, I
S.V i
r I
M
m;
$
if, .
L-
1 WwlffPff "' 'i ' i W
K t- .' t j s.
i lit -f 7 W --.I
ft, VV'
, ' -, w -.(r'' ,i 'TX-'A i I -v' , '.. jf1- -T 'V ' " ' l ' ' ' t ' ' '
' ' , EENK$ LEDQEBPHiLAi)ELPHJA, ' FRIDA, MARCH 9, -1917-1
4
Brawi!
rK
'VfSHaV & fW'r&1
t, '
rn
"ttl
Sound Reasons Why
Hooven
Automatic Typewriter
tharee now offered at $9 corn
bin tafety of principal with
great poulbilitlee of largm in'
com yield and enhancement of
marktt valuer
1. Order greater then capacity.
2. Monopoly throughout the
world.
3. Reliable estimates thow large
probable earning. Prospects
of early dividend! excellent.
4. No watered stock. Low capi
talization permit Iilnh market
values for tharei.
5. Strong directorate and clean
management.
6. Hlgheit award. In constant
ue by greateit concern.
Field unlimited.
7. No bond or preferred dock.
Share full paid and non
aetable.
Write for further information
or call at oar office and tee
demonstration
BERGMANN & CARAHER
i.afaiktti: in no.
Fifth A 1 hmtmit NM.. riilll.
Telrnhnn limhnril SHI I
New nrk llmtnn I lilrnKo I'ltMtmrglt
Tax Refundable in Pennsylvania
The American Gas Co.
6 Gold Bonds
This company operates gas and
electric properties in more than fifty
towns and cities throughout the
East and Middle West, and also
carries on a large part of the gas
and electric business in the suburbs
of Philadelphia.
These bonds arc protected by earn
ings which are showing steady in
creases and are followed by capital
stock of over twice the amount of
the bonds outstanding.
Applicable earnings for the year
ended Dec. 31, 1916, were more
than 4 J4 time interest charges on
this issue.
Send for Circular No. 2510-H
William P. Bonbright& Co.,Inc.
11 UK II IS M1STAII MHDII). Jr.
Mnnnrer
437 Chestnut St., Philadelphia
FINANCIAL NEWS
LEHIGH VALLEY ACTS BETTER WHEN
STREET HEARS DIVIDEND IS SAFE
New York llmton
London
Wm V. Uonbrlaht Co
Drtroll
run
Ilnnhrlelit ft Co
Our Service
Its Distinctive Features
No. 1 Resources
Possessing ample resources
we are able at all times to
eject, purchase and main
tain a wide list of bonds
whose distinctive qualities
meet every investment re
quirement. The many advantages to the
investor who makes his se
lection from a large list of
bonds selected with dis
crimination are obvious.
Send foV general circular
PE-103 '
TheNationalCity
Company
1421 Chestnut St., Philadelphia
Naar Tors Clitcigo fcan Frinclsco
Dotton I'ltt'burgb
Oun Finney
AUTOMOBILE BANKERS
Offer special (acuities for in
dividuals or automobile deal
era to finance tlio acquirement
of pleasure cars; and for
business houses to finance
the acquirement of commor
lI.iI earn or trucks. If ou
re thinking nt purchasing a
enr of nny kind for nny pur
Ufe the riNNKY HYSTKM
will make a better business
transaction for you.
REAL ESTATE TRUST BUILDING
PHILADELPHIA
D. Lapton's Sons Co. 7 Pfd.
(Cam. Qusr, Dlr. Ft ot Tax)
Edmonton (Canada) Ss 1934
Edmonton (Canada) 6s 1921
Georgia Ry. & Pwr. Co. 5s 1962
New Orleans Term'I 4s 1953
Southern ' Indiana 4s 1951
Circular and PrUt on Application
Morris Brothers Co.
Xtabllbd IStt
M1 CWnut Street
B Hours of Efficient Service
9AM to 10 PM
REPUBLICBx
Mt CHESTNUT STREET
4 '
' ' ,
Perm TmUtt Amutul
HM.MAM K. WWMUP8
JjP" OHIWMWT ST.
X Jl. iraf ' T T'
UVK STOCK QUOTATIONS
Understanding Is That Declaration Will Be Unchanged
at Meeting on March 21 Extension of Keystone
Telephone Voting Trust Assured
l.ehlgh Valley Itnllroad stock acted much
better In tho trading today.
The Improvement In the price, although
only fractional, was duo to reports that the
dUldend would bo retained nt the present
rate when tho dlreotors meet for action
on March 21. In the early part of the week
rumora Rot obroad In the financial district
that there was a possibility the dividend
would be reduced at tho March meeting,
and tho result was the stock declined to the
lowest point touched since 1915.
