UW
?
' Vi-NXNjGT LEDGER-PI
n
i
KV 111!
XHiifcW
t Th first milestone to
MtccMa It saving, and the
eeond' milestone) Ik wisely
taVMUnir your ravings, so
M to make) your thrift most
profitable. ,
i, ' But do not delay Investing
anni you navs a uiousana
Mara or more, thereby
, art uHMtlng the run tarn.
M power of your money,
Betfn when you have a nun-
Ai-swt tfalfarsi nr nuin !
I choosing the securities from
OpportraitiW
Any one who Is Interested
In Increasing the earning
power- of his surplus funds
should regularly receive
this valuable publication. It
will be sent free, beginning
with the current Issue, upon
quest for 42-PI.. Including
booklet explaining
Ik Twarty Pijmait Plan"
I Bsupsfment jtnfHties
(r-llbllahtd 190S)
40 Exchange Place New Yor't
vaemztzzmem
wmztoMizxi
IK
j , A Firit Mortgage
Underlying Bond
Free of Normal Income Tax
Tulsa Corporation
FIRST MORTGAGE 5$
Due May I, 1932
An ABSOLUTE FIRST
'. MORTGAGE on entire prop-
M$i trty of former Tulsa Corpo
?. -ration. .. ... .
Assumed by Public bcrvice
Co. of Oklahoma and PRIOR
IN LIEN to its $1,500,000
outstanding 1st and Refund
ing 5s.
Controlled by the Middle
West Utilities Company.
Earnings equal to FIVE
AND ONE-HALF TIMES
interest charges on this issue.
Price 99 & Interest
.Yielding 5.10 '
INCORPORATED
Stock Exchange BIdg., Phila.
t Boston w York
4 ''Thli Information, though not Buarnn
tr wed, I obtained from the most r'.Able
- ttaMda a .. la K1 1 ,..ei,4 V,-. ....-.-
uut vm, tsiiu in uti4c ivu hi .ii i ri I,
7
.OI.eiarkeo.
321 Chestnut Street
Philadelphia
P
k
'wr
rt
u-1
w
,'i?
Income Tax Service
Income Tax
Synopsis and Record Book
for Individuals
, A simplified interpretation
, of the provisions of the re
vised law as affecting indi-
viduals. It contains care
. fully prepared forms for
permanently and ' clearly
recording all items of the
report which must be filed.
We will furnish upon appli
cation a copy of this book
let PE 100.
The National City
Company
1421 Chestnut St., Philadelphia
iw jmr tJBicif sin r nncii
, Boo fltlsbuiKt)
FINANCIAL NEWS
CRAMP SHIPBUILDING ADVANCES
FIVE POINTS IN LOCAL MARKET
Buying Is Reported to Be for New York Interests Price
Changes in Remainder of List
Are Small
The trnrtlnK on the Philadelphia Htock
KxrhntiKe today did not differ to any gieat
exltnt from recent dn. The traders, hoth
In commission hnusrs nnd on the flnnf of
the exchange, continued tn adhele lo the
Iwllcy of fining nothing: until smile definite
newa coined out of Washington oil the ulittul
of the L'nlted State on our International
relations. About the only noteworthy de
elopment, so far as moeinent In prices
were concerned, was an advance III I'minp
Shipbuilding shates, on which the pi Ice was
carried up 5 points to 85 This movement
was not an Indicator of llie market, how
ever, as the majority of stocks sold lower
following the trend of prices In Wall slieet
No definite news rainn out to account foi
the stretiRth of the Cramp shares, but as on
other occasions when the Motk has shown
ncthfty It was said that most of the lnilng
was for New York Intel esls A majollty
of the stock Is now held In the names of
New Yorkers, It Is understood, and a plan
for refinancing the company l lielliK
woiked out largely from the New York end
In quaiters which are usually clone to the
affairs of the company It was said tnila
that It was expected that something would
be done with regard to the trnmiiiritilt plaji
within the next, slxtv da.v" This was taken
to mean that some announcement would be
made. The plans. It l understood. hne not
been dellnltelv worked out While the sales
of 1'iainp sha'res did not reach n large total,
jet they weic larger than on recent days.
Very little was done by I'hUadelphla
llitplri Transit ttust ceitlhVates, although
they were n trifle mole active than yes
tetday In the morning theie was a small
Kitlii In the price, but this was lost before
mlddav and liv 3 o'clock the -ertlflcates
shotted a-decline of ", The Street saw
from the Interview given by the Mayor
on his it-turn Tumi Florida that an agree
ment between the city and the company
on the new tmnsll plans was still some
distance away. Theie was little com
inent on the tianslt s'tuatloii. however,
the lank mid tile being content to wait de
velopments fnloii Tiactlon also went off
n little
The lluffalo and Susiitiehniitia Itallioad
issued Ms statement of earnings for .lanu
irv The allowing was not .up to the cone
Mpondllig month of the pievlou .veal The
ot.il iipeiiiilng income declined MB.nhi to
tl3tf."i7 The opeiatlng epene. on the
oilier hand, ruse $52Tt to JIOO.MI. which
ieiilteil In net 'earnings from opeiatlon or
fnn.lMiilfi ii deciease of J21.HI2 Non
operating Income, howevei. showed n gain
of j;n.r,;T the lotal being Jfit.r.TS After
the payment of (nteiest. lental etc theie
was a net Income of S 18ft, an Inciease
of Sli
PHILADELPHIA MARKETS
GRAIN AND FLOUR .
