"BvlisiWr
i Tax Service
.v Am hvettor's Guide
For the uie of the indivld
', Ml we have prepared a
booklet embodying a simpli
fied interpretation of the
f revisions of the revised
ncome Tax Law.
It contains carefully de
veloped forms for perma
nently and clearly record
tag all items of the report
wnicn must oe med.
As a feature of our Indi
vidual investors' service a
copy of this booklet, PE-98,
will be furnished upon re
quest The National City
Company
1421 Chestnut St., Philadelphia
Hew fork CVctf Kid Pnaelte
Beatea t'ltuburgi
To Yield 5.50
The Twin State
Gas & Electric Co.
First & Refunding
Mortgage 5 Bonds
Tale Refundable in Pennsylvania
We will send on request
Circular No. 2508 - A,
i which describes in detail
the attractive investment
features of this bond.
William P. BonbrightS Co., Inc.
MORRIS WJRTAIt RTItorX). Jr.
ManaKtr
437 Chestnut St., Philadelphia
Sew Yorll n.oton Detroit
l.nndon rnrl
IVm r P -M ft Co HonbrlBht Co
STEEL
Wc have had prepared a
booklet Riving a 1 1 the
latest available data upon
almost all of the important
steel companies of the
United State-, which we
will be glad to mail upon
requcstt.
Armitt Brown & Co.
1424 Walnut St.
Members
New York Stock Exchange
Philadelphia Stock Exchange
Vew York Cotton Exchange
l".a" Board of Trade
AUTOMOBILE BANKERS
Offer special facilities for In
dividuals or automobile deal
ern to finance the acquirement
of pleasure cars; and (or
business! houses to finance
commercial cars or trucks.
If you are thinking of pur
'chasing a car of any kind for
any purpose the KINNEY
SY.STKM li: make a better
business transaction for you.
'REAL ESTATE TRUST BUILDING
PHILADELPHIA
D. Lupton's Sons Co. 7 Pfd.
(Cum. Quar. L)lv. Kren of 'lull
tdmonton t,t-anaaai as im
Filmnnton ( Canada) 6s 1921
1 Georgia Ry. & Pwr. Co. 5s, '62
'I New Orleans Term! 4s 1953
Southern Indiana 4s 1951
. , Ctrciclore and'Ftice on Applicatian
If orris Brothers Co.
KetablUhrri IMS
1421 CbestBUt Street
I ."'
atkMekkeT
WlY Y ACfiBUNTANTS
y " ?" rr-''
rirBaw Areouaiani
f'ininliiiJiniii.-li,rVi i i , ," ,.' ' ', : ' "" ' '" "' """
jit it t.niiir'i unite m , ' '..'''' ' ' ''I - "'' ' "
"INAyciAL' NEWS
wjnrnpmx
LLOYD GEORGE'S SPEECH CAUSES
UNSETTLEMENT IN STOCK MARKET
Financial District Construes Expressions as Indicating
Serious Situation of Allies Buying Orders Can
celed and Stocks Decline
NICW YOllK. Kel.. J3.
The slock miukel vvn.i uncttled today because of lmioi lance tiltuclipri to
the speech made liy l.liiytl tSenrgc, In which he paid paitlcirlnr itttcnllon to
the shortage In ocean tonnage and piucltilmed a new proftnim nf miporvislon
over the commeice of KnglamJ. Hit cxpreslon.t were conttrtted by many In
the Wall street tllstlict ns Indicating u far more xeilntm situation ot the Allies
than had been tinderKtnod.
TIiIh unrieltlrmcnt was added to by the iiiiilpixtniiiliim that President Wilton
will tomorrow appear before Congress and tletlnltely announce the nttltude
of this nation. The-e factors wele accompanied l.v a uenvrnl cancellation of
buying orders for the Important Intel estt which had made n demonstration
on the long side of the maiket In the first half of the week.
The xpeculatlvc Htluntloii was lift In the hand nl the boar element on
the floor and In the Slteet, and thote pliiimeis at Pa!in tleach In touch ullli
the Wall Ktieet district bv vvltc lost no time In ieumln their efloilt lo depies-i
prices and Induce lhiuld.itlon.
They weie surcetsful In causing downward nwunwnts In ninny stocks,
lostcs of iiinund L' points being sutalneil In many ltsuc like fulled States
Steel common during the day. but this measured the ic.sult of their endeavoi.s
Willi stieet has no speculative lines to liquidate, rfs commission boues me
carrying fewer stocks today than at any time in the la-t three months, and
Instead of causing outtlde selling, the lower prices leached In ought In a modciate
demnnd, nnd In the late trading ome fair ieo erics vvcie made.
The larger Intel ctls continued to puisne 11 waiting polio and cannot
be expected to take an active position In the maiket until the situation Is
cleail detined. There were Mime special movement, a squeeze of shoits
foicln'g Industrial Alcohol up 3 points, but In the l.ttei Holding llus gain was
nunc than lost.
The bond maiket was lliegular. with the leading Issue- geiielnlly shading
off becau-e of the unetllement In the stock inaikei. lialllmoii' ami tlhl" 4s
sold off 'i to 3P4. The foielgn issues were gelierall fiaellonall. lower.
dMtti
xmmrr,
T '
Ipw'fisifiTjPicFvwT
p'Tfwir'
TT
'Jyy'V '
1 "'" ; ' .'-' ; "T
- ' "' 7 nil-
New York Stock Sales
1 ' iii
Advance Homely .
do pief ......
.Maska Juneau , , ,
Allls.Clml Co pief.
,ni Hank .Vote...
iln pief
Am Am- I 'hem. . . .
m Heel .Sugar . .
Am Cm . . . s.
Am fur & Kily.'. .
Am Cotton till.
Hlh,
HI 14
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II
Am Hide & I. Il;
do pfd
Am Ice Vc . ...