The company boosted the dUldend rate In
1011 to 10 per cent. 6 per cent having been
previously paid. Those who advanced the
opinion that the rate would remain un
changed at tho next meeting of tho board
did not caro to make any statement as to
what would happen at the next declaration
time, three months thereafter.
Traffic congestion and higher operating
costs have played an Important part Jn the
earnings of tho company, especially In the
last few months. The net In January drop
ped $358,378, and the understanding Is that
the February return will not show up as
wi-ll The fart m'l not be lost sight of thit
the in.ul has entered upon a period of cxten
nho development The puns this jear call
for the outlav of nbout to 000.000." This
will make JI1.000 000 spent for two years,
191G and 1)17 This amount represents 1 11
provement of terminals, heavier motive
power and equipment "
Iloldertt of more than 50 per cent of the
stock of the Keystone Telephone Company
have assented to the extension of the voting
trust which expired on February 1. , This
assures the extentton of the voting trust
to February , 1922. The general under-standlng-ln
the Street Is that the Pennsyl
vania Public Service Commission will give
a hearing within the next thirty days on
the proposal of the lease of certain conduits
of the Keystone Telephone Company to the
Philadelphia Klectrlo Company.
The largest part of the trading In local
Issues took place In Lake Superior Corpora
tion, which got up nearly a point by mid
afternoon The changes In the whole list
were narrow and Irregular Philadelphia
Company stock got up 114 points on light
trading. Proxies foj the annual meeting
have ben sent out by the United Gas Im
provement Company, The proxies announce
that the stock transfer books close April
25 for tho annual meeting, which will take
placo on May 7, at which time octlon will
be taken on the question of a 10 per cent
stock allotment. Hooks reopen on May 8.
Notice was given by tho Philadelphia
Stock Kxchango that the transfer books for
the Philadelphia Electric gold trust 5 per
cent ccrtlllcates outstanding will be closed
between March IS and April 2 and no trans
fers will bo made during that time Tho
Land Title and Trust Company will not
split up any of the Philadelphia Klectrlc
6 per cent new temporary bonds, us during
that time preparations will be made to Is
sue tho new permanent bonds
WHEAT GETS WEAK
AFTER EARLY GAINS
Reports That Exporters Try to
Resell and Weather Predic
tions Cause Drop
(RUN IHII.T M i:TlirK H)lth(AT
UK (.l, Mnreh 0. The weather fore
rii't for (hlrtftl hnurs follows: . , ,
Illinois, linnsin. Nelirnnka nnd VMconln
I'urlll rloudr lonlsht warmer tomorrow.
MI.Miiirl nnd lonn f'nlr tonltht and to
morrow prnhalilr unsettled In west nnd
north tomorrow. .. t , ..
North Dakota I'rohalily snow tonlsht
anil suti'Hiuyi roliler. . . , , . . .
Woulh Dnkota tnneltled lonlsht and to
morrow, prohiihl unow, folder,
Minnesota InrreftHinB cloudiness, pron
alily snow late lonltht or Saturday, warmer,
Chicago March 9 There was a reaction
In wheat today following Strength at the
opening, when bullish sentiment was ram
pant Shorts and many buvers then took con
siderable amounts but the bulge. brought
a great many fresh offetlngs on sale. The
action of tho market was a. distinct disap
pointment nnd much long stuff was aban
doned The trade placed r bullish construction
on the Government report on farm reserve,
and this was responsible for some of tho
tailing at the start The supplementary
statement, showing only about 90,000,000
bushels In mills and country elevators, was
viewed as especially bullish, and, with nor
mal consumption, it was figured that there
was little left for export aside from what
In transit
It was reported that exporters were
again trying to resell, but confirmation was
lacking, and this, with predictions of un
settled weather, had a bearish effect The
best prices were made at the opening.
May, after selling at 1 914, dropped to
J1.S7H. closing at $1 87; to $1.87H.
against jisterday's last price. July, after
touching $1 SI. dropped to 1 66H. closing
at $1 568 to 1 5C4, compared with $1 69
at the end esterda September, after sell
ing at 1 ii. fell to $1 14. finishing at
$1 4G' to Jl 41', ngalnst $1 47. yester
day's final quotations
Kxports of vv heat and flour from the United
States for tho week were 5,019,053 bushels,
against 9.C45.381 bushels n year ago.
There was an, enormous trade In corn,
with shorts and belated Investors free buy
ers After showing strength, the market
dropped below yesterday's close, but It fin
ished a Httlo higher.
