itMmmtimmim&M
wmiM? .nywiMty iyyw
fc"-,
jr-
wm$wmm
Q Three ef the bit KttniUrd
Oil sabelo'ltr' companies
will shortly tsttfy Incmtei
la their captUt-.ritlon, which
will (Ire shareholders stock
bonnies ranginc from 00
to 3C0-J
And lhre ar lis rnoM of
tbe Stindard Ollt which h
accumnliteit sufficient inf.
lluiss to Justify nearby dls
tribntlen or Isrte dlTidenli
to stockholder!.
rjTJie nlno lubiiiUartei tit
question, ale-no; with general
Information covering- tho
Standard Oil, r luted In
our fortnightly pifbllcatlon
"Invcslmcnl Opportunities'
H Anyorj who Ii lntemted
In Ineresstng the earning
power of hli lurptut fund
should reculsrly receive, f hit
nimble, publication. It will
b tent frlfAouf rhatgt, t
'nrlnj with current Hun.
upon request for 3S.FL, In
cluding booklet dotalllcf
'The Twenty Paymut Pin"
btrMBoralrf!)
kvcimcrtyScuriilc
ily.IUbll.hiil I .".
W Exchange Mac New Yor
,'."'"
rnmm
Ji?my'"M-"M, v ,:
January
Bond List
This list includes bonds lesal
for Savings Banks, bonds ex
empt from Stats Taxes and
bonds eligible a3 security for
Postal Savinjs Deposits.
Issues Ran?; o? yield
U. S. Government . 2.0!) ti 2.93
Municipal . 3.70 to 1.25
RailroaJ . . 3.S0 to C.03
Public Utility 3.62 to G.0!)
Foreign Government 5.12 t? 7.0!)
bend lor January Cucuiar
v K -sr.
The National City
Company
1421 CheUnut St., PhiladalphU
Vw York
Itottoa
CLtcJfj
I lilitnjrtfb
whtr u laklns pia- fmm rwl
tn wrvk In tne leadlnc nil. Mln
Inc "lei le"ii-lrlnl -im k. lrmte.1
in on the New Vnrk Curt). IleaJ
tb Jonea A Pakrr
Weekly Hews Letter
Ir c1ti4 To-i til lnpr nww of
40 to ,V il.frt'nr -t.nl-. j Mtt
of tb ltfl ns ilU'-ii-nl iTTer;
Hr of tti ronipuntf t'mt hTw
renntlj tlfrlart-i iilvi'l-nt-. th
umit'tnr nn1 tit( iiiirnlito tiri'l
it iwn-tig nnfl'Ttlri' reMrt oo a
Itnltns Vnu Mvur'tr of frimt-
me ru"lninrici Writ for It.
AU for 7IO-T.I .
To Mnr rfcillnc rlclr iw ttui tbU
dvfrtNfPiont lih tout Inquirr.
JONES & BAE1EFJ
STOCK IIIIOKt'.ltS
Widencr Dldjj., Philadelphia
full. Wnlnur ir.nn )
Keralnne. Itaee 2'.'00
tt Vork Itoston
Chlcneo I'lilsburch
Plrerl Prtrote lHrce
A
TAX FREE IN PENNSYLVANIA
Balto. & Ohio R. R.
EQUIPMENT
L
'2S
MATURING
May 1st, 1919 to 1926
Particulars on Application
A. 6. Leach & Co,
115 South Fourth Street
lJill Phone Lombara 23T
Kew York Chicago
Boston London. Uns
nurftio
nltlmor
ASSAYING ORE TESTING
Expert advice on trentmnt of
nrnii of fV" rfr.etln
OGDEN LABOUATORIES
230 Chancellor St.
ltallun;ial Krsinra
ANNl'U. Kl.rrTIONS
CI HA It)) NATIONAL IIVNK
PhlUilrlplda. January 1(1. 1017.
VS'
TIH3
1 th. AMntial MeMlnl: at tha SluoLhnM.r.
h.l.l nn tha lOtll lllatjllt. tbe fcllowllix Hlock
hol4ra wtra electea Directory to aarva durlns
tha anaulivt jraar
ranrla n. Reavca
Wn. W. Fraxlar. Jr.
aul) llaiuh .
Oeorsa V. Irartol
-Itodman E Orl.com
W. Krcderlclc Snyder
Kotxrt ToUnd.
Wm Nawtwld Kly
John Urititxl
rTArca McPaddan
Deorca D Hoaanffartaa
Joaeptl Wayne, Jr.
Kvan Randolph.
Morrla II llocklua
Arthur V. Morton
WlUUm Jay Turner
A. J. County
William V llarba.
Fra.ii.ta II. Hiatea, Jr.
At a rneattnc of tha Qlractora. held thla day.
Francis II l(evea waa unanlinoualy ra-alaoted
Cbalruum t th Hoard, and llw followlns Orrl
ear wara unaoliuoualy ra-lcta4.
JUHKl'lI WAYNK. JK Fraahlent.
tiVAN KANDOU'II, Vlc Praaldant.
" " CllAS M. AailTON. Caaliler.
(jij3COttN EXCHANOK NATIONAL IIAMv
W 1'WUJ.Iphla, January IV. 11)17.
At tha Annual Blaciloa. hld on lb Olh Inat .
ta followliuf HtocLrwldtra war aUctaci Plrac-
la pervm ror ina anauinv aar.
Jabo J
lai. Donald
IVUaon IBtharwaod
win l
Tho J
Wm II
rhai B
a.o w
jjjiila It
aupPM
Jcftrlaa
Kolwell
OalwoJI
I) Roberta
Pata
Jobn S. WenU
Joaaph 1) Farvln
Waliar A lUllay
Fruk II. Moaa
il.rrtlt N. Wllllll, Jr.
