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'yttmW',imew,h ' v
ittHtrY n , '.T.Ei.aj, J.,, t.rf
How
Are
Mines
Made
Most people think that mines are
"discovered" ffold, silver or cop
per almost sprouting from the
ground.
Hut moit mine are 'rnmlV not dls
rnvrd nntl hour f hv im riv1oDPl
Into protlutpm nd dlvMem pam from
!l th irroirfct'" itufft la described Inter-
eatlnslr In a booklet "Th Making;
lot Mine" it contains aio a croaa
inaction dfneram of th worklnaa of a
typical mine Tou should rrtri It
Ask for booklet 833-T. U.
J0NES & BAKER
STOCK IIKOKKRS
Widener BIdg., Philadelphia
ew'iork
Chlrnto
I'll. Walnut 101)0-1.
Keystone, Uace 21!0.
Direct Private Wirt)
ltton
rill.liurih
JOSEB't BAKEtt.
lt'ldeacr Bldo., Philadelphia. Pa.
Tou may.aend me vnur booklet "The
llaktns of'a Mine," 833-T.U.
Same
Addreu
Citv ....
State
FINANCIAL NEWS''
STOCKS SHOW LOSSES AT THE START,
BUT RECOVERIES TAKE PLACE LATER
Our Service
, Its Distinctive Features
No. 2 Opportunities
The extent of our resources,
our facilities for handling
large issues and the breadth
of our distributing organiza
tion facilitate the successful
negotiation of many attrac
tive bond issues.
We maintain upon our lists
continually a selection of
bonds suitable for every in
stitutional and individual
investment requirement.
Send for Current List P E-104
JheNationalCity
Company
1421 Chestnut St., Philadelphia
New Tork Chicago gin Franclico
Botton PJttlhurib
The Profits
from
Investments
A recognized authority on finance
has arrived at this conclusion as a
result of a wide experience:
"Larger gains are to.be made
by investments than by specu
lation, so far as non-professionals
are concerned."
Write and ask us for descriptions
of several securities that are re
garded by banks, institutions and
experienced private investors as
sound investments.
t
I e.OLlark$o.
IIMEKft
(Establlahed 1837)
321 Chestnut St., Philadelphia
rittshursji Wllkea.Rarr
Roaton Chicago Reading
W
rr
Oun Finney
AUTOMOBILE BANKERS
Offer special facilities for In
dividuals or automobile deal
em to finance the acquirement
of pleasure cars ; and for
business houses to finance
the acquirement of commer
cial cars xr trucks. If you
are thlnkffig- of purchasing a
car of any kind for any pur
posethe FINNEY SYSTEM
will make a better business
. transaction for you.
REAL ESTATE TRUST BUILDING
PHILADELPHIA
ACCOUNTANT
Kipert accountant services and inveatl
rations at reasonable ratea Coat systems
and profit and loaa accounts analysed. Spar
time. Executive of larae corporation
,K V 44. LKIXIKK CKM-KAL.
rnnroxALM
It
Wit W viicninui IlliaU UHAWftl,
W .Sculetl oraDoaala will tm received . ih ..
('I -A At.-- S t-l litvirt& tHH A aim n ."'-
I inv v",ri ciiaixnii twvtix mji tiro a street
JWilon.Jl;hll.;lelphl.. until TueadW Mirth ".,
J17, at It o'rlock a. m,
'" VI? 5 Contract No. S.A for Chelten Avenue
Sinking of Algonquin Regarded as Incentive for Declines
in Initial Dealings Marine Issues in Good Demand
During Greater Part of Day
NKW VOItIC, Mutch 14.
Further evidence vim Riven In the stock mnikct upcrntlonH today of tlio
strength of the technical position reiultliiK Trom Hip Vold-mit conditio of
Wall street' speculative accounts The nnv of the nttikttiK of the AlKontjuln
by n German submarine was in the Street mmc time before the opening and
was a matter of cenernl illsciiHilon. The trntlliiK element on the Hour leotarded
It n n new Incentive for market disturbance and ileclltieH In prices, nncl this
element offeied Htocks tit conceiilonH lit tlce lommencement of liUHlneiM,
This made mativ Htix-ks show Ichcs rntiKlm? from frnUlmi to nbout 1 point
In the Initial trading, but from then on for n rhoiI pait of the day the tone
m strung and the Keneial tnoiiment of prices was to hlKher levels I.endlnK
lssue like United .Stiites Httel luminoii moved up 1 point in moie before noon,
while manv specialties weio In scant Miipl. with Indiisttlal Alcohol mlvniiclnu;
4U points to 1254, the ilemiind belli prlnvlpallv liieil on the fact that changes
In the directorate jeMlerdiiv plat til the control of the (.umpnnj in American
International, the National City Hank and Standard OH hands
'vtEt "I S'lllP'i ' lnuol
-daaxA nru oui'f.l "oun " Vi C 1 1 oj 'itlt uioi; HiiIihij qmn 'HI 'Suoijh puu
B1JH JJtt PJ4tM9 hhdois Jsdilo.i oi(l I'll" tOi o ni tttoij dn Siioui (oois
paliajaul rfii i)I 'rp .iii jo urn! ia)imi .i1 nuinp puiitnap poor. u w
sanmil oui-iniy; bij. 'pojiad anoj it fcioj iijiiil Kii tiiiiumit ion pip inn, rm
oj flsol 'Jtniustdo i in 0 1 1 in auillJH MUM uoiutuo') pols hMUS' P-'lIt'n
Ronds were Irregulai. with a numbci of lsuef In nupply at tonusslons.
Anslo-I'teneh 5s rnnned from S"'4 to !.'
CURB ISSUES NOT AFFECTED BY LOSS
OF AMERICAN STEAMSHIP ALGONQUIN
Ni:V YOHK. Mairh 14
Trading on the Htoad Street Cuib was fnlil aillxe toda. and It was
commented on that no group was In nnv wa lnlliienred b the sinking of the
Alnnquln. Submarine Ho.it, which had sold as low nH 22 In the Initial dealings,
became strong after the announcement was made of the reduction In Hie
dividend rate fiom 1 SO to 7." rents a share and advanced to 231
The motor stocks reflected a better tone, with Chevrolet moving up 5 points
In the foienoon, but It lost most of this gain In later trading .Mining stocks
were Irregular, with home Issues making good gains while others were sllghtlv
lower.
Interest was attached to the offering of the Mohican Copper Conip-iny which
the underwriters stated thev expected lo be heavily oversubscribed Knglneeis
reported fiOO.OOCl tons of commercial oie blockrd out and ready for extraction
Magm.i Copper sold nt 4S and 47, United Vcrtlo at 38'5 and Itutte Copper
and Zinc nt 104.
The oil Blocks weie active and (.enerallv Htiong, with S.ipulpa moving up
from 11V4 to.lls Sinclair lelils il from ."..".' to .".44. Merrltt Oil advanced
from 234 to 234, and Cosden Oil sold at in, to 11V Ameilcan Sumatra was
steady with Miles at 24 and !MH.
Mldvale Steel innged fiom r,"' to ' There w.is little trading In Lake
Torpedo, which sold at 9'4, no lesponse being m ido to the stoiles of the,
placing of the new (ontracts to the lompany b this CJovernment.
Bethlehem Steel Cs cold at !S'i to 98; Ilusslan 5V4s at &1 to 87V4 and
6H nt 31 and 9.'.
INDIJ.MTIll VI.H
nid
Aetna Hxploslves 4
Y cloee
Anked (Sllel
,m-nrit Mfg R
Am Marconi SV4
Am Writ Paper
Can far ft Kdj .. S
Can Car K Kd pref "o
Carwen Steel . . 13'i
Charcoal Iron . t'Ai
Chevrolet -Motors 1 1 K
Cramp Shipbuilding . .
Curtlss Aeroplane ... n
Kmerson Phohngraph . . 9V4
Federal Destuft 4()
Haskell & Marker Car 4J'4
Hendee Mfg . . . 51
Kalhodlon Rronie pref . 3
Lake, Torpedo oBat .. ' .
I.linif Locomotive new .. X,4
Marlln Anns . . 91
Maxim Munitions . . .1
Mldvale Steel . SBT
New York Shipbuilding .18
Otis Llevator
Peerless Motors IS
Poole K . M n
Uedden M T SI
Scripps-Mooth so
S S Kresue w I 15"i
Santh Cecilia to
Santa Cecilia pief
Standard Motors 7
St Joseph Lead IU
Steel Alloys
Submarine SJVi
Triangle Film . .. . Hi
Todd Ships ards . . . a
United Sugar . ll1.
United Stales Steamship B'4
United Motors 3D 'A
United Profit Shaiing . S.
World Film . .
Wright-Martin Aircraft . It
Zinc Concentrating -JH
HAII.ItOADS
Hi
II
37i
"a.
an
73
13V4
so
!1
lf4
t
I)
13
lit
41V4 I3V4
il
t
ay, o
bo ; v,
II fl 111
31, 1
.17 '4 37
it
17
ion
it '
40
13
?7
0
M
'4
33 '4
SI
314
411
4
3114
SVs
IMII.I'KMIK.NT OIL
STOCKS CnntlniiMl
ee rloe
Bid Asked (.Sale)
V4
P.ock Island common
Rock Island A pref
flock Island Ft pref
Western Pacific vv I
Western Pacific pref
Wabash Pittsburgh .
Wabash Pitts pref .
am
si
H9
17
is
10
.10
3D
81
71
tn
31
S3
8TAMIAK1) OIL STOCKS
Illinois 338 ti
Ohio 388 31)3
Prairie Pipe 338 313
Pierce Oil . . 11 UK
Stand Oil of California 398 .103
Stand Oil of New Jeisey 8R 69,1
Stand OH of New York 304 307 I
I.MIKI'KMIKM OIL STOCKS
Am Ventura SO 21
Harnett OH & Ga S 3
Cosden O&O 14 14
Cosden & Co 1.1 1.1 y,
Elk Basin ini it
388
14
ioy,
Federal OH 414
Inter Petroleum ii'A
Houston Oil 17
Merrltt Oil 23 V4
Midwest pref ,.111
Oklahoma Prod &. R .... 10
0age Homln 8'
Rico Oil m ,
Sequovah I V4
Sapulpa Kef II",
Sinclair . . " S1T
Wet Knd O A C, . . . . ;n
MINIMI STOCKS
Alaska Standard
Atlanta 11
Big Ledge li
Blsbce Copper (a prosp) . I
Butte Copper and Zinc. loa
Butte V Y 2
Calumet fc Jerome .... 11
Consolidated rlrona ... 2
Dundee Arl? it;
Kmina Conol l',4
Flrt N'ational 3i
I'loience (ioldfleld 11
(Ha Canon
rilnbe Dominion M
(Ioldfleld Cons 18
Ooldfleld Merger ft
Oieen Monter Ill
Ilet Li Mining . . .' 7'i,
Howe Sound OI4
Independence Lead 17
lerome Verde t
llin Butlei 74
(umbo ixten'ion 27
4 ',4
17
.11
48
.19
I "4
I ",4
8
4K,
1
1414
id
il
117
II
1 V4
l
Mi,
.1114
21
ft
14
1-54
2Vi
Ml
J"i
i'U
3'.4
20
Keir Lake
Kevvauas
McKlnlev-Darragh ..
Magma Copper
Molherlodo
Mines Co of America
evada Wonder ....
N'lplsslng
P.av Hercules
San Toy 14
.Stewart ..
Tonopah extension . .
Wet Lnd Consolidated
While Caps
3H
7.1
1ft
60
8
711
714
18
II
7 (I
,'9
4
20
.1.1
48,4
41
8'
4V4
10
3
7
1
414
I2'4
II
8",
ll'4
34
21
ft
10
'hi
3 ft
.18
7
t
74
48t'4
40
4
"ft
8
i
IIOMIS
Amerkan Smelt 5s 9014
Heth .steel pc 2-r notes 9
Cudahy 5s
fopden Oil fis .
Cowlen H Co new fis
French Munlc 6s ..
Mldvale Steel 5s 96i,
llusslan 6'jB si
Itusslnn S'iB IIRI4
Sinclair OH 6 110
So Ity 5 p c notes 98
Todd Shipyard 6s 100
U S Rubber n 5s 9H4
Western Pacific new 5s. 8S74
Chill Copper fis 10014
N V State 4s 101
9 14
I0i4
107 V4
94'i
97
8
09
ln.ivi
108
04
on
I10J4
98
102
9214
89 1;
6034
05
7H
08
til4
80
10014 100H
bulldlnc platforms.
l'asaenser Station..
. ahettera. ate.
Plana spooiflratlona and blank forma for bid-
mr im. uM.n.oru w.. nip uuiwm ok ina unief
neer. Room BUT Ilroad Btrsat Hlatlon;
rlaht la reserved by Th rnn.i..ni.
road Company te roit any or all bids.
