rV;
w
r i
-TiV'
rt-'"w-" c p-- ji'-i
1' v
M,
,., ii
,-t
-'':
riMMa
$16.80
tV.it if 'aya'iUble for divi
dtndb, depreciation and reserve
account at shown by the official
fwtorts of the American Gas
I-jivCimpany for .1916. In other
' words, for every dollar paid out
n dividends on its o Capital
Stock, the American Gas Com
pany has set aside over a dollar
for depreciation or reserve ac
counts. The Company's earning power
is. considered dependable on ac
count of the character of the
business of its subsidiary com
panies and their geographical
distribution.
For further information about
this sound investment stock send
for Circular No. 2512-A
William P..Bonbright& Co., Inc.
UOHK1S WIS TAR HXROt'D. Jr.
Munszer
437 Chestnut St., Philadelphia
New York' Doiton Detroit
London larl
William P. Bonbrlght A Co. Bonbrfiht 4 Co.
Chesapeake & Ohio
Railway Co.
5 Convertible Bonds
These bonds are convert
ible into Chesapeake & Ohio
stock at $75 a share until
April 1, 1920, and thereafter,
as shown in our descriptive
circular.
The company earned 8
' on its stock in 1915 and 12
in 1916.
The excellent earnings and
attractive conversion privi
lege make these bonds, in'our
opinion, a desirable invest
ment. Price to yield 5.50
PcnJ for Circular PK-ins,
The National City
Company
1421 Chestnut St., Philadelphia
eNew York Chicago Kan Pranclsio
Boston Pittsburgh
DIVIDENDS
We are specialists In
DIVIDEND PAYING OIL
SECURITIES
We hae received from the
OKLAHOMA BAKKS
listed below, special leportd which
are of Inestimable value to in
vestors In the isecuritles of thuya
Companies operating In the Slld
Contlnent Fields:
4 fllK K1R.ST .NATIONAL IJA.SK
IMIE BANK OF COM.MLHCE
THE CITIZENS NATIONAL ItANR
THE GUARANTEE STATE ItANR
Copies Gratis Upon Request
Wo 1011011 order for caali or par
tial payments. ,
WINSLOW TAYLOR & CO.
K Walnut
Walnut
658(1
6587
402 Wldenrr llldg.
Philadelphia. Ta.
I
Hooven Automatic
Typewriter
A tested proposition on a coins
basis, having no bonds or preferred
stock. Controlling and manufactur
ing a machine that has revolution
ized the correspondence field.
Used and highly endorsed by the
largest concerns In the world.
Order on hand greatly exceed
factory capacity.
The shares In our opinion possess
unusual safety and possibilities. Wo
are offering a portion of treasury
shares at $9.00 per share.
Write u or detailed Information, or
call at our otrtcri and net
demonstration.
BERGMANN & CARAHER
LAFAYETTE IIUILDINII
Fifth and Chestnut Ms., Philadelphia
Telephone Lombard 3x44
New iork Motion t'lileugo Pittsburgh
WHEAT-
Future values (new crops)
will be governed largely by
growing; conditions from now
on.
Write for our Dally Grain Letter.
E. E. Delp Grain Co.
453 Bourse, Pbila.
Trltate wires all Grain Markets
Members Chicago Board Trade
D. Lupton's Sons Co.
7 Pfd.
Cumulative, Quarterly Dividends
Free of Pennsylvania State Tax
Earnings Six Times the Preferred
Dividend
Price $98 per Share and Accrued
Dividend
Morris. Brothers Co.
Established IMS
1421 Clwstaat Street
PARTNERSHIP NOTICES .
SUB COPARTNERSHIP KXJ8TINU BETWEEN
mm uBosraianeu uaaer me name or Merger
Fata st la., haa been dissolved and ended by
Mtaal consent. . Isadora Faggen and Samuel
a nave wunarawn rrom ma aaid eopart
kp'and have sold tbelr Interests therein to
awraar ana ssewncr neinrr. wno will
wipm 9m U0prinere unoer ine name
tiaer t-av
, MaUN. 1IKHUK1I,
.,tf , , ' ARNKf. WEINKK.
- . "SAMUEL. FAQOEN.
eeh S4. I1T '
i..
MTWCNDA
triij
ml.,
j
miiLM4
sjMpnla,pisii
psara ox tot eiusiii
, tM ajaal aHSaJsair as
Js Jtas preferred
I.
CtUUMNY
XI. 1V1T.
vaiiey
red a
ir eeeii
tek to
T.aM -a
Wwmmkmfm
FINANCIAL NEWS
FURTHER SLOWING DOWN IN TRADING
TAKES PLACE ON THE LOCAL EXCHANGE
Price Movements, While Narrow, Show a Firm Tone.
Steel Common Leads in Activity, With
Lake Superior Next
.Market operations In Philadelphia alovved
down further today, and with Ihc smaller
nmount of trailing 4t was natural that
changes in prices should ho Hinall. These
changes, too, were IrrcBuinr, but the larger
numhei of them were on a, scnle up. While
tho market was small n good underlying
tono was noted, nnd this brought about the
firmness that was present nil tlitough the
day. Just now the whole Street Is giving
more attention to the nerds of tho na
tional Government than to their own af
fairs, and to this can he assigned tho real
reason for a further slackening down In
the amount of business done on 'Change.
