K A 1 if' k IF B T.&F llA !0 "A WWL'WWM u tt ''I W r"iij fa ..k't zi ;ea f' Reserve Make your business reserve funds work and 1 vet keep them avail able. Upon thiatmay ' depend the success or failure of your business. We can advise you in selecting investments. ftROOKESTOICES & r.Q 15.haYWtfiw.St STOCKS BONDS BouRlit and sold for cash, or car ried on favorable terms. Private wires to all market UNDES & COMPANY Franklin Bank BItljr. 1416-1418 Chestnut St. Dell rhone Pnrnee S337 JSSg Lone Dlstanre I.. I. 4 17 Keystone Usee SOI u.isn i i I wMttiMifc ' ' iBWmmi ' ' ' " " FINANCIAL NfiWS WHIM ... !.. I .1 I - I I I II Ml I I - .1 l I ORDERS IN COMMISSION HOUSES SMALL, AND TRADING IN STOCKS BECOMES LIGHT Price Movements in Nearly All Cases Are to Lower Levels. ' United States Steel Common Is Under Pressure High Points in Today's Financial News Light trading took place in stock market. Commission houses had few orders. Tone irregular on Curb. Wheat and cotton higher. Easier 'tone in Spanish exchange. Baltimore and Ohio Railroad sold f 10,000,000 Wi per cent equipment trust certififirates Price, of bar silver advanced. More gold sent to Cuba and Spain. New York bank statement showed increases in loans and ileerenxea in aurnlim. ' Week's tiatik elearitlas larae.r. Stoelctrmlinn rmifniieA on Philadelphia Stock Exchange in month, while yond business fell off asA i imyuf ixi tuuri vvuiuiiiy. OtssJFusjSEar & Co. AUTOMOBILE BANKERS Offer special facilities for In dividual! or automobile deal ers to flnanco the acquirement of pleasure cars and for business houses to flnanco the acquirement of commer cial cars or trucks, it you nf thlnklns of purchasing a carof any kind for any pur posethe FINNEY SYSTEM will make a better business transaction for you. REAL ESTATE TRUST DUILDINQ PHILADELPHIA Charles J. Bender & Co. INVESTMENT BONDS Members Philadelphia Stock Exchanc NORTH AMERICAN BLDG. ANNUAL UKCTOiGS fc35 WE8TM0BELAND COAX COMrANX KS? Office : 224 Mouth Third Street Philadelphia. March 10. 1917.- TIm Annual Mf tine of the Stockholder of the Westmoreland Coal Company will bo held i'JWL?..?' ,he,!r0Inr,.Rni' on Wednesday. April 4tb. 1017, at 12 o'clock noon, when an election will be held for three Directors to aerv three year.. HERMAN KOI.L. - Secretary. DIRECTORY OF ACCOUNTANTS Certified Public AeeonntanU LAWRENCE E. BROWN & CO. 1811' REAL E3TATE,.TRUST UUILDINO INVESTIGATE AND ADJUST PARTNER. SHIP. JOINT AND DISPUTED ACCOUNTa. S WILLIAM E. M0NTELIU3 CHESTNUT ST. BURNS & SPEAKMAN illti 11UUH9U LOWER PRICES FOR GOVERNMENT STEEL Many in Trade Look for a Re duction of Half Pig Jron Advances NEW YORK. March 31.' The all absorb ing factor In the steel market during the past week was the probability of Govern ment purchases and the price to be paid on this business. While, of course, It Is cer tain that buying by the Government will take place, and although It Is known that there have been conferences In recent days, the greatest Interest Is shown In the quota tion to be charged by the makers, That there will be concession. In prices la a foregone conclusion, and there are many Interests who believe the levels will be reduced by nearly half. However, the point Is made that this will have no In fluence on prices to other consumers and, as It Is not believed the Government will take more than about 2 per cent of the country's supply, the effect cannot be felt to any extent. rig Iron once again was the leader In the market during the last, week, advances be ing recorded of from $1 to $3 per ton In virtually all selling sections. The demand l unusually large and, despite the Improve ment In the railroad situation, deliveries are far off. The best pig Iron authorities are em phatic In predictions that materially higher prices will be ruling within the next few months, and one man expreses the opinion that the upturn from this level will be at least J 10 per ton, and perhaps more. NEW YORK COFFEE MARKET NEW YORK, March 31 The market for coffee futures opened weak 'and S points lower. Sales on the call amounted to 4250 bags. Brazilian rabies were easier, which may hae been responsible for the liberal offerings from trade Interests. NEW YORK. March 31. General business In tho stock niaikot wns nt n low ebb today. Few of the commission houses had any orders on either side of the market, and genentl comment was made of tho fact that no one seemed to desire to accumulate stocks in either largo or small volume unless they could be obtained at sub stantial concessions; This made prlco movements from tho opening In nearly ull cases progress to moderately lower levels, with