1 K Haum
uia
Mraaiay
1'uui TtMuapaon
At th maatltuc at tha Board of nir.rftnr.
bald Ula day, iba followln oAcara were ubibI
ntoualy r alavtad
Out 8 Calwall Praaldaot
Tboa J JTrtu Via Praaldaot
ilarrlit V WUllta. Jr Vice Pr.aUaul
NKWTOK V. CORSON.
OMhlar
KOKTUfVlttlTrlBN NATIONjil. U4NK.
PbtUdatsbU. Pa . Juiun la. HIT.
'ill aaaetlaa- of the DiraatAev. kaLl tbla day.
tb followliiaT ofAarra wra aact4:
HOWARD A SCHMIDT. PraaWaot.
riKFOKO C NICK Vic Preklat.
J AUKS JJOOBH AaataUst Clabiar.
RllBY R vXi-E SMkJtor
titA.NK II UAMEf Notlnr.
UN FORD C. MICE.
Catblar.
WIBECTOUV OP ACCOVNTANTSJ
I aftiAad 'PuWle AccomUnU
LAWKK-MG E LWM OO
Itll Bt)AL EK'TaTB TRL'eVT BUILDIKO
wy-&raTJrL
lOMTKUl'H
U
1.
l.l
ry 1
I I'XllAllWAJU lllTT M 1
MOVEMENT OF TRANSIT CERTIFICATES
CREATES IMRPESSION OF ACCUMULATION
While They Remain Most Active, Price Is Held Near Clos
ing Level of Yesterday Street Waits for Offering
of Philadelphia Electric Bonds
The movement r riillntleliilila Ilnfiiil
Tinlislt trttt certificates was over n narrow
raw?? In this trading on the Philadelphia
Stork l'telianw loilav. The union of the
cerllltrnteri tlitoURhoiit Iho vvliole session
today iim well mi yestetilay has tended to
create the Inipiosuloii In the Street that the
price la being hold down while accumulation
Ik koIiib on for nti upward movement
Into,' on.
In line ultli the umall cliaiiRes In price?
on different Irainmrtlohi, it must he remem
bered that iiroll t-tul.llit; sales form an Im
portant pait. lint It l illllleult to understand
why the price s'lould he where It Is when
the general uiitlerltttidltic Is that the cer
tificates nie now definitely on h n per cent
basis, through the declaration of n ncinl
niiniitil dividend of 3'-j per cnt on Monday,
ami around tho present price the Income
return Is above J per rent. It stands to
i-ciiran that this wide illffcrctico between
the yield and the general yield of neur
itis will he narioueil ilmvn n time rocs
on and tho certificates will he established nt
tiiKlier prices
Many of the Iraiiaactlntis In Uapld Tran
sit crrt lleates which came out on the tnpe
ilurliiR' the tla.v umluubtiiliy reprcseiitcd In
icstmeut. an there were many small lots of
ten shales and in no. It Is probably safe to
rn.v that Transit wns never more favorably
regarded In the Street and by the nubile
gcnerall.v than nl the present time. milking
the conditions quite different from a Teu
cars ago. when no one tallied of the pnssi
iillltv of the company ever pajliiK a divi
dend, when It hail trouble with employes
nnd the equipment of tne car bains was
not of the best. While the certificate) were
the must nctle of the local Put. the onlv
REPORT OF SEA RAID
SENDS COTTON DOWN
Disappointing Liverpool Cables
Also Have Detrimental
Influence
XISW YnllK. Jan. IT. Ueports or the
activities or a Uorinnn i alder off South
Amer'ca and illsappolntlnB Liverpool cables
caused prcssuie tiKnlnst the cotton market
at the start nnd prices were to '.'."i points
net lower with the lone easy.
Liverpool vvas the principal seller here,
but room tradets nnd some lommlsslon
homes iiImi sold The buy Inc was for the
account of nthir cjinni sslon linns and
houthern Interests, but was not sufficient
to ubsoib the lower nlTerlnpi oo the call.
I.n'ter. however, there was a demand it
tlr- bottom and prices rallied nlnut ft points
In c few minutes.
The nppearnnco or LlvcrpoolscilliiR or
ilem here soon after the openliiB tenilcd to
Increase uneasiness over tho ocean frclKht
tit wit on. Theie was also rather heavy
telllnR by houses with New Orlenns connec
tions, and stop orders were uncoveicd on the
break, which carried present crop positions
about 38 to 39 points net lower durliiB the
middle of the luorillliR.
Ma broke to lTUCc. or moro than $3 a
I ale from the high level of yesterday.
There was covcKhk enough to steady prices
around these figures, and rallies of 8 or 1)
polnta followed early In the second hour.
Thero was less activity flurliiR the nilddlo
of Hie dtiy. The selllnB movement tct In
motion by IncrcasinK nervousness over
ocean frelBht conditions appeared to liavo
pretty well run Its course on the break to
17.0 for May. Prices Rtendied later on
covering anil the market held within T or
8 points nf the low level during the early
afternoon.
Vest t lna. Orn. 11 a.m. 1'J in 1! n in
March
My .
-)ul .
Ot tolier
Spot
. 17. l.l 17-0 17.111 17.ll'l I7.J1
t. 17.1111 17 4,i 17 17
17.1!.-. )7 II 17.4S
. . .HI 10 111 H 11131
IT in
17.31
I7.:n
111 .'"
IT II
17.41
111.-.'.-.
Liverpool Cotton
LIVKUl'OOL, Jan. IT Spot cotton to
day was firm and 2 points higher, to the
basis of 10. Sid for American middling.