The attendance In tho commission houses
was about as large as It han hcen on recent
days, hut the majority of the traders pics
cnt hung around' the news tickers the
greater part of the day for news on the
International situation, letting the market
take care of Itself. Kven the usually ac
tive Issues, rucIi as Lake Superior and
United States Steel common, did not come
out on the tape to any large extent.
When some pressure appeared against
I'nlted States Steel common In Wall street
In the early part of tho day It sold down a
little here as compared with earlier trans
actions, hut at one time Jn the'nfternoon it
was up a full point as compared with tho
Anal flguro of last night. This stock was
also the most active. I.alte Superior hung
nround the closing figure of last night, being
tho most nctle of the home shares.
In the table giving tho total transactions
for the day Tonopah Mining stood ns tho
most active, but of tho turnover In that
Ikbuo there was a block of 10QO shares
which changed hands nt 6 '4, h change on
tho upward side of V. The regular quar
terly dividend of IS per cent was declared
by the company's directors, pnyable April
21 to stockholders of record March 31. The
annual meeting will be held In May.
LOSS OP HEALDTON
MAKES WHEAT JUMP
Unfavorable Crop News From
Kansas and Nebraska Is Also
Bullish Factor
WEVTIIER CONDITIONS
NEW YORK, .March 23 Adilre received
nt the Menther Bureau this morning Indi
cated the following weather rondltlonil
Temperatures
Cannillnn Nnrthweit
Northwest ,
'Middle Vtest
oulinesf
I'nrer Mlsslsslnpl Vol.
Lower Mississippi Val.
Ohio Valley
Melt
rlenr ?n
elenr
preflp.
.rlenr
preflp.
rrreln.
preflp.
3(1
in
jo
in
76
00
Low
n
in
28
IS
11
M
48
The following precipitation (In Incurs) wns
reported! ,02 nt Ilcnvcri .01 at It. Paul I
.01 nt Pittsburgh, nnd .02 nt St. Louis.
I'Htf'AMO. March 23.. Germany's latest
warlike act against the United States, the
sinking of the llcnldtnn, and unfavorable
crop news from Kansas nnd Nebrnskn. the
result, of winter killing, made the wheat
market strong today with buying general
Less attention was pa'd to rumors.
The May delivery led In strength and
nctlvlty. Shorts were frightened because
they believed the entrance of this country
Into the war to be not far distant nnd cov
ered freely Premiums on the cahh article
were strong and higher gcneially. notwith
standing the d'scournglng shipping situa
tion. Offerings were light nnd sentiment at
the end was bullish
The low on May wns J1.S7 nnd the high
$1 91. closing at $1 904 to J1.00. against
jl 8U4 yesterday's last price; the bottom
on .luly was $1.574. the top $1.60- and
the close $1 fiO9 to Sl.flOs. against $l.S7i
at the end yesterday : the low on September
was M 43Tf. the best Jl 46 and the (lnlsh
$1.4f.'i to $1.4BM,. against $I.I4U. yester
day's Una', quotation.
The farm labor situation Is expected to
become a serious matter, especially In the
northwest, ltecclpts at Interior po'nts were
light.
The Modern Miller said that rains base
been beneficial to the winter wheat crop
In Kan?as, Oklahoma, the Middle States and
th9 Ohio Velley. Surface conditions still
Indicate winter killing in excess ot normal,
but the crop has not progressed sufficiently
to make estimates ns to condition
Ooorge M. LcCount sent the following
from Watonga, Okla.: "Wheat In this d!s
trict is looking good generally. Oats are
mostlv up and look good. Country Is getting
dry. hut crop will come out fine for two
weeks or more. Cooler; heavy wind today."
John Ingl's telegraphed from Harper.
Kan.: "From Clinton, to Harper the general
condition of wheat Is good. There Is won
derful root growth, but the top growth is
below normal. High winds are still prevail
ing. Immediate suffering from lack of mois
ture Is general, lta'n is deficient."
Bradstieet's reports the exports of grain
for the week, with comparisons figures, In
bushels as follows: Wheat, flour Included,
5.471,923, against 4.675,943 last week and
10,389 253 in this week last year; from July
1 to date, 235,733,839, compared with 322,
021 51C In the Mime period a year ago. Corn,
1.621,875, contrasted with 2,271.910 last
week and 1.389,772 In this week a year ago;
from July 1. 39.549,1.62, against 16,454,961
In the corresponding time last year.
Shipments of wheat and flour from the
United States for the week were 5.471,923
bushels, ngalnst 10,389,253 bushels last
vear; for the season they amounted to 255,
733.839 bushels, compared with 332.021,516
bushels In the previous season. Hxports
from Argentina for the week were 989,000
bushels, ngalnst 3,184,000 bushels a year
ago; the visible supply there is 7,400,000
bushels, compared with 11,040,000 bushels
In the previous season.
Corn advanced to new high levels on an
ncllve demand from tThorts. higher pre
miums for tho cash article and a good ab
sorption by commission houses. May acted
rather tight, A resumption of activities on
faims left shorts in that month In a bad
way as regards supplies from the interior.
There was excellent buying of oats, which
also were strong. All offerings were easily
absorbed.
l.vadlnE futures ranged ns follows.