the Marine Issues especially lnflurnrcd by continued circulation of stories about submarines. Theso stories furnished tin Incentive for renewed bear attacks, and tinder pressure, from this sourco Marino preferred dropped from gng to S3 Vs. Marine common stock at the same time showed1 a fractional loss. There was bo.tr pressure also ngalust United States Steel common, which yielded about 1 point, meeting little rclslnnee until the prlco touched 114. American Van, which bud been u strong feuturo during the last few days, sold down nearly '1 points, and a number of tho war-order and equipment Issues lost 1 point or more under moderate sales, which came at a time when a nearby, demand was absent. Heading moved with the rest of the list, dropping about 1 point, and a few railroad shares In which there was a moderate amount of trading sustulned fractional louses. Ohio Cities Gas was a strong featuro In the group of specialties, advancing 4 points to 135, but lost nearly nil this gain before noon. Utah Copper was the mot active of the copper shares and attracted" attention because of vigorous buying, on whirh It moved up from 110- to 112. In the late trading there was a gener.tl disinclination to Increase speculative lines until after action has been taken at the coming; extra session of Congress. MARKET TONE ON CURB IRREGULAR, WITH MAJORITY OF STOCKS LOWER NEW YORK, March 31. Tho matket tone on tho Brond Street Curb was irregular in the two hours of tradltiK today, but with the majority of Issues' established nt a moderately low level. Magma Copper wns the most prominent feature, about 3000 shares being traded In. There was good business in Stewart Mining at Mi, nnd Butto Copper and Zinc was steady, with sales at 11 and lO-'i. Green Monster sold at 1" to 2, Consolidated Arizona sold at 115-16. Air Reduction was less active, selling at 71 Vs. Pittsburgh and West Virginia, the old Wabash-Plttsburgh Company com mon stock, sold at 22Vj to 23. American Graphophone common was; traded In at 120 to 119, the preferred at 126 and the rights at 9 to 814. Submarine sold at 22V4, Aetna Explosives at 27. American Writing Paper at 4V6, Carwcn nt 13h, Central Foundry at 26 to 27, the preferred at 49 to 48, and United States Light at 2. The oil stocks were generally quiet and slightly lower, with Merrltt traded In at 2 to 27, Midwest Retining at 141 to 140, International Petroleum at 15 to 14. The bond market was Inactive and without special feature. INDUSTRIALS 11 id Aetna Kxploalws .... . 'tVn Air Reduction ......... "0 Am-Brltish Mfg Am Marconi -Vt Am Sumatra Tobacco ., 2-J',4 American Writing Paper 4i Can Car & Kdy . ., S Can Oar & Fdy pref .... 70 Carwen Steel 13 Charcoal Iron 7 Cherolet Motors 12S Tramp Shipbuilding .... so Curtlss Aeroplane 17 i JCmerson Phonograph ... 10 Federal oyesturr Haskell & Barker Car.. 4I4 Uenden Mfg -' t Kuthodlon Hronzo pref.. 2V4 Lake Torpedo Boat .... "Tii Marlln Aims Maxim Munitions 3 New York Shipbuilding. 4ft March ... April .... Mar June Julr AutUII ... Feptamher October . . November December January . , February . Rid. Today owning. T.r.n 7.70 7.75 7,00 . 7.sn 7.90 .7.H4 . S.OOffR.Ot . s.in . ,8.1508.10 Today' Yesterday's clone, close. A.llli8.17 .... 7.4MT..-,0 7 3n7.fi0 7.H2M7.M3' 7.7Jf7.73 I-fiiiPI-Z1' 7.7K&7.7II 7.757.7fl 7.S4&7.81 ZSJ5I12 7,SH7.t 7.8507.MI 7.W4M7.W1 iV,, ...... 7.11111 R.0I I'2'7ST-nn H.ntMHM J.0J8.04 .S.IOBs.ll 8.1008.12. 8.18.17 RAILROAD EARNINGS llr&DINa STHTKM Philadelphia and Head- tfir rtallwav (To. February: 1917. Qroaa 4,n8a.70t Net 1,1A,30.1 Rurnlun 293. 805 From January 1: Qroaa , .. K ..... Increase. 1220,977 402,182 554.382 J. f urrlua jVjCoi njf Trnn fnmnanv. A (.February; jt. Oroaa i.... ........... fy r Net , -;'.' Froov January It ,!') Qroaa '...........-v.... .... ......... ...... uolua Ittnr Company F 9.990,375 2, Hill, 0O.1 084,005 143.H25 842,254 l.(KS74 Fafeniary: . . .. . . . . :::: J.uarr It rt y e itf - yrvrva 3.185.190 320.3111 307,801. '7,318,030 859,278 834.278 875.302 82,802 1,172,042 1.184.778 1M.778 322,806 95.791 ,91,291, S3.1.'l71 2A9.4B3 260,455 .17,894 17.0 17.726 80.245 80,070 40,588 tmmrouc Akb western rev..,. 14.527.845 181.070 rT...... J,TVjBM 2IHI.004 1.514, H3S 844 TO lII'm.lt.,1JH.l MIKI Otis Klavator 0 Peerless Motors 15 Poolo K & M SO Redden M T SOW RcrlppB-Uooth I" S S Kresge w 1 12 Santa Cecilia 20 Santa Cecilia, pref ..... 55 Stand Motors 12 Steel Alloys 8 Submarine 22 Triangle Film 1 Mi Todd Shipyards 84 United Sugar 3' V S Steamship O'.h United Motors 38 V United Profit Sharing... World Flint Wright-Martin Aircraft. 7 Zinc Concentt ntlng .