Oats sold off after displaying firmness,
but rallied from tho bottom.
Leading: futures ranied. as followi:
Wheat Open
Mv ..1 li4
imiu i m 1 fll
September. 1 4" 1 4S
Corn mow nnntr
Jinjr
Illih.
July
SeptemMr
Odt
May
July ,
Lard
May July
Klbs
May .
July . ..
Pork
May JlllV .....
Bid,
Yest'y's
Low, Clous closs.
1 87 1.871 1 84
1 69H 1 6S 1 sn
1 44 1 45Vi 1 47
1 osK
i in l tou l osjifi oo 1 os
i ii'ic, iinC i 07", tl nsvltl n
l w l usl 1 OO'i l 07'. tl 07
VJ4
S7Mi
1 K7
18 87
17 40
17 45
ass
(iO'i
33 15
.. .8-' 23
tAtkeC
10 111
18 07
17 '.2
17.U0
S3 10
32 00
18 70 MR 80 118 02
18 70 118 77 18 87
17.3S. 117 37 '17.37
17 4J 17.42 17.47
33 10 83 20 38 IB
3J.23 182.47 S2 40
Financial Briefs
JOo hlh.f,'
I).,
IIS - Reralats,
njiiHttrherr
VivktiSR
It Is said that new Interests have re
cently purchased a large Interest In the
American Sumatra Tobacco Company and
that application will be made to list the
securities on the Xevv York Stock Ex
change (old to the amount of S300.000 has been
withdrawn from the Ne,w Vork Subtreasury
for shipment to paln, and 1100,000 has
been taken for shipment to Cuba.
The New York Subtreasury gained $661,
000 from the banks yesterday, reducing the
cash net loss since Friday to JS, 210, 000.
The Canadian Locomotive Company has
received on order for twenty locomotives
for the Canadian Government railways and
another for twenty engines for the Grand
Trunk Railway.
The Yale & Towns Manufacturing Com
pany for the year ended December 31, 1918,
report net profits of 32,723,847 after de
ducting operating expenses, depreciation,
etc, an Increase of $790,050
Twenty-two railroads, operating In the
United States only, report gross earnings
for second week of February of 18,318,418,
an Increase ot 3295,166 over the corre
sponding week of 1916,
Marine Insurance Ratea Unchanged
NEW YORK, March Br Marina Insur
ance rates were unchanged today, at the
high levels of the past week. Shipments
to the United Ktngdom were quoted at 8
per cent, to the Mediterranean 9 to 12 per
cent,
DIVIDENDS DECLARED
(Jenerftl Railway
rllgnal Company, regular
quarterly of 14 per cent en the eommon and
pr'ferred tocks, both payable April 1.
Hrutx Motor Car Company, regular quarterly
of 11.23 a ahare. payabla April 2 to stock of
record March la.
unampion copper company D,V a snara.
i. avid, wnvn pay-
rora
making 100 alnea Fabnjary !
inenta
Octobar
whan Bl
are reaumad. following suaptnalon fro
ID.
1018.
JPMladalpma
on praiarrad
Mar
Company,
par. cent
semiannual of 11,80
accujjivuaiaa, payaoii
ay 1 aa regUUred April i.
American rnaumatlo Uarvlea Company, usual
imlanaual of S Pr etnt. or I1.T6. per
iar on 11 rat prefarred atoek and 1U par cant,
atnlanimal
i,m on Aral ora
VK i.iitt nar ahara.
..-! vtvaila Ifarrh Si to
March 17. Book close March
March a l
on the second preferred
siock or record
IT ana reoptn
ular quarterly
wniva.TkvArlana' omanr. rerul
of (1.75 a scare on the prafarred atock, payabla
April l 10 noiosr oi rfcuru. jiiron v.
Owena llottlo Machine Company, regular
quarterly of 1 nr cent vn prefarrad stock and
3 per rent on tha common stock, also sn extra
of -3 Pr cant, payable April 2.
Pittsburgh, Beaaamer and Lake Erla, ragular
atmlannual ef AW par cant on common atock,
SJSaWi April .ijOfS e. record. March 16. '
' - i i ' I '" ,
,. " BA)t HLYJMt' t,' .
COTTON PRICES JUMP
AS DEMAND INCREASES
One Operator Bids 16.70c for
10,000 Bales of October, but
Gets Only 300
(OTTOS 1IF.I.T HKATIIint OMIITIONO
M.VV VtinK, Vtnrch It was rlear and
somewhat warmer In the cotton belt this
morning, hut frost was reported east of the
'llllnnl Klver.