The sales were 800n bales, Includlns T000
bivjes American. Imports nil. Tho market
for futures closed today at a net decline ol
-7 points.
.MONEY-LENDING RATES
MJW YORK The current low rates for
call funds operate to reduce the Inquliy for
time accommodation, particularly as the
indications point to a further accumulation
or funds In the market. This situation
make;) for a hafn money position, as tho re
sources of tho banks are moro liquid than
when large amounts of money nre placed
on time. Th money-lending Institutions,
however, would prefer to put out funds on
time if they were sure current low call
rates would continue for the next few
months.
fall money opened at 2 per cent for
lending and receiving.
t ;
IMIII.ADKI.I'llIA Call. 4 per cent.
Time, Ifjl's per cent. Commercial paper,
three to six months, fit 4 $ per cent.
LONDON Money on call was 3' per
cent today, unchanged. The rate of dls-
c-ount in tho open market for short and
three months' bills was S. per cent, un
changed. SECURITIES AT AUCTION
Several substantial gains were recorded
by trust company stocks at llarnes & Lof
land'H auction sale today, Northern Trust
issues were taken at 655 and 555;, iip 5
and 5'., while Logan Trust sold at 150 U.
an advance of 1214- Philadelphia National
ll.ink stock changed hand ut 500, up 3
points.
hTOOKH
113 ahra River uni Harbor Improvement
i'o.. par l"
0 ahra. lleimont Truat To.: iur ISO .
o ahra. llurku Straat Title und Truat
I'o : pur 5l (13.1 vald)
S ahra. Market Htrft Title and Truat
I'o : oar ISO IISJ naldl
i
33
lot)
1U5U
23 ahra. Itergnar & Kngat Dreivtu iu.
comninii! tkar null.
in
S ahra. Northern Truat Co.. par 1 1 no.
s.iri;
10 ahra Northern Truat Co.. )ar 1)1)0
2 ahra. Philadelphia, Natlonuf Dank, par
lion
3 ahra Philadelphia. National Dank, par
linn .. .
S...1
sou
aoo
I ahr Philadelphia National Uank. par
iiuo
80 ahra. Rldza Avenue Uank. par Ho
VM
nu
5 abra Columbia Avenue Truat Co , par
nun
23 ahra. Couihi.iiul-li'ultable Truat Co.
10 ahra. I-osan' Truat Co . par Itoo. .
iS ahra. Mutua) Truat Co . uir ISO.. .
200b
8?
IMP.
30
r.w
to ahra. .N'orlhaifn Truat Co.: par 1100..
13 abra. PhlUaelphla Warvhoualnf and
Cold Storage Co . tur 1100
BO'.i,
.0 hr.. LfahAtiiue acul Shenjiiuro llallivav
and Lluht Co. preferred; par 1100.. lO'J'i
5 ahra. t'nUm Paaaanwai' Railway Co. . J90
1 abr tfeeoiul and Third t-itreeta Paaaen-
Sr Railway Co. . ..: 2t3'i
1 abr itacowl aad Third Slreeta Paaaen-
ttr Itallway Co 2i3
1 abr TUJrfeenOi and Fifteenth Slreela
t'aaaeuaer Railway Co ... L'lUVt
2 abra. Jobii B. tjtataon Co. preferred.
mr T5o .... J-o
( abra. Jobn K. Slalaou Co. conunon . aso
SI abra. Aniark.'aa Dredcliur Co. . par
I10O JOS
30 abra OLaut Partland Cement Co. pre
ferred, oar ISO I0W
10 abra. Burlaw and lavk elrl Traction
25 abra PaSafte WtrelAe Tlaapii"cv':
par II Lot 12
la -abra. CbeaapenWe anal Delaware Canal
2 abra. Weat" ciuater. KeDoeii aod Wll
BlwttHi allectrk RiUWay Co , par
lip ... S1
4 abra PMffAelphia. liourae cwuw, Mr
4 abra 1'ti lltjjlritu Bouxae comaiwt. mt
3 iDra. t-ji
rs. PbtUdelpbU. Bourse preferred.
oar Sift IS'iV
10 abra. Uf Avanus Bank AS
I10M0 Tbe ll4jjoalu.to
'r Uuua O... i
ttortaTaae rtoui
HaductaNl and
tr pent Ktrat
SkHiBooa Jaouary and
bDui 1924 (CoAMaaaa from
X, liltf atiecheit)
stJoava) Trartktn Co per
700
ateriat trasecHure (i;oupona
Twftrwux
AUtjuat Om
EVENING LEDGKR-PHILADELPHIA, WEDNESDAY, JANUARY 17,
other Issue to outd stance .1 bolim fulled
Stales Steel conlmnn, the total turnover
wai far below any recent day.
While fine was fa rly gwd demand for
Philadelphia Clectrle. that stock was not as
nctlve it., yesterday In the opinion of Iho
Stieet, nothing much ean he expected of the
iltek until Homo definite news comes out of
what will lie done Willi It unite)' the te
llnanelhB plan tor the mist par!, the
price, buns around the closing figure of es
teril.iy l-'or n brief per oil In the morning
the price wns n fraction higher. Tho gen
eral expectation Is that ollle'fll niinounce
mfnt will be.umilo nltlrfii a few days of tha
nii.'rlni? to Itnesturs of new first inorlKaBo
flf'.-ear A per cent bnmls of tile cotninliy.
which arc pruv'tted for under the rellnam
iiib plan. It Is expected that the cfferlnj;
price will b about 101 'a, or a 4.9 per cent
u.inls.
An tipwatd mne whlrh started in I(aUe
Superior In the nfterftoon session yester
ilay seemed to hne died out oxer night.