VIII:AT Kecelpts 1ll!ll bush The liwr
ket ruled flrm anil advamed Ji du in bullish
western allt-s anil b fair ileinanil guotatlnns
I'ar lots. In export elevntor No '-' rid, spot
export elHtor No J nil pot II IMH ' .
stiMtner No L' red it xsffl '13. No .1 red. 1 S
Ml l. rej.cted A HMtilbU. rejiclnl 11
SI MI& 1 .-,
I'OUN Itnelpls. IB.'-MHI liuhels ,The marke
w nulet but nrni with lleht orrerins" mm
tatloni. Car lots for Iix-hI trsile. a" to ma
lion Western No '- vellow. II l", II 1 I .'a
do. .So. 3 ellow 1 l.-.'iWl.HI't no. Nn I
ellon. It.l'.M 1.1 I'l do No. .". ello. XI It i
l I'J'ii southern No .1 jellow 1 13'i c 1.14 '
riATS lleeelpls, IH.l.Ml huli The nMrkt
rultd nrm under llRht nflerlngs and n fair d
mand Quotations No. 'J while, illil'i'
standanl white. TOWTOWe, No :i while, HJift
c'lic: No. 4 while USfflil'ic. sample oat, liod
H'k'.
Fl.Ol'n Itecelpts liMi Mils, nnd ini.2111 Ihs
In eaiks, Prli es ruled firm and nenerMlly nlBli
er with demand fair for spot Roods. Quota
lions, per 11MI Hie. In wood Winter ilear
T iinirfs. .'.-, do straisht s a'ltfs 7.": do paient
$K.7.(irn,lli KalifHs ilear. inlton satks w
s.:r. do. straicht cotton aik. m.r.nw s ,.,
patent cotton saiks IS.T.-idin.l"' sprlnc tirsi
ilar cncits.tmi do. pitent. fl 1 S in !i.:tr, do
favorite brands. I.7rm ln.s."i: city mills chnhe
and fancy parent TAw ln.M: cltv mills
..nut.. ...J.. IVIn,., ...., X? HOW S '1 dll
straight. S.3:WH.7r, do patent SH7.iwn.1ii
HYB KI.OL'H was uulet nui nrm. e ouuif
7!V'i(ii7 7u tier hid. as to uuallty.
PROVISIONS
The market ruled firm with a fair lolitilns
Imiuirv nnd some kinds were hlitier. Quotations
City beef, in sets smoked and nlr-drled ale.
western Iwer In sets, smoked 34c, ilty l-ef
knuckles nnd lenders, smoked and alr-drled
.IV, western beef knmkles and tenders, smoked
3-ic, beef hams IJSi3ii. pork, family. Sil ."
37. hams. S I rured loose 'JlVSl'xc do
skinned, loose. mjVi USii do. do. smoked. 'JS'i
i6T23ri other hams, smoked illv iurcd. as to
brand and aerane. 22ft 'JJ'si . hams, smoked
western cured 22fi224c boiled lioneless 3.ic,
picnic ahoulders. ! I' lured loose. Hl'ii do
smoked, 17Wc bellies In pickle. areorilliiB to
average, loose, tk'ji. I.reakfasl hscon. lis to
brand and nveraxe city iurcd. 22c. breakfast
haron western cured, 22c lard western refined
tierces. IH'te. do. do do tubs ls'c lard pure
rltv, kettle rendered. In tierces IS'-jc. lard
pure clt. kettle rendered. In tubs. IKVjc.
REFINED SUGARS
The market was quiet Iteflners' list prices
fixtra fln xranulated. 7Wfce powdered 710'"
S.tOc. lonfectloners' A. IHIfl 7 Pi'e. soft (trades
II 2.1I&7.R.V
DAIRY PRODUCTS
Ml'TTKll The market was steadier, with a
more actUe denund Offerinss of line Roods
were Unlit Quotntlons follow Western, fresh
solld-paiked ireamery fancy speilals, 13c
extras. 41W42C extra firsts, Inc. firsts, 3c. sec
onds. 3:ic. nearlij prints, fnty, 44c. averat-e
extra. 4tlf42i. firsts, SMif.Ttc. seionds S'.iB
3ile. special fano brands of prints Jobbing at
47."(iC
KOG.s Prices rurther de, lined flllc per case
under Increased pressure to sell, but closed
tlrm with h kihsI demand Quotations: Nearbv
INDICATIONS OF WAR
MAKE WHEAT SOAR
at
extras 3.m p-r doell liearbv llrsls 111 .3 per
i as- ne.nli current receipts. Ill nil per case
u.itni ,.nri 3"e per doren do extia rusts
til 73 cer .use ilo. flrsls. Ill ll per llise fain
seleilfd lancllid fresh ess were JoMiImr
37f'l4llc pel doxen
CIIUKHK urr.rlnss were er lliiht and the
market mini lirnl and hlaher llndr H fair de
mand. I'ollowlns are the .imilallons New
lork full cream tiuiev h"ld 2 '.' s,
ilals hlKher ilo do fair to Rood held .''If
2tl'i. do tiart skims 14 6 ',!.'
