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BANKERS
U'f
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PENNSYLVANIA RAILROAD
GENERAL MORTQAQE
t BONDS
1965
i PRICE, AT THE MARKET, TO
NET ABOUT 4.70
PENNSYLVANIA COMPANY
COLLATERAL TRUST
4 BONDS
1811
PRICE. AT THE MARKET, TO
NET ABOUT 4.85
306 CHESTNUT STREET
riiILAKLl'III.
I FINANCIAL NEWS-
STOCKS CLOSE WITH BRISK DEMAND
AND ADVANCING PRICES IN WALL ST.
Market Tone Changes Several Times in Two-Hour Session.
Bears Batter St. Paul, Sending It to New
Low Mark Since 1898
High Points in Today's Financial News
Alternating perhds of strength and weakness in Sew York stock market
in short session. Liquidation of speculative accounts continued on Curb.
July wheat soared So cetnts in Chicago, business being concentrated in that
.month with removal of May from trading. May contract prices fixed at $J.I8
for settlement. Foreign exchange dull. New York bank statement showed
decrease in average loans and detmnnd deposits and increase in surplus,
with increases in all these items in the actual statement. Week's bank
clearings gained .7.fl per cent, liar silver higher.
OunFsnnky
i& Company
AUTOMOBILE BANKCR
Otter special facilities (or In
dividual!) or autumobllo deal
ers to finance tho acquire
ment tf pleasure cars and
lor business houses to finance
the acquirement of commer
cial cars or trucks. If you
are thinking tf purchasing a
car of any ktnd for any
purpose tho FINNEY SYS
TEM will make a better busi
ness transaction for you.
REAL ESTATE TRUST BUILDING
PHILADELPHIA
Charles J. Bender & Co.
INVESTMENT BONDS
Mtmltrs Prlladelphta Stock Ex.hangs
NORTH AMERICAN BLDG.
nivinr.Mis
THE WK"T rll!!.AIF.!.rillA TITI.K AND
TROT COMPANY
Philadelphia. May 10. 1017
The Hoard of rjir' -tors I... till dav declared
a Semiannual U'vMer.,1 of SIX 6) PER Clj.NT.
clear of t pi'nbie June I. 1011. to stockhold
ers as registered on the books of the Company
at close of b-js'.n'ss May 21. 1017
The Transfer Rook, will be closed from May
21st to Mav 3li. I'll"
RALPH t. LEVKltlNli. Treasure-.
DEMAND BRINGS
HIGH STEEL PRICES
Activity in Market Shows No J
Signs of Abating Premiums
for Deliveries
NEW YORK May 12. ellvtty lit the
steel market chows no signs of abating and
the demand, which Is coming in as rapidly
as ever, has brought about additional ad
vances It) prices for various products with
premiums being paid tc some of the smaller
companies by consumers for favored de
liveries where a plant has capacity to
dispose of In the near future.
There In an unusually large demand for
steel sheet. Fancy prices are being paid
by some users of the products), am! those
having nearby mill space can sell It at al
most any figure demanded, liars also are
wanted In large quantities. Tin plate
makers are concentrating nil their atten
tion on turning out cans. No other busi
ness has been nor will be taken for some
months to come, according to one trade
interest who follows this branch closely.
An Improvement In the Inquiry for struc
tural steel Is noted at some steel centers,
but no large steel orders have been placed,
ltailroads nre purchasing 'mall lots. For
billets and bars the demand nln Is good.
Iteports received in this city from Pitts
burg state that small transactions have been
made at $90 per ton. or $10 above present
Quotations'
Tig Iron continues as strong as ever be
fore and some heavy sales have been mado
during the last week" at $40 per ton and
better. Lots of 15,000 to 20.000 tons have i .Maxim Munitions
been taken by steel makers not having siarlln Arms
tnelr own supply or iron and one authority
estimates that the sales of the last ten
days have aggregated several hundred
thousand tons, with more wanted, despite
the continued advance In quotations In
virtually every Iron center of the country.
It .Is considered likely In usually well
informed quarters that further upturns
will be made In quotations In the coming
week, as the demand has not yet been
satisfied and more consumers are coming
Into the market.
NEW YORK, May 12.
The stock mntket In the two hours of trading with which the week ended
changed lis tone several times. Thero were alternating periods of strength nnd
weakness, with the hear plungers concentrating inch' offortH on some of the
railroad stocks nnd nsscrtlng how far they would make some of I hose Issues
ilccllne.
They battered St. Paul, making II sell down t 7ft. another new low record
since 1898. nnd offered many of the spring wheal stocks, Including Northern
Pacific nnd Orenl Northern preferred, at concessions Unit brought those stocks
Into the bargain class. The speculative element rotiiliictliu; these, operations
seemed to forget that St. Paul Is essentially n spring wheat and coin road, with
weather conditions the most favorable known for both those crops.
Thero was u selling movement in Lehigh Valley on which it dropped to CD,
but It wan not long beforo enough stock, was nbsorhcil to put the price up to
fit. Heading nt the same time was offeied down more than 1 point to 8fVi.
but also came hark with a vigorous rally. Similar movements were noted In
I'nlon Pacific and a number of other leading rillway Issues.
I'nlted State Steel common fluctuated within n comparatively narrow
range, and from a high nf ll'i it in the early trading it yielded to 114, with n
brisk recovery In the into dealings.
Some of the copper stocks were easy for the bears to depress nt the start,
with t'lah. American Smelting and Anaconda showing ftnctlonal losses in the
first hour, with rallies nt the close. Ocnerally the market acted In n satls
nfctory manner to those committed to the bull side.
In the late dealings nearly everything was in brisk demand nt advancing
prices, with the majority of stocks at the close ranging materially above the
final prices yesterday.
There was little new feature to the trading In the bond market, more Interest
being attached to the transactions In foreign Government Issues, Third Avenue
5s sold down to 45. but later tecovcred part of this loss.
FURTHER ADJUSTMENT OF SPECULATIVE
CONDITIONS ON NEW YORK CURB MARKET
NKW YORK, .May 12.
There was a further adjustment of speculative conditions on the Broad
Street Curb, with a number Jt issues In good demand, but there was again the
evidence of liquidation of spu'ulntive accounts which had been created in
the period of active finding Influenced by hopes of prosperity us n result of
the war.
llusslan bonds failed to teflect the improvement in exchange on Petrograd,
the. 6n selling at SO nnd filis nt Ss Everett Heaney was in good demand nil
through the early trading, selling nt 22 and MH, Submarine was fairly hlrong
In the eaily dealings, when it sold at 23'i, lint fell later to 28.
There was heavy trading in Triangle Film, with several thousand shares
taken by Inside Interests at 13 and 14. Maxltn Munitions was in better demand,
selling at 2 and 24; Wright-Martin Aircraft sold nt . and r.'4, Aetna Exploslv s
. at 21; and North American Pulp at 4'. nnd l'. The lower-grade mining
stocks were Inactive and weak.
lllg Ledge sold at 2 to 2V Magmi at 14 to 43, Nlpisslng at 7i.
Stewart at G-lfi and Consolidated Arizona at 2. Magnet Copper was firm, trans
actions ranging from 80 to S3 cents.