Kxcepl for a i.hoit time In the early trad
ing the price wns below the final of last
nlRht for the rsreater pait of the day. nl
thoiiKh the denlltiRs extended nbove 2(inn
shares It wn-i flRurcd by a man In the
Street today who Is Interested In the com
pany's nffnlrs that the sloolt has n booli
value nf $2. n share, hut It Is haul for
many to fnrcet the past history of the
company nnd the Philadelphia money Hint
has been lost In It The company Is tiudei
stood to b dolnu very well at present, how
ever, l.ate in the afternoon York Hall
was prefer! ed came out on tho tape lit
an advance of a full pilnt. the highest
price III the last two ear.
PHILADELPHIA
MARKETS
GRAIN AND KLOL'R
WllllAT Itrri tins 0T.3.II) bu'llels. The lllar
Ket rulfil Htt ul tit (Iim l.tl- iiilule, with di
ni.iml ritlrlv ttitl tjuotiitlnuti I'nr lots. In
vivnrt eleviitnr No l' inl. apol II JI7 r rj . No I
snutnrrn r tj $ l.tir ?i I li nlp.linr Nn 2 ltd.
II ti.ie.il Hi: No .) i., I II li.tsil ml. njfcteil A.
1 vir ; rejeetcil It Jl S18 I h1.
I'tUtV Ilrt.eiptH "Jll 77."i liunni'la The markrl
nthiincil iii. watt ili'tninil itbnnililnir the lllil-ttt-il
olferlnLtt. limitation I'nr tots for In ill
iruUi. as to Iiil.iiIoii No 2 vfllovv. 11.124 fti
I 13'j. .No a lellovv. II ll'ifl.t!1!: No. I
Hllott II llllij Ifl.ln't . No A jtellnw, II l. .
I.ns't) aiiuth-rn vellnn. II 070l (It
(lAI'S ItHcclnts, 7l.tit2 livaneli liin:inil nn
f.ilr anil prtceM mltniicil 'jr. with HtippltcN well
nmler iintrnl. UuoUtloiiK No. I while, inur
lloWt" ttnnilird white ft f ac II I n .-. No. a white,
ti'ltjili.'Pac. No I white. II2llUr. sjtnplo o.its.
rilierisiir
Ii.Ol'll Receipts, 11SO 1,1,1k nnd I.K..-..'J7.-.
Ibs In bjiKs. 'rrmle wits Hlnw nnd chiefly In
arrund-hind Htoi'ks. which were av.lilnlile utnw
mill limits rollowlnt; Hrt tlie iiuotiitlnus. pfr )IH)
IbM In woo,). VVInor, tle.ir 17 il.'iti'? tm, ilo,
utralsht. JT.'.iUSf M III, do Pitenl. x HHfiS.li:,.
Knna.i'. fb-nr. totton a.uki fs ."ll(ts T.'t, do.
tttrntRht. oiton s-itks. Jtiejiti .'"i. do paint, col.
ton sitka. tti :..itr!i An. sprlne flrt. ar, Js nil
Ws...i. ilo-, enlent ItHfn An. fatorlto brand.
III .ill III, i In iTtllts tholti. unit famv patrnl.
311 Aim 10. city iuIIIk rcuiilnr isrndi"! Winter,
i liar. 17 i'..11'7.o. do. alrulfiht, tT.IHI0.S. to. do.
lIHlftlt, K lufff HA
KYM )-).iiI'It wns quiet but aipaih unilir Hniall
supplies. We nuoto IT AOO '. Per bbl . n to
lunllty
PROVISIONS
Thpro nni n fair Joliblnc ilimind nnd vilur
tvern alendtlv niiinlnlnptl (juotitllnna fltv beef.
In ela smekrd nnd n)r-drled. 31c, weatern beef,
In seta, amokrd. alt , elu beef knuckles and
tenders, aiitokcd nnd nlr-drlfd. 3.1c, western
twef. knuekli's unit Ipnd-rs amokrd 33c, beef
harna. -.s3i). pork fnmlly. 133033 Ail: liami.
rui'V?.""'1' Ioos" IDWin'ie. do Kklnned. looao.
IsmDlle. .!. on. amokrd. ll)'j W2i)e. other
h.una. imiW tltv cured, na to brand nnd
ivfrnut. l!Dla.. Imin ainoked wrstern cured,
JU'.itv, InlliHl, boneleaa. 30c. plcnte alioulilrrs.
f". ,,I Hired, loosf. HVjr. do amokrd. ISMtr.
bruit a. In pliklr urcordtni; to nveraue loose,
l.e: breakfast Incon ns lo brand and uveracr,
city ruri'tl. 2le. breikfaat baton, wrstern currd.
JIc: lanl, wrstern. rrflnrd. Ira. 17'ir do. do,
do. tubs 17'tic Inrd. pure t-lty. krlllo rrn
tttirrd. In tlrrcea. I7V-ic. lard, purn city, keltm
rendered. In lubs J7'4e.
REPINED SUGARS
?'h" T,.!ltl,'t rulrd ateailv with a fair (n-
V".'rl' rU;10''"' "t prlrra: i:irn tine urnnu
Intrd. fl .Ac. powdvrrd lIKAc. confectioners' A.
I) ttjo. soft urailra Gtfll.llllr
DAIRY PRODUCTS
ItUTTI'It Knnt-
icy s;oods ruled firm under light
fnlr tiemand Followlns are
nrreringa and
ino quotation. Western, frrnh inlLLnanL-rf
rpt-amrry, fancv sprrl.ils, 4Sp, pxtriis m) ifp 4 1 1 .
extrit , tlrala, 3SViil3e. Ilrsla. 3H4 tfeST'-at-;
aeconda. 3.tc3A'ii'. nrarbv prints, fancy, ., .