POULTRY
UltKSi:l Th" market was iiitlel and un
ihaliRed The iiuntalluns Kresll-kllleil drj
ratked fowls IS to box dr pliked. .fancy
selcited. 24'jc do. welRhln 4'4 lbs and over
apleie 21c do, welnhlnR 3't His. apleie. J3c.
do. welshlnE :i IPs apiece 2122c. fowls, In
bbls.. fancy dry-picked WeiRhlnR 4'i lbs and
over apleie, 23'ji. smaller sises 2UJc old
roosters dry-puked 20. "wstlnii i lib kens
western, dry-picked, In boxes, welshlnir 8 win
lbs per pair 2.102llc. roastlna chickens, west
ern. In boxes. welghhiB 1 lbs. per pair, . '3
24c. roasting chickens, western, dry-plcke.
In bbls weighing hWIO lbs per pair. 25c;
roasting thickens western In bbls. weighing
7 lbs per pair 21422c broiling chickens
western. In tioxes weighlie 35?4 lbs. per pair,
23t2c, chickens welRhb.i 5WII lbs. per pair,
21024C. do. mixed sizes. lR20c; broilers.
Jersev fncy a.'USc. broilers, other nearby,
weighing m a2 lbs. apiece. 30(t3Je: turkejs.
per lb Fanny nearby 32433c. fancy western
23Jc, fair to Rood 3031c; old Toms. 29 8
sue. common. 2l27c. ducks, nearby, 23923c.
do. western. 22Q24c. Reese. nearbyv1021c. do.
e.eslern 18W2IC siiuabs per ilpten VVhtte.
welghlnR 1112 lbs. per doxeli. I5.75(l
wnite. welRhll.k' lib 111 lbs per dozen, 158
It.MO, while, weighing 8 lbs per doz. I44 5U
white, weighing 7 lbs. per'duzen, 1.1. 41103 03;
white, weighing II(''i lbs per dozen. 12 50
2 7B dark, 12 238 2 75. small and No. 2. 6Uc
(fit
L1VK was dull with ample offer I nun Quo
tations rimts as to quallt lSiTIPc. stJRgv
icosters 171 IHt old nnslvrs 15Clilc. spring
thickens soft-mealed 21fti23c duiks, as to size
and iualu 2lil 24c pt&eons. old per pair.
28U30c.dll oung per pair 2IIV2oc
"i
FRESH FRUITS
Traders Believe United States
Cannot Avoid Entering Fray
and Buy Heavily
iHHUiiiiwiaiiiiiiniiiitiiiiiiiniintiiiiiiiiiiiiitiiiiNiiiiiiif.
Corporation Uiuhetl to lion Imluttrv. 5
Mil cquippea ana oncruiiiii. uuzi
' for mlt limited number S
first Mortgage 6 Bonds 1
-'Carrilno equal amount of ttock. Q
i, Bex C 110. LKDUKR OI'FICK.
miiiiitjiiiiiiimiiHiiiiiiiiiMitimiiniiiiiniirp
CHR'Allt). Keh 28 A belief that the
Vnited States would not be able to avoid
war with (lermati.v induced heavy bu.viiiR of
wheat today and caused pronounced
strength,. Late In the dav the maiKet wa
affected by a decline In stoclis and reports
of submailnes off the- coast of Tuba, but
the absorption by commission houses was
excellent
The Increase in the volume of business
was material. Theie wete teports that the
British Oov eminent would attempt to char
ter many neutral vessels Jlore favoiable
weather and the action of the Interstate
Commeice Commission In rescinding special
car prlvlleKcs helped the lallrnail freight
outlook.
The high on .May was ll.SSU. against
Monday's final price of $177a. and the
close was $1.81 S tn , The top on Julv
was J 1 .-"..- , the Imttom I.I1" anu tne
close ll'si, lo ij against l.ftlis Mon
day last quotation The best on Septem
ber was JU.IS'V the low $1 3 and the
final $1.I234 to V compared with "fl.SUW
at the end Monday.
leading futures ranged as follows.
TIim market was iiulet but tlrm under light
offerings (Juolations Apples per bbl York
Imperial. I '!)." ."" Hen Davis, 13 3114 75
Halilwin. No 1, II SOfi. do. ungraded, I3i'
3 311. Ureenlng .No 1 1 1 ,".n ft 3 30. do. ungraded
13101.25. Kings No 1 15 50 f II, do, ungraded;
I3&4. Mavman No 1 S45 5o, do. ungraded,
12 50133 Ml. Wlnesap No 1. 14 506, do, un
Rraded IJ.5oti3 5'i, apples, northwestern, per
Lou tt.5iii.2..'ill. lemons, per box. !3s4.'i(.
oranges. Florida per crate Hrlght. tS.fillil 3 All.