Independent Oil stocks were steady, but some Issues sold at further reces
sions. Osage dropped to 8'4 and Mtriitt sold down from 2u',i to 20'. Sinclair
Gulf sold at 29i and Sapulpa moved up from S'4 to fl',. Bethlehem Steel 5s
were steady, with sales at 9"'a.
New York Stock Sales
ltiah.
Alaska Uotd M... V4
Alntka .luneai ,. 514
Allls-Chalmers Co taifc
1I0 pref 80
Am Heet Sugar ., niVt
Am Can 41
Ant Car fc Kdry. . '
Am Hide & l.cath 11
lo pref o
Am Ice Sec 3&
Am Linseed pref. SJ
Am Ixicomotlve . . no
Am Malt ....,,.. in
Am Smelting .... t
l.ow.
flVi
Vfc
Wn
SQ
40H
R.1
11
no
34!!,
1)81
Nft
rhe,
Clone.
Ai
S'fc W
SSTA
s0 1
oiri
4iv. n
14
in
o 14
1li 14
lit V
8 W
to
111
do pref uni4 11014 HO'i
Am Steel Kdry
Am Tel & Tel
Am Wool
Am Zinc & Lead. .
Anaconda
Atchison
Atlan (lulf & W 1
Baldwin Loco Co
.IX
tlH
41i
'JO 4
IS
nni
0s4
A4
Halt ft Ohio 0914
.IK AH
imi'i UK 1
4114 11 'A
314
11V 14
n 14
A 4
flfl
AH
29'4
1114
90
01
AS'Vl
00
1 14
14
14
114
Vi
V.
do pref HOW,
Itatopllas Mining.. IK,
Bethlehem Steal ..I5IT, 11011
Itrook Bap Tran .. AH .1714
Hums Bros .'..... lit lit
Butte & Sup Cop.. 4P-i Hi 4114 "i.
Cal Petroleum ... ll'i, ll'i, 1114 ',(,
do pref in tn 4 li
'anada Pacific. . tsn ism lAHai li
Central Leather . 831, "114 83U - t
Cerro do Pasco. 3tN 31 34 14
Ches & Ohio .. .. .10 AS AB
Chi tSl Western pf 30'i, .111 30 li
Chi M & St P 1??, in 1IT4 14
do pref H3K, lHVi II1K 114
t'hlc & Northwest 10014 I08T4 108'i, 4
Chlno Con Cop. '. . . A3 A3 A3 1
Col Kuel & Iron.. 4114 40 4114 4 V
1 011x01 lias 103
Corn Product . . 53
do pref lltl
Crucible Steel una.,
Cuba Can Sugar 4SHr
do pref
liel & Hudson .
I'ome Minus . .
Krle
d'i 1st pref . .
do 2d pref . . .
Gaston Williams
Hen lllcc Co. . .
lien Motors
do pref
Goodrich B ,K
III
1IJ'
. I2'
. 33
. 3R',j
38
. 31
.1S31,
. lOA's
. 88
4!l
IMH'VI HIAI.s
American Itediictlnn
American Stores
American Sinnatpi
Aetna Explosives
American-British Mfg ..
American Mmronl
Amer'.can Writlrg Paper.
Canadian Car Co
Can Car & IMy pref
Chat coat Iron
Chevrolet Motois
Cramp
Cmtiss Aeroplane
Carwen Tool
Carhop Steel
Emerson Phonograph . . .
Everett Heaney
Kedcral Ilye
Haskell & Barker Car ..
Ilendee Manufactuilng . .
Kathodlon Bronze pref . .
lako Torpedo Boat
Lehigh Coal Sales
Lima Locomotive
tiid.
It
33
LOCAL MINING STOCKS
TO.N'OPAB STOCKS
Mac.Mamara ,
.Midway
311zpah Extenilon
Afontana
Northern Htar
Beicue Eula
OOLUPIEI.D STOCKS
Atlanta
Hlua Dull
Tlooth
flamondA!d II II
aly
Oro
Sind K.n
Silver Pick
MISCELLANEOUS
Arizona United
Navada Hill
Tecopa Mining
NEW YORK COFFEE MARKET
NKW YOBK, May 12. The market for
jCOffee futures opened steady, 2 to 4 points
higher. Trading on the call was quiet,
amounting to 1000 bags. Near months
"wtre neglected, the same being In Decem
ber and March.
nid Aaked
.Hi .11
.IS .1.',
."' .tt
.1!" 23
.13 .13
.30 .2H
.O'l .11
.!- .01
.07 .IIS
.03 .03
.113 .04
.01 .'13
.03 .04
.11 .13
.3.", .33
.'J(l .L"J
24 .23
3
3 A
HA
111
83
34
Hi'!',
H3
II
5J'
40
sn
30
114
-
83
SO
Hi
Hll
National Conduit .13
New York Shipbuilding, no
North Amer Taper Pulp. 4Vi
Otis Elevator II
Peerless Motors 1.1
Poole Engine 38
Pierce Arrow I8(j
lledden Truck 3.1 ';
Santa Cecilia A8
Santa Cecilia pref 30
Scrlpps Booth 10 '
S S Kresge w I 1 1 14
I Steel Alloys 114
j Submarine 33i
I St Joseph Lead 80
j Triangle Film 1
I'nlted Profit Sharing . . H
t I'nlted States Steamship. ",
I'nlted Motors 38
I'nlted Sugar 314
World's Film
Wright-Martin Air 41,
Zinc Concent 3
V,K , loae
Ask.il. (Snlel
13
3314
31
i 31.
81
; 3--v,
314
30
3.1 K,
3 IS.
in
!14
st:
III!
88
1 1 14
so
30 14
3!
Oil
A A
o
HI
10
63
t
13
on
13
1014
3
on
in
11
is
114
3314
8 A
l4
0014
3n
1 1 Mi
3tt
414
,4
JS
1
.1 4
38 IRK,
3Ml
Alv, .1
3" 3
"i-H "
fr,y.
L:;. V July
f 't.vVSestember.
&'; i?Jctober ..
r4?ffovemJ?r'
I. tf"' rlacember.
li ifu,,''Jnuary
C-if f February ,
yg,ttrca ...
Vr-JBI,
?
Today'a
openinx.
s.'is
, V.M0 8.M
s.Hses.ia
Bid.
Today'a
cioae..
8.IIIIW8.12
S.lHWH.'.'t
8. '.'II to 8.. 11
8.3n68.38
H.43WH.4A
8.4NW8.SO
8..13t4 8.AA
8.3Sb8.IHI
K.ni&H.m
8.708.7l
N.lAitK.18
8.S2b.8.S4
Yesterday'B
rlORe.
R.0.1M8.07
H.13WS.14
H.'.'i 48.23
8.'J8BR.'.'
H..1.MiJK..1
8.40ft8.41
8.A0&R..M
8.n88..17
8, 112 W 8.413
H.H78.n8
8.730H.74
P -LIVE STOCK QUOTATIONS
'j& CaalvAUU. way ii. tiuurjjveceipia, iu.ihsi
I, AiarK, tvv.uc iiiaiirr. ,ijtcu ann
hra. fl5.10O16.40i rood heavy. Mtl.MW
9; XOUth heavy. IIS.N.IOlfl.lS: llltht. 13t
i! Pita, II.'.4"tP14: DUIK, SID IUVltl.S.1.