""""i.1. ,X!SP- ll2e. Ilrsls. 370JS'.c. ace
Hula 3...).ii,p: special fumy brunds of prima
JobbinK ut JtlStttle
KllUH rh market drcllnrrt II 'JO per tair
or 4t- per dozen under rreer ofTt-rlnB. Qneln
!, ".' ..N.c?.I'by lrna. HUe prr doa nrnrby
'Jr?.'" . '' '" ,"'r case, licarliy lurnnt rrcrlpts,
Md fell per mw wrstrrn vxtras 40c per tlnz .
'.'?:, '"trn Ilrsls. Ill 111 per ruse- do. firsts.
1.1 dil per case, refrlserntnr reus, (lrsla. Ill 7o
MI2 per rasr, do atconds 111.40 per case,
amy arlrtii.. tundlril fresh rsgs were Job
blmr si r.ll&liti prr dozen
rilHn.Si; orrerlnua of flne earlj-madn stock
were llaht and the mark, t rulrd ateud. but
trade was nulel Quotation. New York full
ream, rant hrld -J.V, IrMUr sn.i lals hishrr.
aklma' JaW'-fc" hCld' -' S'"-' do. part
POULTRY
DRKSSKD Desirable stotk was well tlraneil
tip at rull futures Quotations ranerd on ih
fullottlnk- basis Freah-klllrd, ilrj-paekcd fowls,
ir 'i Ji".. b"x.. ''rj-Pltked, fancy srn ted. 2le.
.V,-It,l.'ie -P'3 ' aol'-cr '.'.V.r wrlch
.'.niif...11'" ple -1e, welehlne ,1"4 lb aplere.
r,0l-!.-c wjlchlns .1 lbs apiece. )U2()c. fowls
In bbla . fancy, dry-plckrd. welEhlnu 4V, OS
lbs and over aplere. Mr. welehlne 4 lbs.
piece 22c. smaller sizes. 170lOt: old roostire
dry-picked. I7r. roastln-r rhltkens wrstern
Iry-plPkrd. In boxes. wTlahlni.- OWII) Iba per
pair. 252Bp. roaatlnu chkkena. western, dry
SViXA ln l,0:,, wt-lnhlni; H lbs per pair.
2ltpi,;5c: rnaattns chickens, west-rn. In boxts
welR-hlne 7 lbs prr pair. 22i23c roasllnir
rhtckena. western dry-paeked. In bills . weld
Inn lt 10 lbs per pair. 21c roasttns thicken.
.wr,lV..n' ,in .iJ11 '"t'shlntf T Iba iter pair
2oM21c. brol Ina thlri-ens wiatern. In lTxes
wazhlni; S I lbs. per p.tfr. 24jr2.ir. thlrkms
wrlKhillK : Jllll lb ;rr pair 10t?20e, do mlvr.1
sizes ise.'0c, broilers. Jerae. func 3JU
31c. tirollura. olher nearby vvelchlnu IV, a-J
lbs apiece 30C 32c turkeys, per lb Finpy
nearby 3ltS1v. fam western 31932c fair
V!.?."??''' 2!W3i old lorn 2S2Uc tommoli
2427t.. ducka, tiearbj. 2i!3. . do western '.'0
RwVl e"" nearbj, 17010c do. western.
lAielSc, aquabs. per doxrn White, wrtuhina
11 tn 12 the iter iloztn. itt$ft jn, white, vveleh-
lie "I" JO Iba prr doztn. 13 .50.1 k3 white.
hn s Iba ier tloz-n, 4 BDW4 70 do
4 nous in do
3 f,0f3 110. do.
welshlna'
lla ppr doxen
ta
2 Aof.a. small and No 2. ll0cll.l!A
l.ivh Inr markei ruled linn under liahl
offrrlnas and a fair demand and fowls and
ihlikena were u shade hlaher Follow Inc are
Iho quotations Fowls, as lo quallt. Itr2ur
rooslera. HWIAt. sorlnB ihltkens. accordine to
qua ty. SS?0' W l-ehoriia accordina to
"J Ify. lTWllit. dutka aa to alze and quality
llltB',.'Uc: lurkea. 22024c. ueese. lS21c
pigeons .no jier pair. 'oesQue. do. young ner
lalr.
0(p23t
FRESH FRUITS
Cholt
tocW wan In fair
fpfimasaart rs . A .
erally ateady aa followa- Apnlea prrhbl
Ai. ',"'' iJ''n uavts. I3W3 51
Jlaklwln. No 1. 13.7303 50 do iineradrd
I33 50. tlrrenlna- No. I 14 50 8 a r" i do
unaradetl. I3ftl4.23. Kings. No ) l Anas lo
ungraded. l:i4 Mtajinan. No. 1 14873 o"
unaraded. 12 SUSS A0: Win.aap. No I 9i 50
Vd. do. unaraded. '.' 300:1 An Apples North.
rfit,.'- 0,l!ft,?ti.r.Hn- r'lorlda per crate--Brlaht.
12.230:73. russet 1202 50 Tan-l-vrnea
Florida, per alrap. 12 All 0: 3 An arape.
f rult. I-lorlda. per crate. J2 2303. PineaDplea.
Florida, Indian River, per crate. I.-.2S03 23
Cra nberriea Cape t'od. per bhl Fancy lata
yarlellea. 13 07: early black 1303 50 Cran
lierriea. Cape Cod. per cratr, 1202.40, do.
Jeraey, dark .per irate. 11.7302. do. do. pght.
per crate II 50 p'truvt berries, Florida, per
uuart. 23033c
VEGETABLES
The markei waa generally firm, with demand
fair ami offerluce only moderate. Quotations.