Itusnet, I2 50Q3 taiiRerlnes. l'lorlcla. per strap
SKi?ll. Rrapefrult rlorlda per crate, 3(o .
pineapples Kiorldrt Indian Hlver. per crate,
12 50413 511. it.inberrle3, t'ape Cod. per bbl.
Pancy late varieties. I5DI.I.50. early black
I3"'4 cranberries Cape Cod per crate. 11.75
flt2. do Jerses dark per irate. I1.5UW I 75
do Jerse light per i rate 1 50. strawberries,
Florida, per uuurt 35ft45c
VEGETABLES
Supplies were small and prices generally
ruled Ann with demand fair Quotations
White potatoes per bush Pennsylvania,
iholie. ' 7.'i(tf.1 15 New Vork, choice. 12 75
4r3 25 While potatoes. Jerse), per basket
11 liillrl so. sweet potatoes. Kaslern Shore, per
bbl No 1. 13(5350. No 2. II 502: sweet
potatoes Delaware and Maryland, per hamper
.No 1 11751112 No 2 II 50f(Cl 110. culls II.
weet potatoes Jersey per basket No. 1, 11.25
1.3.1 No 2. 3uir.il.1c. unions per 1IIO-lb. bag
No 1 yellow. IMiffil No. 2 15 5(10(1. cabbage
Danish per ton 1150 do southern, per hamper,
12 5I)13. spinach Norfolk, per bbl I3tct4; do.
'lexas per hamper 12 5(1. kale. Norfolk, per
bbl . II 2501 S3, taulitlower Norfolk, per crate
!l 5llgi2. lettuce I'lorlda fancy, per basket.
1363 50. lettuce, Florida, poor to good, per
basket. I11f2. lettuce Virginia, per basket,
II Ml 311 do North Carolina per basket II a
1 5(1 celery Florida per 10-inch crate. 1303.50,
beans Florida, tier basket Oreen, 13. Soft A.
wax, 13 501111. eggplant. Florida, per box, 12 50
iM. peppers Florida, per box, I.KS'rt: squash,
rlorlda. pir box 11 752 25, peas. Florida,
per haskel 51l 7 tomatoes, Florida, per i rate.
2 75t" 4 50. mushrooms, per 4-lb, basket. 1140
-if 1 75
Wheat ilondaj s
Oliell. High. I.OW CIosh i lone
May 1 7si. I v.'i. 1 77. 1 W 1 77'.
July 1.5I, 1 35. 1..11S 1 5I, tl.si.
Sent 1.311. 1.13 1.3'lS 1.12 t J'l'i
Corn (new delivery!
May 1 mi's l.H2i I oil's l 02 tl imS
July 1,oo'4 l.'US lib's If. ot' ill.
Oats
.Msy 3s4 .". 3IIS 37'. 3(1
July ,. 54S .13, .14 S 3.1', 54
Lard
May . .IK.22 1H.47 IS in 'I'.l.l tl7 N7
July .1H17 1H.4S 1R.07 til 42 17 72
nibs
May ...lB.Sii 17 07 1(1 mi 117.07 10 do
July .. l'l.3 17.07 IH'H.2 17 02 tlit.fl.1
Pork
May ...31.25 3111.1 31.4.1 '.11S7 131. no
July ...30.7.1 .11.31 311.7.1 31.33 30 30
V.
'T.
DIVIDKKDS
j AjAJk ssuwtt vujii'Ani, i.-xi;.
, ftlSI-.lvai wwmvnnmr
New York.
Director havs.thls day declared
Feb. 20. ItitT.
declared a ouir.
vMand of 'two and a half per cent (11,23
Tel. paygpm Marea ,oin iui. in biock-
f recoro ax IDS ciosa ui uusuieas ,-eoru-
1V1I. ttarota v oiimpsun. ,reas.
orrirK of
TI(K V: M. 4IKIHT COMPANV.
. us,j tituk miiiaii.iu
WMiaawania
Pa.. February 27. 11117.
tHrasTten'oC Freeuort "" omnanr have
M tsaelarsvl a regular Quarterly dmdend of
-Ssiax per rant liu pr snarei. on
..Mlrjf.fhA.tlonliiany outatand-
, 1917; to holders or said
clpss of business this date.
WEAK. Secretary,
Ijyteelattjia.t
aps srsH sisi ass, ii r. ,
' U. t.
UAH COMPANY
rkai at., Cajoden, N. J.
reurusry-20. 1I7.
l4aWast at S aar eaat. or M uae
MMfM on tBa capital atocg 1
v. amyawa aaaresi i, isii. xo ia
TT'iiiW Z?bTU"r
wTxaWiniBn. M. Treasurer.
ses aMelfSTSssPsTsssWwf
a?
i-l
NEW YORK COFFEE MARKET
NEW YOItK. Feb. 28. The market for
coffee future opened unchanged today
Trading on the call was steady, gales
amounting to 9000 bags.
