flmnmnni
WW
iwmQGrr&qm&n
...
EVBNINGF UEDGBBr-lPHnrADBLPHlA; MONDAY, JANUARY ' 22, fall
.te
IWJ5
mi
iii.
I-?H
tni
PtrJ
f ?
Ex
I.
s
s
r5
H
lofw
Tr
Jt
an.1
s!
IV
W
T-
QTane af tv lif sttnaert
Oil tafoMlirr eompaales
wilt tnetttr ratify Increases
U tiitlr capitalisation, ttfcleb
rill clT shareholders tori
Minni ttutlnf from 0
to 30034,
"And. there ere tt mere e
the Stanaeril OUt which here
ocumoUUd aafflelsnt ir.
Biases te justlfjr Beetir dls.
triVntlra of leig-e dlvidsnds
te stockholders,
JT1 Bill inbiMUHtl In
tmUra, along- with gtDsral
lafermatlea coTeriot the
Standard Olli, ere'llitsd U
nt fottnlgktlj- pnlUcatlen
TnTtsuiieat Opportimitiej"
q Annas who U interttted
In lnntsslsc the esmlnt
power ef his snrplas funds
aheald trltlr rsceirs thlt
rataasle publication. It will
te tint KitKoMt ehcTft, be.
ftnilnr with enrrenl Usee,
rc rosiest for 31-PL, In.
clndlnt booklet detallln
"The Tirailj Pajnent Plm"
iKatlhllstwri 180K)
40 Exchange Pliee New York
IT
FINANCIAL NBWS
TRADING LAGS IN PHILADELPHIA,
AND PRICE MOVEMENTS ARE SMALL
Rapid Transit Trust Certificates Sell Ex Dividend at a
Fractional LossLake Superior Corporation
Most Active of Local Issues
Continued
Investment Buying
is steadily diminishing
the suppjy of standard
Railroad Bonds
now available at
attractive prices.
Upon request for Cir
cular PE-86, wc shall
be pleased to send our
list of Railroad Bonds
yielding
4.00 to 5.40
The National City
Company
1421 Chestnut St., Philadelphia
New Tork Chicago Sun Francisco
rildburgh lloiton
Tho mock market In thin oily through
out the day dlil not differ materially from
recent scsslonn. From Iho Btnrt at 10
o'clock traders did not show any dispo
sition to mako new commitments, nllhoupth
Iho attendance In commission houses meas
ured up pretty well with recent days The
changes of prices, except In a few Issues,
woro Renernlly imtll ntld to lower levels,
as compared with the final of .Saturday
Throughout the whole, session tho market
simply followed the trend of Wall street
While Lake Superior Corporation stock
was tho most (u-tlve. the prlco moved over
a narrow rancc. Next to this issue u as
Philadelphia Itapld Transit trust rcrtlfl
cates. Tho turnover In tho latter, however,
was not nearly as large as on provlous dajs
The certificates and the tinassented stock
sold ex dividend of II 2,". today, mid tho
opening transaction of the certificates rnmo
out on tho tape as 200 nl .12 j. a loss of 3i.
when the dividend Is figured on Later in
tho day the price advanced to .12 ")i. which
would ho 34 with the dividend on. The un
assentcd stock did not make Its appearand .
tly far the most tii'lvo was I'nlted .States
(Steel common, more than !U00 shares chang
ing hands. At the low mink, which was
struck duHui; tho morning when tho stock
was under pressure In Wall street iilotii?
with the rest of the list on the biR hoard,
the stock was oft 2. From this prlco
thero was a recocry, but all ot tho losi
was not gained. Philadelphia Klectrle liuus
around the clo.slnif price of Saturday. At
one time tho stock showed a loss of U.
Officials of lallroads operating eastward
from rhlcnRO and St. Louis report that so
far as the grain Bltuatlon Is concerned there
has been some easing up of the situation
nt Iho HufTnlo gateway and that large con
signments have recently gone forward to
tho seaboard. At tho Pittsburgh gateway,
however, there has been llttlo change In
the tight situation which has prevailed for
rt number of weeks.
Tho westbound movement Is being cur
tailed to n considerable extent by the lack
of shipping equipment on tho part ot the
railroads. Hcports from business Interests
Indicate that tho olume transacted Is cur
tailed only by limited car suppl.
Olllclals of southern roads leport that
trnfllc Ih about eight to ten per cent heavier
than n, year ago, anil that the movement of
southern products to the north Is going lo
bo somewhat of a factor as usunl at this
tlmo of tho year. General merchandise and
miscellaneous freight continues to mako a
good showing, being considerably In excess
of tho same period of n year ago.
ippjy
INUESTrVOT
SEASON
BANKS. TRUSTEES
AMD INDIVIDUALS
A LIST OF SECURITIES THAT WILL
SATISFY THE PARTICULAR REQUIRE.