V hit e potatoes, prr bush. Pennsylvania rhoire.
1.V0V2, New York irtolcr II HA I. oil. Wblte
potataea. Jeraey per basket t)c).)5. Bw.et
WSJMIM, nastero colore per bbl P.O. 1
ISO
wau and Maryland, per hamper. 11.2301 30
l2'Jt!tJP0iot.'sj,!'ft4y, !r basket No. 1. UOo
ITfT: No. S 4O0iak Onions per 100-Ib. bag--No.
I. 13.2303 73. No. 2 13 3004 30. Cab
baae. Uaulsb, per ton, 11000110. Volnath.
v ear. .. 7. uw oweet iioiaioea.
uela.
Norfolk, per bbl . 1202 50. Kate. Norfolk.
per 11 . B0ol Cauliflower. Norfolk, per
W' '" Eiiuo. riT ii, n-r eaa
Peas
Florida per basket
na
9.30. Tom
Tomatoes. Flo
irpu. per crate.
II 603.
NEW YORK BUTTER AND EGGS
NSW YORK. Jan. 17 BUTTBR RecsIUs.
4tM tub. SkaxUge or faopy Xresb butter, but
ovarswply of other grades Market ateady
oo taw grades but weak on utberj Quotations
UDcba Baed.
JSGOB Ueteluts. B02 caaea Market Irreg
ulfr. Freab altar J utiaeltleU with sllabt aur;
piia' Storage qu!
ex sua uavsexuea Exirae- az
s Sic. ii. .Iift'89. "bit
irowo egts, MfH, mixed
1203, do. Virginia per basket 1101 30. do.
North Carolina per basket 1101 SO Beana.
ilai-ida, per basket 1204. Eggplant Flor
ida, oar box 12 i3U3 AO Penun l.'lnrl,la
:02 50. Sauasb. F)srlda oer Lax.
Tc
cofof.
ealra a-ata
IfrHc. Wowo
Sales in Philadelphia J
Net
High low flose tiute
ID Acme Tea ,
pref t e. 051i D7V. nt'Ji 16
23 Am (las .120 I ill t'Jn
1.1 Am Itys pr OT'i 07 ,i 1)1 ',4 K
30 d pre.' M ft.1 S3
3!(l lllcc Ktor 1)7 r.4 rt'!i '
. 5.1 Hrie 3:1 .1:1 33 ',,
00 Ina i'o N A 27 Vi 2TVi 2T't '.(
1.11 LI: Sup ftp an'i It) l!)',4 Ii
31 l.eli Nnv B1 stli SI "4 ,i
01 l.ch Valley :!)), II)", T!) !A I .
lot) Matwe'l . . As Stt Ss H
I Mlnelilll .. Si's f.Tfs AT '4 . . .
fin,i Nov t'onn. 1 Stift -UK 'i
J.tn Peutui It II .in? bo", f.r..!-,
.1 Pa Salt M on MO J I
So Phlla Co IM,!, II', 4 I '4 -4 .
Ann Pillln nlec ,1Hi .11 .11
I Phil It Tr 33 3.1 .t Hi
3237 do Ir ctfs 3H4 331s 31 '.(
.loo ('.ending In.!, lost;, lti:H Hi.
1 1) 7(1 Ton tlel . I !)-in H4 I li-in ... .
Inn Ton At In. il n '-
2J7 Clilon Trac IT In in I
(III fn il Imp. s'JB hl)4 JV4
HAin I' H Steel I l.l1! ll.'t'S. Ilii- IJ4
Hill Win I'rnmp HOti Rti'i 811 -!!d
All Voi It llwy. II II II i
lit do picf. SI) 3!) 3D il
WIND Net
1 1 inn Irfiw Close, irige
Sllllill Am ll.is e
i:iec' 6s. DHi i'TVi DTli H 01
Anon tlald I.m i
tst As.. Itil Mil Hit 1 1.4
.liiiio city 4s 11)12
in . . 1 1131;. Inn!, li)3iH .....
Slum Leh R New
KnB f.. . nil Mil lol
Rfiiulll Lehigh Vol
f cons I'gH
2003 .. . Illlti lilt tC III I ll '.fc
FOREIGN EXCHANGE
.WAV VtlltU. Jnn tT.-"THo fotoign ex-,
change, tuatket was dull nnd without spe
clal feature In the early dealings today.
with the exception of firmness In stcrlltiB
cables, which were quoted nt 1.75'j. De
mand was Btendy at I.TK 13-16. Sixty-day
nlll hold fi'. I.T2 and nlnely-day bills at
tl.Tn. There was Utile ot mieicsi.
(Jilotot'ons follow'
l-'rnnc cables, 5 83; checks. 5.8 1 "j .
P.eicbsmarU cables, 68 1-1G; check, C8.
Lire cables. ilfJ.I", : checks. O.'JG'a
Swiss caldes. 5.02 "a I checks. .1.03 U. ,
Vienna cables. It.ltS. checks, 11 05
Slockholni cables. 2'l.5n ; checks. 23.35.
I'efclns fables, 21 3S : checks, 21 20
liulltlcr cable, tola ; checks. 10 1
Ituble cables 21.2.1 : checks. 23.1.1
-HI.
Now low lecords were
the early afleinoon today
established in
In lire nt C.97
fin cables and 11 0
for Chechia, and In
Itclchsmnrks were
ilible cables at 23.10
nominally it shade belter nt 08 'i to 08 3-1 fi.
