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EVENING L1CPUEK PHILADELPHIA, VVEDNEHOAr, JANUARY 24, 1917
W8PPI?SPWRWI,SW
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Turning Point
Prospocls that should be
come producing mines
Producers that promise to
become dividend-payers
Inteitor., In lPtT. will nndonbWlr km
ID ttrtat.r oefelopment or mnr weft,
known Arnerlrnn mining prnpertte.
whose Klerks are traded In on the New
To-n Curb. Many of the worth-while
rmnlt mines tin well m their bttr
brother tf grenter note will be trented
.naltlcMly In the Jones tt Dker
Weekly News Letter
Its information is part of a com
plete service to investors.
Aak for 742-T.U.
stocic nitoicr-its
Widener Bldg., Philadelphia
Hell, WMnnt 100(1 1.
Krjitone, It.co 2200.
Nevlr York tlnstmi
Clilrinud Pittsburgh
Direct Private lrtrn
J0SE3 A ISAKEIt,
Wldentr ntila.i Philadelphia. Pa.
1 nm interested In your Weekly News
l.eii.r Menlco for 1017. Heml mo cur
rent Issue 712-T I".
Same
Adtrn
Cilv
Stale
SThn f tb Mr Standard
11 lubildlar companlet
will ibortlr ratify incmiMi
la their capitalization, which
will rlro thamhotdera atock
boniui ranjteff from G-3-
to 300tf.
t And thera ars six mora of
the SUodard Oils which bar
accumulated .sufficient jtnr
pluiat to Justify nearby dli
trlbutlon of Urco dlvldeaja
to itockholderi.
(JThs clno (ubildlarlea fn
question. Along with general
Information covart&ff tha
Standard Oils, are listed la
cur fortnightly publication
"Investment Opportnnilics"
Anyona who fa Interested
In lticreailng tho camtnj
power of his surplus funds
should regularly recelra this
valuable publication. It will
be tent without charge, be
pinntn? with current Issue,
vpoa request for 3 3 -PL, In
cludlna booklet detatUnj
'The Twenty Payraait Plan"
IOOsi
40 Exchange Place New York
Advance in Crude Oil
Prnmylvnnla Crude oil has Just ad
vanced another loo. a barrel, maktnc a
total rlso of 3Uc. In three weeks.
Every advance of 10c per barrel
means an
I Increase in Net Earnings
of $22,000 per annum or an
additional 3 on the outstand
ing stock of
Barnett Oil & Gas Co.
"h'a company has paid 23 In rash
Air lnds since April and Is earnlne near
ly rWt on Its stock Tho closest Ime.tl
Kat'im Is Invltxd. I predict another ad
vnc In oil prices In tho near future
Peace can only mean Increased earnings
for oil securities
Harnett Is now .rlline around $3.23 a
.hare
Let u tend you recent informa
tion. Circular B2
E. H. CLARKE
Morton R. Alexander
(Resident Partner)
I'hone 11 ID fcprure
Stock lUrhniiEo Hide.. I'lilln, I'a,
27 William St. Now Yorl.
Newark. N J.
Investors will find an
attractive proposition
in the Treasury Stock
of the
ATLANTIC OIL
DEVELOPMENT CO.
Suite 1, Unionatl. Bank Bids.
Atlantic City,Nev Jersey
.
stssjsasissisrigBgjssfssj
HARWOOD ELECTRIC CO.
1st & Refunding 6s, 1912
Price on Application
IV1ELLOR & PETRY
Member. V. Y. & tulln. Sto.k Ktcbaniss
JJo C'OMURCIAL TUlST UUII-DKNU
ASSAYING ORE TESTING
OGDEN l4ABOnATORIBS y
stOU ViltUWRIiVtr alf
mm
UBIW
I-wobird
PISSOTOXS' 0? ACC0PNTANT3
Ccrtlil.a I'ukH. AwtH"U
,VSaA.Sl!Tlr","
Is OBL STOSSC ;
tl - " "" "
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EiHSul
wWJr$!Sr
FINANCIAL NEWS
NORFOLK AND WESTERN DECLARES
ANOTHER EXTRA DIVIDEND OP $1
1 Disbursement Is in Addition to the Regular Quarterly
Payment-of $1.75 Action of .Bethlehem Steel
Directors Pleases Street
Tho most litiportatit development In tho
fln.-uirlal tll.Ktrlcl today wiia tho deehiratlon
of nnother cxtrn dlMdend by tho .Vorfoll;
nnd Western Itnllwny. Tho extra tllnbtirsc
ment, which wna SI n rlmrc. tho snliio us
declmcd In June of Inst yenr, wan dcchtrcil
nlotip; wltli the roBtilar tiuarterly dlvhtcnd
of 14 Per cent, or $1.75 tt share. Jlolli
dividends nlo paynblo Mrtrcli 1U lo Ktoelt-
holders or rcctird Kebruary 28. Tlin I'enn
sylxntilallnllrond will set it oonililerahlo
pnrt of the dividend, its lis road owni
nbout 10 per cent of tho $ln,l.1i,00n out
slaiidlni; cnpltal Hlock ot tho Norfolk tint
Western. The extra dl.voursoinetil tllil not
i-otne an a rurprlso to Iho llnalielal district,
as the company'H pnrnliiRR have been com
parltiB veiy favorably with last year, and
It uiih felt that somollilnp; extra for tho
ntncklinldciH was not at all out of the way.