Am l.lnteed ... .
Am l."(
Am Mall ifd t c.
Am Smelting . .
do pfd
Am SiiKar ... .
Am Tel A: Tel.
Am Tobacco
do pief
Am Wool
dop lef . .
Am Writ p pief .
Am XI no and l.d
do pief
Ali.icnnd.1
A'-o Oil ....
Alchl'oti ....
Allan Hlrm ft All
II!
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Cloe lime.
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10U Tfc
Allan Uiilf & W I
do pref ....
Ilaldwln f.oco Co
do pief
llnltlmore & Ohio
do pref
llrtlileliem Steel
do c I II
iln lights .
HiKl.wi i;,ip Tian
Hill n't Hint
Huttr K Sup Cop 17
47
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WAR-ORDER STOCKS WITHOUT SUPPORT
IN TRADING ON THE NEW YORK CURB ZW: '5V
C.i I Petrol
d pief . . . .
Cm Par
Cenlial Leather
(Vt ro do Phco
CIips & Ohio
Chicago .V Alton
Chi ill Wet
do pief . .
Chi SI & St P
do pief
I' I! I k I1 ctfs dp
!3,
J4
t.1.1',1
K7
S'l
mm
1 1
li
:iu'
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Kl H.I I
I Best Bonds
for the conservative pri-
vate investors are in the
s; majority of cases bonds
, that give the maximum
f income consistent with
' sound security.
B" Let us send you a few
?' descriptions of such
. bonds.
; nANKEB.H
(EitablKhed 18S7)
321 Chestnut St., Philadelphia'
' Pltuburch Wlki.nrr
t Bolton Oilrnio Iteadlni
y 1
The Curb market was directly Influenced bv the mhIoiis developments
connected with the Kmopenn situation and bv the acme Inteiesl attached to
the situation at Washington. War-older stocks we,e without suppoil. and
some of these issues were forced down lo low leco.ds. rlght-Mnrtln Alrciaf
sold at SV4. ami Cmtlss Ae.oplane dropped L' points to -. Slarllu Arms yielded
I points to SB. and fractional losses were sustained in Aetna hxplosivs and
Submarine Boat. ,
n-.. ii ut..u ur.n cencrally lower, with Steirltt diopplng fiom IS", to
173;. and Osage Hominy yielded from S to 8,. Slneln'
.i!54 ann nh'.
m.. f Mm inlnlnii slocks weie weak. Magma
nnd 'united Veule intension diopped funn 39'4 to 73i
tionallv linn, helling at anil 7-1H.
..."... . 1 .. 1.1..1, ... ,,.,..,! ni .".M. sold nown to ,i.t
.MKIVllie j-ifci, "imii ..'t.--. ... ----
Tobacco, which bad been a Minns featu.e for some time, declined lion, ...
l" "The foicign bonds weie In supph ,l concessions. IttiLui SMj-i yielding to
sr.. Krench Stunlclp.il s sold down to .h'-u
IIkI
was traded In in
falling funn 13"'B to I'.i.
fa, Stewiut vas ecep-
Ameiican Sumatia
ii)rTiti.i.s
Akl ISsl.l I
YK I lo"
V4 414 4U
Aetna Hxploslvet
Aineiifdii lllltlsh Slfg .
Aineilcilii Slaiconl .
nieiican Writing P.ipel
Canadian Car & Kdy
Canadian Car & Kdy pief UK
Carwcn Steel .... 'f'
Charcoal Iron '"
Chevrolet Motoit 10K
I Ciamp Shlphulliling ..
I Curtis Aeinplaiie
Hmeiton Phnnogi.ipn ..
Keileial Djestuff .
Ila-kell & Barker Car .
Ilendee Manufacturing
Kathodlon tlronze pief.
Lake Toipcdo Boat .
Laurel Oil & Oas . . . .
Lima Locomotie new
Mnrlln Aims
Slaxim Munitions
SI Id vale Steel
New York Shipbuilding
Otis Kleator
Peerlees Mntois
I'oole i: & St
Scripps-Booth
S S Kresge w I
Santa Cecilia
do pref
.standard .Motors
St Joseph Lead
Steel Alloys
Submarine
Triangle Kilm
Todd Shipyards
fnlted Sugar
Tinted Alloy Steel
I S Steamship
I'll. ted .Motors
Pnr.eil Profit Sharing.
Win Id Kilm
Wiight Slaitin Alrciaft. !
Zinc Concentrating .... 1
IIAII.KOUI
flock Island com 11
do lA) pief "',
do (H) pref "
Western Pacific w i
do pref
Wauah Plttsbuigh
do pief
VTA Ml A It I) OH. STOCKS
'13.7 '.Mil
IVa
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7.1
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imii:i'i:mii:
Am Ventuia
Hninntl Oil .V. 'Lit
Co-den oil &' Has
Cm -ii ,v i'o .
I'Vdeial oil
lnti'i Pel l oleil in . .
tloutton oil , .
Mfiiltt oil
Oklahoma Pi oil A. I
oage Hominy . . . .
lioal Pulch
Sequoyah
Sapulp.i lief
Sinclair
Ve?t i:nd O & c. .
III. I
OH, '
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IN; STOCK
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KICKS
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alifoinlu HI!