Yea'tdya
Wheat Opn Hle'l. Low, ("n "los".
May ... . l.7' !! -R7 ln I'""1'
Julv . . . t.iW l.0 '-"'i '''n"i '
September . 1.44U J.40 l.ir.'i 1 4'i 1.44U
MHC;-rn.,n',V.l!.ryU I.12M 11.V. 11SH
juiv . . i u Lis i.in. 1.13 l in,
September .. l.OD 1.11 LOU Ml 1 08H
Oate
XUy
.lo'i (o' TiO'i BOS R
nT ."s r.7 .is r;
Bltt 62's 5l1i .'.2'i 31'i
Julv .
September ..
May. 1R- 1S2 ,B-7:: 19-7S 10-7S
July .....19.77 10.82 19.75 10.7(1 T19.75
MaIyb".T. ...1R.00 1R.10 17.07 1S.0S tl.02
July . ... 18.P-' 182-' 18.12 18.17 18.12
Ma'?'1!".. .31.37 31. .12 31.37 St.llS t3l..in
July .13 00 33.73 33.00 33.80 33.45
Hid. t Asked.
NEW YORK COFFEE MARKET
NEW YORK, March 23. The coffee mar.
ltet was a little lower at the start this morn
ing and first prices showed decKhes of 2 to4
points under scattered liquidation, which
seemed to come from outside resources.
Today's
opening, cioee.
March
su" .7.7.7 iMoilis
7.II3V 7.VD
July
Aueust ..
September
October . .
November
December
January .
February
8.086 8.10
. 8.24 ft 8.2.1
8,30 08,32
T.5907,02
7.H2Y.il.1
7.05O7.68
7.i.lt.i5
7.sn7.82
7.K87,K((
7.D3fi7.9
K.OOHN01
H.OSON.On
R.HW8.12
8.17WM.18
8.230 8.24
Yesterday's
c IUM .
7.757.7
7.,im7.xl
7.8307.83
'Altuttl.Ul
7.89R 7.!ll
H 0.144 8.(17
8.121ft 8.14
N.170N.1K
8.22 8.2 1
H.28R.ril
8. .14 fi. 311
8.40ti8.42
Corn Products Pays on Back Dividends
' NEW YORK. March 23. A dividend of
5 per cent was declared today by the Corn
Products Refining Company on account of
tho accumulated preferred dividends, In ad
dition to the regular quarterly preferred
dividend of Hi per cent, both being payable
April 16 to holders of record April 4. Un
til today's declaration there were 14' 1-8
per cent due on the preferred stock, p'er'
cent being wiped out at the December meet
ing of the boardi ,
Plan New Securities Comptriy
K. van Taylor, touts B. Taylor and
Theodore J, O ray son have given notice that
they will apply April 18 to the Governor
of Pennsylvania for a charter for a cor
poration to te caned "muaaeipnia i-ounaa-(Ion,?
the object of whteav' ta t asqulre.
COTTON ENDS HIGHER,
FOLLOWING DECLINE
Demand Increases in Late After
noon and Advance Carries
Prices Upward
COTTON IIKI.T WK.TIIKR COM11TIONS
M;U' MIRK. .March 23. Precipitation
n recorded aculn thU mnrnlnic In the
cistern section or the cotton belt, but there
ni ilrtunll; none In the notern half.
uliere It l mot needed.
The follonlne teiiiperaturei ere recordedl
IlnlclKh nnd ,tlieillle, 44: Oklahoma (It.
:K Atlanta, 40) Knuxvtlln nnd Chnttnnooxfl.
ffix .Mm on. UtlmliiKton llnd Auxuxtn. 31)
hnrlctton. RHi Mavnnnnh, Thamaerille and
Niuhillle. (10 Port Mnltli, .Montconifrj and
lllrmlnch'im, 02t Tnmnn, JarkaomHIe nnd
Mnhllr. 00 1 I'ennncola and (lahenton. 08 1
Mireienort, Han Antonio, t'ormii tiirl'll,
Little Kuk. .Meniiihli nnd New Orleani. 70)
Del Rio. ,l.
There wn .02 Inch of nrecliiltatlon nt
A-liellle nnd (iinrlettnm ,0M Inch nt Fort
Smith nnd Knnwlllci .10 Inch at Memplile;
.22 Inch at lllrmlnthnm, and .24 I mil at
haanniih.
NKW YORK. March 23. Business was
more art've at the opening; of the Cotton
Exchange than In a lone time and the tone
was firm, prices bclns 1 to 14 ppints higher.
There was a large supp.y offered from Liv
erpool Interests, but tne demand from com
mission and hpot houses and Wall street
was sufficient to tako this selling as well
as that coming from southern Interests and
uptown operators.
The Influences were more favorable
cables than due and precipitation In the
eastern belt, where there has been too much
moisture.
After selling about 10 to 13 points
net higher toward the end of the first
hour on traire buying and coer.n;i the mar
Uct turned easier. Scattering March liquida
tion sent that position about 13 points net
lower, while the outlook for clearing weather
hy Sunday may also have been a tactor. At
any rate the market became unsettled, sell
ing back to or a shade under last night's
closing figures before midday.
Trading tapered off toward mld-afteinoon,
with the market displaying a steadier tone
on covering and renewed support from out
side speculntle sources.
