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"l"'"' """"'
ni
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mXt Ml.VI iulJ
,-' el Hi Clarke
"Morten X. Alexander
Wrfiiim r
I4nt Partner)
e sprat
rhii... p..
lam St. New Tork
Newer. N. j.
,M
Ooif FlIfNBY
AUTOMOBILK BANKS
FINANCIAL NEWS
WORLD-WIDE IMPORTANT EVENTS CAUSE
AGGRESSIVE TRADING IN WALL STREET
Steel Common Is Lifted to Best Price of Year -Profit-Taking
Sales Take Place in Large Volume.
Shorts Put Out New Lines
New York Stock Sales
t
I
OSr special facllltlas for In
dividual! or automobile deal
ers to finance the acquirement
of pleasure cars; and for
business houses to finance
the acquirement of commer
cial cars or trucks. If you
are thinking of purchasing- a
car of any kind for any pur
posethe FINNEY SYSTEM
will make a better business
transaction for you.
REAL ESTATE TRUST BUILDINQ
PHILADELPHIA
High Points in Today's Financial News
Aaaressive tradina in Wall street. World-wide, important events held
attention. Rumor of peace depressed wheat. Cotton prices advanced. Curb
about evenly divided between advances and declines. Lehipli Valley Railroad
directors declared regular auarterlu 2XA ver cent dividend ou preferred and
common stocks. Price of bar silver lower. Electric Storage, Battery enjoyed
gooa year.
WE specialize in the
FIRST MORT
GAGE Bonds of old and
long established Public
Utility Corporations.
t There has never been
x the slightest delay in the
? payment of either prin-
cipal or interest on any
' Public Utility Bond sold
on our recommendation.
Btnd tor our BooXltt "a."
INCMPOaATID
Stock -Exchange Bid?., Phllada.
Boston N'riv orl
.
Investments
. That Are
Sound
When business conditions are ab
normal many investors plan to have
a large part of their funds placed
in well secured bonds of corpor
ations with a record for steady
earnings.
We shall be glad to suggest for
consideration' a diversified list of
conservative bonds that are regard
ed as intrinsically sound.
6elUelarR$e0e
BANKERS
(Established -J8ST)-
321 Chestnut St., Philadelphia
Pittsburgh
Boiton
Chicago
Wilkes. narre
Reading
NEW YORK, March 21.
The various events of world-wide Impottnnce which nre occurring1 from
dny to day, demanding the attention of Interests In the flnnnclnl world, fur
nished factors for aggressive trading on both sides of the, market from tho
opening today. The announcement tlmt the President had railed the special
session of Congress was known on the Street before the opening, but, at the
same time, tho splendid showing made In the I'nlted Stale Steel Corporation's
annual report, which was published thin morning, furnished a substantial
Incentive for aggressive operations on tho bull side.
For a time the Indications of the high range of prosperity In our industries
dominated the market tone, and other factors were brought forward to cause,
advances in many specialties. This made the Important movements In many
stocks take the shape of violent advances, with Bethlehem Steel "B" stock
moving up more than 14 points to 1 4 3 a-i . United States Steel common was
lifted 1 point to 1 IS, a new .'high record for the year, and many of the railway
equipment stocks and war-order Issues were established nt materially higher
prices.
The Marine shares varied constantly In tone, with the common stock
showing a gain of 3 points with sales nt 33-, while the preferred ranged from
89 to 93. Exceptional weakness whs shown In fieneral Motors, which
dropped 3 points to 119.
The security-holding and trading element was divided In tho manner In
which It construed the outlook as reuniting from the calling or tho special
session. This action Induced profit-taking sale in large volume nnd also
gave fresh cournge to the bear clement, which put nut new lines of shorts,
The copper stocks were adversely Influenced by the announcement of the
sale of metal to the Government nt cost by the combined producers because of
the assumption that this would diminish the value of possible profits; but, as
a matter of fact, the differences are divided between so many companies as to
be of little Importance to any one of the producers.
The bond market was active and generally strong, but with fluctuations
confined within the same narrow range that hns been noted for some tUie past.
Foreign Government Issues continued prominent, with Anglo-French ns traded
In at 92S to 92. St. Paul 5s moved up from 1044 to 104, nrid Marine fis
were traded In at 94 and 95.
P.TTAMmrS fYM P.TTP"R ARHTTT i7!r.TT A T.T.V
I V"VU wxs vwxv xxxsvx VWXXJ.
DIVIDED BETWEEN GAINS AND LOSSES
Northern Ohio
Traction & Light Co.
The Northern Ohio Trac
tion and Light Company is
a street and interorban rail
way and electric light and
power company serving 50
communities including
Akron, Canton, Massillon
andart of Cleveland, Ohio.
During the twelve months
ended January 31, 1917, net
earnings increased 41, ancL
passenger traffic 27.
We are offering the First
Lien and Refunding Mort
gage 5 Bonds of the com
pany at 94 and interest.
Yielding 5.37
Full. particular on request for
Circular PE-108
TheNationalCity
Company
1421 Chestnut St., Philadelphia
New Tork Chicago San Frsnelsco
Boiton ' Pittsburgh
WANTED
BY AN INVESTMENT
BANKING HOUSE
An accountant, capable of
taking entire charge of Account
ing Department. Apply to Box
B 310, Ledger Office, stating
age, experience and compensa
tion desired. One who has had
experience with certified ac
countants preferred.
ANNUAL MEETINGS
IKS1" WKHTMOBIUiAMll COAL t'OMl-AM
IfcS Unite: m south Third Street
. . . Philadelphia.. March IV. 1917.
Tha Annual Meeting or the stockholders of
tha Westmorelsnd Coal Company will be held
at the ofnc of the Company on Wednesday.