ITTLE Keealpta. 0000 head. Market aleady.
ftu, IUO13.70: cow, and helfera. te.no
Bi atorkra and fiedera. 17.859 10.25 j Tea
110.7312:. calvea. I12.50O14.25.
ISK tiecaipta. iouu naaa. Market airon.
rvo and wtiurn, f 10014.15; Iambi, $18.00
. e.
. .M
i-. clj.PrlgKa-Seabury Resumea Dividend
JJBW TORK.'May 12. The Drlggs-Sea-
- Ordnance company has resumed the
sent of dividends on its common stock.
a lapse of a year, by the declaration
per cent on me issue, ine regular
ly dividends of 1 per cent on the
referred and. 114 per cent on the sec-
preferred have also been declared, all
Hay It.
Aguirrc Bugar rays &xira
. ilay1 12t The. Central Aaulrre
ajUMti'lHtva declared an extra
4tf a iar. payable, June 1
'MMMa U.l...1
w .-
'J"f'rr
STANDARD Oil,
Illinois ' 311.1 313
Ohio 338 3IA
Prairie Pipe 3I 318
Stand Oil of California ..3.13 351
Stand Oil of New Jersey. noo nin
Stand OH of New York . .380 383
ni4
380
INDEPENDENT Oil, STOCKS
Barnett Oil & Gas
Cosden Oil
Cosden & Co . . . .
Elk Basin
Federal Oil
Inter Petrol
314
III!,
111.
A
13
3
I3K,
131!,
0TS.
A 14,
131i.
314
ISM,
IS 14
l If.
14
1314
INDEPENDENT Oil.
Houston Oil
Merritt Oil
Mlilvvest llennlng .
Met Petrol
(ihlo Fuel
Oklahuma Ueflnlng
Osage Hominy
Bice
Sapulpa Helming .
Sequoyah
Sinclair
STOCKS Continued
Yes , lone
lll.t. Asked (Halel
3014
. . . 18
. .. ll'i
. . . 8 1,4
. . . 8-!,
. . 1 14
. . . 30
STOCKS
. . . II
. . . HI
'! 1 14
30a,
till
I ft
III
!l
8
.
in 4
1
30 Va
31
30
13.1
!'
8
14
1 A
38-n
II I MM
Alaska Stiindaid . . .
Atlanta
Big Ledge 3
Blsbee Copper la pros). . 14
Butte Copper & Zinc ... 10'i,
Butte New York ....... 14
Cashboy 1
Con Ariz ITk
Emma Consolidated ....
First National 3
lioldfie'd Merger .1
GoldfieU Cons
iioldtleM Florence . .
Goldfleltl Kevvanas ,
Green Monster
Ilecla Mining
Howe Sound
Independence Lead .
Jerome Verde
Jim Butlei
Jumbo Extension . .
Magnate Copper . . .
McKlnley-tiarragh .
Magma Copper
.Mother Lode
Mines Co of America
Nevada Hills
Nevada Wonder
Nlpisslng
Hay Hercules 314
San Toy
Stewart
Tonopah Extension
I'nlted Verde
West End Con
White Oaks
White Caps
Yerlngton
An
30
13
1
A'!',
Ill
HI
08
41
80
.10
13
30
Mi
1.1
l!4
'4
I I
14
314
3014
A3
314
1
33
1.1
.
3
r.
10
Hi
8
I
3 1.4
A3
3.1
in
Ms
1
0
It
J4
13
8'!
A3
It
38
314
3.1
114
314
13
I 1.3?
3,V
31
10
II
111
1 0 14
Mi
A
All
13
311
80
.13
13 H
13
ino'i,
til
. A3
. in
. At
. 1 00
84".
01
11
13014
0114
81 14
30
103
.1111,
.1
114
3.VI,
.1 1 !ti
81",
38
Gt North pref . till',
Gt Nor Ore subs. 30J
Illinois Cen
In Agr pref
Inspiration Cop .
Inter-Cons Corp .
do pref
Int llarv of N J.
Inter Mer Marine. 31
do pfd 18
Intel nl Paper pf ct HO',4
Int Nickel 4114
Kan City So 10
Kennecott Copper 14
l.ackn Steel .
Lehigh Vul
Lee Bub & Tire.
Louis & Nash .
Mackay Cos pref.
Mex Petrol . .
Miami Con Cop
M S P & S St M
Mldvale Steel .
Mo Kan H Tex
.Missouri Pac ctfs
Mo Pao w I .
National Lead . .
N Y Central
N Y N II &. II..
N Y Ont & West. S3
Norf & West 130
North AmeriOan . HI
Nor Pacific 10014
Ohio Fuel in
Ohio Gas 138 li,
Owens Hot 811
I'enn It II A I'.
Peo Gas & ('.... 18
Pere Marq 1 8 14
do pief .1314
Pitts & West . . . SI
do pref HI
Pitts Coal ctfs. . . 4314
Bay Con Copper . 38
Heading 80
do 1st pref ... 10
Bep Iron & Steel.. 811
Hoyiv! Dutch .10
Slncl.Vr Oil .11
Seaboard Air Line. 13
Sears Hoebuck . .101
Shattuck Ariz . . 3.1
Southern Pacific. . noli,
Southern It It . . 34
do pief AS 14
Studebaker 81 14
Superior Stl Corp. 3414
Stutz .Motors 13
Tennessee C & C 15
10.114
33
00
314
11
01
III
11
33l
H.l'n
Slli
31
131
101 li
88
I8V1
104 H
30
lOOTi,
10
5414
10
A3 14
too
30
1114
ti .1
10
1:1
44
8314
All
111
10514 14
23
on
A14 3
4314 M4
0 1
M3I4 14
13
3314 14
3.1 K, 14
3114 I
31 14
15314 14
10.114 14
H8
40
10Va M,
30 14
10014 M.
40 H
A.1 V.
I" 14
A3V4 1
109 I
30 14
18 14 - V
a14 3'
4114.
10 14
44 14
8414 114
noli. M4
11 li
110 110
M4 414 14
8114
30
103 3
an 14 ifc
a
.!.,
3.1 14
B4i
8ni4
3814
103
.1.1 14
3
3
2.1
.11
80
31
8114 'A
3114 14
'
33
111)14
nt
11914
in 1
I3.lls 138'A
89 80 l)
.1114
18
11014
01
0014
in
t
11
I8I4
A.1 14
3314
III
4314
38
8.114
III
18'i,
.10
Alii
13
tni
3414
001.
33
AS 14
8.1
31
43
IA14
14
M4
1814 V
.1314 114
33
ni
4314 14
3814 14
80
to
1014
A
Al
13
till
3M4
0014
14
14
14
Vi
14
Vi
14
14
Texas Company. .303'4 301
Third Ave B It... 10'i,
Tobacco Products. .1314
Twin City It, T ml,
I'nlon Pacific 133
do pref 11 li
I'nlted Drug. . .'. . 1114
do 2d pref 81
V S Cast I P .1 F. 1914
U S Ind Alcohol. .13114
f S llid Alcohol pf 08
l S Bubber 5114
do 1st pref .
