VM)lPtwmiajm& ggPwmmg mw " w lp m$ toviwim& mmffgtwmwmmninni'V'" mj wilt' i "tjiimi " iimi 5I,WP TTB5'5r'- u if ii ii $io til III $100 ll ; $1000 ll : J nni! secure n vat- jj? : - E M uablo Interest In one : r : J of r h i 1 a d o Iplila's : E : i$ most promlslnir In- E : B dustrles. ty : : $ Estimated profit on W : jr 2 fl? sales made to tlato w ; i:-W for 1917 delivery $: $140,000 ! i!g 30 Per Cent : E:; on cntlro capltaltza w: : &! tlon of company. tyj : SEffi Capitalisation M:E : Sj 1300,000 :ljl Outstanding vit : SJ70.000 M z zz '-M Ttie most searching H: -: Inquiry solicited i - -:CSV w'll be vcry Rlatl &': :M to take you through H. -: m the factory. M z - - yf J - 'lit Write, telcpliono or ii - 111 P.M.RAYMOND ; 5S lmetment Securllle ffJ-E rr'flj iirii.in.Mi : : J rhllailelnhln r : :M rtiono Spruce iini $:r Coming to the Front EVENING LEDGER-PHILADELPHIA, TUESDAY, JANUABY 23, 1917 The final psroifnt of the arm mnlaleil cllrMcml on the prvfer red stock of odwest 03B will n made In Kehrmry ns fltinomicM bv tbp rnmpnriT Thi piijrfniit rlUrh a ciniPlttv the raf 'M.enl oti'linritin mi lh prtfrrrcd nnj tnnr inikti ohIit idi jpar Hip piiynicnt of illrhlpntls on tlt rnmnion tork Write for our ifplnilpfl nnnlvtl ca' rpjHirt on (bis biff Wyotuliitf producer Ask for 131-T.U. JONES & BAKER stock mtoicmis Widencr BIdg., PhiladelpSu nll. Walnut lOTO 1. Urjttone, Itice I'.'Ou. rrr York ItnMnn Cblcnco I'ltlaliursli Direct Private Vina joxeb d n.i RP.n, Wtienrr Blitg . rMladetphU, To. You may KfnJ me jour report Jlldwcat Oil 131 -T L Sam ., M , Addren , Cltf Slate Georgia Ry. & Power 5s 1954 Southern Indiana 1st 4s 1951 Edmonton (Canada) 6s 1921 Edmonton (Canada) 53 1934 M'rffe lor Circulars and i'ricrs Morris Brothers Co. Itnhllliei1 180.1 1421 Chestnut Street HARWOOD ELECTRIC CO. 1st & Refunding Gs, 1912 Price on Application MELLOR &. PETRY Membera N. Y. I'lilla. Mock Exchange 33d COilUEKtl.W. Tlllvr IIL II.1IIMI IlIMIir.MIS " CENTitAL Tltl'ST i S.VVINlit ttlHi'..N Philadelphia. January is 1UIT. The Iloaril at Dtrectorji thla Ua' ileclareil a quarterly dividend or one and one hulf per rrni an the capital itock. paatle t'ebrujrr 1, 1U17, to Stockholdera of record January 'Jil, 1017. At the aame time 30 000 was addvd Iq (he Surplui. making- that fund Suu.ouo. Checks will he mailed for the dtldenda. CIIAm.ES K. I.ITKKN.S. Secretary. OFFirK " wiixiai r. noxnuKiiiT & comi-any. ixc. AMKUICAN UTIUTIK.S POMl'ANY A quarterly dividend INu ;0 ( line und three-auurtere per rent (1.4 on the Preferred block; of the American rtllitiee Company will be paid on February 10. 1017. to atockhulders of record at 3.0U p. m on January Stat 1017 A 11 Ml!. I. Ef(, Secretary. Philadelphia, December 13. 1010 FINANCIAL NEWS "1 STOCKS WHICH ARE USUALLY INACTIVE HOLD MOST INTEREST INLOCAL MARKET Majority of Trading in Homo Shares Takes Place in In surance Company of North America Movements of Prices Are Narrow Throughout List ' Stocks did ery little In the way of moc menls In prices In the trading on Hip Phila delphia Stock KxclianRe today. Today saw a departure! from lliu action of slochws In recent sessions. In that the usually actle Issues were relegated to tlio background and stocks In which there It usually very little trading camo to tlio front. The prlco movements, which were Irregular nil through tho session, were narrow and were about evenly dixided between tuhttticci and declines While the attendance In the board rooms of I'ommlsslon houses and on tlio llnor