April 4th. 1917, at 12 o'clock .Soon" wKnYi
election will b held (or three Director! to serve
three years. HERUAN ROLL.
11 . Secretary.
DIRECTORY OF ACCOUNTANTS
Certified rnblle. Accountanta
4
LAWRENCE K. BnOWN & CO.
HEAL KaiAlhi TMUHT UDILDIMO
STIQATK AN1 ADJUST PARTNER-
JUIHT AWU DIHl'UTCP ACCOUNTS
BURNS & HPKAKUAN
1ME UUUHHB
WILLIAM K. MONTELIU8
0 CHESTNUT ST.
T
DIVIDENDS DECLARED
'' Republic Railway and Light Company, ren
ter catorterly of Hi per rent on the preferred
caok-and 1 per cent on the common, both pay-
bW April 14 to holdera of record March SI.
American inc, iaa ana memng company.
a common ana regular quarterly ai.oo on
rfL both payable May 1 to stock of record
n&4. The orevtoue common dividend was
d yehruary 1. KIT.
antral foundry. Quarterly or z per cent on
'flrat preferred stock. paysDle April IB 10
reeora uarcn si,
r Cottioanr. regular Quarterly of 2 ner
a Ike common stock payable May 10 to
or raaara April xa.
iMi
, KA1LROAD EARNINGS
VICAN8AS "CITT BOUTHKBN j
jf i v -iBiT.j increaee.
,, ?!? SIM. 51
t 9K,., X5rl, .
.ivym....H .t.ny.rewi,' 9IV,1P
ssaiwaavsiaaw t..
:t&tm$lMW
NEW YORK, .March 21.
The Curb market was Irregular throughout the day, with many Issues
making substantial Rains, while others were supplied at concessions, making the
tone confused, and the net results of the day were nbout evenly divided
between advances nnd declines.
The oil stocks moved In different directions, Merrltt Oil falling from the
high record of 31 to 28 V4. while Oklahoma advanced from 11 to 12. Mid
west IteftnlnK declined from 135 to 182, Sinclair from 57 to .riG and Sapulpa
dropped from 12U to 114. Osage was In good demand moving up from
9 to 10U.
The mining stocks were Irregular also, most attention being devoted to
Rex Consolidated, which was strong on the announcement of the important
developments, about 25,000 sharet being traded In nt 41 to 47 cents'. Magma
sold from 49 to 48, Butte Copper and Zinc from 11 ',4 and 107 and Big Ledge
from 5 to 4. Green monster sold nt 2'4, .lerome Venteat 2 nnd Stewart nt .
The new French fs demanded attention because of the Initial trading
at 98, Zinc Concentrating wns active and strong again, selling nt Ss to 3,
Midvale Steel sold early In the day at 01, tho highest price touched In many
weeks, from which It reacted to 60Bi. Theie was an active demand for t'nlted
Paper Board, which advanced from 30 to 34.
Rock Island new stock sold at 37 and 36, the "A" preferred at 85 to
84 and the "B" preferred at 71 to 70. Chevrolet dropped from 134 to 130,
United Motor from 41 to 40 and Redden Truck from 21 U UY 20-H.
INDUSTRIALS
Bid,
Aetna Kxploslves 3
Am-n,rlt Mfg
Am Maroonl 294
Am Writ Paper 5
Can Car & Fdy ?
Tee clone
AeWed (ftalft)
Can Car & Fdy pref.... 70
Charcoal Iron "V
Chevrolet Motors 130
Cramp Shipbuilding .... 80.
Curtiss Aeroplane 13
Kmerson Phonograph ... 11
Haskell & Barker Car .. 13
Hendee Manufacturing... 34
Kathodlon Bronze pfd.. 3
Lake Torpedo Boat 0
Marlln Arms 84
Maxim Munitions 3V
Midvale Steel 01
New York Shipbuilding.. 38
North American Paper.. fl
Otis Elevator S8
Peerless Motors 15
Poole K & M 80
S S Kresge l 1S4
Standard Motors 7
Steel Alloys 8
Submarine 23
Triangle Film 1
Todd Shipyards 83
U S Steamship 6
United Motors 40
United Profit Sharing... "
U S L & II com 1
World Film 4
Wright Martin Aircraft. S"4
RAILROADS
Rock Island com 3H
do A pref 81
do B pref 70
Western Pacific w I .... 17
do pref 47
Wabash Pittsburgh .... 10
do pref 18
3
12
2
.1
30
7
84
134
DO
2
1214
44
27
4
!V4
88
3
1
42
fl!4
02
17
0,1
12"4
8
8V4
24
1'Tl
80
40
IT.
Wi
37
8A
:i
20
A0
21
.12
sy,
9
133
12
41
0
87
3
01
0
12
8
Wi
1K
41
lTa
1
37
70
STANDARD OIL STOCKS
Illinois
Ohio
Prairie Pipe
Tierce Oil . .
S O of Cal .
S O of N J .
S O of N Y .
242
.385
.334
. 14y,
.300
.705
.320
241
31)0
337
15
305
710
It'
15
310
IMIKI'KSDKNT OIL STOCKS
Yrfl, rloa
(KAlFl
Bid Ankrd.
An Ventura
Harnett Oil & !as
Cosden O & C. ...
Cosden & Co
18
2y
14"S,
15
Federal Oil 5y,
Inter Petrol
Houston Oil
Merritt OU
Midwest Ref ...
Hire Oil
Sequoyah
Sapulpa Ref
Sinclair
Victoria
Wet 17nd O & C,
MINING STOCKS
Alaska Standard
Atlanta
Big Ledge
Blsbce Copper (a prosp)
Butte Copper & Zinc...
Butte N Y
Calumet & Jerome
Consolidated Arizona . .
Dundee Ariz
Kruma Cousol If,
First National 2
Florence Goldfteld 20
Gila Canon 54
Olohe Dominion
14
. 17
. 30
.133
"A
. lft
. 11
. 50
1 '&
. 20
.10
13
1
1
10!
H4
1
20
.1
14TJ,
154
A
14
20
30 30
135 l3t
ft
1 ft 1 ft
1214
23
2
14
15
5
14
11
57
1ft
23
n
ift
42
14 ' 13
4y, 5
1 1
1 1 1 1
2 2
1) 1
2 2U.
2 Ml
1 1
rsoldfleld Cons 5R
iioldfleld Merger 7
Oreen Monster 2
Hecla Mining 7T'
Hoc Sound 7
Independence Lead . ... 15
Jim Butler n
Jumbo Extension ,15
Kerr Lake t
McKinley-Darragh 19
Magma Copper 47
Mines Co of America... 1
Nipirslng Mines Co 8
Ray Hercules , . . . 4
San Toy 11
Sene.a Copper 12
Stewart ...'. ft
Tonopah Extension 3ft
West End Con 70
Yerrlngton 45
iioniis
French Munic 6s ot
I Sinclair Oil 6s 110
3
25
50
80
8
2
8
7
16
72
38
4
53
4B
2
8
4
10
12
3ft
75
17
4
110
55
58
70
38
47
3
70
40
MONEY-LENDING RATES
NEW YORK Call money opened today
at 2 Per cent, high 2 low 2, close 2,
ruling rate 2'4 per cent.
The time money was unchanged today.
Rates on good mixed Stock Exchange col
lateral were 33 per cent for sixty and
ninety days and for four, five and six
months 344 per cent. On Industrial loans
rates were 44 per cent.
riULADKLI-IIlA Call, 3 per cent.
Time, 45 per cent. Commercial, three
to six months, 4 944 per cent.
BANK CLEARINGS
Dank clearing's today compared with corre
spondlnr day last two years:
1017 1810 1 1015
Boston 38, 848,083 137,471,826 124,084,060
Philadelphia. 72,II-J4,H.-1 38,860,530 24,901,013
New York.,.3l0.gH4.5A8 470.761. 806 273.152,860
Chicago .... 70,396,023 4,107,628
FOREIGN'EXCHANGE
NEW YORK; March"2I. .The foreign ex
change market, opened with moderate deal
ings, but with the tone In the main steady.
Italian exchange and rubles were a little
better, There was no special feature.
Quotations:
Demand sterling 4.75, 'cables 4,76 ft.
sixty-day bills nominally 4.72 ninety-day
bills 4.70.
Frano cables 5.83, checks 5.84.
Relchamarks cables 69, checks 69,
Vienna cables 11.23, checks 11.20,
Lire cables 7.79, checks 7.80.
Swiss cables 5.024, checks 5.034.
Guilder cables 40, checks 40 6-16.
Ruble .cables 21.62, checks 28.52.
Pesetas cables 21.85, checks 21.20.
Weak Chinese Exchange Hits Silver
For more than a month there has been
a softening tendency In the bar sliver mar
kets In New York and London, and there
was a steady decline until the present week,
After soaring rapidly during the early
weeks of 1917, the prices both In the Amer
ican and English markets reached the high
est marks since 1893 on February 13, On
that day the New York quotation was 79
cents and In London the price was 38ft
pence, Then there came a drop, gradual
at first, but later becoming steady, and
today the New York quotation was 72,
the lowest of the year. In London the
lowest mark of 1917 was reached last
Thursday when the white metal sold at 35
pence, and that price was reached again
today. Weakness In Chinese exchange la
thought to have been largely responsible
for the recent weakness, while the advanc
ing cost of shipping the metal abroad has
been a weakening factor also.) It now costs
3 cents an ounce to export sliver from
New. York to Europ; more than 2 cents
of this expense being for insurance.
Ijist 1917.
Tftriav. Vat. WmA fifh T n
L.onaon tpencej.. ni ants an S8n 35
.7 tmTW
High. Low.
AJax Rubber .... 69 flB
Alaska Gold M... S"4 8
Allis-Chalmers Co. 30 29
Am Agr Chem... B2 02
Am Beet Sugar... 08 02
Am Can 494 48
Am Car A Kdry Co 70 684
do pref ,116 116
Am Cotton Oil... 4fl 44
Am Hide & Leath 14yt 14
do pref 70 69
Am Linseed .... 20 19
do pref 53 3
Am Locomotive.. 75 13
Am Malt t c 10 7
do pref t c !m 52
Close. rhe
60
8
29
02
02 1
48
69 .
118
45 1
11
89
19
53
73 . ..
e 2T
54 2
Am Smelting.
do pref A .
do pref B.
Am Steel Fdy .... 66i:
Am Sugar 113
do pref MR
Am Tel ft Tel
Am Tobacco ... 217
Am Wool 52
do pref 97
Am Writ Pap pref 63
Am Zinc & Lead . 38
do pref 68
108 106 106.!
100 100 100
07 06 07
63 65
1l2y4 U2-74
119
110
127 127 127
16 210
50 50 W,
7 D7
52 53 .1
37 37
08 68 'A
Anaconda 86 83 85 t
Atchison 104 IflS-H lo.l 14
do pref 00 00 00 .. ..
Atl Blrm & Atl . 10 15 10
Allan Coast t.lne 114 114 114
Atl Gulf A WI.. 115 112 113
do pref 63 62 63
Bald Loco Co 50 56 67 1
do pref 101 101 101 t-
Bait A- Ohio 79 78 78
do pref 73 73 73
Barrett Co 110 110 110 1
do right 2 2 2
do pref Ill 114 114
Bethlehem Steel .140 146 140 3
do B 143 139 140 1
Brook Rap Tran. .07 67 67
47 47 47
24 21 24
56 55 55 1
169 168 158 Tfc
06 94V4 95 ,
38
Butte & Sup Cop
Cal Petroleum . .
do pref
Canadian Pac ...
Cent Leather . . . .
do pfd
Cerro De Pasco. . .
flies A Ohio 80
Chi Ot West 12
do pfd 35
C M A St P 86
Chi A N W 117
C R IAP 1st In pd 38
Chill Copper .... 26
Chlno Con Cop ... 50
Col Fuel A Iron. . 51
dci pier ... .
Col Gas A Eleo.
Col A South...
do 1st pref. . .
Com Can
113 113 113
112
46
26
50
02
Cont Ins Co 57
Corn Products
do pref
Crex Carpet Co
Crucible Steel .
do pref
26
.107
40
73
3 "'a
60
12
36
81
110
37
25
58
52
112
43
28
50
l
56
24
38
60
12 .H
35
84 1
116 3
38
26
50
62 1
112
43
26
50 1 Va
2
56
24
100 106
10
60
10
n
Cuba Cane Sugar. 45
do pref v 90
Pel A Hudson . . 142
Denver A R G pf 35
Dome Mines Hi
DrJggs-Seabury . 62
Erie so
do 1st pref ... 42
Fed MAS 21
.111 111 111
44
80
do pref
Gaston Williams.
General Cigar
44
35
44
44
80
142
33
18
61
28
41
l f
14
35
41
142
33
IS', 4
02
28
116
1
41
Gen Electrical Co. 1 69 168
General Motors
Goodrich R F
Granby Mining
Or North pref
21
44
35
44
169
.122
57
80
110
57
87
?
110 2
57
87 '
Gr North Ore subs 37
Greene Can Cop. . 45
(Suit State Steel . .133
Int Agrlcul . . .10
do pref 45
Inspiration Cop... 03
Interb-Cons Corp. 13
do pref no
Int L.irv of N J. 120
Int Harv Corp.. . . 81
do pref
Int Mer Marine
do pref
Inter Pnper . . .
Int Nickel ... .
.114 114 114
36
46
130
18
45
62
13
no
36
15
130
10
45
02
13
66
IV
2
I
110 120
.111
. 33
. 03
.41
M7
Kansas City South 23
Kelly Spring . .
Kenne Cop . .
Lncka Steel
LEA W pref . .
Lehigh Vnl-
Lee Rub A Tire. .
Llg A M Tob Co.
do pf
Long Island . . .
62
16
88
41
:o
23
,262
124
. 41
80
111
30
80
13
45
23
61
45
85
41
60
23
80
111
31
260 262
00 1
44
45
23 14
01 1
46
80
41 1
69
23
Loose Wiles Bis. .23
Lorlllard P
Max Motors ...
do 1st pref . . .
do 2d pref ....
May Dept Stores
Mex Petrol . . .
Miami Con Cop.
Mo Kan A Tex .
Missouri Pac ctfs
do w I
do pref w i...
Nat Biscuit
.215
. 55
. 71
. 36
66
. 95
. 41
. 8
. 12
. 31
. 66
118
124
40
23
216
63
60
34
63
03
41
K
12
30
66
2
1
4
124
41
23
216
53
00 1
34
65 1
03 1
41
8
12
30
Nat Enam A Stpd 30
Nat Lead
Nev Con Cpr. . . .
N Y Air Brake..
New York Cent .
N Y N II A H ...
N Y Ont A West
N R R of M 2d pr.
58
25
156
08
48
24
5
55
118 118
34 35
58
24
152
07
1
45
24
6 2
130 1A
Northern Pacific. .105 105 105
68
24
152
97
45
24
5
Norf A West ...131 ISO
21
29
54
28
37
40
N. York (cents).. 72V
78W 79
?$
S. O. Gets Midwest, Report
NEW YORK, March 21. Despite denials
from officials 'ot the International Petro
leum Company and the Imperial Oil Com
pany of Canada, It Is said In quarters usu
ally well informed In Standard Oil matters
that Interests Identified with the Standard
Oil Company, of New Jersey, have obtained
control of the Midwest Refining Company.
j f
T"' - .'"J
AaWtiM 8l erf gMMTitsM M. Page 4.
1
Ohio Fuel
Ohio Gas ....
Pacific Mall ..
Pac Tel A Tel.
Penna R R ..
Pere Marq w I
Phlu Co ....
Pitts Coal ctfs
Pressed Steel Car 82
do pfd 104
Pub Serv C N J.. 128
Pullman Pat Car 162
Quicksilver 2
Ry Steel Spring.. 65
Ray Con Copper 20
Reading 08
Rep 1m A Steel.. 86
do pfd
Royal Dutch
Saxon Motors
St L S F . . . .
St L A Sthwcst nr 48
Sea Air Line pr. . 34
sears lioebuck
do pref . . , ,
Shattuck Ariz
51 50
.114 113
.103
. 66
, 66
!1
3
20
54
28
37
47
80
104
120
162
2
52
28
06
81
102
64
66
20
48
34
51 1
113 1
23
20
54
28
37
47 1
81'
104
126
162
2
53
28
96 !4
84 1
103
61
66
21
48
34
South raclflc
Southern R R .
Studebaker
196 194 195
iso 128 120
28 28 28V4 V4
Sloss-Sheff St & I 74 724 724
86 95 96 14
29 28V4 28
105 10314 iniu. 91.
Tenn Cop & C w I 16 4 16 a?
" -" l) iiv 229 i
Texas Co full pd.231 281 231 1
Tobacco Products, 69 57 k 1
Transue Williams. 46 46 40 14
Union Pacific ....140 139 189 Ti
do pref 8j 82 82
United Alloy Steel. 46 40 4a
unit uigar Stores. 101 101 101
United Fruit ..,.147 145 140
uiui iiwy .invest. lojfc 9 10
do pref 22 w
U S C I P & Fo. 21
21
21
1
21
21 H
U S Ind Alcohol.. 128 125 125 ja?