MENT8 OF EACH CLASS OF INVESTOR
HAS BEEN PREPARED OY US.
YOU MAY RECEIVE UPON REQUEST
THIS LIST CATALOGUED.
THE SECURITIES THEREIN DESCRIB
ED ARE OWNED DY US AND RECOM
MENDED AS HIGH GRADE, CONSERVA
TIVE INVESTMENTS. YIELDING AN
EXCELLENT RETURN.
BAKER, AYLIHG & YOUNG
LAND TITLE BUILDING
BOSTON PHILADELPHIA CHICAGO
CAPITAL WANTED
ItUSINKSS 5IAT WITH CAP
ITAL WILL BE GIVEN" 1-3
INTEHE8T SIAXUrACTUKEKS
DOIXO A WONnUKKUL BUSI
NESS ; CJKEAT I'UTUHK.
O Z3I, LEDQCIt OFl'ICE
lf4)jfiiSV30KeJSlufjnutifi.l$2l
f-J I RJ3 BANKERS
Iteclwca BR0-RS
Sth & CHESTNUT 8T8., N. E. Cor.
Msmbeni of Phlla. Stock Eienne
Direct Wlr to New Tork
'Vtt-'-wg-Wi
Bethlehem Steel
Purchase Money 5s, J. & J., 1936
HEED A. MORGAN &' CO.
WEST END TBUHT III.IX1.. I-III1.A.
JUtmbert of the rhllu. htovk Kirliunse
COTTON IS NERVOUS
ON WILSON'S MESSAGE
After Early Decline Prices Take
Big Drop Recover Part
of Loss
mTTO.N IIKI.T WKAIIIEK Mllir.l'AST
NEW 1IIKK. .Ian 2S. llnln were Bfii
rrul In the rnttnn helt this mnrnlnc. Tho
inllovvhi-; Ifiniif rnttires wrre rrrorclpit:
Oklahoma, 14 1 Abilene nml Port Smith, 'ilt
l.lltlr Itork, ,1U .Nahvll!c anil .VIpniphl..
Ill HhretFiiorl. Ill Mini Antonio, 1M : At
iHiitu unit ABlifvllle. (10; liiumllle nml
v Ickburir, C2i Meridian, Illrinlnitliiiiu unit
I linttnnoo-irt. Bit Corpus t lirlitl. New lr
Irtmft, .lloblto, Mnron ami .Monticnnien. Mlt
Kiilelirli. OnUeston. I'nsuroln nail AitRiltu.
iini CharlrnliiM anil Wllmlnicton. 00i Miiinn
nali nml .Iniktonvlllc, (H Tampa noil
ThoniaHtltl. AH. t
There nun .01 Inch of iirrrlnlliilton nl
i.iilventont .ni Inch at Thotnnivllle! .OK
Inch nt Port .Smith nml Hun Antonliii.lv.
Inch nt ClLittiinuosiis .It Inch nt Ualclnh;
20 Inch at Nriv (Irlriititt .:t' Inch lit Au
rustai .:il Inch nt Anlirtlllp nml Little
liocki Jill Inch ut Murom . linli nt Slireve
Imrt: ,7i Inch nt Atlintii: 1.13 Inchen nt
lintlnnuocii: Ltd Inches nt .Mcimililit l.'.'o
Ini lie-, nt .llerlilliint 1.2H inctirH nt Kniiv
vlllc: l.no Inrliex ul lliruilnclianii L.'.ll
lnclies at Niiblnlllc
XKIV VORK. Jan. 22 Tho cotton mar
ket suffered u sensational break In tholate
morning under a renewal of genpral selling,
largely lnsplied by tho announcement from
Washington that President Wilson would
address tho Senate on tho International re
lations of the I'nitcd States. Cotton bought
earlier In tho day for a reaction was
dumped on tho break to 1ti.30o for March
and lO.fiiic for Hay, which represented n
loss slnco the ctoso on Saturday of moie
than $3 a bale.
After March had sold at 1G30C. or about
C8 points from .Saturday's close, thero was
a rally on later advices from Washington,
indicating that the President's address to
tho Senato would be on tho subject of a
peace league. Tho recovery in cotton car
ried Mnrch to 1G.59C, or virtually 30 points
from the low level of the morning. Tho
tone, however, was still nervous and un
settled and brokers with buying orders said
they found It compaiatlvely easy to secure
contracts.
Influences were bullish, if nnythlng, be
fore tho opening of tho market, cables from
Liverpool being bettor than duo and the
rainfall In the Southwest was commented
upon, but as boon as the ball started tho
pressure was renewed. First prices were 3
to 13 points net lower, with tho tone easy.