of (he Slock 12tchiiiige Itself mrnsured up pretty well with previous sesloim 111 the Inst few weeks, jet there seemed to lip a disposition to hold olT from making any new commitments for the present. In doing his tho market hero simply followed tho trend of Wall Street, where trading was the quietest In some time Shares of tho Insiiranco Company of North America were tlio most nctlxcof the local issues, and although moro than lOnn shares had appeared on the tape by ? o-clock, jet tho mocmcnt In the price was rnnllned to a fraction. This Issue Is not usuallv active Another stock In which thero was considerable Interest was Ameri can Gas. and It moxed over a range of u half point In Philadelphia Itapld Transit trust cor tillcates, in which the majority of the trad ing has been dono for the last two weeks, there was very llltlo dono today. After opening unchanged nt .12 "i, I ho prlcp got off a fraction by afternoon. 1.aku Superior Corporation, too. was off a trllln. .Most of the ncliilty was In United Slates Steel lommon, and tho movement In this stock was also narrow. There was quite a llttln activity In the bond division Philadelphia Klcctric I ier cent bonds sold nt 92, an advance of -' points, while Heading general mortgage t per cent bonds gained a fraction. There Is a cnnsldeiablp amount of Idle money lvlng waiting for Investment, as was Indicated b.v the bank statement of yesterday, and bond houses report that the over-the-counter de mand Is good Tho directors of the William Cramp and Sons Shop and lOnglno Building Company hold their meeting on Thursday Kiom sources which are usually close to the com pany, and particularly interested in Urn proposed rearrangement of the cotnpan.v's finances, which has been talked of in the Sreet from time to time, it was learned today that nothing of any Importance would take place at (he meeting Theie are two vacancies on the board of direclois. and theunderstnnding today was that these places would not bo Oiled at the meeting on Thursday, nor would a successor lie selected for President Orove. whose resig nation will bo presented nt the meeting. Some new stock has been placed on the regular list of the Philadelphia Stock I'.x change, the amounts and companies being n" follows: (26,000 American Telephone nnd Telegraph, $60,000 Kentucky Securities Cor poration preferred, and .1000 Wilmington tins B per cent cumulative preferred. There has been stricken off the tegular list $2Sfi, 000 Philadelphia, Wilmington and Baltimore stock trust certificate Is, due 1921, which have been cnncelleil by the Rlnklng fund. nOVKUNM KNT fiONDS III. I. Asked s rrRimereil 10.10 nJ L'e roumti IMll PI'S lis resHterril 10IS IIMl'4 as cmipt.n HUH . look In reRlstorril 1112.1 till. Ill Is coupon 1II2J1 . .llu'j lis rvftlstered loin HH Its coupon tola . . lul l'annmn i's renlstreil linn . . Iiti'4 . . I'nnam.'i as reslstered tins . 1M1? Panama lis r ulsteri d Hull lul .. Panama Us coupon lot .. Kxlrn for I'cppcrcll MniuifacttiriiiK Co. MOSTO.W Jan. 23 The Pcpporcll Manu facturing Company has ileclareil the regular semiannual dividend of $1 per share, also an extra dividend of $(! a share, both ptty nblo February 1 to slock of iccord Jan uary 22 llcv. Clarence E. Hiilicr IlHAntNR, Pa, .Tnn. 23 Tho Itcv Clni enee II. I tuber, thirty-throe years old. Ilvnn gellcal pastor nt Mohns Hill nnd Adnins town. Is dead fiotn pneumonia He began Ids ministry nt Uuakcrtown In 1012, and leaves a family Bonds With The BesL Records