Ah far as prleo movements wore con
cerned In Ihe trading on the Philadelphia
Ktork KxrIi.inRK Ihero was very lltllo to
discuss, Wlillo busltieis was a irllle larger
than eslerdny; that l, In tlio total number
of transactions, yet the total turnover was
not up to recent ilnv. I'hllndelnhla Itaplil
Transit trust certificated nrro inoro ac
tively traded In than yesterday, but the
netlUty was at tho expenso of tlio prico.
which In tho later afternoon was on" a half
point. Tlio Ktrcet wilted for the publica
tion of tho modified plans on tlio new tratislt
llncs which were submitted to dm Major
tills nfternoon by 1'resldent Mitten. Tho
hcarlnir before tho rnnllc Service fninmls-
slon in Hnrrlflbury was also walehed. Tlie
movcmeiits In prices nil through tho list
were Kcnernllv to lower levels, nltliotiRh
the losses were not larRo In nny caso.
I 'tilted Steel common was the most active,
while Y.nke Superior lielil tho majority of
Interest of local stocks, an far as the total
turnoer was concorned.
The action of the tlcthleliem Steel dl
rcct'iis ,escftlay. In clcclnr.nij a stock divi
dend of 200 per cant, the Issuance- of $15.
tiun.non aildltlcnnl stock at par, brltming tlio
total capitalization up to $00,000,000, and
Ihe placliiR of the stock on a 40 per cent
per nntnm; basis, win Reiierally recaidcd
Willi favor in tlio Street todaj. It was
PHILADELPHIA MARKETS
GRAIN AND FLOUR
Wilier ltccclnts, 171. 'JUS bush. demand
was fair, but wltli lower outsldo odWroH prlit'S
declined lc Quotations, t'nr loin. In export
elevator No s rtd, spot, 1 filWI.U7: No. -nnulh
red. JlJUIl 1 p."; steamer No. -J red. Sl.lMI
rl.113; No. red, !.uq?I.!KI; rejected A. sl.tsO
fl si rejected y. Jl iUOI.hS.
COItN Itecclpls. JS.JSri bushels. Trade was
quiet, hut prices ruled llrm under llRht ortcr
Inus. Quotations: iar lots for local trade, us
to locution INu L" el!ow, tl.ISM tfl.lSVi .
No. 3 yellow. JI M'4 Wl.t-'il N" 4 yellow,
Sl.nWMWl lMi . No. ,-i qlow. $1,074 Ql.OsVi ;
southern jcllow. $l.nuOt.lii.
OATS Itecelpls. BD.PflS bushels. OfferlnRfl
were pretty well cleaned up nnd prices ruled
llrm. Quotations; No. 2 white, linuoiltyr;
stnndanl white. R,Otl3be; No. 3 white. U4W
Hl'-ic: No. 4 white, t'.3(&U4c; sample oaln.
dOtjUlr.
ri.OUlt Itecelpls. 031 bhls. nnd riS,fl.-.7 Il).
In sitks. The market was dull with business
chlelly In second-hand stocks which were nvnll
ublo below mill limits. Quotations, per 1110 lbs.
In wood Winter, clear. 7. 7068; do. straight.
JMi'.M .".0. do, patent, 5s.:,liif H 73. Kansas, clear,
cotton sacks, f H..'i tp h. &l: do. stralsht, cotton
sacks. $8.7.w!: patent, tntton sacks, $!(?!'. "ft:
sprlns. Ilrst clear. JS-ullffR 7.": do. patent. J!'M
11.3(1. favorite brands, tv ":& lu.23: city mills,
choice and fnnc patent. t'J.7.1f 10.'.", city
mills reculnr Krailcs winter, clear. J7.73WS:
do. ntralKht. J8S0K 50, Uo. patent. $S fjllOH.Tr.
nvn t'l.orrt was In small supply and steadv
but uulet Wo quote )7.rUG$T.75 per hbl , as
lo tujalUy. ,
PROVISIONS
The market ruIM Blpady. with n fnlr Jnb
liinsr dpmnnd Tho quotntlonn follow: t'Uy
bnrf, tn set. ftmoUpil nnd nfr-drled, Hie. west
ern bef, in HftH, mnokd, !Hc; tlly bfef.
knuckles nnd (rimers, amokvd nnd alr-drted.
I-i.V, wostcrn bppf. knurklfH nnd lenders, arnokeil.
U:q: beef hams. KSetfUO; pork. fnmll, Ja-U
33 SO. haina. 8. I, cured, looae, HffflUMjc. du.
Fkn'iifd, luoie. lsljiIHr: d. do. tmtkd. 104
ttfUOt', other hamil sinoixd, tlty cured, as to
brn.id and iiveruVe, -U'af, turns, smoUed,
stern cured, I'OVac, boiled, Imnel s, y'e,
Ph nlu KhouMers, H. P. cured, loose. HVic. do.
smoked. lTt'c, bellies. In plfkle. uccorulni? to
niniffe. luoaw, lic, breakfast bacon, as tn
brand und averaKe, tlt cured, lilt', breakfast
bucun, western cured, lilc; lard, western, re
fined, tm , Kc: do. do, do, tubs, 17c; bird,
pure city, Itettlo rendered, In trercoa, ITo;
turd, pure city. lattlv rendered. In tuba, 17c.
REFINED SUGARS
The market ruled steady, with demand fair,
rtennera list prices Kxtrn tine granulated.
(1.75c. powdered. t.K3c; confectioners' A, U.U3c:
soft grades, UWO.UUc.
DAIRY I'RODUCTS
HUTTKIt Kancy butter wan scarco nnd lo
hiffher. but there was no Improvement in th
lower (trades. Uuotntlons Western, fresh. o!ld
pnrked creamery, fancy specials, 13c; extras.