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I Stand Oil of New Yoik 211.1
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3IIII
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Alatka Standard '
Atlanta H'j
Big Ledge 'U
Hllee Copper (a piop) 1 1 ;,
Butte Copper and Zinc . . II
Unite X V 2
Calumet & .leiome . Hi
Consolidated Aiiona .. 1
Dundee AiU I!i
Kmma Consul I
Kitst Xatlonal 1
Kloience (loldtlelt. 211
1 1 kibe Dominion V4
Ooldlleld Cons nn
(loldllelil Sletger
Oieen Slon-ter I "4
llecla Mining 7 It
Howe Sound ny,
Independence Lead 1.1
aim Butlci HI
.luinho KMensinn 3H
Kerr Lake 4'i
Keuanas in
SIcKlnley-Dairagh .12
.Magma Copper 49 Vi
.Mother Lode 3K
Sillies Co of Aineilea ... t
Xevada Wonder I'Ji
Xlpisslng K
Hay Heicules t;i
Sail To It
Tonopah extension i'A
Wet Knd IVm n.i
White Oak 3V4
IIOMIs
Cudahv j !l!l
Cello de Pasco lis 11.1
Co-dfti OH lis ... .10 J 14
CoMlen & Co old lis. . . . 1117 14
PieiiLh Slunlc Gs i)i(i
Slldxale Steel Is 11,114
Itusslan Hi.js Ill
Itusslan R'sM H.I
Mnil.tli oil As .... Iln
To Id Slilinaid 6s . . !II
Wesliin Phc New 5s.. HI).;,
I' S Ituli 11 5s in 14
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Con IIKIAI' of II I2rt-T
Col Piiel & lion 16
I'm lias & Clec tn.i4
Coin 1'ioducts 22
Citiclble Steel . nn
Cuba Cn no Sug . 12
liia Cn Sug pfil K!l
Deere Cai. pfd . 7
Dd X. Hudson Ml li
Denxer ' It i pfd II
Dome .Mines . . . I!l
Distilling Sec .. 2.11,
Diiggs-Seatniiy .. .11
l S S & At ... . 4 la
i:i ie 27 U
llile 2d pief .13
lieneial IJIee (o Hit
ileneial Slotois Ill-It
do pief . . KKiv
r.nodilch K K . . .161,
Oiiinli .Mining H(I14
HI Nor pief 1 1314
ill Nor die tubs .li,
ilieene Con Cop II
(iulf Slate Sleel I mi,
lilt Agli pief.. . till,
Inspira Coppei . .iku
Inlellml-Coim Col 13
do pief n.llg
liil II.HN Cm 1 1 HI
lilt Sler Slar . 24
do pief . . . . 6fti,
lutein! Paper . . 37 14
do pitf .... llliHj
lot Nickel tl
.tn City South pf .7.1
Kennecott Cop . 4.1'h,
Lacka Steel 7
l.ailcde (ias till
I. H & W pref .. 4014
l.eh Val 74
Lee ilubber & Tire 22 li
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Llg & SI Toll Co 2.19 2.711 2.79
Long Island . . . 19
Loilllard P pref. .IIK
Slackay Cot hh
.Math Alkali .18
.Max .Motor .15 li
do 1st pref . . . 6K
do 2(1 pief . . . 1.1
Slay Dept St pref llilllg,
Slex Petiol till
Miami Con Cqp .. 39
SI Inn & St 1. lieu 24
Si S P & S St SI .109
Slo Kan & Tex . . 7
Sllssouii Pac ctfs. 12
Slo Pdc w I .70
do pief w I. . . .7314
.Mont Power. . . iniili
Nat Cloak & Suit. H2
Xat Lnam Stpd 33an
do pref ... 96
Xatlonal Lead .. .1H14
Xevada Con Cop. 2.7
Xew o Tex & Slex 19
Xew York Cent .. 9 J 14
X Y X H A: 11... 4,71a
X Y Ontaiio & W 2.114
Noif & West . . . 181114
X01 them Pacific 104',
,Voa Scotia Steel. Inn
14
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214
li
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112 l4
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It. BHOWN Ic CO.
ATB TRUST BUILDINQ
IN1 AUjuof VAIU.-r..
UTO ACCUUWT8.
' Si
NEW YORK BANKS L SE CASH
Currency Movement for Short Week
Indicates Drop of ' $7,077.767 .
XKW TOB.K. Feb 23. Although gold to
the amount of 149.500.000 was received
from Canada this eek. for the account
of J. P. Slorgan & Co. the known moxe
ments'of money Indicate a loss In cash by
tho loca'l clearing house banks of $7,977.76"
Of the gold mentioned 28,5no,OOn was
taken In this city and J21.000.000 was
tinnsreried to the Philadelphia mint. This
week's compilations of the known move
ments of money are published as a matter
of loutlne, as they coer only up to the
close of business on Wednesday A featuie
was a loss ot (3.814.767 by the banks to the
Interior. The banks received gross from
the country In the live bank statement days
$1,142,133 and they shipped $7,956,900 A
week ago the known movements Indicated
a gain In cash by the local banks of $21,
$27,000. MONEY-LENDING RATES
miw YOllK Time money unchanged at
4 per cent trading rate for sixty and ninety
days on good mixed Slock Exchange col
lateral and 4 I'i per cent foi four to six
months. Industrial loans are made at 4 ',;
il 414 per cent Kor prime mercantile paper
a better Inquiry Is leported In the Interior
at 4';M' Per cent
Bank acceptances are fairly active at 3H
and 3 percent for ellglbles and 4V4 and 31,
per cent for Inellglbles.
Cull money opened at 2 ',4 1er cent.
PIIII.AWJI.PIIIA Call. JVr P" '
Time. 4r4V4 per cent. Commercial, three
f six months, 40414 per cent.
FOREIGN EXCHANGE
XKW YOllK. Keh 2.1 The fmeign ex
thaugp maiket In continued dullness re
flected the uncertainty legardlng a supply
of steamers Kor lnlanc. theie may not
he a Krench steamer within ten days and
tbeie Is no ceitalnty regarding the Im
mediate prospect of a London steamer
Kiench exchange woiked lower for the eiy
leuson or this dullness and Intel ruptlon to
exports fiom that countiy The same Is
tiue of Italian exchange only to a laiger
extent, as exports fiom Italy have been
pinctlcally nil foi a long time past
Quotations follow
Demand sterling 1.75 7-16. cables
4.76 7-16. sixty-day bills nominally 4.72V4.
ninety-day bills 4 70 1,
Kranc cables 5 8l'i. cheeks 5.85 '4
Kelehsmark cables 68J,. checks, 681j.