& KAll.ltOAUS Rotk Inland com '38 Rock Island A pref 81 Rock Island B pref .... 71 Western Paclllc w I .... to Western Pacific pref.... 47 Wabash Pittsburgh .... 22 H Wabisli Pittsburgh pref. 84 Y. Asked. 72 12 3i 24 Vi 5 30 75 8 VI 8 132 00 -21, lltt 42 Yi 27 3Va O'fc 84 3 43 04 17 8'J 21V4 40 13 27 (10 1 2 -If, V 23 1 85 SOIV, 39 V4 ? 8 3i elose (sale) 72Vi 13V4 lSOVi 22V4 4 8Ti 80 3U 30 83V4 72 Vi 10 .() 23V4 35 8TA'IA11) Oil. STOCKS Illinois 235 21ft Ohio 8S Pialrle Pipe 318 Pierce Oil I Stand Oil of California. .207 Stand Oil of New Jersey. 708 Stand Oil of New York. 3 14 39(1 323 14 V4 301 712 317 12'l 224 1V4 33 "v 7'i :Vi 38 85 71V4 340 320 IM(i:i'i:NIU:NT Oil, STOCKS Continued Yes. cloe Bid. Asked ishIc) Inter I'etroleum Houston Oil .... Merrltt Oil Midwest Ref , 14 17 ...... ft 141 Oklahoma. Prod & R .... 10 Osage Hominy ...... 0 Rice Oil i, Sequoyah 1 Sapulpa Ref 11 West.Knd O & G IB MINIMI STOCKS 14 10 27 143 11 0, Va 1V4 1V4 20 in 2:y. 141 U 0 A 11V4 'Alaska Standard' .- 37 Atlanta 14 V4 Big Ledge 4 Butte Copper & Zinc... 10 Butte NY 1V4 Calumet & Jerome . .... 1 Cashboy .. 12 Consolidated Arizona ... 1 Dundee, Ariz .......... I'M Emma Consol ......... 1 First National 2 Florence Goldtleld ..... 21 Gila Canon 48 Globe Dominion ....... Goldtleld Cons ......... 62 Goldtleld Merger 8 Green Monster ........ 1 Hecla Minlnar Ill f Howe Sound 6V4 Independence Lead 14 Jerome Verde 2 Jim Butler 70 Jumbo Extension ...... 41 Kerr Lake Kewanas 18 McKinley-Darragh ..... 49 Magma Copper 50 V4 Motherlode 37 Mines Co of America ... 1 Ntplsslng 7 San Toy 14 Seneca Copper i'A Stewart United Verde 38 Tonopuh Extension .... 3V West Knd Con VS White Caps if. 315 INDEPENDENT Oil. STOCKS Am Ventura ....... 22 Barnett Oil & Gas 34 f'osden Oil & Gas 14 Cosden & Co 18 Elk Basin 12 Federal OH 0 28 29 2 3i 14 14 15 15 12 12 8V 0 40 15 4 11 2 1 13 2 1 1V4 2. 25 83 S3 9 7f 6 13 ' 2r, 73 43 4 20 S3 88 i 30 2 16 12 30 3 75 1 47 41 15 4 "' 'ill 12 1 1 83 Yerrlngtou 46 BONDS Am Smelting 5s 07 U Beth Stl 5 p c 2-yr notes 93 Cudahy 5s 09 loo Cosden Oil 6s 102 Cosden & Co new 6s..,. 107 French Govt 2-yr 5Vs ., 98 Long Island ctfs 86 7 8 Mldvale Steel 5s 05 Penna R R new 4 Va s ... 07 Russian 6V?R 03 Russian 5 ',-is 87 Sinclair Oil 6s 110 So Rwy 5 p c notes 08 Todd Shipyard 6s 100 Western Paclnc new 6b. 88 103 108 00 87 95 87 08 88 110 08 102 89 21 62 87 38 10 12 73 1 no 07 08 0.8 86 98 07 98 87' 87 JJXi CLEARINGS CONTINUE HIGH Total This Week Is 24.2 Per Cent Above Same Period of 191G Bank clearings continue large throughout the country. Although the total for the week ended today was a little below last week, there was an Increase of 21.2 per cent over the corresponding week of last year. This week's total was J5, 248, 655, 665, against 5,503,369,614 last week and S4.225,. 706,248 last year. Details follow: 1 1917. 1916. r.C. V.vf Tork..l2.tn. 782.937 12.043.536.206 4-22.1 Chicago.... 4(10,479,131. 2S2.965.726 41.5 Philadelphia. 2.M.fl2,7(iS- 171,107,114 Itoston 178.372,521 170.U44.794 Kansas City 101,863.875 Atl. 043,827 St. IX)Ul... 93.283.32H 73.074,918 Hun Kranc'0 00.599.712 43.376.480 Pittsburgh.. H2.072.874 40,38'i,336 Detroit .... 41,220.775 28.540.584 Ualtlmoro. .. 3.',U58.063 30,959,306 N. Orleans. 28.788,333. 21.708.728 Eleven eltlta, 8 days... 13,740.218,418 S2.980.486.833 4-25.8 0,8elaJ!!'. 897,941,273 453.9E3.418 4-8J.1 'r05tadrs.C.,!.'l4.349.i5e,691 13,486.448,301 26.8 All cities, 1 ......,. .... , OOV.1VO.VI1 Itf.fllB.Vlt T-IV.A day TfoV "".Vt,248t655,665l4,2;a,76,248 4 24.2 Trading Light During March The volume oMradlng In stocks and bonds on tho Philadelphia Stock Exchange waa comparatively small during March. The number of shares sold Increased somewhat over February, but. with the exception of that month. It was below any month since last summer. The total of shares sold this month was 394,698, against 350,749 last month and 289,168 In March, 1916. Sales ot.bonds aggregated $1,679,835, as compared "with jlf,7o.700 ln'F$ruryrana $l,9l5,i00 )n MafoV'bf last ytari ' " ' i Local Reserve Bank Statement The condition of the Federal Reserve Bank of Philadelphia at the close of busi ness yesterday compares an follows with the previous week: RESOURCES March 30 March 23 Gold coin sod cer tificates In vault. 124, 065.305 00 126,100,800 00 0 u 1 it settlement fund 14,2(5,000 00 16,341,000.00 Gold redemption fund 250,000.00 250,000.00 re- Total clod serve 133,070.306.00 143.181,800.00 Is:al tender notes, , allvar, cto 198,881.85 288,082.25 Total reserve.,, Bills discounted - members 188.768,180.15 143,431,732.25 1,087.208.8 1,387,148.66 11,116,643.88 10.486,480.83 Bills boucht In open market i Total bills on hands 112,203,882.85 111. 