The exports for the day aggregated 977S
bales, Including 0189 bales to Urcat Bri
tain and 3S7 bales to France.
The closing prices were generally above
yesterday's last sales.
Yes. close. Open Hlah. Low. Close.
Mnrch . . IH.'.iri inu.1 18. Ill Is 8-'
Mnv . . 1K.HO 1S.7H lNti:t 18.011 18 88
lulv .. .. lS.ur, 18. .14 18.7R 18.51 18,72
Otobr .. . 1 8.(13 18.02 18. IS 17.IM1 18 27
December . . 18.fi 18.14 18.411 18.14 18 40
Spot .. .. ..10.05 10.03
Liverpool Cotton
MVKRl'OOU March 23. Spot cotton
was quiet at at. advance of 1 point on the
basis of 12.47d for mid-upland today. The
!-ales aggregated D000 bales, including 4000
bales American. The Imports were 14,000
bales, all American. Futures closed steady
at a net advance of 3 points to a decline of
2 points.
OUN FiWJNJEjy firCo.
AUTOMOBILE BANKERS
title i special facilities for in
dividuals 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 BUILOINQ
PHILADELPHIA
Steel Alloys
Barnett Oil & Gas Co.
Bought SoW Quoted i
E. H. CLARKE
Morton R. Alexander
(Realdent Partner)
Thone 1149 Spruce
Stork Exchange Iildc, Fblla.. Ia.
27 William St. New York
Newark, N. J.
ANNUAL MEETINGS
.ISS WESTMORELAND COAL COllfANK
HXf UUirel 4 aoutb Tlurd Street
i'nlladeipnla. March IV, 1817.'
The Annual Meeting of th Stockholders ot
the Wea(morelnd Coal Company will b bald
.x J.1"..?110.''... th Company on Wedneedajr.
April 4lh. 1917. at 12 o'clock noon, when an
election will l heid (or three Director to serve
three eara. HERMAN ROLL.
Secretary. .
ANY
BOND SALESMAN
can tell you that his work
is comparatively easy
when he calls on a man
who knows his house.
He can spend his time
selling his offering with
out having to explain who
he is or where he comes
from.
The PUBLIC LEDGER
EVENING LEDGER
combination can .make
YOUR hbuse known to
the security buying public
of Philadelphia. :
Have you thought of ad
vertising in the Ledgers?
Finafleial Dipartmtnt
Walnut 3000 ,
Main 3090
Sales In Philadelphia'
10
I OS
X70
13$
100
1300
24
SO
300
100
II
.10
303
!
100
100
1S.1
270
40
m
20
too
10
210
1160
22
227
6210
as
ill
ito
. lllh.
Am das ,.110
Elect Stor, H4
Krle . .,.. 30 V.
Ins CoNA 56V4
Kenne Cop 479i
Lnko S Co it
t.eh'Nav. .- si
Lehigh Vol 704
Leh V Tr. 26
NcV Cons., 24 VI
North Pa.'jSli
N V N H.. 40 W
Pa R R... 04
Pa Salt M. OS
Phlla Co
cum pf. .. 40
Phlla Klec. 3324
PRT tr cfs 31
Phlla Trac SOti
Rys tlen.. 0
Ray Cons. 2U
Reading ,
Seaboard
Ton Hel.
Ton Mill,
Union Trac 44
Vn a Imp.- 0OJ4
i: S Steel. 117
Westmor C 774
Wm Cramp son
York Ry pf S7H
90
4,V
t.nr.
1104
63 H
I0J4
26H
47
22M.
S0H
70U
26
24 4
03
4fly4
34 M
04 V4
40H
32V4
30
no',
6
20 '4
90
14V4
y,
44
0
1134
77
S'4
37 V,
Clnee,
1194
64 V4
30
26V4
474
22 W
SI
704
26
24 V4
03V
40 V
34 V,
04 V4
40Tfc
3? 14
3014
8OI4
0
20 &
DO
14V4
i
6H
44
ooy
if?
774
SOW
S7W
Net
chre.
1
"4
1
'14
V
4
H4
"'A
V
14
1
V
Vi
!.
H
V
u
'Total anlee, 11.631) hnrc, enmmired n'th
11.000 ahnre .leeterdar; thu far thin Heew.
07.K2O ahnreai name perloil Inut week, 03,001
ahnre,
ItONDM Net
High. Low Olnee. ihge.
700 Am f!as &
i;icc 6s.. 064 90 Mi 064
' 4000 f'lty 4s 1943
teg 101 101 101 '
6000 rjlec & Peo
Tr 4s . . 63 S3 S3
1000 llarwood
i:iec 6s. .103 103 103
1000 Key Tel 1st
6s 974 9?r, 074
3000 Leh Nav
cons 4 4 s. 1 024 10214 10214 4
1000 Leh Val gen
4s reg .. SOU SOU 60V4 14
3000 do cons
4 '4s as.ioon ioo, ioo!4
1000 ' do Coal
os cp ..1031)4 1034 lO.li
1000 Penna Co
cons 4Hs.to.4 1034 103i
1000 P WABt
c 4s ... 094 0914 00V4
12100 Phlla Kleo
Temp 6s. 10214 101TA 101U Vi
looo Reading
Term Cs.ll24 1124 HIM
Total nlc, $11,600, romnnretl with S33.3C0
yenterilay; thu for thl eek, S2O3,40Ot aame
period lait week, X422.000.