Today'a Yesterday's
February
March ...
April ....
May
June .
July
August .
fleptember
October
November
December
January ,
opening.
T.MOTTS
7,8d7,88
7'.D7ffn.(.1
r'.iis&s.Io
i lose.
7.737.74
7.73t7.74
7 7ll7.Sl
7 8.17.101
7 Sr7 113
8.0008.01
8 04O8.0.1
S.lliKlH to
k nfln.u
8. 1 KJtS 111
8 23WS.21
8.27&8.2S
LIVE T0CK QUOT'ATIONS
CHICAUO. Feb. 28. HOOK Receipts, 30.000.
Market ISOSOo higher. Mixed and butchers'.
113618.501 good heavy. ia.3(l(slil.35i rough
heavy. !13fM3 23t light, 112.03013,43; pigs,
1(V1S12.3S, bulk, 113.20913,4(1.
CATTL.B Recelptv. 12.0UO. Market 10&I.V
higher. Heeves'. 7.s.1"t 12.50r tows and belt
era. 14.73010.80; Blotters and feeders. a.83(t
9.40: Teians. 8.3O01u uiii calves. iO.SOtT ln.lW.
aiJEEP Receipts, l&.oixi Market steady.
Natlva and western, l7.2O0l'4; lambs, U.U&
H.oO.
ChlWfl Ce. Pays More on .Common
NEW YOnK, Feb. 2. The Chllda Com-
imny haa declared regular quarterly dlvl-
!Mls of l,.pr cent on preferred alock
Kntl dlvldent of 1 ',i pef cent on the com
mon. Dots) payti , aiarcn 19 to stock of
word VaaWttavry lt. Boofcn close March
A
IF STOCKS
WERE COMMONLY
OFFERED FOR SALE
WITH NO BUYERS, OR
BIDS WERE MADE
WITH NO SELLERS,
THE INVESTOR WOULD BE
IN A FIX
MOST OF THE TIME,
WOULDN'T HE?
How Slocks are Listed
on the New York Curb
IS DESCRIBED IN AN
INTERESTING BOOKLET
JUST PUBLISHED
TELLING HOW AND WHY A
Market Place for
Trading in Stocks
IS MADE. AND IT
ALSO EXPLAINS
THE .PRECAUTIONS
THAT ARE TAKEN
BY THE CURB MARKET
ASSOCIATION
TO SAFEGUARD THE
INTERESTS OF INVESTORS
ALL OVER THE COUNTRY.
YOU SHOULD HAVE IT ''
AND READ IT.
1 Ak for S2S.T. U.
yrocK Miiiiiii.:itM
Widener Bids., Philadelphia
Hell. Wulput n.no 1. !
kejstiine, Itais 223o.
Net, Vnrk lloalaa
Clih-aKo IMItsbarajk
filrnl r-rtnte IVIim
J0SK8 BAKBIt
H'ldmer BIdg., PMladrlpMa, Pa.
Vou may send ma your booklet 82J-T. U.
Va ,,,.. .,,.....,.,.,,.
sttMraai ...., )..,,..,
Vi ssaa. f . V e " ,;.? Waff ,,,'',,b
Sales in Philadelphia
t
40
30
10
781(1
to
338
30
300
334
3
103
1041
70
30
3
330
1
7(1
'.'103
030
A3
rex
High.
Am Ons ..1I9V4
Anao Cop, 80
Hutt ft HUS 48
llvvya tn SO
O Aaph pf OS
Ina'CIo .V A ley,
I.k .Suu,Crp tnm
l.eh Nhv . . 8i4
l.eh Val . . It
Max Mol
IM pref. 0814
Nev Cons. tf,W
Penna It II S3
Pn Salt.. 93
Phlla l.'lec. 3!)
rilT.tr cfs ?9U
113 li
93
V4
',4
43U
811 V4
I lino
-ir
3 11 no
'1IO0O
I noil
30IIII
Iteadiiig
So I'ac
Ton llel
Ton .Mln
t'n Tiac
t' (J I .
I' Steel. 1113 5N
t'lamp. 8.1
Voik lly pf 30 u
dividend.
IKIMIX
High
Con Trac
N" .1 6s.lli,4
City la '43.10.
Klec A: I'eo
Tr 4s
Intel state
Phlla I'ltec
ls.
U9V4
80,
48
30
03
y
to
31
70V4
18 !4
S4?fc
34-4
93
3? a,
84,
0.1
0.1
4;
n
IStt
89
101
HI
30
Net
Close, ihge
119V4 Mi
80 1V,
48 1
30
03 V
W V
30',4
8UA !.
71 1V4
O814 ....
I4T4 y.
V.
' '
4;
1
'A
temp os
ReadliiR
Ken 4s .
Welilmch
Co Ss
80
101
94
08
1115 '4
I0t4
83
31-i
IIS
33
'8
11.1
93
lit
fl'X.