The following temperatures were reported:
ItnojrlMe. 31; Naslnnlle and Vleridlsn, Ifl.
( hnltanooga, Aaherllle and Maeon, 38i Illr
mlnslintii. Augusta and Atlanta. 40l Utile
Mock, Kort VVorth and Oklahomn. 42t Rn
lelgh and Wilmington, 44 1 Thomaarllle.
Jlontgomerr. fjhratrport. Memphis and
Vlck.burg, 4B Abilene, Charleston and .
vannah, 48 Jacksonville. Vlohlle and Kel
Jllo, noi .New Orleans and I'ensarolv 2:
.V. ,Ant.n,5! S8' 'lalieston nnd torpus
thrlstl. 601 Tampa, 6i
There was .01 inch of precipitation at
Corpus thrlatl and .04 Inch at Raleigh.
MJW YORK, March 9 Only three
months were traded In on the call at the
opening of the cotton market. May show
ing a gain of 13 points, July being up 11
points and October advancing 9 points The
tone was firm
The feature of tho early dealings was
a bid by a local operator of 1 6 70c for
10,000 bales of October when that option
was selling at 16 68c and this bid brought
out only about 30,0 bales at the higher
figure
Spot houses operated on both sides of the
near months, probably buying on balance.
Southern Interests purchased and commis
sion houses sold. There was a moderate
demand from Liverpool for May, which was
supplied.
After some early Irregularity the market
became steady. Demand was not particu
larly active or aggressive, but near months
shorts showed nervousness over the spot
situation, which was emphasized by con
tinued shipments from the local stocks.
May contracts sold up to 17,66 during
the middle of the morning or about 20
points net higher Prospects for warmer
and unsettled weather In Texas, with rain
In the northwestern, part of the State,. con
sidered favorable and probably helped to
hold back the new crop months. .
Early afternoon trading was limited al
most entirely to room Interests In which
prices lost part of the earlier Improvement
The exports for the day aggregated 8777
bales.
Sales in Philadelphia
Net
Close, chse.
14" rrV
120
Btt
95W V4
44 li
Iltt
53 -
S
t
82
eo
53
7H
84 U
5
88 1
4tt
83
81U
2914 "4
SH ',
2791 aj,
V4
44
Wt V
220 7a
1114 )
88
High l.ow.
80 Am It & U 14i 14 Si
3 Am Gas... 120 120
10 Am Milling 84 8
B Am Hys pf 05V4 St4
100 Hald Loco. 54 54
200 Dlst Sec 21H ''
6 Catawlssa
1st pref. 53 63
165 Etec Htor.. 85 4V4
8300 I.k Sup C. 23 31
78 Ih Nav.. 82 81
3i2 Leh Valley 69 i
1 Lit Schuyl 53 33
8 Mlnehlll .. 37V4 37H
462 Penna H It 84U 64
71 Pa Salt M. 98 95
110 Phlla Co.. 38V4 38
5 do cum pf.41V4 4tV4
10 Phlla. Elea 38 . 38
870 PUT tr cfs Sl 31V4
40 Ray Cons. 39'VA H
2 Heading .. 93H 9314
10 So Rwy 21 27!!i
120 Ton Uel 4ft 4H
6 Union Trac 41 44
60 Un O Imp 80 881i
HUnCN'J 226 228
6970 U S Steel-112w I10"4
is W Cramp 88 86
Total sales, 18,805 aheres, compared with
7138 shares yesterday; thns far this week, 78.
018 ahares; me PrM last week. 63.547
shares.
BONDS
High, Low,
82000 Am Gas A '
Elec 6s. 97 87
3000 Ttald Loco
1st 6s 103 10314 I03"i
4000 Con Trac N
.1 6s 10214 10214
8000 Cltj 4s '47 I02H 10214
335 i:iec . I'co
Tr 4S 86 80
.1000 Int Itjs 4 s 5514 6514
8000 Loll Navl
con 414s102i 10214 103
3000 Leh Vnl
con 4 '4 s
2003 ..10
lonn Tenna Co
4Hs '21 101 101
2000 dogn 4Hs.l02 102"w
2000 do ens 4 4s 10614 105', 4
24000 Phlla Co
cons 6s 0214 03
6000 do 1st 5s 102 102
100 Phlla P.lec
goldtc6s!0V 10J
1900 doTmiiSs I02U I0P,
2000 Heading gn
1 04 n ulli 4'4 14
1000 doTer5s I12'4 11214 11214 14
1000 Span-Am
Iron Cs 10214
2000 Union Hjs
t c 4s 7214
Close
A7
Net
chse
10314 "w
80 3
6114 3 '4
101 101 14
101
102
I0M4
0314
in;
10314
114
li
103'i I02'4 f
7214 724
Total sales, M 33S, romparisl wllh 861,800
yesterday, thus fur this week. 8331,033; same
period last week, 838I.RO0.