HANK CLEARINGS
ll.ink clearing tndaj. compared with corre
sponillnB day lt '" years-
11117 unit tnl.i
Phllatlelphla.IOI.ri27.27l) J3.illA.07l J2 1. 771. 3.19
loston .. 10 0113.4-0 :tl.tt!1.13.' 23.142.lllH
Nrw York.. Iilll.7.1'l.7li1 4l.l3.n.HI 27ii.sl!l,31ll
(tiltalo .. hA.olll.2ls i,o tit i ait oi.tti.nua
Extra for Automatic Electric
CIIlCAijO. Jan IT Tho Automatic Klec
tric Company has declared the resulnr
dividend of 1 per cent 111 ensh and an extra
stock dividend of 10 per cent payable Feb
ruary 1 to stock of lecord February 1..
Assets
Earnings
Growth
Sinking
Fund
General
Management
7 i
WHEAT ENDS LOWER
AFTER NERVOUS DAY
German Raid in South Atlantic
Causes Many Bulges and
Dips Views Differ
CIIKAtlO. Jan. IT. News Hint a Her
man lalder, had pla.ved havoc with shlppln;r
In the "Soulh Atlnnl'c made the wocat
inaikct exticmely nervous today, with niniiy
btilKes and dip. A steadier feellnc pre
vailed at the tnd. with prices above the
bottom
The ultimate elTcct nn values of tho de
sttucllon nhd the captllte of the various
Vessels was Interpreted In different ways.
Tho bulls aiKUed that If Ibe cargoes weic
urgently terptlred they would liavo In bo
repinced plsewlicrc and that the loss of
boats would tighten the monopoly now en
Joled bv Ihe North American routed. The
lic'arR tiscrtcd that compllcallotis might
lestilt ft inn the sinking or lln ships.
Klltthcr export buslne-s wn done today.
Jtay sold ns high ns $1 SO '4 and ns low
its J1.8(i4. closing at $i.8fc ft 1.874. com
pared with $1.88 at the end v esleruSy. The
high on July was I.S2. tho low Jl.lO't and
Iho eloslm, $t.S()?sA 1.B0Si. against $1 61
nt the close yesterday. The top on Septem
ber was $1 3T. the bottom $1.3 IN, finish
ing at $1 30. or '4o below yesterday's last
price.
Itecelpls nl Interior points continued
light amounting to TIT.OOO bushels.
Accoitllng to the price current winter
vvho.it during the last week was given a
snow covering In nil the licit, with tho ex
ception of western Kansas and Nebraska
and the Southwest, where foil conditions
continue to Jie dry. In Lie roft wheat States
thn snow. In every instance, preceded the
cxltemely cold weather of the early part of
this week
Corn ended strong' after sagging for a
lime. (inVrlnga were limited. There wns
an pMcellent class of buying.
Oats finished higher. Thero was some
puiclfaslng by export house's.
Ltnilhiff futures rntiged nn follows
vcMernny
Wheat ()pn lllah
AIbv . . l.Kt'i I. SIP,
.lul 1 ,11 'i 1 A2
.September . 1 Sit'5 1.37
l.ow. f'lnsr.
Ctns.
l.Sll'i l.B7'
1.4T, mat
1.3to tl.311
1.8SS
1.IIU
1.3I4
corn tnew- deliver)
.Mnv .
mi".
l.imS
l.nns
tOO'4
Julv . ..
Oils
Mny . ..
July . ..
I.nrd
lunuarv .
Jlny . .
Julv
lllb
January .
.Mnv . .
Pork
Jmuary .
Atitv .
Six's
r.7'
AAi
nil's
AsJ.
r.s
list
.17J
ns'i
M's
.15I4
. .1. -...-
. lit 2.1
. 10 32
. 1.1 1n
, lA.AD
:to no
.2(1.2.1
ir. ns
in.au
10.37
l.l.lo
15. .1.1
3(1.27
211.3.1
211.2.1
1A so Its.RI 1.1 an,
lit ir. tin.2.1 in 20
10.32 111 37 ttd.37
IS 02 tl.1.0- 11.1.0.1
1,137 15.40 1.1.12
30 1.1 30.27 t.10.00
211.10 20.2.1 'Jtlil.l
20 00 120.111) 20.0.1
Jutv
Hid. tAsketl.
NEW YORK COFFEE MARKET
XKW YOItK. Jan. IT. Tho market for
coffee futures opened nervous nnd active this
tills morning. 3 to 0 points higher. Sales on
the call were estimated at 12,500 bags.
Today" b
opening.
Yesterday's
clop.
8.31 8.30
S 4IIWR II
8.4AiSlH. Ill
ft. 41) Ms-All
fc.A.10H.ril
R.ASfJ'S.ni)
h (I.HrH.iII
s.nsws no
a.72N 73
K 77 HSR 7K
S S2iB'S S3
8 HM0H.6O
January ..
rVbrua r.v
March
April . ..
May
Juno .
July . .
Auguit . . .
September
October
November
December
Hltl.
. 4.1
" R 0t8.03
. . S '70 8.73
! s'7AW8.S3
. N S3
. H tin
. 8 S3 08.03
NEW ISSUE
$3,500,000
Continental Motors Corporation
7 Cumulative Preferred Stock
Par Value $100. Redeemable as a whole at the option of the Company upon 60 days' notice on
April 1, 1920, at 101 of par und accrued dividtnds and one per cent, advance each succeeding
year for six years, and thereafter at 110 of par unci accrued dividends. Preferred as to
assets and dividends. Both Preferred and Common Stocks have voting power. Dividends pay
able on the IStb of January, April, July nnd October, the first divldtnd.due April 15, 1917.