U S I Alcohol pfd. 100 100 100 1
1 60 60V4 ItU.
107 107 107
64 68 63 84
60 80 80 14
118 11814 nau. 11
U S .Rubber
do 1st pfd . . .
U S Smelt & Ref
do pref
,US Steel
do pfd 118U iiiu 1111
Utah Copper .....usy. lis lis-w LLl
va car Chm..., .. 48
Va Iron C & C. , . 66
Wabash 12
do pfd A so
do pfd B 26
West Maryland .,23
West Union Tel.. 91
Westlnghouse Mfg. 54
Wheel ALE ... 11
White Motors ... 80
Willys Overland .. 84
'..r'Si ""Man"! National Supply Company a-
j- - - wvmMH, yiTirirfU, laVl
I
41
68
49
28
28
07
82
11
49
34
42 V4
65 2
12
49
7
B 1
11
SO
1 .-v
1 -w ;J 4 t
1 iT?Li,ti2:J,M;!?2 ' ""Pared with.
Sales in Philadelphia
300
30
6
8600
187
100
9
600
125
664
-20
176
408
870
10
180
10
46
75
200
162
14121
55
High.
Allls Chal. 29
Am Can,.. 49
Am Oas . .119
Bald Loco, 68
Brill J a. 29
Cnm Iron. 40
Cam Steel.iso
Crucible St 12
Cntnwlssa
2d pref. 53
Eleo Stor.. 61
Erie . . . 28
Ins CoNA 20
Lk Sup C. 23
Leh Valley 70
Lch Vnl Tr 25
Inchlll .. 6714
.Mer A Mar
ct ... 33
Nev Cons. 25
Tennn R R 54
I'lilln Co.. 38
do cum pf 41
Phlla Elec. 33
PRT tr rfs 31
Phlla Trac 80
Reading
So Rwy .
Tnn ltd .
Un Pac
Un Trao
Un G Imp
I' S Steel 118
Win Crump 87
08
28
ft
130
43
111
33
24
84
38
40
32
31
60
96
28
1ft
139
43
1)0
116
85
Total sales, 25,118 shares, compared nlth
21,814 share .irMrrilnyi thus far this eek.
74,oqo shnrei Mime period lat wrek, 43.647
shares,
IIOMIS Net
HlKh, Low. Close, chge
83400 Am Gas A
Elec 5s.. 06 06 06
800 Elec A Peo
Tr 4s . . 83 83 88 -
2000 Interstate
RwyB 4s. 55 85 55
2000 Key T 1st
5s 07 97 07
7000 lehlgh Val
gen 4s . 90 90 90
6000 do cons
1s 2003.100 100 100
6000 Pa Co ens
4'jS ..105 105 106
0000 Phlla Co
cons 5s. 02 92 02
8500 Phlla Elec
Temp 6s. 102 101 11)2
2000 Reading
gen 4s . 91 91 04
looo doTerSs 112 112 112
1000 I'll Rwys t
c 4s ... 73 73 73
41100 York Rwy
1st ns.. 07 97 97
Total snlex. 818.400, rompared nlth 836,200
Ar-trrilii.u thus (nr till" trr, SI.W.IOOl same
period l.it eek, 8209,600.
Local Bid and Asked
c . .
llaMu-ln ...
Drill J (1 ..
IIIIIT & Su. t
do pref t c
I.ler Sturnge
tln Asphalt
do prpf
Kcxstone Tel
Lake Sup Corp
Lehigh N'hv
I.ehlKh Val
Lehigh Val Tr
do pref
Pennsylvania
l'hlla niec
rhlla Co
do 5 per rent pref. .
do 11 per cent pref.
Phlla It T t r
Heading-
Ton lleltnont
Ton MliilriK
I'nlnn Trnc
t' a t
r S Sleel I
York Kwv
dn nref .
Wm Cramp
Toda)
Hid Avked
57
i::i
83
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as
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lit!
134
234
814
70
211
40
544
32.
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It
314
IHI4
4 A
114
14
111
YeslerdaN
Hid Asked
604 604
t c
164 l!"i
1.1 14
37 3
SO 7
113
53
(14
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III
124
234
S04
fi4
254
454
544
324
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44
114
434
904
1104
13
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fan
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5
115
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134
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MS
7(1
254
111
544
324
an
3;
41
314
!S4
14
84
14
HI
11H4
14
374
8S
I New York Bond Sales
JIO110 Amer Art deb 5s
li'OO Amer Cotton Oil 5s..
N'OOii Anelo.Krenrh 5s . .
loon Amer lildo 4. L (Is.
23000 Amer For Pec 5s .
MI0H Amer Tel clt 4s ..'.'.
.I""" do 5a .
.21 do cm I', s ;;
511000 Amer Writ I'.ip 5a..
000 Armour Co 44 h. ...
3.(1(10 Atchison Ken 4 ....
11)00 do re 4s ... .
20110 do adj 4s . . ..'.'..
1(11100 do cv 4s 11100
1(10(1 rfn 00 u 1i,i-
!ffi! A,.!'m '. I'lna 1st'4
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Ill's
moon Itnl nkin tl. -
26000 do 5a . """
10(10 do Is .. ,
1M00 do rv 44 s .
.7,1!!!! !!iCu' '" LKftWV 1
11000 lleth Steel 1st 5s . , ,
1 ".!!'! iTbn Tr 5s litis
100(1 Brkn I'n (; i,t f
,2000 can (iou 5s liui ,
10000 do ;,s 1031 . .
2000 Cal Ons & Klec 6s
4000 Cent (ia rons 5s
looo Cent Leather 1st 5s
11)00 Cent It It N J 5s .