873. MB. 49 U. H. Treasury notes l,Sv.000.0O 1,9,000,00 Municipal warrants 1.377,786.93 1.877,786.95 Total earning as. sets 818,680,838.80 115.280,886.44 Cue from other K, 11. bank net... 1. 464.428.63. ., , Uncollected Items,, 17,397,003.86 18,614,883.97 All other resources. 79,723.43 167,882.38 New York Stock Sales Net Hlah I,ow Hose chge, Alaska Gold M., 9 9 Alaska Juneau,,.. 7 7 7 Allls-Chalm Co pf. 84 84 84 1 'Am Beet Stirar. . . 98 6 86 Vi l"i A" Can 40 40 1 ' P'd 107 107 107 Am Car & Kdy.. Am Hide & L... do pfd Am Ico Sec Am Unseed pfd. Am Loromotho Am Malt do pfd Am Smelting- 15 68 28 83 71 18 86 104 do pfd A 102 14 126 30 36 83 104 08i 15 Am Suirnr Am Tel & Tel .. Am Wool Am Xlno & Lend. Anaconda Atchison do pref All Blrm All Atl Gulf A; W I Baldw.i.oco Co. . Halt A Ohio ... Barrett Co .... Beth Steel B .. Brook Rap Tr. . . Central Leather. Chesa He Ohio . , t'hl (It West pref 33 Uhl M & St I'... 83 6 1S 63 27 53 V 60 1 17 64 1 103 102 112 " 128 no 36 82 104 104 08 08 15 18 8 15 67 27 53 -60 V4 17 64 Vi 103 102 112 126 no 38 32 110 108 108, 2 60 : 711 70 112 112 135 134 68 68 9 1 00 01 (10 34 82 89 70 112 2 134 1 8 4- Vi tl 60 34 8'! Chi & Northwest. 117 117 117 Capital said In.... 83,239.850 0 OoverniaTt deposits, 1,748.286.8 Due to mtmbsrs Total resources,. 173,200,988.37 877,864,084.82 LIABILITIES 00 .81 Due to rntniDsra reserve account,. 48,048.438.03 Uncollected items.. 10,358, 780,99 Federal, rear, notes ' n.t' 1. 821.020.60 Dua to otbsr Fad. rasv. banks net ...,.,.,,.,., All otber liabilities 151817 84 5,658,650.00 1.878.877.89 49,266,657.18 16.094,1(6.55 1,408.850.00 1,818,888.85 142,867.07 Total llabilltlas.. 178,20.883,87 377,364.084.83 BAR SILVER Last . 1 'Today. Tes. Hat, Indon 'BSMtV, H 88 MJi Maw ora tcsatsj 78 , 7s Tils i! , 23 53 163 25 24 no o 43 20 17 24 .107 107 68 7 183 40 0(1 0!) 143 18 2(1 77 20 . 41 34 18 23 33 104 25 24 87 1 ', H 80 44 20 17 1 l 20 30 41 34 18 34 107 7 1 138 4 90 1 1111 143 13 20 77 2 2 41 34 18 Cal Petroleum ... 23 do pfd 63 Can Pacific 104 Car C & 0 28 Chill Copper ...... 24 Chlno Con Copper r7 Col Fuel & Iron. . f,o Col Gas A- Kleo, . . 41 Col & South ... 2Vi Con Int Callah M 17 Corn Products ... 25 ti do pref . . . Crucible Steel Cuban Am SuBar.188 Cuba Can Sugar. 46 do pref 00 Deere Co pref. .. 90 Del & Hud 143 Dome Mines . . , Distillers Recur DrlBSS-Seabury Erie do 1st pret .. do 2d pref . . Fed M & S . . . . General Motors ..110 118 119 '1 do pref 00 o 00 Goodrich B F .... 53 53 53 1 Ureat North pref. ,114 114 114 Gt North Ore subs 33 33 33 Greene Can Cop... 43 Gulf State Steel,. 121 Illinois Central. ..1 no Inspiration Cop . o Interb-Cons Corp.. 12 do pref 60 fnt Mer Marine.. .11 do pret 85 International Pap. 42 fnternatlon Nickel. 43 Kansas City South 22 Kelly Spring prof 03 Kennecott Cop..,. 45 I. nek Steel 80 Lehigh Valley,... 8 Loulsl!le & Nash Mux Motor 53 May Depart Stores 02 Mex Petrol 113 Miami Con Copper 4 1 Mldvale Steel .... 00 Vi Mo Pac ctfs 12 do w 1 30 do pfd w 1 88 Natl Biscuit 110 Natl Enam &. Stp. .34 Natl Lead 88 Nevada Con Cop.. 23 N Y Air Binke. .148 New York Cent... 98 N Y N II & II.. 46 N Y Out & West 24 Norr &. West , Ohio Fuel Ontario Sliver.... 3 Ohio Gas .135 do rights n Pacific Mall 23 Pac Tel & Tel,,., 33 Penna R R .13 Perre Mar pref w I 67 ctfs 12 (1(1 3(1 83 VA 42 43 22 93 45 83 68 130 130 52 62 02 4(1 All 12 30 58 110 34 38 23 147 07 Vi 45 24 .133 133 . 30 BOVi 131 4 23 33 58 67 40 . 46 .104 30 00 42 83 4 211 30 Pitts Coal do pref do pref . . . . Ry Steel Spring Ray Con Copper Reading do 1st pret . . Rep lr & St ... Royal Dutch . , , St L S F Sinclair Oil .... Sloss-Sheft St & I 71 do pref 08 Southern Pacific. 00 Southern R R . . . 20 Vi Studebaker 102 Tenn Cop & Chein l Texas Company . .225 Tobacco Products. 30 Trans & William 4 Union Pacific .140 140 I'nited Alloy Steel. 45 45 I'nited Cigar St.. 100 00 I'nited Fruit 140 140 V S C I P & F pief. 88 38 I' S Ind Alcohol .123 12.114 II S Rubber 1st pf. 108 103 & iter.. (11 42 42 121 121 2 105 100 fl 60 12 or, 30 83 1 42 Vi 1 43 Vi 22 03 1 45 83 68 130 ns 02 1 112 1 4 00 1? 80 38 11(1 ,- 34 58 1 23 147 3 07 43 24 133 14 80 4- 8 133 2 5 14 23 33 53 67 1 46 I 104 104 114 104 104 101 XI 31 31 81 y. 20 07 42 82 (13 10 38 70 !I8 95 28 100 3 28 i4 87 2 42 82 1 3 18 B8 70 2 08 1 ?)5 18 100 10 224 228 83, 45 1 2 55 43 140 45 00 140 38 V4 I 1 8 V SiStnelt r S'Steel . do pref .... Ptah Copper , , L'tah Sec Corp Va Car Chem Va Iron C & C. Wabash pref A do pref B 26 Westlngli Mfg.... 53 Willys-Overland , 33 Wis Cent 32 Wilson Co 83 114 118 112 21 43 73 81 61 113 117 110 111 123 108 (ll4 113 1 117 Total sales. 