After the call the pressure became greater
and stop-loss orders were again encount
ered, adding very materially to the supply,
so that transactions could not bo mado ex
cept at sharp concessions, and prices at tho
end of the tlrst ten minutes were down IB
to 20 points further. Spot houses purchased
at tho early low levels.
Gat. 11:00 12:00 2.00
cjpen. n.in. m p.m.
liiiir. ni.- ni.70 in.nl
I7.IJ.". IH Ull III U'J in .:i
17.(1.1 IrtIM lil.lMI 10.72
13!U 15.h2 15.72
Sales in Philadelphia
rltisp
March lii.DI
May ,...17.12
July '...17.14
October 1 nj
Spot 10.1)0
Net
Itlsh. Low. Hos. ihsri!.
30 Am (las. .10 120 121)
200 Am Loco.. 77 "1 11 -
7 H fc H t c. o on (10
Kio Cam lion. IS 4" !."
7 Ins l-o.VA SHi ZI'A 27 ',i -- 6
SS lilt it SI pf H!l HO SO 1
nnl.k Sup (.'.. son ioai 'l4 ''"
HI Loh Nav... K4i,4 SI (4 8114
ISO Leh Valley 77Td "Th ".h 1i
no Mex Pet ..102 loi 10J 3U
Mlnchlll .. .'.IH fi.Vi '. "t- '.ft
431 Penna It It .'.fllii BOHi r.oyi
40 Penna Halt !)."14 014 0.".',4 V4
r. Phlla, Co., II II II Va
S78 Phlla Flee. .11 3.Mi 33i, 1A
1703 'V It T t c 32'-', 3214 8-0', -l'i
lu Phlla Trac 8.111', 8311 831', -i- V4
.inn llv'.i flen. .7 7 7-12
.17 Heading. .10i 10014 looii 211
118 Ton Hel.. 10-1017-10 4V 1-10
n.l I'nlon Trac Kl-v, loii lO1 Ifi
137 r a i ... sin;, sd-t, ki
1171 l' K Steel. 114'A 112 11.1 1"4
in W Jcr &. H noif, noli no';,
S3 Win ("ramp 8014 814 ROli V
125 Vorltltwy
prof ... 38 37-li S71! IH
i;x dividend.
IlOMIS Net
lllsh. Low. Close, clise.
S3200 Am Gas &
Klec 5s.. 9714 0014 0714 1
12000 Bald Loco
1st Cs.. .10114 104-14 10414 ii
130(1 Elec & Peo
Tr Is .. 8.". 83 83-li
7000 Interslato
Itwys 43 Sik 531ft" 55 Vt
80(10 I.ch .N'av
cons 4s. 103 103 103
luoo Lehigh Vnl
cons tljs
2003 ...10114 10114 101(4
2000 Nat Prop
4-Cs ... 08 6 ;', (18
8000 Leh Vnl Tr
1st Gs .. 034' 03', 03 Vi
1000 Penna Go
gen IVjS. 101 101 101
nooo do cons
li&s ...10711 107U 10714
Kfoo I'ub Serv
Corii Bs. 0214 0214 9214 .....
1000 Phlla Co
cons 1st
3s 101-K 101-y, 101-ii
1000 Heading gu
Is 001ft Ofllft Ofli
1000 do Ter 5s.U31, 1131ft 1131ft 'A
200(1 Spamsh-
Am I Cs.102 102 102
.100 Stand Clas
& Klec Cs.toi lot nil 14
LONDON STOCK MARKET
Liverpool Cotton
LIVERPOOL. Jan. 22.- Thero wasMnly a
fair demand for spot cotton today, with
middling 23 points to lower nt 10. "Id. Tho
sales were 8000 bales, including 0100 bales
American. Tho receipts were 13,000 bales.
Including 12,100 bales American. The mar
ket for futures closed steady, at a net de
cllno of 22 a 28 points.
$100 TO $5000
SUBSCRIPTIONS INVITED
to syndicate forming to back a contracting
Brm (heating and ventilation) in taking
additional business; successful for years.
J 73i. LEDGER CEN'TKAI.
ANNUAL SIEETING
CENTKAL TBDST & SAVINGS COMPANY
January 18th. 1817
At th Annual Meeting, held January 11th.
1017 tho foliowlnit titockbolders were elected
director! to aervo (or tba eniulntr year:
T. Comlj Hunter F. Lelchton Kramer
Oeotso II. UcNuly Francis X. Qulrm
Theodora F. Miller J. Howard lihoads
Jame F. Hallowell Henry Hell
Oeora W Koydbousa liaac II, Slmonln
Frank Schobls Chaa. W. Walton. Jr.