4l5P4l'c; extrt firsts. aStSUc; Urals. ua&aTc:
bectmds, a.ia5Sc: nearb prints, fancv. -Hcj
nveruKo extra. -i'Jif 13c, flrxta. :i731c: set on Us,
H5s93Uc; speclul fane) bnyids uf prints jobbing
at 47 ft Sllc.
HfidS The market h less active nnd rather
easier under more liberal uiferlncs. Quotations:
Nearhy extrna. 43o per dox.: nearby ilrsis.
l-AZ per case, nearby current receipts. 4 12
per case, weniern extras. 43c per doz ; do, extra
firsts. J1J.I.". per case, do firsts. Jl- per caao;
fancy st lifted candled frtsh vsxh wer Jobbing
at fiOfff&Sc per dox
rilKKSK Offerlnss of fine held stock were
llsht and tho market ruUd steady, "but trade
was quiet. Following tire (lie limitations:
Fowls, as to quality, lll-S'lc: rontsers, 11-tf
lTtc: aprlriK chlckvns. utturdlnt? to quality.
Il)p21c: Vhlt Ijotfhorns according to ouaU
Ity. ITwUOc. ducks, as to ilse nnd quality. IN
20c; turkejt. -Jtl'-'lc; Keese, 18f21c; piffeons.
RECORD PROSPERITY AHEAD
Banker Charles S. Culwell Predicts
Great Era for United States
An optimistic' vision of future condi
tions In this country after thu close of
tho Kuropean war Is been by President
r liar leu S. t'alwell. of the Corn Ivu-Iuuko
National Hank. In adilrettsinir the employes
of the Institution and a few guetts at the
annual dinner given by tho board of dl.
rectors, Mr. Culwell urged the importance
of banks being ready to handle the momen
tous business following the Mruggle. After
congratulating the clerks and other em
ployeu, numbering more than 1G0, on their
work during the year of increased busbies
Just ended. Mr- Calwell. who was presiding
as toastmaster at the banquet at the Down
Town Club last night, warded of the needs
uf the future.
"We hate ha J a rainarhable period of
prosperity and we all have learned and hae
grown with it," he aaid. "Hut America
must do more foreign Uuslness, which meaiu
more to the nien In trw nankin; world. And
I hope we may keep on learning, bo that we
can grasp the opportunity when it comet.," ,
President Calwell was fcunportetl in his
prediction by another speaker, 1'.'. J. rat
tell., the city btatUtlci.ti, who asserted that
be believed that following the war this
country would see the createst era of pro
perity in (U history. Mr. Cattcll's ittiets,
A. Q. Csttell. wan the flrst pjrealdenl oif tbe
Corn Kxehanjte Hank.
Other speakers were tbe Kev Dr. Carl K
fHtuomer. rector ot ot Stepiuxi's )tuoiai
CtsMVH, .f.d L. & McClmouj. urtaciual of
the yutlUe acbools ot StoaUuu, Pa
LOCAL MINING STOCKS
TONOPAH BTOCK8
Bid. Am
u.,1 Namao . . .
StweSs sUleosioo
Montsju
Surth Star .
OT
.W
15
IT
3
IUua Buls
OOi-UFlEI-U STCH'KH
lllu. Bull
Buuth
03
ia
us
Cutttbi
lion Fra.ction
tJiuuoudaei'l U I)
rjfLy
un
SjuttM-u, lttuJH
uveir mat
mncmi.i.sitoj
:t:v. :.
pointed out thai with ibis action of the
II rcctnrsi the slock Is brought down from
a "rich man's" slock more in line with tlio
average man In Iho Street, and that the
stork .will lio mnro favorably regarded by
banks In Accepting It in collateral for
loans. Kor somo tlmo Iho slock has been
discriminated aRiilus In tho making of
ionti banks refusing to lend nnywhoro near
tlio market 'nltie, till being bccatlso ot
the extremely high price and (ho) wide
fluctuations lo which It has been subject
Holders of tile slock spent some tlmo to
day figuring out where they stand as the
result of tlio action of the directors. This
Is the way tho valuation of the stock figures
out. tlio calculation being figured on tho
closing price of Inst nlglit. $4.10 a share.
The bolder of each share of old stock gels
two shares free and the right to subscribe
to ono moro slinro nt par, II on. This makes
the prico tor tlio four shares $530, nnd tho
valuation of the new shares $132.50, or
on a basis which returns moro than 30 per
cent per uunum, the stock being oil a 10
per cent basis on tho ino. At (Ills prico It
was figured that the stock Is cheap. Tlio
right would bo worth $'12 110, or the dif
ference between tho selling prlca of tho
new stock with all of the rights and tlio
par value.
Today the old stock sold up to $115 on
the New Vork 't'bnnge, which brings the
nluatlun up to $l3n a share. It will be
seen, therefore, that the only benefit finan
cially which Hie lioldets of the stock have
received lies in the Increased dividend, Ihey
rceelv Ing 2 ',4 per cent more each quarter
than heretofore. Th-nlup of their stock
remains the same, onlv they will have four
sharca Instead of one as heretofore.
Tho new stock will not lmc any voting
rights, nnd ns the lesnlt of this there was
some discussion In the Street. There nro
several reasons for tins action. Mr. Schwab
and ills associates own a majority of the
stoclt, nlul ot tho outbreak of the war. or
when the company started getting big war
orders. Mr. Schwub gme Ids assurances lo
tho llrltlsli Oovernnient that bo would not
part with bis control. Tho preferred nnd
tlio old common Kliarelioldorn will continue
to divide the voting power equally, as here
tofore. old. per pair. 2S'3,30c: do. youns. lnr pair.
I'd U - c.