81.823.0OII. (ompared with St.. 388.0011 Ut Saturday, till, veek, I5.I53,(NH) last week, 317,072,000, 21 43 73 SI 23 32 33 32 81 21 1 43 74 81 26 82 38 32 81"? MONEY-LENDING RATES PHILADELPHIA Call, 3 per cent. Time, 4,,j?6 per cent. Commercial paper, three to six months, 4V44 per cent. LONDON Money 3?; per cent, un changed; discount rate, short and three months' bills 4i per cent. Up ,,. De Beers I3U, Rand 3?. Hlaii. .Low.. ma 'sum; '! iff.-.' BANK CLEARINGS B.nk clearlnts today compared with corre sponding day last two years; 1917 1016 1915 Philadelphia. I.10.5H8.874 144.709,858 150.032.704 Hoston 38,334,800 47.19(1.910 31.848 016 New York... 590.083, 188 488,541.370 208,573,957 FOREIGN EXCHANGE NEW YORK. March 31. In the early dealings of the foreign exchange market today pesetas, which had been the strong feature yesterday, took an easier turn' and lta was stated that business at the highest rates In them ' had been always entirely nominal. On the. other hand, the Inability of remitters to Germany to obtain facilities was thought to have, caused strength which developed In guilders. The last mentioned ibelng cheaper than Swiss exchange, It was .thought that similar tactics had been em ployed In exchange as were used in for warding goods destined for Germany through supposedly neutral countries ad jacent to the. German and Austrian frontiers. Quotations werei Demand sterling 4.75ft, cables' 4.76 A : sixty-day bills nominally 4.72, ninety-day bills 4.70. ' ' Frano cables 5.8314, checks 6.84U. Relchsmarks and Vienna no quotations. Lira cables T.76, checks 7.76V.. Swiss cables 6.03V, checks 6.04 Vi. Guilder cables 40tJ, checks 40,, Ruble cables 21.47, checks 28.40. Pesetas cables 21.55, checks 21.40. Stockholm cables 10.10, checks 30, Chrlstlanla cables 29.80, check 29.80. ,. Copenhagen cables 21.98, checks 28.1,0. The above' quotations for pesetas show a decline of about SO ..points from Friday's a-Msis.'Jid'.t.ss es.';b. .u s-i,. t. waniiU-jL-AiiJi Sales in Philadelphlm I Hitii. 8 Am Gns ..110 78 Eleo.Ktor.. 84 loo Erie 28 1043 l.kSupCip 21 3 Leh Nnv.. 80 20 I.er Valley 68 4 Nev Cons. 24 1428 Penna It R 33 35 Pa Salt M. 04 10 Phlla Co.., 37 115 Phlla Kleo. 32 210 PRT tr cfs 20 3 Phlla Trac o no Reading,. , 00 330 Ton Mill.. d 20 Union Tiuc 43 90 Un O Imp. 88 210 U S Steel. 114 80 Win Ctamp 88 I.0W. 119 64 39 20 80 88 4 24 , 83 lit 37 .12 20 80 03 n 43 88 113 88 Close. 119 64 20 21 80 ' 68 24 53 '37 32 30 80 08 8 43 88 113 88 Net eh. V Mi 1 V 1 I"i Total sales. 6550 ahsrea, eompsred V.IH1 10,03-4 shares last Saturday! thla week, 72,830 nhareai last vteel., IUS.70X sniirrn. IIOMIS Illah, t-ow. J'loce. 32000 Clearfield .113 113 113 2000 El 'A Peo Tr 4s... 82 82 82 1000 Harwood El 6s... 103 103 1000 Leh Val cs 4 V4s 2003 08 00 1000 Pa Gil 4iiS 118 08 88000 Phil Elec Temp 5s. 102 101 102 Total .ales. 813,(810, conumreil with 810,000 last Katurduri this eek. S384,(WM la-t eek, 6218,4(81. Net ( hsr. 103 00 98 Local Bid and Asked Baldwin Drill J (I liorr & Suq t o do pref Kleo Hlorase . .. Uenerul Asphalt ilo pref Kesslone Tel ,. Luke Sup Corp . I.cIiIrIi Nov .... LchlKh Val .... Lehlitb nl Tran do prof I'enna Phlla fileo I'hlla Co . ... do 5 per ent do 0 pr cent Phlla It T t c . Heading Ton Helmoiit . . . Ton .Mining . . . Union Traction IIQ I U B Steel York Itwy do pref Wm (Tamp t c pief . pref. Tortav Vest lllil Asked. M . .Ml" 0' HO , 23 20 23 HI (IS (11 52 34 52, 113 (14 (ISH 24 211 24 , (14 1.6 04 124 13 I2'4 M) 21 21 SO1; 81 U 8(1 OH'., (I (IH'il 26 JOVi -''I 454 4HS 45V 5S 53J, 53 32 V, 32. 32'i 37 37'n 37 35 37 35 3V& 40 3'j 211 4 28 '4 211 07S 07 J 4 4'n 4V, 6,', , II A ink 44 43' K7V, ', 88'. lnn-iis' ii4 15 l.-i's 15 37 38 37 4 SSVi 8ft 8S4 erdav Asked (lii'.i 20 113 54 lU'l 2(1 (it) 1314 21 k 81'. (19 2' 48 51 H2 :i;'4 37 40 211'. 1 n. 44 R8'4 115 in1 as Ml '4 New York Bond Sales n'oon 4U00 71(100 1 U.1O0O 0000 143000 24000 liOOO 82500 7000 10000 110(1(1 1 11000 1000 100(1 1000 2000 I0IHI 1000 J 000 3000 (1000 10000 211 000 3000 II100 1000 r.'iooo 8000 1000 2000 5000 9000 2000 (1000 100(1 7000 20000 2000 2000 5000 1100O 1000 3000 3000 19000 2000 4000 1.1000 ROOD 16000 1000 2000 12000 1000 4000 1000 1000 20000 20011 1000(1 tooo 50011 2000 190011 1000 (1000 15000 1000 13000 9000 5000 300(1 100(1 4000 3001) 2000 72000 n,5H000 81000 113000 UriOOO KIOO 12000 11 MOO .1S000 (1000 1000 1000 14000 r,s 5n Adntns Uxpres Is Amer Art cv 5s. . Antrln.lTrHnrh f.s Am Korelien Sec Amer Tel clt 4b. Amer Tel 8s. . . . Amer Writ I'ap Armour (Jo 4'tH .... Atrhlson Ken 4a... Atlan Co l.lno 1st 