C S Sm & Bef
10
.13 14
81
13114
1114
1M4
81
1014
11014
98
.1114
lOOVi 10014 100V4
54 .13 .11
3414 'A
1314 M4
81 Ki -r Vi
31 14
13 y4
13 14
03V4 -1- 14
10 I
A3V4 14
HKi 4
13'ja:
17Vi
1IV4
81
1914
131
08
14 Vi
1
3
14
Hi
C S Steel 11014 111 110 4
do pref 11114 11114 11114
BONDS
American Smelters 5s.
Atlanta charlotte 5s .
Bethlehem 5s
Cosden Oil 6s
Cosden & Co 6s
Cudnhy 6s
Erie 5s
New Haven 5s
llusslan Government 5 lis 811
itussian liovernmont fii-s 81
Southern Railway 6s... 0514
Todd Shipbuilding 6s o '
N Y State 1051,4
0014
084
0114
00
91)
0814
9114
9114
1 14
9314
0814
08
08
100
0014
sa
08
HI
88
08
103
10.1
S3
OM4
98
01
100
80
87
DIVIDENDS DECLARED
Supplee-Illddle Hardware Company. iuarterl
of 24 l'r cent on the common stock, payable
May 13.
Colorado Power Comnany, regular quarterly
of li per cent on the preferred stock, payable
June 13 to stockholdera of record May 31 and
i of 1 Ir cent on tne common stock, payable
July 10 to holders of record June 30,
Atlantic Rerlnlnr Company, regular quarterly
of A P" cent, payable Junel.ltoatock of
record May 10. '
RAILROAD EARNINGS
CHIOAOO ORfcAT WESTERN
1017
1372.23.1
13,833,515
First week May
From July 1 .
MAINE' CENTRAL
Tear ended Dec. 31, 1016:
,t.l over. rev. I1..8.4.0.0
Net oper.- rev .''I'rj'IJJ
T
.,..' 1... .ftp rharaea.
Sink's and other rea. fds
Dividends ......-
PMalcal prop. Inv..,.
Surplus . ..,
LoSA.SA.l
aw.oia
812,382
108,(127
523,743
Inc.
117,593
1,0,10.004
J3.30O. Ml
477,802
14B.AHI
1,30.1
541,411
138.084
. 273.182
Sugar Futures Weak
NEW YORK, May 12. The sugar futures
market opened weak and lower on trade
selling and also freerer offerings from op
erators. First prices showed declines of 2
to 4 p'olnts, with sales on the call '1050 tons.
The market was without feature, traders
awaltlnr developments In the spot situation,
which had the appearance' of being in buy
ers' favor.,
Reserve Banks' Discount Kates
PV 11 vr 30 Over flO
noston
w York , .
Vhlladclphla
livHan1 . . ,
Richmond . .
Atlanta ....
Chicago ...
St. LouU. ..
Minneapolis
Kansas City.
Dalian
San Francisco
10 or
is,
:S8
S1
Aarirul.
Over 00.
...ft
noston . . .
NW York.,,
Philadelphia .
Cleveland ...
Klchmond
Atlanta
Chicago .....
St. louli....
Minneapolis . .
Kansas City. .
Dallas ..'...,
San Kranr'sco
Up to thirty da
rent; sixty to nine
ct.ler cent
5
S4
5
a
ty.
3Vi 4 4
4 4 ' 4
i . '
4 4 J4
54 !
-,- ,'' 4 H
Trade acrertances. Com.
Up tn 10. up to 00. modlty.
11 I !
h P h
3', 314 3W
; oy;ir thirty to ality. 4 per
4H per cent! over ninety.
P. R. R. to Make "Way For War Freight
Passenger service on the Pennsylvania
Railroad probably will be curtailed In the
iear Juture to 'eave more open tracks
for war freight. Officials have undertaken
a careful study of the passenger service to
determine Just what trains can be taken
off without public Inconvenience to make
way for a larger movement of frebjtat.
An a first measure the manafemeat has
stons, tu Washington,
t'tah Copper
Wabash pref A . .
do pref B
Wells Fargo Ex .
Wes.t Maryland . .
West I'nlon Tel. .
Westlngh Mfg . . .
West Par R B..
do pref
Woolworth
Wheel & I. E
do pref
Willys Overland..
Wilson Co
I3V4 I1M4 11-14
in
3314
0014
1814
91
41
13
4014
133
14
83
38
II
I A V4
33
9H4
1 8 14
91
1614
13
4014
14
33
3814
10' 14
40
3314
0814
1814
01
II
13
o 14
133
14
33
38
It
14
'!
i 1
1
.. . .
f '.
-M
114
-t- V4
14
Sales in" Philadelphia
10 Atchison . 9814
13 Cons Trnc. 12
140 Eleo Stor. 6Vi
IA0 Key Tel Co 1114
A0I Lk Sup C. 11
SA Lett Nav.. 11
1A Leh Valley 60
430 Pennu B R A3
10 Phlla Co
cum pf. . 38 !4
161 Phlla Etec. sn
loo PUT tr cfs 3814
43 Phlla Trnc 19
230 Rwys Gen. n
110 Beading.. . 3.1
10 Ton Bel. . I
.14 1'n TAc. . 1314
810 L' G I ... 1114
30.18 do war. 30V4
Join V s Steel. I in
Net
Close. che,
9814 14
1 3
5814 V4
1114 14
1114
11 V4
no
5114 14
3814
30 14
38 14 14
19 J- V4
n
8.1V4 Hi
4
1314 14
11 14
3.1V4 Mi
114 116 -1-14
!.ow.
0814
13
8814
1114
11 Vi
11
5914
3114
18
29
33V4
19
n
8.114
4
4314
16
2A14
Total nle. 1AI0 .hnrea, compared with .161.1
.hares la. I Satiirdnn thl. week, 14,381 sharesi
la.t week, 03,313 .harro,
IIONDI N't
lllsh. Low. Clo. 1 hue.
83000 Interstate
llwys Is .1314 -1SV4 3V4 V4
looo Key Tel
1st .' -.01 01 01 14
looo Penna Co
cons MjS
10(11) 103 103 103 V4
0000 do temp
cts 4'2s or, o.lli 0.11. 14
1000 Phlla Elec
1st Es .tool. lflO'4 10014
Tnlnl Mtles. $11.0(10, rnmn.irert with f 01, 100
lnt Satiird.lM IhK week. 31H,100 lilt week,
a.139,800,
I Local Bid and Asked
nrlll, J (I
Hurr & Kui t c
do pref J c . . .
Baldwin . ...
Kleclrle HturHK'
ilenoral Asphalt
do pref
Key T'l
l.ak' Sur l',in .
I.ehlah Nav
I .eh V..,llr
I.eh Valley Tr . .
d prt'f . . .
I'nn 1
Phlla Klrctrlo .
Phlla I'o
do A p e pref .
do it n c pref
P It T I c
Itendlns
Ton ll'i . . . .
Ton Mln .
I'nlon Trurtlon .
I' (tit ...
I' tested . . .
York ftwy
do pref . . . .
Wm Cramp I c .
Toda y
Hid Aak'd
23 2.1
Yesterday
Hid Asked
.. 41
. ,14
.is'
. 21
. . till
114
. . 171,
. 7i4
. . Olllj
'. '. i.i".
.. M
.. 20'.
. . 38
. . 33
. . 3S
.. 28Vi
. . 8I14
. .. 4
n
.. IJl.