Transfer Agents: The New York Trust Co., New York Registrars: Bankers Trust Co., New York
Security Trust Co., Detroit Union Trust Co., Detroit
CAPITALIZATION '
. Authorised Outitsnitlnl
Preferred Stock 7 Cumulative (Par $100) .... $ 3,500,000 $ 3,500,000
Common Stock (Par $10) . 15,000,000' 14,522,580 . -
For Information concerning this issue, we summarise as follows from a letter signed by Mr. B. F. Tobln,
President of The Continental Motors Corporation!
Business The Continental Motors Corporation manufactures gasoline engines for automobiles, includ
ing pleasure cars, commercial trucks, and tractor). It is the largest concern in the United
States manufacturing gasoline engines exclusively. Its product is widely distributed among
1 60 customers, including some of the largest automobile manufacturers. The plants at De
troit and Muskegon, Mich., are of modern construction and have a total floor area of 1 7
e acres and a combined capacity of 1 60,000 gasoline engines per year, '
Total net assets equal $225 per thare of this preferred stock. Net quick assets alone are
more than $119 per share. These figures include nothing for' good will, patents or other
such intangible assets of this well established business.
Net Earnings for year ended October 31, I9l6were $2,440,293 or more than 9 times
the annual dividend of $245,000 on this preferred stock. For the five years ended June
30, 1916, net earnings from plants averaging less than half the present capacity have aver
aged $1,028,546 or over 4 times this annual dividend.
The growth of the business in the last 10 yeprs is indicated by the fact that the Company's
net assets have increaied from $56,600 on June 30, 1906, .to more than $8,000,000 at the
present (ime.
At least 20 of the net profits, after payment of preferred dividends, dating from the time
of Incorporation, are to be used for the purchase and retirement of preferred stock.
Company is free from all funded or floating indebtedness except current accounts payable.
The preferred stock can not be increased nor can any stock having preference over this issue
be created without the consent of Holders of at least 90 of the preferred stock.
The management, which has been in control for the last 1 0 years, remains in control and in
active charge of its affairs.
All legal matters to connection wltb tne Issne of tbis Preferred JtncW win be pasted upon ty Messrs. Cooke &
t Usrvla. of Nt" York, and Messrs. Merrick. Smllb. Puns Id L Farley. Doiton, for tbi Rankers, sad Messrs
i Roodenontt) & I-onr, Detroit, far tbe Compsuy, Tbe accounts of toe Company Hire been audited by Measri t'rlce
" Waterboua & Co. tod Messrs. Uarwirk, lllicbell. Peat 4 Co.. Certlfle.1 Public Accountants, '
Price 97,4 .and Accrued Dividend
Descriptive circular on request '
" N, '
Subscription books will be opened at the offices of the undersigned io
' o'clock. A, M,, Wednesday, January ij, iqij. Books will be closed
on or before 13 A., Saturday, January so, IQ17, in our discretion . .
" without notice.
The undersigned reserve the right to decline any subscription
t and to make allotments for smaller amounts than applied for.
William P. Bonbright & Co. Lee, Higginson & Co.
Incorporated .
1017
GOVERNMENT BONDS
llttl
1IBH
.'')
IO0H
.101)11
111),
.110",
.101
.inl
. nn'i
. nnii
.lot
.lot
2. restBterfil 1030
2ir 1 oupon 10311
3s, registered, 1318
3s, coupon. I0IH ...
4, registered. 102.1 .
4. coupon, 102.1 ...
3 rsgletercd. loin . . . .
3. toupon. HMO . .
I'nnama 2. reglitered 103(1
do 2. registered HU . .
ilo 3. reilstrrnl. lliflt
do 3. coupon
iii
StiRnr Remains UncliatiRetl
Ni:V YOItK. Jnn. IT Fine grnnulnted
sugar wa( unchanged today, being quoted
nl ll.Too by all refiners. Tho last rale In
npot Cuba raws was at 5.30c.
Investments
There is no field where investigation and
experience are of greater importance than in
the purchase and sale of securities.
,To those who desire information or
assistance in their investments, this Company
gladly offers its services.
In addition this Company is empowered
under its perpetual charter to act as:
Executor '
Administrator
Trustee
Guardian
Correspondence or n perionnl
' interview cordially invited.
Commercial Trust Company
City Hall Square
Fouimi and CiresrrNTJT Streets
PHILADELPHIA
leirs'
In Denominations of $10, $20, $50 and $100
payable through the
United States, Canada, West Indies, etc.
DIVIDENDS DECLARED
tteadlnir Company rcgolar quart. ri nt .a
rem on me nrsi prciern a Slock, pflvabls lt.J
8 to stork nf record February op '" Wlreh 1
flr.n.l r,.hlit. .tlitlln...
..,,,,,.. ..j,....n (,,i.,.nj v umnanv e....
itaimiN -ttniiwny V omnane
nunrtrriy or I'i percent nn tiro prefttrrd .."i!"
inynnie tenrnsry 1 10 BloeRho tiers of tWEZi
at rlosn nf butnrs January 20 ' recor,!
llouton Oil Company of Texas, rogulrte ....
nnnual of 3 per cent on the rfeferrea ..1?J
rumble February 1 to stock of record VX-
nrv 111 . . - --.,u.
.Mtendard Oil Company cl California t...i
uarterlv of 12 no, naynbla March T'loJ?ii
f tttrrd February ir. " lo 'K
Norlli
nt l'i tier cent, pniable
retord Mpreh 22
1 'o boidera ot
BAR SILVER
Yeiler- Wednes
Today, .lav ,My jt,Bh
New Vork (rents)
7l'l
7.1
London tpencei
30i
3d
3fi
Trustee under
Voluntary Trusts
Corporate Trusts
Marriage Settlements
i
S,-
VIVO-: