81,916,432.69
Philadelphia, Morris- BUllp"-
i if. R'M.'rPi'lf4 and verified all the assets ana trust funds ot The rroytd,e! M
JTiijii ir,r.v3Tr . 3 -iiiiu,eiuni3. ana we reave vennea tne l "'"'""f. ;.
mKdbwne SS.iLlT 0I h 'rlcal accuracy of the Insurance IU-erv IJJ ,
Sfm.?.o?in5h'f'' y. "etuariai .ieudrtoitnt: and we hereby certify t,na i
com
opia
,i'!?..5?.DC " H!htuitei uf investments aro crreet t!'1
..-, w..vvi,ijr i ionu ue uojopany'ij financial cojulitlon. at Siet nee?"
.,91 J.
hXBRAND, ROSS BROS. & UnNTCmatM
Certified Publie Ace junt-