. 701
..1111
. H '-j
37
SI
.11
.11',
iis
12
174
17
III
!3
48
.17
M'i
AH
21
lit
i
17'.
II
.12',.
21l4
34
8.1
HVi
20
sH
4 1-10
614
IB
;ni
211
.11
mi
.11
112
12'.
17',
7H
All 14
24',
44
52
SOU
34
33
30
.111
23
Bt
20!,
33',
33
38
28'.
.n.
4
n
421,
77
mm us. nr,4
in u '4 13
H7'4 37 3714
h.l M 85
so',
4 ltd
il'i
43
7
e rt TTMTninn n A OT tTT3T?nVT4TM,nvMnrn .m
JS'I'IJIJIV UJ5 UiNJ. LEJU vrn.k3 J.xa.j. j.w T mm.xuixx -,?J
COMPANY AT LOWEST POINT SINCE 1908)1!
Warrants Establish a New Bottom Price Also Trading
Small All Through Local List Acme Tea
Sales Larger
Stock of the United Oas Improvement
Company reached the lowest price In the
trading on the Philadelphia Stock Exchange
In tho short session today since 1908. While
the stock, selling ex rights, opened un
changed nt 77'4 It was not long before It
had declined to below 77, the prlco on the
break being 76i. The warrants, too, made
a new low. selling off to 2BVi, for a loss of
1 1 imint.. There was a llttlo recovery
from the low. but not to any great extent.
The warrants were the most active in tne
trading. , .
Pressure against the I' G. 1. stock and
the warrants has occasioned a great deal
of comment In the financial district. Presi
dent Bodlno pointed out that there was no
cause for the weakness of the stock as far
as the company's affairs are concerned.
A large part of the stock, In fact the great
majority. Is held by estates. One of the
reasons for the liquidation pf the stock
and the selling of the warrants might be
found In a'deslre of the holders to partic
ipate In the Government Liberty I,oan In
stead of taking up. the new stock, while
the weakness of public utilities generally
Is nn'other cause. '
Trading on 'Change was of decldedlv
small proportions. The transactions whlaa
took place simply represented operation!
of professionals, the public not being n th,
mnrket to any extent. This made th.
changes In prices meaningless.
As was the case In New York, the move.,
ments In prices were to lower levels a
compared with the close of yesterday i
though there were some Issues which wer.
unchanged In price. United States steel
common, In which the bulk of the trad'lnr
usually takes place, did not do very much
and It was a full polnt'Iower. Philadelphia
Rapid Transit trust certificates, on ver
light trading, lost M polfrt. y
Sales of the Acme Tea Company con.
tlnue to move forward. The figures for
the four weeks ending with last Satiirdav
totaled (2,113,395, an Increase of J51937
as compared with tho corespondlng period
of the previous year. From January 1 th
sales totaled 8,514,271. a Kan n
12,750,54s. ot
SETTLE MAY WHEAT
CONTRACTS AT $3.18
Committoc Fixes That Price
After Trading Is Stopped.
Market Nervous
New York Bond Sales
J3000 Atner Aur deb As ...
N00IIII AnKlu.Krenrli .la. ..
6000 Am KorelBll Sec As.
a 1.10D Amer Tel A.
20(10 Amer Thread 4a
Hum Amo.- Writ Pap ,1a
.10011 Atrlilson 4
mono Allan Co l.ln 1st 4.
noun Halt tt (ihlo 3'3H. . .
limn llrookn Han Tr .'is. . .
Mim du 1. mis ... .
Illllllll City nf llordx lis. .
llllill Can (iovt 5s lil.'l..
111(10 do As 10(1
llllill do As 10,11
Hlliill Cent Leather 1st As .
jonii ctnt Paclllc 3'is
mum Chea it Ohio iv 4', a
I.Mion ill iv :
limn Chi IU g nt la.. .
I.viuii C .11 & Ht P rfd 4!, a
Ml ilu cv Aa
.loud du in r.
loon dt, cv "I'is ... .
'.MIIMI Chinese (Iovt It K As
200(1 Col Industrial 3s. .
llllill Cul Midland rt 4s.
AUIIII Col A Smith ilAu
12300 city of Purls Hi
tlah. Low.
. 1U04
. 03 '4
. M.lli
. 118 '
. Its',
01
SK
llt'j
VV.t
OS".
11.11,
117 V,
I'll
Vi
110.
S(l,
78 fi
B.Vs
lift '4
8.1,
Will
W0'4
02
71.
711 "a
II'.
811
III',.
.till'.
Ilfl la
1 12(11111 Call (I.ih rv Oh
Willi Del & Hud cv Ah
411(111 Ills Scnr Cnrn .,
1230(1(1 i-'rrnili Itepuli A1, s . 0ll,Vi
.100(1 Iowa Cential 4s 4ll'l
WOO town C Chi A- H 1 As 117',
.lillliiil Inlirb Met 41, s . .. 11:1
Wimp Inter .Mer Mar Os. . . 112
20011 Japan new (1 s t'4s lol
WOO 1I0 neiv 4',, h . N2,
20(10 K C Kt S ( II I, ... Ill1,
10011 do II. till
MIOll Kan City Ter 1st Is.. N41,
l.'IYV.
oni,
U3V
11.1
VH
1181,
SS
111
884
01',
117'.
lisS
.-,'.
07',
on
tias
110".
80S
7S'
t)5
N.1'4
loo's
10(1
112
71S
In la
811
113 "4
inn
mi',
(ill
Oil
4(l'j
07.
II2'
112
70',
82',
7(l'f
1114
84',
.'30IS) l.atkil Sleel As 11123. . 11)01, lllllU
2110(1 Lk Sh 1 eh 4. Id's nil. int.
30110 LIB & M T 7s 121 121
SIMM Liirlllar.t A. 117 117
7000 Louis Nash 4s . . nil, int.
WOO I.i, flit Lex 4',s .. IIS Ph
Wood Mldvale Steel As .. 112 02
24110(1 .Mi, Pae w I 4s . . . lUlU (lilt,
'-'mill Xat 11 H Mex H. 'in -lit
4MIHI i v c A- fl (,. ...10.,
300(1 X V Cllv 4s 111,111, .. 110 ',
400(1 N V N If & II Ha .. 00 00
3(10(1 X Y Ilwv ref 4. . . . . ,11 ill
t llllill do .1, 2.1 "4T
170(10 N V Tel Pis . 1114 1,4a
8000 .Norf & West dlv 4s . . 8(1 Ml
1111011 ilor Pae 4s si, sa
Wis) do 3s 114 1, ,141.
II0IHI IVnna sen it 4', a... Ii.l', li.V,
11111111 locn4',s . . . ..W2'i W2'.
2110(1 Pulill,. Serv N J As... H74 NTVj
2(1(11) Pero Jlaro 5. ss'J ss'i
71 du Is 71 V, Tl-i?
IIIOII Heading 4s 112 ,J
1IKIII lllo llr V W 1st 4s 7.1'a 7.1",
AU0II M I, 4 M K Ken .1. . .Inn Wn
12(11111 , do ser A 4h ,I2' (I2S
I"'"' I.III1 II,, 111...
A(IOl) South Pae cv 4s
1 100(1 South Pae Co Ah, . .