Henry 7. illch.ll Clement J, Craft
Fred"k O. Helmbold
At a mn tin of tba Board o( Director!, bald
Jhli (Jar. tba lollovrtna- otneera were luiaclmouel
T. Comly Hunter. PreiWent
Clamant J. Craft, Vlca I'realdent
nenrsa H. UcNaalr. Vlca Preaidnt.
Tbeadora F. Miller. Vlca Prealdent.
Frad'k O. Helmbold. Treaaurer.
Cbarlea K. Lukena. Secretary.
' Anaon B. Evana. Tltla and Truat Ofllcer.
Oo. J- Hanbauaer. Asat. Title A Truat Officer.
Cameron Wortbinston. Aaat. Treaaurer.
CHARLK3 K. LUKENS.
Secretary.
Cotton Buyers and Sellers
NEW YORIC, Jan. 22. March -Norden,
Parrott, C Hicks, Fatman, Frederlckson
and McEnany bought ; McKnany, llyman,
Schlll, Hopkins and Russell sold.
May Norden. Orvis, Wilson, Parrott.
Newman. Thomas, Ghutt, S. T. Hubbard
and Dlckerson bought ; Schlll McEnany,
Schley, Ilartlett, Hymau, H. Hubbard and
Itoyco sold.
July Slack. Clifford. Wilson, Geer and
Wachman bought ; Schlll, Downs, Russell,
llrookn and llyman sold.
October Hartcorn, Wilson. Parrott,
Martin ami Wells bought ; Schlll. llyman.
Brooks and Schley sold.
DIHECTOUV OF ACCOUNTANTS
, .
Certlfled 1'ulillo AecoynUnta
LAWRENCE B. BROWN A CO.
IIUBEAL ESTATE TRUST BUILDINO
INVESTIGATE AND ADJUST PAR'tTJER.
SHIP JOINT AND PlSrUTEP ACCOUNTS
WILLIAM E. MONTEUUS
829 CHESTNUT ST.
BURNS SPEAK-UAK
TUB BOURSE
RAILUOAD EARNINGS
COLORADO AND SOUTHERN
mi Incraaae.
KANSAS CITY SOUTHERN
- ""'SIf '".'Hi
jsaoiki'' 'itToia" ". . .'. .0$LS4 2aoJ-i
w.V4,Da S9II.IAU'
iti MilHilt;
IBftktr Declare Extw DIMen4
al"i i ml u. wnrMFTiima t -tTiiijfonl s wax ant
LIVE STOCK QUOTATIONS
CHICAGO. Jan. 22 HOOS Reccipta. 77,000
head. Market &c lower Mixed and butchere,
J10U0WH 10: Koo.l heavy, lun,1ll 15; rousb
heavy. I10TSI()00 llaht tlD.HKl 11; piK,
tf.-J.lliclll.lO. bulk. tl0.7ndll.
I'.VTTI.n Kecelnta 2J.00U head. Market
ateadr, lleevea J7Wll.hu. cowa and heifers,
l50W10r.(l; atockera and feeders, JO.iU&U;
Tvxans, t7 750!ll)i ralvea, J1UM1.10.
SHEEP Recelpta, 23.000 head. Market ateady,
10c lower. Natl. a and western. I7.50&U,
Iambi. IU.25t?H 20.
.
NEW YORK nUTTEIt AND EGGS
NEW YORK, Jan. 22. BUTTER Receipts
021-7 tuba. Trade a little better and feeling-
teady to firm on moat grades of fresh. No
chamc lu quotations
EGGS Recelpta, 3322 caaea Lower. Closing;
steady, with torn, speculative report. Storage
ecaa uuiel. Extras, 42SH3c, extras, tlrats, 41e.
trill. 3S40c: atorage tlrats, 37c. white, 40
50; brown, t3645c: mixed color. 30 if 13c.
BAR SILVER
Last
Today. Sat. Mou.
London (pence).. 37H S7,, 30
New Yoji. (cental 7 1614 Tlh
lOIT
Hlctl. Low.
30
7IU
Hleli.
37&
7B14
War Loan Continues Popular Amer
ican Securities Irregular
LONDON", Jan. 22. Thero was a largo
accumulation of subscriptions to tho war
loan over tho week end. Amplications for
small amounts are now n(imberles3 nnd
scattered throughout tho country.
Securities on tho Stock Exchange gener
ally were steady today, but trading re
mained light. Tho gilt-edged section was
hard.
Changes In homo rails were connnrd to
fractions and mixed. Most of the half
yearly dividends will be announced -within
a fortnight.