POULTRY
LIVE ruled firm nnd hlxhpr under llcht
offeilnits nnd n wood demand fur chalif stmk
Wuiitntlons Tow Is. ns to oujiltty l!09fLMJf;
rooxters. U.'fi'Ulc. spring cbltkens. soft-mcMcd.
XQtj 2'2t i Whlto Leghorns, nctordlni? to fiunllty.
iilf-flc; ducki. nn to slxu nnd qunllly. llitVl'Sc;
turkejH. L"J1t2lc, gcfs-T'. lOOl'-e, idKeonn, old,
lr pair. 2S$3.ii: do. young, per pair. 2U2."ic.
nnUSSUn Thi market ruled llrm under
small supplies nnd n fnirly ocilw demand.
The quotations follow Fresh-killed, dr -parked
fowls, V2 to box, dry-picked, fancy sei-octed,
I'lc; welghliiT l!a (jTTi lbs. nplece. 23Wc, weigh
ing I lbs. apiece. 23c. welching 3'i lh. nplece,
21VS1V, weighing ;t ibi. apb-co, lu20e, fowls,
In bbls., fancy, dry-picked, weighing IH 5jr
lbs. and over apiece, 23c, weighing I lbs. nplero.
22c: smaller sires. 17U2c; old rousters, drj
plcked. Ihe, rousting hl ki-ns, western, dry
plcketl. In boxes weighing lUffll) llm. ier
pair. 252fic. masting chickens, wtstern, dr
plckrd. In boxes. wtli;hlng H lbs. per pair,
2lf2rtc. roasting chickens, w stern. In boxes,
weighing 7 lbs. per pair. 22Q,2.'lc: ronstlng
chickens, western, dry-packed, in bbls . weigh
ing S to 1(1 lbs per pair. 2-lr. roaming thickens,
western. In hbls . weighing 7 Ihs. per pair,
2021c. broil I nt? chlcln-ns. wmirrn. In boxes,
weighing Hip I lbs. per pair, 2lfi,2.V; chickens.
welghinK riltil lbs per pair. lu2itc. do, mixed
sixes. ISfi 20c; broilers, Jerses, fancy. 32
33c, hroilers, other nearby. weii;hing Ptj 1i2
lbs. apiece. 30ti'32c: turkeys, per. lb. Fancy
nenrby. 3HI.TJc, fancy western :tlQ32c; fair
to good, 2U!j'30o: old loms. 2Sltf2'Jc: common.
2lfr27c. dui-ks, nearby, 222.1.', do. western, 20
r?22c: cees, nearby. J7S10c.N do, western
1.1a18c. Hriuabs, per dozen White, woighlng
11 to 12 Ih per dozen. -ftti 0 23. white. welRh
Ing 9 to 10 lbs. per dozen. $3.23W3 S3: whtti
welching s His. , iur doep, Sinofft.7n, do,
welching 7 lbs. per down, -53.303.00. do.
welching tMUVt llm per dozen. 2.73.('3: dark.
t2 30f3, smalt and No. 2. due .$1.23.
FKESII FRUITS
The mirket ruled steady under moderate
offerings and n fnlr demand tjunintloos. Ap-
rles. per libl York Imperial. $3(94.23 Ken
)avls. $3t93 GO: Imldwln. No 1, 5.1.7.'. 3 30;
do, ungraded. $3C3 f.U: Oreentug, No. 1, 54.30
HC. 30: do, ungradiMl. $3 1.23 Klnjs. No. 1.
4.3f)CB; do. ungraded. $at4. Staman. No. I,
imps: an. ungrnueu. ?2 nuwa rat. wtnesap. No.
Northwestern. Yier box. ll.5UfJ2.3lr.
i. 9-i.fjo-o-u; no, ungraueu. j.-ao((t;i ou.
AodIcs.
Lemons.
per box. tz uti.
Oranurn. Florida, nor ernte
urigiu. 5. ..tf. i.i. russet. 92102 so. Tan
gerines, Florida, per strap, J2 30tf3.30. Ornpe
frutt. Florida, per trat. $2 30(3.30 Fine
apples, Florida. Indian Itiver. per crate, S2.25
(lT3.23. Franberrles, Capo Cod. per bid.
Fancy lalo arletlts. $37; early black. S3 9
3.30, rranbsrrlus, On pa 'od. per crate. $25i
2.10; do. Jersvy. dark, per (.rute, J 1.73 52;
do, do, light, per crate. $1.30. htrawberrles,
Florida, per quart, 23J35c,
VEGETARLES
rholce Htt K ruled firm, with ilemand fair nnd
offeriUBS onl mutler.tte. Quotations: While pota
toes, per bush IVnnsvlvunia. choice. U'J.I(1:
New York choice. $1 t)0ljL'. Whlto potatoes, jer
sey, per bskt.. ffQt.uri. fctweet potatoes, Uustern
Hhore, per bbl. No. 1. $333 SO. No. . 11.30
&'!. Sweet potatoes, Delaware and Maryland,
per hamper, $1 'J3$rl.3(). Sweet potatoes, Jer
sey, per basket No 1, 00ctiSl: No y. UH
(inc. Onions, per loo-lb. bau No 1. Jiltl.V3:
No. !'. Jl.30f5. L'abbase, Danish, per ton.
1110; do. southern, per hamper, tii- 50.
riniit'irh. Nurtitlk. per hbl J'. L'.ITt'': i.'i. Kale.
Norfolk, per lihl.. (lOrOll S3, (..'aullfluwer, Nor
folk, per crate. JIW1 5u. l.ctiute. Florida,
per basket. Jl .0WJ.50. do. Virginia, per
bnsket, tll,.'u, do. North Carolina, per
basket. SH.ll 30 ileans. Florida, per li.isket
(Jrcen. SJW1; was 1JS.1.0I' Ui-KPluni, Flor
ida, per boi, ;. V5CP3.3U. t'eppera. Morlda.
per box. v? 5u. Squash, e'torlda. per lox.