Another Gold Shipment to Spain
NKW YORK. March 23. Oold coin to
the nmount of $60,000 has been withdrawn
from the Subtreasury for shipment to Spain.
Local Bid and Asked
llaldwln
ltrlll J U
Hurt A HU t c
tto prcf
Klec Htoraite .,
(Jen Aaphalt
do prcf
Kciaiono Tel .,
Lake Hun Corp
I.ehlah Nav . . .
Lettish Val ....
I.eliiah Vol Tnt
1o pret i . . .
Penna
Phlla Klec
Phlla Co
do f per cent
do 0 per cent
rhlln Htf
ncaiUpir
Ton i("lmont . .
Ton Mlnlnir .
Knlnn Traction
HO I
tt 8 S'eel .
York llwv .
At. nref
Wm Cramp t r
prcf.
prcf i
Today ,
Jtlti. AMKl-U,
, 174 fiS'.l
. 23 211
, (1.1 ill
, A3 M
, (II 03
, 21 2(1
, III 0(1
, 12'4 l'-4
, 224 2Ji
""! S!
jn 20V4
43'4 40H
, .'.4'i nil
.12Vi .TJ4
3714 3114
S3 30
40'4 41
n 31
rn' . .
4 1", '.
JVy 44
ri. pn'i
110'i ttT
n 1 (
R..
FOli
ftatenlay
lllii. AKO.
5(l'4 t7
jl All
113 "I
r.,1 M
13 HI
21 20
III (III
12V4 1314
J24 2214
S(l4 HO'
HB'i (l'l"
2.". 20
4(1 4ll'i
ftl'4 fl4'
.12(4 32'i
37i 3R'
n 7
Hl't 41
an'( sn'i
tm'( tm4
4U '1,
o n4
.m u
im pen
n-. i'3'4
11 i
R314 RO'4
FEBRUARY EXPORTS LARGE
WAMI1NOTON March 23. The preliminary
flaurea of the total value of Itnlted Btntea ex
port" and Iraporta for Kehrunry, and for elunt
mnntha compare with the flmirea for the prevlou-i
threo cara h fnlloa (000 omitted:
.MHIK'HANDIHr:
Kebruan .."UI-,
Imports $11111, r.il
Kxporta . ... 4fl..-.2.1
IJxieas nt exports 200,0111
Eight months ...... , .,, .....
Imports 1317.031 1.201.072
Imports t.nso.OllS 2..-iN4.fl2
Kxicea of exp . 2.332,7111 1 293.il0'i
llllll
$lti3.03"
401, 7S3
207.S4H
mi.-.
$123,123
2t),MI."
174, 0S2
1,013,031
1 031,400
37S.831
Ol.lJ HXCl.t'SIVK OK OIU1
February 1l 7 ll'IO
ImpoVli . $11.3.700 0.010
Exporta .. .. 22.IMIS 13.0SI
.. of Imp M.iKis 7.CI1S
KlBht months .... ......
Imporls 001.701 32;.0.1l
Kxporta 132.1,1 4i.ltl
Lxtesi of Imp... .120.1211 2NII.3I2
lni.i
12,720
1,11.13
11,072
10.207
I III.3S7
01,110
hIiakr iixci.cuivi: or onn
February
Imporls . . .
Ilxports . . .
Kxccea of exp
KlBht months
Imports . .
Kxporta
t-;xi psi 01 rxp.
Kxccsi of exports.
I1H7
J2.177
7 011.I
,1.21.1
2J.07t
.13,131
30,4.111
ltllll
J2..1H0
I II HI
2,3.1(1
23,1 !1
.IS. 332
1.1,111
1
1 400
I, IL'I
1.024
18,0.1.1
34,70.1
10.049
NEW YORK BUTTER AND EGGS
NKW YOIIK, March 23. ni'TTKn Receipts.
0327 tubs Market unsettled Somewhat lower
prices and ficllne unscttltd, though trnde n Ill
tie b'ttT Higher scoring, 4IVafft42r: extras.
40' ?4tr firsts. .TU Wtii'ar. Other iiuotatlons
unelianeed
KOHS lleielpts. 11.107 cases Market steady
on good demand White ggs. 33W34C1 no other
thangex.
GOVERNMENT BONDS
2s registered 1030 .
2s coupon 1l'3 ...
3s registered 191S
3s loupon lul"
4s registered 102.. .
4a coupon 11.2. 1
,1s rtg.slercd 1040 .
as coupon 1010 . .
Panama 2s registered IPSO
Panama 2s registered lli.lR .
ranamn 3s registered 19HI
Panama 3s coupon
Hid. Afknl.
. .tili) 100
. .10014 ;.
107
.100
. inn
loo
. OS'4
. IIS'i
ion
t '".n A. -s f .
PHILADELPHIA MARKETS
GRAIN AND FLOUR
WIIKAT Itecelpta. 123 374 l'Uh- . The mar
ket a. strong and prlc.a further advanced .c.
due to bull, an western advices. "'"''"""'.V.",
lot. in exiwrt elevator Nj.. 2 red. "P. '-Jl
21.3! No. a southern red. L',"'0,?l,,fiff.mili
No. 2 rul. 1,UO02.O1: No. 3 rid. -',rV
rejected A, $l.P2l,l.7i rejected II. $1.88401.93.
COItN lltcelpta. 23.133 bush. There was a
further advance of lc, due to light offer Ingi ana
n.giier wralern advices. (Jjotatlonaf Car lota
for local trade, ns to location Western Np.d
yillow. $1.2I'1.23'4: do. No. 4 e low.
11.2214 mi, 23'4 1 do, No. 8 yellow, 11.2014 W
l.il'i! southern No. 3 yellow. $1.2401.23.
OATS Receipts. 14.300, buah. Oferlngii were
llgnt and tne market ruled tlrm under a fair lie
tnand. Quotations: No. 2 white, 75e'r'V4C"
standard wnite. 74074V4ci No. 3 white, 7.10
73'4es No. 4 white 727214cj sample oata.
COW 70c.
PLOL'n Receipt. .180 bbla. nnd L147.103
lbs. in sacks. Mill llmlta were firmly main
tained. In sympathy with the continued upward
movement of wheat, but business was mostly in
sicond-hand stocks at concessions. Quotatlona.
per 11.0 lbs. In wood! Winter, straight. I8.00W
I.! Kansas, clear, $8.f.0.73 1 do. "ilht. $
ti.23! do, patent. $0.238 0.60! aprln. clear
$8.75WS.nOi do. patent. $11.40011.73; do, faorlte
bra.ida. $I0.2.1KI.7! city mills, choice nna
fancy patent. $10.23010.70.
but'ou'-W-Mo ?.73T8,.25UPp,e,rJ,bnbi,,? .".To
"UamS PROVISIONS
There was a fair Jobbing Inquiry and the mar
ket ruled firm. Following- are the quotations Uty
beer, In sets, smoked and air dried, 34ci west
ern beef. In sets, smoked, 34c: city .".
knuckles and tenders, smoked and air dried, a-ic.
western beef, knuckles and tenders, smoked. 35c.
beef hams. I-'HOSI): pork, family. $40.30041.
Kama. S. 1'. cured, loose, 2214 23c: do.j "Ulnned.
2323V4e: do. do, Bmoked, 2402414c: other
hams, smoked, city cured, aa to brand ana
average, 23' 024r: hams, smoked, western
cured. 234 W24c: do. boiled, boneless. 3iC! picnic
shoulders. H. P. cured, loose. 1814c: do, amoked,
tOc, hllles, In pickle, according to average.
loose, 19'4ri breakfast bacon, as to brand ana
average, city cured. 2414 c: do, . western cured.
24'irj lard, western, refined, tierces, 21c: do,
do. do, tubs. 21ci lard, pure city, kettle ren
dered. In tierces. 21c; lard, pure city, kettle
rendered. In tubs, 21c.
REFINED SUGARS
Th market waa quiet and unchanged. Re
Hners1 list prices: Extra fine granulated, 7j:
rendered. 7.10c: confectioners' A, 6.00c: aoft
grades, 0.2300,83c.
DAIRY PRODUCTS
HPTTKH Values wera well maintained under
moderate offTlngs and a fairly active demand.
Quotations: Western, fresh, solid-packed cream
ery, fancy specials, 44c: extra, 42043e: extra
firsts, 41c: rirats, 3S14 040c; seconds. 37038c,
nearby prints, fancy, '4.1c; do, average extra,
42T4lc, firsts, 39Sf 41c; seconds, 37038c; special
fancy brands of prints Jobbing at 4R3lc.
K(!C3S Demand was good and the market
ruled firm at tho late advance, with supplies
ll under control. Quotations: Nearby extras,
33c per dozen; nearby firsts, $8.70 per case,
nenrbv current receipts, $8. .1,1 per case: western
extras, 33c per dozen! do, extra firsts. $8. .0
per case, do. flrsta, $8 3.1 per case: fancy selected
candled eggs were Jobbing at 34o per dozen.
CIIKKSK ruled firm under small supplies and
a fair demand. Quotations: New York, full
cream, fancy, held, 27 028c; specials higher:
do, do, fair to good, held, 2727V4c; do, part
skims. 14022c.
POULTRY
LIVE Offerings were light nnd the market
ruled firm, with demand fair. Quotations:
Fowls, ms to duality, 2UP230J stnggy ronn...
IflM-jn,.! old roosters. 10017c! nri.V JSP.'"'.
sofemeat. tl. 24 023c! ducks, as to alie .A i
quality. 22024c! pigeons, old, per pair, 280sn-1
do, young, per pair, 2(l023o. -ovouoj
DHEBSRD The marker ruled firm, with j.
mund readily absorbing the very limited renlni. "r
of fine frcsh-k- lied stock. Quotations f""lf!
Fresh-killed, dry-tMcked fowls. 13 to bo.
lancy aieewu, . .uam uj, wewnin 14 Dt .-:
over nplece. I'Sci do, wctenlng 3-4 lu. iit?..
fowli
L'4C ao. vveigning o hi, iy)icce. . ziff23cj fowli
In bbls.. fancy dry-picked, weighing 4V4 loi
and over apiece. 2414c! do. s-naller sites. '
23c: old roosters, dry-plcked, 200- roastliS
cnicxens. tiiciii wi '"!". 111 ooxes, vvelth ni
801U lbs. per. pair. 25021K! cepn5nal loiS
higher: do. do In boxes, vv-ilghlng 7 lbs, Si?
pair. 23024c: do. do. do, diy.plcked. In bbK
weighing BWjO lbs. per pair, 25o : do. 7 ife
per pair. 21 022c I broiling chickens, western
In, boxes, weighing 304 iba. per pair. ajSaffi;
th ckens. weighing 300 lbs. per pair -jja-'K!
uo,21cu.':.V. " M"nrro, jersey, fanrv
3235c: do, other nearby, weighing 1 U V 11,.
apiece, 30032c: turkeva, fancy nearby, 3u,J',
fancy western. 32033oi fair to good, auSii.t
old 10ms, awwiiuci common, S4fP2Tp duit.
nfnrnv. wawiu. .lo. nnc-rn. ''v&B'.j-. ---,
. - ....a . .------.
. --.-.-lUi -
neamy, iw-ic; no. western, latU'llc snn.h.
white, weighing 11 012 lbi. per doz?.' tWi
4.7Si do, do, 0010 lbs. p.r dor.. 13 it mi'1,9.
rirt an. N inn. nr tins.. iSimnK. j
d0.v 7 lbi).'
per doz.. $2.3002.7! do. do. OOeU lbs if:
No, 2. COc0$l
mall anc,
FRESH FRUITS
The market was generally aleady und-. .j
erato offerings and a fair demand rUlf
quotatlona were as follows: Anole's ii.
or'-liauiw.ri.H5V trti&tsrnn 'i
rrnnan. iauu: nrraninr j:n ean.
t;. ..r'.Tj.T. "'.e,-: :;.."" . '
ao unitrauru.
no. unTraaXT
do, ungraded,
(Th fl a -$n iifei--i
wt "i uinininH. uiJUfrt.Hu Apples, nort!
02. lemons, per box. $304. Oranrei Flor d.
rf.r.Xr?.,vrUrlhL.;ncy. $307: russet. t.n?I'
?UWD,75!
to1rf..uin.insn, 00. I. ISHtin
, law! Htayman. No. 1. iJraa.'
$2.5003.50; Wlnesap, No. 1 14 an
h.
per
ce.
black. $204. Cranberries. I '.n. .!-.' J"7
$1.5002: do, Jersey, per crate,' $li.5o'
Strawberries, Florida, per quart, 28033cT
VEGETABLES
Demand was only moderate, hut values .--.
erally jvere steadily held as follows: : vhffi.
potatoes, .per bush. Pennsylvania choice li
02 00: New York choice. $2.7S: Malnehniii'
$2.7502.90: weatern choice. $2.2302,50 wiliTi
potatoes, Jersey, per basket, $1. 5001,75. awii;
potatoes, Eastern Hhore, per bbl. No 1 1 1 sn
05! No. 2 $1.5003. Swe'et potatoes. De aware
and Maryland, per hamper No. 1. $1.7,1132 i.
No. 2. $1.2501.50: mills, $1. Sweet potatoli'
Jersev. per basket No. I. $1,4001.50: No ''
iv'j4- inn . vjiiiuii". ijci mvMU. iroR'AO 1 t Aur
$808.7.1. Cabbage. Florida, per hamper. Kb!
3. ,10: do. Florida, per crate. $3.5000. Solnaeh
Norolk. per bbl.. $304: do. Texas7 per h.mr'
$202.2.1. Kale. Norfolk, per bbl. $1.752'
Caullflnuer, Norfolk, per crate, $1,50" tt"
tuce, Florida, fancy, per basket. $.106 50' dn
do, poor to good, per basket. $108. Celerv
Florida, per 10-Inch crate, $303.50. Reana
Florida, per basket Qreen, $308: wax. 1,1 id a'
i:ggplant, Florida, perbox, $3 .100.1. reriDers
Florida, per box, $607.2.1. Snuash. vSSfi:'
her box. $1.7.102..1. Pens.
PlnM -.1
basket. $307. Tomatoes. Florida, per 'crate
$2.7503. Asparagus, southern, tier dozen
bunches Fancy. $508: choice, $304. Mu,2
rooms, per t-iu. ukbhci, 4 t.ulO'1,70.
BAR SILVER
. Last 1917
Today. Yes. Frl, High I
New York (cents) 72Vi 72yt 73 7!) 7o7;
London (pence).. 3.141 35 33T4 39,', 331
$100,000,000
Government of the French Republic
Dated April 1, 1917
Two-Year 5Y2 Secured Loan Convertible Gold Notes
Interest payable April and October 1
Principal and interest payable at the office of J. P. Morgan & Co.