. a. r. flff AMn
TBMPLK. , ' Chief Knilneir.
Assistant Cblet Enslne-r,
rial
Sfc"
TOV 99 ACCePMTAMM
CtfWM'raUla Ase I i
wMkm
fJgMjOUM
bJHsaffHiT 1 hi
COTTON CLOSES LOWER
Selling Prompts Weakness Late in Day,
0 After Advances
NKW YORK, Marrh 14 News of the
sinking of the American steamship Algon
quin offset favorable Liverpool cables, and
at the opening of the cotton market the
tone was barely steady, July declining fi
points, with other months 1 point lower to
1 point higher.
Wall street sold, and a supply also came
from New Orleans and other southern In
terests. Liverpool, room traders and some
commission houses bought.
The early decline carried the old crop
about II points and new crop months 3 to 5
points net lower. Moderate offerings were
readily absorbed, however, and prices soon
turned steadier, with the crop relatively
firm on prospects for continued dry weather
In the Southwest and the continued rain In
the eastern belt
October contracts sod up to 17, or 11
points net higher before the end of the first
hour, while the new crop rallied to within
S or 4 points of last night's closing figures.
There was stilt more or1esa nervousness
over the International affairs, however, and
general business was quiet, with later fluc
tuations somewhat Irregular.
Selling by local operators and wire
houses promoted weakness in mldarternoon.
In the absence of support prices selling
down to a net loss of about 20 points on
old-crop positions. Late months continued
to rule relatively steady, holding within 2
or 3 points of the previous day's close. The
sharp break In wheat probably led to some
selling by Wall street houses, and there was
also selling In expectation of rather bearish
February domestic consumption figures on
Thursday,
There were, no exports today.
Te, close -Opts. 11 a m.
March ....... 18 04 ..(.. 18 no
Mar ...l..i 1T0S UOO 17 s
Jutir ......... IT M IT TO 11.71
Ortobea. ..,.., IS (K )SI is.sa
.....
t-M" y.SMe
12 m 3 pm.
1T..0 1T0
17.83 IT 05
17.71 1T.
1(IS 11.13
-n
JEL a- fr , - -ty . , -
' --
fr-
iai.Sll it I
money-lending rates
NKW loim-The market for time
money on good mixed Stock Exchange col.
lateral wasjinchanged today Quotations
for 60 and 90 dajs were 3 Mi? 4 per cent,
four months 3?4 tj per cent and five and sU
months was per cent.
nilglble acceptance bills were quoted at
3 0 34 per cent and Ineligible 33i per
cent, unchanged from yesterday's ruling
rate
Call money opened at 2'i per cent for
lending and renewing, later declining to 2
per cent.
I'llILADKLPIlIA Call. 3V4 per cent.
Time, 4 14 5 per cent. Commercial, three
to six months, 4V44 per cent.
DANK CLEARINGS
Hank clearing, today compared with corresponding-
day last two yearsi
Philadelphia. 1.11,848,30 I40BI)!2SI8 I2"474l
New York, ,541, 381,181 501, 009,181 285.8411,551
Boston 48 397.151 88,889:1130 2,83,083
FOREIGN EXCHANGE
NKW YORK. March 14. The foreign
exchange market this morning was steady,
with a firmer tone for relchsmarks. Guilders
were easy. Only a moderate amount of
business was transacted during the early
trading.
Quotations follow;
Demand sterling 4.75 7-l. cables
4 76 7-16, slxty-day sterling bills were
nominally quoted at 4.71 4 72 and
ninety-day bills at 4 70,
Franc checks 5.35, cables 5 J3T4.
rtelchsmark checks 634, cables 68 7-16
Vienna checks 11 16, cables 11,18.
Lire checks 7 79, cables 7.78.
Swiss checks 6.03;, cables 6.024,
,a.ulJ.er chJc.ki' 40V4 leM Mt- bles
40 5-16 less 1-16.
nubia checks 27.90, cables 28.
resetas checks 21.16, cable 21.18
, Stockholm checks 29.60, cables 29 60
Chrlstlanta checks 28.70. cables 28 86 '
- cjojMHumgsn cneoits 31,79, mm) 23.M,
NEW YORK STOCK SALES
ftlsti. Iw Close
AlAska Did M ... It IV.