Some of the Government, Municipal and Corporation Bonds of the kind ex perience indicates are the most conservative are now providing satisfactory in come returns. Requests for data regard ing bonds of this character will receive our careful at tention. .WXlarRgo. nAMsr.its (Established 1S37) 321 Chestnut St., Philadelphia rlltaburgh Iloalon ChlcaKo Wilkes-DarrB Re.iillnc The American Gas Co. 6r'( Gold Bonds Yielding 60 I he American Gas Co. is well known to many investors in Philadelphia. It operates gas and electric properties in 50. cities and towns in the East and Middle West, and a large part of the gas and electric business in the suburbs of Philadelphia. Gross earnings arc showing steady and pronounced in creases. Applicable earnings for year ended June 30, 1916, were more than AYz times in terest charges on this issue. Circular on request. WilIiamP.Bonbright&Co.,Inc. MORRIS WISTAR STROUD, Jr. lUnatcr 437 Chestnut St., Philadelphia Neir York notion Detroit London Farli William P. Bonbrleht 4 Co. Bonbrtiht Ca. ANNl'AI. "MIU'.TINOS Urrf5 tk iM'.i.vw.xun division canal, 'ASS COMPANY OP PENNSYLVANIA rhlladi-lphla. January IK. 11117. Tho annual nwetlnK of tho ntnckholdera of tho Delawnro Divixtnn Canal Company of iVnn ah.inla. nnd an el'M tion fnr Managers to ecrvn for the ennulnff ear. will bo held at the office oT the i-nmpaliy. No I.'I7 ' hostnut t , Phila delphia. Pa . on Tueil,i, Peliruiry 0, 1017. at 12 o clock m HENRY IT PIIASII. Serrctarj nsp NiiTinvi:sTi:itN national hank Philadelphia. January 2.1, 1(117 At a meettntr of the lloird of directors, held this dav, Mr .fntteph T. Stuart wan elected a member of the Hoard I.INKOItll c Nicn. Cashier. IllllPPTOKY (IP ArrODNTANTS C'rrtllled I'libtlc ,rcoiintuntic LAWftCNUP. P. imilWN t- CO. mis kkai. nar.vn: tuust huii.uino INVi:STUJATK AND ADJUST PAHTNEH- SHIP. JOINT AND DISPUTED ACCOUNTS W1I.I.1A.M K MONTELIU3 U20 CHESTNUT ST. UUIINS 4 SPEAICMAN THE nOUItSD New Income Tax THE recently enacted Income Tax Law, which supersedes the law of October ii, 1013, changes many of the previous regula tions, and increases the rate of taxation. A copy of the text of this law will he mailed to those who request il, and we will under take the preparation of your Income Tax .Return without charge. Philadelphia Trust Company 415 Chestnut Street :: 1 US Chestnut Street j Philadelphia J $1,875,000 City of Rochester, 4 Bonds ew York $840,000 Local Improvement, School and Incinerator Bonds I Dub Seriatly January 1, 1918.1947 $1,035,000 Water Works Improvement and Sewage Disposal Bonds Due January 1, 1947 Exempt from Federal Income Tax and from New York Personal Property Tax, State and Municipal, under Section 8, General Municipal Law, A Legal Investment for Sayings Banks and Trust Funds in New York, Massachusetts, Connecticut, New Jersey and elsewhere. Eligible to secure Postal Savings Bank Deposits. Pricti and Descriptive Circular upon Request HALLGARTEN & CO. 5 Nassau Street, New York Philadelphia Representative George K, Anderson, 1400 Morris Bldg. Telephone Spruce 500 SALES IN PHILADELPHIA Net tilth. Low Close ehfre. 300 Am Clan.. 120 1I0',4 120 o Am rtjs pf 08 07i on M Ucth Steel 440t,fr ttOW 140,6 0 rt Bald Ii pf.104 102 102 2 n & a t c no oo oo 20 do pref. (lit fi7a', n ' IT Cam Iron. 4S 4 4,1 3 Klco Stor. floa-l noy, eoy, 10 den Asp if 70 70 70 , loot Ins CoNA 274 27H 3TV4 Y to Key Tel pf 08 68 08 i,h TOO l.tcHupCrp 10 10'fc DA ?, 3. I.eh Jv'av.. 8S 8tV4 .t H H fin I.eh Val .. 