Local Bid and Asked
Tea close Open
March 17.03 .1776
May
Julr
October .
December
Spot . .
.17.46
17.35
16 61
.16.73
1 7. SO
17 65
17 44
16 67
16 85
High
17.88
17.74
17.61
la 78
1 88
17.73
17.55
17.4
16 67
16 80
Close
17 88
17,63
17.60
16.71
18 80
18 00
Liverpool Cotton
LIVERPOOL, March 9 There was only
a limited demand for spot cotton today on
the basis of ll,94d for mid-upland, a de
cline of 1 point The sales were 6000 bales.
Including 3300 bales American. The Im
ports wore nil. The market for futures
closed steady atsa net advance of 912
points.
Heads of Land Banks to Meet
WASHINGTON, March 9. A call was
Issued today for a 'meeting here on March
20 of the. presidents of the twelve new
Government land banks. They will confer
with the Federal Farm Loan Beard on
rural credits and finance.
No Change in Sugar Prices
NEW YORK, March 9. Fhie granulated
sugar remained unchanged today at prices
ranging from c to 8c. The last sale In
Bpot Cuban raws was at 5.27c
llaldnln
Ilrlll J a
iiurr & susrj t c
do pref t c
Elec Storage
General Asphalt . ..
do pref
lv-tono Tel
Lake Hup Corp
Lehigh Nav
Lehigh V'al .
I.ehlKh Vnl Trail
ilo pref
Pennsylvania
Phlla Ker
rnlla Co
do 5 per cent pref
do 6 per cent pref
Phlla n T t c
Reading
lonopsli nel
Tonopah Mln
ITnlon Traction
I! O 1
tl M Hteel
York Itwy
do pref .
VVm Cramp t o
Today
nid Asked
5414
20
IIS
53
lU'J
-M
III
12'a
mi
26
4J'l
.-.I
12'i
.IS
.16
1'4
31',
13
4S
6'1
43's
SB's
112
1.1
3BS4
83
r.v
jr,
11
r.v
in'j
-li
13
2J'.
SJ!
Mill
27
16
.V4's
.11
.1X1,
.11
42
ni'4
94'i
4'
n
li
R'l
na'
14
37'
87
Vesterday
Hid ABked
51 Si's
II I 111
n i r.'.
nt in
j i an
n t mi
12 nj4
21'. 21
im'a nH
'! 2ll'
4V 411
54 r.c
wis .n
.IK .t'l
an in
41', IJV4
111 034
H a'4
4 1's 4 1
110 110',
11 II
36"i 37U
63 SO
LOCAL MINING STOCKS
TO.NOrAH STOCKS
Bid
08
.17
.14
.24
1
.27
Mae.Samira . ,
Midway
Mlrpah Kitenalon '.
VIontana ... . ...
North Star
Rescue Eula .
GOI.DFIEI.D STOCKS
Rlue Bull "J'
llooth ,. '','
Combination Fraction 04
niamondneld II II "i
Dalay ...
Oro ... .
Sand Ken
silver rick
MISCELLANEOUS
Arliona United 60
Nevada Hill
Tecopa Mining
01
.02
.01
.11
.20
.11
Aaked
.on
.10
.11
27
17
.02
.11
.06
.04
.04
.03
.04
.13
.56
.21
.13
NEW YORK COFFEE MARKET
NEW YORK, March 9. The market for
coffee futures today opened unchanged to
a decline of 1 point. Trading on the call
was quite active, sales amounting to 13,250
bags
Today's Today's Yesterday's
.n.nlnr flnaA rlOMS
7 37l7.4n 7 20rt7 31
7 43C7.41 7 837.3
7 3587.47 7 60W7.61 7.42
, 7.B7
7.64(97 55 7.65
7-87.70 7i77
'7.7.1 7.82
7.80 7.87
7.8597.80 7.92
!... 80S
.March .
April
May .
June ....
July
August ..
'September
October . ,
November
December
January .
February
Bid.
NEW YORK BUTTER AND EGGS
VEW YORK. March 0 BUTTER Receipts,
iim tuba. Recovered a utile on lop graaea ot
No change on
W7.BD 7.4S
7.67 7.51
7.78 7.62
$7.78 7.70
$7.84 7.78
7.89 7,80
7.84 7 83
8 01 7 no
08 07 7.93
7 43
7.60
7.57
7.64
7.72
7.77
7 82
7.86
7 02
7.07
creamery and iraae was .air.