1 Willi South Itwy As. .. .
2(10(1 Third Ave 4s. .
l(IIPl), Toklo As
.18.100 It s Itubher cl As.
20110 tr H Steel S V As. . .
.llllill Union Pae cv 4a...
17(11111 U K of li 11 I 5a. .
2WIHI do A'ja 1018..
171000 ilu Al, s Will neu
OSIlllll do Al, a 10111.
040(1(1 do A', a 1021
Slum West Ller As
111(10(1 Wert Md 1st 4s
2(11100 West Union l's 02 02
lOOil West PaclOe A. . 8.1 N.l
Ci.iao.
iml4
03 If
11.11
ON",
Oil.
88
01
h'
IIIV,
vvi
IIHS
0.1'.
07',
OH
04i
III."
is'.
Kit,
sn'.
1 ni A
loiiv
112
71 J.
i
811
H4"4
lllll
0H1,
IHI
III!
4'ii
07S
02'
02
7ll'i
824
"ll",
1(14
N4.
Will,
till,
121
117
111 4
UN
02
llilll
;iu
10)14 HUM,
mi '. it:, ,
1 - nil
lit
2.1
1.4
Hll
80 'i
04',
111,
ll'i
871,
1
BltAIN nKI.T WEATHEB FOBFXlArlT
ClllC.Xfid, Mar 12. The weather fereeast
for thlrt-li honra followsi
Illinois. Missouri, Minnesota. Iowa., Kn-
(is, Nebraska and North and South Hakot
Fair lonlcht and Hnndari not much ehanse
In temperature. . . ,.
U'taeonsln Fair and continued eonl to-
nlht and .Snralay: llht fro.t (n east t-
nlrhf.
CHICAGO. May 12. The wheat market
wan unsettled today because of the action
of the directors of the Board of Trade last
night In abolishing trading In May. July
opened nt 2.r9j to J2.46, against J2.50VI
at the end yesterday, and later sold nt
$.76. September ranged from J2.16 to
$2.15 at the start, nnd later sold at $2.45,
against $2,18, which was yesterday's last
price. The big adVanco followed heavy
buying by those who had been dealing In
the May delivery.
Tho trade nt largo was disposed to give
consideration to the bearish possibilities In
the situation, but owing to the lateness of
the crop nnd the great needs In Europe
thero was timidity about taking the short
side.
The committee, appointed under the res
olution of the directors to fix a price for
tho settlement of Mav contracts, met this
morning and fixed It at J3.18.
The market at Liverpool was easier. In
fluenced by expectations of larger world's
shipment nnd mora liberal Indian and Aus
tralian offers. The world's consumption
Is greatly reduced.
Becelpts at Minneapolis and Duluth to
day were 23S cars, against 349 cars last
year; nt Winnipeg 338 cars, compared
with 663 cars; at Chicago 56 cars, con
iri,tMl with 55 cars.
The coarse grains were nervous nnd
lower also, with better weather an Influence.
Corn nt Liverpool was firm, but oats were
dull and steadier. The receipts of corn
hero today were 131 cars and of oats 127
cars.
Of the 1,752.982 acres of winter wheat
seeded last fall 45 per cent Is reported
winter-killed, nccordlng to the crop bulletin
of the Illinois State Board of Agriculture.
Balance of acreage left for harvest Is 965,
956. Dry weather last fall, lack of snow
and appearance of the Hessian fly nnd cinch
bugs are given as the causes of the de
crease. The report says of 11,057,044
bushels of wheat produced In 1916 only
416,422 bushels are In producers' hands, the
smallest amount ever reported as remain
ing in first hands on May 1.
Leading futures rnneed as follows:
, ri.ii.1 iin,. b
Wheat Open, lllsh. l.ow, Close. . close,
July '.'..'."'. 2.' 4l)i, 2.'7j
Seplemter .. 2.10 2.4.,
Corn inew delivery!
liny 1 .17, 1.02
July 1.47't 1.50 i
September .. I 28s. 1.42'.
112
7.1 1,
WO
ii.il.
.Hoi, iiinv, loos
81', 81', N1?J
" 4 ! 11,
071, 1(7', 1171,
'17 4 117 07
7. 78 TH
ST1. 811(4
W.V, 111.1
Oil',
till'.
111114
11.1s
t. Ml".
Mil,
I'll,.
0(1,1,
00
(III",
OAS
MIV,
no'4
I'O's
not.
oe.14
HAS
W04 nidi, innv,
IS0t IIS OH'i
02
8.1
Total sale. 207,100 shares, compared nlth
3ni, IOO share, last Matllrdasi till, week, 2,014.
noo knurrs 1 Inst week, 0.113. .100 shares.
NEW STOCK PLAN FOR FT. WAYNE
Vice President Tatnall, of P. R. R.,
Explains Purpose of Change
The purpose of the proposed changes in
the security Issues of tho Pittsburgh, Ft.
Wayne and Chicago Hallway Company Is
to define more clearly tho question of the
relative rights of the holders of the two
classes of stock outstanding, the guaran
teed special stock and the regular, accord
ing to a statement Issued by Henry Tatnall,
vice president of the Pennsylvania Ballroad.
In charge of finance. The public announce
ment was made, Mr. Tatnall explains, be
cause reports In circulation In the financial
districts of this city and New York were
erroneous and misleading,
He explains that It Is proposed to con
vert these two Issues, par for par, Into two
new Issues, to be known, respectively, as
common and preferred, differing In no
othel particulars than those from the pres
ent outstanding stock.
Further he says:
"There has always been a question as to
the rights of the two classes of stock
holders to participate In a fund of $1,300,.
000, which existed prior to the lease In
1869. It Is proposed to settle this matter
by first applying this fund to the payment
of expenses Incident to the proposed change
In the two issues of stock, as above out
lined, and, second, by permitting the bal
ance of the fund to be distributed to both
classes of stockholders of the Pittsburgh,
Fort Wayne and Chicago Railway Com
pany, other than the Pennsylvania Com
pany and Pennsylvania Railroad Company,
these companies having waived their rights
to participation therein,
"As soon a all details are finally ar
ranged, 'he entire plan will be submitted
to the stockholders and their approval
asked. A meeting will be called for this
purpose at an early date, not as yet determined.
No Change in Sugar Prices
NEW YORK. May 32. Fine granulated
remains unchanged, with Jie American
Sugar .Refining Company quoting at T.SOcs.
The last sale In pot 7ubarj raws was at
Total sale.. SI. 181,000. rompared with ,
233,000 last SaliirdiiM thl. week. Xtnl.vl.OOOt
last week, S2I.182.00O.
MONEY-LENDING RATES
PIIII.AIt:i.P!ll. Call 4 percent. Time
4 (if 3 per cent. Commercial paper, three to
six months, 414(?i4?i per cent.
Local Reserve Bank Statement
The statement of the Federal Reserve
Bank of Philadelphia for the week ended
May 11 compares as follows with the
previous week:
nKsouncKs
,. j May 11 May 4
(Sold coin and rer-
,. VJle,l.tr In Vault.J22.127,28.1.00 J20.004. 400.00
(Sold aettlem't fund. 12,240.000.00 14.002.000 00
Cold redempt. fund. 2.10.000.00 250,000 00
Total sold res... J34, 017,283. 00 $30,236,490.00
Legal tender notes,
silver, etc 420.074.0.1 593,004.30
Total reserve.