13', ,
811 V4
ln.1
8,1 3
30 V,
Xet
1 'lose, ihge
l2
8.1
10li
91
98
101
91 ",
98 ....
Marine Insurance Hales Higher
NIJW YOItK, Keh 28 Marine luslliaiice
tales to the l'nlted Kingdom, which de
t lined jestetdav. stiffened up today to s
per cent Several unilervvi Iters, however
are still quoting- 7 per cent on fast passen
ger vessel", but S pet cent Is the tilling;
flguie Hates on secuiltles and registered
mail also advanced today, now being quoted
at IV, as .compared Willi 1 per cent Ttiei
day. Rates to the .Mediterranean are un
changed at 10 to 12 per cent.
February Clearings Good
Philadelphia hank clearings for the
month weie good, the lotal being $1,251.
517.407, as compared with SI. 397. 091. 175 In
January and $960,762,304 In Kebruar.v. 191K
Allowing for the additional business dn.vs
In January, Kehmary clearings ate slightly
better than last month The local clear
ings have been Increasing since last August.
SECURITIES AT AUCTION
Several Important price chanRea were re
corded In the auction sale of securities) held
today by names and l.oflaiul. nidge Avenue
Hank stock sold off tl points at 55, and
Fidelity Trust dropped 10 points to 73.
Agreement between p, A. Stewart Co. and
n, rrsnk Tntem Tor purmsse 01
Isnd. Highland Park, Camden, N, J. 13
FTlH'h'M
10O stirs I.sncsster Avenue Theatre Co. 1
par 11(10 . . .. 41
13o shrs I.sncsster Avenue Theatre Co.i
psr lino 41
30 shrs, Pennsylvania Warehousing and
Mate Deposit Co.; wr loo Inn
,1(1 shrs Kevstnne Watch Case Co.i par
lloo 78
21, shrs Pulaski Iron Co 3.1(1
7 shrs Farmers nnd Meihanlcs' Ns-
tlonal IMtik: p.ir SI"" I33W
1.1 shrs, Mitxe Avci!'!" Pin', par I3H. . .13
3 shrs. Third Nine ' lank; par linn . S.m't
.1 shrs Chellen Trus Co , par Slon... irit
12 shrs. Contlni'ntiil-Kiiullable Trust Co..
nsr J.io . ' 88
I shr. I'lilellly Trust Co . liar Slllll . 7311
I'.'shrfl, Logan Trust Co, imr Slim 1.1(1
7 shrs. lVnnshanla Co for insurances
on I. lies nnd Granting Annultlesi
par Sloo 7'.,S.
10 shrs People's Trust Cu. par S.10 .. 38',
N shrs. I'hllmlelphla Trust Co. par iloo 8.'3'
in shrs Ileal Kstate Trust Co pieferredl
psr linn . . I01P,
3 si.rs. b'lre Association of Philadelphia
liir S.MI . 3 Win
Ssh.s (llrard Life Insumnce Co.i par
Ilo . . '4
lo enrs llliaril Life Insurants Co,, par
tin 9',
KKl ihrs. AlHlionlng ami Chenango Itsllwav
and Light Co. preferred, par Sloo. 103
1.1 shls. Philadelphia City (Chestnut nnd
Walnut Sis ) Passenger Hallwav Co l.i.ii,
.1 altia. Cambria Steel Co. par SS(i , HWi
Inn shrs. Philadelphia ami Camden Kerry
Co par S.'ti 90
IS shrs lllHIlt 1'ortlsriil Cement Co roiu
moo. par S.10 . 4
lo shrs Kalrmnunl Park Transportation
Co . Lot SI
I shrs Philadelphia llourse common, par
S.1U r. U
loo shrs, I'ru.lentlal Loan Society of Phil
adelphia par $10 . 3
PONDS
SI nan Wilmington and Chester Tisitlon
Co .1 per cent Collateral trust
Coupons April and tiitnber Due
litis B'
' looo Pittsburgh and Cbarlerol Slriet
IlnlluHN Co .1 per lent First
Du Pont Dividends
WIt.MINUTO.V, Del , Keh. 28. K. I du
Pont de .Vemours & Co. lodny declared a
quarterly dividend of l'j per cent on com
mon stock, payable March 15 to stockhold
er") of record February 28 , debenture stock,
1 'J per cent, payable April 25 to stockhold
ers of record April 10. The old K. 1 du
I'ont de Nemours Company declared a divi
dend of 1 ',, per cent on the preferred nnd
t's per cent on the common, payable May
1 to stockholders of record AprH 21
After the meeting of the directors of the
K. I du Tont de N'emnuis Company a
statement was Issued which said- "The
action of the board In reducing the divi
dend was not unexpected It Is understood
that the directors feel that the company
will be well able to continue payment of
dividends of 4 tj per cent quaiterly on this
stock, unless, because of changed condi
tions. It later seems wise to distribute to
stockholders In the form of extra dividends
accumulated surplus Instead of using the
latter to further extend the company's operations."