Allls-Chalmers Cd 2B14 i'4 H4
Am Agr Chem prf.lot Ioj lo
Am Beet Sugar.. 0114 Ul 018,
Am Can .. ..IB 41 434
do pref 108 108 108
Am Car & Fdry Co B34 65 flS
Am Hide A Leath 11 12 13
do pref 87 14 B 8S
Am Ice Sec 2714 27 27
Am Linseed 2014 20 20
do pref 34 54 4
Am locomotive 70 10 70
Am Smelting ....101 lilt lot
do pref .. 11214 MW "V4
Am Sm pfd II rrts. IIB 08 0B
Am Sugar 113 III 111
do pfd ... 120 119 IM
Am Tel & Tel . ..127 127 137
do 1st pref . 48 48 48
Am Tob pfd new 107 107 101
Am Wool .1014 50 .10
do pfd . . 99 t)li'4 01)
Am Writ Pap pfd 51 30 52V4
Anaconda . . 81 '4 81 81
AUhtaoti .. 102 ll 10114
In pM 09 99 99
All Coast Line 111 113 113
AtlOulfA WI lun lot I01'4
Bald l.co 51 52 31
Halt A. Ohio . , 7fl',4 10 1flV4
do pref 12 7J 12
Barrett Co .111 113 115
Ratnpllas Mining . 1 1 1
Beth Meel . . . Mo 130 139
do pfd II ... 111 113 Ml'.
BrooklvnRT 8 fl B
Brooklvn Un Has 121 111 121
Butte &. Supr Cpr 17 10 48
Cal Petroleum . ."1 -!S 21
("nil Pacific . 153 '4 H-'T" '51
Central Leath 01 s !m
Cerro Do Pasio 88 .18 38
I'lmmller Motors 101 101 101
Chi Ureal West 11 UK H'4
do pfd . 31 31 3314
Chicago M & St P 81 80 80 1,
do pfd 1 18 118 118
Chi & Northwest 113 111 113",
C C C tt St L. . . in lit 40
ln pfd 71 71 71
Chill Cop .... 23 24 341,
Clllno Con Cup 50 38 58,
Oil Fuel . Iron . 47 17 17
Cn flaa & Hlec .. 1.1 11 "II
Col A. South .. . 23 31 23
do 1st pref . 38 31 31
do 2d pref . 15 II II "
Con C.as i: I. & P 123 121 121
Consol lias . . .121 118 119
Corn Products ... 21 21 21
Crucible Steel fll fll',4 fll
Cuba-Am Sllg pf 189 188 1811
Cuba Cane Sugar 41 13 U
do pref ! Ill 91
Den & R r, pref 2 111 29
Detroit Hdl i'ts 1 1
Deimlt fn It It II7H 11.1 117
Distill Secur . 21 2IH, 20
Driggs-Seabury . .10 51 59
Hilc 20 20 20
Ueh Hlec Co , 100 1(11 IB1
lieiieral Motors I3I 119. 110
dn pr . 811 89 8914
floodilch, H F 38 31 .11
Hranhv Mining 8(1 81 ho
(Ileal Northern pf 113 112 112
nt North Ore subs nt, .11 31 4
finene Can Copii-r 13 43 41
(iuir State Steel 121 123 13.1
Hartman Corp 10 o 70
Int Agtlcul . , 17 17 17
do pref . 42 12 42
Inspiration Copper 01 39 fio
lnterbor-Cons Cor. 13 13 MS
do pief . (11 t 61
Int Mer Mar . 37 2B JB
do pref 7fl 7 73
Inter Paper .... 1.1 1, 43 11
do pref .... 08 98 118
do pref ct .. . no 98 llll
Int lckel 117. 11 411,
Kan Clt.v So pief 31 3114 35
Kellv Springfield 601, 80 o
Kenno Coppei 41 41 44
Lacka Steel .. .. 84 81 81
I. '. W pief ... 40 III 40
Lehigh Valley . 87", BB fit
Lee Itub & The .. 11 It 32
Mackny Cos 87 87 87
do pfd A I 04 A I
.Max Motor .11 .11 53
do lt pfd 71 71 71
do .'(I pfd 3.1 31 .14
Mex Petiol 88 87 87
Miami Con Cop . 41 40 41
Minn & St 'L new. 33 22 22
Mo Pac ctfs ... 1 1 11 11
do pief w I .. 51 11 51
National Bis ....lis 117 117
do pref .. . 131 124 121
Nat Cloak Suit 81 81 81
Nat Hn & Stpd .. 14 14 34
Nat Lead pref.. Ill Mil 110
Nav Con Cop .... 31 34 24
New York Cent .. 1 01 94
N Y S" II A. 11... 41 43 43
North Pac 102 103 102
Ohio Fuel .11 31 si
Ohio Cius 108 IAA 108
Owens Hot ... 101 101 101
I'enn It It 33tj, ss 53
Peoria & Hast lo lo in
Pere Marq w 1 . 37 37 37
Philidelphla Co . .17 .18 88
Pitts Coal ctfa ... 4A 45 45
Pressed Steel Car 1l 78 79
P S C of N J. ...128 127 126
Pullman Pal Car IAI 181 IAI
Ry Steel Spring.. 51 ,11 61
Ray Con Cop.... 29 28 28
Reading 94 91 93
Rep Ir A. Steel.. 79 70 79
Hoal Dutch .... "14 83 63
St 1. S F .... 20 20 30
Sears Roebuck . 331 230 231
Net
cbse.