Alterations in Americas were narrow nnd
Irregular. Under tho lead of Canadian
Pacifies dominion issues were firm. South
American rails were nulet.
Foreigners held well. Allied bonds geni
erally were maintained. Italians were not
affected by the announcement of a new
& per cent loan at 95.
Diamonds displayed strength. Far east
ern Rand shares were weaker.
Do Beers closed at 1314 and Hand Mines
at 3H.
London N.T.
1!'30 a.m. eotilv.
1 i.hl... Inn i i.'jir
Ches i Ohio OS
St Paul , 8
Erla , .15,
Eria 1st PM .10J
Illinois Central UoU
Louis S. Nash 13".Vi
N' Y Central
Pennsylvania ...
Ileadlns
Southern Pacific
Union Pacific . . .
U S Steel ....
-f Increase.
Decease.
.107
.1071?
10JI,
.153
.120H
IIHTl
t
BOU
33i
4K
12'S
'Sis?
lo.-s
071,
143S
1144
-i:
14.
H
M
DIVIDENDS DECLARED
Cbarlea Warner Company, of Delaware, regu
lar quarterly of Hi per cent on the first and sec
ond preferred stock, rayabla January S3 to
stock of record December 30.
Flnley Acker Company, regular quarterly ot
Ha per cent on preferred stock, payable Feb
ruary l.i
Kelsey Wheel Company. Inc.. regular quarterly
of 11 75 a ahare on preferred atock, pajable
February I to atock of record January 16,
Stewart Warner Speedometer, regular quar.
terly of IH Per cenr. payable February 15 lo
itock of record January 30
Buckeye Pipe 1.1ns, regular quarterly of 12
a share, payable March 15 to atock of record
February 23.
1917 Income Tax
Procedure
By B. II. MONTGOSIERY. C.P.A..
Attorney-at-Law: Bx-Prasldent.
American Aaaoclatlen Public Ac
countants; Member Income Tax
Cemmlttee. National Tax Associa
tion. A 4Q0-page volume by this recog
uUed authority, not on the easy
par', but tho thhif that bother
lou,
Geei entirely beyced tbe scope of
pampbwu or mere raprlnta of tbe
law. Covers fully beta accounting
and Iccal faaturea tar i&dlvtduaLs.
cerporatkuu and fldu-lara. uftma
la plain Bngllsh Mr. Montgomery's
specific advice on best procedure
on each Item ot tbe return.
C'entalna tbe definite directions on
doubtful point you have been try
ing to get. and will very probably
prevent your making- needless
overpayments.
Also gives valuable suggestions on
returns under Corporation Exslse
Tax and Munitions Tax.
100 page, doth binding. PRICE
tt.BO, Tnree-fluartera of printing
already sold lo advance; act NOW
If you n ant a, copy.
MONEY CONTINUES TO PILE
UP IN LOCAL BANKS
(Weekly 'SUternentsT Shows Dip; Gain
in Individual Deposits and
Surplus
Money continues to pile up In the bank
Ing Institutions In Philadelphia. Tho state
ment of condition of tho Clearing House
members for tho last week bIiows a continu
ation of easy money. Two Items stood out
prominently individual deposits and sur
plus, both of which showed heavy Increases.
For tho Inst four weeks Individual de
posits have Increased, Iho gain In the week
being .$8,142,000. hrlnirlnn- Ilia Intnl ..,. I-
H8!t,i41,O00, tho highest In several months.
Surplus gained $8,003,000, which brings
that Item Up to $44,400,000. nlso the largest
In several months. Loans In the week
showed nn expansion of $1,003,000. Thero
was a. big gain in reserve held, the Increase
amounting to $9,747,000.
Details follow
Tnne
DrposltK (Individual)
f'lrrulntlon . . .
Due from binlK
lMiolti nf tinnliR .
V.x Clearlnir lou-.
llrncrvf! held
ll.rrrvo required
Surplus
Decrease,
.tan. 22.MR17.
1.13.1,1121,0011
4811.711,000
0 002 (1(1(1
01,741.00(1
IS-!. 0,1,1, 000
22. tie.", nun
I27.n1n.0n0 ,
M. 100.000
41,1011,000
.Increase.
1 1. on.i.oon
8.442,000
S.0OO
r.,o.is,onu
4.7NO.OOO
M.nM.ooo
0.717,000
t.osi.oon
1,00.1,000
N
Gold for Peru
NEW YORK. ,Tnii. 22 -The Mcrcantllo
Hank of the Americas Is shipping $500,000
in gold Co Peru.
LOCAL MINING STOCKS
TONOrAlt STOCKS ,, ...
Bid, Asked.
MitcNamnrA .07 .0!)