10000 Chill Copper 7s .
2000 Ches f, Ohio r'44s
13000 do conv 5s ....
2000 Chi fit West 4s ..;
000 Chi t. Xku 34a.. .
inno cm i'n sta 44s ,
50000 11 Q Joint 4s..
17000 c M & St l Ken 4s
1000 do rfd 44s ."
36000 do conv 5
toon do rp 5s ....
100(1 ,n rv 41, ....'
. 1000 dn uen 44s . ..,
injnno f it I 4 p rfd 4s.
inn, no 4R
n.iu
loo',
. 92,
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ScoVJli!"--'' s3i ;5
o?S!! rnl poulh 4 a
...,.,, , in- ,u i-aris ok ,.,,
soon Con (las ennv 0s.
I'""1 Cumberland Tel .-,.'
8000 Del Hud ronv 5s"
5000 nen It O 4s .
loon do 5s .
.15!!!! n""'nlt t'nlted 44 a".
'?a11 I?1" Soc Corp 5s ...
inon Krie ronv 4, pp n
(inno do prior 4s .... .
2000 tlork Val 44s. .
!!!!!!! " Central 4s 1053 .
n22 !n,'!r,, V" 44 s . .
23000 Interh R T ref 5s
MW1 ,nter M'r Mar 0s...
1000 Internl Paper Rs.. .
sSUI 'aDaneae new 44 s..
5onoonKndnoyf!'1,'t:'"
;!!!!!! !an. r"v Tr lst'is!
2?J11 I'ackft "'el 5s 1050
1000 Laclede C.as ifd 5s.
lonno Lk Sh deb 4s ln;s
3000 do del. 4s 1031 . '
8000 Lorlllard 3s... '
13000 Louis Nash 4s...
4000 Minn & St L 4s ...
7000 Minn S P R s M 4s
looo Mo Kan & T 1st 4s .,
27000 Mo Tar 4s
6000 Montnna PnTr 5s..
Inno Va.. a..,, t.
2RO0O NY r ii'mT
10000 dn 44 s
2000 N Y City 4s 1057.
R
014
110
101
103'S
R04
804
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60
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3000 N Y n-y adj 5s .
1SO0O N Y Tel ceii 44 s
22000 Norf wi,t 4s
"VJSHt Snr Pac trior 4s!
411
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r.nnn h-...i.Wl'Jfl '". l'i 034
loooo oro Short K,";" 5 gS
199? Lre Rwv & Nav 5! !! a-T S;1
i "" l:" Tl 6" .... lfli'l inni!
R00O Pennn J injo '
5!!8S 'J2 "n.tt''i
10000 People's ois 5s nnri
4000 Public Serv N J na " oil'
2000 Readlrte een 4s.. "' SI
17006 5 t ia' if ."."' ""a- 78H
38(100 do 4s ser A.. .:'"
25000 do 5s ser II.!
1000 San A Ara P 1st 4s
2000 Seaboard A I. adj S.;
5000 do rfd 4s... 7
000 South Par 4s. i!"
23000 do cv 4s."
5ooo do rfd is ;.:;!."
B"""J gou'h Pac cv 5s...... loi ini7 ,
SXXS ""V'n uwy gen 4s..., 711! 7 ',;
lnnllp 4na. .
on
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....1054
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$ 2?i
nrl 28 s
854 85H 854
l"14
Tllllll ITnlnH Tin m .":'.'.. 'si lll.tfd
884 RR'Z
974 974
924 92
41 414
97 7
98 99
R 984
90 90
95,, 954
1004 100M
3.1
71
QMi
1004
98H
:.- 2. ' "'r, m 1 nn...
tixiii nn An n. t . .:--"-"..
inon ii H"' ,".V ".... 884
15000 do rfd 4s .."' oV
28000 Un Rwys 8 F 4s 41U
47000 u k of a 11 I ; in
281000 do n4s 1918 ..' Kb
127000 do 6Hs 1019 new. br
jtnan An ma. 1010 '" ""a
91000 do 64 s 1921 '', a'i
-1" . r v.nni as
6000 Va Ilwys fis ..
.ogn jvllson Co fla....:.::io;(I InS
Ilimu vkii-i- T 1st ct f D 4a 3S.U i
6000 West ltd 1st 4. ."..' 7,H 5?
1fclfkl aalu OA aai a
7M.000 x-vtJ.n;n;rh'l."kwli5 ?S-
OOOl same period, last week, w'siB.ooo'. M,MB'"
Granulated Sugar Unchanged
NKW TORK.. March i..,n ,ranu.
tated ourar waa uncUanfed at prlcea Sn
In from le to 7.60o Tho lart klu i S
Chiha. rawa u . a-.ino W !? P0t
immwmv
Wz$m
oTPnTTT.A PT.TP.TaH'VALLiEY D'f VlfilNh-
ELECTRIC STORAGE HAD GOOD YEA)
-. y., 1-1 is ..
President Loomis Says JNo unange in ivaiiroaas Policy I
Gontehiplated Cambria Steel Up 25 Points.
Good Advance in Brill
Lehigh Volley Railroad directors made
no change In the dividend on the common
stock nt their meeting today, Seme time
ago a report wag heard In the financial dis
trict of a possible cut in the payment at
the March meeting, but the action of the
directors today bears out a statement made
In this column nt that time that the regular
quarterly disbursement of 2H per cent
would be declared. The same amount was
declared on the preferred stock, and both
dividends are payable April 14 Jo stock
holders of record March 31,
Today's meeting was the first which
President K. E. Loomis has attended since
his election, After the meeting Mr. Loomis
said that no change In the policy of the
railroad Is contemplated. He would not
say what tho directors would do about fu
ture dividends. There was a stiong Inti
mation, however, that there Is no disposi
tion now to make a change In the rate.