Vienna cables 11 10. checks 11 07,
Lire cables 7 3414, checks 7 35
Swiss cables 5 004. checks 5 0.'
(lullder cables 40 9-16 checks 40V4.
Iluble cables 28.43, checks 28 33
Pesetas cables 21.30, checks. 21.20.
Stockholm cables 29.55, checks 29 45,
Chrlstianla cable; 28 IV. checks 28.
Copenhagen cables 27 52, checks 27,40.
Ohio Kuel Co
Ohio Has
Ontaiio Silver . .
oweus Bot
Pacific Mall
Pan Am Pet pfd.
IVnn It It
Pen Gas & C
Peie Slai w I . .
Pitts Coal ills .
Pitts Coal pi ctls 1101,
Pittsburgh Stl pfd.inilli
Piessed Steel Car
QuicksllVHi
lly Steel Spilug. .
I!;i Con Copper
Heading . .
Hep li & Stl
do pfd
St I. fc S F
.seaboaid A L . . .
do pfd .
Seuis-Roeliuck . .
Shatluck Ariz
Slos-Sheff S & I.
South Pac
Southern It R
do pief
Studebaker
do pref ln.7
Stutz Slotois 4714
Tenn Cop & Ch w I IS
Texas Co 229
Toll Prod .72
do pief 99
Twin City R T .93
Pnlon Bag & Pap 1214
I nlon Pacific I3K14
do pief Hlli
fnlted Clg Slfg . 44
fulled Clg Stoies 98
fnlted Drug . . . sn
fnlted Krult Ill
V n Iny Co pr . 2n
I'SCI Pipe A: K 19
. .72
. I (Ml li
61a
. lit)
.
. 96
4
l3',i
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5'h
77
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m
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7H
.111114
.' 21
IS
14 li
222 ',
25
63
94
29
6314
11)114
19
IIK
KR
IKli
.14
6K14
3.1
1116
H7 14
H
24 li
1119
714
12
2914
.1314
lun
HJ
3214
96
S7
14
19
9.1 U
43
2.114
129
11
10.1
.111 14
9K1,
61i
99
19
IIK
HH
IHli
.1.1
6KI4
3.1
inn
XH
3K
24Vi
109
714
2
5914 14
5314
inn
H2
33
n
.17 t 1
24
19
95
4.7 f I
2514 -t-
12914
III!
I III!
.11
99
li
99
Hi
8
1
14
14
14
1-5
2
2
tiiviwon .
"thb'amekican oas co.mpanv"
1114 Market aL. Cimiltc N. J
fAlif-iiarr !(!.
A quarterly dividend of 3 per rent, or 12 per
har. has been daclared n' tha cjplul i.ocu
it tma cuflftoany. payable March 1. 1PI7. to the
BANK CLEARINGS
Bank clearing tod4V (.umpired with corre
noridlne; day laat twti tears
IUI7 I9KI 1915
Philadelphia. IMMIM .176 W 959 $23,9411 22
Chicago .... H.1.9JS.9IN 3,N.73.7.'9 3I.44II.9S4
t 1
Bank of England's Reserve Less
LONDON. Keh. 23. The weekly state
ment of the Rank. of Kngland follows; Total
reserve 35, 602.000. decreuie (538,000; cir
culation 38,575,000, decrease 875,000;
bullion 55,727,000, decrea.e 1,414,000;
other securities 93.215.000 Increase 49.
181,000: other deposit; 146,828,000, In
crease 1,671,000; public deposits 48,836.
000, decrease 1,947.000; government
securities 84,931,000, decrease 50,028,000.
The proportion of the bank's reserve to
liabilities Is now 18. 20 per cent, against
18.30 tier cent last week, and compares with
an advance from 27 per cent to 274i per
111
14
1)1
2H14
1.114
1111
Inn
7.1
2
4K
2614
94
76
lolla
I
14
33
222'4
27
61)
93
27
61
11111
111.7
4714
11
1
I'i
1)9
93
1214
1.7614
H
44 '
9H14
7614
13914
20
r4
14
1
li
I
14
'vi
3
3 14
I
V4
V
3
4
14
f S lnd Alcohol .13214 1271i
Sates in Philmdclphtm '
HUh.
191 Am (las ,.ltl
in Klec Stor. 61
lun Lrle .. . . 27
3K Ins Co .V A 2714
Uli Key T Co 13
.7,179 Kk SupCrp 2 I'll
.in l.eh X11 v. K.I 14
II) Leh Vullev 7.7
inn l.eh Val Ti 26
22 Lit Sclnul .11
2.1 Xev Cons 2.1
III X V X II 1114
3611 Pclltl It It .1.1
li) Pa Salt SI 91
.111 Phil I'lcc 3.1
.1 do cash 33
1M.1 PUT tr cfs 2914
ftn tending 96
All Ton Hel if,
4.HI Ton SII11 614
.71 1,'nlon Tiac 4.114
4JK Pn (1 Imp him, 4
4 4911 f S Sire! I(IK
All) W X Y & P 21 '4
Inn Wm Clump 7K!a
Kx dividend
IIIIMis
1 1 lull
$191) Am Cas A.
Klec .Is llrtla
I (Mill Clinclnw
geu ,s Hill
liiiinn Kej Tel 1st
.',s 9k 14
Mimii) LI, Sup Inc
St . . .Ill
Jniio Lehigh Vav
ens 1 Ijh iiij.
2111111 Lehigh Val
gen It 9(1
Illlio do cons
4'us2iii:: KMIT,
Illlio Pcniia Co
cons I 'us ln.7
6(10(1 People's
Pass tcl 9(1
.17311(1 Phlla Kile
Temp 5s.
limn) llPH'llnggn
to
29(111 WeM,.it.
Co 5 s .
!,ow.
120
63
2714
1714
1.1
20
HI W
71 .
26
.1.1
2.1
1 1 '4
11
9.1
.1.1
31
29
9.114
4',i
"1.
HVa
K9
!'',
24
7"14
Close
121
Net
chjf.
1
63 !
3714
27 14
t.l
211
X3V4 U
74 1
.13
2.1
4414
.14
11.1
.1.1
33
!
11.114
I,'.
"
4 314
HI)
1 'Hli
24 '
78V4
i)
arvnnv moAntiVrn tq AOATTtf ofTTittP
OXvVvjii. l,rui-j j.u iiw,i xwjlia- . i jr'v
ON THE PHILAOhJJLFiilA EXCHANG
Lake Superior Is Most Active of Local Issues, but Priced
Movement Is Narrow Inadequate Transporta
tion Still Factor in Steel Trade
Low. CltiR'.,
Net
llB(
ln.'l4
l
91114
Inn
9K la
.1.1
I I'J Oh
1111
IniiT,
in.lli
no
1112
9(1
9K f 14
DX'.a 1114
19201
90 li
Kill',
ln.1
911
1(12
94
9H
- W,
New York Bond Sales
V S Ilealty & Imp
V H Ilubber 54 14
do 1st pref . . .109
f S Smelt & Hef. . SK
U S Steel 108
do pref I IH
rtiih Copper 110
Va Car Chem .... 40
Wabash 12
do pref A .10
do pref B 20
Wells Katgo Kx.,109
West .Maryland .. 23
West Pnlon Tel.. 93
Westlnghouse Mfg. 3(1
Woolworth 14 Hi
Woolworth pr ...123
White Jlotor .49
Willys Overland . 31
Wilson Co 03
96
14
92 la
2H14
4 la
Uli'i
ion
7.1
-'Vi
4H
26
9.1
77
11)114
21
14
34
22."4
27
6(1
94
2H
61
1(11
1 11.1
47V4
141
22H
.72
99
93
121-
137 11
1
44
V,
80 4
140 2V4
29 4
my
130 4. 14
lV4 1
83 Hi
1U9 14
.17 2
197 1
118
nn 109 n
3914 3914 1
12
4 H4
ss Ha
loo
4V4
3
49 1
14 Hi Hi
IS5
49 ... .
3SV4
lisiifin Amrr Asi deh .s
3.III1110 Angln-I'renih .,
, 1'J Mii-i III. I., i 1, ii
Ui.iiio Ainei 1 o, s.t ;,h
il.liiiiii Amr Til ,is
I'liiui a,, ,v iaH
-I' Anii-r Wrn i.ii. ,7a '
limn Ann Art.ni l
Mlllll Armnur Co I'jn
I .'in 111 Alinison rpii ...
I'lliillll ,o Ik lllilll
."mm Allan Co l.lm- elt Js
li.'.no Halt t, Ohio .",
N.-,IM, o ....
Inoo ill, 1 V l-j
."linn ,1,1 S,t 1, .!'
Ill"" Hid I' I.;aVV
Imoiiii Itrtl, MpoI Iki .,
Hoiiii ,i 1 r, ,",
l-'l llH.oklni It T ,-, tills
imill Hutu lorill Co ." . .
llilllio fan (lovl .", 1IIJ1 .
Imiiio rlo "n llr.'ll .
.loon ,o Tut l'l.'U .
Inoo C.,l (Iks A Kler .". .
IMIOII Crnl Leather lt .Is
.Viiici (V,il It t N J :,
tiiMin Chili Copier 7
4 Hum i'h,.s (ihlo mnv .li ,
Minn Chi lit Went I.
L'lll'll Chi i. Nmii V2i . . .
1711110 I' II 1 Joint 4s . ..
.won a,, Ben 4s . .
noun Chi SHI .si p cn 5s
IlLlnil 1I0 iv 4'4
IPJIHIil I' It I iM I,
llillii Clev Sh Line Cn . .
1 inoo Ci of P,irl fls
"in 111 Cumheilunil Tel r
Ml I Del tt llil'l rM 4n
limn Den & It n 1C1I ft.
Mnill Detmll Kdlson 1st ,1s
Ilium Detlolt Culled 4'a
lSiniin 111. .secur Corp 5s
Muni llrle cunv Her A
(I11111I lo 4n ,er n
piililil ilo An .Ser I)
Illlio Hud & Msn In .7. . .,
7 1 do rM As
llMilill Ml Sleel del, C
Hum 111 Cent ifel t.
IJ1M111 Inter!) Mel I'm
2.1111111 Interb It '1' i( .",.
."nun liner Sler Jlnr n
Illlio Internl Paper (i.
JS111111 Japan n-n C s I'ji-
;nnn K 1: Kt s A- SI 4.
.'mo Kan City Ter li-l (i
.",11110 Kana & Mich I'd l
Minn l.arkn Sleel ,1s Mr.' .7
1 miiiii do .1. 111,111
1 liliui l,k Sh deli Is llill
llollil Louis Ar N'arh Is
7MIMI Slo Kan X 1 1st 4.
miiiii do ct 4'i
L'llllHI Mo Pae 4 w I
."noil Monlana i'nuer ."T .
1 1111111 .S'or Male Pnn 7m
2111111 X V Air Ilrk iv s
,77110(1 X Y I' I II (is
.7(1011 do 4s
Mini) do 4)us
Mlllll N V Cltv 4's 1 91,11
411(10(1 do I'm Nov 19.17
nillill N V U II A P .Is
.imill N V N II t II I.. .
loiin x -V Hwy ref 1.
sliinn do adj .1.
2(1(1(10 N 7" Tel Ben 4' .
ldiioii Nor IMc prior 4 .
Minn do sen 3. .
inoo Ore Short I, 1st (is
Toon I'ac Codat let ,"s
Mlllll Pacific Tel .In
1,200(1 Pcnn.i sen cl 4l .
201111 PuIjIIi- Scrv N J .".
Mum Peie Marquette .73. .
LMHMI Udidlns Ren 4s..
2111111 llep Ir X. H Si...
mum si I, 1 Jl ft a oir 4s
3WIIIU M I, & S K alt !'
2(llin St I. S F In 5
17.1ml do 4n per A ....
1,111111 do ,1a per 17
Mlllll South Hell .'.. . , .
IhllllO South T'nc rv 4fl.,..
Mmo ,lo rftl 4n
MllMlll do cv r.e . . ..
4'HIOII South llttv Ben 4...
'JollO do con ,1a
.loud Sparta 4s
2111m rle 4. Pac 1st .la ..
Jlnio Texaa (Jo cv (in ....
12nnu Third Ave ref 4s....
Milm do ailj ,1s
Mlllll ToUlo ,1s
Mlllll flail 1.1 X I'ow ,1a. .
anno t S llupber (l. . . .
Mlll'il II S Steel H f ,1a
21(11111 t'nlon Mac 1st 4s.
liOOll do ltd 4a
2IIOII I'll Us S V la
2IUIIIII U K r (I II I ,1s..
I.ii'lllllll do .I'i a 1918 . . . .
it.liiiiun do r,IA HUH new .
72IIIUI ilo 'if 1919 .
.7MHHI do .'i'i" 1921 . .
It Olio Va Car Chm 1st fts
Minn Wilson Co (Is .
.Minn West Shore 4s ,
Mum Went Union fts
Wilson cent Ben hs
Mind
High Low .7 p in
Mil llll Mil
112 !l."i HJ',
in, mi mi
'Mi !H1 116
Mil Mm'. Mm'.
IIV llM,, lis'a
nn vis vis
1.9 i,', id
!). II 9.1 .
HI'S, !ll. Ill.
MM MM MM
l M M
H'll'j Inn 1 i.i,
!U !.
H4i !IIS IIP,
HI'. III', HI',
" "7 X
loj'i lu."4 H2'4
IMi's Id's 9'i'
Km Mm Mm
!'l til III
!'"'j !i7"a lis ,
97. 1H1J, 1114
'n 'i?'f 97,
Mm Mm Mm
mi ' j mi mii,
M7' 117'. Ill .
127'. 127', 127'j
91'i, 'H'4 HI',
7'l' Tolj 7n'i
h-"a .J'a yjl2
lis', nsi, list,
!H. Ill1, )!',
Ml2'4 (IJS Ml2'
JH'. 'fl !ll
lliil'I Mile, In!!3,
UVtt !.! o:i
inn's I1111I1 Mm',
k-' si', S2
(is ii7' r,s
loi, Mil1, lni'j
si s.V. s
'll' 117 ii
ii.' C2 l!2
-" 02', (,',
71. 76 "li
2(1'. 2i, 20",
l!il (,(!', l,,l,
9.1 HI M3
l4 'IP. Ill",
" (l'l' li'l",
l7'. !7'a (i7'j
HI HI III
IliiM? Mill's Mm'.,
so 7!i TO
7H 7.1'. 7.H.
S7'. s? s7'.
Ml', .70', 711',
I1111S Inn1, lun',
nil 0.71, ii;,s
9.7 9.1 117
l'l' '!', l'4
,'j 7ii'j 7il'a
.17 .77 .1;
. (ill li.",'. 1,11
111'j iini, n',1,
7't 97 117
in.l'v lu.i'j 10 iv,
Mis losi, ins',
Ill's HI 'J 111'.
. S IIS IIS
.lni'i 1111 1, top,
Ml7s. 107'a MI7'
I02S 102 Ml.'
10-' IllJ 111.1
. (in1. l.o', Ml1,
. 42', in', (Jl.
. lis1, ix, iisS
IJI'a litis llll.
Hi "4 (Hi', 111!',
MiiiS MIC,', ii,i
ll'l', 971, !,'7,
lnn Mm1, 11111
. loji, IllJ", inji,
. IH'i !U'j ni',
. IM !M MS
HI", til's Ill's
MinS Ililli, I t
7S' 7S, 7SS
2'a ,1 72
.i2'a .I-'1, .72'a
l,s ,17 V. 117;
Ml m si;
Mm'i Mini, iiini,
sn s.75, Mi
. 1U ill', 91',
.Mm'a Iiini, inn',
72 71 ', 71 'a
InlS 1111 lol-S
92 112 iU
.Inn's Mm', Mm',
.1(1.7 1(111, Mil',
. 7H 77 7S
. 711 70 70
. T.l1. 7.7s 7.7S
.93 !l.t !,!
1112 1112 1112
Mill', il.-,iK in-.T,
117'. 97'. 97'.
fl.", 921.. IIJI,
41 II'. 41',
97 Ill's tl"',
9S 'S 'IS
ll'l IIS US',
. 97'. 117', 'I.-.',
111 111 111
Hull. 1110 nut
Mil', 101 nT,
110 mil, no ,
Mil nn mi
S.7 S7 sr,-,
N'ollilnp of nny Iniportunce occurred In
the deallngf on the Philadelphia Htnck
llxchatiBc today l-'rotii f nrlton of the
stocks In the foienoon mi It vvn evi
dent that there wn ouinulallon of
indent at the ntnil of I In no tno
dlil the transactions iiii'iini lurjte
While the majority of trndlnit In lorn
Issues wan done 111 Lake Superior Corpoia'
tlon Mock, yet the turnover In Hint l.ne
wiih only mound 42nn shute The move
ment of the pi Ice of the stock wa ovet nn
litCKUlar mid timiniv course Theie wn n
sinnll frnctioniil Kiiln on the llrst ille lull
later In the day till war lot nnd the Mock
vvn iiiirhaneed The iniiipmiy'si " per ce,lt
Income r,i sold off 2 per cent lo 05
Of the arblttiiBC Ihucs 1'iilted Stales
Steel common held nltenllon The move
ment nn nlonK the smite couife taken In
Wall street After n u.iln In the Initial
dealliiRHj Hie price vvent below the final of
Wednesday IleadliiK vvas Mrone, ndvanc
I11B more than a point
Philadelphia Klectilc Kot up a fraction
Western New York nnd Pennsytvnnln.
which Kalnei' 7 points In (he trading on
WcdncMlav. old up polnl. hut It "as
untli.'iiiKetl latei In the day Philadelphia
Rapid Transit trust certificates Mined .
little In the niornlnp, but In the nfternrs
11 ,,-a. in... ti, non.ni ,..r . r""n
It was loner. The Reneral market. ;:."
Kold off in sympathy with Xew York
The Irorf Trade Review
York.
says; "Som. .,
the draK on Iron ami Ptee operations, dj; V.
, l to the backward deliveries of manufacturing H:
. materluls. has been abated, but the Inane fi
iLi.iv.. ui ,,.i,,u,,aiiuu iiiL'iuiies sun con
Ml'utes the paramount factor In mirk.,
and producing conditions. In the Pltttbunrs
district a number of tho tilast furnace,
which have been banked have resumed
operations. The mensures employed by 1,,
tnllroads to regulate the illstr'lliniu.. '.!
avnllable cars where they ore mot needM il
are beginning to have some beneficial r 71
feet.
"Kaslern mills nnd furnaces still find s
rltrir right of WHy on several lines to (id.,
vuiter for export shipments, but the t.rob.
i'm Is to get the ships to take away ih,,j
consignments Kor that reason the nccumu
lallons of shipping products both at ihs
plant of the maker nnd at seaboard whers
that zone still may be reached continue to
Blow New demand for steel continues Very
In rue."
XKW YORK COI'TKK .MARKET
NKW YORK. Keli 23 The maiket foi
coffee futures this morning opened 8 lo
11 points lower with near months lelatlvely
easier under liquidation due to the circula
tion of Mnich notices The notices weie
estimated at about ln.niin bags Somcof
the Match sellei"
months Sales 011
about 11,760 bags.
weie liuyeis of later
the call amounted to
rehriiary
Malrh ...
Vprll ....
May .. ..
lune
Inly
AUKUSt . . .
September
Orloher . .
November
lie, ember
January ..
Toils 'a Wednesday's
close.
92. 93
iipenlnn
7 s2fi 7.sr,
S. (HI 1(S. 07
tt'i4S 1.7
s'.ii'uiP.'J?
8 1.1 S 40
T II'
K 111 fl S 112
H ll"
ISOS 19
S 25 N 2't
K SI '
K ?.li H "'
S nil W 8 Ml
s 42fi'K 4.1
h 41U1 s .
8 MlBS .11
nth
lMVIDEXDS DKCLAHUU
Penn Oil Comnam repular quarlerlv
of $1 a sharp, pawible Marrh .11 to slock of
1 , 1 01 il I'Vbl us r 28
1'nilerwoo'l Tpewrller Company. TSRiilnr nuai
lei nf 1 per (nt on Ihe Preferred and !'
pfl'ienl rin the common stoek, Imynhle April I
lo sin, I. of leiord Msrih 1.1
Harl. Sihaffiur & Vl.irv. Ini usual nuarlerlv
of 1 per cent "il Hie prefened and 1 per cent
nn the lommori stocks The preferred Is pHahl
Vlarrh 11 lo holders of record March 211, and
(he common Is paaht Match ,11 to holders nf
lerord May 11
HrlsBS-Seiiiiuiv ordnance Coinpanv iee.ular
M'lHilerM of 1', per cent on first preferred and
14 per ctnt on second preferred stock, paaul
March IT, to slock of record March 1
ChlcHftn (.real Western 1 per cent on the pre
(erred slock pivalilc April 2 lo stock of record
March 9.
Ilosion and Albanv Itsllioad, regular quarterly
,f $2 per sharp navable March ,11 to stock
holders of record l'ehruarv 2S.
L'luh Consolidated Mlnlnz Cnmpanv nuarlerlv
of ! a share payable March 211 to stock of
record March 17
Imperlal oil Coinpanv Ltd.. refiular semian
nual nf S4 a shale, pavable. Murctl 1
Atlantic, llulf and West Indies Steamship
fompam, reaular nuarlerlv of $1.2.1 a share
nn the preferred slock. )Mable April 2 to stock
of reconl March Ml.
BAR SILVER
I.HI
Tndav Wed Frl
London (pence) 37 37 38',
New Yolk (cents) 77i 77", 7S,
llll
Utah Li
111
74
COTTON PRICES RISE.
DUE TO GOOD BUYING
Liverpool, Commission and Spot
Houses Purchase Good
Gains in Liverpool
NKW YORK. Kelt 23. Tncre was a good
demand at the opening of the cotton market
today and iidvnnccs In Liverpool caused tC
firm (one. Pi Ices advanced 12 lo 17 points
on the call. 1. Kel pool, commission and spot
houses weie good buvers, with the supply
geneinlly scattered, coming from Wall
stteet and southern Interests
It was estimated befoic the start that
the notices on Mnich, which had been put
out, amounted to only about 1000 bales.