4m Unit Ohio As do 4a do cv 4'. . . . Ileth Hteel 1st 5s.. .. do rfd Cs Can dull 5s 11U1 .... do 10.11 Ont Pan 1st 4s Cent K It .V .1 5 . , Chill Copper 7s Ches & Ohlu onv 5s Chi & Alton 3s Chi Un Kia 4,h Chi II A Q Joint 4a.. do aen 4s Chi M H I' dlv 4s C M t 81 V Kn 4's Chi It 1 & P rfd 4s. Col & South 1st 4n . City of Paris lis. (Jon (la conv 0s . . . Del A Hud lonv 5s. DIs Serur Corp 5s. , Kris conv 4s aer It, , Indiana Hteel 5i Interb Met 4V4s Interb It T "ref 5s. .. Inter W Mar fla . . , Intern Paper 0,,. . Laclede Qaa rfd 5s, Lake .Shore gen 3'4a Lake H deb 4s 1931. Long Island rfd 4s... Montana Power 6s... N V 11 t 11 N Y Cltv 4s 1959... N V lty ref 4 do adj 5s N V Tel Ken 4'4m ... Norf It West 4s.... Nor Pac prlar 4s..,. Ontario Power 6s, ... Ore Short I. ref 4s. Pacific Uas 5s I'enna 4s 1EM8 .... do gen it 4'is .. Pen lr Kast 1st 4s. .. Public Herv N J 5s. , Pere Mnrquettn 5s , Heading- sen 4s Hen lr Ka Ht 1, I II & H Kn isi 8t I. a H K ajt Us .. do In 5s do 4s Ser A do 5s Ser U 81 1. Kwn " .. . Keabuard A I, rfd 4s. South Hell ,1s. . . ."South Pao cv 4s . ... do cv 5a South Ilwv gen 4s. , do con 5s Third Ave ref 4s. , , U S Rubber s ... U S Hlcel a f 5s..,, Union Pac rfd 4s... . U K nt a H A I As.. do M-i" 1918 do nV4a 1919 new,. do 5V4s 1910 do 5 a 1921 Va Car Chm 1st 5s. , Va Kwvs 5s Wilson Co (Is W-P T 1st ct f p 4s. West Md 1st 4s...., West Short reg 4s ,, do id , West Union 4'-j . 1 1 lull 711 101 II2 Low 7li 101 92. , 1I5'. 5 , 1)1 Hi1. ,liKi KioVj . HI', III' . !IJ 113 . Ill 113 . 91 111 .100 !lll . 112'i 92 . 114 114 .102 102 . (''. 011 . ;. hh'k . 07 07 8H 811 110 1111 .128 12S 112 112 112 IIJ 1111 1111 . 97 117 . 93 113 90 110 .101 101 . 73 73 . 92 92 . III'. 94 115 115 . 103 103 . Ill (14 ()l 81 .102 102 . (i (111 . 97 97 . !I5 95 .100 100 .101 101 . 85 8414 . 94 114 , 87 87 , 99 119 .109 1119 .100 10(1 . S8 68 . 89 39 . 98'. 98 . 95 93 . 93 11.1 . 92 92 . 92'. 92'i . 91 91 100 100 ' !!?' "J1 '. 90 911 . 115'i 95 94 113 .10(1 100 .102 102 . 74 74 , 54 54 . 7 ' 67 . 84 84 70 70 . (18 118 100 100 . fin 85 101 101 . 70 70 100 100 . 7(1 7(1 102 102 105 103 . 92 92 . 97 97 . 99 99 A , . 99 9y, ,. 90 l)fl ,. 03 91 , . 99 99 , . 98 98 .103 10S , . 40 38 . . 70 70 .. X7 87 , , 90 90 , . 95 95 Close 711 101 02 95 91 100 91 93 93 111 IlHS 92 91 102 911 911 97 Ml 1111 128 112 112 911 97 93 90 101 73 92 94'; 115 103 114 111 102 1111 97 95 1011 101 81 94 87 90 109 100 H8 311 98 9.1 93 92 92'i 91 100 98 25 11(1 95 94 100 102 74 54 (17 S4 70 H8 100 8.1 Kll 70 100 76 102 103 92 97 99 A 99 90 95 99 98 103 39 70 87 911 83 Total sales. 282,000 share, compared mi. K04.6OJ) share., last Haturdayi this week, 3.375,. 9(H) shares) lust week, ilAUi.bOO hilar en, NEW YORK BANK STATEMENT Big Increases in Average and Actual Loans Surplus Decreases ' NEW YORK. March 31 The New Yoik bank statement this week shows big in-creai-es In both the average and active loans. Demand deposits gained In the aver, age statement and decreased In the active The average surplus decreased $27,093 100 and the active 828,988,210. Details follow AVEHAUB Loans 13.696, 369, 000 Net demand deposit, 8,652,189,000 Net time deposit.... 180.J35000 circulation 28.254. 000 Iieaenn own vaults, 1484,274,000 servo banks Krsera other deposl , tarlea 57,922,000 Aggregate ressrve .. 754. 7311.000 Iteserva required ... (129,991,310 Surplus 124,742.090 tOf which 1124, 837.000 Is specie. ACTUAL I-otui" 13,612.223.000 Net demand deposit, 3,638,009,000 Net time deposit ... 181,931,000 circulation 28,151,000 llesene own vaults. t473, 923,000 Keserve Federal re serve banks ...... 212.058,000 Keserve other deposl tarlea 37,948,000 Aggregate reserve ,. 744,829,000 flesere required ... 631,021,850 Surplus 113.007.130 tot which 1413,701,000 la specie. Decrease. 8TATR IUNKB Loans lnv.ilm.nlt till Atia Ann Gold 50.15o!200 currency, bank notea 21,283,700 UtPOSlts 562,740,300 ,c.vi .. uii ueyusi.,. 101,030, BUU Percentage of reserve, 28.7; decreaae, TllUHT COMPANIES Loans, Investment!, .11,781,782,500 Oold 105,793,000 Currency, bank notea 15,482,300 Depotlta 2,236,327,500 nono vi, uvituaii, , t Jtf,VU,VUU STATE BANKB AND TIIUST COMPANIES NOT HRPOHTIN.T1 Tl m.B.PIMn iiSfSS,- Loans, Invtatmenta,. 1777,144,400 I4.BO4.40O Gold 68.110.200 41B.800 i.Uil.m. u..i. i.via. IV, lll,VUU Total dapoalt 1,014,021,001) N.t H.twialta 89A mo Ann Reserve on deposit , . 223'227',200 Increase 180,701.000 6.109,000 417,000 441,000 23,889,000 212,548,000 M.OSS.OOO 781,000 26,(148,000 . 452,100 27,003,100 120,937,000 1,257,000 2.017.000 493,000 35,961,000 6,148,000 363,000 29. 451,000 492,790 28,958,210 Increase. 