J1.73&U' V3 Teas. Florida. -r basket. VU
5.50. Tomatoes. Florida. l?- irate. II.IOWJ.
Mushrooms, per l-lb. twsisct. 1101.3."..
LONDON STOCK MARKET
Uuslness Is Light Americans Arc
Neglected anil Lower
LONDON'. Jan. 21 Tbore was little
fenture to the trading In securities on tho
Stock Exchange- today. The turnover was
light.
The gilt-edgeil section wns quiet and
mixed. l.ast week's revenue of the United
Kingdom was fS2,0S3.000, and tho ex
penditure 15,S22.O0O. Temporary ad
vances to the treasury were IIS.BOO.OOO.
Outstanding treasury hills were reduced
28.515.000.
Americans were neglected anil lower.
Canadians were steady. Argentine rails
were Irregular on earnings. Home linen
weie easier and not active. t
Russian and Italian tmude wavered be
cause of the unfavorable position of ex
change. French and Japanese Issues were
good. Oils were cheerful. Imperial To
baccos were Arm. following the announce
ment of a dividend of 10 per cent with a
honus of 12 H per cent for Ihe year.
De fleers closed at 11, and Hand Mines at
Extra for Amparo Mining
Tbe Amnaro Mining Company has de
clared a regular quarterly dividend of 3
Hr cant awl an extra dividend of 2 per
eeut, both iveyable February 1Q to stock of
reword January 11.
'Brown Brothers & Co.
rounrn and Chestnut Streets "
PHILADELPHIA
Deposits received audi interest allowed
--"' For out-of-town accounts? instead of using pass-books, deposits
may be sent by mail and we will furnish statements of account
periodically rfr upon request. "
We also issue Certificates of Deposit for a specific time, with
allowance of interest.
Sales in Philadelphia
, Net
lllsh. Jiflw. Close, chtte.
lo Acnio Tea
pt t c ... OTy, tlTiJi OTV.
6ft, Am Hys lit OR OR OR
IT Until Ii pf.lOl'Ji lot?; lol?'. V.
10 H AStcpf fiR RR R
R Con TrNJ Jl T I
10 O Asph pf . TO TO
ll Intt.CoNA 2TV4 2'H
. I Key Tel pf OR OR
1033 t.k Sup O. lou to
T Lcli Saw. r It. RIV.
m l.eh Valley TRH '8V.
lo l.eh Val Tr
nref ... II 41
n i
to
2TV4
(lit
It Mi
8IVi "H
T8V4
II
V4
3d Mex 1'et ..lfl.1 103 loRVs -! H.
ni Nortlt Pa 01 n.1',4 01 -f- ",4
1T08. Penna It U fiTH
ftn Putin. Co.. 41
2TA I'lilln lllcc. 31
10B0 I' It T t c. 3it4
.10.1 llvs Oen. . VI',
ftT ftTVs
It II
1.1TI. R U
32 3SW t
0i4 T"4 -t-IU
R0 Heading... I00H 100V4 100V4 Vt
320 Ton Hot... If, 4V li 4- A
lo rtilonTrno iny, 404 4Bi
lot Un ct Imp. no oo no
R tn Cos N
J 2 JS 223 223 -M
3010 IT S Steel. Il,1i J 12 11374 Vn
lo War t A 8 0',4 014 0V4
lo Vf ,t & Kea ft2 32 32 t
0.1 Vorkllypf 3T"!4 3TV4 3-V4 V
ItONDS . , Net
UlRh, bow. Close, dine.
R330 Am Ons ft
tilcc 5s . OT 00 14 DT Vt
10000 Until Loco
1st lis. .10114 inH4 lot H
3000 lletblchem
Steel lis 121 (21 121
1000 City is
1010 ..10314 IOSVj 10314
looo do 19K..103V4 10314 10314
.'looo do i eg... 1 03 14 10314 10.114
anno Hlec fc Pen
Tr la . . 83", 8374 8.174 14
5.(io Inlerslalo
ttwys la 3314 nli li Mi
2000 Ken Trno
& T Bb.. R114 R.114 R.114 14
looo r.eh N'nv
cons Itjs
teg 103 103 103 .....
ihooo L T rcl P
i: Is .. RT14 RT RT14 H- 14
loon Lcli Volley
gen Is.. 0I4 0114 01 Yi
300 Nnt Prop
Co 1-Cs. OT74 OT74 OT74
0000 Phlla Co
C0113 ns. 00 00 no
.1000 Phlla i:iec
is 0.114 02 0314 114
hooo Head gn 4s 0U 1)014 odU Vt
.Mino Spnulsli-
Alll I (Is, 102 102 102
Financial Briefs
Hanks lost to tlie New Vork Kubtrcnsury
yesterday ?L'IC,000, and since last Friday
lost $387,000.
Joseph T. Stunit has been elected n
director of the Northwestern National Hank.
During October fifty-nine telephone com
panies earned $21,976,258 and expended
$16,438,868. Tho operating Income was
$1020,190, an increaso of $576,701 over tho
samo period In 1913. For tho ten months
tho operating income of the companies was
$65,823,032, an increaso of $6,187,806.
Oross earnings ot tho Pcnn Central Light
and Power Company for December wore
$117,301 as compared with $89,0G0 in De
cember, 1915. Net totaled $39,485 against
$40,186.