After the call the demand continued good
nnd by the end of the Hist ten minutes
pi Ices weie 2 to 3 points higher
The mat kel turned easier toward noon
011 repoits that l.lo.vd (,'eoige had announced
In Pmllnment that nil available tonnage
would be needed for the importation of
lion cue
Muirli contiacts. which had sold up to
IB 13 on the early advance, declined to
16 21 or back to within 3 points of Wed
nesday's' close, while later months sold 2
to points net lower under ieall.lng and
scattering local juessute Inspiied by the
expectation of icHrlcted cxpoits.
Med close Open Ham 12 ni 2 pm
March ... 1 11.22 111:10 in 41 nig-, in n.
Mav in. is in sn in.34 10 47 103;
.lulv . ... in 411 111 .in nun 111.1.1 it ,1
October Ill 11.1 11118 Ml 2.1 11117 lt,!.l
Ilecember .. . Ill.tlll 10 21 . ... .
Spot 11120
Liverpool Cotton
1.IVKUPOOI. Keli 23 Theie was only
b niodeiate demand for spot cotton today on
the basN of II 33.1 foi mid-upland an nil.
vance of 21 points over Wednesday The
sales weie SHOD bales, including t.'iso ln
AmeiUan The tecelpts were 21 nun bale.,
. which 11 000 bales were Ameiican ,T'"
maiket for futuies closed quiet but steady
at n net advance of lifiG points.
THE MAKING
OF A MINE
(CT Most , people think that mines are
jj "discovered "gold, silver or copper
almost sprouting from the ground.
But most mines are "made" not discovered
and how they arc developed into producers and
dividend payers from the " prospect " stage, is
described interestingly in a booklet " The Mak
ing of a Mine." It contains also a cross-section
diagram of the workings of a typical mine.
You should read it. Asl( for booklet 829-T. U.
JONES & BAKER
STOCK BROKERS
Widener Bldg., Philadelphia
Hell. Walnut lono-l.
Kostonei Kace 22UU.
New York Iliisliin
cl,l.e,, Pittsburgh
vrvrf n
i .mt ,
vi
JOSES & BAKKR.
Ifldener Dlda., Philadelphia, ra.
You may send me our Hooklet "Hi
llalclnit of a Mine." 82H-T.U.
Katnt ................. .
....................'
('((v..
Ulatt...
........
- Eil
RAILROAD EARNINGS
CHICAGO GREAT IVIWTKIt.N
11117
Second week February.. ,111 J J,";J
From July I 10.4.10 ui... 1
DETROIT AND MACKINAC
Second week February.. 119.IMU
BOSTON AND MAINE
Three months ended Irj-jrnber 31
Clross operating revenue. 114,1211. .112 71 2211, 1 Ml
Net slier taxes :i V'i?."?::2 11B 2h2
lllf IC IS,, ,
1I II.V1 I
.0311,1112
771 I
18',i
45 V.
100
57V;
1(1 6 ,i
1 1 Mi,
IV,
Mi
inn
si
0MU
IIIU
4H
3
Kl dividend American Smeltlnr. lVi : Na
tional I,ed .preferred, 1'ij Federsl Mining and
1 am
Hmeltlng. lt United Cliar Manufacturing pre.
r rnnn.F Kama i:omnany. A inn
ferred, IK ; Copper Range
eitra: Manhattan Shirt Cot
Company,
ompany, 1.
I'.iockiioWen of resord at I p. m. February VI. ' tin advance from ST per cent lo 2b per I on
j ffiU JV5 wwiWBii: Id. Tr.W. Wl hls wjyk,lMt )W, t '
The $!5,000.000 two.yea'rB per cent notea
tt the Southern Ilallw'ay.Company are to be
offered for subscription at 93 ana interest,
yield about H per ees-t,"
.. In.nm. ........ .l.hno. 1J,
Net Income 1.03ui;i3l
Decrease.
LOUISVILLE AND NASIIVIl.l.K
Second week February. it.HulSlim :,,Ki.1
Fiom January 1 . . R.3HS 37.1 1)47.281
SOUTHERN PACIFIC
January groa $14,231 7(in JI.3H7.737
Net
30S.2.7.I
7N.812
3.M3t),(10O 2.41)4,31111
Financial Briefs
Dliectors of the Keystone "IVatth Cae
rompany were reelected at the annual
meeting; today Dividends weie tesumed
last July, since which time It has been
milking regular quarterly cash pavmentH nt
the rate of six per cent per annum, nnd
the company has had a very Rood ear.
Uk general business has been satisfactory
foi some months and the cnntiacl for caps
for shells with the Allies Is understood to
have been (utile protltablc.
A the Interstate Commerce Commission
has Issued an order requiring Hie railroads '
hereafter to file annual rcpoi ts for twelve j
months ending vuecember 31. mo, noutnern
Pacific Company ling adopted the calendar
year as Its fiscal year and a brief annual
report for year ended December 31, 1316,
as compared with the previous year, will
be Issued In the near future. The Union
Pacific Is also pieparlng similar annual re
ports for the calendar year soon to be
dross earnings of twenty railroads, oper
atlnff In the United States only, for the first
week In February totaled $5,647,19:', an
Increase of (18,299, as compared with the
corresponding week of last year.
The National Transit Company reports'
net earnings In 1916 of Jl.I0S.89l, a gain
fUM8Byt)yr ,. v., .2.
All Corporations Notice
An our book on Taxes we stated
Corporation reports to be filed on or before the
v last day of March. Blanks lately sent out by the
State called for reports before the last day of
February.
Some of our friends thought we were in error,
but a letter from the Auditor General's Department
under date February 20, 1917, reads as follows:
"Under the opinion of the Attorney General
we are authorized to extend the time in which to
file reports to thirty days after the 31st of March.
Corporations have until the 3 1 st of March in which
Jto file reports without authorization. This was not
so last year."
Corn Exchange
National Bank
Philadelphia
Chestnut at Second.
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