12.820.800 2.776.40(1 279,600 7,127.600 '1. 036,600 .6. 127,060,800 6.678,600 621,700 17.48. ann 23,422,400 1.4 nszrsmimRBiiMvMimatxto . IN VERY DULL STOCfc MARKET HEREj 1 I ,i ; United States Steel Common Most Active, Losing a FraWv ' .... lU.Mnof.Mn.romnnf Tokoe Plarto IVf-H -.,,. ('H HUH It JUCOl 1T1UVC1IICI1V J- ivu mvv iy VIOHIIJ Shipbuilding, Which Declines 2 Points Movementn of price were without mean ing In the short sctulon with which tho week closed on the Philadelphia Stock Exchange today. Traders continued to hold off as far ns making new commitments was con cerned, the general feeling In the Street be ing that nothing much should be done un til the action of Congress on the Inter national situation is known. Most of the trading look place n United States Steel common. The turnover In thnt stock, more than 1400 shnres before the end of Hie first hour, was larger than (lur ing the full five-hour session yesterday. The price declined a ft action as compared with the final figure of last night, Lake Hupetior Corporation was the most active of the local issuesbut the business in It was not up to recent days. The trans actions In .this issue, howeer, were nearly ns great In the two hour as the turnover In the full session yesterday. The price declined a fraction. m cramp snipDuiiain furnished the widettl movement an lar as price Changes were Con' cerned, 80 BhareB changlnr hands with loss of 2 points, Reading, too, was wuk'' losing nearly 1U points. An Interesting ..?' velopMent was the heavier trtdlhg In Penn 1 sylvanla Railroad stock, and It lost a nuie'i ter. ir.,i While the trading was small, yet the a (I .un ui me umiiMii r.iiu,vCu mere was a rood underlying strength, and that thete were supporting orders a scale under tho ores ent nuotatlons. Union TraoMnn ......' 'affected by the plan advanced by Director'! 'riutnlns. lvhlrh u'CnllH u,lti. a,, ill . r I nan.v. Trading In Philadelphia Ranlit a-..1? sit trust certificates was 'very light, but tha' I i,i point loss of yesterday was recovered b.' r fr lltA Anil tt (It A ilfBl linn. ""C.M".:"" " ." .'ya "" i-aie in th' session rnion iraciion came out at 43"i i- iin L. TIip IAnnvlvnn.o T7 a It fM J a it i t-enl bond nold at S8. Th offering pnC6 0 uiese norms iu me puuiic IB vib BUYING OF WHEAT CAUSES STRENGTH Demand Increases Because of Absence of Rain Slight Re cessions Follow Advances CHICAGO. March 31 Buying of wheat was tenewed this morning because of an absence of rain In the Southwest over night nnd, after some Irregularity In the Initial tiading, the market developed aV'ength. Sentiment, howcer, appeared to be divided and profit-taking caused a setback later. May ranged from 81 98 to $1.8 at the outset, against J1.95 yesterday's last pi Ice. nnd after selling at J 1.95 'i . moved up to Jl 97 and then reacted ,c. July was quoted at II 64 to $1.63'i it the start, compared with H.63'4 nt the close eter day, and after touching $1.65, receded a fiiictlou September opened at 11.6074 to ll.fiOU, against $l.n0'4 at the end yester day, and after moving up to $1.52, de clined c. Continued firmness was noted at Liver pool,, with arrlats moderate and offeilngs sea rce. The receipts at Minneapolis and Uuluth today were 412 cars, against 236 cats a year ago; at Winnipeg. 346 cars, compared with D77 cars; at Chicago, 85 cats, con Hasted with 216 cats. The coarse gtalns were Irregular at the opening. Thete was some buying by com mission houses. Prices at I.herpobl remain strong. Corn nt Huenos Aires adxanced 5'ac to 6c. Harvesting in Argentina Is revealing ex tenslxo lossei. The lecelpts of coin here today were 141 cam and of oats 215 cars. Leading- futures ranged aa follows: Yeslerda Close. ioie. Wheat May .... .luiy September . Corn (new May July September .. Oats May July Heptember .. Lard- May ... . July . . . . Heplember Itlbi May Julv .. .. Pork Mhv July Open. High. . 1.9H 1.97 . 1.114 1.115 1..-.0', 1 52 delivery) 1.1N' 1.1H 1.17'a 1.15 . H2'. ,. 03' .21). 20 1 .20.35 ,.20.25 .18.411 .18.57 34 HO 33. KO 1 17s I. LIS 2U 02 39 33S Low. 1.93 1.112 1 SO 1 18'i 1.1114 1 14S 62 5HW B2S I. lift1 1.64V 1.51', 1 18a I.17H 1.15 1.93 1.1134 1.50'. i. is1; 1.16S tl 14. 