78U 78lfc 78fc 20 I.eh Val Tr Href ... 9t,4 1314 43H 02 North Cont 80 88 88 )i no N Y N It. IM4 1.114 Ifttfc 1V4 30 North la 0.114 03 '4 0314 14 000 Pcnna It It n7! fioaj fi7!fr H- 103 Pa Salt Jt. 9314 OS ft 0.1 It 10 Phlla Co cum pf i!4 1114 M14 1.13 Phlla nice .11 33i .i.i.y, i .103 PUT tr cf .12 Y 32 3214 Vt 112 Phlla True 81 s.iai hi n, loo Pltm c ct. 10 10 40 -f- 4 220 Itvvys Gen. 014 014 n',4 it. 2.1 Iteailliur ..101 101 mi .i ,'. fio Ton .Mln. . n a 12 Union Tran 17 ion jntf, V ii iiil 1 11 O Imp. no Ho, on 1 14 2370 V S Steel. 1 1314 H21h IP-Mf, it .1.1 w ,ier & s ni at nt iu .1 Yorkliypf 37a-, 37a', 37 . . . ; " III1NDS Net lllih Low Cloie chite 20110 Am rias ft Klee G. 0714 nflli 0014 I IIONItS Hlxh. Low. Close S00O Ilnlil Loco 1st fis. .10414 101 10114 4000 Con. Trac N J Us. 103 102 102 1000 Elco & Pco Tr la . . 8314 8000 Ken Trac & T 6a. 8,11', nooo Interstate Ityn t.i. ft.llA 2000 LehVConl lis .. ..100 1000 Nat Prop 4-s ... 07iJ', 1000 Market St HI 4s .. 081't 10000 Penna To pen 4',4i 1 n 1 1A lot Iflooo Phlla Co cons 6 00 00 fiooo Phlla i:iee Is ... 02 02 3000 Head sn 4s 0014 0014 1000 ilrt Ter SslllJI 11.1V, 2000 Itd-J V if 07 07 8314 8iy4 r,tii, 100 T1i 081', Net cnc. 8314 M 8.1 U 1 un Mi' 108 07-y, v, 0814 101 1ft PEACE 'ADDRESS DOES NOT AFFECT LONDON MARKET 00 0! 0014 111'. 07 -1 2 1 NEW YOKK UUTTKR AND EGGS NP.W Y01ll. Jan 23 HUT rl'.lt Itrcrlnts. II. mil tuba: lletter inovetnrnt nnd n firmer fool IRnrr Rrorinff. iii ;il'4 OTili'l c InB on nenrlv nil crnde HlRhrr Wile: rxtrae 3i'4 i4Ur: ilrt. State dairy. 31ff3,r4r tlcnorallv flrmor or llttrn (lrats I'-'e; tlratii lt t:(U!M hirrlnH. 7830 c hut rhulnit fiulot. llxtra f '(UtrtC, eeconu., .Hinc nioriiKo nrni, ,i,v,' 37V4c, while. PiifOdc brown. 43?43cj mlved color, Hll3e ItAILKOAI) EARNINGS ANN AltUOIt Scronil week .Tanuarv Prom July I 1017. tllll.lllt 1 5(1(1. Kill Incroayo. JI3.372 10, Mill Dealings Are Small, but Prices Steady. Americans Quiet nnd Lower Dis count Rate May Drop LONDON. Jan 20 President Wilson's address was without effect on the Stock KxchanRO today There was no feature to the dealings, which were small. In the main, hovvover, the markets were steady. The demand from Investors was negligible, owlnc to the continued rush for tho new war loan. The gilt-edged section was hard. There were rumors that there would ho a further reduction In tho Dank of England's rate of discount, because of pronounced ease In rates for money. Americans were quiet nnd lower, follow ing N6vv York. Canadian Pacifies were easier. Home lines were sluggish nnd In clined to sag South American rnll.s were Irregular nnd not active Allied bonds vvcro firm. French Bs were good. Jnpanesc were cheerful on further purchases fpr the sinking fund. Itusslans were lifeless. Another batch of three months' Itusslan credit bills was placed here at 4 Iti-tG per cent. Diamond shares were In demand. Ohio Cities Gas Pays Extra NEW YOtttC Jan. 23 The Ohio Citlot flas Company has declared the regular tpiartcrly dividend of 2 '4 per cent nnd an extra dividend of '4 of 1 per cent on the common slock, both pnvnble March 1 to stock of record February IS. HAR SILVER Today Yos New Torh (rental 7014 70. London (nenro) 37 3-10 37'i l.nM Tuos 30'4 37U T.OW 30' Penna. Tax Refunded 1o First Mortgage Bonds Earnings about five times amount required for interest charges. Listed on .the New York Stock Exchange. Price 101 and accrued interest Smd tor descriptive Circular L til A. B. Leach & Co. , Investment Securities 115 South Fourth Street New York Chicago Iluffalo lloston London, Enir Baltimore $100 TO $5000 SUBSCRIPTIONS INVITED to syndicate forming to back a contracting llrm (heating nnd enlllatlon) In taklnr additional business; successful for years. a 7S8, I.P.IIOKK CENTRAL mvm Automatic Typewriter Corporation INCORPORATED UNDER THE f.AWS OF THE STATE OF NEW YORE Capital $3,000,000-300,000 shares, par $10- Lury Mw!! No Bonds, Funded Indebtedness, or preferred Sloc!