Mldwny ,,, , ,,,,.... .20 ,21
Montana. .. 20 .22
North Star IT .1,3
Rescue Kula 20, .28
OOI.DFlEI.t) STOCKS
nlue Hull 0.1 .01
Booth 00 .11
C O D 11 .01
Combination Traction 01 .00
DlnmondOeld 1! 11. 0.1 .03
Oro '..,.01 .HI
Sand Ken 01 .0.1
Silver Pick 21 .23
.Mts0i:t.t.ANI.OU8
Ariiona United S .87
Nevada mil . , , S(i .21
Tecopa Mining 10 .18
GOVERNMENT BONDS
Hid. Aolied.
2s registered 1030 i'.'
2s roupon ln3o .0J
Is reqhuered 1018 loo'i
.Is coupon lots ippV ..
4s registered, 1 1123 -lip, Ut
4 coupon loin - llp'4
3s registered mill
8a coupon 1040. 'J11..
Pnnnmiv s tTk-Ktrrecl 1010 Iti'
Paiinma M registered 1031 VVh
Panama .Is registered 1001 J"
PAnnma 3a coupon 101
Sujjar Futures Dull
NL.W YOKK, Jnn. 22. The opening In
sugar futures was dim nnd featjireless to
day nnd without business on tho call. First
prices were 1 lo S points lower.
Granulated Sugar Unchanged
NRW YORK", Jan. 22. Fine granulated
sugar was firm nnd unchanged today at
6,76c. The last sale In spot Cuba raws was
nt 5.27c.
FINANCIAL BRIEFS
Tho Lansdownr) nnd Darby SavtwrTund last six years the assets of the company
and Trust Company has created two new
offices, electing Walter Ithoads White, trust
officer, nnd W. Raymond Evans, real estate
officer. 1 .
Application has been made to Stock Ex
chaiigo to list tho following securities:
New York Central Railroad Company, $26.
000,000 additional capital stock, nnd AJax
Rubber Company $26,000,000 additional
capital slock.
The annual banquet of Group 1, Penn
sylvania Rnnkcrs' Association, will be held
next Friday evening at tho Relicvue- Strat
ford. The American Locomotlvo Company's
gross earning for-' the six months ended
December 31 was $37,883,5!! I. an Increase
of $23,401,735. Net receipts totaled $6,630,
S51, ft gnln of $2,651,691. Surplus was
$2,130,831, an Increase of $178,091. TJ10
following officers were elected: Columbus
K. Lnsslter, vice president In charge of
operations; It. 11. Hunt, assistant vice presi
dent In chargo of operations; .lames D.
Sawyer, vlco president In chargo ot sales,
and Joseph Davis, ilco president and con
troller. .
The Twin City Rapid Tmnsit. Company's
earnings for the first week of this month
were $199,315, nn Increase of $18,92!) over
tho corresponding week of last year.
Tho review of tho Alliance Insuranco
Company, of Philadelphia, for 1916, shows
an Itiereaso in assets and surplus. n tho
nave increaseu more man 70 per cent.
and now are more than $1,100,000.
The annual report of tho Mldvale steal
nnd Ordnnnee Corporation will be made
public within the next tn days. One ot
tho highest officials of the company states
that It will show that only 11 per cent of
tho earnings resulted from the munition
contracts. This c-fTlcer alsj says that an
soon as possible after tho report ha-i been
given out application will be made (b Hat
the stock of tho corporation on the New
York Stock Exchange
The Consolidated Cas Company reports
net earnings for the year 1018 of $3,217,812,
Stockholders of the PenniylvunLi Fire
Insurance Company held tlnlr annual meet
ing today and re-elected the following
directors to serve for three years: K. Dale
Rcnson. lSdwin M. uenson, jr., and George
Md'adden.
1 -Ut4h4l
Jt became t known today, from oniclal
sources, that tho Pcnn Seaboard Steel Cor
porntlon had received contracts from uie
llrltlsh Government, Involving upwards of
$9,000,000 for steel billets, to be delivered
through the calendar year 1917. The com
pany had built additional furnaces nt New
Castle and Now Ilnven, and with (heso
Increased facilities the filling ot the con
tracts will not Interfere with tho regular
domestic business. Deliveries have already
started under theso contracts.
United States Rubb
er Company
First and Refunding Mortgage Five Per Cent. Gold Bonds, Series "A"
Due January 1, 1947
INTEREST PAYABLE JANUARY lit AND JULY Ut
Coupon Bonds in denominations of $1,000, $500 and $100 each, with privilege of registration as to principal and
exchangeable for bonds (in denominations of $500 and larger) registered as to both principal and interest.