41'a4-c, extras. 404 W41c.
JOGS Receipts 12.f6s eaaes Prleea went
down about a half cent but demand active and
stock cleaning up pretty well Kxtraa, saci
iciru nraia. o-t..-.-."-, ---.""-. r
OA71
36c, brown,
I 084c, mixed, 320830.
ANEW
REVENUE
LAW
I II J0I
?& I oratjons I
I III EXCESS PRoms' " III
It APiAL 'STOCK III I
I lil ., AMENDED ESTATE I
i ' ", i t
NEW YORK BANKS LOSE CASH
Currency Movement for Week Indicates
a Loss of $22,280,895
NRW YORK. March 9. The known
movements of money for the week ended
with" the close of business yesterday In
dicate a loss In cash by the local banks
of 122,289,895. The New York Federal He
serve Uank had a credit all the week nt
the clearing house, the total being 230,
558,000, In addition, the banks lost net on the
Interior movement of currency 32,471,895, a
total loss of 333,029,895. They gained from
the .Subtreasury 38,210,000 and that Insti
tution paid out In addition for gold coin
received at Han Frnnclsco, 32,432,444 and
198,147 for gold on Philadelphia account,
leaving the net result as above.
Another Extra for S. S. Company
HOSTON, March 9. Crowell & Thur
low Hteamshlp Compony has declared Its
regular quarterly dividend of 2Vi per cent
and a extra of 10 per cent, paablo March
31. This Is the same ns previous dividend,
declared In December, nnd.represents dis
bursements on 31,000,000 capital nt nnnual
rate of 350 a share. The company Is carn
ing 3300 a share on Its small capitalization.
FOREIGN EXCHANGE
NKW YoniC. March 9. The feature of
the foreign exchange market at the resump
tion of business today was the strength In
Scandinavian exchange and the higher quo
tation for demand sterling In a number of
weeks. Lire were slightly easier. Business
was very limited.
Quotations follow:
Demand sterling 4.75,. cables 4.71 60
day bills nominally 4.71i, 90-day bills
4.69)4.
Franc cables 6.84, checks 6.85U.
Ilelchsmark cables 68. checks 68U.
Vienna cables 11.17. checks 11.16,
Mre cables 7.75. checks 7.76.
Swiss cables 5 03, checks 6.04.
Guilder cables 40 7-16 less 1-16, checks
40H less 1-16.
Ituble cables 27.76, checks 27.65.
Pesetas cables 21.26, checks 21.14.
Stockholm cables 29.65, checks 29.65.,
BANK CLEARINGS
Bank clearings today compared with eofre
.ponding day l.aMwo yW.i )M(j
Philadelphia. J12.772.07r 133.748.850 323.5.17,002
New York., .511,(177,762 4(10 301,844 am n7,S3
Ronton .... 32,802,740 81,70,288 26.168.738
Baltimore , 0 118,014 5,564.272 4,441.585
Chicago .... 80.248 648 01.702.848 51.473,718
fit. iVoula... 20.092,091 14,368.832 18,809.827
Money-lending rah
- NEW YOltKThe tlm money
was easy today, but not quotable tinttrl
figures reported yesieruay for good :
Stock Exchange collateral. On this
quotations are J Oi per cent for sixty
ninety aajo. , , i
There Is trading at 4 per cent Ut't
montns anu nve ana six, months fund,,
bl suvi'ift. utr tent, iiiuucy lor inortu .
Is 4 U per cent on Industrials and foriS'l
to six months Is 4 H per cnt. ' """l
Prime bank acceptances were quota. $
per cent easier for nonellglbles at IVaii
H. v.... .... -''a any.
per cent. , "
prime mercantile paper was mort,Ll
active on a good demand and light ofrertM?!
The average was 4V4 ner esnt. "IX 1
Call, money opened at 2 per cant li
low, last and ruling-rate; hlrh, 2u. eVJ
at 2 Vl I Vi "Per cent, " ' cw.
riiii,nuE,i,i-iiiA. v-au, j per tut
Time, 4 05 per cent. Commercial ik2 '
to six mopths. 4H041 per cent. ;
I.OStiON Money on call was 4 .''
...I tiAaf. imrhnnaed ri, .. P"
t. iv . oy. -.o iia or du :
count In the open' market for short .!
bills was 4 per ctnt,ti :
three months'
changed.
urn
.!