( Shares all of one class, Full-paid and non-assessable. DIRECTORS: C. E. HOOVEN, President. Ilooven, Owens, flentseliler Co.; President, Iloovcn Automatic Tjpowritcr Corp.; Director. American Frog & Switch Co. JOHN A. MACMILLAN, President. Tho Davton Rubber Mfg. Co Savings & Tiust Co. Director, The Dayton CHARLES E. ME1SFR. President. The Second National Hank, Hamilton, Ohio. OSCAR SCHFRFR. Oscar Soberer & Brother. Leather Manufacturers. Director Chatham & Phenlx National llank. ELLSWORTH CHILDS, Chllds Company (Restaurants) MERRITT E. ROBERTS A , Vice-President nnd Oeneral Manager Hoovcn Automatic New York, Tpowrlter Corp. Formerly with the Underwood Typewriter Company. This Corporation owns the famous Hooven Automatic Typewriter, the only mechanical automatic typewriter in general use. Writing without human aid, it does the work of five stenographers, creating more business at less expense. TERENCE .1. McMANUS, Messrs. Olrolt. Oruber. Ronvnge & McManus Treasurer, Hoovcn Automatic Typewriter Corp We summarize a letter from President Hooven, as follows: Ten years of continuous labor and upwards of a million dollars have been expended in perfecting the Hooven Automatic. The Hooven Automatic Typewriter is now in daily operation in hundreds of business institutions throughout the United States. The following are only a few of the many widely known concerns that have a number of the machines in constant use: Sean, Roebuck & Co. Packard Motor Car Co. Lee, Higginaon & Co. Consolidated Gas, Bait. Wm. P. Bonbright & Co , Inc. Mandel Brothers Spencer Tnvtk & Co. Bernhard Scholle & Co. Burroughs Adding Machine Co. Ingersoll-Rand Co. E. I. Du Pont De Nemours Powdor Co. "-it-nro-ry Ward & Co. Dry Goods Economist Portland Cement Association John Wonamaker Commonwealth Edison Co. Jno. B. Stetson Co. Lit Brothers Boggs & Buhl Welch Grape Juice Co. American Piano Co. Hill Publishing Co. ' A. B. Leach & Company Hnllgnrten & Co. Union Central Life Ins. Co. Babson Statistical Orgn. Detroit Board of Trade Chalmers Motor Car Co. Spcyer & Co. Cadillac Motor Car Co. National Geographic Society N. Y. Edison Co. Simmons Hardware Co. Bureau of Standards, Wash. Phoenix Mutual Life Ins. Co. Thomas A. Edison Co., N. J. Du Pont Powder Co. Actor Trust Co. Armour & Co. Curtis Publishing Co. Collier's Weekly U. S. Tire Co. Guaranty Trust Co., N. Y. Mergenthaler Linotype Co. Methodist Board of Foreign Missions A. B. Kirschbaum Company Philadelphia Electric Co. Anheuser-Busch Brewing Asso. Wm. Salomon & Company H. K. Mul ford Co. Franklin Trust Co., N. Y. White Motor Car Co. Swift & Co. Jno. C. Winston Co. R. H. Stearns & Co. The Hooven Automatic Typewriter Corporation owns all domestic and foreign patents to this, the only mechan ical Automatic typewriter. In addition to the United States, patents have also been sctured throughout the British Empire, Germany, France, Austria, Sweden, Norway, Denmark, Russia and other countries. The proceeds of the sale of the 200,000 shares of treasury stock are to go into the