SUPPLEE MILK COMPANY
7 Pref. Cum. Quar. Div.
Free of Tax
Ft. Wayne & Wnba.h Valley
Traction Co. Si, 1934
Public Light & Power 5s, 1945
(20 Common Stock Bonus)
City of Avalon, N. J., 5., 1914
Republic of China 6, 1919
Stone Harbor, N. J.,5, 1918-1953
Dayton, Covington & Pique, S,
1922
PAIGE-DETROIT MOTOR CAR
COMPANY
(7 Cum. Serial Pref. Stock)
Prices on Application
ELWELL, NAULTY & CO.
stock i:rii.Mir, 111.110.
Cnunona afar and No
vember. Du ivsii.
mortgage.
3U
em
7H4
77V
vemoer. xua ivdb. 4 . , 1 . 1 . .
1000 Trenton Street Hallway Co.. 8Pr
rent. Consolidated mortgage. Cou
pons January and July. Due. 1938
3000 lndlanapolla Northern Traction Co.,
3 per cent. Tint mortgage. Cou
pons January and July. Due 1932
3000 Lake Superior Corporation. 8 per
tent. First mortgage. Coupons
June and December. Due 1944,.
XEW YORK COTTON MARKET
NKW YORK, Keb. 28. Although prices
were down 4 to IS points nt the opening
of the cotton market today, the tone was
considered steady in view of n, sharp drop
In Liverpool, to which only a partial re
sponse was made. Business was some
what larger.
At the time uf the start here Liverpool
was 12 to 15 points net lower; prices were
due to come 2 to 19 points net higher.
Later there was an ndvance which car
ried May contracts about 3 points net higher
and the new crop hack to within 4 or 5
points of last night's closing figures. This
was attributed to lenewed covering by near
month shotts supposed to be chiefly for
ttade account and there was also some
buying heie for Liverpool.
Otherwise, however, there was little sup
port In evidence, and toward the end of
the first hour Liverpool was a seller of .Inly
on the nairow differences. Theie was alo
scattered realizing and prices sagged to a
net loss of some 8 to 10 points on the moie
active positions.
Yes. tloee
Msnh .. .. HI no
Ma 10.7.1
Julv . . !.
October . . 111.02
tWemhet .10.1.1
Spot 10.70
Open
1H.7B
1H 00
III..1II
13 93
10 on
11am. 12 m. 2 p m
10.90 111.90 10.8:
10 119 111.03 io.ni.
10 03 10 02 10.117
13.89 13,110 10.02
Oijn Finney
AUTOMOBILE BANKHRS
Offer special facilities for In
rilvlduals or automobile deal
era to finance the acquirement
of pleasure cars; and rni
huslness houses to finance
the acquirement of comhier.
clal cars or trucks. If vou
are thinking pf put chasing 1,
car of any-kind for nny ,hii.
Pose the fclNNUV SVSTI M
will make ft better busiheH.
transactlon for you. "mCK"
REAL ESTATE TRUST DUILDINQ
PHILADELPHIA"
Benson & Packard
Mr.MiiF.rts
Philadelphia Riork' Kxelmnge
w York fltock Kxchange
Franklin Bank Building
1416 Chestnut Street
Steel Alloys
Barnett Oil & Gas Co.
Bought Sold Quoted
E. H. CLARKE
Morton R. Alexander
(Resident Partner)
Phonr 1140 N print"
Mork HxrhfiiiKP IMcic, I'tilla., Pa.
27 William ,iHt , Ntw 4ork
Newark, N. J.
ASSAYING ORE TESTING
Expert advlct on treatment of
ores of every description
OGDEN LABORATORIES
230 Chancellor St.
Metallurtrlcal Engineer
Phone Lombard 2730
Brown Brothers & Go.
Fouirrii and Chestnut Streets
PHILADELPHIA
Deposits received and 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 or upon request. t '
We also issue Certificates of Deposit for a specific time, with
allowance of interest.
li'HiiuiuniiiE:itrTmiiiiFErn!i;iinrH:iimiiimiiirii HiuiinifU'i'ttLuitriftnitiiiRiinuiiimiTmMtu.uiiuninEi TinmiiFiimmin:TTrii.i,!.n!K:Lii:!i;nMii;l:i:iiiiii!iiuiTii!.i;M'
is the cost of Selling
open accounts excessive?
nltl:lMl!r'MIiu!lHllHIJl:;lil!JtlnlmliTVTrl1llUllJWlt;l,;l;I;:limltluItlH!TlnlllnilnMJll
You may not rcalije the great .reduction in
rates we have made during the past two years,
and may believe that our charges and our
Our chargrforbuy- profits are excessive. We, therefore, submit
ing active ac- results of our business for 1916, as follows;
COUntS is Usually AccouM, purcha(l during 191 , . tt,ml,OT 59
less lhanaWholf- Oro income 6S06111
saltr's or Manu Openum expense '"''1W ""
- . , . I nterett on borrowed money Ki3(lvs97
fae-turer s cash wi,!! )
discount. Net income lor theesr ?',.Hi.Jl
Averate Capital, Surplus and Profits , , , J2,U2,M1M
Average borrowed money 2.018iSS 31
, Ay era r Cash employed MuSfs
rrresrf,rerefifi rWsrsse 181
Per ttnt.net profit ettvtvmt
Per tent, net frfljit en nveraxe cafttnl, turfilui ntt
trofitt 13 6S7r
Per cent, net y?t en averefe tih employed 7 01
You must concede that a net profit of only
bout 45 of I on volume, 13.68 -on aver-,
age investment and 7.01 fc on average total
task employed, is only fair.