To a question as to what eeffct the In
creasing operating expenses would have on
the Lehigh Valley, Mr. LoomN replied:
"There Is nothing that I can see In the
present situation to cause uneasiness to the
Lehiah Valley. The railroads certainly
should be allowed to Increase freight rates,
and In my opinion they will be allowed to
do so."
The annual report of the Rlectrlc Storage
Battery Company was Issued today. It
covers' operations for the period ended De
cember .11. 1916. The gross sales, less
manufacturing coBts, reached a total of
$2,069,977, an Increase of $299,789 over the
previous year, while the net was $1,318,796,
a gain of $V0,179. Other Income amount
ed to .$263,267, making the total net Inrome
$1,682,063, a gain of $221,206, The total
net Income was equal to 9.7 per cent earned
on the $16,129,425 stock, compared with 8.3
per cent in 1915. The total surplus of the
company now stands at $2,318,686, The
directors of the company were re-elected at
the annual meeting.
The stock market In this city today
showed more Irregularity than during the
previous two days of the week. Some
PEACE TALK SENDS
WHEAT DOWNWARD
Although Without Confirmation,
Rumor Offsets Bullish Effect
Early of Call to Congress
CHICAGO, March 21. Persistent talk
about peace was the principal factor in the
wheat market today and It was responsible
for causing weakness and a great deal of
nervousness.
.Although the rumor lacked confirmation
it was as potent against prices as if it were
true While a bullish construction was
placed on President Wilson's advancement
of the date for the special session of Con
gress bv traders early, It did not have much
effect, 'Liquidation was heavy and stop-loss
orders were uncovered. Outside support
was feeble. , ,
n,L. nl rf..HAn. eaM thnt It iR.tOO e8rl
ine j-iii-c -um-n. o .. - -
to Intelligently make a percentage estimate
of the giowth condition of the winter wheat
crop. In The northern portions of the win
ter wheat legion particularly, fields do not
show nny signs of germination as yet, and
having been bare of snow and without the
usual precipltntlon during the winter there
is much concern as to whether the plant
Is. alive or dead. Reports generally, how
ever, show an Improvement, as 'the result
of recent rains, but It Is safe to say that
...th nditinn will be below the aver
age, at least In the Southwest.
At one time during tne session a rove.
Ing movement carried prices above yester
day's close, but all rallies were short lived,
fresh selling appearing on every upturn.
Final quotations, however, were above the
bottom. The top on May was 1;7V,. the
I 11 III! orM tho rinse $1.84 Va. W 1.84 Js,
against $1.8694. yesterday's last price. The
best on .fulv was .$1.58'4. the bottom $1.65Vi
and the close $1.555'1.35a1. against
$1.57 U at the end yesterday. me '"
.... c ., , ,h -,,, u si. tiV.. the low $1.42
and' the close $1.43,i. against $1.44 H. yes
terday's final quotation.
Leading-'futures ranged as follows:
Yes nay a
wheat Onen Hlsh Low Close close
May ....... 1V87V4 1.83'i 1.84V. l.SjSJi
Jul? .. ... 1.57 1.&8U l.r.n'i l,f.5' 1,M
Sept .I. 1 44-4 1 44 .A 1.44U 1.44H
Torn (new delivery! .... , ,. , ,.,.,
mbv 1,12 1.1;: 1.10S 1.10 1 11! '4
July 1 in'4 in.. l.oiHs l.oos, 1 los
s"pt :: ::: i.oa. i.oo i.o7 1.074 loss
Oats-
May 55 521 55' 55k 55S
r aiii cut ii ti74 '
Julv
Lard 1nin 410 V tto ?n
ju"? :;:::iS:7o i.w iffis tio.Ki !.:
Ma""'' 18.00 18.00 17.8T UT.87 US
jui? :.::::. 18.1.1 is.is 17.97 117.97 us.12
.MaPyr.k.7....4.0S 34.2S 83.80 t34,10 134.27
Jul? ..... ..33.20 33.30 33.15 133.30 33.40
Hid. tAsked. INomlnal.
NEW YORK COFFEE MARKET
NEW YORK. March 21. The market for
coffee futures opened 3 to 17 points higher
today. Trading was active, seles on the
call totaling 10.760 bags.
Today's Today's Yest'day'a
opening:, close. close.
Mrrh 7,72197,74 7.807.3
April 7.777.78 7,887.8
May 7.7307.80 7 811017.83 7.737.74
tUn 17.80 7.88070 7.70W7.8O
July 7.05W7.97 7.08IW7.07 7.855T.H7
AllZUBt W.IWPJB.III I.WiiUKI.I'O
Rrpt 8.1108.15 8.1108.12 8.0108.0.1
October 8.1608.18 8.0,108.08
November .. 8.2108.53 8,1008.15
December .. 8.3008.32 8.2808.28 8.1.108.17
January 8.3208.34 8.218.!3
February .. 8.3808.40 8.2708.50
Nickel Prices Advanced
NKW YORK, March 21, The best In
formation obtainable Is that the Interna
tional Nickel Company has advanced the
price of nickel about 10c per pound, the
new quotation being 45c per pound. This
level will rule generally on 'all contracts
to be made from this time on.
N. Y. Central's Net Is Smaller
ALBANY, N. Y., March 21. The New
York Central Ralroad Company reports to
the rubllo Service Commission for the
quarter, ended December" 31 laBt as follows:
1918. 1015.
Operating revenue $50,520,31)7 152,053,405
Net revenue 10.OAO.853 20,414,40
Operatlnr Income 17.474,389 18,479,283
dross income 21,7.15,nil 22,804,216
Net Income '. . 10.271,828 11.904,402
Surplus 7,155,171 8.787,816
The balance sheet as ot December 31 last
shows current assets of $83,893,693; current
liabilities, $41,339,772; profit and loss sur
plus, $65,282,934 and total assets and' lia
bilities ot $1,076,931,051.