Tlio tolnl operating revenue of flfty-nlno
telephone companies for October, with revenue.-)
exceeding $250,000, was $24,976,258,
an Increaso ot $3,016,906 over October,
1915. Tho operating Income increased
$566,701 to $0,920,199.
Tho Citizens' Traction Company had
gross earnings ot $40,147 during December,
ns compared with $34,090 in December of
tlie provlotis year. Tho net was $13,980, as
ngainst $11,048 tho samo month in 1916.
DIVIDENDS DECLARED
Jlorden's Condensed Milk Company, regular
m annual or i per cent on common stock.
payable February 13. Hooks close February 1,
Sou thorn (. llfnriiln. Frilfinn Pnmnnnv. reculnr
quarterly of Is per cent on common stock,
p.oabln February 13 to stock of record Jan
uary 31.
(Milcngo, St. Paul. Minneapolis nnd Omaha
Hallway Company, usual semiannual of 3 Mi
per cent on the preferred nnd common stoeks,
pajabte February 20 to holders of record Feb
ruary 1.
American Sewer TMpo Company, 30 cents a
share for the Inst three quarters of 11)17. Last
foil tho company declared two 30-cent dividends,
tho second of which will bo pnld March 20.
Illinois Traction Company, usuul quarterly of
three-fourths of I per cent on the common
stock. pnnble February 13 to holders of record
January 31.
tennnlvanla Railroad, reculnr quarterly of
I'a per cent, payable) February 28 to stock
of record February 1.
Casbmau's Sons, Inc.. second dividend of 1
per cent on common stock, paynblo March 1.
Yarns Arc Depressed
MAXCnrcSTKR. Kwrlaml, .Tan. 31.
Yarns nro dull nnd depressed. Cloths are
nm.
Send Million and Half to Frisco
SKW YOR1C, Jan. 24. The New York
Subtrcasury has transferred $1,000,001) -to
San Krnnctsco.
Union Uhk and Papqr Pays Extra
NCW YORK, Jan. 24 The Union Hag
nnd I'a iter Company baa declared nn extra
dividend of 2 per cent, payable February
15 to stock of record January 31.
BAR SILVER
.. (.nut 1017.
Todiy. Yes. Wed. Jllgh. Low.
London (penco). 37. 37., .IH9 37 at
New York (cents) 7M-j 7H 73 7S 74'
r
Extra Payment for Pure Oil
Tlie Pure Oil Company today declared a
regular quarterly dividend of C per cent
and an uxtia dividend of t per cent, both
payable? March 1 to stock of lecord Febru
ary 8.
I.1M.MWMM1IH-IUII
Tax Free In I'enna. Free of Income Tex
RIDLEY TOWNSHIP
(flflutuirp ('ountr, IVnna.)
Sewer nnd Funding 4Vs
Due December 15, 1936
Price to yield 3.95
Legality Approved by
Messrs. Townsend, Elliott and Mu'nson
Martin & Co,
Ml Walnut Street
Philadelphia
BEAMSH CROP NEWS
MAkES WHEAT RISE
Indications Seen of Covering,
nnd Leading Shorts Take
Distant Positions
MKATIir.lt CONIIITIO.NS
.NBW InitK. Jnn. 21. Ailtlres rerrltfd
"'. 'no Wenther llnrenn this mornlne Imll
cnieu (he folloulne iirathrr tonilltlon'it-.
Twnerrnlnrps.
., lllitli. I.nw.
'nnmllnn Norlhnr.t ... flenr I? 30
Mlililje Went rlrnr 20 2n
Sonthnest e'enr M 12
J.Ptifr Ml...lppl Vnllff. rlrnr 42 .1(1
Jf!ir MImImIppI nrr rnln (II l
Ohlj nller . rlenr 3 20
Hrloir rrrn.
The fntlmvlnir; rrerlnllntlnri (In Inrh.1.)
in repnrtrilt 05 ,sl Jllles ( ll- nnil Medi
cine lint, .01 nt rlerre nnil lMmonton.
Cmr'AdO. .Inn. 21 Unfavorable crop
news from Kansas nnd Nebraska nnd com
tilnlnli about lack of molstitrr strcngtbetied
tlio wheat market today after 'It bad been
heavy. May was under pressure for n good
pnrt of tlie session, lul It finally got Into
lino with the now crnn out Inns
There wcro Indications of cocrlng of now
crop positions by a number of spreaders,
and leading shorts In the nearby month also
look the distant dellveiics ok a hedge. Trade
wns not large, and the feeling remnlnod
nervous.
Interior lerelptn were light nnd clear
ances from the seaboard were large. A
cablo to the effect that Franco bad retiulfli
tloned tho fleet of the French line was not
confirmed,
liny ended around the top nt SI. 84 3. lo
$1.8 1 K aftur having been I'jc below
yesterday's close nt $1.83. July finished
only a trifle below tho best nt $1.63 to
$l.r.3ii, nfter having sold on to $t.no!J,
ngalnBt $l.f2'i, yesterday's Inst pr'ce. Sep
tember also finished only slightly below the
best nt $1.38to $1.18W, nfter having been
off lo $1.3ITi, compared with $1.53?.. yes
terday's flnnl quotation.
bending futures rnnecil ns follows
Vrs'il.tv's
Wheal tini-n Hlah.
Low.
rioo. iios
Mny l.HIS I.8IJ) l.s.i
:'"iy .'L'J.s ..j i.nini i.r.ss l.r.'iu
Ueptember.. l.XTi 1..18S 1.34i 1.38. 1.3.1.
torn (nv ilplliry)
May l.niu l.nu'-j l,nn tl n2S M.ni.
t.r.o; i.r.8 i. ran
July
Oats
May . . .