Illtla discounted
membera
llllla housht In open
market
$33,040,059.05 $30,820,534,30
5,700.308.00 2,158,444.65
12.843.215.12 11,3(10.138.00
Total Mils on
hand $18,033,584.02 $13,527,580,71
17. S. bonds A40.3OO.no .140,800.00
V. S. Treas. notes. 2,548,000.00 2,548,000.00
U. S. certificates of '
Indebtedness . . , ,' 8,500,000.00 3,500,000,00
Munlclonl warrants 1,421,7.10.75 1,421.7.10.75
Total earnins as.
sets $20,632,643.77 $21,546,640,46
Due from other Fed
eral reserve banks
net 200,343.03
Uncollected items . 80,348,00.1.8.1 22,030,448.88
All other resources. 018,703,20 087,043.88
Total resources.. $02,859,912.80 $81,862,932,55
LIABILITIES
Capital paid In $3,253,400.00 $5,233,400.00
(Iovt. deposits,.... 15.150.168.54 9,223,770.61
nre..,rv.macncournt'. 47.214.870.98 44,013.885.64
Uncollected Items,. 22.010,911.07 20,621,712.08
Federal rea, notes
net ....... 2.082.165.0O 1.053.935.00
Due to other Fed.
res. banks net.. 825,000.17
All other liabilities, 217,306.62 ,194,248.32
Oats
Mny . . . ,
July
SeptemliT
Lard
May
Julv
September
Illbs
May
Julv 20.7
September 20.9
Pork
May Julv 31)11
Hid. tAsked.
2.411
2 14
1..17
1.4II
1.38
2.7.1
2.43
ta.lH
2.A(l'i
2.18
711
HAS
.10'.
22!n(l
22.IUI
T2.W
07',
AS
1.014 1.A7S
l.ltlS 1.47',
1 42 1.30S
ll'i
till',
.164
70 73'-
II.!', 07':
A3S AS
22.37
22..1H
22.03
20.82
2(1. 07
22.2.1 22.37 J22.30
22.40 122.A0 122.4.1
22.52 TS2.H2 122.A7
20 00 t20..1.1
20.82 T20.7II
211.07 t20.83
20.115
20.8.'
1 30.10 3
IXomlnal.
138,7.1
30.0(1 30.110
NEW YORK BANK STATEMENT
Average Loans Fall While Actual In
crease Surplus Gains
NEW YOBK. Mny 12. While the New.
lork bank statement showed In the aver
age condition this week a sharp falling, off
In loans, amounting to $43,815,000. "with a
decline In lie demand deposits of $19,829,
000 and an Increase In tho surplus of $41,
381,530, thero were increases In all of these
items In the nctual condition. Actual loans
gained $28,543,000. net demand deposits rose
$3,954,000 and the surplus advanced $36.
720,930. Details follow:
AVKIIAOK
, .... Increase
Loans ......... ...$3,581,107,000 M43,81A,(IO0
Net demand deposits, 3. 5,18,321, noo 4ii.s2ii.iioh
Net time deposits. . . . 100,10,11,0(10 '7.382 000
circulalon 28,741.000 sii!iion
iicserve, own vaults. 1432,703.00(1 lo.oofl.nno
244,070,0(1(1 20,048.000
00,3.12.000
737:221,0011
013,237,210
123,083,7011
30,622,000
968,000
36,070.000
8,30.1,330
14.381,530
$3,612,000 $28,343,000
3.A73.23A.00II
200,845.000
28,080,000
t448,470,00(l
3.954.000
0,000.000
20.000
36,560.000
254,767.000 22.007.000
Total liabilities.. $92,850,912.86 $81,862,932.55
FOREIGN EXCHANGE
NEW YORK. May 12. The foreign ex
change showed very little animation or
feature today. The main Interest was a
further small rally In Russian exchange to
2714 for cables and 27 for checks.
Sterling, lire and pesetas displayed steadl.
ness, with a narrow movement, but French
exchange was a shade easier.
Quotations were:
Demand sterling 4.7614. cables 4.76 7-lj
60-day .bills nominally 4.72 ; 90-day bills
4.70. -"-"- .
Franc cables 5.72 Vi. checks o,7SV.,
Lire cables 7.05, checks 7.06.
Swiss cables 5.13, checks 5.14.
(lullder cables 41, checks 4014.
"Ruble cables 27 li. checks 27.
'esetas cables 22.05, checks 21.10.
Stockholm cables 29.90, checks 11.70.
Vhrlstlanla cables 59.40, checks tt .JO.
19,0.11,000
703.104,001)
01 5,00.1, 00(1
147,199,000
66,037,000
723,000
.17,844.0110
1.123,1170
.16,720,030
$6,330,000
008,000
1.302.4IMI
2.040,7110
UUO.UOO
Heserve, Federal re.
serve Lianka
Reserve, other depos
itories' ...,,....
AKsrerate reserve...
Reserve required....
Surplus
(a)Unlted Slates de
posits deducted. . . .
tOf which 1340,100,000 Is specie.
ACTUAL
Loans
ta)Xet demand depos
Its ,
Net tlma deoosls...
Circulation
Reserve, own vaulta.
Reserve, Federal re.
serve banks
Reserve, other depos.
Itarlea
Aggregate reserve,..
Reserve required ....
Surplus
(a)Unlted Statea de.
noslta deducted .
tOf which $400,472,000 Is apecle.
OUTSIDE HANKS
STATE RANKS
I.oans, Investments.. $420,915,000
(lold 47,043,400
Currency bank notes. 20.710,000
Deposits 368,010,200
Reserve on deposit... 128.R14.7nn
Percentage of reserve, 27,4 per rent.
TRUST COMPANIES
l.oana. Investments,, $1,832, 918,800 '$34,113 noo
(lold 170,105,200 , H 930'aiXI
Currency, bank bl la. 13.9A7.2nn 'SfS'SSs
Deposits ........... 2,232.373.000 MO.Oflslooo
Reserva on deposit.., 423,788,100 9.921.000
Percentage of reserve, 24.5 per cent: Increase.
1 per cent,
8TATE RANKS AND TRUST COMPANIES NOT
REPORT1NO TO CLEARINO HOUSE
l.oans, Investments.. $820,023,700 $2,993,400
Oold 08.802,500 'in 200
Curreney, bank notes 10,983,711(1 '78 7nn
Total deposit 1,043,348,800 14u7on
Net deposit 870,927,800 SAB'floO
Reserve on deposit... 283,688,800 os'soo
Percenatre of reserve, 29.8 per cent: increase
4 per cent.
Decrease.
BANK CLEARINGS
Dank clearlnra today compared with corre
apondlns day last two years: "rre-
- 1911. 191. 'loir:
Roston .....$37,543.20 133.818,288 $26!vM 107
New York... 575.283. 779 442.140.889 300 02e'39
Philadelphia.. 62,44,08O.. 41.821.332 25;76o;il?
s Coiton Statistics
NKWTORK. May 12 The statistical .i
tlcn of cotton Is aa follows; l""lc' ls.
Thla wa.lr t..a, ...... . ... .