Chettnul
.
Sinking Fund and Redemption Plan
PHILADELPHIA COMPANY
To the holders of the Philadelphia Company First Mortgage and Collateral Trust 3
Gold Bonds, due March 1, 1949:
At the suggestion of tlie bankers whose names appear below, the Philadelphia Company, by
appropriate corporate action, lias agreed that upon assent by deposit, on or before May 1st, 1917
of at least 8Stf of the $6,500,000 of the Philadelphia Company's outstanding First Mortgage and
Collateral Trust 5 Gold Donds, due March 1st, 1949, said Philadelphia Company will enter into a
Sinking Fund and Redemption Agreement with The Provident Life & Trust Company of Philadelphia,
Trustee, which shall provide as follows:
1. FOR THE CREATION OF A SINKING FUND OF 2 PER ANNUM.
The Company will agree to pay to the Trustee a sum equivalent to 2 per annum of the
principal amount of so many of the bonds of this issue as may be made subject to said Sinking
Fund and Redemption Agreement payable in annual instalments on and after March 1, 1918, for the
purchase and cancellation of bonds of this issue which shall have become subject to said Sinking
Fund and Redemption Agreement. Tenders of bonds will be requested by public advertisement.
2. FOR THE ESTABLISHMENT OF A CALLABLE PRICE OF 107', AND
INTEREST.
In consideration of the creation of the above Sinking Fund, the Company shatl have the right
(a) to call by lot bonds of this issue which shall have become subject to the above-mentioned
Agreement, for the Sinking Fund, at 107J4 and interest, providing sufficient bonds shall not "have
been tendered in response to the Sinking Fund advertisement, (b) to call for redemption or purchase
at 107J4 and interest, on thirty days' notice by public advertisement, all of the bonds of this issue
which shall have become subject to said Agreement. In case the bonds are called as a whole, thejf,
may be cancelled or kept alive, as the Compaov may elect. .. ,.. T,T, ..
EXCEPT AS ABOVE SPECIFIED IN PARAGRAPHS 1 AND 2, THE RIGHTS .OF
BONDHOLDERS SHALL IN NO WAY BE AFFECTED. THE SECURITY FOR . THE
BONDS SHALL REMAIN UNIMPAIRED.
The Company reserves the right to extend the time for the deposit of bonds, and also the rinht
to declare the plan operative in case less than the specified percentage of bonds shall' have been
deposited.
The Provident, Life & Trust Company, as Depositary, or its agents, will issue transferable receipts
against the deposit of bonds, in transferable form, and non-transferable receipts for-bonds regis;
tered as to principal and not endorsed for transfer to bearer or accompanied by a power of attor
ney for ?uch transfer. " """ " '
If the plan does not become operative the bonds deposited, or an equal par value thereof, will
be returned to the holders.
If the plan becomes operative, the deposited bonds and attached coupons will' be stamped as
being subject to said Sinkinc Fund and Redemption Agreement.'
In no case shall the holders of Certificates of Deposit be subjected .to any expense.
, Should the plan become operative, the Philadelphia Company agrees that it will make applica
tion to have the bonds so stamped listed on the New York and Philadelphia Stock Exchanges.
The operation of the Sinking Fund should steadily strengthen the security of ,the issue by
reducing, the amount of bonds outstanding, and this, in conjunction with the additional demand
created by the Sinking Fund for bonds subject to the Agreement, should improve the market prict
for the stamped bonds.
If the Company shall exercise its right to call for redemption or purchase all of the bonds of
th'is issue which shall have become subject to the Sinking Fund and Redemption Agreement, hold
ers of such bonds will receive 107J4 and interest, a price not only well in excess of "the present
market price, but in excess of any price which has prevailed for these bonds for many years.
The undersigned bankers, therefore, believing that this arrangement is manifestly to the advan
tage of the bondholders, recommend them to deposit their bonds.
The Sinking Fund and Redemption Agreement will be subject to the approval of John G. John
son, Esq.
Copies of the plan outlined in the foregoing advertisement can be obtained from the Depositary,
or its agents, or from the undersigned bankers.
Depositary:
THE PROVIDENT LIFE & TRUST CO.