Company's treasury, providing large cash working capital to develop the great field ahead. In addition to the large profits from the sale of these machines and supplies, service-stations are to be established in all the principal cities for increasing the contract letter-work Department under the Hooven Letter System. A tremen dous field is also ahead of this department. The former interests have vindicated their faith in this company's future by accepting its capital stock in return for all their cash expenditures and ten years of labor. THE FRANKLIN INSTITUTE OP TI1K STATIC OP PENNSYLVANIA PHILADELPHIA January 5, 1917. or rim or thi: si:cki:taiiy S. & A. Case No. 2682 Automatic Typewriter. The Hooven, Owens, Rentschler Co., Hamilton, Ohio. Gentlemen: I beg to inform you that at the January Stated Meeting of our Committee on Science and the Arts, the Report, dated December 6, 1916, of the Sub-Committee investigating the Hooven Automatic Typewriter, was ndnntnrl. This report recommended that the City of Philadelphia award John Scott Legacy Medals and Premiums to Mr. John H. Pillings and Mr. Thomas A. McCall for inventions embodied in this typewriter, and that the Franklin Institute award its Edward Longstreth Medal of Merit to The Hooven, Owens, Rentschler Company for the development of this machine. I am, respectfully, TRP:P (Signed) R. B. OWENS, Secretary. is ESTIMATED EARNINGS: A Sales Survey has been made by eminent Sales-Experts in the larger cities of the United States, and this information, together with the experience gained from the sale of machines during the past year, shows that a minimum of 7,200 equipments annually should readily be sold. 7,200 equipments at $675 each $4,860,000 7,200 equipments, cost to manufacture and sell , 3 375 350 I PROFIT $ Additional Profit Master record paper , .,..,.....,..,, , 3.375,360 ,484,640 172,800 NET PROFIT ; , $1,657,440 Equal to 55 on entire $3,000,000 capital. In addition, a large net income will accrue from the Service Letter Department, A demonstration of these machines in active operation can be seen at any of our offices or at any of the sales offices or service stations of the company throughout the United States. ' All legal matters In connection with tho Incorporation of this Company and the Issuance of its securities are under the supervision of Messers Olcott Gruber. Bonynge & McManus. New York. The Company's patents havl 1 been passed upon by Messrs. Thurston & Kvvlss. Cleveland, Ohio. "'a paienis nae v cation wil t- Having already placed a considerable amount thereof, we offer the balance of Treasury shares at $9.00 per share All subscriptions must be accompanied by at least $3.00 in cash for each share subscribed for, the balance payable five days after notice of allotment. Arrangements are now under way for active trading in these shares on the New York Curb Market, Subsequent appl will be made to list them on the New York and Cleveland Stock Exchanges. Prospectus sent on request, BERGMANN & CARAHER 66 Broadway New 'York Lafayette Bldg., Fifth and Chestnut Sts., Philadelphia w..?H-l(G2..i PITTSBURGH Westminster Bldg. Fir.t National Bank Bid. We reserve the right to decline any or all subscriptions or to allot a smaller amount than applied for; also to close this offering at any time without previous notice. All statements herein have been, obtained from reliable sources, though re Jo not guarantee them, e fceKeve they are correct BOSTON 60 Congress Street ' ill t: 1