H
j"
tt
tt
'tt
V,
'
4
tt
'
2
tt
"
I
114
1
4
I
1
-IJ4.
3
II4
0
3
r '4
6
2
tt
tt
Y,
-t- V
I
tt
1
1
3
1
14
'
4
1
tt
3
,17V.
68
18
Tilth.
Seaboard Air Line 14
do pref 31
Shattuck Ariz ... 29
Sloss-Sheff St & Ir 6 4
Southern Pacific. S
Southern II It
do pref . , .
Studebaker ..
do pref , , ,
Stutz Motors
Tenn Cop iChwl 16
Texas Company ..228
Third Ave H II ... .19
Tobacco Products. 58
Transue & Wll 41
L'wd Tywlg Co pr 120
I'n Bag & Paper 12
Union Pac
rid Alloy Sll
Uld Cigar Stores
do pref
United Fruit
U S Ind Alcohol
V S Rubber
do 1st pref . .
U S Smelt H Ref
U S Steel ....
do pref.
Utah Copper .
Wabash pref A
West Union Tel
Westlngh Mfg
Woolworlh
Wheel L H
White Motors
Will) s Overland
Wilson to
I.OW.
14
.11 tt
26
61
08
21
68
Net
Clote. chse.
14 tt
31
38 tt
At 14
93 ' tt
27 tt
88
I0J 102 102
101 10.1 M0II fl
I31
11 43
102 llll
110 130
IK 142
123 121
59 .19
4A
15
23 1
311 1
36
43
120
12 ...i4
111 135 tt
46
101 1
120
142
124 1
3 tt .
4A
I34
23A
39
33
46
120
Jtt
108 108 108
A1 A2 A2
111 no llo
117 111 117 tt
11314 Ultt 111 tt
48 48 18
07 9B 91 2
5t 10 30 tt
112 112 142 1
17 17 17
30 30 ,10
.11 31 33
A1 A1 A1 tt
Kx dividend Pan-Amrlci Petroleum pre
ferred 1! .Mexican retroleum preterred 1
Old Dominion 3
American Tobacco Retires Stock
NHW YORK March 14 At American
Tobacco Companv stockholder' special
meeting II w.m voted to retire t2B 1S1 too
stock, thus teduclng authorized preferred
stock from J80 000 000 to 154.010 600 The
reason for the proposed reduction Is that
$25,989,400 preferred stock Issued Is now
held In the company's treasury, having been
lecelved In exchange for the proferred stock
of Liggett &. Mers Tobacco Company and
P Lorlllard Company The net earnings of
the American Tobacco Comptnv for the
jear ended December .11 were $8,699 339
an Increase of $235,866 over the previous
ear.