Philadelphia
Agents for Depositary:
FIDELITY TITLE & TRUST COMPANY
Pittsburgh
MARYLAND TRUST COMPANY
Baltimore
THE EQUITABLE TRUST COMPANY
New York
BROWN BROTHERS & COMPANY
Philadelphia
MONTGOMERY, CLOTHIER &TYLER
Philadelphia
JEROME HILL & COMPANY
Pittsburgh
v Sinking Fund and Redemption Plan
PHILADELPHIA COMPANY
To the holders of the Philadelphia Company Consolidated Mortgage and Collateral
Trust 5 Gold Bonds, due November 1, I9S1 :
At the suggestion of the bankers whose names appear below, the Philadelphia Companyl-.bv
appropriate corporate action, has agreed that'upon assent by deposit, on or before May 1st. 1817.
of at least 90 of the $15,148,000 of the Philadelphia Company' outstanding C6nsoI?cfatVd Mb"
gage and Collateral Trust S Gold Bonds, due November 1, 1951. said Philadelphia Crirnpany will
pk-iVi'?. Sr,nk,"K Fu,n.dl.anid Redemption Agreement with the Commercial frost Company l
Philadelphia, Trustee, which shall provide as follows: .
1. FOR THE CREATION OF A SINKING FUND OF 2 PER ANNUM. - '
, The Company will agree to pay to the Trustee a sum equal to 2 "p'er annum 'of1 the
principal amount of. so many of the bonds of this issue as may be made subject to sad .Sinking
Fund and Redemption Agreement payable in annual instalments on and after May 1, 1918. for the
Pp!,rCSaSenpd " !at,on of b0"ds of this issue which shall have become subject .to skid Sink ng
Fund and Redemption Agreement. Tenders of bonds will be requested by public advertisement
2" FINTEREEST.ESTABLISHMENT F A CALLABLE PRICE -QlOajS AND
In consideration of' the creation of the above Sinking Fund tbe Company shall have the riant
(a) to call by lot bonds of this issue which shall have become subject to th"aboy" mentioned
Shd'in' rk,lrd';'att,-102 a2d L"te?St' Pf0vi?? Efficient bSnds .hall n2' hive
been tendered in response to the Sinking Fund advertisement; (b) to call for redemption or pur--chase
at 102J4 and interest, on thirty days' notice by public advertisement; all of th bond, of.thii
ssue which shall have become subject to said Agreement. In case 'the bond, are called a. I whole,
they may be cancelled or kept alive, as the Company may elect. wnoic,
EXCEPT AS SPECIFIED IN PARAGRAPHS 1 AND 2. THE RIGHTS OW snunHfirn
ERB SHALL IN' NO WAY BE AFFECTED. THE SECURITY FM THE BOMBS Jha
REMAIN UNIMPAIRED. "ux K iHE BONDS SHALL
.The Company reserves the right to extend the time for the deposit of binds, and alia "the right
unde.i hC thC Pln operat,ve ln case 'e than the specified percentage of bonds "hall have been
agents, will issue transferable receipts
ihe Commercial I rust Comnanv as D.nn.lt..-. .. tt.
-Wiast the. deoo.lt of bond, in W.fenbfe'fo7ind
iucht?rnn.CfePr! "" end"ed lT UltT to bear". ' accompanied Vapour of aftorney !or
DEp"srrEIAY -1 m7' C0UP0N SHOULD BE DETACHED BEFORE BONDS ARE
be ritarnedPJrfthe0horder.beCOme OPeraUve bond$ d?pos,ted or-anxequ,l,pr,v,i.e tbe'reof.Ul
beln? .bcl?o?dmiUTgrftd t '"' V.mped'M
' Ic1B,JeVL V" u " hMM "' Crt,8e DPI .ubjectesl to aT ..,.
Should, the-plan become operative, the Philadelphia Company agree, that.it rill ,.!,. .,.
tlon to have the bond. o .tamped li.ted on the New Yo?k EYiMKSliXi & S?iJ ?'
The operation of the Sinking Fund should .teadily .trengthen the .ecuritv of th."js.,.V' 'hv
for the stamped bonds.
Agreement, should improve the market price
.hlAft STr.Y.llL'veb'emeuLK! to $! &fe ffil2& ""a0' thC t$ ,5f &
er of uch bond, w ill receive 1024 and intere.t a ori not onf dJfde.mPhon Agreement, hold
market price, but In ece.. of any S'b'u llfflS JrtiJSfT'-,t f
on, E.q. ' "" "a a m'tioa A'tt.ect.to.theap,ror,lofl,.G. John-
Depositary;
COMMERCIAL TRUST COMPANY
Philadelphia
Agent, for Dapo.tyary:
THE UNION TRUST COMPANY
of Pitttburih
CONTINENTAL TRUST COMPANY
,w;
BROWN BROTHERS ft COMPANY
Philadelphia
MONTGOMERY, CLOTHIER ' TYLER
Philadelphia
JEROME HjiLIi COMPANY.
' S
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