Due April !, 1919
Coupon Notes in denomination of $1,000, $5,000 and $10,000
Convertible at par, upon notice, at the option of the holder, at any time before maturity, into Twenty-Year 5ii
Bonds. of the Government of the French Republic, payable April 1, 1937, and.
not subject to prior redemption
Principal md interait of the notes, and of the bonds into which they may be converted, are to be payable without deduction for French
taxes, present or future, in New York City in United States Cold Coin. Principal and interest of the notes are
also to be payable, at the option of the holder, in Paris in francs at the fixed exchange rate of Fes. 5.75 to
the dollar, without deduction for French taxes. " ,
In connection toith the provisions for optional collection in francs, it may be noted that this feature amounts
to a call on French Exchange for two years at a rate .oj Fes. 5.75; this being about ten per cent, beloio mint paritv
Fes. 5.1 8Yd, at or near which figure 'Exchange ruled prior to the disorganization of foreign markets brought about
by the War. Such additional profit from the exchange feature as may accrue to the holders of these Notes will involve
no increased interest cost to the promissor, but will be consequent upon such improvement in trade and Exchanae con
ditions as may occur during the coming two years.
The Notes are to be secured by pledge with Central Trust Company of Neiu York, of securities apnroved bu
J. P. Morgan & Co., valued in the aggregate at not less than $120,000,000, of which approximately SffOOO 000 in
value is to consist of securities of American corporations and municipalities (including securities of the Canadian
i ut-iiu imiiivwu yjuuipuni, uuu mo i vmuinuvi its iu cunaiat, vf vuuyauons (cutler direct or tlirouah ouarantii) nf
the following Governments: Argentine, Uruguay, Brazil (Funding Loan), Switzerland, Holland Soain Fminl
Province of Quebec, Denmark, Norway and Sweden (including certain bonds of Mortgage Banks 'in thp lnt thrt
(.iiiin tco, ufyeu,i,cu, unuei uuiei umiiii, zujjci vmiuii, uuu quuicu cusiomaruy on a parity with the obligation
i cspwuvv vjvvvi Hinviuo, utau uuiiua uj inv oicue o) aerne, owitzeriana, oonas of tne Uity of Stockholm
bonds and shares of Spanish railway companies and of the Suez Canal Conwanu. '
s of their
Sweden, and
Dumiioi'mi io in Jtn iwtnAn 11 7i n v1 firl r n miih 4- 1 .. ....!-... j it .
x iinoiun id w vi icuu ! titc jjuyti uyi vviukui. jvi inn muiiuviiance of ine auwo margin' for tenmnmru lnrfn
ment of cash pending the arrival and deposit of all the collateral; for the holding by depositaries in France of ?h
coupons from the pledged securities as mature prior to April 1,1919; for the sale of collateral and purchase of notes
with the proceeds; for proportionate withdraivals of collateral as notes are converted; and for substUutioJofrnl
lateral approved, by J. P. Morgan & Co., the amount of American collateral, however, not to be rueedthnugh ami
SUC ft SZlOSZlLltZZ01l
This offering is made subject to the approval by our counsel of the necessary formalities.
WE OFFER THE ABOVE NOTES FOR SUBSCRIPTION AT 99 AND INTFRFVT vrvrr
ING SLIGHTLY OVER 6 mmKZbl, YIELD-
Subscription books will be opened at the office of J. P. Morgan Co. at 10 o'clock A M Thvj r.
1917, and will be closed ot 10 o'clock A. M., Wednesday, March 28,1917, or earlier iTiTcfrdiswctS '
than appVd9f.iS "" " "" " awKcB"0,w' and also in t, to award a smaller amount
Amounts due on allotments xoill be payable at the office of J. P. Moraan X- Cn t... v , ,
order, and the date of payment will be given in the notices of allotment. ' " Nev) York funds- to
Temporary certificates will be delivered pending the engraving of the definitive notes'.
Application will be made to list the above notes on the New York Stock Exchange.
J. P. MORGAN & CO. . BR0WN BR0THER rn
FIRST NATIONAL BANK, New York City NATIONAL CITY COMPANY S V
nntitiia, tUKUES & CO. "' n Kjiiy
KIDDER, PEABODY & CO.
WM. A. READ & CO.
KISSEL, KINNICUTT & CO.
J. & W. SELIGMAN & CO.
W. P. BONBRIGHT & CO., INC. ,
LEE, HIGGINSON & CO.
LAZARD FRERES
WHITE, WELD & CO.
.VPEMf&B wnAGTS a nr.
w ...xs.w. eW410V,V L.I.
CHASE NATIONAL BANK, New York City , NATIONAL BANK nt? rnAM,r,n
GUARANTY TRUST COMPANY OF NEW ySr C0MMERCE;New York City
BANKERS TRUST COMPANY, New York City ' CENTRAL TRUST rrnifPA a,v
FARMERS LOAN & TRUST COMPANY, Neu ,York rl ?0MPNY OF NEW YORK
UNION TRUST COMPANY, New York City . EQUITABLE rwcr
COMMERCIAL TRUST COMPANY, Phlladelnhln C' New York CitV
UNION TRUST COMPANY, Pittsburgh ' , ' MFrrnS ma.. '
FIRST NATIONAL BANK, Cleveland NATl0NAL BANK, Pittsburgh
FIRST & OLD DETROIT NATIONAL BANK, Detroit n,A , .tAm'
' CENTRAL TRUST COMPANY OF ILLINOIS Chi Z NATI0NA1 BANK, Buffalo
CONTINENTAL AND COMMERCIAL TRUST & SAVINGS mSEt nu,
FinSrmtWmL BANK, St. Paul , , UmficiPA .u . ,
,. Dated March 19, 1917. ' . IKUST MPANl, St. Louh
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