E. M. Smith Heads American Pipe Co,
Hrsklne M Smith has been elected pres
ident of the American Pipe and Construc
tion Company Mr Smith has been a mem
ber of the board of directors His election
completes the organization of the company
The others officers are as follows Robert
Welherlll, flist vice president, H Haard
Hodge, second vico president and treasurer,
William II Roth, secretarj and assistant
treasurer, Hrvln l.yndall, assistant secretary
Sloss-Sheflield Earns 15 Per Cent
NHW YORK. March 14 The annual
meeting of the stockholders of the Slo
Sheffleld Steel and Iron Company was held
In Jerev City this afternoon The report
for the fiscal ve.ir ended November 30 last
shows earnings equivalent to about fifteen
per tent on the common stock after pay
ment of the preferred dividend The earn
ings would have been conlderably laiger
If t lie company could have secured cars for
prompt delivery of Its Iron The product
was delivered on an aveiage of $13 a ton
for the year Considerably more than
300 000 tons have been sold ahead at an
aveiage of between $18 and $lt a ton The
tetlrlng directors were re-elected
American Sugar Has Good Year
The American Sugar Refining Company
reports profits from operating for the ear
ended December 31 of $9,756,379, as com
pared with $2,991 465 the previous ear
The total earnings for the jear weie $13,
701 143, as against $7,57.2.181 In 1915
Sugar Futures Advance
NHW Y.ORK. Maich 14 After jester
day s sharp decline the sugar futures mar
ket showed a leactlonary tendency at the
start and fit st prices were unchanged to
an advance of 11 points
Sound Bonds
Since our organization
we have taken part in
the marketing of Public
Utility Issues aggregat
ing nearly $100,000,000.
There has never been
the e'.:Ahtest delay in the
payment of cither prin
cipal or interest on any
Public Utility Bond sold
on our recommendation.
Send tor our Booklet ' (7" deacrtbino
ationo Public Utililu Bond).
INCORVORATCD
Stock Exchange BIdg., Philada.
noton New yori
i i i rr - T ." --"--
NEW YORK BOND SAEEg?l
The Cost
of a Farm Agent to further develop
agriculture in Philadelphia is hardly
worth considering.
The Government and State pay
his salary. The city must pay other
expenses, about three thousand per
year.
This Bank will do its share by
contributing office space and tele
phone service free for one year. In
addition it will co-operate by allow
ing the use of all agricultural data,
files,' lists, etc., accumulated during
several years of activities in this line
of work.
One Farm Agent brought in
creased production of over
$500,000 "per year to' a county in
the mountains.
What could an agent do with the
rich qoil of Philadelphia county?
Now is the time to plan for next
winter's foods.
' Will Councils invest $3000 for
this work?
Corn Exchange
National Bank
Philadelphia
Chestnut at Second Street
11000
1 KHIMKI
5000
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Chi Ot West 4s 71
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do iv 1'ie K.
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Col Industrial fis .. 7V.
Col A South let 4s , 2'
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Hooven Automatic
Typewriter
' A tested proposition on a lolnr
baslt, havlnf no bond or preferred
stock. Controlling and manufactur
ing a machine tht hat revolution
feed the correspondence field.
Used and highly endorsed by the
largest oncerns in the World.
Order on hand greatly exceed
factory capacity.
The shares In our opinion possess
unusual safety and possibilities. We
are offering a portion of treasury
shares at $0.00 per share.
Unlit in for dcfeitW information, or rail
nt our offices and use dnutnatrhtim,
BERGMANN & CARAHER
LAFAYETTE BUILDING,
Fifth and Cheatnnt fit.., Philadelphia
Telephone Lombard 234
.New iork Ile.lon Chlraso I'lltsbunh
IT fl Itealty t..:',:'.'. l,& "J" fri
1000 Third Av ref 4s.
-.,,. iokio ns
iuisi Trl-Clty
iwmi
100(1
flnnn ll h tii.i. .t.
128000 II H HteelU f Ra,;;
14000 Union Vkq 1st 4s "
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sooo U K of p ll Hi
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182000 do RVis 1919 new..
27000 do R4s 1919 ..
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linru r"l rirc . , , . . ini ir7 44 i 1
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s
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moisi west Md ist. 4s..;;; i.
10000 Wlscort Cent Jten 4." an
NEW YOHK BUTTER ANn pr.,,,.
OflV, March 14 nUTTKn ,
4
vrw -rnnV
4137 tubs .lather tifr ii."""'!..
,ft&&.5?"?!-ii!n. "" ""t'
tlve and tone Orm. Firsts. ''Jii f!,,,1!",l i
ondfl. 2flfff27ct nn rlrnnta ln .,l"M
2B027QI no chanae In ntVer Sffi -
BAR SILVER
l.nnAnn (nenrel
New York (cerits
Today Tea. vvVd -,.J"T ,
. 3il 304 3TA ift V,
i) 73'j , 74C? 71$ JA U4
If
LIVE STOCK QUOTATinvo
"CHICAOO Marrh 14 HOOS fiee.1
head Market 10c lower. Vised Vji'iS .'! "
114 30P 14 sn; aood heavy. Ill nioM a,wwi.
heavy. I14 1M914D0I llaht. IH ivtlltiA"n
I11.4OB13R0' bulk. ll4RnU7o 'M'l
CATTI.B Ilecetpts u ono head m..l ..
hlsher lleeves IS 2.lil2.71. r", $'&.