That our customers prosper is shown by the
fact that 27.4 of the total number of custom
"ers on our books today; have had'their com
mercial ratings "increased since they began
business with us, and 77.4 of the same now
have first or second credit ratings.
The account business is a semi-banking
business and the above profits are no larger
than those of many Banks and Trust Com
panies. Commercial Credit Company
Cmah Capital $2,250,000. Surplus $250,000
Non-Notification Commercial Bankers
BALTIMORE
a
Represented at
FlULisiLrnu, by Frank Ralchelor,
Sll Stock Eichanfe Bldf. 'Phone Locust 919.
Haw Ton 200 Filth Are.
Chicago 1334J1tis BMf.
Bostok (0 (.5ng-ress St.
OisciirsiTI (01 Greenwood BIdg.
Detroit 744 David-Whitney BIdg.
St. Locn 6t4 Boatmrns Bank BIdg.
BcrriLO 698 F.llicott Sq. BIdg.
Atlanta 1015 Healer BIdg.
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$25,000,000
SOUTHERN RAIL WA Y COMPANY
Dated March 2, 1917
TWO-YEAR 5 SECURED GOLD NOTES
J
Interest payable March 2nd. and September 2nd at the office
or the Agency ot the Company in the City of New York
Due March 2, 1919
Redeemable, in whole or in part, at the option of the Company, at 101 and interest, upon sixty
days' published notice ,
Coupon Notei in denomination of $1,000, $5,000 and $10,000, regitterable at to principal only
GUARANTY TRUST COMPANY OF NEW YORK, TRUSTEE
Total authorized issue $25,000,000
We quote as follows from a letter addressed, to us by Fairfax Harrison, Esq., President of the
Southern Railway Company, copies of which may be obtained upon application.
Thit inuc of note it to be tecured by depotit with Guaranty Trutt Company of New York, at Truttee, of ,
$43,500,000 par value, Southern Railway Company Development ifi General Mortgage 4 Bondt,
The proceedt of thit ittue of notet are to be tiled in part to pay $2 1,000,000 maturing indebtednett and the balance
it to be uted, in anticipation of the tale of long term bondt, to pay for improvement! detigned to increate revenue and
reduce operating cottt. ' ,
- We are advised by Southern Railway Company that the average earnings for the last five fiscal
years, the earnings for the 1916 fiscal year, and the earnings for the first six months of the current fiscal
year (partly estimated), as contrasted with the same' period in the preceding year, have been as follows:
Average for Five Fiscal Year lix Months Ended Increase
Fiscal Years Ended Ended , Dec. 31, 1916. Over 1915
June SO, 1916 June SO, 1916
Total. Operating Revenues S67,US,i&S- (69,997,675 $39,933,769 ' $5,556,976
Operating Expenses and Taxes 50,238,038 3,8,993,670 S7,t78,991 3,161,588
Total Operating income 17,S15,t50 tl,00i,005 lS,65i,778 ' 1,395,388
Non-Operating Ineom 374,952 ' S;1,22,02B 1.0UA81 71,569
Total Gross Income -. , 20,590,1,02 14,426,031 13,699fiS9 2,323,819
Rentals and Miscellaneous Charges.... 3,781,420 4,UJt,288 1,914,794 . 69,166
Interest Charges 10,869,735 10,980,844 5,547649 64,356
Balance oyer Fixed Gharges 5,939,247 9,333,899 6,236,816 t,190fi97
'Decrease ' ( ,
WE OFFER THE ABOVE NOTES. FOR SUBSCRIPTION AT 99 AND INTEREST,
YIELDING SLIGHTLY OVER 5y2.
.
.Subscription books opened at the office-of J. P. Morgan V Co., at, 10 o'clock A. M Tuesday, February 27th, and tvill
be closed at 10 o'cloiic A. M., Monday, Manh 5tli, or tat tier in their disci tttun.
The amount due on notes allotted upon subscriptions will be payable in New York fufids at the office of J, P. Morgan & Co.,
and the date of payment will be given in the notices of allotment.
The right is reserved to reject any, and all applications, and also, in tfny event, to award a smaller amount than applied for.
Temporary notes will be delivered pending the engraving of the definifive notes.
..I
J. P. MORGAN & CO.
FIRST NATIONAL BANK . ' , NATIONAL CITY COMPANY
New Yerk City
New Xork City
Dated Fekrutyry 27, 1917
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