.Inly . . .
.limitary.
Mny ...
July ...
lllba
.Innn.iry.
Slav . .
Pork
Jauunrv
Mav
mi". j.uiij ni, i.oou tun".
.'.S KSi. M4 ttS'l r.'4
a r..-., r..-.N r..-. ir,.i; ns!
in.-j.-. ins7 kil'J tn.ssr. tm.B2
IH.N7 Ki.(i7 i n.r.a ln.r..-. in.r..-.
111.83 111.83 10.(17 tl(1.73 tlll.70
IS .17
15.7.-1
3l.no
.".Hi!
IS. 12
1S77
IS.37 '1S.42 tir..37
ln.in i,-,.72 i.-.07
31. 40 31.11(1 31.00 3.(l(
311.112 21.7S 31P.7.1 211.82
an.r.n 211.37 211.12 tnn. iu
Jlllv
.Il.ti"
1JI1. tAskeU. JN'omlnnl
Sugar Futures Quiet
rVHW VOHK. Jan. 21. Tlie .market for
nugar futures today was ratlier quiet, but
the undertone. was easier. Tlie near posi
tions showed declines of .1 to points under
liquidation and trndo selling, prompted by
npparent heaviness In tlio spot position and
duo to unconfirmed rumors of labor troubles.
Tlio demand for raws was distinctly small,
and it was tho prevailing belief that pur
chases could bo mado below tho last sale
price.
$5,000,000
THE OHIO STATE TELEPHONE CO.
Consolidated and Refunding Mortgage Sinking Fund Gold Bonds
4 TO JULY I. 1917. AND 5 THEREAFTER
J5alcd July I. 1914 Due July 1. 1944
Interest payable January 1 and July I at office of J. P. Morgan & Co.
Bankers Trust Company of New York. Trustee
Authorized $20,000,000 ' Outstanding $5,000,000
Coupon Bonds of $1,000 denomination which may be registered as to principal
Coupon and Registered Bonds Interchangeable
Callable in lots of not less than $500,000 at 105 aid interest; at 102 and interest if moneys from sale
of leased property are applied to redemption of bonds; and at 100 and interest for
Sinking Fund purposes if sufficient bonds arc not offered to it at par or less
Company pays Normal Federal Income Tax aid refunds State of Pennsylvania four mill tax
Bonds approved by, and Company operates under, the Public Utilities Commission of Ohio
The Ohio State Telephone Company was incorporated in July, 1914, under 'Ihe
laws of Ohio, and was formed originally by the consolidation of fifteen telephone companies
serving different communities and which had been in successful operation for a number of
years. It became the direct owner of all' the properties, assets, franchises, rights, etc., of the
said companies, subject to the underlying bonds as stated below. It owns and operates 71
local telephone exchanges in Ohio, with over 128,000 stations, including systems in Cleve
land, Columbus, Toledo, Dayton, Youngstown, Akron and Canton, seven of the largest
cities in Ohio. The Company also has a comprehensive long-distance system, with over 34,000
miles of line wire within and without Ohio connecting with long-distance systems in other
States. Franchises are, for the most part, unlimited as to time, and from best information
obtainable 49.5 of Company's line wire is underground;
,m CAPITALIZATION AS OF DECEMBER 3I.J916
(All securities approved by Public Utilities Commission of Ohio)
Authorized HuLtandlnc
Underlying IJonds Closed. $7,973,100
Consolidated and Refundinj- Bonds $20,000,000 fi.OOO.OOO
79o Cumulative Preferred Stock , 10,000,000 G.128,325
Common Stoclt 7,.r.00,000 5,203,175
SECURITY '
) These bonds are in the opinion of counsel secured by a first mortgage on a portion of the property
of the company and are a direct mortgage upon the balance of the property, subject to its $7,973,100
underlying bonds maturing in various amounts from 1919 to 1925. As the underlying bonds mature,
and arc refunded by these Consolidated and Refunding Bonds, the latter become a first mortgage upon
the property. The Consolidated Bonds can be issued only for, 60 of the purchase price of other tele
phone companies when approved by the Public Utilities Commission and to refund underlying bonds.
They cannot be issued for additions or betterments to properties now owned by the company.
EARNINGS
The earnings, etc., have 4ieen officially reported as follows: -.
Year ended Year ended
. "orvSQ. 1910 Nor. 30. 1015
Gross Revenue ,$3,612,130.01 $3,214,581.39
Operating Expenses, Rents, Maintenance and Taxes 2,128,270.84 1,971.886.48
"Gross Income. Exclusive of Depreciation 1,513,859.17 $1,242,694.91
Interest on all Bonds and Miscellaneous Interest Charges. 576,815.35 541,959,62
Gross Income lessInterest , ;,,,., .- $937,043.82 $697,735 29
Over 2 '.Jr. times all Interest charges. - ,.- oj(,joo.j
The maintenance included in the above operating expenses amounts to 20 of the gross revenue,
and in addition the company set aside from Surplus .for depreciation during the same period ' an average
annual amount pf over 0 of the gross Revenue,
' EQUITY
These Bonds are followed by $6,128,325 of 7 Cumulative Preferred 5tock, which has paid
regular dividends since organization, and $5,205,475 Common Stock, having a total present market value
of about $8,500,000. ' , ' fe vaiue
All legal matters pertaining to the organization of the company and this issue of
bonds have been approved by Frederick W. Stevens, Esq. The books and accounts have
.been examined by hfaskins & Sells, Certified Public Accountants of New York City,
Price 93jr4 and interest, wljich, beginning July 1, 1917. will yield 5.40.