62', IUV. Unit 5R 53 53H Hid. tAsked 20.22 20.40 211.45 13.40 18.57 34.00 33.90 20.02 120.12 120.211 20.15 20.27 20.32 20.25 20.40 20.42 18.30 1 18.82 18.47 'IS-SO 18 37 18.55 34.60 34.6.J 134.75 33.60 33.00 t34 00 Gold to Cuba and Spain XEW VORhT, March .11. The Bank of Cuba Is shipping $200,000 in United States gold coin to Cuba. Gold coin to amount of $700,000 has been withdrawn from the Sub treasury for shipment to Cuba and $300,000' for shipment to Spain. COTTON ADVANCES ON ACTIVE COVERING Bull Support of Early New Crop , Deliveries Helps Boost Prices. Business Small XliW YORK. Maich 31. Business wai mixed and small at the opening of the rntin. matket. Room tiaders generally were buy.' ers and uptown Inteiests also purchased, but commission houses operated on both sides of the near options. ' There appeared to be a waiting policy on the part of t,he usually active Interests -Klrst prices wete 1 to t points net higher Onil Iha llna ulna elnnitu . uini tuc nun, nn.i .jiviiuj, , The cotton market showed Increasing,! firmness dining the middle of the mornln! on mote active covering and bull support)! of early new crop deliveries which sent I prices nbout 20 to 27 points net higher. There was some buying Of October her against sales of New Orleans and the de- maud wns encouraged by the Increased ,1 amount of cotton on shipbonrd, the bullish)! cnarncter or me news irom tne cotton goods 'I m.hI.aI n..3 t. A . n ... I. . .. . ! .. .. .. . .' ... 8 Illuinct nnu (lie; niil Clieuriwii UL UIlKeilieu a weather in the eastern nelt vor Sunday, -i Weather conditions In the South wera more favorable for the crop, clear condl. J tlons being reported from the Kast. with 'I cloudy Weather In Texas holding out hope tl tor some precipitation, temperatures were , higher. The receipts at the ports for the day were estimated at 18,000 bales, compared with 10,616 bales last week, 13,462 bales last year and 26,944 bales two years ago. Closs 18.T 18.S3 17.74 17.J4 17.M 10.30 May Julv October . December January , Spot .... Yes. closo Open Illsh . .. 1R.75 18.73 18.09 . .. 18.83 18.53 18.78 . .. 17.58 17.80 17.85 ... 17.01 17.05 17.85 . . 17.01 17.87 17.88 . . 19.00 Low 18.73 18.53 17.311 17,(15 17.88 Cotton Statistics NKW YORK. March 31. The statistical poll, tton of cotton loday la ns follows This week. Last week. Ijtst yfir. Tntnl vis. sup.. 4.48J.030 4,500,181 5.38.84 Of American . 3.304,080 3,029,181 3,,843 , Total Mar. 30. 10,701,374 10 530,409 10,004,893 I Extra for New Jersey Zinc NKW YORK, March .11. The New Jer- sey 55lnc Company has declared Its regular ) quarterly dividend of 4 per cent and an extra of 4 per cent. The regular dividend Is payable May 10 to stock of record April ' .10 and the extra Is payable April 10 to' stock of record March 31, GOVERNMENT BONDS 2i renlalered 1930 .. 2s coupon 1930 3s registered 1918 .. 3s coupon t918 4s registered '025 .. 4s coupon 2025 . . , .; 3s registered 1848 . . nia 7'l mi 9Vi.. What is the Mexican Problem? Is it a World Problem? International importance of Tampico and its oil fields. s " EE the Philadelphia News Bureau Bul letins Monday or the Summary in the Evening. Mr. C. W. Barron, who has just returned from the Mexican and California oil fields, will begin a series of articles discussing these problems vital not only to the United States, but to the whole wbrld. Nothing is more important in the financial world to-day than sV Fuel Oil for Ships and our International Relations which come closest to us at the Mexican Border. The Philadelphia News Bureau Bulletins and Summary follow American financial inter ests wherever they may lead and represent sound finance and sound investments. i Philadelphia News Bureau Independence Square, East Lombard 430 Main 1643 I t AAn 2.918'00O a Hflj ann '14,4271200 iteserva on aepovu zzo,Xji,ZUU "14,4 Percentile ot reserve. 32.41 decrease, 1,7 Local Clearings at Nev High During the month of March clearings In Philadelphia reached new top mark. 'The total for the month wai 81,467.018,518. This was a gain of $:iE,499.109 as com pared with February, which thi bait month' figures were 1483,818,124 above Mar'ch of Uit year. DIVIDENDS DECLARED .United Alloys Bteel Corporation usual Vinar. im . jt .. n . nw uf lore Steel Corporation usual 'quar. IfaSiV? pVb W llV :,.v.,,.-aig KENSINGTON TRUST COMPANY Kensington and ' Allegheny Avenues Report at Close of Business March 22, 1917 n v. XT a ax i. , RESOURCES Cash on Hand and in JBank on. ooa oi Investment SecuritiesiOwned ....... ' !o 226 2 Loans, Demand and Time i'rS'moS ' Real Estate ' b?'412 80: Miscellaneous Assets I::::::::::::::::-:::::::::: 6:8HS' I.iinn.rrrM ' 3'941'7 SSj&lisSfeiar:::::::::::::::::::: M8J" Miscellaneous Liabilities . . . ... .7.7.7. 3,5T9 M i . f ! b LT a. 'i .V -. 1.1.94 1 .757.fi (I IMMIU Il 1 "' ' .'.J I I '' IV. : - '" wirvBUOrB A . PMaMaaWt-... J.', CHAS. L. MARTIN, ? i y. ewvu- , .y.y.. '.' .. : .'Sacy.aadTrtMWtf.j -.-..)'...' r---,'i.ai j s, t $r ;& :u K ? dY J!.l Z.itStSit.-Zi.Ji JSESvSSJ
Significant historical Pennsylvania newspapers