! Fully registered bonds re-cxchangeablc for coupon bonds.
All but not part of the Series A Bonds outstanding may be redeemed pn any interest date, on and after' January 1, 1920,
upon 90 days' notice, at 105 and interest
For information as to this issue of bonds, reference is made to a letter, dated January 15, 1917, from Samuel
P. Coir, Esq., President of the United States RubberCompanij, copies of which may be obtained at the offices of,
the undersigned, which states in part as follows: ''
REPAYMENT OF MATURING BONDS "All existing bonds, and liens upon the properties, of United States Rubber Com
pany or subsidiaries, will be provided for at once and will be paid on or before December 1, 1918, except $2,600,000 6 Gold Bonds
of the Canadian Consolidated Rubber Company, Limited (hereinafter called the Canadian Company), which aru not due until
October 1, 19-16, and except $9,000,000 debentures of General Rubber Company, due December 1, 1918. . . . The debentures of tho
General Rubber Company are to be left undisturbed for the present, as the Company has under consideration other plans for dealing
with its important crude rubber interests. ..."
LIMIT OF ISSUE "The Bonds arc to be of an issue limited to the par amount of the Company's full paid preferred stocks
and common stock now outstanding, plus any additional stock issiicd at not less than par for cash actually paid in; and further
limited so that no bonds in addition to $60,000,000 presently to be issued (1) shall be sold or pledged prior to January 1,1918, except
with your consent; (2) shall be issmd, except for refunding . . . unless the unencumbered quick assets (as defined in the Mort
gage) of the Company and subsidiaries exceed'' their aggregate debt (as defined in the Mortgage), including the outstanding Bonds
and any increased indebtedness resulting from such issue; (3) shall be issued, except for said refunding, unless the annual net in
come (as defined in the Mortgage) of the Company and subsidiaries for three fiscal years next prior to such issue has been at
least twice the annual interest upon the entire debt of the Company and subsidiaries, including interest on any increased indebted
ness resulting from such issue; and (4) limited also to the amount of the present capital stock (about $97,250,000) except to the)
extent of any increase consented to by the preferred and common stocks."
"Of the balance of the authorized issue $10,000,000 Bonds may be issued for additional working capital, and for develop
ment and for other corporate purposes, subject to the restrictions above stated, and out of the remaining bonds now authorized
reservation is to be made to provide for the $9,000,000 General Rubber Company 5 Debentures, due December 1. 1918, guaranteed
by United States Rubber Company and Rubber Goods Company, until otherwise provided for, and the $2,600,000 Canadian Company.
Bonds, due October 1, 19-16. Any additional Bonds and any Bonds not used for such refunding shall be reserved for capital
expenditures made after January 1. 1917, for additions, betterments and improvements or for new properties (including subsidiary com
panies against the pledge of their mortgage bonds), at 75 per cent, of cost; or not more than one-third of such additional Bonds
may be issued for other securities and stocks at 60 per cent, of cost; all as shall be defined and provided in the Mortgage."
SINKING FUND "On January 1, 1919, and annually on January 1 thereafter, the Company is to pay to the Trustee as a
6inktng fund 17c in cash upon the face value of the Bonds then outstanding, plus the amount retired by the sinking fund. Bond
holders shall be invited to tender Series A Bonds for the sinking fund, and the Trustee shall accept the Bonds tendered at the
lowest prices, not exceeding 10:7o and interest, to the extent of the moneys in the sinking fund available for Bonds of Series A,
but to the extent not procurable at or below 10o7o and interest upon such tenders (or thereafter during the year in the market),
the Company shall be relieved of its obligation for that year in respect to the sinking fund applicable to Series A Bonds and
any balance remaining in the sinking fund for such bonds at the end of the year shall be credited upon the sinking fund for sucli
bonds for the following year or years.
0
NET EARNINGS "Tho net earnings of tho Company nnd its subsidiary companies available for interest ... as found
by Messrs. Haskins & Sells, have been: '
For the fiscal year endin-r December 31, 1914 $10,690,988.48
., December 31, 1915... 11,539,313.10
December 31, 191G, (partly estimated) 12,500,000.00"
INTEREST CHARGES -"Interest charges of the Company and subsidiaries, including the present issue of $60,000,000 Bonds
and interest on the undisturbed bonds of Canadian Consolidated Rubber Company, Ltd., and General Rubber Company, but excludinff
interest on obligations maturing on or before December 1, 1918, and now provided for, and on unfunded indebtedness to be paid by
this issue, would be less than $3,G10,000. Considerable additional earnings should result from the use of additional capital provided
by this issue."