Totsl .via.- SUP. 4.210,07 474la.740 4 87(1 01
Of which Amer, J,,S,07. t.lw T40 Ji.bi'Rs,
BUSINESS IS SMALLER ,
ON COTTON EXCHANGE
Trading Nearly All Confined
to Professionals Some Pre
fer to Take Profits
COTTON BELT 1VKAT1IF.U CIINIMTIOXH
.r, limn,
Mj.1V IORK. .liar 12. The folloulna fra.
perature. are recorded in Hie rntton lieVthlJ
morning! Ashellle. 44i lino.vlllo and .a"h
!.'".'l u8'..,' Iisttonoosu, noi Oklahoma and
Raleigh. A2i Memnhl.. Birmingham nnd .
lantn. A4. Abilene, Shrrtenort. Mobile, jvj.
arola. Meridian. Mnron, Montcomrrj. ,,,.
1 Nan
aiKson-
im
Antonio. Del Kin, Vlckshnrr un.l
i mi .v unrans, vnarienton and Sa
Tom'pi' ?!' ia,,r''!,,"n' ""' -'orpii. t'hri.tl and
T.121T".,i"t mi,intK."i nreclpltatbn at
Tampa and Kno,vllle. .04 Inch nt Pensncols.
in? h at .l"ob!le,In ' Chattanooga. .08
NEW YOBK. May 12. Business was of a
week-end chnrncter on the Cotton Ex
chango today. Business nt the opening
was generally confined to traders on the
floor. The tone was steady, with prices
6 points lower to 1 point higher, There
wan some profit-taking by those who did
not care to carry their commitments over
Sunday, nnd one or two commission houses
did it little business on both hides.
An improvement in the demand developed
beforo midday and Mny and July sold up
19 points ench at 19.81c. Other months
ended with gains of from 6 to 1 1 points.
There was further precipitation in the
southwestern portion of the belt nnd light
rains fell In tho north-central districts, but
It was generally clear this morning. Tem
peratures were about unchanged.
.Receipts nt tho ports for the day were
estimated at 10,000 bales, compared with
8133 bales last week and 33,105 bales last
year '
.Mav
July . . .
October . .
December
January
March ...
Spot
Vest
close.
10.06
10.0A
18.0,1
111. 0.1
10.00
10.111
20.11)
Open.
10.7.1
10.0(1
18.03
10.01
10.08
10.33
HlRh.
10.85
10.87
10.21
10.20
10.3(1
10.1,1
l.ow. Close.
W.7.1 19.83
lll.SI
18.03
19.0.1
1II.0S
10.30
10.84
19.06
10.111
10.211
1H.8D
20.13
Hub-
Cotton Buyers and Sellers
NEW YOBK, May 12. May II
nard bid : Schley offered.
July Newman. Cardoza, Munds and
Beardslcy bought; Schill, Hardorn and
Brooks sold.
Augiibl Parrott bought; Blordan sold.
October Mitchell, Newman and Bartlctt
bought; Brooks, Russell, II. Hubbard and
Parrott sold.
December Downs, Cardoza and Mitchell
bought ; Parrott. Schill and Royce sold.
January Cardoza bought ; C. Hicks sold.
CLEARINGS UP 34.8 PER CENT
All Cities Show Gains for tho Last
Week
Continued increases took place In bank
clearings during the last week, all cities
contributing to the gains. Tho total was
$0,900,06,230, nn increase of 34.8 per cent.
Details follow:
1017. 1010 p.t;.
-Si YorK' . 341. (133 J2.134.082.127 .!'.
424, 173.238
203.703.21 1
183,0.10,74 8
110,513,40.1
114,040,314
7.1.009, 80S
111,701,057
44.373.574
34.131.A20.
34,230,004
312,402.300 3r..9
187,837,000 50.4
1II01II8,08A 4-14.11
,.',lia.,.(l((S (1.1.0
t. 708,373 30.4
.12.0110,511.-, 41.7
48,0.16.1188 26.2
33.226.2SS 33.5
33,4113.53.1 1.9
23,870,442 43.8
Of which , Anar,
Total n. sight ,
Chicago
Philadelphia
Roston ....
Kansas City
St, l,ouia,..
S. Francisco
Pittsburgh. .
Detroit ....
llaltlmore. ..
N. Orleans..
Eleven cities
5 daa... $4, 263,823, 372 $3,143,010,471 3.1.7
Other cltlea
A days... 67.1.018,472 .100.463,087 34,9
Total all cltlea
A days,..4,38,843,844 3,043,1,0,458 33.6
All cities
1 day.... 961.462.3811 732.41O.208 31.1
Total all rlties ...
for week. $5,900,306,230 $1,37.1,889,750 34.1
Financial Briefs
The London Stock , Exchange nnd the
Liverpool Cotton Exchange were closed to
day. dross earnings of thirty railroads during
the fourth week ot April totaled $17,657,
935, an Increase of $1,965,047 over the cor
responding week of the previous year.
For the month of March the Western
Union Telegraph and Telephone Company
reports a total operating revenue of 6,095,
305, as compared with $4,976,606 the same,
month last year. The operating 'ncome,
was $1,857,825. as compared with $1,480,
288 In March. 1916.
The Eighth National Bank has appointed
the Federal Reserve Bank, of Philadelphia,
Its agent to receive creditor balances In
clearing transactions at the Philadelphia
Clearing House, charging or crediting bal
ances, whichever they may be, to .its ac
count with the Federal Reserve Bank.
The New York Subtreasury gained 3 I
729,000 from the banks yesterday. ,
Commercial failures this week; In th j
United States are 276, against 297 last .
week, 283 the preceding week nnd 335 tne
corresponding week last year. Fallures'ln
Canada number 21, against 25 last week.
21 the preceding week, nnd 34 last year. Of
failures this week In the United States. 99
were in the East, 91 South, 68 West and 2!
In the Pacific States, and 80 reported lia
bilities of $6000 or more, against 90 last
week.
The American Sumatra Tobacco Company
has applied to list $6,800,000 common stock
and $1,000,000 7 per cent preferred on
New York Stock Exchange,
The total operating revenue of the Mlnnf
apolls, St. Paul and Sault Ste. Marie Com
pany for the'year ended December 31 was
$21,576,320, as compared with $22,804,
for the year ended June 30. 1916. The net.
after taxes, was $8,036,763. as compared
with 39.106,715 for the former fiscal year
of the company,
NEW YORK BETTER AND EGGS
NEW YORK. May 12. BUTTER Receipts,
5850 tuba. Sllghtlv weaker. Extras. M
3814c: firsts. 364 0374 c; seconds, 353c,
State dairy. 38c. . ...
prinu fi.e.int. TAi ea.ea. Irregular.
Firsts. S4085V4C1 seconds. 314 334 e: 1"";
3BS7c; mixed colors, 144 36. No other
cnangesi
BAR SILVER
Last ... )" ii
- .... ........... ., la,i Bale m pol ;UDarj rftwl w al -.Thrtstiania caoies j.u, cnecKs j.jo. I Total n Mabl, ..-..,., aei.o Today, Yes. Sat. Hlfh. i
' -J,a -, - ,, i Copenhai;cabei JI.I0. check. SJ.JO, -'.r, MrbK,.5.,il,$T.4tt..U.4i,$84 U'l6i ... I N.w, Terk (cents) k Tftf -744 7 tf AjK
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