NEW YORK BUTTER AND EGGS
NEW TOItK. March 21. BUTTEn Recelnts
4040 tubs; general trade very quiet and tone
easy. Hltbest scoring. 42H 43c; 52 other
changes.
EGOS Receipts, 10.508 cases; demand nA
and values firm. Extraa. 20(iS0c: extri
tlrats. 29c: Inside first, 28U 28'4ei ieeoni?
27028c: white. 34c Inside? brown. 30lSin',
checks, good to choice.. 25028c.
special movements took place, notaw. 1
Cambria Steel and J. Q. Brill. rifJ '1 .M
of Cambria moved up 25 points on the i,fi? J
over of small lots. It was not JEM
cult to understand the reason tor the rn
In the Block, as the annual report v,i I
was published on this page yesterday hi
closed earnings of 66.7 ner rem - . '
stock, as compared with 14,2 per p... . 4
the urevlous rear. . cen: .J
Then, too, the majority of the stoet t.A
owned by the Midvale Steel and nV? '!!
Company, the floating supply n the str.i T
Deing very smaii. inererore, It Is easy i
effect changes In the market price Th, !
was no explanation for the strength .! ,
movement In J. O. Brill stock, n iitu&
with a loss of 1 point. This was soon r TV
covered, and before 2 o'clock the price ha!i "
been advanced to 29 U, 'a gain of 51; ttm
the low. and 4i as compared with ih. YJ
last sales previous to today.
It was In United States Steel commo.'i
that the greatest amount of trading toolrMl
nlare hut the rlnv'n tlirnrtv'Ap In l,H. . . h
was not as large as yesterday.. During
the morning, when the price declined in
Wall street, the price here went a fri.n. ..
helow the final of yesterday, but It (on '
recovered. The wonderful showing made In -V
ine annum iciiuii, viui:ii uisciosea earning
of 46.40 per cent on the common, wa. i5. !.
reason for the activity In that Issue. Then w
too, consideration wns given to the stau.Vl
ment made In the report by Judge Gary
that the return In the present fiscal year
mignt De aoove ine snowing in 1'J16,
Next to Steel common Lake Superior Wai s
the most active, but for the larger part of
the day It was a fraction under the close "
of yesterday. The action ot the stock, '
however, Indicated that there was a good
underlying support for It. Bids of 23 wers
made for 1000 and 2500 shares of the stock, t
There was no great amount of trading in '
Philadelphia Rapid Transit trust certificates.
Support was In evidence for this Issue, too '
and It did not fall below the final of yes.' ;'
terday.
COTTON SCORES HIGH
ON LOW MARINE RATE
Federal War Risk Bureau Makes
Flat Charge of 3 Per Cent on
European Cargoes .
NEW TORK, March 21. Unfavorab's
weather offset disappointing cables In the
cotton market, and at the opening the near
months rose 4 to 6 points, while the distant
options were up 12 to 15 points. The lead
ing operations were covering of shorts, but
there was some good buying for the account
of Wall street. Commission houses and
southern Interests sold. After the call the
near months moved up 5 to 8 points, in
line with the gains In the later positions.
At the time of the start Liverpool was
i to S points net higher; prices were due to
come 7 to 10 points up. A prlvato cable
said there had been early buying of tha
new crops, but this was followed by some
local long liquidation.
The mldmornlng reaction was followed
by renewed firmness on the announcement
that the Federal War Risk Bureau at Wash
ington would Insure cargoes to Europe at a
flat rate of 3 per cent. All positions made
new high records for the movement, ith
May selling up to 18.98c and October to
18.43c, or 34 to 37 points above last night's
closing figures. Trade Interests continued
buying on this advance, whilo there was a
broadening outside, with readily absorbed
scattered realizing.
Tea. close. Open. High. Low. close.
May 18.02 18.02 10.0.1 18.B2 1S.DT
July 18.48 1RB0 1R.00 18..10 18.70
October 188 18.10 18.42 18.17 1R.M
December ... 18719 18.30 18, .13 18.30 1R.S7
Spot 18.45 1930
LIVE STOCK QUOTATIONS 1
CHICAGO. March 21, HOOS Receipts. 35,
000 headi.marlret steady, 6c higher: mixed and
butchers, 14.00 15,25: good heavy. II5.0SO
15.25: rough heavy. tl4.63(3il5: light. 114.209
15.15; pigs. IU.9O014: bulk. $14.8."i1315.
CATTLE Receipts, 17,000 head: market 109
15c lower: beeves, $R.5012.50: cows and
heifers. $.1.7511: slockers and feeders. 189
0.M). Texans. $9.0.1011.5.1: cales. J13015.
SHEEr Receipts, 12,000 head: market
strong: natlv. an western, $11.20912.70;
lambs, $12.50016.25.
Suppose you buy
100 Shares
of Stock
ft What become! of your
T order after you glva It to
your brokerT
n Do you realize that ?our
1 order goea through more
than 100 operations before It
becomes a completed transaction?
It is an interesting process J
wiin several elementary stsps
that you should know.
"The Course
of an Order"
js the title of a booklet that tells
in an interesting way the course
of your order to buy or sell stock
from the time you give it until
it is executed. Send for it.
' Ask for 83i-T.U.
JONES & BAKER
BTOCK BROKERS
Widener Bldg., Philadelphia
Bell. Wal. 1690-1. Key.. Race 2290. ,
Njye York v Boston
Chicago . I'lttsburfb
lilrecf Private tvtret
J0NB3 d BASER,
WUtntr BUa PMladtlgMa, Pa.
Tou may aend me your booklet "Carry
Ing Stocks on Account" 884-T.U.
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