QUICK ASSETS-
have as ot October JJ,
consisting of accounts
subsidiary companies;
FINANCIAL POSITION "The consolidated financial position of the Company and its subsidiary companies as of October
31. 1916, but after applying the proceeds of the sale of the $60,000,000 new Bonds, as found by Messrs " flasklwi Sells-vould be It
stated below-. This statement does not include any valuation of good-will, resulting from the old established business' of the com
panies and from their valuable trade-marks; and the property, plant and equipment is given at the amount as carried on the boobs
although in the opinion of the officers of tho companies, an appraisal at thia time would result in a very much larger valuation I
Property, Plant and Equipment.... $54,850,204.33
Manufactured Goods and Material 4R 701 -)ir i
Securities Owned !..".!L "."!.. ..'".". 173187029
I Net Current Assets, consisting of cash and receivables, less payables. ...,...,..,.,.. .....'.'.."' 3o".840'293.38 i
J Undisturbed Bonds: $136,213,606.61 '.
' Canadian Consolidated Rubber Company, Ltd -. $2600000 v
General Rubber Company , , 9,'000,'000 f
' ' 11,600,000.00
Leaving assets of t, ..,,....,.,,. ,,,,,.. $12461360661
or more than twice the $60,000,000 Bonds now to be issued." '
"The foregoing statement .of the financial position of the Company and subsidiaries does not include as a liability $1 1R-;2nn
(less than 6 of amount outstanding) of stock of the Rubber Goods Manufacturing Company and $385,100 (less than 7$ f S
outstanding) of stock of the Canadian Company not owned by United States Rubber Company." ,luu ,ess ,nan n amount
.ne lorcgoing siaicjiicius icavc uui ui uccouut me Canadian Consolidated pelt Comp:
-"Applying the proceeds of sale of the $60,000,000 Bonds, the Company and its subsidiary companies wnulrl
V) o. over and above all liabilities other than the new bonds and the undisturbed bonds, net quick assets.
and bills receivable, cash and merchandise and readily marketable securities (excluding securities issued hv
, valued at 5Bl,aUJ,4UZ.ZH." "
m jorcBoiiiB aiaitiiiuus !"- " anuiim. we Canadian consolidated pelt Company, Limited, a matoritv nf um.
common stock is owned by the Canadian Company and the contingent liability of the Canadian Company as guarantor of $426 500
bonds of said company. On November 30, 1916, the Felt Company had net assets over all liabilities, other than said $4'6 500 ni
bonds, valued at $611 .983.87. Similarly two other relatively unimportant companies, in which the stock interest of the United 'lt
"""" ,-".....-..., - - . r- -- ...... -..,.-, u.v V.-H..UUSU. .ju uuee tuuipmucs are not regarded
companies.' J
as "subsidiary
THE UNDERSIGNED WILL RECEIVE SUBSCRIPTIONS FOR THE ABOVE BONDS AT QR3 PER CENT Aisin
ACCRUED INTEREST TO DATE OF DELIVERY, At WHICH PRICE THE SONDS
n YIELD OVER 5.20 PER CENT. ON THE INVESTMENT.
ANY OF THE BONDS NOW TO BE REFUNDED BY THIS ISSUE WILL B ACCEPTED IN PAYMENT
FOR NEW BONDS UPON A 4 PER CENT. INTEREST BASIS TO MATURITY.
I
The subscription wtll be closed at three o'clock P. M. on Tuesday, January 23, 1917, or earlier th'e nVht helni,
reserved to reject any application and to award a smaller amount than applied for The undersiened !
right to close the subscription at any time without notice. unaersignen reserve tho
A first payment of $50 per $1,000 bond subscribed for must accompany all sublcrintions. The r,,lan ,.
amount due on oonas auottea upon suDscnpttonswiU be payable in New York funds on Fridav FebruarG lfi ioi7 .
the offices of the undersigned, against interim receipts, exchangeable for engraved bonds as soon as readv
the issue
All allotments will be subject to the stockholders' authorization necessary in connection with the creation
sue and to the approval of proceedings by counsel. ' m.ccuon wun tne creaUpji, of
ILno all6tment be made, the first payment will be repaid in full, and if onlv a nortion nf th',. mn, i .
for be, allotted, the balance of the first payment will be applied toward the amount due on Februarv61917PP No
interesV will be allowed on such first payment. If any further balance remains, 5i balance wil IZ Repaid Faille
to pay the second installment, when due, will rendcr)tne previous payment liable to forfeiture. rcPa,Q failure
I . New York, January J7, 1917,
UHN, LOEB & CO.
f
i
L
Order firora The Ronald Press Co., 25 Vesey St, N. Y, City
Or Your Book Dealer .
' ' ' - I " in -ii i iif ii
Vafc, V
aBHxtrii m-igm'
$