IVlROtl: storkers and feeders is tsiVW
lexnns 19 ROB 11. 40! calves. In 5nei, J,'l.
SIIEEr Receipts. IP 000 head V .rk.i i . '
eYi'w " v",frn' ""-. ffiira ii
RAILROAD EARNINGS
DKTIIOIT AND MACKINAC
Klret week March
IJecreaee .
1917
120 902
VI
'IE'!" (J
us:
OUR MARCH REVIEW
contains special arllclea entltld
"Prosperity With War" ,
"Past and Future of Foreign
Loans in America"
"The Investment Banker and
His Client"
"Intelligent Savings"
also late Information on
Midvale Steel
BarnettOiI& Gas
Submarine Boat
Bamhart Bros. & Spindler
Steel Alloys (Molybdenum)
Review and Letter K-2 free on requeit,
E. H. CLARKE
MORTON R. AI.FAAM1ER
(Realdent I'artner)
1'hone 1140 "-pruie
Slock F.lrhante llldc. Thlla.. r.
27 1llllamSt New York
.Newark, Jf J
Lake Superior
Corporation
Investors interested m the stock
of this company should write for
our letter of March 13th. We,
have a few copies left or free
distribution.
MOODY MANUAL CO.
33 Broadway, New York
MIIIOTWIIIM
selling open accounts
vs. asking acceptances
Xf i ot the number o(
customers on our booki
today hve had their
commercUl ntrtnr tn
rreased since they be
gin buiineta with nt.
Our cuttemers are
manufacturers
and wholesalers,
mostly rated S.15,
000 to JlJMtfti.
..A
i-O
'A
imiiirannii
The Federal Reserve Banking System rec
ognizes the advantage of elastic capital by
advocating the closing of open accounts into
acceptances. Why disturb your valued cus
tomers, or offer them concessions, to secure
acceptances, when you can sell us their active
open accounts (ana we will lei you collect
them) and thus avoid annoyance and delay?
An acceptance is only an open account
closed. What difference can it make, to any
one, whether you sell an account while open
or after it is Closed.
If you changed your credit terms to cash,
coulol your creditors object? We practically
produce that result, and yet enaflle you to sell
on credit. You could pay your creditors
quicker, they could pay their creditors quick
er, and so on. Couldn't all buy with this
immediate cash to better advantage?
Isn't the small cost of selling accounts,
made necessary because of the intangible
and detailed nature of the business, justified,
and in fact overcome, by the added advan
tage of quicker money?
We charge only 130 of 1 fo per day (1 a
month figured to the exact day) if you sell us
$100,000 of accounts within a year, otherwise
there is an additional charge of $5 a $1,000.
no commission, no interest. Why not give
us a small portion of your profits and let us
help you make more money?
The practice of realizing cash for notes re
ceivable is old that of selling accounts is
comparatively new, and the rapid growth of
our business, in less than five years, to $35.
001,972.59 in 1916 alone, certainly indicates
merit in our plan. Can we sena you brief
details?
RraMMiiiiiiin
Commercial Credit Company
"Cash Capital $2,250,000. Surplus $250,000
Non-Notification Commercial Bankers
BALTIMORE'
Represented at
Pmumnu, i Frank Balehelor,
Sll Stock Eichan( Bldj. 'Fbons Locust tls.
J!" Tosx 200 Fifth Are.
Cmeioo i,j4 otii BIdg.
70 ...,., 60 ConfTeu St.
Ciscixiuti S01 Greenwood BIdg.
744 DiTjd-Whltnejr BIdg.
5T- "W ,...674 Boatmeni Bank BIdg.
BtrrriLO.., sag Elliott Sq. BIdg.
At" 1016 Healer pldg.
rf
Brow Brothers & Co.
fmVWrm ANB OfrjTTKVT Srtutsm'
PHI LAI I LP HI A
Travelers' T.ptture f riAit
Issued in DoUars for use In the United States, Canada, West i1
sun nthni enimleUo J a.r .. . .. . .1
( , """""",' xiorin and South America.
J1! er"Ifi fif.Ue of our L8f CredittravekW
hi
i
Km
ivst; svy