V
OTIS & GO,
Cuyahoga Building
Cleveland, Ohio
aisM
COTTON IS FIRMER
AFTER WEAKNESS
Bullish Spot Advices, Large Ex
ports and Peace Rumors
Lend Strength
roTToN,nr.i;r wnATMF.it conditions
. JS'fttV VORK. Jan. 31. Itnln wn; reported
In the oonlhriiMrrn .ectlon of the cotton
belt this rnnrnlnc , .
The fnllonlnic temperatnrrs were record-
Sfl; Ahllrnr. Tort Smith. Mill" Rot-It,
Nn.htlMe nn.l A.hetlile, M: Del Klo. It);
? .,.l '. aa , , ... 41. Ul...-nal
i: Snn Antonio anil Atlanta. -IHi Vlfk'
bur, nnil Aneii.tn, 43; I'nrnns Chrltl.
Mrrl'lan. Itirmlncham anil f'linrlMtnn, 50i
OnUr.tnn nntl Snxnnnnh. Ml New Orleans
nnil Mnrnn, Hit Montttomrrj- nnil Jaek.on
illle, 6O1 Mnlille, AS; ThtmuMtllle, G'l
Tampa, (llr tVnsnrnln. (10. ,,
There was .03 Inch of nrerlnllallon fit
IMImlnitlon, .01 Inth nt.New Orleans nnd
Irk.hnrir, ,10 Inrh nt .Mobile nnd I'enanrnln,
.12 Inch at lllrmlnnliam, .1(1 Inrh nt A"
Kti.tn. ,B(1 Inch nt Sainnnnh. .60 Inch nt
thnrlmton, ,0" Inch at , Jlontitomerr, 1.22
Inch nt Meridian. I 18 Inches nt Thomas
f tile. Z.tO Inches nt I'en.acobi.
NT.W YOttK. Jan 21. Tho cotl'on mar
ket displayed considerable firmness this af
ternoon as the result of further bullish spot
ndvlcs,' Inrge exports and pcaco rumors
nnd prices sold up to a net ndvnnco of 8
lo 10 points. According to a number of
southern wires, demand for the nctunl Is
Improving, particularly from southern and
eastern mitts.
Thero seemed lo bo a lack of buying
power at tho etnrt. fnd it wn3 tho Im
pression that the covering of shorts on
Tuesday had eliminated a good source of
demand, Offers were competitive nnd tho
various months wcro put down 9 to 16
pnlnls, with the exception of January, which
opened up 4 points. The early tono was
easy.
Tho early declino So 1(5.88 for Mny was
followed by a rally to above 17 for that
position on covering and scattered buying.
Bullish southern spot advlres promoted-the
demand, but general business was quiet
and It it Id not tequlrc a great deal of buying
to ndvnnco prices.
N'o fresh feature developed lato In tlio
forenoon. Ilemand seemed to Improvo on
slight dips below 17c for Mny, but buyers
were not aggressive. nnd the market ruled
generally steady around tho 17c lovel.
Yes close, upon. 11 n.m. 12m. 2 p.m.
10.(13 in. 70 ....
Kl.HS 1(18(1 .... til 711 1(1.11.-.
.Tnnuary
.March .
Mny . .
July ...
October
, ...ir.o'i 1 (Mis ln.ni ln.nn 17.1a-
....(7.117 III III! III. 113 1I1.11H 17.lt
Kl.KI 1S1P2 13.1111 ir.,118 10.0J
K1.211 Ki.n 1 . .. .... .;
... .17.03
December
embe
i7-
spot
Liverpool Cotton
I.IVnnPOOU Jnn. 21. Spot cotton to
day was quiet nnd 8 points lower, on the
basis of 10.f8d for mid-upland. The sales
aggregated K000 bales, including fiOOO bales
American. Tho imports wero 1000 bales,
at' American. The -fharkct for futures
closed steady nt 11 net udvance of lifj)2
points,
Cab.c Co. lo Pay 50 P.C. Stocl; Dividend
PITTSIU'IICW. Jnn. 24. A stock divi
dend of CO per cent has been declnrcd by
tho Standard Underground Cable Com
pany, following the approval of nn in
crease by stockholders In tho capital from
$s.noo,ooo to $10,000,000.
HEURN & WEST
1417 Chestnut St.
PhlUdelphli, Pa.
10
Continued
Investment Buying
19 steadily diminishing
the supply of standard
Railroad Bonds
now available at
attractive prices.
Upon request for Cir
cular PE-86, we shall
be pleased to send our
list of Railroad Bonds
yielding
4.00 to 5.40
TheNationalCity
Company
- . al . . o. tlt.lt. J- l-.t-f-
1421 t.neiinu. 01. 1 iiiinucijjuiuy.
S'.rr York Ohleafo Sun Fi.nclico I
t'ltt.tmrith
Bo'ton
P?nna. Tnx Refunded
b
First Mortgage
Bonds
Earnings about five
times amount required
for interest charges.
Listed on the New.
YorkStock Exchange.
Price 101 and accrued
interest
Stnil lor descriptive Circular I lit
A. B. Leach & Co.
Investment Securitio.
115 South Fourth Street
New York
BobIoii
ChlcnRo
London, En?,
Buffalo
naltlmoro
ANNUAL MIUVriNOS
n-75 NOIlTII'VI'.ST,i:KN NATIONAL HANK'
i Phlladolphlii. January 23. 1017.
At a meeting ot the Hoard of Director., held
this ila. Mr. Joseph T. Stuart was elected a
member ot tho Hoard
l.lNFOntl '(. NICK. Ca.hler.
M
B00ELL a 00.
Weybosset St., Provldenco
Boston How York
h
1
i
31
IU